Document:

EX-4.3 Loan and Security Agreement

 

EXHIBIT 4.3

LOAN AND SECURITY AGREEMENT

No. V07107

This Loan and Security Agreement (this “Loan Agreement”), made as of May 31, 2007 by and between
BlueCrest Capital Finance, L.P. (“Lender”), a Delaware limited partnership with its principal place
of business at 225 West Washington Street, Suite 200, Chicago, Illinois 60606, and Bioheart, Inc.
(“Borrower”), a Florida corporation with its principal place of business at 13794 NW 4th Street,
Suite 212, Sunrise, Florida 33325.

In consideration of the promises set forth herein, Lender and Borrower agree upon the following
terms and conditions:

1. General Definitions

The following words, terms and /or phrases shall have the meanings set forth thereafter and such
meanings shall be applicable to the singular and plural form thereof giving effect to the numerical
difference:

     A. “Account” means any “account,” as such term is defined in the UCC, now owned or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and, in any
event, shall include all accounts receivable, book debts, rights to payment, and other forms of
obligations now owned or hereafter received or acquired by or belonging or owing to Borrower
(including under any trade name, style or division thereof), whether or not arising out of goods or
software sold or licensed or services rendered by Borrower or from any other transaction (including
any such obligation that may be characterized as an account or contract right under the UCC), and
all of Borrower’s rights in, to and under all purchase orders or receipts now owned or hereafter
acquired by it for goods or services, and all of Borrower’s rights to any goods represented by any
of the foregoing (including unpaid seller’s rights of rescission, replevin, reclamation and
stoppage in transit and rights to returned, reclaimed or repossessed goods), and all monies due or
to become due to Borrower under all purchase orders and contracts for the sale of goods or the
performance of services or both by Borrower or in connection with any other transaction (whether or
not yet earned by performance on the part of Borrower), now in existence or hereafter occurring,
including the right to receive the proceeds of said purchase orders and contracts, and all
collateral security and guarantees of any kind given by any Person with respect to any of the
foregoing.

     B. “Account Control Agreement” means control agreement, by and among Lender, Borrower and Bank
of America, relating to Account No. 0036 6244 3811 of Borrower at Bank of America.

     C. “Account Debtor” means any Person obligated on an Account.

     D. “Affiliate” means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, that Person. For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled
by” and “under common control with”), as applied to any Person, means the possession, directly or
indirectly, of the power (i) to vote 10% or more of the securities having ordinary voting power for
the election of directors of such Person or (ii) to direct or cause the direction of the management
and policies of that Person, whether through the ownership of voting securities or by contract or
otherwise.

     E. “Bank of America” means Bank of America, N.A.

     F. “Bank of America Aggregation Account” has the meaning set forth in Section 5.1.

     G. “Bank of America Loan Guarantee Agreements” means the Loan Guarantee, Payment and Security
Agreements, each dated as of the date hereof, between the Borrower and each of the Credit Support
Providers.

     H. “Borrower’s Liabilities” means all obligations and liabilities of Borrower to Lender
(including without limitation all debts, claims, and indebtedness) whether primary, secondary,
direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing,
due or payable, however evidenced, created, incurred, acquired or owing arising under this Loan
Agreement, the Note, and/or the “Other Agreements” (hereinafter defined) or by operation of law.

     I. “Business Day” means any day other than Saturday, Sunday or a day of the year on which
banks in New York City, New York or Chicago, Illinois are required or authorized to close.

     J. “Cash” means all cash, money (as such term is defined in the UCC), currency, and liquid
funds,
wherever held, in which Borrower now or hereafter acquires any right, title, or interest.

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     K. “Change of Control” means, at any time, (i) the current shareholders of Borrower shall
cease to beneficially own and control, directly or indirectly on a fully diluted basis, a majority
of the economic and voting interests in the capital stock or other ownership interests of Borrower
or (ii) any Person or group other than the current shareholders of Borrower shall have the right to
elect a majority of the seats on Borrower’s board of directors. Notwithstanding the foregoing, in
no event shall an initial public offering of the Company’s securities be deemed to be a “Change of
Control”, even if such initial public offering results in non-compliance with clauses (i) and (ii).

     L. “Charges” means all national, federal, state, county, city, municipal and/or other
governmental taxes, levies, assessments, charges, liens, claims or encumbrances imposed on or
assessed against all or any portion of the Collateral, Borrower’s business, Borrower’s ownership
and/or use of any of its assets, and/or Borrower’s income and/or gross receipts.

     M. “Chattel Paper” means any “chattel paper,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest.

     N. “Cleanup” means all actions required to: (1) clean up, remove, treat or remediate Hazardous
Materials in the indoor or outdoor environment; (2) prevent the release of Hazardous Materials so
that they do not migrate, endanger or threaten to endanger public health or welfare or the indoor
or outdoor environment; (3) perform pre-remedial studies and investigations and post-remedial
monitoring and care; or (4) respond to any government requests for information or documents in any
way relating to cleanup, removal, treatment or remediation or potential cleanup, removal, treatment
or remediation of Hazardous Materials in the indoor or outdoor environment.

     O. “Collateral” has the meaning set forth in Section 5.1 hereof.

     P. “Controlled Accounts” mean the Deposit Accounts that are covered by the Account Control
Agreement.

     Q. “Copyright License” means any written agreement granting any right to use any Copyright or
Copyright registration, now owned or hereafter acquired by Borrower or in which Borrower now holds
or hereafter acquires any interest.

     R. “Copyrights” means all of the following property, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest: (i) all copyrights,
whether registered or unregistered, held pursuant to the laws of the United States, any State
thereof or of any other country; (ii) all registrations, applications and recordings in the United
States Copyright Office or in any similar office or agency of the United States, of any State
thereof or of any other country; (iii) all continuations, renewals or extensions thereof; and (iv)
all registrations to be issued under any pending applications.

     S. “Credit Support Providers” means (i) Howard Leonhardt and Brenda Leonhardt, as guarantors
under that certain Guaranty between them and Bank of America, dated as of the date hereof, (ii) R&A
Spencer Family Limited Partnership, as sponsor under that certain Letter of Credit, dated as of the
date hereof, in favor of Bank of America for benefit of Borrower, (iii) William Murphy, Jr., M.D.,
as sponsor under that certain Letter of Credit, dated as of the date hereof, in favor of Bank of
America for benefit of Borrower, (iv) Bruce Carson, as sponsor under that certain Letter of Credit,
dated as of the date hereof, in favor of Bank of America for benefit of Borrower, and (v) Magellan,
as pledgor under that certain Pledge Agreement, dated as of the date hereof, in favor of Bank of
America.

     T. “Default” means any condition or event that, after notice or lapse of time or both, would
constitute an Event of Default.

     U. “Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, and in
any event includes any checking account, savings account, or certificate of deposit now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest.

     V. “Documents” means any “documents,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest.

     W. “Environmental Claim” means any claim, action, cause of action, investigation or notice
(written or oral) by any Person alleging potential liability (including, without limitation, an
obligation to conduct a Cleanup or potential liability for investigatory costs, Cleanup costs,
governmental response costs, natural resources damages, property damages, personal injuries, or
penalties) arising out of, based on or resulting from (a) the presence or

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release of any Hazardous Materials at any location, whether or not owned, leased or operated
by Borrower or any of its Subsidiaries, or (b) circumstances forming the basis of any violation, or
alleged violation, of any Environmental Law.

     X. “Environmental Laws” means all federal, state, local and foreign laws and regulations
relating to pollution or protection of human health or the environment, including, without
limitation, laws relating to releases or threatened releases of Hazardous Materials or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, release, disposal,
transport or handling of Hazardous Materials, laws and regulations with regard to recordkeeping,
notification, disclosure and reporting requirements respecting Hazardous Materials and laws
relating to the management or use of natural resources.

     Y. “Equipment” means any “equipment”, as such term is defined in the UCC, and in any event
shall include but not be limited to computers and peripherals, laboratory equipment, manufacturing
equipment, networking equipment, switching and backbone equipment, servers and routers and other
hardware including disk drives and laser printers, office furniture, fixtures and office equipment,
test and other equipment, and software, and all accessions, additions, attachments, accessories and
improvements thereof and all replacements and/or substitutions therefore and all proceeds and
products thereof.

     Z. “Event of Default” has the meaning set forth in Section 8.1 hereof.

     AA. “Financials” means those financial statements described in Section 7.3 hereof.

     BB. “Fixtures” means any “fixtures,” as such term is defined in the UCC, together with all
right, title and interest of Borrower in and to all extensions, improvements, betterments,
accessions, renewals, substitutes, and replacements of, and all additions and appurtenances to any
of the foregoing property, and all conversions of the security constituted thereby, immediately
upon any acquisition or release thereof or any such conversion, as the case may be, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest.

     CC. “GAAP” means generally accepted accounting principles in the United States, in effect from
time to time, consistently applied.

     DD. “General Intangibles” means any “general intangibles,” as such term is defined in the UCC
other than Intellectual Property, and, in any event, shall include all right, title and interest
which Borrower may now or hereafter have in or under any rights to payment; payment intangibles;
business records and materials; customer lists; interests in partnerships, joint ventures, business
associations, corporations, and limited liability companies; permits; claims in or under insurance
policies (including unearned premiums and retrospective premium adjustments); and rights to receive
tax refunds and other payments and rights of indemnification now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest.

     EE. “Goods” means any “goods,” as such term is defined in the UCC, now owned or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest.

     FF. “Hazardous Materials” means all substances defined as Hazardous Substances, Oils,
Pollutants or Contaminants in the National Oil and Hazardous Substances Pollution Contingency Plan,
40 C.F.R. § 300.5, or defined as such by, or regulated as such under, any Environmental Law.

     GG. “Instruments” means any “instruments,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest.

     HH. “Intellectual Property” means all current and future Copyrights, Trademarks, Patents,
Licenses, and applications therefor and reissues, extensions, or renewals thereof, along with all
confidential business information including inventions, know how, trade secrets, manufacturing
processes, formulae, technical information, specifications, data, technology, plans and drawings
and goodwill associated with any of the foregoing; together with rights to sue for past, present
and future infringement of Intellectual Property and the goodwill associated therewith, including
(without limitation) Licenses where the Borrower is both licensor and licensee.

     II. “Inventory” means any “inventory,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest,
and, in any event, shall include all Goods and personal property that are held by or on behalf of
Borrower for sale or lease or are furnished or are to be furnished under a contract of service, or
that constitute raw materials, work in process or materials used or consumed or to be used or
consumed in Borrower’s business, or the processing, packaging, promotion, delivery or shipping of
the same, and all finished goods, whether or not the same is in transit or in the constructive,
actual or exclusive possession of Borrower or is held by others for Borrower’s account, including
all property covered by purchase orders and contracts with suppliers and all Goods billed and held
by suppliers and all such property that

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may be in the possession or custody of any carriers, forwarding agents, truckers,
warehousemen, vendors, selling agents or other Persons.

     JJ. “Investment Property” means all “investment property,” as such term is defined in the UCC
and, in any event, includes any certificated security, uncertificated security, money market funds,
bonds, mutual funds, and U.S. Treasury bills or notes, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.

     KK. “Letter of Credit Rights” means any “letter of credit rights,” as such term is defined in
the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter
acquires any interest, including any right to payment or performance under any letter of credit.

     LL. “License” means any Copyright License, Patent License, Trademark License or other license
of rights or interests now held or hereafter acquired by Borrower or in which Borrower now holds or
hereafter acquires any interest and any renewals or extensions thereof.

     MM. “Magellan” means Magellan Group Investments L.L.C.

     NN. “Material Adverse Effect” means a material adverse effect upon (i) the business
operations, properties, assets, business prospects, results of operations or condition (financial
or otherwise) of Borrower, (ii) the prospect of repayment of any portion of Borrower’s
Liabilities; provided that, the Borrower’s execution of a promissory note and a loan agreement,
evidencing the Subordinated Debt and the Subordinated Debt — Bank, the Borrower’s execution of the
Bank of America Loan Guarantee Agreement shall not constitute a material adverse effect on the
Borrower’s ability to repay the Borrower’s Liabilities so long as the Subordination Agreements
delivered by Bank of America and each of the Credit Support Providers remain in effect, (iii) the
validity, perfection, or priority of Lender’s security interest in the Collateral, (iv) the
enforceability of any material provision of this Loan Agreement or any Other Agreement or (v) the
ability of Lender to enforce its rights and remedies under this Loan Agreement or any Other
Agreement.

     OO. “Material Agreement” means, with respect to any Person, any written contract that is
material to the business, operations, properties, assets, business prospects, results of operations
or condition (financial or otherwise) of such Person.

     PP. “Note” has the meaning ascribed to such term in Section 2.2 hereof.

     QQ. “Other Agreements” means the Warrant, the Note and any other documents or instruments
evidencing or relating to the Term Loan or the Collateral or any other security which may now or
hereafter be given as further security for or in connection with the Term Loan, as each may be
amended, superseded or replaced from time to time.

     RR. “Ordinary Course Indebtedness” means (i) accounts payable incurred in the ordinary course
of business; (ii) unsecured indebtedness not to exceed, in the aggregate, $20,000; and (iii) leases
or other financing or the acquisition of equipment or property incurred in the ordinary course of
business not to exceed, in the aggregate, $250,000 during the term of the Loan Agreement.

     SS. “Patent License” means any written agreement granting any right with respect to any
invention on which a Patent is in existence or a Patent application is pending, in which agreement
Borrower now holds or hereafter acquires any interest.

     TT. “Patents” means all of the following property, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest: (a) all letters patent of, or
rights corresponding thereto, in the United States or in any other country or jurisdiction, all
registrations and recordings thereof, and all applications for letters patent of, or rights
corresponding thereto, in the United States or any other country or jurisdiction, including
registrations, recordings and applications in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country or
jurisdiction; (b) all reissues, continuations, continuations-in-part or extensions thereof; (c) all
petty patents, divisionals, and patents of addition; and (d) all patents to be issued under any
such applications.

     UU. “Payroll Account” has the meaning set forth in Section 5.1.

     VV. “Permitted Liens” means any and all of the following (i) Charges for amounts not yet
delinquent or being contested in good faith by appropriate proceedings and for which adequate
reserves have been made in accordance with GAAP; (ii) statutory liens of landlords, carriers,
warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not
yet delinquent or that are being contested in good faith by appropriate proceedings being
diligently conducted and for which Borrower maintains adequate reserves in

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accordance with GAAP; (iii) liens arising from judgments, decrees or attachments in
circumstances which do not constitute an Event of Default hereunder; (iv) the following deposits,
to the extent made in the ordinary course of business: deposits under worker’s compensation,
unemployment insurance, social security and other similar laws, or to secure the performance of
bids, tenders or contracts (other than for the repayment of borrowed money) or to secure indemnity,
performance or other similar bonds for the performance of bids, tenders or contracts (other than
for the repayment of borrowed money) or to secure statutory obligations (other than liens arising
under ERISA or environmental liens) or surety or appeal bonds, or to secure indemnity, performance
or other similar bonds; (v) banker’s liens, rights of setoff and similar liens arising by operation
of law on deposits made in the ordinary course of business, provided such liens do not arise in
respect of borrowed money; (vi) non-exclusive licenses or sublicenses of Intellectual Property in
the ordinary course of business; (vii) licenses or sub-licenses of Intellectual Property in
connection with joint ventures and corporate collaborations (provided that any proceeds from such
licenses described in this clause (vii) be used to pay down Borrower’s Liabilities hereunder); and
(viii) liens arising in connection with clause (iii) of the definition of Ordinary Course
Indebtedness for leasing or financing the acquisition of equipment or property, if the liens are
confined to the equipment or property so leased or financed and the proceeds of such equipment or
property.

     WW. “Person” means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, unincorporated organization, association, corporation, institution,
entity, party or government (whether national, federal, state, county, city, municipal or
otherwise, including without limitation, any instrumentality, division, agency, body or department
thereof).

     XX.
“Proceeds” means “proceeds,” as such term is defined in the UCC.

     YY. “Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents, Chattel Paper,
Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of Credit
Rights, and (ii) all customer lists, software, and business records related thereto.

     ZZ. “Securities Account” means any “securities account” as such term is defined in the UCC,
and in any event includes any account to which a financial asset is or may be credited in
accordance with an agreement under which the person maintaining the account undertakes to treat the
person for whom the account is maintained as entitled to exercise the rights that comprise the
financial asset.

     AAA. “Subordinated Debt” means any indebtedness of Borrower (other than Subordinated Debt —
Bank (as defined below)) to a third party, subordinated to the rights of Lender hereunder pursuant
to the terms and conditions of a subordination agreement satisfactory to Lender in its sole
discretion, which indebtedness shall not be secured by any of the Collateral.

     BBB. “Subordinated Debt — Bank” means any indebtedness of Borrower to Bank of America,
subordinated to the rights of Lender hereunder pursuant to the terms and conditions of a
subordination agreement of an even date herewith, mutually acceptable to Bank of America and
Lender, in their reasonable discretion, which indebtedness shall not be secured by any of the
Collateral, and any obligations to third parties under any letters of credit, guarantees,
reimbursement agreements or other credit support given in connection with such indebtedness,
provided the rights of such credit support providers are also subordinated to the rights of Lender
hereunder pursuant to the terms and conditions of a subordination agreement acceptable to Lender,
in its sole discretion.

     CCC. “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company, association, joint venture or other business entity of which more than 50% of
the total voting power of shares of stock or other ownership interests entitled (without regard to
the occurrence of any contingency) to vote in the election of the Person or Persons (whether
directors, managers, trustees or other Persons performing similar functions) having the power to
direct or cause the direction of the management and policies thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof.

     DDD. “Supporting Obligations” means any “supporting obligations,” as such term is defined in
the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter
acquires any interest.

     EEE. “Term Loan” has the meaning set forth in Section 2.1 hereof.

     FFF. “Trademark License” means any written agreement granting any right to use any Trademark
or Trademark registration, now owned or hereafter acquired by Borrower or in which Borrower now
holds or hereafter acquires any interest.

     GGG. “Trademarks” means all of the following property, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest: (a) all trademarks
(registered, common law or

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otherwise), tradenames, corporate names, business names, trade styles, service marks, logos,
other source or business identifiers (and all goodwill associated therewith), prints and labels on
which any of the foregoing have appeared or appear, and designs of like nature, now existing or
hereafter adopted or acquired, all registrations and recordings thereof, and any applications in
connection therewith, including registrations, recordings and applications in the United States
Patent and Trademark Office or in any similar office or agency of the United States, any State
thereof or any other country or jurisdiction or any political subdivision thereof, and (b) all
reissues, extensions or renewals thereof.

     HHH. “UCC” means the Uniform Commercial Code as in effect from time to time in the State of
Illinois, provided that if by reason of mandatory provisions of law, the perfection, the effect of
perfection or non-perfection or the priority of the security interest granted hereunder in any
Collateral (as hereinafter defined) or the availability of any remedy hereunder is governed by the
Uniform Commercial Code as in effect on or after the date hereof in other jurisdiction(s), then
“UCC” means the Uniform Commercial Code as in effect on or after the date hereof in such other
jurisdiction(s) for the purposes of the provisions hereof relating to such perfection, effect of
perfection or non-perfection, or priority or availability of such remedy.

     III. “Warrant” has the meaning set forth in Section 2.5(b) hereof.

2. The Loan

2.1 Term Loan. On the terms and subject to the conditions contained in this Loan Agreement,
including those listed in Section 2.5 hereof, Lender shall loan to Borrower on the date hereof, a
term loan (the “Term Loan”) in the amount of Five Million Dollars ($5,000,000.00). This is not a
revolving line of credit and Borrower may not repay and subsequently re-borrow the amounts advanced
or to be advanced under this Section 2.1. The Term Loan shall be made concurrently with the
execution of this Agreement. The Term Loan shall be repaid in thirty-six (36) monthly scheduled
installments as follows: (i) commencing on the first Business Day of the first full calendar month
after the date of the Term Loan and continuing on the first Business Day of the second full
calendar month and the third full calendar month after the date of the Term Loan, three (3) monthly
payments of interest only (paid in arrears); then (ii) commencing on the first Business Day of the
fourth full calendar month after the date of the Term Loan and continuing on the first Business Day
of each month thereafter, thirty-three (33) equal monthly payments of principal and interest.

2.2 Evidence and Nature of Loans. The Term Loan to be made by Lender to Borrower pursuant
to this Loan Agreement will be evidenced by a promissory note in the form attached hereto as
Exhibit B) (the “Note”) to be executed and delivered by Borrower to Lender concurrently with
Lender’s disbursement of such Term Loan to or for the account of Borrower. All of Borrower’s
Liabilities (including the Term Loan) shall be secured by Lender’s security interest in the
Collateral and by all other security interests, liens, claims and encumbrances now and/or from time
to time hereafter granted by Borrower to Lender, whether hereunder or under the Other Agreements.

2.3 Use of Proceeds. Borrower covenants to Lender that Borrower shall use the proceeds of
the Term Loan made by Lender to Borrower pursuant to this Loan Agreement and any advances made
pursuant to the Other Agreements for working capital and solely for legal and proper corporate
purposes (duly authorized by its Board of Directors) and consistent with all applicable laws and
statutes.

2.4 Direction to Remit. Borrower hereby authorizes and directs Lender to disburse, for and
on behalf of Borrower and for Borrower’s account, the proceeds of the Term Loan made by Lender to
Borrower pursuant to this Loan Agreement to such Person or Persons as the Executive Chairman, Chief
Executive Officer or Chief Financial Officer of Borrower shall direct in writing.

2.5 Conditions Precedent. The following conditions precedent must be met before the Term
Loan is made hereunder: (i) No event, condition or change that has had, or could reasonably be
expected to have, a Material Adverse Effect shall have occurred since the date of this Loan
Agreement, (ii) The representations and warranties contained in this Loan Agreement and in the
Other Agreements shall be true and correct on and as of the date of such Term Loan, (iii) As of the
date of such Term Loan, no event shall have occurred and be continuing or would result from such
Loan or the application of the proceeds thereof that would constitute an Event of Default or a
Default, (iv) Borrower shall have paid all fees required under this Loan Agreement or the Other
Agreements, (v) Lender shall have received reasonably satisfactory release documents from any and
all conflicting secured creditors (other than holders of Permitted Liens), (vi) Lender shall have
received reasonable evidence of a perfected security interest in the Collateral, (vii) Lender shall
have received copies of the certificates and evidences of insurance contemplated under Section 5.6
hereof and the Financials described in Section 7.3, (viii) Lender shall have received reasonably
adequate proof of free and clear ownership of the Collateral, including but not limited to paid in
full invoices and cancelled checks or other means of payment for said invoices, (ix) Borrower and
applicable financial institution(s) shall have executed any required account control agreements (in
form reasonably satisfactory to Lender) for the benefit of Lender, (x) Borrower shall have
delivered to Lender a reasonably satisfactory landlord waiver duly

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executed and delivered by Borrower’s Sunrise, Florida landlord, (xi) Lender shall have received a
Warrant to purchase 105,264 shares of Borrower’s Common Stock at a purchase price of $4.75 per
share, in the form attached hereto as Exhibit C (the “Warrant”), (xii) Borrower shall have
successfully closed (A) an equity financing transaction of not less than $3,000,000, and (B)
Subordinated Debt and/or Subordinated Debt — Bank transactions (together, in the case of
Subordinated Debt and Subordinated Debt — Bank, with the delivery of such subordination agreements
from such lender(s) and the Credit Support Providers, each satisfactory to Lender in its sole
discretion) of not less than $5,000,000, such that, after consummation of the equity financing
transaction and the Subordinated Debt and/or Subordinated Debt — Bank transactions, Borrower held
not less than $9,000,000 in cash and cash equivalents on the date of the Term Loan, (xiii) an
officer’s certificate of Borrower, reasonably satisfactory to Lender, that its former wholly owned
subsidiary, Biopace, Inc., has no assets and has been liquidated; and (xiv) Borrower shall have
delivered to Lender a legal opinion of counsel to Borrower relating to this Loan Agreement and the
Other Agreements, in form and attached hereto as Exhibit D.

2.6 Payments and Taxes. Any and all payments made by Borrower under this Loan Agreement or
any Other Agreement shall be made free and clear of and without deduction for any and all present
or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any governmental authority (including any interest, additions to tax or
penalties applicable thereto) other than any taxes imposed on or measured by Lender’s overall net
income and franchise taxes imposed on it (in lieu of net income taxes), by a jurisdiction (or any
political subdivision thereof) as a result of Lender being organized or resident, conducting
business (other than a business deemed to arise from Lender having executed, delivered or performed
its obligations or received a payment under, or enforced, or otherwise with respect to, this Loan
Agreement or any Other Agreement) or having its principal office in such jurisdiction
(“Indemnified Taxes”). If any Indemnified Taxes shall be required by law to be withheld or
deducted from or in respect of any sum payable under this Loan Agreement or any Other Agreement to
Lender (w) an additional amount shall be payable by Borrower as may be necessary so that, after
making all required withholdings or deductions (including withholdings or deductions applicable to
additional sums payable under this Section) Lender receives an amount equal to the sum it would
have received had no such withholdings or deductions been made, (x) Borrower shall make such
withholdings or deductions, (y) Borrower shall pay the full amount withheld or deducted to the
relevant taxing authority or other authority in accordance with applicable law and (z) Borrower
shall deliver to Lender evidence of such payment within thirty (30) days of such payment.
Borrower’s obligation hereunder shall survive the termination of this Loan Agreement.

3. Interest, Fees and Repayment

3.1 Interest. The Term Loan shall bear interest, payable monthly in arrears on the first
Business Day of each month in accordance with Section 2.1 hereof, calculated on the basis of a 360
day year comprised of twelve (12) thirty day months at a per annum rate equal to the interest rate
specified in the related note (the “Loan Interest Rate”), which rate shall be the sum of (i) 800
basis points plus (ii) the greater of (a) 4.50% or (b) the yield on Three-Year U.S. Treasury Notes
on the date of the Term Loan, as reported in the Federal Reserve Statistical Release H-15 or in
such other publication as Lender may reasonably select. In no event shall interest accrue or be
payable in connection with the Term Loan in an amount in excess of that permitted under applicable
law. If the note so provides, the interest thereunder may be precomputed for the period ending
when payments thereunder are due and on the assumption that all payments will be made on their
respective due dates. Payments due under the note and not made by their scheduled due date for a
period in excess of five (5) days thereafter shall be overdue and shall be subject to a service
charge in an amount equal to two percent (2%) of the delinquent amount, but not more than the
maximum rate permitted by law, whichever is less. In addition, and notwithstanding the forgoing,
during the continuance of an Event of Default all outstanding Borrower Liabilities in respect of
the Term Loan shall bear interest (payable on demand) at a rate that is two percent (2%) per annum
in excess of the Loan Interest Rate applicable to the Term Loan and other Borrower Liabilities from
time to time.

3.2 Fees.  Borrower agrees to pay to Lender a fee of $100,000 to cover due
diligence and other costs and expenses incurred in connection with the Term Loan, of which Lender
acknowledges prior receipt of $50,000, and the remaining $50,000 of which is to be paid at closing.
All fees payable hereunder shall be earned when due and payable hereunder, and shall not be
refundable in whole or in part.

3.3 Repayment. Borrower’s Liabilities under this Loan Agreement are absolute and
unconditional. Except as provided elsewhere in this Loan Agreement, including, but not limited to,
with respect to the payment of interest pursuant to the payment schedule set forth in Section 2.1,
any and all costs, fees and expenses payable pursuant to this Loan Agreement or any of the Other
Agreements shall be payable by Borrower to Lender or to such other person or persons designated by
Lender, on demand. All payments to Lender shall be payable by 2:00 p.m. (prevailing Chicago time)
at Lender’s principal place of business specified at the beginning of this Loan Agreement or at
such other place or places as Lender may designate in writing to Borrower. All payments to Persons
other than Lender shall be payable at such place or places as Lender may designate in writing to
Borrower.

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3.4 Application of Payments. Except where an Event of Default has occurred and is
continuing, the application of payments received by Lender pursuant to this Loan Agreement shall be
applied first to any and all late charges, fees and expenses then due and payable; second to
interest then due and payable hereunder; third to the principal amount of the Term Loan then due
and payable, fourth to any other Borrower Liabilities then outstanding and finally, to the
remaining Term Loan then outstanding. From and after an Event of Default that is continuing,
Lender shall have the continuing and exclusive right to apply any and all such payments received by
Lender to any portion of Borrower’s Liabilities, including to any of Borrower’s Liabilities arising
under any of the Other Agreements. Solely for the purpose of computing interest earned by Lender,
payments received by Lender shall be applied as aforesaid on the Business Day following receipt by
Lender. Checks or other items of payment received after 2:00 p.m. prevailing Chicago, Illinois
time shall be deemed received the following Business Day.

3.5 Accuracy of Statements Each statement of account by Lender delivered to Borrower
relating to Borrower’s Liabilities shall be presumed correct and accurate (absent manifest error)
and shall constitute an account stated between Borrower and Lender unless thereafter waived in
writing by Lender, in Lender’s discretion. Any objection to the statement that Borrower may have
must be delivered to Lender, by registered or certified mail, within thirty (30) days after
Borrower’s receipt of said statement.

4. Term and Prepayment

4.1 Term. This Loan Agreement shall be in effect until the indefeasible payment in full to
Lender of all of Borrower’s Liabilities. Except as provided below, Borrower has no right to prepay
the principal amount of the Term Loan. Notwithstanding the foregoing, Borrower may prepay the
Borrower Liabilities other than the Term Loan at any time without penalty.

4.2 Voluntary Prepayment. Borrower may, upon at least thirty (30) days prior written
notice to Lender (stating the proposed date of prepayment, which date shall then be the due date
for the Term Loan), prepay the outstanding principal amount of the Term Loan then outstanding in
whole, but not in part by paying to Lender, in immediately available funds, an amount equal to the
sum of (i) the outstanding principal amount of the Term Loan then outstanding, (ii) all accrued and
unpaid interest, fees and expenses on the Term Loan through the date of prepayment, and (iii) (A)
in the event that such prepayment is made on or prior to the first anniversary of the Term Loan, a
prepayment premium equal to 3.0% of the principal amount only of the Term Loan being prepaid, (B)
in the event that such prepayment is made after the first anniversary but on or prior to the second
anniversary of the Term Loan, a prepayment premium equal to 2.0% of the principal amount only of
the Term Loan being prepaid, and (C) in the event that such prepayment is made after the second
anniversary but on or prior to the third anniversary of the Term Loan, a prepayment premium equal
to 1.0% of the principal amount only of the Term Loan being prepaid.

5. Collateral and Security

5.1 Grant of Security Interest. To further secure to Lender the prompt full and faithful
payment and performance of Borrower’s Liabilities and the prompt, full and complete performance by
Borrower of each of its covenants and duties under this Loan Agreement and the Other Agreements,
Borrower grants to Lender, a valid, first priority continuing security interest in and lien upon
all of the following (except as to assets or property with Permitted Liens, upon which a lien which
may be other than a first priority lien is granted), whether now owned or hereafter acquired and
wherever located:

	 	(i)	 	All Receivables;
	 
	 	(ii)	 	All Equipment;
	 
	 	(iii)	 	All Fixtures;
	 
	 	(iv)	 	All General Intangibles (excluding Intellectual Property);
	 
	 	(v)	 	All Inventory;
	 
	 	(vi)	 	All Investment Property;
	 
	 	(vii)	 	All Deposit Accounts and Securities Accounts (other than Account Numbers 2290
0834 6165 and 2290 0834 6178 of the Borrower at Bank of America (the “Bank of America
Aggregation Account” and the “Payroll Account”, respectively));
	 
	 	(viii)	 	All Cash;
	 
	 	(ix)	 	All Documents;
	 
	 	(x)	 	All Proceeds from the sale, transfer or other disposition of Intellectual
Property;

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	 	(xi)	 	All other Goods and tangible and intangible personal property of Borrower
(other than Intellectual Property), whether now or hereafter owned or existing, leased,
consigned by or to, or acquired by, Borrower and wherever located, and
	 
	 	(xii)	 	to the extent not otherwise included, all Proceeds of each of the foregoing
and all accessions to, substitutions and replacements for, and rents, profits and
products of each of the foregoing and all attachments, accessories, accessions,
replacements, substitutions, additions or improvements to any of the foregoing,
wherever located and all products and proceeds of the foregoing including without
limitation proceeds of insurance policies insuring the foregoing and all books and
records with respect thereto;

(all of the foregoing personal property is hereinafter sometimes individually and sometimes
collectively referred to as “Collateral”). Notwithstanding anything herein contained or construed
to the contrary, Borrower is not granting to Lender, and Lender is not receiving from Borrower and
the term “Collateral” shall not include, any grant of a security interest in any of Borrower’s now
owned or hereafter acquired Intellectual Property (other than a security interest in the Proceeds
from the sale, transfer or other disposition of Intellectual Property), the Bank of America
Aggregation Account (and any payments from the Credit Support Providers to the Borrower under any
of the Bank of America Loan Guarantee Agreements received therein), or the Payroll Account;
provided, however, that software, firmware and operating systems that cannot be
removed from the Collateral without rendering the Collateral inoperable shall be deemed to be part
of the “Collateral” unless such construction is prohibited by or inconsistent with any relevant
license or other agreement respecting such software, firmware or operating system. Borrower shall
make appropriate entries upon its financial statements and its books and records disclosing
Lender’s security interest in the Collateral.

Borrower hereby further agrees that, except as expressly permitted herein including with respect to
Permitted Liens, Borrower shall not hereafter grant a security interest in or pledge any of its
Intellectual Property to any other party.

5.2 Further Assurances. Borrower shall execute and/or deliver to Lender, at any time and
from time to time hereafter at the request of Lender, all agreements, instruments, UCC financing
statements (or other required perfection instruments), documents and other written matter
(hereinafter individually and/or collectively, referred to as “Additional Documentation”) that
Lender reasonably may request, in a form and substance reasonably acceptable to Lender, to perfect
and maintain Lender’s perfected security interest in the Collateral and to consummate the
transactions contemplated in or by this Loan Agreement and the Other Agreements. Borrower,
irrevocably, (a) hereby makes, constitutes and appoints Lender (and all Persons designated by
Lender for that purpose) as Borrower’s true and lawful attorney (and agent-in-fact) to sign the
name of Borrower on the Additional Documentation and to deliver the Additional Documentation to
such Persons as Lender, in its sole and absolute discretion, may elect, (b) authorizes completion
and filing of any such Additional Documentation by Lender or its agents, whether paper or
electronic, (c) hereby ratifies and confirms the completion and filing of Additional Documentation
by Lender or its agent, paper or electronic, occurring prior to the date hereof, and (d) declares
that Borrower has the present intention to authenticate and process any such Additional
Documentation, whether paper or electronic, and whether or not completed and filed by Lender or its
agents before or after the date hereof.

5.3 Inspection of Collateral. Lender (by any of its officers, employees and/or agents)
shall have the right, at any time or times during Borrower’s usual business hours, to inspect the
Collateral and all related records (and the premises upon which it is located) and to verify the
amount and condition of or any other and all financial records and matters whether or not relating
to the Collateral. During the continuance of an Event of Default, all costs, fees and expenses
incurred by Lender, or for which Lender has become obligated, in connection with such inspection
and/or verification shall be payable by Borrower to Lender. Borrower agrees to use its best efforts
to cause its employees and agents to cooperate with Lender in all inspections.

5.4 Controlled Accounts; Proceeds of Collateral. (a) Borrower shall deliver, or cause to
be delivered to Lender the Account Control Agreement; provided, however, that Lender will not
exercise its right to control amounts in a Controlled Account unless an Event of Default hereunder
has occurred and is continuing.

     (b) All proceeds arising from the disposition of any Collateral by Borrower shall be
deposited in a Controlled Account within one Business Day after receipt by Borrower. Nothing in
this Section limits the restrictions on disposition of Collateral set forth elsewhere in this Loan
Agreement.

5.5 Third Party Claims. Lender, in its sole and absolute discretion, without waiving or
releasing any obligation, liability or duty of Borrower under this Loan Agreement or the Other
Agreements or any Event of Default, may (but shall be under no obligation to) at any time or times
hereafter, pay, acquire and/or accept an assignment of any security interest, lien, encumbrance or
claim asserted (other than Permitted Liens) by any Person against the Collateral. All sums paid by
Lender in respect thereof and all costs, fees and expenses, including reasonable

9

 

attorneys’ fees, court costs, expenses and other charges relating thereto incurred by Lender on
account thereof shall be payable by Borrower to Lender.

5.6 Insurance. Borrower shall at all times throughout the term of this Loan Agreement and
any extension hereof procure and maintain at its own expense the following minimum insurance
coverages which shall be provided by insurance carriers with an AM Best rating of A, Class C
or as otherwise acceptable to Lender and with such deductibles and exclusions as approved by
Lender: (1) All risk property damage insurance covering the Collateral which shall include but not
be limited to fire and extended coverage and where applicable mechanical breakdown and electrical
malfunction, and which shall be written in amount not less than the greater of (x) the outstanding
loan balance or (y) the current replacement cost; and, (2) Commercial general liability insurance
which may include excess liability insurance written on occurrence basis with a limit of not less
than $2,000,000, and (3) Workers’ compensation insurance in accordance with statutory limits and
employers’ liability coverage which may include excess liability in an amount not less than
$2,000,000.

Any insurance carried and maintained in accordance with this Loan Agreement by Borrower shall be
endorsed to provide that: (i) Lender shall be additional insured and loss payee with respect to
the property insurance described in subsection (1) of the prior paragraph (and such insurance shall
provide that the interest of Lender shall not be invalidated by any act or neglect of Lender,
Borrower or other person), and Lender shall be an additional insured with respect to the liability
insurance described in subsection (2) of the prior paragraph; and (ii) The insurers thereunder
waive all rights of subrogation against Lender, any right of setoff and counterclaim and any other
right to deduction due to outstanding premiums, whether by attachment or otherwise; and (iii) Such
insurance shall be primary without right of contribution of any other insurance carried by or on
behalf of Lender; and (iv) Inasmuch as such policies are written to cover more than one insured,
all terms, conditions, insuring agreements and endorsements (other than the limits of liability)
shall operate in the same manner as if there were a separate policy covering each insured; and (v)
If such insurance is canceled for any reason whatsoever, including nonpayment of premium, or any
substantial change is made in the coverage that affects the interests of Lender, such cancellation
or change shall not be effective as to Lender until thirty (30) days after receipt by Lender of
written notice sent by registered mail from such insurer of such cancellation or change; providing,
however, that such thirty (30) day period shall be reduced to ten (10) days in the case where
cancellation results from the nonpayment of premiums. Borrower, irrevocably, appoints Lender as
Borrower’s true and lawful attorney (and agent-in fact) for the purpose of making, settling and
adjusting claims under such policies, endorsing the name of Borrower on any check, draft,
instrument or other item of payment for the proceeds of such policies and for making all
determinations and decisions with respect to such policies, and such appointment will be
immediately effective upon the occurrence of an Event of Default hereunder.

On or before the initial funding by Lender hereunder, and at each policy anniversary date, Borrower
shall arrange to furnish Lender with appropriate Certificates of Insurance. Such Certificates of
Insurance shall be executed by each insurer or by an authorized representative of each insurer, and
shall identify insurers, the type of insurance, the insurance limits and the policy term and shall
specifically list the special endorsements (i) through (v) above.

In case of the failure to procure or maintain such insurance, Lender shall have the right, but not
the obligation, to obtain such insurance and any premium paid by Lender shall be immediately due
and payable by Borrower to Lender. The maintenance of any policy or policies of insurance pursuant
to this Section shall not limit any obligation or liability of Borrower pursuant to any other
Sections or provisions of this Loan Agreement.

5.7 Charges on Collateral. Borrower shall not permit any Charges (other than Permitted
Liens) to arise, or to remain, and Borrower shall pay promptly when due, and discharge, such
Charges. In the event Borrower, at any time or times hereafter, shall fail to pay such Charges
when due or to obtain such discharges, Borrower shall so advise Lender thereof in writing. Lender
may, without waiving or releasing any obligation or liability of Borrower hereunder or Event of
Default, in its sole and absolute discretion, at any time or times thereafter, make such payment,
or any part thereof, or obtain such discharge and take any other action with respect thereto which
Lender deems advisable. All sums so paid by Lender and any expenses, including reasonable
attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable by
Borrower to Lender upon demand.

5.8 UCC Filing Authorization. Borrower hereby authorizes Lender and its counsel and other
representatives to file, at any time on or after the date hereof, Uniform Commercial Code financing
statements and continuation statements, and amendments to financing statements, in any
jurisdictions and with any filing offices as Lender may reasonably determine, in its sole
discretion, are necessary or advisable to perfect the security interests granted to Lender
hereunder and under the Other Agreements. Such financing statements may describe the Collateral in
the same manner as described herein or therein or may contain an indication or description of
Collateral that describes such property in any other manner as Lender may reasonably determine is
necessary or advisable to ensure the

10

 

perfection of the security interest in the Collateral.

5.9 Accounts. So long as no Event of Default has occurred and is continuing, subject to
Section 7.4 hereof, Borrower may settle, adjust or compromise any claim, offset, counterclaim or
dispute with any Account Debtor. At any time that an Event of Default has occurred and is
continuing, Lender may, at its option, notify Borrower that Lender intends to have the exclusive
right to settle, adjust or compromise any claim, offset, counterclaim or dispute with Account
Debtors or grant any credits, discounts or allowances and on and after such notice from Lender to
Borrower, Lender shall have such exclusive right.

6. Warranties and Representations 

6.1 Borrower Representations. Borrower warrants and represents to Lender, as of the date
hereof and as of the date of the Term Loan made hereunder, and agrees and covenants to Lender
that:

	 	(a)	 	Borrower’s legal name is “Bioheart, Inc.” Borrower is a corporation (i) duly organized and
existing and in good standing under the laws of the state of its organization as set forth
above and (ii) qualified or licensed to do business in all other states in which the laws
require Borrower to be so qualified and/or licensed;
	 
	 	(b)	 	Borrower is duly authorized and empowered to enter into, execute, deliver and perform this
Loan Agreement and the Other Agreements and the execution, delivery and/or performance by
Borrower of this Loan Agreement and the Other Agreements, and the use by Borrower of the
proceeds of the Loans hereunder, shall not, by the lapse of time, the giving of notice or
otherwise, conflict with or constitute a violation of any applicable law (including, without
limitation, Regulation U or Regulation X of the Board of Governors of the Federal Reserve
System or any other regulation thereof) or a breach of any provision contained in Borrower’s
organizational documents or contained in any Material Agreement to which Borrower is a party
or by which it is bound or give rise to or result in any default thereunder;
	 
	 	(c)	 	This Loan Agreement is (and when executed or delivered, each Other Agreement will be) the
legally valid and binding obligation of Borrower, enforceable against Borrower in accordance
with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable
principles (whether enforcement is sought in equity or at law).
	 
	 	(d)	 	Except as disclosed to Lender in writing prior to the date hereof, there are no actions or
proceedings which are pending, or to its knowledge threatened, against Borrower which, if
adversely determined, could reasonably be expected to have a Material Adverse Effect.
Borrower is not in breach of any Material Agreement or subject to any charge, restriction,
judgment, decree or order which has or could reasonably be expected to have a Material Adverse
Effect, nor is Borrower in default with respect to any indenture, security agreement,
mortgage, deed or other similar agreement relating to the borrowing of monies to which it is a
party or by which it is bound;
	 
	 	(e)	 	Except as disclosed to Lender in writing prior to the date hereof, Borrower has and is in
good standing with respect to all licenses, patents, copyrights, trademarks, trade names,
governmental permits, certificates, consents and franchises necessary to continue to conduct
its business as previously conducted by it and to own or lease and operate its properties as
now owned or leased by it;
	 
	 	(f)	 	The financial statements delivered by Borrower to Lender prior to the date hereof and the
date of the Term Loan fairly and accurately present the assets, liabilities and financial
conditions and results of operations of Borrower as of the dates and for the periods stated
therein and have been prepared in accordance with GAAP, and no event, condition or change that
has had, or could reasonably be expected to have, a Material Adverse Effect has occurred since
the date of this Loan Agreement;
	 
	 	(g)	 	As to the Accounts and other Collateral, (i) Borrower has good, indefeasible and merchantable
title to and ownership of the Collateral and the Accounts described and/or listed on any
certificate or schedule relating to the Accounts delivered to Lender, free and clear of all
liens, claims, security interests and encumbrances, except those of Lender and Permitted
Liens.
	 
	 	(h)	 	As to Lender’s security interest, (i) Lender’s security interest in the Collateral is
perfected and is of first priority (subject to Permitted Liens); (ii) the offices and/or
locations where Borrower keeps the Collateral and Borrower’s books and records concerning the
Collateral are at the locations identified to Lender in writing; and (iii) the addresses
identified to Lender in writing as Borrower’s chief executive office and principal place(s) of
business are Borrower’s sole offices and place(s) of business.
	 
	 	(i)	 	Borrower is not an “investment company” or a company “controlled” by an “investment company”
as such terms are defined in the Investment Company Act of 1940, as amended.
	 
	 	(j)	 	All income and other tax returns and reports required to be filed by Borrower have been
timely filed, and all

11

 

	 	 	 	taxes shown on such tax returns to be due and payable and all other assessments, fees and
governmental charges upon Borrower and its properties, assets, income, businesses and franchises
have been paid when due and payable except to the extent that (A) such taxes, assessments,
charges or claims (i) are being contested in good faith by appropriate proceedings (promptly
instituted and diligently conducted) so long as such reserve or other appropriate provision, if
any, as shall be required in conformity with GAAP shall have been made therefor and (ii) such
proceeding shall stay the attachment, sale, disposition, foreclosure or forfeiture of any asset
of Borrower in connection with any such contested tax, assessment, charge or claim or, (B) the
failure to timely pay such taxes, assessments, charges or claims could not reasonably be
expected to have a Material Adverse Effect. All necessary and appropriate estimated payments
(including any interest and penalties) in respect of assessed tax liability under Borrower’s
state and federal tax returns have been made on a timely basis.
	 	(k)	 	As of the date hereof and of the Term Loan (i) the sum of Borrower’s debt (including
contingent liabilities) does not exceed the present fair saleable value of Borrower’s present
assets; (ii) Borrower’s capital is not unreasonably small in relation to its business as it
exists and as is contemplated at such time; and (iii) Borrower has not incurred and does not
intend to incur, or believe that it will incur, debts beyond its ability to pay such debts as
they become due.
	 
	 	(l)	 	No information furnished in writing to Lender by or on behalf of Borrower for use in
connection with the transactions contemplated hereby contains or will contain, any untrue
statement of a material fact or omits to state a material fact necessary in order to make the
statements contained herein or therein not misleading in light of the circumstances in which
the same were made. Any projections contained in such materials are based upon good faith
estimates and assumptions believed by Borrower to be reasonable at the time made. There are
no facts known to Borrower that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect.
	 
	 	(m)	 	Borrower has provided to Lender on or prior to the date hereof a schedule that correctly
identifies the ownership interest (including all options, warrants and other rights to acquire
capital stock) of Borrower and each of its Subsidiaries as of the date hereof.
	 
	 	(n)	 	(i) Borrower (A) has been and is in compliance in all material respects with all applicable
Environmental Laws; (B) has not received any communication, whether from a governmental
authority or otherwise, alleging that Borrower is not in such compliance, and there are no
past or present actions, activities, circumstances conditions, events or incidents that may
prevent or interfere with such compliance in the future; (ii) there is no Environmental Claim
pending or, to the best knowledge of Borrower, threatened against Borrower or against any
Person whose liability for any Environmental Claim Borrower has or may have retained or
assumed either contractually or by operation of law; and (iii) there are no past or present
actions, activities, circumstances, conditions, events or incidents, including, without
limitation, the release, threatened release or presence of any Hazardous Material, which could
reasonably be expected to form the basis of any Environmental Claim against Borrower or, to
the best knowledge of Borrower, against any Person whose liability for any Environmental Claim
Borrower has or may have retained or assumed either contractually or by operation of law.
	 
	 	(o)	 	(i) Borrower is an “operating company” within the meaning of the regulations of the United
States Department of Labor included within 29 CFR Section 2510.3-101 (the “DOL Regulations”)
or is in compliance with such other exception as may be available under such regulations to
prevent the assets of Borrower from being treated as the assets of any employee benefit plan
for purposes of the DOL Regulations and (ii) neither Borrower nor any subsidiary of Borrower
maintains or is obligated to make contributions to any employee benefit plan that is subject
to Title IV of the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor statute (“ERISA”).

7. Affirmative and Negative Covenants

7.1 Affirmative Covenants. Borrower covenants with Lender that Borrower shall, and shall
cause each of its Subsidiaries to: (a) preserve and keep in full force and effect its existence and
all rights and franchises, licenses and permits material to its business, (b) pay all income and
other taxes and assessments imposed upon it or any of its properties or assets or in respect of any
of its income, businesses or franchises before any penalty or fine accrues thereon, (c) comply in
all material respects with the requirements of all applicable laws, rules, regulations and orders
of any governmental authority, (d) keep adequate books of record and account, in which complete
entries shall be made of all financial transactions and the assets and of its business, (e) on or
prior to June 30, 2007, deliver to Lender duly executed landlord or collateral access agreements,
in form and substance reasonably satisfactory to Lender, for all premises (including offices and
co-location facilities) at which any Collateral is located (other than Borrower’s offices in
Sunrise, Florida for which a landlord agreement was delivered to Lender on or prior to the date
hereof), (f) promptly take any and all necessary Cleanup action on, under or affecting any property
owned,

12

 

leased or operated by Borrower in accordance with all laws and the policies, orders and directives
of all federal, state and local governmental authorities, and conduct and complete such Cleanup
action in material compliance with all applicable Environmental Laws, (g) keep and/or maintain the
Collateral and the books and records relating thereto at the addresses identified in writing to
Lender, unless Borrower gives Lender written notice thereof at least thirty (30) days prior thereto
and the same is within the contiguous forty-eight (48) states of the United States of America; (h)
deliver to Lender any and all evidence of ownership of, including without limitation, vendor
invoices and proofs of payment thereof, certificates of title to and applications for title to, any
Collateral promptly following any request by Lender, (i) keep and maintain the Collateral in good
operating condition and repair and make all necessary replacements thereof and renewals thereto so
that the value and operating efficiency thereof shall at all times be maintained and preserved and
(j) provide written notice to Lender of any change in the addresses of Borrower’s chief executive
office and principal place of business at least thirty (30) days prior thereto.

7.2 Negative Covenants Borrower covenants with Lender that Borrower shall not, and shall
not permit any of its Subsidiaries to: (a) grant a security interest in, assign sell of transfer
any of the Collateral or any of its Intellectual Property to any person or permit, grant, or suffer
or permit a lien, claim or encumbrance upon any of the Collateral or Intellectual Property, except
for (i) Permitted Liens, (ii) the sale of Inventory in the ordinary course of business and the sale
of obsolete or unneeded Equipment or (iii) the transfer to a currently operating or newly formed
wholly-owned subsidiary of any Intellectual Property related to a product candidate other than
Borrower’s MyoCell or MyoCell II with SDF-1 product candidates; (b) permit or suffer any Charges to
attach to or affect any of the Collateral (other than Permitted Liens); (c) permit or suffer any
receiver, trustee or assignee for the benefit of creditors to be appointed to take possession of
any of the Collateral; (d) merge or consolidate with or acquire any Person except in a transaction
in which Borrower is the surviving Person or, if Borrower is not the surviving Person, such
transaction does not result in a Change of Control; (e) other than Subordinated Debt — Bank,
Subordinated Debt, Ordinary Course Indebtedness or payments under the Bank of America Loan
Guarantee Agreements (payable only upon the occurrence of a Trigger Date, as defined therein),
incur or permit or suffer to exist any indebtedness for borrowed money or for the deferred purchase
price for property or services, provided, however, that notwithstanding the foregoing, Borrower may
not pay any principal, interest or other costs, expenses or liabilities (other than origination
fees and legal expenses in connection with such origination, not to exceed $425,000 in the
aggregate) arising under or in connection with Subordinated Debt — Bank or any Subordinated Debt
prior to the payment in full of all Borrower’s Liabilities and the termination of any commitments
of Lender hereunder; (f) with the exception of Ordinary Course Indebtedness, voluntarily prepay any
indebtedness prior to its scheduled maturity other than pursuant to the terms hereof; provided
that, notwithstanding the foregoing, if Borrower receives at least $30 million of net proceeds from
an initial public offering of its common stock occurring on or before January 31, 2008, Borrower
may voluntarily prepay up to $5.7 million of the outstanding principal and interest on the
Subordinated Debt and/or Subordinated Debt- Bank using proceeds from such initial public offering;
(g) except in connection with a share repurchase pursuant to which the Borrower offers to pay its
then existing shareholders an amount, in the aggregate, not more than $250,000 during the term of
the Loan Agreement, make or pay (i) any dividend or other distribution, direct or indirect, on
account of any shares of any class of stock of Borrower (other than dividends which are payable
solely in capital stock of Borrower) or (ii) any redemption, retirement or similar payment,
purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of
Borrower or any outstanding warrants, options or other rights to acquire such shares; (h) enter
into any transaction with any Affiliate, which transaction is not carried out or otherwise
consummated in writing and on a basis at least as favorable to the Borrower as a transaction could
be carried out on an arms-length basis with a similarly situated third party; (i) enter into any
transaction relating to the sale of substantially all of the assets of the Borrower not in the
ordinary course of its business, (j) make any change in any of its business objectives, purposes
and operations, which has, or could reasonably be expected to have, a
Material Adverse Effect; (k)
without thirty (30) days’ prior written notice to Lender, make any change in its legal name or
state of formation or organization; (l) adopt or otherwise become obligated to contribute to any
employee benefit plan that is subject to Title IV of ERISA; (m) take any action or fail to take an
action if, as a result of such action or inaction, Borrower would fail to qualify as an “operating
company” within the meaning of the DOL Regulations or otherwise comply with such other exception as
may be available under such regulations to prevent the assets of Borrower from being treated as the
assets of any employee benefit plan for purposes of the DOL Regulations; (n) transfer any cash,
directly or indirectly, to the Bank of America Aggregation Account; or (o) after the occurrence of
an Event of Default which is then continuing, transfer any cash to the Payroll Account (other a
single transfer in an amount equal to the lesser of $100,000 or the salary obligations of Borrower
to its employees for the then current two-week payroll period).

7.3 Covenants regarding Financial Statements. Borrower shall cause to be furnished to
Lender, (i) no later than 120 days after the end of each fiscal year, the unqualified, audited
financial statements of Borrower as of the end of such year (which financial statements shall not
contain any “going concern” exception or any exception relating to scope of review, except for any
going concern exception attributable to the Borrower’s perceived need to raise

13

 

additional capital), (ii) no later than 30 days after the end of each month unaudited interim
financial statements of Borrower as of the end of such month, certified, on behalf of Borrower and
not in any personal capacity, by Borrower’s chief financial officer to the effect that such
financial statements present fairly in all material respects the financial condition and results of
operations of the Borrower in accordance with GAAP, each containing consolidated and consolidating
profit and loss statements for the month then ended and for Borrower’s fiscal year to date,
consolidated and consolidating balance sheets as at the last day of such month and a consolidated
statement of cash flows for the month then ended and for Borrower’s fiscal year to date, (iii)
summary monthly bank statements, no later than 30 days after the related month end, reflecting
month-end cash balances, (iv) concurrently with the delivery of the financial statements required
to be delivered by Section 7.3(ii), a monthly Compliance and Disclosure Certificate, substantially
in the form of Exhibit A attached hereto and made a part hereof, (v) promptly upon Borrower’s Board
of Directors approval thereof, copies of Borrower’s annual operating plan, if any, and any
revisions thereto and (vi) such other financial and business information of Borrower as Lender may
reasonably require, including such other financial and operating performance data as is provided by
Borrower to its outside investors or commercial lenders and, if applicable, required to be provided
to shareholders by the Securities and Exchange Commission. Each financial statement to be furnished
to Lender must be prepared in accordance with GAAP; provided, however, non-audited interim
financial statements need not include financial notes. Borrower also agrees to promptly provide to
Lender notice of, and such other data and information (financial and otherwise) at any time and
from time to time reasonably requested by Lender relating to, any legal actions or proceedings
pending, or to its knowledge, threatened in writing, against Borrower or the occurrence of any
event or change that has, or could reasonably be expected to have, a Material Adverse Effect.
Notwithstanding anything to the contrary contained herein, Borrower may refuse to provide any
information required to be provided pursuant to this Section 7.3 if the disclosure would result in
a waiver of Borrower’s attorney-client privilege. Financial statements may be delivered via
electronic mail to Lender.

7.4 Further Covenants. (a) Borrower may not grant any credit, discount, allowance or
extension, or enter into any agreement for any of the foregoing, except for credits, discounts,
allowances or extensions made or given in the ordinary course of Borrower’s business in accordance
with Borrower’s historic credit and collection practices and policies without the prior consent of
Lender.

     (b) Lender shall have the right at any time or times, in Lender’s name or in the name of a
nominee of Lender, to verify the validity, amount or any other matter relating to any Accounts, by
mail, telephone, facsimile transmission or otherwise.

7.5 Indemnification and Liability. Borrower hereby agrees to indemnify Lender and hold
Lender harmless from and against any and all claims, debts, liabilities, demands, obligations,
actions, causes of action, penalties, reasonable costs and expenses (including reasonable
attorneys’ fees), of every nature, character and description, which Lender may sustain or incur
based upon or arising out of the Collateral, any of Borrower’s Liabilities or under this Loan
Agreement (except any such actual damage amounts sustained or incurred by Borrower as the result of
the gross negligence or willful misconduct of Lender). Should any third-party suit or proceeding be
instituted by or against Lender with respect to any Collateral or relating to Borrower, Borrower
shall, without expense to Lender, make available Borrower and its officers, employees and agents
and Borrower’s books and records, to the extent that Lender may deem them reasonably necessary in
order to prosecute or defend any such suit or proceeding. Borrower’s obligation hereunder shall
survive termination of this Loan Agreement.

8. Default

8.1 Events of Default.  The occurrence of any one of the following events shall constitute
a default (“Event of Default”) by Borrower under this Loan Agreement: (a) if Borrower fails to pay
any principal of the Term Loan when due and payable or fails, within five (5) days after the same
are due and payable, to pay any other Borrower’s Liabilities; (b) if any representation, warranty,
financial statement, statement, report or certificate made or delivered by Borrower, or any of its
officers, employees or agents, to Lender is not true and correct in any material respect, when made
or deemed made or delivered; (c) if Borrower fails or neglects to perform, keep or observe any
term, provision, condition or covenant contained in this Loan Agreement or in the Other Agreements,
which is required to be performed, kept or observed by Borrower, other than the payment of
Borrower’s Liabilities, and, in the case of any covenant contained in Section 7.1 hereof, the same
is not cured within fifteen (15) days; provided, however, that if the default cannot by its nature
be cured within the fifteen (15) day period, and such default is likely to be cured within a
reasonable time, then Borrower shall have an additional period (which shall not in any case exceed
thirty (30) days) to attempt to cure such default, and within such reasonable time period the
failure to cure the default shall not be deemed an Event of Default; (d) if any portion of the
Collateral or any other of Borrower’s other assets are attached, seized, subjected to a writ or
distress warrant, or are levied upon, or come within the possession of any receiver, trustee,
custodian or assignee for the benefit of creditors and the attachment, seizure, writ or warrant is
not

14

 

removed within fifteen (15) days; (e) if any event, condition or change shall occur that has had a
Material Adverse Effect; (f) if a petition under any section or chapter of the Bankruptcy Code or
any similar law or regulation shall be filed by or against Borrower or if Borrower shall make an
assignment for the benefit of its creditors or if any case or proceeding is filed by Borrower for
its dissolution or liquidation; (g) if Borrower is enjoined, restrained or in any way prevented by
court order from conducting all or any material part of its business affairs; (h) if an application
is made by Borrower or any Person for the appointment of a receiver, trustee or custodian for the
Collateral or any other of Borrower’s assets; (i) if a notice of lien or Charges are filed of
record with respect to any of the Collateral by any Person and not paid within fifteen (15) days
after Borrower receives notice; provided, however, that an Event of Default will not be deemed to
have occurred if stayed or if a bond is posted pending contest by Borrower within such fifteen (15)
day period; (j) if any Change of Control shall occur; (k) if any money judgment, writ or warrant of
attachment or similar process in excess of $100,000 (if not adequately covered by insurance as to
which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or
filed against Borrower or any of its Subsidiaries or any of their respective assets; (l) this Loan
Agreement or any Other Agreement shall for any reason fail or cease to be valid and binding on, or
enforceable against, Borrower or any other party thereto in accordance with its terms, or Borrower
shall so assert; (m) this Loan Agreement or any Other Agreement shall cease to create a valid and
enforceable lien and security inte
rest on any Collateral purported to be covered thereby or any
such lien and security interest shall fail or cease to be a perfected and first priority lien and
security interest (subject to Permitted Liens); or (n) if Borrower is in default in the payment of
any debt to any Person other than Lender in excess of $100,000 or any other default or breach shall
occur under any agreement or instrument relating to any such debt and such default, condition or
event gives the holders of such debt (or any agent or trustee on their behalf) the then current
right to accelerate such indebtedness; provided, that, Borrower shall not be considered to be in
default under any loan or other agreement relating to the Subordinated Debt — Bank if (i) such
default relates solely to the failure to pay principal or interest thereunder and (ii) (A) there is
sufficient collateral under such loan or other agreement to cover amounts owed by Borrower
thereunder, or (B) such amounts are paid by the Credit Support Providers within fifteen (15) days
after the occurrence of such default. Borrower shall provide written notice of any events or
circumstances which would give rise to an Event of Default under this Section 8.1 promptly (but in
no event more than two (2) Business Days) after becoming aware of such events or circumstances.
Failure of Borrower to give such notice promptly shall constitute an Event of Default hereunder.

8.2 Lender’s Rights and Remedies. Upon an Event of Default under Section 8.1(f), without
notice by Lender to, or demand by Lender of, Borrower, all of Borrower’s Liabilities shall be
automatically accelerated and shall be due and payable forthwith and any other commitments to
provide any financing hereunder shall automatically terminate, and upon any other Event of Default,
without notice by Lender, to or demand by Lender of, Borrower, Lender may accelerate all of
Borrower’s Liabilities and same shall be due and payable forthwith and/or Lender may terminate any
other commitments to provide any financing hereunder. Lender may, in its sole and absolute
discretion: (a) exercise any one or more of the rights and remedies accruing to a Lender under the
Uniform Commercial Code or other applicable law of the relevant state or states or other applicable
jurisdiction, and in equity, and under any other instrument or agreement now or in the future
entered into between Lender and Borrower, including under this Loan Agreement and the Other
Agreements; (b) enter, with or without process of law and without breach of the peace, any premises
where the Collateral or the books and records of Borrower related thereto is or may be located, and
without charge or liability to Lender therefor seize and remove the Collateral (and copies of
Borrower’s books and records relating to the Collateral) from said premises and/or remain upon said
premises and use the same (together with said books and records) for the purpose of collecting,
preparing and disposing of the Collateral; (c) sell, lease, license or otherwise dispose of the
Collateral or any part thereof by one or more contracts at one or more public or private sales for
cash or credit, provided, however, that Borrower shall be credited with the net proceeds of such
sale(s) only when such proceeds are actually received by Lender; and (d) require Borrower to
assemble the Collateral and make it available to Lender at a place or places to be designated by
Lender which is reasonably convenient to Lender and Borrower.

In addition, at any time an Event of Default has occurred and is continuing, Lender may, in its
discretion, enforce the rights of Borrower against any Account Debtor, secondary obligor or other
obligor in respect of any of the Accounts. Without limiting the generality of the foregoing, at
any time or times that an Event of Default has occurred and is continuing, Lender may, in its
discretion, at such time or times (1) notify any or all Account Debtors, secondary obligors or
other obligors in respect thereof that the Accounts have been assigned to Lender and that Lender
has a security interest therein and Lender may direct any or all accounts debtors, secondary
obligors and other obligors to make payment of Accounts directly to Lender, (2) extend the time of
payment of, compromise, settle or adjust for cash, credit, return of merchandise or otherwise, and
upon any terms or conditions, any and all Accounts or other obligations included in the Collateral
and thereby discharge or release the account debtor or any secondary obligors or other obligors in
respect thereof without affecting any of Borrower’s Liabilities, (3) demand, collect or enforce
payment of any Accounts or such other obligations, but without any duty to do so, and Lender

15

 

shall not be liable for any failure to collect or enforce the payment thereof nor for the
negligence of its agents or attorneys with respect thereto and (4) take whatever other action
Lender may deem necessary or desirable for the protection of its interests. At any time that an
Event of Default has occurred and is continuing, at Lender’s request, all invoices and statements
sent to any Account Debtor shall state that the Accounts and such other obligations have been
assigned to Lender and are payable directly and only to Lender and Borrower shall deliver to Lender
such originals of documents evidencing the sale and delivery of goods or the performance of
services giving rise to any Accounts as Lender may require.

All of Lender’s rights and remedies under this Loan Agreement and the Other Agreements are
cumulative and non-exclusive. Exercise or partial exercise by Lender of one or more of its rights
or remedies shall not be deemed an election, nor bar Lender from subsequent exercise or partial
exercise of any other rights or remedies. Lender agrees to give notice of any sale to Borrower at
least ten (10) days prior to any public sale or at least ten (10) days before the time after which
any private sale may be held. Borrower agrees that Lender may purchase any such Collateral
(including by way of credit bid), and may postpone or adjourn any such sale from time to time by an
announcement at the time and place of sale or by announcement at the time and place of such
postponed or adjourned sale, without being required to give a new notice of sale. Borrower agrees
that Lender has no obligation to preserve rights against prior parties to the Collateral.

8.3 Power of Attorney. Upon the occurrence of any Event of Default, without limiting
Lender’s other rights and remedies, Borrower grants to Lender an irrevocable power of attorney
coupled with an interest (in addition to such other powers of attorney granted to Lender elsewhere
in this Loan Agreement), authorizing and permitting Lender at any time, at its option, but without
obligation, with or without notice to Borrower, and at Borrower’s expense, to execute on behalf of
Borrower any Additional Documentation, or such other instruments or documents as may be reasonably
necessary in order to exercise a right of Borrower or Lender, including but not limited to the
execution of any proof of claim in bankruptcy, any notice of lien, claim of mechanic’s or other
lien, or assignment or satisfaction of mechanic’s or other lien, or to take control in any manner
of any cash or non-cash proceeds of Collateral and take any action or pay any sum required of
Borrower pursuant to this Loan Agreement and any Other Agreement. In no event shall Lender’s
rights under the foregoing power of attorney or any of Lender’s other rights under this Loan
Agreement be deemed to indicate that Lender is in control of the business, management or properties
of Borrower.

9. General Provisions

9.1 Notices. All notices, demands or other communications required or permitted to be given
or delivered under or by reason of the provisions hereof shall be in writing and shall be deemed to
have been given when (i) delivered personally to the recipient, (ii) sent via facsimile
transmission, (iii) the next Business Day after having been sent to the recipient by reputable
overnight courier service (charges prepaid) or (iv) four Business Days after having been mailed to
the recipient by certified or registered mail, return receipt requested and postage prepaid. Such
notices, demands and other communications shall be sent to the parties hereunder at their
respective addresses and transmission numbers indicated on the signature page hereof, or to such
other address or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party.

9.2 Severability. Should any provision of this Loan Agreement be held by any court of
competent jurisdiction to be void or unenforceable, such defect shall not affect the remainder of
this Loan Agreement, which shall continue in full force and effect.

9.3 Integration; Modification. This Loan Agreement, the Other Agreements and such other
written agreements, documents and instruments as may be executed in connection herewith or pursuant
hereto are the final, entire and complete agreement between Borrower and Lender and supersede all
prior and contemporaneous negotiations and oral representations and agreements, all of which are
merged and integrated in this Loan Agreement and the Other Agreements. There are no oral
understandings, representations or agreements between the parties which are not set forth in this
Loan Agreement or the Other Agreements or in other written instruments, documents or agreements
signed by the parties in connection herewith. If any provision contained in this Loan Agreement is
in conflict with, or inconsistent with, any provision in the Other Agreements, the provision
contained in this Loan Agreement shall govern and control, it being the intent of the parties,
however, that the terms of each of the Loan Agreement and the Other Agreements shall be remain in
full force and effect. This Loan Agreement and the Other Agreements may not be modified, altered or
amended except by an agreement in writing signed by Borrower and Lender.

9.4 Time of Essence. Time is of the essence in the performance by Borrower of each and
every obligation under this Loan Agreement.

9.5 Attorneys’ Fees and Other Costs. Borrower shall reimburse Lender for all out-of-pocket
costs and

16

 

expenses, including but not limited to reasonable attorneys’ fees and all filing, recording,
search, title insurance, appraisal, audit, and other reasonable costs incurred by Lender in
connection with any amendment or waiver to this Loan Agreement or any Other Agreement; seeking to
enforce any of its rights hereunder against Borrower or the Collateral, including in bankruptcy;
enforcing Lender’s security interest in the Collateral, and representing Lender in all such
matters. Borrower shall also pay Lender’s standard charges for returned checks in effect from time
to time. Borrower’s obligation hereunder shall survive termination of this Loan Agreement.

9.6 Benefit of Agreement; Assignment. The provisions of this Loan Agreement shall be
binding upon and inure to the benefit of the respective successors, assigns, heirs, beneficiaries
and representatives of Borrower and Lender; provided, however, that Borrower may not assign or
transfer any of its rights under this Loan Agreement without the prior written consent of Lender,
and any prohibited assignment shall be void. Borrower hereby consents to Lender’s sale, assignment,
transfer or other disposition, at any time and from time to time hereafter, of this Loan Agreement,
or the Other Agreements, or of any portion thereof, including without limitation Lender’s rights,
titles, interests, remedies, powers and/or duties. Borrower shall establish and maintain a record
of ownership (the “Register”) in which it agrees to register by book entry Lender’s and
each initial and subsequent assignee’s interest in the Term Loan, and in the right to receive any
payments hereunder and any assignment of any such interest. Notwithstanding anything to the
contrary contained in this Loan Agreement, the Term Loan (including the Note in respect of such
Term Loan) are registered obligations and the right, title, and interest of Lender and its
assignees in and to such Term Loan shall be transferable upon notation of such transfer in the
Register, pursuant to Borrower’s obligation above. In no event is any note to be considered a
bearer instrument or bearer obligation. This Section shall be construed so that the Term Loan is
at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and
881(c)(2) of the Internal Revenue Code and any related regulations (or any successor provisions of
the Code or such regulations).

9.7 Paragraph Headings. Paragraph headings are only used in this Loan Agreement for
convenience. The term “including”, whenever used in this Loan Agreement, shall mean “including but
not limited to”. This Loan Agreement has been fully reviewed and negotiated between the parties and
no uncertainty or ambiguity in any term or provision of this Loan Agreement shall be construed
strictly against Lender or Borrower under any rule of construction or otherwise.

9.8 Interest Laws. Notwithstanding any provision to the contrary contained in this Loan
Agreement or any Other Agreement, Borrower shall not be required to pay, and Lender shall not be
permitted to collect, any amount of interest in excess of the maximum amount of interest permitted
by applicable law (“Excess Interest”). If any Excess Interest is provided for or determined by a
court of competent jurisdiction to have been provided for in this Loan Agreement or in any Other
Agreement, then in such event: (1) the provisions of this subsection shall govern and control; (2)
Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may
have received hereunder or under any Other Agreement shall be, at such Lender’s option, (a) applied
as a credit against the outstanding principal balance of Borrower’s Liabilities or accrued and
unpaid interest (not to exceed the maximum amount permitted by law), (b) refunded to the payor
thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein or
in any Other Agreement shall be automatically reduced to the maximum lawful rate allowed from time
to time under applicable law (the “Maximum Rate”), and this Loan Agreement and the Other Agreements
shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5)
Borrower shall not have any action against Lender for any damages arising out of the payment or
collection of any Excess Interest.

9.9 No Implied Waivers. Lender’s failure at any time or times hereafter to exercise any
rights or remedies or to require strict performance by Borrower of any provision of this Loan
Agreement shall not waive, affect or diminish any right of Lender thereafter to demand strict
compliance and performance therewith and all rights and remedies shall continue in full force and
effect until all of Borrower’s Liabilities have been fully and indefeasibly paid and performed. Any
suspension or waiver by Lender of an Event of Default by Borrower under this Loan Agreement or the
Other Agreements shall not suspend, waive or affect any other Event of Default by Borrower under
this Loan Agreement or the Other Agreements, whether the same is prior or subsequent thereto and
whether of the same or of a different type. No waiver by Lender of any Event of Default or of any
of the undertakings, agreements, warranties, covenants and representations of Borrower contained in
this Loan Agreement or the Other Agreements shall be effective unless specifically waived by an
instrument in writing signed by an officer of Lender.

9.11 Acceptance by Lender. This Loan Agreement shall become effective upon acceptance by
Lender, in writing, at its principal place of business as set forth above. If so accepted by
Lender, this Loan Agreement and the Other Agreements shall be deemed to have been made at said
place of business.

9.12 LAW AND VENUE. THIS LOAN AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS AND DECISIONS OF THE STATE OF ILLINOIS. BORROWER

17

 

CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURT LOCATED WITHIN THE
COUNTY OF COOK, STATE OF ILLINOIS. BORROWER WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE THE
VENUE OF ANY LITIGATION BROUGHT AGAINST BORROWER BY LENDER OR TO ASSERT THAT ANY ACTION INSTITUTED
BY LENDER OR BORROWER IN SUCH COURT IS AN IMPROPER VENUE OR SUCH ACTION SHOULD BE TRANSFERRED TO A
MORE CONVENIENT FORUM.

9.13 WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH WAIVE THE RIGHT TO TRIAL BY JURY IN
ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO, THIS LOAN AGREEMENT
WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE.

9.14 CONFIDENTIALITY. Each party acknowledges that certain information exchanged by the
parties hereunder is confidential or proprietary in nature (the “Confidential Information”).
Accordingly, each party receiving Confidential Information hereunder (the “receiving party”) agrees
that any Confidential Information it may obtain shall be received in confidence and shall not be
disclosed to any other person or entity in any manner whatsoever, in whole or in part, without the
prior written consent of the party disclosing such information (the “disclosing party”), except
that the receiving party may disclose any such information: (a) to its own directors, officers,
employees, accountants, counsel and other professional advisors and to its Affiliates
(collectively, “Representatives”), if receiving party in its reasonable discretion determines that
any such Representatives should have access to such information and, provided that such
Representative has been informed of the confidential nature of such Confidential Information prior
to its exposure thereto; (b) if such information is generally available to the public when first
disclosed to the receiving party; (c) if required, in any report, statement or testimony submitted
to any governmental authority having or claiming to have jurisdiction over the disclosing party;
(d) if legally required in response to any summons or subpoena or in connection with any
litigation, to the extent permitted or deemed advisable by counsel to the receiving party; (e) to
comply with any legal requirement or law applicable to Lender; (f) to the extent reasonably
necessary in connection with the exercise of any right or remedy under any this Loan Agreement or
any Other Agreement, including Lender’s sale, lease, or other disposition of Collateral after
default, which Collateral constitutes or is reasonably related to Confidential Information;(g) to
any participant or assignee of Lender or any prospective participant or assignee, provided such
participant or assignee or prospective participant or assignee agrees in writing to be bound by
this Section prior to disclosure; or (h) otherwise with the prior consent of the disclosing party;
provided, that any disclosure made in violation of this Agreement shall not affect the obligations
of Borrower or any of its Affiliates.

[Signature Page Follows]

18

 

In Witness Whereof, this Loan and Security Agreement has been duly executed as of the day and year
first above written.

	 	 	 	 	 	 	 
	Borrower:

	 	 	 	Accepted By:	 	 
	 
	 	 	 	 	 	 
	Borrower:

	 	BIOHEART, INC.
	 	Lender:
	 	BlueCrest capital finance, l.p.
	 

	 	 	 	 	 	By: BlueCrest Capital Finance GP,
	 

	 	 	 	 	 	       LLC, its general partner
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	 
	 	 	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	Title:

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	Address for

	 	13794 NW 4th Street
	 	Address for
	 	225 West Washington Street
	Notices:

	 	Suite 212
	 	Notices:
	 	Suite 200
	 

	 	Sunrise, Florida 33325
	 	 	 	Chicago, IL 60606
	 

	 	 	 	 	 	Attention: Legal Department
	Telephone:

	 	(954)-835-1500
	 	Telephone:
	 	312-368-4973
	Facsimile:

	 	(954)-845-9976
	 	Facsimile:
	 	312-443-0126
 

	 

	 	 	 	 	 	with a copy to:
 

	 

	 	 	 	 	 	225 West Washington
	 

	 	 	 	 	 	Chicago, IL 60606
	 

	 	 	 	 	 	Attention: Mark King
	 

	 	 	 	Telephone:
	 	312-368-4978
	 

	 	 	 	Facsimile:
	 	312-443-0126

19

 

EXHIBIT A 

Officer’s Compliance and Disclosure Certificate

(attachment to monthly financial reports)

     Reference is hereby made to certain Loan and Security Agreement (the “Loan
Agreement”) (together with all instruments, documents and agreements entered into in connection
therewith, the “Loan Documents”) by and between BlueCrest Capital Finance, L.P. (“Lender “) and
Bioheart, Inc. (“Borrower”). Capitalized terms used but not defined herein shall have the meaning
ascribed to such terms in the Loan Agreement. The undersigned,           
                        , hereby certifies
to Lender that he/she is the duly elected and acting
                        
           of Borrower and that:

	 	(i)	 	FINANCIAL STATEMENTS — General. The attached financial statements fairly
reflect the financial condition and results of operations of Borrower in all material
respects in accordance with GAAP, except as disclosed on the attached Schedule of
Financial Statement Exceptions (if none, so state on said Schedule) and, except as
disclosed on the Schedule of Events, since ___, 200___, there has been no
event or change that has, or could reasonably be expected to have, a Material Adverse
Effect;
	 
	 	(ii)	 	FINANCIAL STATEMENTS — Off-Balance Sheet. All material financial obligations
and contingent obligations of Borrower not otherwise listed and itemized on the attached
financial statements, are disclosed on the attached Schedule of Financial Statement
Exceptions, including but not limited to material off-balance sheet leasing
obligations, and guarantees of financial obligations of Borrower, its affiliates,
subsidiaries, officers and related parties (if none, so state on said Schedule);
	 
	 	(iii)	 	FINANCIAL STATEMENTS — Related Party Transactions. All material related
party transactions, including but not limited to loans, receivables or payables due to/from
Borrower’s officers or employees, affiliates, subsidiaries, or other related parties, are
disclosed on the attached Schedule of Financial Statement Exceptions (if none, so
state on said Schedule);
	 
	 	(iv)	 	COMPLIANCE WITH APPLICABLE LAW. Except as noted on the attached Schedule
of Compliance Issues, there are no material events whereby Borrower or, to the
knowledge of Borrower, Borrower’s directors, employees, affiliates, subsidiaries or other
related parties are acting or conducting business contrary to applicable local, state, or
national laws in the country or countries in which said parties are conducting business;
	 
	 	(v)	 	ABSENCE OF DEFAULT. Except as noted on the attached Schedule of Compliance
Issues, no Default or Event of Default exists on the date hereof; and
	 
	 	(vi)	 	LITIGATION. Except as disclosed on the Schedule of Compliance Issues,
there are no actions, suits or proceedings pending or, to the knowledge of Borrower and the
undersigned, threatened against or affecting Borrower in any court or before any
governmental commission, board or authority which, if adversely determined could reasonably
be expected to have Material Adverse Effect. Borrower is involved in such litigation and
other disputes as are listed on the attached Schedule of Compliance Issues (if
none, so state on said Schedule).

The undersigned has executed this certificate as of                               , 200.

     Signature:                                                                       

     By (printed name and title):                                        

A-1

 

SCHEDULE OF FINANCIAL STATEMENT EXCEPTIONS

	 	 	 	 	 
	Category of Disclosure	 	Financial Date	 	Comments (if none, state “none”)
	 
	 	 	 	 
	General Exceptions:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Off-Balance Sheet:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Related Party Transactions:
	 	 	 	 

SCHEDULE OF COMPLIANCE ISSUES

	 	 	 	 	 
	Parties Involved	 	Date of filing/incident	 	Nature of Dispute or Issue (if none, state “none)”
	 
	 	 	 	 
	Compliance Issues:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Litigation Issues:
	 	 	 	 

     Signatory Initials:                     

A-2

 

EXHIBIT B

FORM OF NOTE

PROMISSORY NOTE

			
	Dated: June 1, 2007
	 	Chicago, Illinois

The undersigned, Bioheart, Inc., a Florida corporation with its principal place of business at
13794 NW 4th Street, Sunrise, FL 33325 (hereinafter referred to as “Borrower”), promises
to pay to BlueCrest Capital Finance, L.P. (“Lender”) or its registered assigns Five Million and
00/100 Dollars ($5,000,000.00) at its office at Chicago, Illinois, or at such other place as Lender
or its registered assigns may appoint, plus interest thereon as set forth herein. Capitalized
terms used herein but not defined shall have the meaning ascribed to such terms in the
Loan Agreement between Borrower and Lender, dated as of May 31, 2007 (the “Loan Agreement”).

Interest on the principal amount outstanding shall accrue at the rate equal to 12.85% per annum,
computed on the basis of a 360-day year of twelve 30-day months, and on the assumption that each
payment of principal shall be made in a timely manner (the “Loan Interest Rate”).

Principal and interest hereunder shall be payable on the first calendar day of each month, or, if
the first calendar day of any month is not a business day, then on the next succeeding business day
(each a “Payment Date”), in the amounts set forth below. Borrower agrees to make (i) three (3)
monthly payments of interest only (paid in arrears) of $53,541.67 each commencing on the
first Business Day of the first full calendar month occurring after the date of this Note (each, an
“Interest Only Payment”) and (ii) thirty-three (33) payments of principal and interest (paid in
arrears) in the amount of $180,660.87 each, commencing on the first Business Day of the
fourth full calendar month occurring after the date of this Note (each, a “Periodic Payment”) and
continuing on each Payment Date thereafter until the amounts of principal and interest owing under
this Note are paid in full; provided, however, that the final Periodic Payment shall additionally
include any accrued and unpaid interest and other charges then outstanding. The foregoing payments
include interest at the Loan Interest Rate, which is precomputed for the period ending when such
payments are due and on the assumption that all payments will be made on their respective due
dates.

Any Interest Only Payment or Periodic Payment which is past due for a period in excess of five (5)
days after its due date shall be overdue and shall be subject to a service charge in an amount
equal to two percent (2 %) of the delinquent amount, but not more than the maximum rate permitted
by law, whichever is less. In addition, and notwithstanding the forgoing, during the continuance of
an Event of Default all outstanding Borrower Liabilities in respect of the Loan Agreement
(including the Term Loan evidenced by this Promissory Note) shall bear interest (payable on demand)
at a rate that is two percent (2%) per annum in excess of the Loan Interest Rate (the “Default
Interest Rate”) and the monthly payment of principal and interest shall be recalculated at the
Default Interest Rate during such time. Borrower shall additionally be liable for any reasonable
costs or expenses incurred by Lender in collecting any sums due from Borrower to Lender including
all reasonable attorneys’ fees and reasonable legal expenses incurred by Lender if this note is
placed with an attorney for collection.

Demand, presentment for payment, notice of non-payment and protest are hereby waived by the
undersigned.

This Note is made by Borrower and delivered to Lender in relation to that certain Funding Request
No. 1 issued by Borrower pursuant to the Loan Agreement. This Note is issued under the terms of and
is entitled to the benefits of the Loan Agreement, to which reference is hereby made for a
statement of the nature and extent of the protection and security afforded and the rights of the
payee hereof and the rights and obligations of the undersigned. Lender’s books and records shall
be dispositive evidence of the amount disbursed pursuant to this Note and the Loan Agreement.

Upon an “Event of Default,” as defined in the Loan Agreement, this Note may become or be declared
due in the manner and with the effect provided in the Loan Agreement.

Lender (or its registered assigns) shall not be required to look to any collateral for the
payment of this Note, but may proceed against Borrower, or any guarantor hereof in such manner as
it deems desirable. None of the rights or remedies of Lender (or its registered assigns) hereunder
or under the Loan Agreement are to be deemed waived or affected by any failure to exercise same.

All remedies conferred upon Lender (or its registered assigns) under this Note, the Loan Agreement
or any other instrument or agreement to which the undersigned or any guarantor hereof is a party or
under any or all of them is bound, shall be cumulative and not exclusive, and such remedies may be
exercised concurrently or consecutively at the option of Lender or its registered assigns.

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE STATE
OF ILLINOIS. AT THE ELECTION OF LENDER AND WITHOUT LIMITING LENDER’S RIGHT TO COMMENCE AN ACTION
IN OTHER JURISDICTION, BORROWER HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY

COURT (FEDERAL, STATE OR LOCAL) HAVING SITUS WITHIN COOK COUNTY IN THE STATE OF ILLINOIS, EXPRESSLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO SERVICE BY CERTIFIED MAIL, POSTAGE PREPAID,
DIRECTED TO THE LAST KNOWN ADDRESS OF BORROWER, WHICH SERVICE SHALL BE DEEMED COMPLETED WITHIN TEN
(10) DAYS AFTER THE DATE OF MAILING HEREOF. BORROWER HEREBY WAIVES ANY RIGHT TO ASSERT THAT ANY
ACTION INSTITUTED BY LENDER OR BORROWER IN SUCH COURT IS AN IMPROPER VENUE OR SUCH ACTION SHOULD BE
TRANSFERRED TO A MORE CONVENIENT FORUM. LENDER AND BORROWER EACH HEREBY WAIVE THE RIGHT TO TRIAL
BY JURY.

BORROWER AGREES THAT ALL PAYMENTS AND OTHER OBLIGATIONS DUE AND OWING UNDER THIS NOTE AND EACH
OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH SHALL BE PAID IN FULL WITHOUT OFFSET OR DEDUCTION
FOR ANY REASON, AND BORROWER HEREBY WAIVES ANY RIGHT OF OFFSET ARISING FOR ANY REASON WITH RESPECT
TO ANY PAYMENT OR OTHER OBLIGATION DUE AND OWING UNDER THIS NOTE AND EACH OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH.

IN WITNESS WHEREOF, the undersigned hereunto sets its hand and seal as of the date first set forth
above.

	 	 	 	 	 
	Bioheart, Inc.

Borrower

 	 
	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-1

 

EXHIBIT C

FORM OF WARRANT

NEITHER THIS WARRANT NOR THE COMMON STOCK WHICH MAY BE ACQUIRED UPON EXERCISE HEREOF HAS BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, ASSIGNED, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT THERETO UNDER THE
ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION THEREFROM EXISTS.

			
	 	 
	No. W — _____________________
	 	Warrant to Purchase 105,264 Shares of Common Stock

(subject to adjustment)

WARRANT TO PURCHASE SHARES OF COMMON STOCK

of

BIOHEART, INC.

     This certifies that, for value received, BlueCrest Capital Finance, L.P., a Delaware limited
partnership (“BlueCrest”), or its assigns (the “Holder”) is entitled, subject to the terms set
forth below, to purchase from Bioheart, Inc. (the “Company”), a Florida corporation, up to 105,264
shares (the “Warrant Shares”) of the common stock of the Company, par value $.001 per share (the
“Common Stock”), as constituted on the date hereof (the “Warrant Issue Date”), upon
surrender hereof, at the principal office of the Company referred to below, with the duly executed
Notice of Exercise, attached hereto as Exhibit A (the “Notice of Exercise Form”), and
simultaneous payment therefor in lawful money of the United States or otherwise as hereinafter
provided, at the Exercise Price set forth in Section 2 below. The number of Warrant Shares and the
Exercise Price are subject to adjustment as provided below. The term “Warrant” as used herein
shall include this Warrant, and any warrants delivered in substitution or exchange therefor as
provided herein. This Warrant is issued in connection with the Loan and Security Agreement (the
“Loan Agreement”), made as of May 31, 2007 by and between BlueCrest and the Company.

     1. Term of Warrant. Subject to the terms and conditions set forth herein, this
Warrant shall be exercisable, in whole or in part, at any time, or from time to time, during the
term commencing on the Warrant Issue Date and ending at 5:00 p.m., New York City time, on the ten
year anniversary of the Warrant Issue Date (the “Expiration Date”), and shall be void thereafter;
provided, however, that in the event that during calendar year 2007 the Company either (a) closes
its initial underwritten public offering of shares of its Common Stock registered under the
Securities Act (the “Initial Public Offering”) or (b) undertakes a merger or other similar
transaction or series of transactions whereby the Company merges with and into a publicly traded
corporation, then the Expiration Date shall be 5:00 p.m., New York City time, on the five year
anniversary of the Warrant Issue Date.

 

C-1

 

     2. Exercise Price. The price at which this Warrant may be exercised shall be $4.75
per share of Common Stock, as may be adjusted from time to time pursuant to Section 14 hereof (the
“Exercise Price”).

     3. Exercise of Warrant.

          (a) In accordance with the procedures set forth in Section 1(c) below, this Warrant may be
exercised, in whole or in part, at any time, or from time to time during the period commencing on
the date that is three hundred and sixty-six (366) days following the Warrant Issue Date (the
“One Year Exercise Date”).

          (b) During the period that this Warrant is exercisable in accordance with Sections 1(a) above,
the Holder may exercise this Warrant by presentation and surrender of this Warrant and the delivery
of the Notice of Exercise Form duly completed and executed on behalf of the Holder and, if the date
of exercise is prior to an Initial Public Offering, the Shareholders Agreement, attached hereto as
Exhibit B, duly completed and executed on behalf of the Holder, at the principal office of
the Company (or such other office or agency of the Company as it may designate by notice in writing
to the Holder at the address of the Holder appearing on the books of the Company), accompanied by
payment of the Exercise Price for the number of shares specified in such Notice of Exercise Form.
Payment may be made (i) in cash or by certified or official bank check, payable to the order of the
Company, (ii) by cancellation by the Holder of indebtedness or other obligations of the Company to
the Holder, or (iii) by a combination of the consideration described in sub-clauses (i) and (ii)
above. Notwithstanding the foregoing, in the event that the Company undertakes undergoes a sale or
merger transaction, then (A) if the Fair Market Value (as defined in Section 3(d) below) of one
share of Common Stock is greater than the Exercise Price in effect on such date, then this Warrant
shall be deemed automatically exercised pursuant to Section 3(d) below or (B) if the Fair Market
Value of one Share is less than the Exercise Price in effect on such date, then this Warrant shall
automatically terminate and be of no further force and effect.

          (c) This Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the person entitled to
receive the Warrant Shares shall be treated for all purposes as the holder of record of such
Warrant Shares as of the close of business on such date. As promptly as practicable on or after
such date and in any event within ten (10) days thereafter, the Company at its expense shall issue
and deliver to the person or persons entitled to receive the same a certificate or certificates for
the number of shares issuable upon such exercise. In the event that this Warrant is exercised in
part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable
for the number of shares for which this Warrant may then be exercised.

          (d) Net Issue Exercise. Notwithstanding any provisions herein to the contrary, if the
Fair Market Value of one share of Common Stock is greater than the Exercise Price (at the date of
calculation as set forth below), in lieu of making payment of the consideration provided for in
Section 3(a) above upon the exercise of all or any part of this Warrant, the Holder may surrender
this Warrant at the principal office of the Company, together with the duly executed Notice of
Exercise Form and, if the date of exercise is prior to the Initial Public Offering, the

C-2

 

duly
executed Shareholders Agreement, in which event the Company shall issue to the Holder a number of
shares of Common Stock computed using the following formula:

	 	 	 
	X =

	 	Y (A - B)
	 

	 	A

	 	 	 
	 	X =

	the number of shares of Common Stock to be issued to the Holder upon
exercise
	 
	 	 
	 	Y =

	the number of shares of Common Stock purchasable under the Warrant or,
if only a portion of the Warrant is being exercised, the portion of
the Warrant being exercised (at the date of such calculation)
	 
	 	 
	 	A =

	the Fair Market Value of one share of the Company’s Common Stock (at
the date of such calculation)
	 
	 	 
	 	B =

	the Exercise Price (as adjusted to the date of such calculation)

For purposes of the above calculation, the term “Fair Market Value” shall mean (i) if the principal
market for the Common Stock is The NASDAQ Stock Market or any other national securities exchange,
the last sales price of the Common Stock on such day as reported by such exchange or market, or on
a consolidated tape reflecting transactions on such exchange or market, (ii) if the principal
market for the Common Stock is not a national securities exchange or The NASDAQ Stock Market and
the Common Stock is quoted on the National Association of Securities Dealers Automated Quotations
System, the mean between the closing bid and the closing asked prices for the Common Stock on such
day as quoted on such System or (iii) if the Common Stock is not quoted on the National Association
of Securities Dealers Automated Quotations System, the mean between the highest bid and lowest
asked prices for the Common Stock on such day as reported by Pink Sheets LLC; provided, however,
that if none of (i), (ii) or (iii) above is applicable, or if no trades have been made or no quotes
are available for such day, the Fair Market Value of the Common Stock shall be reasonably
determined, in good faith, by the Board of Directors of the Company.

     4. No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fractional
share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal
to the Exercise Price multiplied by such fraction.

     5. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and
substance to the Company or, in the case of mutilation, on surrender and cancellation of this
Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new
warrant of like tenor and amount.

     6. Rights of Shareholders. Subject to Sections 12, 14 and 16 of this Warrant, the
Holder shall not be entitled to vote or receive dividends or be deemed the holder of Common Stock
or

C-3

 

any other securities of the Company that may at any time be issuable on the exercise hereof for
any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such,
any of the rights of a shareholder of the Company or any right to vote for the election of
directors or upon any matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no par value,
consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been exercised as
provided herein.

     7. Transfer of Warrant.

          (a) Warrant Register. The Company will maintain a register (the “Warrant Register”)
containing the names and addresses of the Holder or Holders. Any Holder of this Warrant or any
portion thereof may change his or her address as shown on the Warrant Register by written notice to
the Company, requesting such change. Any notice or written communication required or permitted to
be given to the Holder may be delivered or given by mail to such Holder as shown on the Warrant
Register and at the address shown on the Warrant Register. Until this Warrant is transferred on
the Warrant Register of the Company, the Company may treat the Holder as shown on the Warrant
Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the
contrary.

          (b) Warrant Agent. The Company may, by written notice to the Holder, appoint an agent
for the purpose of maintaining the Warrant Register referred to in Section 7(a) above, issuing the
Common Stock or other securities then issuable upon the exercise of this Warrant, exchanging this
Warrant, replacing this Warrant, or any or all of the foregoing. Thereafter, any such registration,
issuance, exchange, or replacement, as the case may be, shall be made at the office of such agent.

          (c) Transferability
and Nonnegotiability of Warrant.

               (i) The Holder hereby acknowledges that neither this Warrant nor the Warrant
Shares have been registered under the Securities Act of 1933, as amended (the “Act”)
and are “restricted securities” under the Act inasmuch as they are being acquired in
a transaction not involving a public offering. The Holder hereby agrees not to
sell, transfer, assign, distribute, offer to sell, hypothecate or otherwise dispose
of this Warrant or the Warrant Shares in the absence of: (i) an effective
registration statement under the Act as to this Warrant or the Warrant Shares and
the registration and/or qualification of this Warrant or the Warrant Shares under
any applicable federal or state securities laws then in effect, or (ii) an exemption
therefrom exists.

               (ii) Subject to compliance with Section 7(c)(i) above and the provisions of
Section 9(f) of this Warrant, this Warrant may be transferred by the Holder with
respect to any or all of the shares purchasable hereunder. Upon surrender of this
Warrant to the Company, together with the Assignment Form, attached hereto as
Exhibit C duly executed, and funds sufficient to pay any transfer tax, the
Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees and in the denomination or denominations specified in the
Assignment Form and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned. Thereafter, this Warrant shall promptly be
cancelled. This Warrant may be divided or combined with other

C-4

 

Warrants that carry the same rights upon presentation hereof at the office of
the Company or at the office of its stock transfer agent, if any, together with a
written notice specifying the names and denominations in which new Warrants are to
be issued and signed by the Holder hereof. Notwithstanding the foregoing, the
Company shall not be required to issue a Warrant covering less than 1,000 shares of
Common Stock.

     8. Representations and Warranties of Company. In connection with the transactions
provided for herein, the Company hereby represents and warrants to the Holder that:

          (a) Organization, Good Standing, and Qualification. The Company is a corporation duly
organized, validly existing, and in good standing under the laws of the State of Florida and has
all requisite corporate power and authority to carry on its business as now conducted. The Company
is duly qualified to transact business and is in good standing in each jurisdiction in which the
failure to so qualify would have a material adverse effect on its business or properties.

          (b) Authorization. The Company has all necessary corporate power and authority to
execute, deliver and perform its obligations under this Warrant. All corporate action has been
taken on the part of the Company, its officers, directors, and shareholders necessary for the due
authorization, execution and delivery of this Warrant by the Company and the performance by the
Company of its obligations hereunder. This Warrant has been duly executed and delivered by the
Company and constitutes a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’
rights. The Warrant Shares have been duly and validly authorized and reserved for issuance by the
Company.

          (c) Compliance with Other Instruments. The authorization, execution and delivery of
this Warrant by the Company, the consummation of the transactions contemplated hereby and the
performance by the Company of its obligations hereunder will not (i) violate any judgment, order,
decree, injunction, law or regulation applicable to the Company; (ii) violate any term or provision
of the Articles of Incorporation (the “Articles”) or bylaws; (iii) violate, or result in a breach
or default under, any other agreement or instrument to which the Company is a party or by which it
is bound or to which its properties or assets are subject, except for such violations, breaches or
defaults under clauses (i), (ii) or (iii) above which, individually or in the aggregate, will not
result in a material adverse effect upon the business operations, properties, assets, results of
operations or condition (financial or otherwise) of the Company, the enforceability of any material
provision of this Warrant or the ability of the Holder to enforce its rights and remedies under
this Warrant; or (iv) result in the creation of any lien, claim or other encumbrance on any of the
property or other assets of the Company.

C-5

 

          (d) Valid Issuance of Common Stock. When the Warrant Shares have been delivered in
accordance with the terms of this Warrant, such Warrant Shares will be duly authorized and validly
issued, fully paid and nonassessable.

          (e) Representations and Warranties in the Loan Agreement. As of the date hereof, each
of the representations and warranties made in the Loan Agreement by the Company are materially true
and correct.

     9. Representations and Covenants of the Holder.

     The Holder hereby represents and covenants to the Company that:

          (a) This Warrant and any Warrant Shares purchased upon exercise of this Warrant will be
purchased for its own account for investment and not with a view to the offering or distribution
thereof within the meaning of the Act and any applicable state securities laws;

          (b) The Holder has sufficient knowledge and expertise in financial and business matters so as
to be capable of evaluating the merits and risks of its investment in the Company. The Holder
understands that this investment involves a high degree of risk and could result in a substantial
or complete loss of its investment. The Holder is capable of bearing the economic risks of such
investment;

          (c) The Holder is an “Accredited Investor” as such term is defined under Regulation D
promulgated pursuant to the Act;

          (d) Any subsequent sale of any Warrant Shares shall be made either pursuant to an effective
registration statement under the Act and any applicable state securities laws, or pursuant to an
exemption from registration under the Act and any such state securities laws;

          (e) If requested by the Company, the Holder shall submit a written statement, in form
reasonably satisfactory to the Company, to the effect that the representations set forth in
paragraphs (a) through (d) above are (x) true and correct as of the date of purchase of any Warrant
Shares hereunder or (y) true and correct as of the date of any sale of any Warrant Shares, as
applicable; and

          (f) The Holder hereby agrees that, during the period of duration (not to exceed one hundred
eighty (180) days) specified by the Company and an underwriter of Common Stock or other securities
of the Company in an agreement in connection with any offering of the Company’s securities,
following the effective date of the registration statement for a public offering of the Company’s
securities filed under the Act, it shall not, to the extent requested by the Company and such
underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of
(other than to donees who agree to be similarly bound) any securities of the Company held by it at
any time during such period, except Common Stock, if any, included in such registration; provided,
that such “lock-up” period applicable to the Holder shall not be greater than the shortest lock-up
period restricting any other shareholder of the Company executing lock-up agreements in connection
with such registration (including Howard J. Leonhardt).

C-6

 

     10. Legend. Unless the Warrant Shares or other securities issuable hereunder have
been registered under the Act, upon exercise of any of the Warrants and the issuance of any of the Warrant Shares or other securities, all certificates representing such securities shall bear
on the face thereof substantially the following legend:

“The securities represented by this certificate have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”) and may not be sold
or transferred in the absence of an effective registration statement under the
Securities Act or an exemption from such registration. The securities
represented by this certificate are subject to certain restrictions and
agreements contained in, that certain Warrant Agreement dated June ___, 2007, by
and between BlueCrest Capital Finance, L.P. and the Company and, may not be sold,
assigned, transferred, encumbered, pledged or otherwise disposed of except upon
compliance with the provisions of such Warrant Agreement. By the acceptance of
the shares of capital stock evidenced by this certificate, the holder agrees to
be bound by such Warrant Agreement and all amendments thereto. A copy of such
Warrant Agreement has been filed at the office of the Company.”

In the event the date the certificates referenced above are issued prior to an Initial Public
Offering, such certificates shall include the following additional legend:

“The securities represented by this certificate and the holder of such securities
are subject to the terms and conditions (including, without limitation, voting
agreements and restrictions on transfer) set forth in a Shareholders Agreement,
dated as of ____________, 200___, a copy of which may be obtained from the Company. No
transfer of such securities will be made on the books of the Company unless
accompanied by evidence of compliance with the terms of such agreement.”

     11. Reservation of Stock. The Company covenants that during the term this Warrant is
exercisable, the Company will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant and,
from time to time, will take all steps necessary to amend its Articles to provide sufficient
reserves of shares of Common Stock issuable upon exercise of the Warrant. The Company further
covenants that all shares that may be issued upon the exercise of rights represented by this
Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes,
liens and charges in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously or otherwise specified herein). The Company agrees 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 shares of Common
Stock upon the exercise of this Warrant.

C-7

 

     12. Notices.

          (a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted
pursuant to Section 14 hereof, the Company shall issue a certificate signed by its Chief Executive
Officer or Chief Financial Officer setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such adjustment
was calculated, and the Exercise Price and number of shares purchasable hereunder after giving
effect to such adjustment, and shall cause a copy of such certificate to be mailed (by first-class
mail, postage prepaid) to the Holder of this Warrant.

          (b) in case:

               (i) The Company shall take a record of the holders of its Common Stock (or
other stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend or other distribution, or
any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right, or

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

               (iii) of any voluntary dissolution, liquidation or winding-up of the Company,

          (c) then, and in each such case, the Company will mail or cause to be mailed to the Holder or
Holders a notice specifying, as the case may be, (A) the date on which a record is to be taken for
the purpose of such dividend, distribution or right, and stating the amount and character of such
dividend, distribution or right, or (B) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the
time, if any is to be fixed, as of which the holders of record-of Common Stock (or such stock or
securities at the time receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up. Such notice shall be mailed by overnight delivery at least
15 days prior to the date therein specified.

          (d) All such notices, advices and communications shall be deemed to have been received (i) in
the case of personal delivery, on the date of such delivery and (ii) in the case of mailing, on the
next business day following the date of such mailing by overnight delivery.

     13. Amendments.

          (a) Any term of this Warrant may be amended with the written consent of the Company and the
Holder.

          (b) No waivers of, or exceptions to, any term, condition or provision of this Warrant, in any
one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of
any such term, condition or provision.

C-8

 

     14. Adjustments. The Exercise Price and the number of Warrant Shares purchasable
hereunder are subject to adjustment from time to time as follows:

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

          (b) Split, Subdivision or Combination of Shares. If the Company at any time while
this Warrant, or any portion hereof, remains outstanding and unexpired shall split, subdivide or
combine the securities as to which purchase rights under this Warrant exist, into a different
number of securities of the same class, the Exercise Price for such securities shall be
proportionately decreased in the case of a split or subdivision or proportionately increased in the
case of a combination.

          (c) Adjustments for Dividends in Stock or Other Securities or Property. If while this
Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the securities as
to which purchase rights under this Warrant exist at the time shall have received, or, on or after
the record date fixed for the determination of eligible shareholders, shall have become entitled to
receive, without payment therefor, other or additional stock or other securities or property (other
than cash) of the Company by way of dividend, then and in each case, this Warrant shall represent
the right to acquire, in addition to the number of shares of the security receivable upon exercise
of this Warrant, and without payment of any additional consideration therefor, the amount of such
other or additional stock or other securities or property (other than cash) of the Company that
such holder would hold on the date of such exercise had it been the holder of record of the
security receivable upon exercise of this Warrant on the date hereof and had thereafter, during the
period from the date hereof to and including the date of such exercise, retained such shares and/or
all other additional stock available by it as aforesaid during such period, giving effect to all
adjustments called for during such period by the provisions of this Section 14.

          (d) Certificate as to Adjustments. Upon the occurrence of each adjustment or
readjustment pursuant to this Section 14, the Company at its expense shall promptly compute such
adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of this
Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon the written request,
at any time, of any such Holder, furnish or cause to be furnished to such Holder a like certificate
setting forth: (i) such adjustments and readjustments; (ii) the Exercise Price at the time in
effect; and (iii) the number of Warrant Shares and the amount, if any, of other property that at
the time would be received upon the exercise of the Warrant.

C-9

 

          (e) No Impairment. The Company will not, by any voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or performed hereunder by
the Company, but will at all times in good faith assist in the carrying out of all the provisions
of this Section 14 and in the taking of all such action as may be reasonably necessary or
appropriate in order to protect the rights of the Holder of this Warrant against impairment.

     15. Piggyback Registration Rights

          15.1. If at any time during the period commencing on the Six Month Post-IPO Exercise Date and
ending on the Expiration Date (the “Piggyback Registration Period”), the Company
proposes to register any shares of its Common Stock under the Securities Act on any form for
registration thereunder (the “Registration Statement”) for its own account or the account
of shareholders (other than a registration solely relating to (i) shares of Common Stock underlying
a stock option, restricted stock, stock purchase or compensation or incentive plan or of stock
issued or issuable pursuant to any such plan, or a dividend investment plan; (ii) a registration of
securities proposed to be issued in exchange for securities or assets of, or in connection with a
merger or consolidation with, another corporation or other entity; or (iii) a registration of
securities proposed to be issued in exchange for other securities of the Company), it will at such
time give prompt written notice to the Holder of its intention to do so (the “Section 15.1
Notice”). Upon the written request of the Holder given to the Company within ten (10) days
after the giving of any Section 15.1 Notice setting forth the number of shares of Warrant Shares
intended to be disposed of by the Holder and the intended method of disposition thereof, the
Company will include or cause to be included in the Registration Statement the shares of Warrant
Shares which the Holder has requested to register, to the extent provided in this Section 15 (a
“Piggyback Registration”). Notwithstanding the foregoing, the Company may, at any time,
withdraw or cease proceeding with any registration pursuant to this Section 15.1 if it shall at the
same time withdraw or cease proceeding with the registration of all of the Common Stock originally
proposed to be registered. The Company shall be obligated to file and cause the effectiveness of
only one (1) Piggyback Registration; provided however, that to the extent that shares for which
registration is requested pursuant hereto are excluded under Section 15.5, such shares shall be
eligible for Piggyback Registration, notwithstanding the one Piggyback Registration limit. The
shares of Warrant Shares set forth in the Section 15.1 Notice are referred to for purposes of this
Section 15 as the “Registrable Shares”.

          15.2 Company Covenants. Whenever required under this Section 15 to include
Registrable Shares in a Registration Statement, the Company shall, as expeditiously as reasonably
possible:

          (a) Use its commercially reasonable efforts to cause such Registration Statement to become
effective and cause such Registration Statement to remain effective until the earlier of the Holder
having completed the distribution of all its Registrable Shares described in the Registration
Statement or six (6) months from the effective date of the Registration Statement (or such later
date by reason of suspensions the effectiveness as provided hereunder). The Company will also use
its commercially reasonable efforts to, during the period that such Registration

C-10

 

Statement
is required to be maintained hereunder, file such post-effective amendments and supplements thereto as
may be required by the Securities Act and the rules and regulations thereunder or otherwise to
ensure that the Registration Statement does not contain any untrue
statement of material fact or omit to state a fact required to be stated therein or necessary
to make the statements contained therein, in light of the circumstances under which they are made,
not misleading; provided, however, that if applicable rules under the Securities Act governing the
obligation to file a post-effective amendment permits, in lieu of filing a post-effective amendment
that (i) includes any prospectus required by Section 10(a)(3) of the Securities Act or (ii)
reflects facts or events representing a material or fundamental change in the information set forth
in the Registration Statement, the Company may incorporate by reference information required to be
included in (i) and (ii) above to the extent such information is contained in periodic reports
filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) in the Registration Statement.

          (b) Prepare and file with the Unites States Securities and Exchange Commission (the
“SEC”) such amendments and supplements to such Registration Statement, and the prospectus
used in connection with such Registration Statement, as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement.

          (c) Furnish to the Holder such numbers of copies of a prospectus, including a preliminary
prospectus as amended or supplemented from time to time, in conformity with the requirements of the
Securities Act, and such other documents as it may reasonably request in order to facilitate the
disposition of Registrable Shares owned by the Holder; provided that, in no event, shall the
Company be required to incur printing expenses in excess of $1,000 in complying with its
obligations under this Section 15.2(c).

          (d) Use its commercially reasonable efforts to register and qualify the securities covered by
such Registration Statement under such other federal or state securities laws of such jurisdictions
as shall be reasonably requested by the Holder; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions, unless the Company is
already subject to service in such jurisdiction and except as may be required by the Securities
Act.

          (e) In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such
offering.

          (f) Notify the Holder, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, (a) when the Registration Statement or any post-effective
amendment and supplement thereto has become effective; (b) of the issuance by the SEC of any stop
order or the initiation of proceedings for that purpose (in which event the Company shall make use
commercially reasonable efforts to obtain the withdrawal of any order suspending effectiveness of
the Registration Statement. at the earliest possible time or prevent the entry thereof); (c) of the
receipt by the Company of any notification with respect to the suspension of the qualification of
the Registrable Shares for sale in any jurisdiction or the initiation of any proceeding for such
purpose; and (d) of the happening of any event as a result of which the prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then
existing.

C-11

 

          (g) Cause all such Registrable Shares registered hereunder to be listed on each exchange or
quotation service on which similar securities issued by the Company are then listed or quoted.

          (h) Provide a transfer agent and registrar for all Registrable Shares registered pursuant
hereunder and CUSIP number for all such Registrable Shares, in each case not later than the
effective date of such registration.

          15.3 Furnish Information. In connection with a registration in which the Holder is
participating, such Holder agrees to execute and deliver such other agreements as may be reasonably
requested by the Company or the underwriter. In addition, if requested by the Company or the
representative of the underwriters of Common Stock (or other securities) of the Company, the Holder
shall provide, within ten (10) days of such request, such information related to such Holder as may
be required by the Company or such representative in connection with the completion of any public
offering of the Company’s securities pursuant to a registration statement filed under the
Securities Act.

          15.4 Expenses of Company Registration. All expenses other than underwriting discounts
and commissions incurred in connection with registrations, filings or qualifications pursuant to
Section 15.1, including, without limitation, all registration, filing and qualification fees,
printers’ and accounting fees and fees, disbursements of counsel for the Company and disbursements
of counsel for the Holder up to $10,000 (the “Registration Expenses”) shall be borne by the
Company.

          15.5 Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 15.1 to include any of the Holder’s Registrable Shares in such underwriting unless the
Holder accepts the terms of the underwriting as agreed upon between the Company and the
underwriters selected by it (or by other persons entitled to select the underwriters), and then
only in such quantity as the underwriters determine in their sole and reasonable discretion will
not materially jeopardize the success of the offering by the Company, and the Holder enters into
such lock-up agreements as may be reasonably required of other selling shareholders in such
Registration Statement. If the total amount of securities, including Registrable Shares, requested
by shareholders to be included in such offering exceeds the amount of securities sold other than by
the Company that the underwriters determine in their sole and reasonable discretion is compatible
with the success of the offering, then the Company shall be required to include in the offering
only that number of such securities, including Registrable Shares, which the underwriters determine
in their sole and reasonable discretion will not materially jeopardize the success of the offering
(the securities so included to be apportioned pro rata among the selling shareholders according to
the total amount of securities entitled to be included therein owned by each selling shareholder or
in such other proportions as shall mutually be agreed to by such

C-12

 

selling shareholders). For
purposes of the preceding parenthetical concerning apportionment, for any selling shareholder who
is a holder of Registrable Shares and is a partnership or corporation, the partners, retired
partners and shareholders of such holder, or the estates and family members
of any such partners and retired partners and any trusts for the benefit of any of the
foregoing persons shall be deemed to be a single “selling shareholder”, and any pro-rata reduction
with respect to such “selling shareholder” shall be based upon the aggregate amount of shares
carrying registration rights owned by all entities and individuals included in such “selling
shareholder”, as defined in this sentence.

          15.6 Indemnification. In the event that any Registrable Shares are included in a
Registration Statement under this Section 15.

          (a) To the extent permitted by law, the Company will promptly indemnify and hold harmless the
Holder, any underwriter (as defined in the Securities Act) for the Holder and each person, if any,
who controls the Holder or underwriter within the meaning of the Securities Act or the Exchange
Act, against any losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Securities Act, or the Exchange Act, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the
following statements, omissions or violations (collectively a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such Registration Statement,
including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein not misleading, or (iii)
any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any
rule or regulation promulgated under the Securities Act, or the Exchange Act, and the Company will
pay to the Holder, underwriter or controlling person, as incurred, any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability, or action; provided, however, that the indemnity agreement contained in this
Section 15.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for
any such loss, claim, damage, liability, or action incurred by the Holder, underwriter or
controlling person to the extent that such party’s loss, claim, damage, liability or action arises
out of or is based upon a Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by such party.

          (b) To the extent permitted by law, the Holder will indemnify and hold harmless the Company,
its directors, officers, and each person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act, any underwriter, any other holder selling securities in
such Registration Statement and any controlling person of any such underwriter or other holder,
against any losses, claims, damages, or liabilities (joint or several) to which any of the
foregoing persons may become subject, under the Securities Act, or the Exchange Act, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are
based upon any Violation, in each case to the extent (and only to the extent) that such Violation
occurs in reliance upon and in conformity with written information

C-13

 

furnished by the Holder
expressly for use in connection with such registration; and the Holder will pay, as incurred, any
legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to
this Section 15.6(b), in connection with investigating or defending
any such loss, claim, damage, liability, or action; provided, however, that
the indemnity agreement contained in this Section 15.6(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably withheld;
provided, further, that, in no event shall any indemnity under this Section 15.6(b)
exceed 20% of the cash value of the gross proceeds from the offering received by the Holder.

          (c) Promptly after receipt by an indemnified party under this Section 15.6 of notice of the
commencement of any action (including any governmental action), such indemnified party shall, if a
claim in respect thereof is to be made against any indemnifying party under this Section 15.6,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly notified, to assume the defense thereof with
counsel selected by the indemnifying party and approved by the indemnified party (whose approval
shall not be unreasonably withheld); provided, however, that an indemnified party (together with
all other indemnified parties which may be represented without conflict by one counsel) shall have
the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such proceeding. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of
any such action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 15.6, but the
omission so to deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 15.6.

          (d) If the indemnification provided for in this Section 15.6 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage, or expense as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement or omission.

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

C-14

 

          (f) The obligations of the Company and the Holder under this Section 15.6 shall survive the
completion of any offering of Registrable Shares in a Registration Statement under this Section 15,
and otherwise.

          15.7. Reports Under Securities Exchange Act of 1934. With a view to making available
to the Holder the benefits of Rule 144 under the Securities Act (“Rule 144”) and any other
rule or regulation of the SEC that may at any time permit the Holder to sell shares of the
Company’s Common Stock to the public without registration, commencing immediately after the date on
which a registration statement filed by the Company under the Securities Act becomes effective, the
Company agrees to use its best efforts to:

          (a) make and keep public information available, as those terms are understood and defined in
Rule 144;

          (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act; and

          (c) furnish to the Holder, so long as the Holder owns any Registrable Shares, forthwith upon
request (i) a copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (ii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC which permits the selling of
any such securities without registration or pursuant to such form.

          15.8. Permitted Transferees. The rights to cause the Company to register Registrable
Shares granted to the Holder by the Company under this Section 15 may be assigned in full by a
Holder in connection with a transfer by the Holder of its Registrable Shares or Warrants if: (a)
the Holder gives prior written notice to the Company; (b) such transferee agrees to comply with and
be bound by the terms and provisions of this Agreement; (c) such transfer is otherwise in
compliance with this Agreement and (d) such transfer is otherwise effected in accordance with
applicable securities laws. Except as specifically permitted by this Section 15.8, the rights of a
Holder with respect to Registrable Shares as set out herein shall not be transferable to any other
person, and any attempted transfer shall cause all rights of the Holder therein to be forfeited.

          15.9 Termination of Registration Rights. The Holder shall no longer be entitled to
exercise any registration rights provided for in Section 15.1 after such time at which all
Registrable Shares held by the Holder can be sold in any three-month period without registration in
compliance with Rule 144 of the Act.

     16. Information. So long as the Holder holds the Warrant and/or shares of Common
Stock, the Company shall deliver to the Holder, promptly after mailing, copies of all notices,
reports, financial statements, proxies or other written communication delivered or mailed to the
holders of the Common Stock.

C-15

 

     17. Descriptive Headings. The description headings of the several sections and
paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this
Warrant.

     18. Governing Law. This Warrant shall be construed and enforced under the laws of the
State of Florida without regard to conflicts of law provisions

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

C-16

 

     IN WITNESS WHEREOF, the parties have executed this Warrant as of the date set forth below.

Dated: May 31, 2007

	 	 	 	 	 
	BLUECREST CAPITAL FINANCE, L.P. 

	 
	By:  	BlueCrest Capital Finance GP, LLC,	 
	 	  	Its General Partner
 
 

 

	 
	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	BIOHEART 

	 
	  	  	 
	 	  	  
 
 

 

	 
	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

C-17

 

EXHIBIT A

NOTICE OF EXERCISE FORM

     To: Bioheart Inc.

     (1) The undersigned hereby (A) elects to purchase ___shares of Common Stock of
Bioheart Inc., pursuant to the provisions of Section 3(b) of the attached Warrant, and
tenders herewith payment of the purchase price for such shares in full, or (B) elects to
exercise this Warrant for the purchase of___shares of Common Stock, pursuant to the
provisions of Section 3(d) of the attached Warrant.

     (2) In exercising this Warrant, the undersigned hereby confirms and acknowledges that
the shares of Common Stock to be issued are being acquired solely for the account of the
undersigned and not as a nominee for any other party, and for investment, and that the
undersigned will not offer, sell or otherwise dispose of any such shares of Common Stock
except under circumstances that will not result in a violation of the Securities Act of
1933, as amended, or any applicable state securities laws.

     (3) Please issue a certificate or certificates representing said shares of Common
Stock in the name of the undersigned or in such other name as is specified below:

	 	 	 	 	 
	 	 	 
	 	 
	Name 	 
	 	 	 	 
	 

     (4) Please issue a new Warrant for the unexercised portion of the attached Warrant in
the name of the undersigned or in such other name as is specified below:

	 	 	 	 	 
	 	 	 
	 	 
	Name:  	 	 
	Date: 	 	 
	 

C-18

 

EXHIBIT B

FORM OF SHAREHOLDERS’ AGREEMENT

C-19

 

EXHIBIT C

ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and
transfers unto the Assignee named below all of the rights of the undersigned under the within
Warrant, with respect to the number of shares of Common Stock set forth below:

	 	 	 	 	 	 	 	 	 
	Name of Assignee	 	Address	 	No. of Shares

and does hereby irrevocably constitute and appoint ___Attorney to make such transfer on
the books of Bioheart Inc. maintained for the purpose, with full power of substitution in the
premises.

The undersigned also represents that, by assignment hereof, the Assignee acknowledges that this
Warrant and the shares of stock to be issued upon exercise hereof are being acquired for investment
and that the Assignee will not offer, sell or otherwise dispose of this Warrant or any shares of
stock to be issued upon exercise hereof except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended, or any state securities laws. Further, the
Assignee has acknowledged that upon exercise of this Warrant, the Assignee shall, if requested by
the Company, confirm in writing, in a form satisfactory to the Company, that the shares of stock so
purchased are being acquired for investment and not with a view toward distribution or resale.

	 	 	 	 	 
	 	 	 
	Name:  	 	 
	Dated: 	  	 	 
	 

C-20

 

EXHIBIT D

FORM OF LEGAL OPINION

June 1, 2007

BlueCrest Capital Finance, L.P.

225 West Washington, Suite 200

Chicago, IL 60606

Ladies and Gentlemen:

     We have acted as Florida counsel to Bioheart, Inc., a Florida corporation (the
“Borrower”), in connection with the transactions contemplated by the Loan and Security
Agreement, dated May 31, 2007 (the “Loan Agreement”) by and between the Borrower and
BlueCrest Capital Finance, L.P., a Delaware limited partnership (the “Lender”). This
opinion is being furnished to you pursuant to Section 2.5(xiii) of the Loan Agreement. Capitalized
terms used herein and not otherwise defined herein have the meanings assigned to them in the Loan
Agreement.

     This opinion is delivered at Borrower’s request as required by Lender in connection with the
closing of the Loan. In our capacity as counsel to the Borrower, we have examined the following
documents:

	 	a)	 	the Loan Agreement;
	 
	 	b)	 	the Promissory Note, dated May 31, 2007, by the Borrower in favor of Lender in
respect of Term Loan (the “Term Note”);
	 
	 	c)	 	the Warrant Agreement, dated May 31, 2007, issued by the Borrower in favor of
Lender (the “Warrant”);
	 
	 	d)	 	the Deposit Account Control Agreement, dated May 31, 2007;
	 
	 	e)	 	the form of UCC-1 financing statement to be filed with the Florida Secured
Transactions Registry (the “Filing Office”) naming Lender as secured party and Borrower
as debtor (the “Financing Statement”);
	 
	 	f)	 	a certificate of the Chief Executive Officer, Chief Financial Officer and
Executive Chairman of the Borrower, dated as of June 1, 2007 (the “Officers’
Certificate”), to which the following documents, among others, are attached: (i) the
Articles of

D-1

 

	 	 	 	Incorporation (the “Articles”) of the Borrower, as amended, as certified on August
16, 2006, by the Secretary of State of the State of Florida; (ii) the Amended and
Restated Bylaws of the Borrower (the “Bylaws” and with the Articles, the
“Organizational Documents”); (iii) resolutions of the Board of Directors of the
Borrower dated as of May 16, 2007; and (iv) minutes of a joint meeting of the Board
of Directors and Audit Committee of the Borrower dated as of May 29, 2007; and
	 
	 	g)	 	a certificate dated May 31, 2007 issued by the Secretary of State of the State
of Florida to the effect that the Borrower is incorporated under the laws of the State
of Florida and is in good standing.

     The Loan Agreement, the Term Note, the Warrant and the Deposit Account Control
Agreement are hereinafter collectively called the “Loan Documents.” The documents and
instruments listed in (a) through (h) above are collectively referred to as the
“Documents.”

     We have also examined originals or copies, certified or otherwise identified to our
satisfaction, of such other documents, agreements, certificates, corporate records, certificates of
public officials and other instruments as we have deemed necessary or appropriate for the purposes
of this opinion.

     We are relying solely on the Loan Documents and the Organizational Documents in rendering the
opinions set forth in this letter, subject to the limitations, assumptions and qualifications set
forth below.

     As to questions of fact material to the opinions expressed in this letter, we have relied
upon, without independent investigation, and have assumed the correctness of the representations
and warranties made in the Loan Documents and upon the certificates and documents referred to
above, although we have no actual knowledge that they are true and correct.

     In rendering the opinions expressed in this letter, we have assumed, and do not express an
opinion with respect to (a) the power of each party (other than Borrower) to the agreements and
documents submitted, (b) the due authorization of the execution, delivery and performance of each
agreement and document submitted to us by each party thereto (other than Borrower), (c) the
validity and binding nature of each agreement and document submitted to us on each party thereto
(other than Borrower), (d) the genuineness of all signatures not witnessed by us and the authority
of all persons signing each of the agreements and documents examined by us on which a signature
appears (other than the authority of the officers of Borrower to execute and deliver the Loan
Documents), (e) the accuracy, completeness and authenticity of all documents submitted to us as
originals, (f) the conformity to original documents of all documents submitted

D-2

 

to us as certified or photostatic copies and that each such document has been duly executed and
delivered by each party thereto pursuant to due authorization (other than the due execution and
delivery by Borrower), (g) the veracity of all documents, affidavits and certificates submitted to
us, (h) the legal capacity of natural persons and (i) the valid existence and good standing of all
parties to the Loan Documents (other than the valid existence and good standing of Borrower). In
further rendering the opinions expressed in this letter, we do not express an opinion with respect
to the following and we have assumed that (i) the signed Loan Documents to which we opine will be
in substantially the same form as the drafts submitted to us for our review, (ii) there have been
no further modifications to the documents described above, (iii) the execution and delivery of the
Loan Documents are free from any fraud, unconscionability, misrepresentation, mistake of fact,
duress or criminal activity, (iv) there are no other documents or agreements among the Lender and
the Borrower which would expand, modify or otherwise alter the respective obligations and rights of
the parties to the Loan Documents, (v) in the event the Lender ever seeks to enforce its rights
under the Loan Documents, the Lender will not itself be in breach thereof nor will any applicable
statute of limitations have expired, (vi) the Lender shall act in a commercially reasonable manner
and in compliance with all laws applicable to the Lender, and (vii) valid and adequate
consideration has been received in connection with the transactions contemplated by the Loan
Documents. We have also assumed, without investigation, that all conditions precedent to closing
the transactions contemplated by the Loan Documents have been satisfied in all material respects.

     We have further assumed (a) that the Lender has all requisite power and authority to carry on
its business as now being conducted; and (b) that the Lender has duly authorized by all necessary
corporate or other applicable action, the execution, delivery and performance of the Loan Documents
to which it is a party.

     Our opinions set forth in this letter as to the legality, validity, binding effect and
enforceability of the Loan Documents are specifically qualified to the extent that the legality,
validity, binding effect or enforceability of any obligations of the Borrower under the Loan
Documents, or the availability or enforceability of any of the remedies provided in the Loan
Documents, may be subject to or limited by (a) bankruptcy, insolvency, reorganization, fraudulent
conveyance and fraudulent transfer, moratorium and other statutory or decisional laws, now or
hereafter in effect, affecting the rights of creditors generally, (b) State of Florida and federal
constitutional limitations, including, without limitation, notice and due process requirements, the
right to a trial by jury and the right to present permissible counterclaims, cross-claims or other
actions, provided that none of such matters affect the overall validity of the Loan Documents or
interfere with the practical realization of the principal benefits intended to be provided by the
Loan Documents, (c) the exercise of judicial or administrative discretion in accordance with
general equitable principles, including, without limitation, concepts of specific

D-3

 

performance, injunctive relief and other equitable remedies (regardless of whether enforcement is
sought in a proceeding at law or in equity), (d) the Lender’s implied duty of good faith, (e) the
rights of the United States of America pursuant to the Federal Tax Lien Act of 1966, as amended,
and (f) the availability or enforceability of particular remedies, of exculpatory provisions, of
indemnities and rights of contribution and of waivers contained in the Loan Documents, which
particular remedies, exculpatory provisions, indemnities and rights of contribution and waivers may
be limited by or subject to equitable principles, applicable laws, rules, regulations, court
decisions and constitutional requirements and the discretion of the court before which any
proceeding for relief may be brought.

     No opinion is expressed herein with respect to the existence of or any title to property (real
or personal, tangible or intangible), the perfection or priority of any security interest or other
lien, environmental laws, antitrust laws, state securities law exemptions or the law of fiduciary
duty. No opinion is expressed as to choice of law provisions in any of the Loan Documents or to
the adequacy of the description of any of the collateral contained in the Loan Documents. We
express no opinion as to the validity or enforceability of a security interest arising out of any
transaction not subject to Article 9 of the Uniform Commercial Code as in effect on the date hereof
in the State of Florida (the “Florida UCC”), including those described in §§ 679.1091(3) and (4) of
the Florida UCC.

     With respect to the opinions expressed in paragraph 3 below, we note that the perfection of
any security interest that has been perfected by the filing of the Financing Statement in Florida
will expire upon the earliest to occur of (i) the expiration of four months after the debtor so
changes its name that the financing statement becomes seriously misleading under § 9-506 and §
9-507 of the Uniform Commercial Code as in effect in Florida (the “Florida UCC”) as to any
collateral acquired more than four months after such change, unless within such four-month period
an amendment which renders the financing statement not seriously misleading is filed; (ii) with
respect to collateral, a security interest in which has not attached on or prior to the date of
change of location, the expiration of the four-month period after a change of the debtor’s
location, unless the secured party becomes perfected within such four-month period under the law of
the debtor’s new jurisdiction, or (iv) the expiration of one year after the transfer of collateral
by the debtor to a person that becomes a debtor and is located in another jurisdiction within the
meaning of § 9-307 of the Florida UCC, unless the secured party becomes perfected as to the
transferred collateral within the one-year period under the laws of the location of the transferee
debtor. To the extent that Florida law continues to govern the effect of the Financing Statement,
continuation statements complying with the Florida UCC must be filed in the Filing Office in order
to maintain the effectiveness of the Financing Statement, as provided therein.

D-4

 

     The opinions set forth in paragraph 3 below also are subject to the following additional
limitations and exclusions:

     (i) We express no opinion as to the validity, perfection or enforceability of a
security interest arising out of any transaction not subject to Article 9 of the Florida
UCC, including those described in §§ 9-109(c) and (d) of the Florida UCC, and therefore our
opinions set forth in paragraph 3 below do not address (A) laws other than Article 9 of the
Florida UCC, (B) collateral of a type not subject to Article 9 of the Florida UCC, and (C)
what law governs perfection of the security interests granted in the collateral covered by
this opinion letter.

     (ii) We express no opinion with respect to any “commercial tort claim,”
“letter-of-credit-right,” collateral arising from a “consumer transaction,”
“health-care-insurance-receivable,” “agricultural lien,” “farm products” or “as-extracted
collateral,” “investment property” or “manufactured home collateral” (as those terms are
defined in Article 9 of the Florida UCC), collateral subject to a certificate of title,
goods consigned by or to the Borrower, documents or goods covered by documents, electronic
chattel paper (other than perfection by filing as set forth above), or standing timber.

     (iii) Under §§ 9-315 of the Florida UCC, the continuation of perfection of a security
interest in proceeds is limited to the extent set forth in such section.

     (iv) Under § 9-316 of the Florida UCC, the continuation of perfection of a security
interest following a change in the jurisdiction, the laws of which govern perfection, the
effect of perfection and non-perfection and priority, is limited to the extent set forth in
such section.

     (v) In the case of property that becomes collateral after the date hereof, Section 552
of the Federal Bankruptcy Code limits the extent to which property acquired by a debtor
after the commencement of a case under the Federal Bankruptcy Code may be subject to a
security interest arising from a security agreement entered into by the debtor before the
commencement of such a case.

     (vi) The Financing Statement might become ineffective due to events that cause them to
be “seriously misleading” under §§ 9-506 through § 9-508 of the Florida UCC.

     (vii) We note that the secured party’s rights against account debtors will be subject
to the terms of the assigned account, chattel paper or general intangible, to dealings
between such account debtor and the Borrower, and to the other limitations provided in §§
9-403, 9-404, 9-405 and 9-406 of the Florida UCC, and will be subject to defenses as
provided in § 9-404 of the Florida UCC.

D-5

 

     (viii) We express no opinion as to the effectiveness of the secured party’s security
interest as to any rights (including rights of payment) under any account or other
obligation on which the United States government or any other federal, state, local, foreign
or other government or any agency, department or subdivision thereof is an obligor.

     (ix) We note that pursuant to §§ 9-203(f) and (g) and §§ 9-308(d) and (e) of the
Florida UCC, (i) perfection of a security interest in collateral also perfects a security
interest in any supporting obligation (as defined in Article 9 of the Florida UCC) for such
collateral and (ii) perfection of a security interest in a right to payment or performance
also perfects a security interest in any security interest, mortgage or other lien on
personal or real property securing such right to payment or performance (a “Supporting
Lien”). Except to the extent that any such supporting obligation or Supporting Lien
constitutes Collateral, we express no opinion as to the creation or perfection,
respectively, of a security interest therein.

     (x) We express no opinion with respect to the enforceability of a security interest in
any security entitlement credited to a securities account or any commodity contract credited
to a commodities account.

     (xi) We express no opinion as to whether any deposit account of the Borrower
constitutes a “deposit account” within the meaning of Article 9 of the Florida UCC.

     For the purposes of the opinions in paragraph 3 below, we also have assumed that:

     (i) The Borrower is not a “transmitting utility” as defined in § 9-102 of the Florida
UCC;

     (ii) The requirements for enforceability of the security interest under § 9-203(b) of
the Florida UCC have been satisfied; and

     (iii) None of the Collateral has been leased by the Borrower to any third party in what
would be characterized as a “lease intended as security” within the meaning of § 1-201(37)
of the Florida UCC.

     For the purposes of the opinions in paragraph 5 below, we have also assumed that:

     (i) The Lender will file the Financing Statement with the Filing Office; and

D-6

 

     (ii) The Lender will pay the documentary stamp taxes on behalf of the Borrower, since
the amount of such taxes is to be deducted by the Lender from the proceeds of the Term Loan.

     We express no opinion regarding (i) the submission of jurisdiction to the extent it
relates to the subject matter jurisdiction of any court, (ii) the enforceability of any waiver of a
trial by jury or waiver of objection to venue or claim of an inconvenient forum with respect to
proceedings, (iii) the waiver of any right to have service of process made in the manner presented
by applicable law, (iv) the appointment of any party as attorney in fact insofar as exercise of
such power of attorney may be limited by public policy or limitations referred to elsewhere in this
opinion, (v) the enforceability of indemnification or contribution provided for in the Loan
Documents for claims, losses or liabilities in an unreasonable amount, for claims, losses or
liabilities attributable to the indemnified party’s negligence, or to the extent enforceability of
such indemnifications may be barred or limited by federal or state securities laws, (vi) the
ability of any party to receive the remedies of specific performance, injunctive relief,
liquidated damages, penalties or any similar remedy in any proceeding (including, without
limitation prepayment penalties and yield maintenance provisions), (vii) any right to the
appointment of a receiver or the enforceability of any agreement by the owner of the applicable
property to consent to such appointment, (viii) any right to obtain possession of any property or
the exercise of self-help remedies or other remedies without judicial process, (ix) any waiver or
limitation concerning mitigation of damages, (x) the availability of the right of rescission, (xi)
whether a Florida court would enforce provisions of the Loan Documents purporting to override
applicable rules of court procedure, evidence or due process of law, (xii) arbitration or mediation
provisions, (xiii) provisions to the effect that the Lender’s or any other party’s failure to
exercise any right, remedy or option under the Loan Documents shall not operate as a waiver, (xiv)
provisions for the reimbursement by the non-prevailing party of the prevailing party’s legal fees
and expenses, (xv) the waiver of defenses, rights or remedies or the delay or omission of
enforcement thereof, (xvi) waiver of the benefit of any constitutional, statutory or common law
right to the extent that such a waiver is deemed to violate public policy, (xvii) the
enforceability of any provision modifying the interest rate ipso facto under the Note or other
interest “savings” clause to the extent that the interest rate is determined to be usurious,
(xviii) waiver or renouncement of the benefits of any moratorium, statute of limitations,
reinstatement, marshalling, forbearance, appraisement, exemption or homestead laws, (xix) any
rights of set-off, (xx) the payment of interest on interest, or (xxi) the application of
foreclosure sales proceeds in any manner contrary to Florida law; (xxii) any release, discharge or
covenant not to sue with respect to unknown act or omissions to act or acts which subsequently
accrue or mature; (xxiii) the waiver of any rights, rules or duties imposed upon a secured party
under the Florida Uniform Commercial Code which are stated to be non-waivable thereunder; or (xxiv)
the imposition of joint and several liability.

D-7

 

     We have assumed that there are no oral modifications or written agreements or understandings
which limit, modify or otherwise alter the terms, provisions, and conditions of, or relate to, the
Loan Documents and the other transactions contemplated by the Loan Documents.

     The phrases “to our knowledge,” “to the best of our knowledge,” “known to us” or the like mean
to the current actual knowledge of the attorneys of this firm who have actively and directly
participated in the negotiation and closing of the transactions contemplated by the Loan Documents
and who have devoted substantive attention to the transactions contemplated by the Loan Documents
and does not include matters of which such attorneys could otherwise be deemed to have constructive
knowledge.

     We have not undertaken or reviewed any search of court or governmental dockets or records in
any jurisdiction, any search with respect to the rights or assets of any party to the Loan
Documents or any Uniform Commercial Code, suit, judgment, lien or other type of search or
investigation, except as stated above.

     We express no opinion as to the effect on the opinions expressed herein of the compliance or
non-compliance of the Borrower or any other party to the Loan Documents with any state, federal or
other laws or regulations applicable to it.

     As to matters of fact relevant to this opinion, we have relied without independent
investigation on, and assumed the accuracy and completeness of, the representations and warranties
of all parties in the Loan Documents and the Officers’ Certificate. We have not made an
investigation as to, and have not independently verified the facts underlying such representations
and warranties or the matters covered by the Officers’ Certificate.

     Except for the opinions expressly set forth in the numbered paragraphs below, we express no
opinions and no opinions should be implied or inferred. Based upon and subject to the foregoing,
we are of the opinion that:

	 	1.	 	The Borrower is a corporation duly organized, validly existing and in good
standing under the laws of Florida with corporate powers adequate for the execution,
delivery, and performance of the Loan Documents. The Borrower has all requisite
corporate power and authority to own and operate its properties and assets and to carry
on its business as it is currently being conducted.
	 
	 	2.	 	Each of the Loan Documents has been duly authorized, executed and delivered by
the Borrower, constitutes the legal, valid, and binding obligation of the Borrower, and
is enforceable against the Borrower in accordance with its terms.

D-8

 

	 	3.	 	The Financing Statement is in form suitable for filing. The Filing Office is
the only office in which the Financing Statement is required to be filed to publish
notice of the security interest in that personal property and other collateral
described in the Financing Statement in which a security interest may be perfected
solely by filing under the Florida UCC (the “FL UCC Collateral”). The filing of the
Financing Statement in the Filing Office will result in the perfection of the security
interests in such portions of the Florida UCC Collateral which are described in said
Financing Statement and in which a security interest may be perfected solely by filing
under Article 9 of the Florida UCC. No opinion is expressed herein with respect to the
relative priority of these security interests.
	 
	 	4.	 	The execution and delivery by the Borrower of the Loan Documents do not, and
the performance by the Borrower of the terms of the Loan Documents will not, (i)
result in any violation or breach by the Borrower of any statute, rule or regulation,
or, to our knowledge, any judgment, ruling, decree, or order of any court or other
governmental agency or body applicable to the business or properties of the Borrower,
(ii) violate the Articles of Incorporation, as amended, or the By-Laws, as amended, of
the Borrower, or (iii) result in any default under any agreement or instrument listed
on Exhibit A hereto.
	 
	 	5.	 	Under material provisions of law, no approval or authorization by, or notice to
or filing with, any federal or state governmental authority or the Secretary of State
of Florida is required to be obtained or performed by the Borrower in connection with
the execution, delivery, or performance of the Loan Documents.
	 
	 	6.	 	Except as previously disclosed by the Borrower to the Lender, and to the
knowledge of the attorneys who have actively and directly participated in the
representation of the Borrower, there is no litigation or governmental proceeding or
investigation pending, or threatened, against the Borrower which questions the validity
or enforceability of the Loan Documents or, if determined adversely to the Borrower,
could be reasonably expected to have a material adverse impact on the business or
assets of the Borrower.

     However, while certain members of this firm are admitted to practice in other
jurisdictions, in this opinion letter we do not express any opinion covering any law other than the
laws of the State of Florida. We are members of the bar of the State of Florida and are not
purporting to be experts on, or generally familiar with, or qualified to express legal conclusions
based upon, laws of any state or jurisdiction other than the United States of America and the State
of Florida.

D-9

 

     The opinions expressed above are subject to the exception that the enforceability of any of
the documents may be limited by public policy and concepts of materiality, unconscionability,
reasonableness, good faith and fair dealing.

     This opinion is solely for your benefit and it is not to be quoted in whole or in part or
otherwise referred to, nor is it to be filed with any governmental agency or any other person, and
no person or entity other than you (or any successors or assigns of the Loan Agreement and the Term
Note) shall be entitled to rely upon this opinion without our express written consent. This
opinion is given as of the date hereof, and we assume no obligation to advise you after the date
hereof of facts or circumstances that come to our attention or changes in law that occur which
could affect the opinion contained herein. We undertake no duty to inform you of events occurring
subsequent to the date hereof.

CIRCULAR 230 DISCLOSURE

TO ENSURE COMPLIANCE BY THIS LAW FIRM WITH REQUIREMENTS IMPOSED BY THE INTERNAL REVENUE SERVICE, WE
INFORM YOU THAT (A) THIS ADVICE WAS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE
PURPOSE OF AVOIDING UNITED STATES FEDERAL TAX PENALTIES, (B) THIS ADVICE WAS NOT WRITTEN TO SUPPORT
THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN, AND (C) ANY PERSON TO
WHOM SUCH TRANSACTIONS OR MATTERS ARE BEING PROMOTED, MARKETED OR RECOMMENDED SHOULD SEEK ADVICE
BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

Very truly yours,

Hunton & Williams LLP

D-10

 

Exhibit A

	 	 	 
	1.

	 	1999 Officers and Employees Stock Option Plan
	 
	 	 
	2.

	 	1999 Directors and Consultants Stock Option Plan
	 
	 	 
	3.

	 	Form of Option Agreement under Officers and Employees Stock Option Plan
	 
	 	 
	4.

	 	Form of Option Agreement under Directors and Consultants Stock Option Plan
	 
	 	 
	5.

	 	Consulting Agreement between the registrant and Richard Spencer III, dated March 18, 2004.
	 
	 	 
	6.

	 	Employment Letter Agreement between the registrant and Scott Bromley, dated August 24, 2006.
	 
	 	 
	7.

	 	Lease Agreement between the registrant and Sawgrass Business Plaza, LLC, as amended, dated
November 14, 2006.
	 
	 	 
	8.

	 	Asset Purchase Agreement between the registrant and Advanced Cardiovascular Systems, Inc., dated
June 24, 2003.
	 
	 	 
	9.

	 	Conditionally Exclusive License Agreement between the registrant, Dr. Peter Law and Cell
Transplants International, LLC, dated February 7, 2000, as amended.
	 
	 	 
	10.

	 	Manufacturing and Service Agreement between the registrant and Bolton Medical, Inc., dated
September 30, 2005.
	 
	 	 
	11.

	 	Loan Guarantee, Payment and Security Agreement, dated as of June 1, 2007, by and between the
registrant, Howard J. Leonhardt and Brenda Leonhardt
	 
	 	 
	12.

	 	Loan Guarantee, Payment and Security Agreement, dated as of June 1, 2007, by and between the
registrant and Bruce Carson
	 
	 	 
	13.

	 	Loan Guarantee, Payment and Security Agreement, dated as of June 1, 2007, by and between the
registrant and Dr. William Murphy
	 
	 	 
	14.

	 	Loan Guarantee, Payment and Security Agreement, dated as of June 1, 2007, by and between the
registrant and Richard Spencer, III
	 
	 	 
	15.

	 	Loan Guarantee, Payment and Security Agreement, dated as of June 1, 2007, by and between the
registrant and Magellan Group Investments, LLC
	 
	 	 
	16.

	 	Loan Agreement, dated as of June 1, 2007, by and between the registrant and Bank of America, N.A.

D-11EX-10.22 Warrant to Purchase

 

EXECUTION COPY

NEITHER THIS WARRANT NOR THE COMMON STOCK WHICH MAY BE ACQUIRED UPON EXERCISE HEREOF HAS BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, ASSIGNED, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT THERETO UNDER THE
ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION THEREFROM EXISTS.

			
	No. W —                     
	 	Warrant to Purchase 105,264 Shares of Common Stock

(subject to adjustment)

WARRANT TO PURCHASE SHARES OF COMMON STOCK

of

BIOHEART, INC.

     This certifies that, for value received, BlueCrest Capital Finance, L.P., a Delaware limited
partnership (“BlueCrest”), or its assigns (the “Holder”) is entitled, subject to the terms set
forth below, to purchase from Bioheart, Inc. (the “Company”), a Florida corporation, up to 105,264
shares (the “Warrant Shares”) of the common stock of the Company, par value $.001 per share (the
“Common Stock”), as constituted on the date hereof (the “Warrant Issue Date”), upon
surrender hereof, at the principal office of the Company referred to below, with the duly executed
Notice of Exercise, attached hereto as Exhibit A (the “Notice of Exercise Form”), and
simultaneous payment therefor in lawful money of the United States or otherwise as hereinafter
provided, at the Exercise Price set forth in Section 2 below. The number of Warrant Shares and the
Exercise Price are subject to adjustment as provided below. The term “Warrant” as used herein
shall include this Warrant, and any warrants delivered in substitution or exchange therefor as
provided herein. This Warrant is issued in connection with the Loan and Security Agreement (the
“Loan Agreement”), made as of May 31, 2007 by and between BlueCrest and the Company.

     1. Term of Warrant. Subject to the terms and conditions set forth herein, this
Warrant shall be exercisable, in whole or in part, at any time, or from time to time, during the
term commencing on the Warrant Issue Date and ending at 5:00 p.m., New York City time, on the ten
year anniversary of the Warrant Issue Date (the “Expiration Date”), and shall be void thereafter;
provided, however, that in the event that during calendar year 2007 the Company either (a) closes
its initial underwritten public offering of shares of its Common Stock registered under the
Securities Act (the “Initial Public Offering”) or (b) undertakes a merger or other similar
transaction or series of transactions whereby the Company merges with and into a publicly traded
corporation, then the Expiration Date shall be 5:00 p.m., New York City time, on the five year
anniversary of the Warrant Issue Date.

 

 

     2. Exercise Price. The price at which this Warrant may be exercised shall be $4.75
per share of Common Stock, as may be adjusted from time to time pursuant to Section 14 hereof (the
“Exercise Price”).

     3. Exercise of Warrant.

          (a) In accordance with the procedures set forth in Section 1(c) below, this Warrant may be
exercised, in whole or in part, at any time, or from time to time during the period commencing on
the date that is three hundred and sixty-six (366) days following the Warrant Issue Date (the
“One Year Exercise Date”).

          (b) During the period that this Warrant is exercisable in accordance with Sections 1(a) above,
the Holder may exercise this Warrant by presentation and surrender of this Warrant and the delivery
of the Notice of Exercise Form duly completed and executed on behalf of the Holder and, if the date
of exercise is prior to an Initial Public Offering, the Shareholders Agreement, attached hereto as
Exhibit B, duly completed and executed on behalf of the Holder, at the principal office of
the Company (or such other office or agency of the Company as it may designate by notice in writing
to the Holder at the address of the Holder appearing on the books of the Company), accompanied by
payment of the Exercise Price for the number of shares specified in such Notice of Exercise Form.
Payment may be made (i) in cash or by certified or official bank check, payable to the order of the
Company, (ii) by cancellation by the Holder of indebtedness or other obligations of the Company to
the Holder, or (iii) by a combination of the consideration described in sub-clauses (i) and (ii)
above. Notwithstanding the foregoing, in the event that the Company undertakes undergoes a sale or
merger transaction, then (A) if the Fair Market Value (as defined in Section 3(d) below) of one
share of Common Stock is greater than the Exercise Price in effect on such date, then this Warrant
shall be deemed automatically exercised pursuant to Section 3(d) below or (B) if the Fair Market
Value of one Share is less than the Exercise Price in effect on such date, then this Warrant shall
automatically terminate and be of no further force and effect.

          (c) This Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the person entitled to
receive the Warrant Shares shall be treated for all purposes as the holder of record of such
Warrant Shares as of the close of business on such date. As promptly as practicable on or after
such date and in any event within ten (10) days thereafter, the Company at its expense shall issue
and deliver to the person or persons entitled to receive the same a certificate or certificates for
the number of shares issuable upon such exercise. In the event that this Warrant is exercised in
part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable
for the number of shares for which this Warrant may then be exercised.

          (d) Net Issue Exercise. Notwithstanding any provisions herein to the contrary, if the
Fair Market Value of one share of Common Stock is greater than the Exercise Price (at the date of
calculation as set forth below), in lieu of making payment of the consideration provided for in
Section 3(a) above upon the exercise of all or any part of this Warrant, the Holder may surrender
this Warrant at the principal office of the Company, together with the duly executed Notice of
Exercise Form and, if the date of exercise is prior to the Initial Public Offering, the

2

 

duly executed Shareholders Agreement, in which event the Company shall issue to the Holder a
number of shares of Common Stock computed using the following formula:

	 	 	 	 	 
	X =
	 	Y (A — B)	 	 

	 	 	A	 	 

			
	                    X =	 	the number of shares of Common Stock to be issued to the Holder upon
exercise

			
	                    Y =	 	the number of shares of Common Stock purchasable under the Warrant or,
if only a portion of the Warrant is being exercised, the portion of
the Warrant being exercised (at the date of such calculation)

			
	                    A =	 	the Fair Market Value of one share of the Company’s Common Stock (at
the date of such calculation)

			
	                    B =	 	the Exercise Price (as adjusted to the date of such calculation)

For purposes of the above calculation, the term “Fair Market Value” shall mean (i) if the principal
market for the Common Stock is The NASDAQ Stock Market or any other national securities exchange,
the last sales price of the Common Stock on such day as reported by such exchange or market, or on
a consolidated tape reflecting transactions on such exchange or market, (ii) if the principal
market for the Common Stock is not a national securities exchange or The NASDAQ Stock Market and
the Common Stock is quoted on the National Association of Securities Dealers Automated Quotations
System, the mean between the closing bid and the closing asked prices for the Common Stock on such
day as quoted on such System or (iii) if the Common Stock is not quoted on the National Association
of Securities Dealers Automated Quotations System, the mean between the highest bid and lowest
asked prices for the Common Stock on such day as reported by Pink Sheets LLC; provided, however,
that if none of (i), (ii) or (iii) above is applicable, or if no trades have been made or no quotes
are available for such day, the Fair Market Value of the Common Stock shall be reasonably
determined, in good faith, by the Board of Directors of the Company.

     4. No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fractional
share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal
to the Exercise Price multiplied by such fraction.

     5. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and
substance to the Company or, in the case of mutilation, on surrender and cancellation of this
Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new
warrant of like tenor and amount.

     6. Rights of Shareholders. Subject to Sections 12, 14 and 16 of this Warrant, the
Holder shall not be entitled to vote or receive dividends or be deemed the holder of Common Stock
or

3

 

any other securities of the Company that may at any time be issuable on the exercise hereof
for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as
such, any of the rights of a shareholder of the Company or any right to vote for the election of
directors or upon any matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization, issuance of stock,
reclassification of stock, change of par value, or change of stock to no par value, consolidation,
merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or
subscription rights or otherwise until the Warrant shall have been exercised as provided herein.

     7. Transfer of Warrant.

          (a) Warrant Register. The Company will maintain a register (the “Warrant Register”)
containing the names and addresses of the Holder or Holders. Any Holder of this Warrant or any
portion thereof may change his or her address as shown on the Warrant Register by written notice to
the Company, requesting such change. Any notice or written communication required or permitted to
be given to the Holder may be delivered or given by mail to such Holder as shown on the Warrant
Register and at the address shown on the Warrant Register. Until this Warrant is transferred on
the Warrant Register of the Company, the Company may treat the Holder as shown on the Warrant
Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the
contrary.

          (b) Warrant Agent. The Company may, by written notice to the Holder, appoint an agent
for the purpose of maintaining the Warrant Register referred to in Section 7(a) above, issuing the
Common Stock or other securities then issuable upon the exercise of this Warrant, exchanging this
Warrant, replacing this Warrant, or any or all of the foregoing. Thereafter, any such registration,
issuance, exchange, or replacement, as the case may be, shall be made at the office of such agent.

          (c) Transferability and Nonnegotiability of Warrant.

          (i) The Holder hereby acknowledges that neither this Warrant nor the Warrant
Shares have been registered under the Securities Act of 1933, as amended (the “Act”)
and are “restricted securities” under the Act inasmuch as they are being acquired in
a transaction not involving a public offering. The Holder hereby agrees not to
sell, transfer, assign, distribute, offer to sell, hypothecate or otherwise dispose
of this Warrant or the Warrant Shares in the absence of: (i) an effective
registration statement under the Act as to this Warrant or the Warrant Shares and
the registration and/or qualification of this Warrant or the Warrant Shares under
any applicable federal or state securities laws then in effect, or (ii) an exemption
therefrom exists.

          (ii) Subject to compliance with Section 7(c)(i) above and the provisions of
Section 9(f) of this Warrant, this Warrant may be transferred by the Holder with
respect to any or all of the shares purchasable hereunder. Upon surrender of this
Warrant to the Company, together with the Assignment Form, attached hereto as
Exhibit C duly executed, and funds sufficient to pay any transfer tax, the
Company shall execute and deliver a new Warrant or Warrants in

4

 

the name of the assignee or assignees and in the denomination or denominations
specified in the Assignment Form and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned. Thereafter, this Warrant
shall promptly be cancelled. This Warrant may be divided or combined with other
Warrants that carry the same rights upon presentation hereof at the office of the
Company or at the office of its stock transfer agent, if any, together with a
written notice specifying the names and denominations in which new Warrants are to
be issued and signed by the Holder hereof. Notwithstanding the foregoing, the
Company shall not be required to issue a Warrant covering less than 1,000 shares of
Common Stock.

     8. Representations and Warranties of Company. In connection with the transactions
provided for herein, the Company hereby represents and warrants to the Holder that:

          (a) Organization, Good Standing, and Qualification. The Company is a corporation duly
organized, validly existing, and in good standing under the laws of the State of Florida and has
all requisite corporate power and authority to carry on its business as now conducted. The Company
is duly qualified to transact business and is in good standing in each jurisdiction in which the
failure to so qualify would have a material adverse effect on its business or properties.

          (b) Authorization. The Company has all necessary corporate power and authority to
execute, deliver and perform its obligations under this Warrant. All corporate action has been
taken on the part of the Company, its officers, directors, and shareholders necessary for the due
authorization, execution and delivery of this Warrant by the Company and the performance by the
Company of its obligations hereunder. This Warrant has been duly executed and delivered by the
Company and constitutes a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’
rights. The Warrant Shares have been duly and validly authorized and reserved for issuance by the
Company.

          (c) Compliance with Other Instruments. The authorization, execution and delivery of
this Warrant by the Company, the consummation of the transactions contemplated hereby and the
performance by the Company of its obligations hereunder will not (i) violate any judgment, order,
decree, injunction, law or regulation applicable to the Company; (ii) violate any term or provision
of the Articles of Incorporation (the “Articles”) or bylaws; (iii) violate, or result in a breach
or default under, any other agreement or instrument to which the Company is a party or by which it
is bound or to which its properties or assets are subject, except for such violations, breaches or
defaults under clauses (i), (ii) or (iii) above which, individually or in the aggregate, will not
result in a material adverse effect upon the business operations, properties, assets, results of
operations or condition (financial or otherwise) of the Company, the enforceability of any material
provision of this Warrant or the ability of the Holder to enforce its rights and remedies under
this Warrant; or (iv) result in the creation of any lien, claim or other encumbrance on any of the
property or other assets of the Company.

5

 

          (d) Valid Issuance of Common Stock. When the Warrant Shares have been delivered in
accordance with the terms of this Warrant, such Warrant Shares will be duly authorized and validly
issued, fully paid and nonassessable.

          (e) Representations and Warranties in the Loan Agreement. As of the date hereof, each
of the representations and warranties made in the Loan Agreement by the Company are materially true
and correct.

     9. Representations and Covenants of the Holder.

     The Holder hereby represents and covenants to the Company that:

          (a) This Warrant and any Warrant Shares purchased upon exercise of this Warrant will be
purchased for its own account for investment and not with a view to the offering or distribution
thereof within the meaning of the Act and any applicable state securities laws;

          (b) The Holder has sufficient knowledge and expertise in financial and business matters so as
to be capable of evaluating the merits and risks of its investment in the Company. The Holder
understands that this investment involves a high degree of risk and could result in a substantial
or complete loss of its investment. The Holder is capable of bearing the economic risks of such
investment;

          (c) The Holder is an “Accredited Investor” as such term is defined under Regulation D
promulgated pursuant to the Act;

          (d) Any subsequent sale of any Warrant Shares shall be made either pursuant to an effective
registration statement under the Act and any applicable state securities laws, or pursuant to an
exemption from registration under the Act and any such state securities laws;

          (e) If requested by the Company, the Holder shall submit a written statement, in form
reasonably satisfactory to the Company, to the effect that the representations set forth in
paragraphs (a) through (d) above are (x) true and correct as of the date of purchase of any Warrant
Shares hereunder or (y) true and correct as of the date of any sale of any Warrant Shares, as
applicable; and

          (f) The Holder hereby agrees that, during the period of duration (not to exceed one hundred
eighty (180) days) specified by the Company and an underwriter of Common Stock or other securities
of the Company in an agreement in connection with any offering of the Company’s securities,
following the effective date of the registration statement for a public offering of the Company’s
securities filed under the Act, it shall not, to the extent requested by the Company and such
underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of
(other than to donees who agree to be similarly bound) any securities of the Company held by it at
any time during such period, except Common Stock, if any, included in such registration; provided,
that such “lock-up” period applicable to the Holder shall not be greater than the shortest lock-up
period restricting any other shareholder of the Company executing lock-up agreements in connection
with such registration (including Howard J. Leonhardt).

6

 

     10. Legend. Unless the Warrant Shares or other securities issuable hereunder have
been registered under the Act, upon exercise of any of the Warrants and the issuance of any of the
Warrant Shares or other securities, all certificates representing such securities shall bear on the
face thereof substantially the following legend:

“The securities represented by this certificate have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”) and may not be sold
or transferred in the absence of an effective registration statement under the
Securities Act or an exemption from such registration. The securities
represented by this certificate are subject to certain restrictions and
agreements contained in, that certain Warrant Agreement dated June      , 2007, by
and between BlueCrest Capital Finance, L.P. and the Company and, may not be sold,
assigned, transferred, encumbered, pledged or otherwise disposed of except upon
compliance with the provisions of such Warrant Agreement. By the acceptance of
the shares of capital stock evidenced by this certificate, the holder agrees to
be bound by such Warrant Agreement and all amendments thereto. A copy of such
Warrant Agreement has been filed at the office of the Company.”

In the event the date the certificates referenced above are issued prior to an Initial Public
Offering, such certificates shall include the following additional legend:

“The securities represented by this certificate and the holder of such securities
are subject to the terms and conditions (including, without limitation, voting
agreements and restrictions on transfer) set forth in a Shareholders Agreement,
dated as of                     , 200     , a copy of which may be obtained from the Company. No
transfer of such securities will be made on the books of the Company unless
accompanied by evidence of compliance with the terms of such agreement.”

     11. Reservation of Stock. The Company covenants that during the term this Warrant is
exercisable, the Company will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant and,
from time to time, will take all steps necessary to amend its Articles to provide sufficient
reserves of shares of Common Stock issuable upon exercise of the Warrant. The Company further
covenants that all shares that may be issued upon the exercise of rights represented by this
Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes,
liens and charges in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously or otherwise specified herein). The Company agrees 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 shares of Common
Stock upon the exercise of this Warrant.

     12. Notices.

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          (a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted
pursuant to Section 14 hereof, the Company shall issue a certificate signed by its Chief Executive
Officer or Chief Financial Officer setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and
the Exercise Price and number of shares purchasable hereunder after giving effect to such
adjustment, and shall cause a copy of such certificate to be mailed (by first-class mail, postage
prepaid) to the Holder of this Warrant.

          (b) in case:

               (i) The Company shall take a record of the holders of its Common Stock (or
other stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend or other distribution, or
any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right, or

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

               (iii) of any voluntary dissolution, liquidation or winding-up of the Company,

          (c) then, and in each such case, the Company will mail or cause to be mailed to the Holder or
Holders a notice specifying, as the case may be, (A) the date on which a record is to be taken for
the purpose of such dividend, distribution or right, and stating the amount and character of such
dividend, distribution or right, or (B) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the
time, if any is to be fixed, as of which the holders of record-of Common Stock (or such stock or
securities at the time receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up. Such notice shall be mailed by overnight delivery at least
15 days prior to the date therein specified.

          (d) All such notices, advices and communications shall be deemed to have been received (i) in
the case of personal delivery, on the date of such delivery and (ii) in the case of mailing, on the
next business day following the date of such mailing by overnight delivery.

     13. Amendments.

          (a) Any term of this Warrant may be amended with the written consent of the Company and the
Holder.

          (b) No waivers of, or exceptions to, any term, condition or provision of this Warrant, in any
one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of
any such term, condition or provision.

8

 

     14. Adjustments. The Exercise Price and the number of Warrant Shares purchasable
hereunder are subject to adjustment from time to time as follows:

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

          (b) Split, Subdivision or Combination of Shares. If the Company at any time while
this Warrant, or any portion hereof, remains outstanding and unexpired shall split, subdivide or
combine the securities as to which purchase rights under this Warrant exist, into a different
number of securities of the same class, the Exercise Price for such securities shall be
proportionately decreased in the case of a split or subdivision or proportionately increased in the
case of a combination.

          (c) Adjustments for Dividends in Stock or Other Securities or Property. If while this
Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the securities as
to which purchase rights under this Warrant exist at the time shall have received, or, on or after
the record date fixed for the determination of eligible shareholders, shall have become entitled to
receive, without payment therefor, other or additional stock or other securities or property (other
than cash) of the Company by way of dividend, then and in each case, this Warrant shall represent
the right to acquire, in addition to the number of shares of the security receivable upon exercise
of this Warrant, and without payment of any additional consideration therefor, the amount of such
other or additional stock or other securities or property (other than cash) of the Company that
such holder would hold on the date of such exercise had it been the holder of record of the
security receivable upon exercise of this Warrant on the date hereof and had thereafter, during the
period from the date hereof to and including the date of such exercise, retained such shares and/or
all other additional stock available by it as aforesaid during such period, giving effect to all
adjustments called for during such period by the provisions of this Section 14.

          (d) Certificate as to Adjustments. Upon the occurrence of each adjustment or
readjustment pursuant to this Section 14, the Company at its expense shall promptly compute such
adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of this
Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon the written request,
at any time, of any such Holder, furnish or cause to be furnished to such Holder a like certificate
setting forth: (i) such adjustments and readjustments; (ii) the Exercise Price at

9

 

the time in effect; and (iii) the number of Warrant Shares and the amount, if any, of other
property that at the time would be received upon the exercise of the Warrant.

          (e) No Impairment. The Company will not, by any voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or performed hereunder by
the Company, but will at all times in good faith assist in the carrying out of all the provisions
of this Section 14 and in the taking of all such action as may be reasonably necessary or
appropriate in order to protect the rights of the Holder of this Warrant against impairment.

15. Piggyback Registration Rights

          15.1. If at any time during the period commencing on the Six Month Post-IPO Exercise Date and
ending on the Expiration Date (the “Piggyback Registration Period”), the Company
proposes to register any shares of its Common Stock under the Securities Act on any form for
registration thereunder (the “Registration Statement”) for its own account or the account
of shareholders (other than a registration solely relating to (i) shares of Common Stock underlying
a stock option, restricted stock, stock purchase or compensation or incentive plan or of stock
issued or issuable pursuant to any such plan, or a dividend investment plan; (ii) a registration of
securities proposed to be issued in exchange for securities or assets of, or in connection with a
merger or consolidation with, another corporation or other entity; or (iii) a registration of
securities proposed to be issued in exchange for other securities of the Company), it will at such
time give prompt written notice to the Holder of its intention to do so (the “Section 15.1
Notice”). Upon the written request of the Holder given to the Company within ten (10) days
after the giving of any Section 15.1 Notice setting forth the number of shares of Warrant Shares
intended to be disposed of by the Holder and the intended method of disposition thereof, the
Company will include or cause to be included in the Registration Statement the shares of Warrant
Shares which the Holder has requested to register, to the extent provided in this Section 15 (a
“Piggyback Registration”). Notwithstanding the foregoing, the Company may, at any time,
withdraw or cease proceeding with any registration pursuant to this Section 15.1 if it shall at the
same time withdraw or cease proceeding with the registration of all of the Common Stock originally
proposed to be registered. The Company shall be obligated to file and cause the effectiveness of
only one (1) Piggyback Registration; provided however, that to the extent that shares for which
registration is requested pursuant hereto are excluded under Section 15.5, such shares shall be
eligible for Piggyback Registration, notwithstanding the one Piggyback Registration limit. The
shares of Warrant Shares set forth in the Section 15.1 Notice are referred to for purposes of this
Section 15 as the “Registrable Shares”.

          15.2 Company Covenants. Whenever required under this Section 15 to include
Registrable Shares in a Registration Statement, the Company shall, as expeditiously as reasonably
possible:

          (a) Use its commercially reasonable efforts to cause such Registration Statement to become
effective and cause such Registration Statement to remain effective until the earlier of the Holder
having completed the distribution of all its Registrable Shares described in the Registration
Statement or six (6) months from the effective date of the Registration Statement (or such later
date by reason of suspensions the effectiveness as provided hereunder). The Company will also use
its commercially reasonable efforts to, during the period that such Registration

10

 

Statement is required to be maintained hereunder, file such post-effective amendments and
supplements thereto as may be required by the Securities Act and the rules and regulations
thereunder or otherwise to ensure that the Registration Statement does not contain any untrue
statement of material fact or omit to state a fact required to be stated therein or necessary to
make the statements contained therein, in light of the circumstances under which they are made, not
misleading; provided, however, that if applicable rules under the Securities Act governing the
obligation to file a post-effective amendment permits, in lieu of filing a post-effective amendment
that (i) includes any prospectus required by Section 10(a)(3) of the Securities Act or (ii)
reflects facts or events representing a material or fundamental change in the information set forth
in the Registration Statement, the Company may incorporate by reference information required to be
included in (i) and (ii) above to the extent such information is contained in periodic reports
filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) in the Registration Statement.

          (b) Prepare and file with the Unites States Securities and Exchange Commission (the
“SEC”) such amendments and supplements to such Registration Statement, and the prospectus
used in connection with such Registration Statement, as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement.

          (c) Furnish to the Holder such numbers of copies of a prospectus, including a preliminary
prospectus as amended or supplemented from time to time, in conformity with the requirements of the
Securities Act, and such other documents as it may reasonably request in order to facilitate the
disposition of Registrable Shares owned by the Holder; provided that, in no event, shall the
Company be required to incur printing expenses in excess of $1,000 in complying with its
obligations under this Section 15.2(c).

          (d) Use its commercially reasonable efforts to register and qualify the securities covered by
such Registration Statement under such other federal or state securities laws of such jurisdictions
as shall be reasonably requested by the Holder; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions, unless the Company is
already subject to service in such jurisdiction and except as may be required by the Securities
Act.

          (e) In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such
offering.

          (f) Notify the Holder, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, (a) when the Registration Statement or any post-effective
amendment and supplement thereto has become effective; (b) of the issuance by the SEC of any stop
order or the initiation of proceedings for that purpose (in which event the Company shall make use
commercially reasonable efforts to obtain the withdrawal of any order suspending effectiveness of
the Registration Statement. at the earliest possible time or prevent the entry thereof); (c) of the
receipt by the Company of any notification with respect to the suspension of the qualification of
the Registrable Shares for sale in any jurisdiction or the

11

 

initiation of any proceeding for such purpose; and (d) of the happening of any event as a
result of which the prospectus included in such Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing.

          (g) Cause all such Registrable Shares registered hereunder to be listed on each exchange or
quotation service on which similar securities issued by the Company are then listed or quoted.

          (h) Provide a transfer agent and registrar for all Registrable Shares registered pursuant
hereunder and CUSIP number for all such Registrable Shares, in each case not later than the
effective date of such registration.

          15.3 Furnish Information. In connection with a registration in which the Holder is
participating, such Holder agrees to execute and deliver such other agreements as may be reasonably
requested by the Company or the underwriter. In addition, if requested by the Company or the
representative of the underwriters of Common Stock (or other securities) of the Company, the Holder
shall provide, within ten (10) days of such request, such information related to such Holder as may
be required by the Company or such representative in connection with the completion of any public
offering of the Company’s securities pursuant to a registration statement filed under the
Securities Act.

          15.4 Expenses of Company Registration. All expenses other than underwriting discounts
and commissions incurred in connection with registrations, filings or qualifications pursuant to
Section 15.1, including, without limitation, all registration, filing and qualification fees,
printers’ and accounting fees and fees, disbursements of counsel for the Company and disbursements
of counsel for the Holder up to $10,000 (the “Registration Expenses”) shall be borne by the
Company.

          15.5 Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 15.1 to include any of the Holder’s Registrable Shares in such underwriting unless the
Holder accepts the terms of the underwriting as agreed upon between the Company and the
underwriters selected by it (or by other persons entitled to select the underwriters), and then
only in such quantity as the underwriters determine in their sole and reasonable discretion will
not materially jeopardize the success of the offering by the Company, and the Holder enters into
such lock-up agreements as may be reasonably required of other selling shareholders in such
Registration Statement. If the total amount of securities, including Registrable Shares, requested
by shareholders to be included in such offering exceeds the amount of securities sold other than by
the Company that the underwriters determine in their sole and reasonable discretion is compatible
with the success of the offering, then the Company shall be required to include in the offering
only that number of such securities, including Registrable Shares, which the underwriters determine
in their sole and reasonable discretion will not materially jeopardize the success of the offering
(the securities so included to be apportioned pro rata among the selling shareholders according to
the total amount of securities entitled to be included therein owned by each selling shareholder or
in such other proportions as shall mutually be agreed to by such

12

 

selling shareholders). For purposes of the preceding parenthetical concerning apportionment,
for any selling shareholder who is a holder of Registrable Shares and is a partnership or
corporation, the partners, retired partners and shareholders of such holder, or the estates and
family members of any such partners and retired partners and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single “selling shareholder”, and any pro-rata
reduction with respect to such “selling shareholder” shall be based upon the aggregate amount of
shares carrying registration rights owned by all entities and individuals included in such “selling
shareholder”, as defined in this sentence.

          15.6 Indemnification. In the event that any Registrable Shares are included in a
Registration Statement under this Section 15.

          (a) To the extent permitted by law, the Company will promptly indemnify and hold harmless the
Holder, any underwriter (as defined in the Securities Act) for the Holder and each person, if any,
who controls the Holder or underwriter within the meaning of the Securities Act or the Exchange
Act, against any losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Securities Act, or the Exchange Act, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the
following statements, omissions or violations (collectively a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such Registration Statement,
including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein not misleading, or (iii)
any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any
rule or regulation promulgated under the Securities Act, or the Exchange Act, and the Company will
pay to the Holder, underwriter or controlling person, as incurred, any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability, or action; provided, however, that the indemnity agreement contained in this
Section 15.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for
any such loss, claim, damage, liability, or action incurred by the Holder, underwriter or
controlling person to the extent that such party’s loss, claim, damage, liability or action arises
out of or is based upon a Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by such party.

          (b) To the extent permitted by law, the Holder will indemnify and hold harmless the Company,
its directors, officers, and each person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act, any underwriter, any other holder selling securities in
such Registration Statement and any controlling person of any such underwriter or other holder,
against any losses, claims, damages, or liabilities (joint or several) to which any of the
foregoing persons may become subject, under the Securities Act, or the Exchange Act, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are
based upon any Violation, in each case to the extent (and only to the extent) that such Violation
occurs in reliance upon and in conformity with written information

13

 

furnished by the Holder expressly for use in connection with such registration; and the Holder
will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be
indemnified pursuant to this Section 15.6(b), in connection with investigating or defending any
such loss, claim, damage, liability, or action; provided, however, that the
indemnity agreement contained in this Section 15.6(b) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is effected without the
consent of the Holder, which consent shall not be unreasonably withheld; provided,
further, that, in no event shall any indemnity under this Section 15.6(b) exceed 20% of the
cash value of the gross proceeds from the offering received by the Holder.

          (c) Promptly after receipt by an indemnified party under this Section 15.6 of notice of the
commencement of any action (including any governmental action), such indemnified party shall, if a
claim in respect thereof is to be made against any indemnifying party under this Section 15.6,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly notified, to assume the defense thereof with
counsel selected by the indemnifying party and approved by the indemnified party (whose approval
shall not be unreasonably withheld); provided, however, that an indemnified party (together with
all other indemnified parties which may be represented without conflict by one counsel) shall have
the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such proceeding. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of
any such action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 15.6, but the
omission so to deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 15.6.

          (d) If the indemnification provided for in this Section 15.6 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage, or expense as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement or omission.

          (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in

14

 

connection with the underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control.

          (f) The obligations of the Company and the Holder under this Section 15.6 shall survive the
completion of any offering of Registrable Shares in a Registration Statement under this Section 15,
and otherwise.

          15.7. Reports Under Securities Exchange Act of 1934. With a view to making available
to the Holder the benefits of Rule 144 under the Securities Act (“Rule 144”) and any other
rule or regulation of the SEC that may at any time permit the Holder to sell shares of the
Company’s Common Stock to the public without registration, commencing immediately after the date on
which a registration statement filed by the Company under the Securities Act becomes effective, the
Company agrees to use its best efforts to:

          (a) make and keep public information available, as those terms are understood and defined in
Rule 144;

          (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act; and

          (c) furnish to the Holder, so long as the Holder owns any Registrable Shares, forthwith upon
request (i) a copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (ii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC which permits the selling of
any such securities without registration or pursuant to such form.

          15.8. Permitted Transferees. The rights to cause the Company to register Registrable
Shares granted to the Holder by the Company under this Section 15 may be assigned in full by a
Holder in connection with a transfer by the Holder of its Registrable Shares or Warrants if: (a)
the Holder gives prior written notice to the Company; (b) such transferee agrees to comply with and
be bound by the terms and provisions of this Agreement; (c) such transfer is otherwise in
compliance with this Agreement and (d) such transfer is otherwise effected in accordance with
applicable securities laws. Except as specifically permitted by this Section 15.8, the rights of a
Holder with respect to Registrable Shares as set out herein shall not be transferable to any other
person, and any attempted transfer shall cause all rights of the Holder therein to be forfeited.

          15.9 Termination of Registration Rights. The Holder shall no longer be entitled to
exercise any registration rights provided for in Section 15.1 after such time at which all
Registrable Shares held by the Holder can be sold in any three-month period without registration in
compliance with Rule 144 of the Act.

     16. Information. So long as the Holder holds the Warrant and/or shares of Common
Stock, the Company shall deliver to the Holder, promptly after mailing, copies of all notices,
reports, financial statements, proxies or other written communication delivered or mailed to the
holders of the Common Stock.

15

 

     17. Descriptive Headings. The description headings of the several sections and
paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this
Warrant.

     18. Governing Law. This Warrant shall be construed and enforced under the laws of the
State of Florida without regard to conflicts of law provisions

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

16

 

     IN WITNESS WHEREOF, the parties have executed this Warrant as of the date set forth below.

Dated: May 31, 2007

	 	 	 	 	 
	BLUECREST CAPITAL FINANCE, L.P.
 	 
	By:  	BlueCrest Capital Finance GP, LLC,
 	 
	 	Its General Partner                  	 
	 	 	 
	 

	 	 	 	 	 
	 	 
	By:  	/s/
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

BIOHEART INC.

	 	 	 	 	 
	 

	 
	 	 
	 	 
	By:  	/s/
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

 

17

 

EXHIBIT A

NOTICE OF EXERCISE FORM

To: Bioheart Inc.

     (1)
The undersigned hereby (A) elects to purchase ___ shares of Common Stock of
Bioheart Inc., pursuant to the provisions of Section 3(b) of the attached Warrant, and
tenders herewith payment of the purchase price for such shares in full, or (B) elects to
exercise this Warrant for the purchase of ___ shares of Common Stock, pursuant to the
provisions of Section 3(d) of the attached Warrant.

     (2) In exercising this Warrant, the undersigned hereby confirms and acknowledges that
the shares of Common Stock to be issued are being acquired solely for the account of the
undersigned and not as a nominee for any other party, and for investment, and that the
undersigned will not offer, sell or otherwise dispose of any such shares of Common Stock
except under circumstances that will not result in a violation of the Securities Act of
1933, as amended, or any applicable state securities laws.

     (3) Please issue a certificate or certificates representing said shares of Common
Stock in the name of the undersigned or in such other name as is specified below:

	 	 	 	 	 
	 	 
	 	 
	(Name) 	 
	 	 
	 

     (4) Please issue a new Warrant for the unexercised portion of the attached Warrant in
the name of the undersigned or in such other name as is specified below:

	 	 	 	 	 
	 	 
	 	 
	Name:  	 	 
	Date: 	 
	 

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EXHIBIT B

STOCKHOLDER AGREEMENT

BIOHEART, INC.

     STOCKHOLDER AGREEMENT (the “Agreement”), by and among BIOHEART, INC., a Florida
corporation (“Bioheart” or the “Company”), HOWARD J. LEONHARDT (“HJL”), and
the undersigned Stockholder of Bioheart (the “Stockholder”), effective as of the date of
Bioheart’s signature below (the “Effective Date”).

RECITALS

     WHEREAS, HJL is the founder and Chief Executive Officer of Bioheart and, as of the date
hereof, HJL owns a significant number of Bioheart’s outstanding shares of common stock, par value
$.001 per share (the “Common Stock”);

     WHEREAS, the Stockholder understands and acknowledges that this Agreement is a material
inducement to, and in consideration for, the shares of Common Stock to be issued and sold to the
Stockholder pursuant to the Investment and Subscription Agreement between the Company and the
Stockholder of even date herewith (the “Subscription Agreement”); and

     WHEREAS, the parties hereto desire to provide for the agreements contained herein, including
without limitation those regarding restrictions on transfers of Common Stock and various other
matters, and to provide for certain rights and obligations of the parties in respect thereof, all
as hereinafter provided.

     NOW, THEREFORE, in consideration of the premises and of the terms and conditions contained
herein, the parties hereto agree, intending to be legally bound, as follows:

DEFINITIONS

     1. As used herein, the term “Affiliate” means, with respect to any Person, any other
Persons controlled by, controlling or under common control with such Person.

     2. As used herein, the term “Excluded Stock” means (i) the Reserved Options Shares
(including issuance, award or grant thereof, the exercise thereof and or the vesting of or lapsing
of restrictions thereto), (ii) securities issuable as a stock dividend or upon any subdivision of
shares of Common Stock, provided that the securities issued pursuant to such stock dividend or
subdivision are limited to additional shares of Common Stock, (iii) securities issuable pursuant to
or otherwise sold in an Initial Public Offering or subsequent registered public offering, (iv) debt
securities with no equity capital stock, or conversion to equity capital stock, provision, feature
or right, (v) securities issued in connection with any loan or any equipment financing or leases
(including securities issued in consideration of guarantees of such financing or leases) which are
approved by the Company’s Board of Directors, provided that such securities are issued to one or
more of the following or to affiliates of such persons: (a) any commercial lender or financial
institution providing financing for such transaction, or (b) the party providing the equipment or
lease, (vi) shares of Common Stock, or other securities (whether equity or debt, convertible or
not, or otherwise) of the Company (or any subsidiary of the Company), issued in connection with
acquisitions or strategic ventures, arrangements or alliances, and/or to vendors, customers,
co-venturers or other persons in similar commercial or corporate partnering situations, in each
case, where such issuance is approved by the Company’s Board of Directors and provided that such
securities are issued to the seller in the case of an acquisition or to the parties constituting
the strategic venture, arrangement or alliances,

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or to the vendors, customers, co-venturer or other persons in similar commercial corporate
partnering situations, as the case may be, or to affiliates of such persons, and (vii) any
securities issued pursuant to a “poison pill” rights plan adopted by the Company.

     3. As used herein , the terms “Initial Public Offering” or “IPO” means the
Company’s initial underwritten public offering of shares of Common Stock or other securities
pursuant to a registration statement under the Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder (the “Securities Act”). The parties acknowledge and
agree that although the Company may attempt to conduct one or more public offerings of Common Stock
in the future, the decision to proceed with any public offering shall be made solely by the
Company’s Board of Directors, the Company has no obligation to conduct any public offering, and
there can be no assurance that a public offering will ever be attempted or consummated.

     4. As used herein, the term “Person” means an individual, corporation, partnership,
joint venture, trust, unincorporated organization, government (or any department or agency thereof)
or other entity.

     5. As used herein, the term “Reserved Option Shares” means shares of Common Stock
awarded, issued or issuable, or options, warrants or rights to purchase such shares of Common Stock
granted or grantable from time to time, to directors, officers or employees of, or consultants to,
the Company pursuant to any restricted stock, stock purchase or option plan (or other similar
equity-based compensation plan, scheme or arrangement), where such plan has been authorized, or
such award, issuance or grant has been approved by the Company’s Board of Directors (or by a
properly authorized committee of the Board).

ARTICLE VII

     Section 7.1 Reconciliation with Prior Stockholders Agreements. Notwithstanding
anything to the contrary in this Agreement, if the undersigned Stockholder is a party to any of the
Prior Stockholders Agreements, it is hereby agreed that the provisions of this Agreement (and the
rights and obligations hereunder) shall be limited, modified and/or interpreted as and to the
extent necessary to resolve any conflict between the terms of this Agreement and such Prior
Stockholders Agreement; it being agreed that any such limitation, modification or interpretation of
the terms hereof and the determination of the existence of any such conflict shall be determined
solely by the Company’s Board of Directors or Chief Executive Officer in good faith.

     Section 7.2 No Conflicting Agreements. The Stockholder shall not enter into any
stockholder agreement or other agreements or arrangements of any kind with any Person with respect
to the Common Stock or the Company that is inconsistent with, or that limits in any way the
effectiveness or implementation of, the provisions of this Agreement, and the Stockholder
represents and warrants to Bioheart that the Stockholder is not party to any such prohibited
agreement or arrangement as of the time of this Agreement (other than, if applicable, a Prior
Stockholders Agreement to which Section 1.1 hereof relates). The foregoing prohibition includes,
but is not limited to, agreements or arrangements with respect to the acquisition or disposition of
shares of Common Stock which is inconsistent with the provisions of this Agreement.

2

 

ARTICLE VIII

RESTRICTIONS ON TRANSFERS OF STOCK

     Section 8.1 General Provisions on Transfers

          (a) Prohibition on Transfers Generally. The Stockholder shall not at any time,
directly or indirectly, sell, assign, gift, pledge, encumber or otherwise transfer any shares of
Common Stock or any interest in or with respect to such shares (any such transaction, whether or
not for consideration, or voluntary or involuntary, being referred to hereinafter as a
“Transfer” and all Persons to whom a Transfer is made, regardless of the method of
Transfer, shall be referred to collectively as “Transferees” and individually as a
“Transferee”), unless such Transfer (A) is permitted under and made in accordance with
Sections 2.3, 2.4, 2.5 or 2.6 hereof, or (B) is a Transfer to (i) Bioheart following Bioheart’s
agreement to accept such Transfer, (ii) to HJL following HJL’s agreement to accept such Transfer,
or (iii) to any other Person if in the case of this clause (iii) the proposed Transfer is
expressly permitted by HJL in his discretion in writing (any such permitted transfer under this
clause B is a “Section 2.1 Transfer”).

          (b) Recordation. Bioheart (or its transfer agent, if any) shall not be required to
record upon its official stock books or records any Transfer of shares of Common Stock held or
owned by the Stockholder or any other Person to any other Person or purported Transferee except
Transfers in accordance with this Agreement.

          (c) Obligations of Transferees. No Transfer of shares of Common Stock by the
Stockholder shall be permitted or effective unless the Transferee shall have executed an
appropriate agreement and documents in form and substance satisfactory to Bioheart in its
reasonable judgment confirming (i) that the Transferee takes such shares subject to all the terms
and conditions of this Agreement and the Transferee agrees to be a party to this Agreement as a
“Stockholder” hereunder and to comply with the obligations of a “Stockholder” under this Agreement
and (ii) the transferee’s investment representations to Bioheart and related matters providing
reasonable assurances that the transfer does not violate securities laws or this Agreement; except
that the requirements of this paragraph (c) shall not apply to acquisitions of Common Stock by the
Company or HJL and may be waived in whole or in part at the election of HJL in connection with
Transfers under Sections 2.5 or 2.6 or a Transfer under clause B(iii) of Section 2.1(a).

     Section 8.2 Compliance with Securities Laws

     In addition to any other requirements of this Agreement, the Stockholder shall not Transfer
any shares of Common Stock at any time, unless (a) the Transfer is pursuant to an effective
registration statement under the Securities Act and in compliance with any other applicable federal
securities laws and state securities or “blue sky” laws or (b) such Stockholder shall have
furnished Bioheart with an opinion of counsel, which opinion and counsel shall be satisfactory to
Bioheart in its reasonable judgment, to the effect that no such registration is required because of
the availability of an exemption from registration under the Securities Act and under any
applicable state securities or “blue sky” laws.

     Section 8.3 Permitted Transfers

          Section 8.3.1 Affiliate Transfers. The restrictions contained in Section 2.1(a)
shall not apply to any Transfer of 100% of the Common Stock owned by the Stockholder to an
Affiliate of the Stockholder that is not an individual. Any such Transferee must, as a condition
to Transfer, agree to be bound by this Agreement as a Stockholder hereunder. In the event that any
one or more parties other than the Person who is the Stockholder on the date of this Agreement (the
“Original Stockholder”) becomes

3

 

party to this Agreement (or counterpart to this Agreement) as the Stockholder hereunder, such
parties shall have no rights under this Section 2.3.1. Notwithstanding the foregoing, no such
Transfer may be affected under this Section 2.3.1 unless Bioheart is satisfied, in its reasonable
discretion that the proposed Transferee is an Accredited Investor.

          Section 8.3.2 Transfers to Another Stockholder. The restrictions contained in Section
2.1(a) shall not apply to any Transfer by the Stockholder to any one of the other stockholders of
Bioheart if the Transfer occurs more than 18 months after the time when the shares to be
transferred were acquired by the transferring Stockholder; provided, however, that no more than one
Transfer may be made by the Stockholder under this Section 2.3.2 in any 90-day period.
Notwithstanding the foregoing, no such Transfer may be affected unless Bioheart is satisfied, in
its reasonable discretion that the proposed Transferee is an Accredited Investor.

     Section 8.4 Transfers to Third Parties; Rights of First Offer After 3 Years or Upon
Improper Transfer.

          Section 8.4.1 (a) Notice of Right of First Offer. From and after the third annual
anniversary of the date of this Agreement, if the Stockholder (for purposes of this section, the
“Selling Stockholder”) desires to make a bona fide offer and sale of any of its Common
Stock to a third party (a “Proposed Transferee”) (other than a Section 2.1 Transfer or a
Transfer pursuant to Section 2.3, 2.5 or 2.6), then the Selling Stockholder shall cause
such offer to be reduced to writing and the Selling Stockholder shall deliver a Notice of Right
of First Offer to the Company and HJL containing the following information:

               (i) the number of shares of Common Stock proposed to be so transferred (the “Offered
Stock”) (it being agreed that the Offered Stock must constitute the entire legal and beneficial
interest in whole shares of Stock, and not any lesser rights or interests therein or any fractional
shares);

               (ii) the terms and conditions of the proposed transfer (the “Offered Terms”), which terms
shall include (A) the price per share at which the Selling Stockholder desires to sell the Offered
Stock, and the timing of such payment (which price shall be payable only in cash, unless the
Company permits other consideration to be paid, which consideration shall be valued as determined
by the Company’s board of directors) and (B) the identity (if known or then contemplated) of the
proposed or potential transferee(s) of the Offered Stock (i.e., name, occupation and address); and

               (iii) an irrevocable affirmative offer made by the Selling Stockholder to transfer the Offered
Stock to the Company and/or HJL in accordance with this Stockholder Agreement, at a price (the
“Offer Price”) equal to the cash portion of the price included in the Offered Terms plus
additional cash equal to the fair market value (as determined by the Company’s Board of Directors)
of any non-cash consideration included in the Offered Terms as indicated in the Notice of Right of
First Offer (i.e., the number of shares of Offered Stock multiplied by the per share
price).

               The date that the Notice of Right of First Offer is first received by the Company shall
constitute the “First Offer Notice Date”.

                    (b) Right of First Offer to the Company. The Company shall have the exclusive,
unconditional and irrevocable option to purchase and acquire from the Selling Stockholder all or
any portion of the Offered Stock in its discretion, in accordance with the provisions of the Notice
of Right of First Offer (other than the purchase price, which shall be payable in cash), for a
period of thirty (30) days from the First Offer Notice Date, in accordance with the procedure
described in this Section 2.4.1. The Selling Stockholder hereby irrevocably and
unconditionally agrees to sell, transfer and convey

4

 

the Offered Stock, and all of such stockholder’s right, title and interest in and to such
stock, on the terms and conditions set forth in this Section 2.4.1 (including this
subsection (b)). The Company will be entitled to give written notice (the “Company Exercise
Notice”) to the Selling Stockholder and to HJL, within thirty (30) business days from the First
Offer Notice Date, of such party’s election to acquire all or any portion of the Offered Stock.
The Company Exercise Notice shall refer to the Notice of Right of First Offer and shall set forth
the number of shares of Offered Stock sought to be acquired by the Company pursuant to the exercise
of its first offer rights hereunder.

                    (c) Second Priority Right of First Offer to HJL. In the event that the Company shall
either (x) fail to deliver the Company Exercise Notice, properly and on a timely basis, as required
in Section 2.4.1(b) hereof, or (y) deliver the Company Exercise Notice but shall elect to
purchase less than all of the shares of Offered Stock, then HLJ shall have the exclusive,
unconditional and irrevocable option to purchase and acquire the Remaining Offered Stock, in whole
but not in part, in accordance with the provisions of the Notice of Right of First Offer (other
than the purchase price, which shall be payable in cash), for a period of thirty (30) days from the
First Offer Notice Date, in accordance with the procedure described in this Section 2.4.1.
As used herein, the term “Remaining Offered Stock” shall mean, in the case of the event
described in clause (x) of the immediately preceding sentence, all Offered Stock, and, in the case
of the event described in clause (y) of the immediately preceding sentence, all shares of Offered
Stock other than those shares with respect to which the Company exercised its right to purchase in
the Company Exercise Notice). HJL will be entitled to give written notice (the “HJL Exercise
Notice” and, generally, together with the Company Exercise Notice, the “Exercise
Notice”) to the Selling Stockholder and the Company, within thirty (30) days from the First
Offer Notice Date, of HJL’s election to acquire all of the Remaining Offered Stock in accordance
with this Section 2.4.1(c). The HJL Exercise Notice shall refer to the Notice of Right of
First Offer and shall set forth the number of shares of Remaining Offered Stock to be acquired by
HJL pursuant to the exercise of its first offer rights hereunder.

                    (d) Requirement to Purchase All Offered Stock. Notwithstanding the provisions of the
preceding subsections 2.4.1(b) and 2.4.1(c), the option to purchase Common Stock described in the
Notice of Right of First Offer may be exercised and the Closing (as hereinafter defined) on such
purchase consummated only if HJL and/or the Company, alone or collectively, agree to purchase all
of the Offered Stock pursuant to one or both of their respective Exercise Notices.

                    (e) Closing and Tender Requirements. The consummation of any transfer to the Company
or HJL required to be effected pursuant to this Section 2.4.1 shall constitute the
“Closing”, and the time and date of such Closing shall constitute the “Closing
Date”. The Closing shall be held at the principal office of the Company, at 10:00 a.m. on the
fortieth (40th) day subsequent to the First Offer Notice Date (or such other date, time or place as
mutually agreed upon by the parties to the transaction); subject, in any case, to extension until
expiration or termination of any applicable regulatory waiting periods (including, without
limitation, if applicable, pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended) and satisfaction of all other applicable regulatory conditions. At the Closing, the
Selling Stockholder shall present to the purchaser(s) (the Company and/or HJL, as the case may be)
all certificates for the Offered Stock required to be sold in such transaction, in proper form for
transfer, including signed endorsements or stock powers. The Offered Stock shall be transferred
free and clear of all liens, security interests and encumbrances or adverse claims of any kind or
character. At the Closing, the purchaser(s), upon receipt of proper tender of the Offered Stock,
shall tender full payment of the Offer Price in conformity with the Offered Terms as set forth in
the Notice of Right of First Offer. In addition, if the Person selling Common Stock is the
personal representative of a deceased Stockholder, the personal representative shall also deliver
to the purchaser or purchasers (i) copies of letters testamentary or letters of administration
evidencing his appointment and qualification, (ii) a certificate issued by the Internal Revenue
Service pursuant to Section 6325 of Internal Revenue Code of

5

 

1986, as amended (the “Code”), discharging the shares being sold from liens imposed by
the Code (or, if it is impossible to obtain such certificate by the Closing Date, the sale of such
Common Stock may be consummated and the proceeds placed in escrow pending receipt thereof) and
(iii) an estate tax waiver issued by the state of the decedent’s domicile.

                    (f) Permitted Transfer Following Expiration or Non-Exercise of Right(s) of First
Offer. If the Company and HJL shall either (x) elect in writing not to exercise their Rights
of First Offer under this Section 2.4 or (y) fail to deliver the Company Exercise Notice and/or the
HJL Exercise Notice in satisfaction of paragraph (d) of this Section 2.4 within thirty (30) days
after the First Offer Notice Date and in accordance with this Section 2.4, then all (and not less
than all) of the Offered Stock may be sold by the Selling Stockholder, at any time during the
ensuing sixty (60) days, at a price not less than the purchase price contained in the Offered Terms
(as determined in accordance with paragraph (a) of this Section 2.4.1) and on material terms no
more favorable in the aggregate to the purchaser than the Offered Terms as set forth in the Notice
of Right of First Offer; provided, however, that the purchaser of such Stock, as a condition to the
effectiveness of such transfer, must first execute a written acknowledgment and agreement, in form
and substance reasonable satisfactory to the Company, that such purchaser is an Accredited Investor
and has become a Stockholder and is a party to this Stockholder Agreement and that such purchaser
agrees to be bound by the terms, restrictions, provisions and conditions set forth in this
Stockholder Agreement (as such may be amended from time to time).

          Section 8.4.2 Improper Transfers; Right of First Offer Upon Improper Transfer. Absent
the right to effect a Transfer of Common Stock pursuant to a Section 2.1 Transfer or a Transfer
pursuant to Sections 2.3, 2.4, 2.5 or 2.6 hereof, any Transfer or purported Transfer of
Common Stock by the Stockholder at any time during the term of this Stockholder Agreement, whether
voluntary or involuntary, which is not in compliance with the terms and provisions of this Article
2, as determined in good faith by the Company’s Board of Directors (hereinafter, an “Improper
Transfer”) shall be invalid, null, void and of no force or effect, and shall not be effected or
permitted on the stock books and records of the Company, which constitute the definitive records
regarding the issuance and transfer of Common Stock. In furtherance and not in limitation of the
foregoing, promptly upon discovery of any such Improper Transfer or attempted Improper Transfer,
the Company may in its discretion issue a Notice of Right of First Offer (with the date of such
issue being deemed to be the “First Offer Notice Date” therefore) (hereinafter, the
“Corporate Notice of Rights”), a copy of which shall be sent to the person attempting or
purporting to make such Improper Transfer (the “Improper Transferor”) and to his or her
intended transferee. The Improper Transferor shall comply with any requests for information that
the Company shall make regarding such Improper Transfer. Upon the giving of the Corporate Notice
of Rights, the time periods for the exercise of the Company’s and HJL’s purchase options specified
in Section 2.4.1 (treating such Corporate Notice of Rights as if it were a “Notice of Right
of First Offer” under Section 2.4.1) shall commence running, and the Company and HJL shall have
such rights to purchase the shares subject to the Improper Transfer as provided in Section
2.4.1 above with respect thereto. The rights of the Company under this Section 2.4.2
shall be in addition to any rights, at law or in equity, which the Company may have in connection
with any Improper Transfer. Notwithstanding any other provision of this Agreement, and whether or
not the Company elects to give a Corporate Notice of Rights in connection with an Improper
Transfer, the Company in its discretion may void and terminate any recordation of the Improper
Transfer and may unilaterally cancel any stock certificates that may have been issued reflecting
such Improper Transfer.

     Section 8.5 Tag-Along Rights for Stockholder

          Section 2.5.1 Tag-Along Notice. In the event that HJL proposes to sell all or a
portion of the shares of Common Stock owned by him constituting twenty percent (20%) or more of the
Company’s outstanding shares of Common Stock held by him on the date hereof (such shares to be
sold,

6

 

the “HJL Shares”) and such sale is proposed to occur prior to the Company’s IPO (a
“Covered Transaction”), then HJL shall give written notice (the “Tag-Along Notice”)
to the Stockholder prior to consummating such sale, stating HJL’s bona fide intention to make such
sale, referring to this Section 2.5, specifying the number of shares of Common Stock proposed to be
sold and specifying the bona fide per share price (the “Tag-Along Price”), and the material
terms pursuant to which such sale is proposed to be made (together with the Tag-Along Price, the
“Tag-Along Terms”), and specifying the name, address, and relationship, if any, to HJL of
the proposed purchaser or transferee. Upon the request of the Stockholder, HJL shall promptly
furnish such information as may be reasonably requested (to the extent such information is known to
HJL) to establish that the offer and proposed transferee are bona fide. Notwithstanding the
foregoing, the provisions of this Section 2.5 shall not apply to (i) a transfer by HJL to any
Affiliate of HJL that agrees to be bound by the terms of this Agreement as a Stockholder hereunder
or (ii) a transfer of Common Stock pursuant to a registration statement filed with the Securities
and Exchange Commission.

          Section 2.5.2 Exercise of Tag-Along Option.

                    (a) Option. The Stockholder shall have the option until the 15th day (the “Option
Date”) following the date of the Tag-Along Notice to elect to participate in the Covered
Transaction by selling a number of shares (the “Tag-Along Shares”) of Common Stock held by
Stockholder equal to the product of (1) the quotient of (A) the aggregate number of shares of
Common Stock proposed to be sold by HJL in the Covered Transaction divided by (B) the aggregate
number of shares of Common Stock then owned by HJL, multiplied by (2) the number of shares
of Common Stock then owned by the Stockholder, for the same Tag-Along Price and otherwise on the
same Tag-Along Terms; provided, that in the event that the purchase price for the Common Stock to
be sold by HJL consists in whole or in part of securities that are not issued in a transaction
registered under the Securities Act, then the Stockholder shall not be entitled to any rights to
sell Tag-Along Shares under this Section 2.5 unless the Stockholder is then an “Accredited
Investor” (as defined in Rule 501 promulgated under the Securities Act) and Stockholder certifies
in writing to Bioheart in form reasonable satisfactory to Bioheart that Stockholder is an
“Accredited Investor”.

                    (b) Failure to Exercise Option. If the Stockholder does not timely exercise its
option to sell shares of Common Stock in the Covered Transaction by delivering written notice of
such exercise (the “Exercise Notice”) to each of HJL and the Company prior to the Option
Date, then HJL shall be free, for a period of 90 days following the Option Date, to sell the HJL
Shares (or any portion of the HJL Shares that the proposed purchaser desires to purchase) to the
proposed transferee, as long as all of the HJL Shares to be sold are sold on material terms no more
favorable in the aggregate to the purchaser than the Tag-Along Terms; in which event the
Stockholder shall not have any rights to participate in such sale under this Section 2.5.

                    (c) Sale Agreement. If the Stockholder timely elects to sell Tag-Along Shares by
delivering his Exercise Notice to each of HJL and the Company on or prior to the Option Date, then
the Stockholder shall and does hereby agree to cooperate in consummating such a sale, including,
without limitation, by becoming a party to the sales agreement for the Covered Transaction with
respect to the Tag-Along Shares (or portion thereof) to be sold by the Stockholder, delivering at
the consummation of such sale, stock certificates and other instruments for such Common Stock duly
endorsed for transfer, free and clear of all liens and encumbrances, and voting or consenting in
favor of such transaction (to the extent a vote or consent is required) and taking any other
necessary or appropriate action in furtherance thereof, including the execution and delivery of any
other appropriate agreements, certificates, instruments and other documents. In connection with
such sale, the Stockholder may be required to make representations and indemnities to the buyer
solely and in customary form with respect

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to the Stockholder and the Stockholder’s ownership of, and his authority and rights to sell,
his Tag-Along Shares and shall have no obligation with respect to transaction expenses of or on
behalf of HJL.

                    (d) Limitations on Tag-A-Long Rights. Notwithstanding any other provision contained
in this Agreement, there shall be no liability on the part of Bioheart or HJL to the Stockholder in
the event that a Covered Transaction subject to this Section 2.5 is not consummated in full or at
all for any reason whatsoever. The decision whether to propose or to consummate a Covered
Transaction subject to this Section 2.5 shall be in the sole and absolute discretion of HJL. The
Stockholder acknowledges that any proposed buyer in the Covered Transaction may choose not to
consummate such transaction in whole or in part for any reason, including as a result of the terms
of this Agreement or in the event that the Stockholder or any other party to the proposed
transaction does not agree to the terms of such sale requested by the buyer. Stockholder also
understands and agrees that a buyer may choose to purchase less than all of the shares proposed to
be sold by HJL and the Stockholder (and any other Bioheart stockholders having applicable
“tag-a-long” rights) in a Covered Transaction, in which case the number of Tag-Along Shares to be
sold by the Stockholder shall be proportionately reduced.

     Section 8.6 Drag-Along Right of HJL

          Section 8.6.1 Exercise. If HJL, by himself or together with any one or more of his
Affiliates and/or family members or trusts for the benefit of him and/or his family (HJL and such
other sellers are referred to below as the “HJL Sellers”) propose to make a bona fide sale
of shares constituting an aggregate of one-third (33 and 1/3 percent) or more of the Company’s
outstanding shares of Common Stock to any proposed transferee not Affiliated with any of the HJL
Sellers with respect to which a favorable opinion of a third party investment bank or valuation
firm has been obtained by Bioheart with respect to the fairness, from a financial point of view, of
the proposed transaction to the stockholders of Bioheart other than the HJL Sellers (the “Other
Stockholders,” including the Stockholder party hereto), then HJL shall have the right (a
“Drag-Along Right”), exercisable upon not less than 30 days’ prior written notice to the
Stockholder (“Drag Notice”), to require the Stockholder to sell, and the Stockholder shall
thereupon be required to sell, to the proposed transferee a number of shares (the “Drag-Along
Shares”) of Common Stock held by the Stockholder equal to the product of (1) the quotient of
(A) the aggregate number of shares of Common Stock to be sold by the HJL Sellers divided by (B) the
aggregate number of shares of Common Stock then owned by the HJL Sellers times (2) the number of
shares of Common Stock then owned by the Stockholder, on the same terms and conditions and at the
same price per share (the “Drag-Along Price”) applicable to the HJL Sellers.

          Section 8.6.2 Sale Agreement. If the Stockholder is required to sell shares of Common
Stock under this Section 2.6 (a “Drag-Along Seller”), the Stockholder agrees to cooperate
in consummating such a sale, including, without limitation, by becoming a party to the sales
agreement and all other appropriate related agreements, delivering at the consummation of such
sale, stock certificates and other instruments for such shares of Common Stock duly endorsed for
transfer, free and clear of all liens and encumbrances, and voting or consenting in favor of such
transaction (to the extent a vote or consent is required) and taking any other necessary or
appropriate action in furtherance thereof, including the execution and delivery of any other
appropriate agreements, certificates, instruments and other documents (including documents for the
sale or termination of Options if required). In connection with such sale, the Stockholder may be
required to make representations and indemnities to the buyer solely and in customary form with
respect to the Stockholder and the Stockholder’s ownership of, and his authority and rights to
sell, his Drag-Along Shares and shall have no obligation with respect to any transaction expenses
of or on behalf of the HJL Sellers.

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          Section 8.6.3 No Liability. Notwithstanding any other provision contained in this
Section 2.6, there shall be no liability on the part of Bioheart or any of the HJL Sellers in the
event that the sale pursuant to this Section 2.6 is not consummated for any reason whatsoever. The
decision whether to propose or to consummate a Transfer pursuant to this Section 2.6 shall be in
the sole and absolute discretion of the HJL Sellers.

     Section 8.7 Restrictive Legends; Termination of Agreement.

          Section 8.7.1 Legends. Each outstanding certificate representing the Stockholder’s
shares of Common Stock issued prior to the date when the applicable restrictions are terminated
pursuant to Section 2.7.3, shall bear endorsements reading substantially as follows:

               (a) The securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended, or under the securities laws of any state and may not be
transferred, sold or otherwise disposed of except while such a registration is in effect or
pursuant to an exemption from registration under said Act and applicable state securities laws
confirmed to the issuer by an opinion (reasonably satisfactory to the issuer) of counsel
(reasonably satisfactory to the issuer).

               (b) The securities represented by this certificate and the holder of such securities are
subject to the terms and conditions (including, without limitation, voting agreements and
restrictions on transfer) set forth in a Stockholder Agreement, dated as of ___, 2006, a
copy of which may be obtained from the issuer of this security. No transfer of such securities
will be made on the books of the issuer unless accompanied by evidence of compliance with the terms
of such agreement.

          Section 8.7.2 Copy of Agreement. A copy of this Agreement shall be filed with the
corporate secretary of Bioheart and kept with the records of Bioheart.

          Section 8.7.3 Termination of Agreement.

               (a) Article I and Article II of this Agreement shall terminate when and if the Company’s IPO
is consummated.

               (b) This entire Agreement (other than Section 2.2 and Section 2.7.4) shall terminate upon the
first to occur of (i) the tenth (10th) annual anniversary of the date of the Agreement, (ii) upon
such time when HJL (together with his family members and trusts for the benefit of him and/or his
family members) and the Stockholders (including the Stockholder party hereto) who are party to this
form of Stockholder Agreement in connection with the Offering contemplated by the Subscription
Agreement (the “Stockholder Parties”) hold in the aggregate less than twenty five percent (25%) of
the outstanding shares of Common Stock, (iii) upon the conclusion of the complete liquidation and
dissolution of the Company, (iv) upon the approval of termination of this Agreement by HJL and the
holders of not less than fifty percent of the aggregate number of shares of Common Stock then held
by the Stockholder Parties, or (v) upon consummation of a reorganization, merger, or consolidation
of, or any sale, transfer, conveyance or disposition of all or substantially all of the assets of,
the Company or other form of corporate transaction, in each case, with respect to which persons who
were the shareholders of the Company immediately prior to such reorganization, merger or
consolidation, sale of assets or other transaction do not, immediately thereafter, own more than
50% of the combined voting power entitled to vote generally in the election of directors of the
reorganized, merged, consolidated or asset-acquiring company’s then outstanding voting securities.

               (c) Nothing contained in this Section 2.7.3 shall affect or impair any rights or obligations
arising under this Agreement prior to the time of, or in connection with, the termination of

9

 

this Agreement. Subject to the foregoing sentence and Section 3.3 hereof, the Stockholder
shall cease to be bound by this Agreement as a “Stockholder” hereunder from and after the time that
such Stockholder ceases to own any Common Stock or any rights, warrants or options to purchase or
exercisable for or convertible into shares of Common Stock (but only if all such Stockholder’s
Common Stock is transferred or otherwise disposed of by such Stockholder as permitted and in
accordance with this Stockholder Agreement).

          Section 8.7.4 Removal of Legends on Stock Certificates. The legend required pursuant
to Section 2.7.1(a) shall cease to be required as to any particular shares of Common Stock (a)
when, in the opinion of counsel for Bioheart, such restriction is no longer required in order to
assure compliance with the Securities Act or (b) when such shares shall have been effectively
registered and sold under the Securities Act. Bioheart or Bioheart’s counsel, at their election,
may request from the Stockholder a certificate or an opinion of such Stockholder’s counsel with
respect to any relevant matters in connection with the removal of the endorsement set forth in
Section 2.7.1(a) from such Stockholder’s stock certificates, any such certificate or opinion of
counsel to be reasonably satisfactory to Bioheart and its counsel.

          The legend referred to in Section 2.7.1(b) shall cease to be required as to any particular
shares of Common Stock when, in the opinion of counsel for Bioheart, the provisions of this
Agreement are no longer applicable to such shares and their Stockholder, in which event the holder
of such shares shall be entitled to receive from Bioheart, new certificates for a like number of
shares of Common Stock not bearing the relevant terminated legend.

ARTICLE IX

OTHER AGREEMENTS

     Section 9.1 IPO Lockup Agreement

     The Stockholder shall comply with and agree to any customary form of “lock-up” agreement
(meaning an agreement not to sell or engage in certain specified transactions regarding Common
Stock or other Company securities for a period of time in connection with a public offering) that
is requested by the underwriters managing the Company’s IPO if the term of such lock-up agreement
is not more than 180 days and HJL also agrees to the terms of such lock-up agreement; and the
Stockholder agrees to execute and deliver such form of lock-up agreement.

     Section 9.2 Specific Performance; Injunction

     The parties hereto acknowledge that the rights and obligations under this Agreement are
unique, valuable and bargained for, and that there would be no adequate remedy at law if any party
fails to perform any of its obligations hereunder, and accordingly agree that each party, in
addition to any other remedy to which it may be entitled at law or in equity, shall be entitled (to
the fullest extent permitted by law) to compel specific performance of the obligations of any other
party under this Agreement in accordance with the terms and conditions of this Agreement, and to
obtain injunction against violation of this Agreement, without the need to post or obtain any bond
or similar requirement. Further, the Company may refuse to transfer on its books record ownership
of Common Stock which has been sold or transferred in violation of this Agreement or to recognize
any transferee as one of the Company’s shareholders for any purpose (including without limitation,
for purposes of dividend and voting rights) until all applicable provisions of this Agreement have
been complied with in full. All remedies provided by this Agreement are in addition to other
remedies provided by law.

     Section 9.3 Recapitalizations and Exchanges Affecting Common Stock

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     The provisions of this Agreement shall apply, to the full extent set forth herein with respect
to Common Stock, to any and all shares of capital stock or equity securities of Bioheart or any
successor or assign of Bioheart (whether by merger, consolidation, sale of assets or otherwise)
which may be issued in respect of, in exchange for, or in substitution of, the Common Stock, or
which may be issued by reason of any stock dividend, stock split, reverse stock split, combination,
recapitalization, reclassification or otherwise. Upon the occurrence of any of such events,
numbers of shares and amounts hereunder shall be appropriately adjusted.

     Section 9.4 Indemnification

     The Company shall not amend the indemnification provisions of the Company’s Articles of
Incorporation (as amended, the “Articles”) or Bylaws to eliminate or reduce the
indemnification provided therein for the Company’s directors and officers. The Company may in its
discretion also enter into separate indemnification agreements with its officers and directors.

     Section 9.5 No Right of Employment or Participation in Management

     No Stockholder shall have any right of employment or other employee benefits, or any right to
be a Director or officer of the Company or otherwise participate in the management of the Company
in any manner or respect, solely as a consequence of owning Common Stock in the Company.

     Section 9.6 Stockholder Indemnification. The Stockholder agrees to indemnify the
Company and its officers, directors and controlling persons against any and all losses, claims,
damages, expenses or liabilities to which the Company and such Persons may become subject under any
federal or state securities law, at common law, or otherwise, insofar as such losses, claims,
damages, expenses or liabilities arise out of or are based upon (1) any transfer of any shares of
Common Stock or other securities of the Company by such Stockholder in violation of the Securities
Act or the Securities Exchange of 1934, as amended, the rules and regulations promulgated
thereunder, or other applicable securities laws, or (2) any untrue statement of a material fact in
connection with such Stockholder’s representations pursuant to this Stockholder Agreement or in
connection with such Stockholder’s acquisition of Common Stock or with respect to the facts and
representations supplied to counsel to the Company or to Stockholder’s counsel upon which its
opinion as to a proposed transfer by the Stockholder was based.

     Section 9.7 Failure to Deliver Stock. If the Stockholder (or any personal representative,
administrator, executor or other attorney or representative of, or authorized holder on behalf of,
the Stockholder) who is obligated to sell or deliver shares of Stock (or the certificates
representing such Stock) of the Company hereunder shall fail to sell or deliver such Stock (or
certificates) on the terms and in accordance with the provisions of this Stockholder Agreement
(hereinafter, a “Defaulting Stockholder”), and such failure shall continue for a period of
fifteen (15) days after notice from the Company to such Defaulting Stockholder, then, upon approval
by the Board of Directors of the Company, the sale and delivery of such Stock (and such
certificates) shall nonetheless be deemed conclusively and for all purposes to have been effected
and perfected as required pursuant to this Agreement, and the Company (on behalf of itself, or the
designated party entitled to effect the purchase hereunder), in addition to all other remedies it
may have, shall be authorized to (i) transmit to such obligated party, by registered mail, return
receipt requested, the purchase price for such Stock (if any), on the terms provided for in this
Stockholder Agreement, and (ii) upon written notice to the Stockholder, cancel on the Company’s
stock books and ledger the certificates representing the Stock so to be purchased. Upon any such
action, which if taken by the Company shall be binding and conclusive on all parties, all of the
Defaulting Stockholder’s rights in and to such Stock shall cease and terminate.

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     Section 9.8 Business Days. Whenever the terms of this Stockholder Agreement call for the
performance of a specific act on a specified date, which date falls on a Saturday, Sunday or legal
(banking) holiday in the State of Florida, the date for the performance of such act shall be
postponed to the next succeeding regular business day following such Saturday, Sunday or legal
(banking) holiday.

     Section 9.9 Void Transfers in Violation of Agreement. Any attempt by the Stockholder to
transfer any Common Stock in violation of any applicable provision of this Agreement will be void.
The Company will not be required (i) to transfer on its books any Common Stock that has been sold,
given as a gift or otherwise transferred in violation of this Agreement, or (ii) to treat as owner
of such Common Stock, or to accord the right to vote or pay dividends to any purchaser, donee or
other transferee to whom such Common Stock may have been so transferred.

ARTICLE X

PREEMPTIVE PURCHAE RIGHTS IN CETAIN SUBSEQUENT FINANCING TRANSACTIONS

     Section 4.1 Exchange Right for Stock in Certain Subsequent Equity Financings. In
the event of the issuance and sale by the Company for cash of shares of any class or series of the
Company’s authorized stock (other than Excluded Stock), including, but not limited to, those shares
which are convertible into shares of Common Stock (which sale may or may not also include the
issuance and sale of shares of Common stock or other securities) during the period commencing on
the Effective Date and terminating one hundred and eighty days thereafter (a “Triggering
Sale”), the Company shall give written notice of such Triggering Sale to the Stockholder,
which notice shall describe the securities proposed to be issued by the Company in such transaction
(the “Included Securities”), and the number, price and payment terms therefore. The
Stockholder shall have the right, for a period of fifteen (15) days following the date of receipt
of such notice, to agree irrevocably and in writing to purchase, at the same price and on the same
terms and conditions (except for the form of payment, which shall be in Shares as provided in the
next succeeding sentence) as in the Triggering Sale, that number (the “Required Number”) of
Included Securities which is equal to the quotient of (a) the product of the number of shares
purchased by the Stockholder pursuant to the Subscription Agreement (the “Payment Shares”)
multiplied by $4.75 (as adjusted for stock splits and similar events as provided in this paragraph
below), divided by (b) the purchase price per share (or other unit, as the case may be) of
the securities constituting the Included Securities. In lieu of using cash as purchase price
consideration for the purchase of Included Securities in the connection with exercising any
purchase right under this Section 4.1, the Stockholder shall use its Payment Shares, properly
tendered and endorsed for transfer to the Company, as purchase currency and consideration (the
“Value Per Share”), which Payment Shares shall, upon the closing of such purchase, be
transferred by the Stockholder to the Company free and clear of all liens, security interests and
encumbrances or adverse claims of any kind or character other than restrictions under applicable
securities laws. The Stockholder may agree to purchase all (but not less than all) of the Required
Number of Included Securities, by written notice thereof — which shall constitute an irrevocable
offer to purchase — given by him or it to the Company prior to the expiration of the aforesaid
fifteen (15) day period, in which event the Company shall sell, and such stockholder shall buy, at
the closing of the Triggering Sale or on a date specified by the Company within a reasonable period
of time (not to exceed fifteen (15) days) after such closing, upon the terms and conditions
specified in the Triggering Sale (except with respect to the purchase consideration, which shall
be paid by the Stockholder’s delivery and transfer to the Company of all the Payment Shares as
provided in the Section), all of the Required Number of Included Securities, which delivery and
transfer shall include the Stockholder’s delivery of stock certificates and other appropriate
instruments of transfer for the Payment Shares, duly endorsed for transfer, so as to effect the
transfer of the Payment Shares to the Company free and clear of all liens and encumbrances other
than restrictions under applicable securities laws. The $4.75 Value Per Share Specified above
relates to the Shares as constituted on the date of this Agreement (and following the closing of
the Subscription

12

 

Agreement, which is being effected at a price of $4.75 per share), which Value Per Share shall be
adjusted appropriately (and without duplication of any other adjustment required hereunder or
otherwise) to reflect the effect of any stock split, stock dividend, combination, reclassification
or similar event or transaction, and any such adjustment made in good faith by the Company’s Board
of Directors in accordance with the foregoing shall be binding on Stockholders.

     Notwithstanding anything to the contrary in this Agreement, upon the consummation of the
Stockholder’s purchase of Included Securities under this Section 4.1 (including without limitation
the Stockholder’s execution and delivery of the required agreements and insturments in connection
therewith which shall provide rights equivalent to those of the purchasers of Included Securities
(the “Section 4.1 Agreements”)), the Stockholder and the Stockholder’s Common Stock and
other securities of the Company which were subject to this Agreement prior to such purchases under
Section 4.1 together shall continue to be subject to and bound by this Agreement following such
purchase as applicable pursuant to the terms hereof; provided, however, that it is
hereby further agreed that if the provisions of this Agreement (upon application of this paragraph)
conflict with the terms of the Section 4.1 Agreements, then this Agreement and/or the Section 4.1
Agreements shall be limited, modified and/or interpreted as and to the extent necessary,
permissable and/or appropriate to resolve any such conflict; it being agreed that any such
limitation, modification or interpretation of the terms hereof or thereof and the determination of
the existence of any such conflict shall be determined solely by the Company’s Board of Directors
in good faith.

     Section 4.2 Provisions of General Application. Notwithsatanding any term or provision
of this Agreement ot the contrary, no purchase or acquisition rights are provided or available
under this Article IV with regard to grants, issuances or slaes of Excluded Stock.

     Section 4.3 Termination. Notwithstanding any other term or provisons of this
Agreement, the terms and provisons of this Article IV (ant the rights and obligations provided
hereunder) shall terminate, and become null, void and of no further forece or effect, upon the
earlier of (i) termination of this Article IV or this Agreement as provided in Article III, or (ii)
in the event that the Stockholder ceases to own at least fifty percent (50%) of the Shares acquired
under the Subscription Agreement or (iii) one hundred and eighty (180) days after the Effective
Date.

ARTICLE V

VOTING

     Section 5.1 Covenant to Vote

     Each of the Stockholders who owns or holds Common Stock entitled to vote on stockholder
matters shall appear in person or by proxy at any annual or special meeting of stockholders of
Bioheart for the purpose of obtaining a quorum and shall vote the shares of Common Stock entitled
to vote on stockholder matters owned by such Stockholder, either in person or by proxy, at any
annual or special meeting of stockholders of Bioheart, or shall so act by consensual action of
stockholders (i.e., action by written consent as permitted by law); and (A) if the vote is called
for the purpose of voting on the election or removal of directors, then each Stockholder shall vote
(or act by consensual action) in favor of (i) the election of the “Bioheart Nominees” (as defined
below) as the directors constituting the Board of Directors of Bioheart and (ii) the removal of
directors of Bioheart who are “Bioheart Removal Candidates” (as defined below), and (B) if the vote
is called for the purpose of voting on any matter that is subject to a “Bioheart Vote
Recommendation” (as defined below) each Stockholder shall vote (or act by consensual action) in
accordance with the applicable Bioheart Vote Recommendation (i.e., the Stockholder shall vote “For”
or “Against” or otherwise in the manner directed by the Bioheart Vote

13

 

Recommendation). In addition, each Stockholder who holds Common Stock entitled to vote on
stockholder matters shall appear in person or by proxy at any annual or special meeting of
stockholders for the purpose of obtaining a quorum and shall vote the shares of Common Stock
entitled to vote on stockholder matters owned by such Stockholder, either in person or by proxy,
upon any matter submitted to a vote of the stockholders of Bioheart, or shall so act by consensual
action of stockholders, in a manner so as to be consistent and not in conflict with, and to
implement and effect, the terms of this Agreement. The terms “Bioheart Nominees”,
“Bioheart Removal Candidates” and “Bioheart Vote Recommendation” shall mean such
director nominees, such directors to be removed, and such vote recommendations, respectively, as
determined by HJL in his discretion so long as HJL (together with his wife and any trusts for the
benefit of him and/or his family members) hold in the aggregate Twenty Five Percent (25%) or more
of Bioheart’s outstanding shares of Common Stock (or otherwise hold Bioheart securities having
Twenty Five Percent (25%) or more of the combined voting power of Bioheart’s outstanding
securities).

     Section 5.2 No Other Voting or Conflicting Agreements

     No Stockholder shall grant any proxy (except as provided in Section 5.3 below) or enter into
or agree to be bound by any voting trust with respect to the Common Stock nor shall any Stockholder
enter into any stockholder agreement or other agreements or arrangements of any kind with any
Person with respect to the Common Stock or the Company that is inconsistent with, or that limits in
any way the effectiveness or implementation of, the provisions of this Agreement (whether or not
such agreements and arrangements are with other Stockholders or holders of Common Stock or other
Persons that are not parties to this Agreement), and each Stockholder represents and warrants to
Bioheart that no such prohibited agreement or arrangement with respect to such Stockholder exists
as of the time such Stockholder became a party to this Agreement. The foregoing prohibition
includes, but is not limited to, agreements or arrangements with respect to the acquisition,
disposition or voting of (or providing a consent with respect to) shares of Common Stock
inconsistent with the provisions of this Agreement. No Stockholder shall act, for any reason, on
such Stockholder’s own behalf or as a member of a group or in concert with any other Persons in
connection with the acquisition, disposition or voting of shares of Common Stock, or otherwise in
any manner, which is inconsistent with the provisions of this Agreement.

     Section 5.3 Grant of Proxy; Corporate Governance Matters.

          Section 5.3.1 Irrevocable Proxy. Each Stockholder hereby irrevocably constitutes and
appoints the “Proxy” (as defined below) as such Stockholder’s proxy, with full right and power to
vote all of such Stockholder’s shares of Common Stock, in accordance with any vote of such shares
required under Article V of this Agreement with respect to any Bioheart Nominees, Bioheart Removal
Candidates or any Bioheart Vote Recommendation. The term “Proxy” means HJL (and/or any
other individual selected by HJL, or designated as attorney-in-fact by HJL, to be Proxy in
connection with a particular vote). The proxy granted hereby shall remain in effect for so long as
and at all times that the provisions of Section 5.1 of this Agreement shall remain in effect and
shall terminate immediately and automatically only upon the termination of Section 5.1 of this
Agreement (or termination of this Article V) in accordance with the provisions hereof. The proxy
granted hereby is irrevocable and is coupled with an interest, as provided in Section 607.0722(5)
of the Florida Business Corporation Act.

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          Section 5.3.2 Scope of Agreement. This Agreement shall govern the vote of each
Stockholder’s shares of Common Stock to the extent provided herein, whether the vote is made by the
Proxy or by the Stockholder or any other Person, with respect to any and all matters voted upon by
shareholders of the Company, whether at a meeting or pursuant to written consent or otherwise,
including, but not limited to the following (the following enumeration does not mean that the items
must or will be submitted to a vote of the shareholders or that a shareholder vote is required in
connection with such items):

               (i) any change in the authorized capital stock or capital structure of the Company, including
the creation of any additional class of shares or the increase of the number of authorized shares
of any class;

               (ii) any amendment of the Company’s Articles of Incorporation or bylaws;

               (iii) any merger, share exchange, sale of all or substantially all of the assets or
dissolution of the Company;

               (iv) the election of the Company’s Board of Directors;

               (v) any change in the number of directors fixed to serve on the Company’s Board of Directors;
and

               (vi) to the extent a shareholder vote is otherwise required, the establishment of restricted
stock, stock option or similar plans, or the issuance by the Company of shares of Common Stock,
whether in connection with acquisitions, strategic relationships or otherwise.

     Unless terminated as hereinafter provided, this Agreement shall remain in effect without
regard to any action taken by shareholders of the Company.

          Section 5.3.3 Voting of Shares by Proxy. Each Stockholder and the Company agrees and
covenants that at any meeting of shareholders of the Company and/or in connection with any
corporate action by the shareholders of the Company as to which the Proxy is authorized to vote
under Section 5.3.1, all of such Stockholder’s shares of Common Stock (whether now owned or
hereafter acquired) shall be voted by the Proxy in the manner and to the effect as required under
Section 5.1 hereof, unless such Stockholder otherwise votes its shares of Common Stock in the
manner as required under Section 5.1.

          Section 5.3.4 Limitation of Proxy’s Liability. The Proxy shall not incur any
liability or responsibility by reason of any error of judgment, mistake of law or other mistake, or
for any act or omission of any agent or attorney, or for any misconstruction of this Agreement, or
for any action of any kind taken or omitted hereunder or believed by him to be in accordance with
the provisions and intents hereof, except for his own individual intentional misconduct in bad
faith.

ARTICLE VI

MISCELLANEOUS

     Section 6.1 Notices

     All notices, requests, demands, and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given on the date of service if served personally on
the

15

 

party to whom notice is to be given, on the date of transmittal of services via facsimile or
telecopy to the party to whom notice is to be given (if receipt is orally confirmed by phone and a
confirming copy delivered thereafter in accordance with this Section), or on the fifth day after
mailing if mailed to the party to whom notice is to be given, by first class mail, registered or
certified, postage prepaid, or via a nationally recognized overnight courier providing a receipt
for delivery and properly addressed as set forth on the signature pages to this Agreement, as the
case may be. Any party may change its address for purposes of this paragraph by giving notice of
the new address to each of the other parties in the manner set forth above.

     Section 6.2 Successors and Assigns

     This Agreement shall be binding upon and shall inure to the benefit of the parties, and their
respective successors and assigns. If the Stockholder or any Affiliate thereof or any Transferee
of the Stockholder shall acquire any shares of Common Stock in any manner, whether by operation of
law or otherwise, such shares and such transferee shall be held subject to all of the terms of this
Agreement and by taking and holding such shares such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this Agreement, except in
the case of a Stockholder’s Transfer for which the Transferee is not required to take shares
subject to this Agreement as expressly provided in Section 2.1(c) hereof.

     Section 6.3 Governing Law

     This Agreement shall be governed and construed and enforced in accordance with the laws of the
State of Florida, without regard to the principles of conflicts of law thereof.

     Section 6.4 Descriptive Headings, Etc.

     The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning of terms contained herein. Unless the context of this Agreement
otherwise requires, references to “hereof,” “herein,” “hereby,” “hereunder” and similar terms shall
refer to this entire Agreement.

     Section 6.5 Amendment; Waiver

     Except as specifically provided otherwise herein (including without limitation Section 2.7.3
hereof), this Agreement may not be amended or supplemented or terminated except by an instrument in
writing signed by each of (i) Bioheart, (ii) HJL (but only if he is a party to this Agreement at
such time) and (iii) either the Stockholder, or by such Stockholder Parties holding not less than
fifty percent of the aggregate number of shares of Common Stock then held by the Stockholder
Parties. HJL is not a “Stockholder” under this Agreement. The foregoing notwithstanding,
Bioheart, without the consent of any other party hereto, may in its discretion amend the signature
pages hereto in order to add any holder of Bioheart Common Stock or other Bioheart securities as a
party hereto in the capacity of a Stockholder hereunder if such person is required to become a
party hereto under the terms of this Agreement.

     Except as expressly provided herein neither this Agreement nor any term hereof may be amended,
waived, discharged or terminated other than by a written instrument signed by the party against
whom enforcement of any such amendment, waiver, discharge or termination is sought; provided,
however, that any amendments or terminations of this Agreement effected in accordance with the
foregoing paragraph of this Section 5.5 shall be binding upon all parties hereto, including those
not signing such amendment or termination.

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     No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar), nor shall any such waiver
constitute a continuing waiver unless otherwise expressly so provided.

     Section 6.6 Severability

     If any term or provision of this Agreement shall to any extent be held to be invalid or
unenforceable under applicable law by a court of competent jurisdiction, the remainder of this
Agreement shall not be affected thereby, and each term and provision of this Agreement shall be
valid and enforceable to the fullest extent permitted by law. Upon the determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate
in good faith to modify this Agreement so as to effect their original intent as closely as possible
in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the
extent possible, but in any event this Agreement shall be construed to give effect to the purposes
and intents indicated herein to the fullest practicable extent, whether or not the parties are able
to determine such modification to this Agreement.

     Section 6.7 Further Assurances

     The parties hereto shall from time to time execute and deliver all such further documents and
do all acts and things as the other party may reasonably require to effectively carry out or better
evidence or perfect the full intent and meaning of this Agreement, including, without limitation,
to the extent necessary or appropriate or requested by Bioheart, using all reasonable efforts to
cause the amendment of the Articles of Incorporation or the ByLaws of Bioheart in order to provide
for the enforcement of this Agreement in accordance with its terms.

     Section 6.8 Entire Agreement; Counterparts

     This Agreement represents the complete agreement among the parties hereto with respect to the
transactions contemplated hereby and supersedes all prior written or oral agreements and
understandings. This Agreement may be executed by any one or more of the parties hereto in any
number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument.

     Section 6.9 No Third Party Beneficiaries

     The provisions of this Agreement shall be only for the benefit of the parties to this
Agreement, and no other Person shall have any third party beneficiary or other right hereunder.

     Section 6.10 Pronouns.

     Whenever the context of this Agreement permits, the masculine or neuter gender shall
include the feminine, masculine and neuter genders, and any reference to the singular or
plural shall be interchangeable with the other.

     Section 6.11 Dispute Resolution

     If two or more parties should have a material dispute arising out of or relating to this
Agreement or the parties’ respective rights and duties hereunder, then the parties will resolve
such dispute in the following manner: (i) any party may at any time deliver to the other parties to
the dispute a written dispute notice setting forth a brief description of the issue for which such
notice initiates the dispute resolution mechanism contemplated by this Section 5.11; (ii) during
the forty-five (45) day period

17

 

following the delivery of the notice described in the foregoing clause (i) above, appropriate
representatives of the various parties will meet and seek to resolve the disputed issue through
negotiation, (iii) if representatives of the parties are unable to resolve the disputed issue
through negotiation, then within thirty (30) days after the period described in the foregoing
clause (ii) above, the parties will refer the issue (to the exclusion of a court of law) to final
and binding arbitration in Broward County, Florida, in accordance with the then existing rules (the
“Rules”) of the American Arbitration Association (“AAA”), and judgment upon the
award rendered by the arbitrators may be entered in any court having jurisdiction thereof;
provided, however, that the law applicable to any controversy shall be the law of the State of
Florida, regardless of principles of conflicts of laws. In any arbitration pursuant to this
Agreement, (i) discovery shall be allowed and governed by the Florida Code of Civil Procedure and
(ii) the award or decision shall be rendered by a majority of the members of a Board of Arbitration
consisting of three (3) members, one of whom shall be appointed by each of the respective parties
and the third of whom shall be the chairman of the panel and be appointed by mutual agreement of
said two party-appointed arbitrators. In the event of failure of said two arbitrators to agree
within sixty (60) days after the commencement of the arbitration proceeding upon the appointment of
the third arbitrator, the third arbitrator shall be appointed by the AAA in accordance with the
Rules. In the event that either party shall fail to appoint an arbitrator within thirty (30) days
after the commencement of the arbitration proceedings, such arbitrator and the third arbitrator
shall be appointed by the AAA in accordance with the Rules. Nothing set forth above shall be
interpreted to prevent the parties from agreeing in writing to submit any dispute to a single
arbitrator in lieu of a three (3) member Board of Arbitration or to submit the dispute to any state
or federal court of proper jurisdiction. Upon the completion of the selection of the Board of
Arbitration (or if the parties agree otherwise in writing, a single arbitrator), an award or
decision shall be rendered within no more than forty-five (45) days. Notwithstanding the
foregoing, the request by either party for specific performance or preliminary or permanent
injunctive relief, whether prohibitive or mandatory, shall not be subject to mandatory arbitration
under this Section 5.11 and may be adjudicated only by the courts of the State of Florida or the
U.S. District Court in Florida which are located in Broward County, Florida.

[signatures on following page]

18

 

     IN WITNESS WHEREOF, the parties below have caused this Stockholder Agreement to be duly
executed as of the respective date(s) set forth below.

	 	 	 	 	 
	 	BIOHEART, INC.

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	Howard J. Leonhardt 	 
	 	 	Title:  	Chief Executive Officer
	 
	 	 	Address:  	13794 NW 4th Street

Suite 212

Sunrise, Florida 33325 	 
	 

Dated:                , 2006

	 	 	 	 	 
	 	 	 
	 	                                 /s/
 	 
	 	HOWARD J. LEONHARDT, Individually 	 
	 
	 	 	Address:  	3425 Stallion Lane

Weston, Florida 33331 	 
	 

[Stockholder’s signature is on the following page]

19

 

THIS PAGE INTENTIONALLY LEFT BLANK

20

 

STOCKHOLDER’S SIGNATURE PAGE

Bioheart, Inc. Stockholder Agreement

     This is the signature page to the STOCKHOLDER AGREEMENT by and among the undersigned
STOCKHOLDER(s), BIOHEART, INC., a Florida corporation, and HOWARD J. LEONHARDT, and each person
signing this page as a Stockholder below intends to be legally bound by such Stockholder Agreement
as the “Stockholder” thereunder.

STOCKHOLDER(s):

 

Print Name of Stockholder

 

 

 

 

 

Print Name of Joint Stockholder (if any)

 

 

X

 

Signature of Stockholder

 

X

 

Signature of Joint Stockholder (if any)

 

 

Capacity of Signatory (if Stockholder
is not an
Individual) (the Signatory
confirms that he or

she is an
authorized representative of the

Stockholder)

If Stockholder is not an Individual, check proper

box, and indicate Capacity of signatory in the

space provided below under the signature:

 

o   Corporation

o   Trust

o   Partnership

o   Other                               

 

If Joint Ownership, check one:

o   Joint Tenants with Right of Survivorship

o   Tenants in Common

o   Tenants by the Entireties

o   Community Property

 

Address for Stockholder(s)

 

City                           State                          Zip Code

 

 

Date of Stockholder Signature:                     , 2006

 

21

 

THIS PAGE INTENTIONALLY LEFT BLANK

22

 

EXHIBIT C

ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and
transfers unto the Assignee named below all of the rights of the undersigned under the within
Warrant, with respect to the number of shares of Common Stock set forth below:

					
	 	 	 	 	 
	Name of Assignee
	 	Address
	 	No. of Shares                    
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

and does hereby irrevocably constitute and appoint                      Attorney to make such transfer on
the books of Bioheart Inc. maintained for the purpose, with full power of substitution in the
premises.

The undersigned also represents that, by assignment hereof, the Assignee acknowledges that this
Warrant and the shares of stock to be issued upon exercise hereof are being acquired for investment
and that the Assignee will not offer, sell or otherwise dispose of this Warrant or any shares of
stock to be issued upon exercise hereof except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended, or any state securities laws. Further, the
Assignee has acknowledged that upon exercise of this Warrant, the Assignee shall, if requested by
the Company, confirm in writing, in a form satisfactory to the Company, that the shares of stock so
purchased are being acquired for investment and not with a view toward distribution or resale.

Name:                        
                                    

Dated:

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