Document:

Guaranty of Daniel C. Montano

 EXHIBIT 10.5 
 GUARANTY 
 THIS GUARANTY (this “Guaranty”) is made as of this 20th day of
March, 2006, by DANIEL C. MONTANO, an individual residing at 2877 Paradise Road, Unit 901, Las Vegas, NV 89109 (the “Guarantor”) in favor of PROMETHEAN ASSET MANAGEMENT L.L.C., on its own behalf and in its capacity as collateral
agent (together with its successors and assigns in such capacity, the “Collateral Agent”) for the benefit of the entities identified on the Schedule of Buyers attached to the Purchase Agreement defined below (together with their
successors and assigns, the “Lenders”). 
 WITNESSETH: 
 WHEREAS, on March 20, 2006, Lenders made loans and certain other financial accommodations (collectively, the “Loans”) to
CardioVascular BioTherapeutics, Inc., a Delaware corporation (“Borrower”), as evidenced by those certain Senior Secured Notes, dated as of the date hereof, made by Borrower payable to Lenders in the original aggregate principal
amount of $20,000,000 (such notes, together with any promissory notes or other securities issued in exchange or substitution therefor or replacement thereof, and as any of the same may be amended, restated, modified or supplemented and in effect
from time to time, being herein referred to as the “Notes”). 
 WHEREAS, the Notes are being acquired by Lenders
pursuant to a Securities Purchase Agreement with Borrower dated as of March 20, 2006 (as same may be amended, restated, modified or supplemented and in effect from time to time, the “Purchase Agreement”). 
 WHEREAS, the Guarantor is an affiliate of Borrower and, as such, will derive substantial benefit and advantage from the Loans, and it will be to
Guarantor’s direct interest and economic benefit to assist the Borrower in procuring said Loans. 
 NOW, THEREFORE, for and in
consideration of the premises and in order to induce Lenders to make the Loans, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby agrees as follows: 
 1. Definitions: Capitalized terms used herein without definition and defined in the Notes are used herein as defined therein. In addition, as used
herein: 
 “Bankruptcy Code” shall mean the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et
seq.), as amended and in effect from time to time thereunder. 
 “Cardio Vascu-Grow” means a protein
which is a member of the fibroblast growth factor family Fibroblast Growth Factor-1, or FGF-1, or any derivative or mutant of such fibroblast growth factor family, developed by Borrower for the purpose of commercializing after approval by the United
States Food and Drug Administration or similar foreign agencies for sale as a biologic drug. 
 “Obligations”
shall mean (i) all obligations, liabilities and indebtedness of every nature of the Borrower from time to time owed or owing to the Lenders and Collateral Agent 

 
under the Security Documents, the Purchase Agreement, the Notes, the Warrants, the Registration Rights Agreement and the other Transaction Documents (as
defined in the Purchase Agreement), including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all fees, indemnities, costs and expenses, whether primary, secondary, direct, contingent,
fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable whether before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign or other law and whether or
not an allowed claim in any such proceeding, and (ii) all obligations, liabilities and indebtedness of every nature of the Guarantor from time to time owed or owing to the Lenders and Collateral Agent under or in respect of this Guaranty, the
Purchase Agreement, the Notes, the Security Documents, the Warrants, the Registration Rights Agreement and the other Transaction Documents, as the case may be, including, without limitation, the principal amount of all debts, claims and
indebtedness, accrued and unpaid interest and all fees, indemnities, costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable whether before or
after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign or other law and whether or not an allowed claim in any such proceeding. 
 “Requisite Lenders” means Lenders having more than 50% of the sum of aggregate outstanding principal balance of the
Notes. 
 2. Guaranty of Payment. 
 (a) Guarantor hereby unconditionally and irrevocably guaranties the full and prompt payment to Lenders and Collateral Agent, on behalf of itself and in its capacity as agent for the benefit of Lenders, when due, upon
demand, at maturity or by reason of acceleration or otherwise and at all times thereafter, of any and all of the Obligations. 
 (b) Guarantor acknowledges that valuable consideration supports this Guaranty, including, without limitation, the consideration set forth in the recitals above, as well as any commitment to lend, extension of credit or other financial
accommodation, whether heretofore or hereafter made by Lenders to the Borrower; any extension, renewal or replacement of any of the Obligations; any forbearance with respect to any of the Obligations or otherwise; any cancellation of an existing
guaranty; any purchase of any of the Borrower’s assets by any Lender or Collateral Agent; or any other valuable consideration. 
 (c) Guarantor agrees that all payments under this Guaranty shall be made in United States currency and in the same manner as provided for the Obligations. 
 (d) The Collateral Agent agrees that if it forecloses on Borrower’s assets or pursues any other remedies available to it under the
Transaction Documents (as defined in the Purchase Agreement) or otherwise to recover the Principal and any other Obligations due under the Notes or the Purchase Agreement, the Collateral Agent will proceed to recover first from Borrower until it
becomes apparent, in the Collateral Agent’s sole and absolute discretion (or upon the instruction of the Requisite Lenders), that the Collateral Agent will not be able to collect the full amount then owing, due or payable by the Borrower to the
Collateral Agent and the Lenders, then the Collateral Agent shall proceed against the Guarantor. 

 (e) Notwithstanding anything herein to the contrary, the maximum liability of Guarantor
under this Guaranty is limited to the aggregate amount of $25,000,000. 
 3. Costs and Expenses. 
 Guarantor agrees to pay on demand, all costs and expenses of every kind incurred by any Lender or Collateral Agent: (a) in enforcing
this Guaranty, (b) in collecting any of the Obligations from the Borrower or Guarantor, (c) in realizing upon or protecting any collateral for this Guaranty or for payment of any of the Obligations, and (d) in connection with any
amendment of, modification to, waiver or forbearance granted under, or enforcement or administration of any Transaction Document or for any other purpose in connection with any Transaction Document to the extent Borrower or Guarantor has an
obligation to reimburse Collateral Agent or any Lender for same pursuant to the terms thereof. “Costs and expenses” as used in the preceding sentence shall include, without limitation, reasonable attorneys’ fees incurred by any
Lender or Collateral Agent in retaining counsel for advice, suit, appeal, any insolvency or other proceedings under the Bankruptcy Code or otherwise, or for any purpose specified in the preceding sentence. 
 4. Nature of Guaranty: Continuing, Absolute and Unconditional. 
 (a) This Guaranty is and is intended to be a continuing guaranty of collectibility of the Obligations, and is intended to be independent
of and in addition to any other guaranty, indorsement, collateral or other agreement held by Lenders or Collateral Agent therefor or with respect thereto, whether or not furnished by Guarantor. The obligations of Guarantor to repay the Obligations
hereunder shall be unconditional. The obligations of Guarantor to repay the Obligations hereunder shall be unconditional. Guarantor shall have no right of subrogation with respect to any payments made by Guarantor hereunder until the termination of
this Guaranty in accordance with Section 8 below, and hereby waives any benefit of, and any right to participate in, any security or collateral given to Lenders to secure payment of the Obligations, and Guarantor agrees that he will not take
any action to enforce any obligations of the Borrower to Guarantor prior to the Obligations being finally and irrevocably paid in full in cash, provided that, in the event of the bankruptcy or insolvency of the Borrower, Collateral Agent, for
the benefit of itself and Lenders, and Lenders shall be entitled notwithstanding the foregoing, to file in the name of Guarantor or in his own name a claim for any and all indebtedness owing to Guarantor by the Borrower (exclusive of this Guaranty),
vote such claim and to apply the proceeds of any such claim to the Obligations. 
 (b) For the further security of Lenders and
without in any way diminishing the liability of the Guarantor, following the occurrence of an Event of Default or a Triggering Event, all debts and liabilities, present or future of the Borrower to the Guarantor and all monies received from the
Borrower or for its account by the Guarantor in respect thereof shall be received in trust for Lenders and Collateral Agent and forthwith upon receipt shall be paid over to Collateral Agent, for its benefit and in its capacity as collateral agent
for the benefit of Lenders, until all of the Obligations have been paid in full in cash. This assignment and postponement is independent of and severable from this Guaranty and shall remain in full effect whether or not Guarantor is liable for any
amount under this Guaranty. 

 (c) This Guaranty is absolute and unconditional and shall not be changed or affected by
any representation, oral agreement, act or thing whatsoever, except as herein provided. This Guaranty is intended by the Guarantor to be the final, complete and exclusive expression of the guaranty agreement between the Guarantor and Lenders. No
modification or amendment of any provision of this Guaranty shall be effective against any party hereto unless in writing and signed by a duly authorized officer of such party. 
 (d) Until all of the Obligations are indefeasibly paid in full in cash, Guarantor hereby releases the Borrower from all, and agrees not to
assert or enforce (whether by or in a legal or equitable proceeding or otherwise) any “claims” (as defined in Section 101(5) of the Bankruptcy Code), whether arising under any law, ordinance, rule, regulation, order, policy or other
requirement of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or assets or otherwise, to which the Guarantor is or would at any time be entitled by virtue of his
obligations hereunder, any payment made pursuant hereto or the exercise by any Lender or Collateral Agent of its rights with respect to the Collateral, including any such claims to which Guarantor may be entitled as a result of any right of
subrogation, exoneration or reimbursement. 
 5. Certain Rights and Obligations. 
 (a) Guarantor acknowledges and agrees that Lenders and Collateral Agent, for its benefit and as collateral agent for the benefit of
Lenders, may, without notice, demand or any reservation of rights against Guarantor and without affecting Guarantor’s obligations hereunder, from time to time: 
 (i) renew, extend, increase, accelerate or otherwise change the time for payment of, the terms of or the interest on the Obligations or
any part thereof or grant other indulgences to the Borrower or others; 
 (ii) accept from any person or entity and hold
collateral for the payment of the Obligations or any part thereof, and modify, exchange, enforce or refrain from enforcing, or release, compromise, settle, waive, subordinate or surrender, with or without consideration, such collateral or any part
thereof; 
 (iii) accept and hold any indorsement or guaranty of payment of the Obligations or any part thereof, and
discharge, release or substitute any such obligation of any such indorser or guarantor, or discharge, release or compromise Guarantor, or any other person or entity who has given any security interest in any collateral as security for the payment of
the Obligations or any part thereof, or any other person or entity in any way obligated to pay the Obligations or any part thereof, and enforce or refrain from enforcing, or compromise or modify, the terms of any obligation of any such indorser,
guarantor, or person or entity; 
 (iv) dispose of any and all collateral securing the Obligations in any manner as the
Collateral Agent, in its sole discretion (or upon the instruction of the Requisite Lenders), may deem appropriate, and direct the order or manner of such disposition and the enforcement of any and all endorsements and guaranties relating to the
Obligations or any part 

 
thereof as Collateral Agent in its sole discretion (or upon the instruction of the Requisite Lenders) may determine; 
 (v) determine the manner, amount and time of application of payments and credits, if any, to be made on all or any part of any component
or components of the Obligations (whether principal, interest, fees, costs, and expenses, or otherwise), including, without limitation, the application of payments received from any source to the payment of indebtedness other than the Obligations
even though Lenders might lawfully have elected to apply such payments to the Obligations to amounts which are not covered by this Guaranty; and 
 (vi) take advantage or refrain from taking advantage of any security or accept or make or refrain from accepting or making any compositions or arrangements when and in such manner as Collateral Agent, in its sole
discretion (or upon the instruction of the Requisite Lenders), may deem appropriate; 
 and generally do or refrain from doing any act or
thing which might otherwise, at law or in equity, release the liability of Guarantor as a guarantor or surety in whole or in part, and in no case shall Lenders or Collateral Agent be responsible or shall Guarantor be released either in whole or in
part for any act or omission in connection with Lenders or Collateral Agent having sold any security at less than its value. 
 (b) Following the occurrence of an Event of Default or a Triggering Event, and upon demand by Collateral Agent (provided that the Collateral Agent shall make such demand at the request of the Requisite Lenders), Guarantor hereby
agrees to pay the Obligations to the extent hereinafter provided: 
 (i) without deduction by reason of any setoff, defense
(other than payment) or counterclaim of the Borrower; 
 (ii) without requiring presentment, protest or notice of nonpayment
or notice of default to Guarantor, to the Borrower or to any other person or entity; 
 (iii) without demand for payment or
proof of such demand or filing of claims with a court in the event of receivership, bankruptcy or reorganization of the Borrower; 
 (iv) without requiring notice of acceptance hereof or assent hereto by any Lender or Collateral Agent; and 
 (v)
without requiring notice that any of the Obligations has been incurred, extended or continued or of the reliance by any Lender or Collateral Agent upon this Guaranty; 
 all of which Guarantor hereby waives. 

 (c) Guarantor’s obligation hereunder shall not be affected by any of the following,
all of which Guarantor hereby waives: 
 (i) any failure to perfect or continue the perfection of any security interest in or
other lien on any collateral securing payment of any of the Obligations or Guarantor’s obligation hereunder; 
 (ii) the
invalidity, unenforceability, propriety of manner of enforcement of, or loss or change in priority of any document or any such security interest or other lien or guaranty of the Obligations; 
 (iii) any failure to protect, preserve or insure any such collateral; 
 (iv) failure of Guarantor to receive notice of any intended disposition of such collateral; 
 (v) any defense arising by reason of the cessation from any cause whatsoever of liability of the Borrower including, without limitation,
any failure, negligence or omission by any Lender or Collateral Agent in enforcing its claims against the Borrower; 
 (vi)
any release, settlement or compromise of any obligation of the Borrower or any other guarantor of the Obligations; 
 (vii)
the invalidity or unenforceability of any of the Obligations; 
 (viii) any change of ownership of the Borrower or any other
guarantor of the Obligations or the insolvency, bankruptcy or any other change in the legal status of the Borrower or any other guarantor of the Obligations; 
 (ix) any change in, or the imposition of, any law, decree, regulation or other governmental act which does or might impair, delay or in
any way affect the validity, enforceability or the payment when due of the Obligations; 
 (x) the existence of any claim,
setoff or other rights which the Guarantor, Borrower, any other guarantor of the Obligations or any other person or entity may have at any time against any Lender, Collateral Agent or the Borrower in connection herewith or any unrelated transaction;

 (xi) any Lender’s or Collateral Agent’s election in any case instituted under chapter 11 of the Bankruptcy Code,
of the application of section 1111(b)(2) of the Bankruptcy Code; 
 (xii) any use of cash collateral, or grant of a security
interest by the Borrower, as debtor in possession, under sections 363 or 364 of the Bankruptcy Code; 
 (xiii) the
disallowance of all or any portion of any of any Lender’s or Collateral Agent’s claims for repayment of the Obligations under sections 502 or 506 of the Bankruptcy Code; or 
 (xiv) any other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of Guarantor
from his obligations hereunder, 

 
all whether or not Guarantor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (i) through (xiii) of
this subsection 5(c). 
 6. Representations and Warranties. 
 Guarantor further represents and warrants to Lenders and Collateral Agent that: (a) Guarantor is an individual citizen of the United
States residing at 2877 Paradise Road, Unit 901, Las Vegas, NV 89109, (b) Guarantor has full power, authority and legal right to execute and deliver, and to perform his obligations under, this Guaranty; (c) this Guaranty has been duly
executed and delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms, except to the extent that such enforceability is subject to applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance and moratorium laws and other laws of general application affecting enforcement of creditors’ rights generally, or the availability of equitable remedies, which are subject to the discretion of
the court before which an action may be brought; and (d) the execution, delivery and performance by Guarantor of this Guaranty do not require any action by or in respect of, or filing with, any governmental body, agency or official or any other
person and do not violate, conflict with or cause a breach or a default under any provision of applicable law or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon him. 
 7. [Reserved]. 
 8.
Termination. 
 This Guaranty shall remain in full force and effect until the later of (a) March 20, 2007 and
(b) the first date on which the Borrower receives any revenue from the retail or wholesale sale of Cardio Vascu-Grow after its approval by the United States Food and Drug Administration for general distribution; provided, that this
Guaranty shall remain in full force and effect despite the occurrence of any event described in the foregoing clause (a) or (b) if (i) an Event of Default has occurred and is continuing, (ii) a Triggering Event has occurred and
is continuing, (iii) an event that with the giving of notice or passage of time would constitute an Event of Default or a Triggering Event has occurred and is continuing, or (iv) any holder of Notes has delivered, or has the right to
deliver, to Borrower a notice of Event of Default or Triggering Event unless such notice has been rescinded in its entirety or a court of competent jurisdiction has issued a final non-appealable judgment that there has been no Event of Default or
Triggering Event. Notwithstanding anything set forth in the foregoing to the contrary, this Guaranty shall terminate upon the indefeasible payment in full in cash (or through conversion into the Borrower’s common stock in accordance with the
terms of the Notes) of all of the portion of the Obligations represented by the Notes. Thereafter, but subject to the following, Collateral Agent, on its behalf and as agent for Lenders, shall take such action and execute such documents as the
Guarantor may request (and at the Guarantor’s cost and expense) in order to evidence the termination of this Guaranty. Payment of all of the Obligations from time to time shall not operate as a discontinuance of this Guaranty. Guarantor further
agrees that, to the extent that the Borrower makes a payment or payments to Lenders or Collateral Agent on the Obligations, or Lenders or Collateral Agent receive any proceeds of collateral securing the Obligations or any other payments with respect
to the Obligations, which payment or receipt of proceeds or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, 

 
set aside or required to be returned or repaid to the Borrower, its estate, trustee, receiver, debtor in possession or any other person or entity, including,
without limitation, the Guarantor, under any insolvency or bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such payment, return or repayment, the obligation or part thereof which has been paid, reduced or
satisfied by such amount shall be reinstated and continued in full force and effect as of the date when such initial payment, reduction or satisfaction occurred, and this Guaranty shall continue in full force notwithstanding any contrary action
which may have been taken by any Lender or Collateral Agent in reliance upon such payment, and any such contrary action so taken shall be without prejudice to any Lender’s or Collateral Agent’s rights under this Guaranty and shall be
deemed to have been conditioned upon such payment having become final and irrevocable. 
 9. [Reserved]. 
 10. Assumption of Liens and Obligations. 
 To the extent that Guarantor has received or shall hereafter receive distributions or transfers from the Borrower of property or cash that are subject, at the time of such contribution, to liens and security interests
in favor of Lenders in accordance with the Notes, the Security Agreement or any other Security Document, Guarantor hereby expressly agrees that (i) he shall hold such assets subject to such liens and security interests, and (ii) he shall
be liable for the payment of the Obligations secured thereby. Guarantor’s obligations under this Section 10 shall be in addition to his obligations as set forth in other sections of this Guaranty and not in substitution therefor or in lieu
thereof. 
 11. Miscellaneous. 
 (a) The term “Borrower” as used in this Guaranty shall include: (i) any successor individual or individuals, association, partnership, limited liability company or corporation to which all or
substantially all of the business or assets of the Borrower shall have been transferred and (ii) any other association, partnership, limited liability company, corporation or entity into or with which the Borrower shall have been merged,
consolidated, reorganized, or absorbed. The term “Guarantor” as used in this Guaranty shall include any heir, representative, or assign of the Guarantor. 
 (b) Without limiting any other right of any Lender or Collateral Agent, whenever any Lender or Collateral Agent has the right to declare
any of the Obligations to be immediately due and payable (whether or not it has been so declared), Collateral Agent, on its behalf and in its capacity as agent for the benefit of Lenders, at its sole election without notice to the undersigned may
(and, at the request of the Requisite Lenders, the Collateral Agent shall) appropriate and set off against the Obligations: 
 (i) any and all indebtedness or other moneys due or to become due to Guarantor by any Lender or Collateral Agent in any capacity; and 
 (ii) any credits or other property belonging to Guarantor (including all account balances, whether provisional or final and whether or not collected or available) at any 

 
time held by or coming into the possession of any Lender or Collateral Agent, or any affiliate of any Lender or Collateral Agent, whether for deposit or
otherwise; 
 whether or not the Obligations or the obligation to pay such moneys owed by any Lender or Collateral Agent is then due, and the
applicable Lender or Collateral Agent shall be deemed to have exercised such right of set off immediately at the time of such election even though any charge therefor is made or entered on such Lender’s or Collateral Agent’s records
subsequent thereto. Collateral Agent agrees to notify Guarantor in a reasonably practicable time of any such set-off; however, failure to so notify Guarantor shall not affect the validity of any set-off. 
 (c) No course of dealing between the Borrower or Guarantor and Lenders or Collateral Agent and no act, delay or omission by Lenders or
Collateral Agent in exercising any right or remedy hereunder or with respect to any of the Obligations shall operate as a waiver thereof or of any other right or remedy, and no single or partial exercise thereof shall preclude any other or further
exercise thereof or the exercise of any other right or remedy. Any Lender or Collateral Agent may remedy any default by the Borrower under any agreement with the Borrower or with respect to any of the Obligations in any reasonable manner without
waiving the default remedied and without waiving any other prior or subsequent default by the Borrower. All rights and remedies of Lenders and Collateral Agent hereunder are 5 cumulative. 
 (d) This Guaranty shall inure to the benefit of each Lender and Collateral Agent, and each such entity’s successors and assigns.

 (e) Collateral Agent may assign its rights hereunder without the consent of Guarantor, in which event such assignee shall
be deemed to be Collateral Agent hereunder with respect to such assigned rights. 
 (f) Captions of the sections of this
Guaranty are solely for the convenience of the parties hereto, and are not an aid in the interpretation of this Guaranty and do not constitute part of the agreement of the parties set forth herein. 
 (g) If any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining provisions shall continue to be
effective. 
 (h) Guarantor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that he is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Guarantor hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to him under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The Parties acknowledge that
each of the Lenders has executed each of the Transaction Documents to be executed by it in the State of 

 
New York and will have made the payment of the Purchase Price (as defined in the Purchase Agreement) from its bank account located in the State of New York.

 (i) All notices, approvals, requests, demands and other communications hereunder shall be delivered or made in the manner
set forth in, and shall be effective in accordance with the terms of, the Purchase Agreement; provided, that any communication shall be effective as to Guarantor if made or sent to the Guarantor at his address set forth beneath his signature on the
signature page to this Agreement in accordance with the foregoing. 
 (j) Guarantor covenants and agrees that until
indefeasible payment in full in cash of all the Obligations and termination of this Guaranty and the Transaction Documents with respect to such obligations, Guarantor shall not transfer, gift, deliver or sell any material portion of his assets or
property to Guarantor’s spouse or other family members. 
 12. WAIVERS. 
 (a) GUARANTOR WAIVES THE BENEFIT OF ALL VALUATION, APPRAISAL AND EXEMPTION LAWS. 
 (b) UPON THE OCCURRENCE OF A DEFAULT, AN EVENT OF DEFAULT OR A TRIGGERING EVENT, GUARANTOR HEREBY WAIVES ALL RIGHTS TO NOTICE
AND HEARING OF ANY KIND PRIOR TO THE EXERCISE BY ANY LENDER OR COLLATERAL AGENT, ON ITS BEHALF AND IN ITS CAPACITY AS AGENT FOR THE BENEFIT OF LENDERS, OF ITS RIGHTS TO REPOSSESS THE COLLATERAL WITHOUT JUDICIAL PROCESS OR TO REPLEVY, ATTACH OR LEVY
UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR HEARING. GUARANTOR ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY COUNSEL OF HIS CHOICE WITH RESPECT TO THIS TRANSACTION AND THIS GUARANTY. 
 (c) GUARANTOR WAIVES HIS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO
THIS GUARANTY, OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY LENDER OR COLLATERAL AGENT. GUARANTOR AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL
WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, GUARANTOR FURTHER AGREES THAT HIS RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE
VALIDITY OR ENFORCEABILITY OF THIS GUARANTY OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS GUARANTY. 
 13. Counterparts; Headings. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the
same agreement and shall become effective when counterparts have been signed by each party and delivered to each other 

 
party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect
as if the signature were an original, not a facsimile signature. 
 [rest of page intentionally left blank; signature page follows]

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date first written above. 

 

	
	/s/ Daniel C. Montano
	 By: Daniel C. Montano

	
	 Address:

	
	 2877 Paradise Road, Unit 901
 Las Vegas, NV 89109

 [Signature Page to Personal Guaranty]Pledge Agreement

 EXHIBIT 10.6 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this “Agreement”), dated as
of March 20, 2006, is by and between CardioVascular BioTherapeutics, Inc., a Delaware corporation (“Pledgor”), and Promethean Asset Management L.L.C., a Delaware limited liability company, acting in its capacity as collateral
agent (the “Pledgee”) for the benefit of the “Lenders” (as such term is defined below). 
 WITNESSETH:

 WHEREAS, the Pledgor has executed and delivered to each of the Lenders those certain Senior Secured Notes each made by Pledgor
and dated as of the date hereof (as the same may be amended and in effect from time to time, individually a “Note” and collectively the “Notes”). The Notes were issued pursuant to a certain Securities Purchase
Agreement, dated as of March 20, 2006 (as the same has been and hereafter may be amended, modified, supplemented or restated, the “Purchase Agreement”), by Pledgor and the entities listed on the Schedule of Buyers thereto
(together with their respective successors and assigns, the “Lenders”), and pursuant to which the Lenders have made certain loans (“Loans”) to Pledgor in the original aggregate principal amount of $20,000,000.

 WHEREAS, Pledgor legally and beneficially owns the issued and outstanding shares of capital stock of the entities listed on
Exhibit A hereto in such percentage as set forth thereon (individually the “Pledge Entities” and collectively, the “Pledged Entities”). 
 WHEREAS, pursuant to a Security Agreement of even date herewith by and among Pledgor, the other entities party thereto as “Debtors” and
Pledgee (as the same may be amended, restated, modified or supplement and in effect from time to time, the “Security Agreement”), Pledgor has granted Pledgee, for its benefit and the benefit of the Lenders, a first priority security
interest in, lien upon and pledge of its rights in the Collateral (as defined in the Security Agreement). 
 WHEREAS, to induce the
Lenders to make the Loans, and in order to secure the payment and performance by Pledgor of the Liabilities (as defined in the Security Agreement), Pledgor has agreed to pledge to Pledgee all of the capital stock and other equity interests and
securities of the Pledge Entities now or hereafter owned or acquired by Pledgor. 
 NOW, THEREFORE, in consideration of the premises
and in order to induce the Lenders to purchase the Notes under the Purchase Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pledgor hereby agrees with Pledgee as follows:

 Section 1. Defined Terms. Unless otherwise defined herein, all capitalized terms used herein shall have the respective meanings
ascribed thereto in the Purchase Agreement or the Security Agreement, as applicable. Terms defined in the Uniform Commercial Code, as in effect in the State of New York from time to time (the “UCC”), which are not otherwise defined
in this Agreement or in the Purchase Agreement are used in this Agreement as defined in the UCC as in effect on the date hereof. 

 Section 2. Pledge. Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants
to Pledgee, for the benefit of the Pledgee and the Lenders, a first lien on and first security interest in (i) all of the capital stock, limited liability company membership interests or units or other equity interests of the each of the Pledge
Entities hereto now owned or hereafter acquired by Pledgor (collectively, the “Pledged Interests”), (ii) all other property hereafter delivered to, or in the possession or in the custody of, Pledgee in substitution for
or in addition to the Pledged Interests, (iii) any other property of Pledgor, as described in Section 4 below or otherwise, now or hereafter delivered to, or in the possession or custody of Pledgor, and (iv) all proceeds of the
collateral described in the preceding clauses (i), (ii) and (iii) (the collateral described in clauses (i) through (iv) of this Section 2 being collectively referred to as the “Pledged Collateral”), as
collateral security for: 
 (a) the prompt and complete payment when due (whether at the stated maturity, by acceleration or
otherwise) of all the Liabilities (as defined in the Security Agreement); and 
 (b) the due and punctual payment and
performance by Pledgor of its obligations and liabilities under, arising out of or in connection with this Agreement; 
 (all of the foregoing being referred
to hereinafter collectively as the “Liabilities”). All of the Pledged Interests now owned by Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments
separate from certificate duly executed in blank by Pledgor, are being delivered to Pledgee, for the benefit of Pledgee and the Lenders, simultaneously herewith. Pledgee, on behalf of the Lenders, shall maintain possession and custody of the
certificates representing the Pledged Interests, such assignments, and any additional Pledged Collateral. 
 Section 3. Representations
and Warranties of Pledgor. Pledgor represents and warrants to Pledgee, and covenants with Pledgee, that: 
 (a) Pledgor is
the record and beneficial owner of, and has legal title to, the Pledged Interests listed on Exhibit A, and such interests are and will remain and all other interests constituting Pledged Collateral will be, free and clear of all pledges,
liens, security interests and other encumbrances and restrictions whatsoever, except the liens and security interests created by this Agreement; 
 (b) Pledgor has full power, authority and legal right to execute the pledge provided for herein and to pledge the Pledged Interests and any additional Pledged Collateral to Pledgee, for the benefit of the Pledgee and
the Lenders; 
 (c) this Agreement has been duly authorized, executed and delivered by Pledgor and constitutes a legal, valid
and binding obligation of Pledgor enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, moratorium, reorganization and other similar laws affecting the enforcement of creditors’ rights
generally; 
 (d) there are no outstanding options, warrants or other agreements with respect to the Pledged Interests;

  

 2 

 (e) the Pledged Interests have been, and all additional Pledged Collateral constituting
membership interests or other similar equity interests will be, duly and validly authorized and issued, and are or will be fully paid and non-assessable. The Pledged Interests listed on Exhibit A constitute all of the membership interests or
other equity interests of the Pledged Entities described therein which are owned by Pledgor; 
 (f) no consent, approval or
authorization of or designation or filing with any governmental authority on the part of Pledgor is required in connection with the pledge and security interest granted under this Agreement, or the exercise by Pledgee of the voting and other rights
provided for in this Agreement; 
 (g) the execution, delivery and performance of this Agreement by Pledgor will not violate
any provision of any applicable law or regulation or of any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, or of the charter or by-laws of Pledgor or any Pledged Entity or of any
securities issued by any Pledged Entity or of any mortgage, indenture, lease, contract, or other agreement, instrument or undertaking to which Pledgor or any Pledged Entity is a party or which purports to be binding upon Pledgor or any Pledged
Entity or upon any of their respective assets, and will not result in the creation or imposition of any lien, charge or encumbrance on or security interest in any of the assets of Pledgor or any Pledged Entity except as contemplated by this
Agreement; 
 (h) the pledge, assignment and delivery to Pledgee of the Pledged Interests pursuant to this Agreement creates a
valid first lien on and a first perfected security interest in the Pledged Interests and the proceeds thereof in favor of Pledgee, for the benefit of Pledgee and the Lenders, subject to no prior pledge, lien, mortgage, hypothecation, security
interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of Pledgor which would include the Pledged Interests. Pledgor covenants and agrees that it will defend
Pledgee’s right, title and security interest in and to the Pledged Interests and the proceeds thereof against the claims and demands of all persons whomsoever; and 
 (i) the Pledged Interests and all additional Pledged Collateral constituting membership interests are and will remain certificated.

 Section 4. Stock Dividends, Distributions, etc. If, while this Agreement is in effect, Pledgor shall become entitled to receive or
shall receive any stock certificate or other membership interest certificate evidencing an equity interest in an Pledged Entity or any other Person (including, without limitation, any certificate representing a dividend or a distribution in
connection with any reclassification, increase or reduction of capital, or issued in connection with any reorganization, merger or consolidation), or any options or rights, whether as an addition to, in substitution for, or in exchange for any of
the Pledged Interests, Pledgor agrees to accept the same as Pledgee’s agent and to hold the same in trust for Pledgee, and to deliver the same forthwith to Pledgee in the exact form received, with the endorsement of Pledgor when necessary
and/or appropriate undated assignments separate from certificate duly executed in blank, to be held by Pledgee, for the benefit of Pledgee and the Lenders, subject to the terms hereof, as additional Pledged Collateral. Pledgor shall promptly deliver
to Pledgee (i) a pledge 

  

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amendment, duly executed by Pledgor, in form and substance satisfactory to Pledgee (a “Pledge Amendment”) with respect to such additional
stock certificates, and (ii) any financing statements or amendments to financing statements as requested by Pledgee. Pledgor hereby authorizes Pledgee to attach each Pledge Amendment to this Agreement. In case any distribution of capital shall
be made on or in respect of the Pledged Interests or any property shall be distributed upon or with respect to the Pledged Interests pursuant to the recapitalization or reclassification of the capital of the issuer thereof or pursuant to the
reorganization thereof, the property so distributed shall be delivered to Pledgee to be held by it as additional Pledged Collateral. Except as provided in subsection 5(a)(ii) below, all sums of money and property so paid or distributed in respect of
the Pledged Interests which are received by Pledgor shall, until paid or delivered to Pledgee, be held by Pledgor in trust as additional Pledged Collateral. 
 Section 5. Administration of Security. The following provisions shall govern the administration of the Pledged Interests: 
 (a) So long as no Event of Default (as defined in the Notes, an “Event of Default”) or Triggering Event (as defined in
the Notes, a “Triggering Event”) has occurred and is continuing, Pledgor shall be entitled (subject to the other provisions hereof, including, without limitation, Section 8 below): 
 (i) to vote or consent with respect to the Pledged Interests in any manner not inconsistent with this Agreement, the Purchase Agreement,
the other Security Documents (as defined in the Security Agreement) and the other Transaction Documents; and 
 (ii) to
receive cash dividends or other distributions in the ordinary course made in respect of the Pledged Interests, to the extent permitted to be paid pursuant to the Purchase Agreement. 
 Pledgor hereby grants to Pledgee or its nominee, on behalf of Pledgee and Lenders, an irrevocable proxy to exercise all voting and corporate and/or
company rights relating to the Pledged Interests in any instance, including, without limitation, to approve any merger involving any Subsidiary as a constituent company, which proxy shall only be exercisable immediately upon the occurrence and
during the continuance of an Event of Default or Triggering Event. After the occurrence and during the continuance of an Event of Default or a Triggering Event, Pledgor agrees to deliver to Pledgee, on behalf of Pledgee and Lenders, such further
evidence of such irrevocable proxy or such further irrevocable proxies to vote the Pledged Interests as Pledgee may request. 
 (b) So long as no Event of Default or Triggering Event shall have occurred and be continuing, Pledgor shall be entitled to receive cash dividends or other distributions made in respect of the Pledged Interests, to the extent permitted to be
made pursuant to the terms of the Note. Upon the occurrence and during the continuance of an Event of Default or a Triggering Event, in the event that Pledgor, as record and beneficial owner of the Pledged Interests, shall have received or shall
have become entitled to receive, any cash dividends or other distributions in the ordinary course, Pledgor shall deliver to Pledgee, for the benefit of Pledgee and the Lenders, and Pledgee, for its own 

  

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benefit and the benefit of the Lenders, shall be entitled to receive and retain, all such cash or other distributions as additional Pledged Collateral.

 (c) Subject to any sale or other disposition by Pledgee, on behalf of the Pledgee and Lenders, of the Pledged Interests or
other property pursuant to this Agreement, the Pledged Interests and any other Pledged Collateral shall be delivered to Pledgor upon full payment in cash, satisfaction and termination of all of the Liabilities and the termination of the lien and
security interest pursuant to Section 14 hereof. 
 Section 6. Rights of Pledgee. Neither Pledgee nor any of the Lenders shall be
liable for failure to collect or realize upon the Liabilities (as defined in the Security Agreement) or any collateral security or guaranty therefor, or any part thereof, or for any delay in so doing, nor shall Pledgee or any of the Lenders be under
any obligation to take any action whatsoever with regard thereto. Any or all of the Pledged Interests held by Pledgee hereunder may, if an Event of Default or a Triggering Event has occurred and is continuing, be registered in the name of Pledgee or
its nominee and Pledgee or its nominee may thereafter without notice exercise all voting and corporate and/or company rights at any meeting with respect to each Pledged Entity and exercise any and all rights of conversion, exchange, subscription or
any other rights, privileges or options pertaining to any of the Pledged Interests as if it were the absolute owner thereof, including, without limitation, the right to vote in favor of, and to exchange at its discretion any and all of the Pledged
Interests upon, the merger, consolidation, reorganization, recapitalization or other readjustment with respect to each Pledged Entity or upon the exercise by Pledgor or Pledgee of any right, privilege or option pertaining to any of the Pledged
Interests, and in connection therewith, to deposit and deliver any and all of the Pledged Interests with any committee, depository, transfer agent, registrar or other designated agency upon such terms and conditions as Pledgee may determine, all
without liability except to account for property actually received by Pledgee, but Pledgee shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing.

 Section 7. Remedies. Upon the occurrence and during the continuance of an Event of Default or a Triggering Event, Pledgee, without
demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon Pledgor or any other person (all and each of which demands, advertisements and/or
notices are hereby expressly waived), may (and, at the request of the Requisite Lenders (as defined in the Security Agreement), Pledgee shall) forthwith collect, receive, appropriate and realize upon the Pledged Collateral, or any part thereof,
and/or may (and, at the request of the Requisite Lenders (as defined in the Security Agreement), Pledgee shall) forthwith sell, assign, give an option or options to purchase, contract to sell or otherwise dispose of (including the disposition by
merger) and deliver said Pledged Collateral, or any part thereof, in one or more portions at public or private sale or sales or transactions, at any exchange, broker’s board or at any of Pledgee’s offices or elsewhere upon such terms and
conditions as Pledgee may deem advisable and at such prices as it may deem best, for any combination of cash and/or securities or other property or on credit or for future delivery without assumption of any credit risk, with the right to Pledgee
upon any such sale or sales, public or private, to purchase the whole or any part of said Pledged Collateral so sold, free of any right or equity of redemption in Pledgor, which right or equity is hereby expressly waived or released. Pledgee, for
its own benefit and the benefit of the Lenders, shall apply the net proceeds of any such collection, 

  

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recovery, receipt, appropriation, realization, sale or disposition, after deducting all reasonable costs and expenses of every kind incurred therein or
incidental to the safekeeping of any and all of the Pledged Collateral or in any way relating to the rights of Pledgee or any of the Lenders hereunder, including reasonable attorneys’ fees and legal expenses, to the payment, in whole or in
part, of the Liabilities in accordance with the Purchase Agreement. Only after so paying over such net proceeds and after the payment by Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-608
of the UCC, need Pledgee, on behalf of the Lenders, account for the surplus, if any, to Pledgor. Pledgor shall remain liable for any deficiency remaining unpaid after such application. Pledgor agrees that if any notice of a proposed sale or other
disposition of Collateral shall be required by law of Pledgee, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. No notification need be given to Pledgor if Pledgor has signed after
the occurrence and during the continuance of an Event of Default or a Triggering Event a statement renouncing or modifying any right to notification of sale or other intended disposition. In addition to the rights and remedies granted to Pledgee for
the benefit of the Lenders in this Agreement and in any other instrument or agreement securing, evidencing or relating to any of the Liabilities, Pledgee and the Lenders shall have all the rights and remedies of a secured party under the UCC and
under any other applicable law. 
 Section 8. No Disposition, etc. Without the prior written consent of Pledgee, Pledgor agrees that
Pledgor will not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Pledged Interests or any other Pledged Collateral, nor will Pledgor create, incur or permit to exist any pledge, lien, mortgage,
hypothecation, security interest, charge, option or any other encumbrance with respect to any of the Pledged Interests, any other Pledged Collateral or any interest therein, or any proceeds thereof, except for the lien and security interest provided
for by this Agreement. Without the prior written consent of Pledgee (which consent shall not be unreasonably withheld so long as no Event of Default or Triggering Event has occurred and is continuing or would result therefrom), Pledgor agrees that
it will not vote to enable, and will not otherwise permit, any Pledged Entity to (a) issue any membership interests or other securities of any nature in addition to or in exchange or substitution for the Pledged Interests or (b) dissolve,
liquidate, retire any of its capital, reduce its capital or merge or consolidate with any other Person. 
 Section 9. Sale of Pledged
Interests. 
 (a) Pledgor recognizes that Pledgee, for its own benefit and on behalf of Lenders, may be unable to effect a
public sale or disposition (including, without limitation, any disposition in connection with a merger of any Pledged Entity) of any or all the Pledged Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended
(the “Act”), and applicable state securities laws, but may be compelled to resort to one or more private sales or dispositions thereof to a restricted group of purchasers who will be obliged to agree, among other things, to acquire
such securities for their own account for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale or disposition may result in prices and other terms (including the terms of
any securities or other property received in connection therewith) less favorable to the seller than if such sale or disposition were a public sale or disposition and, notwithstanding such circumstances, 

  

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agrees that any such private sale or disposition shall be deemed to be reasonable and affected in a commercially reasonable manner. Pledgee shall be under no
obligation to delay a sale or disposition of any of the Pledged Collateral in order to permit Pledgor or any Pledged Entity to register such securities for public sale under the Act, or under applicable state securities laws, even if Pledgor or any
Pledged Entity would agree to do so. 
 (b) Pledgor further agrees to do or cause to be done all such other acts and things as
may be necessary to make such sale or sales or dispositions of any portion or all of the Pledged Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and
all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales or dispositions, all at Pledgor’s expense. Pledgor further agrees that a breach of any of the covenants contained in
Sections 2, 4, 5(b), 8, 9 or 10 hereof will cause irreparable injury to Pledgee and the Lenders, that Pledgee and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, agrees, without limiting the right of
Pledgee to seek and obtain specific performance of other obligations of Pledgor contained in this Agreement, that each and every covenant referenced above shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to
assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default or Triggering Event has occurred and is continuing. 
 (c) Pledgor further agrees to indemnify and hold harmless Pledgee and the Lenders, each of their respective successors and assigns,
officers, directors, employees, agents and attorneys, and any Person in control of any thereof, from and against any loss, liability, claim, damage and expense, including, without limitation, reasonable counsel fees (collectively called the
“Indemnified Liabilities”), under federal and state securities laws or otherwise insofar as such loss, liability, claim, damage or expense: 
 (i) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in any registration
statement, prospectus or offering memorandum or in any preliminary prospectus or preliminary offering memorandum or in any amendment or supplement to any of the foregoing or in any other writing prepared in connection with the offer, sale or resale
of all or any portion of the Pledged Collateral unless such untrue statement of material fact was provided by Pledgee specifically for inclusion therein; or 
 (ii) arises out of or is based upon any omission or alleged omission to state therein a material fact required to be stated or necessary
to make the statements therein not misleading; 
 such indemnification to remain operative regardless of any investigation made by or on behalf of Pledgee or
any successor thereof, or any Person in control of any thereof. In connection with a public sale or other distribution, Pledgor will provide customary indemnification to any underwriters, their respective successors and assigns, their respective
officers and directors and each Person who controls any such underwriter (within the meaning of the Act). If and to the 

  

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extent that the foregoing undertakings in this Section 9(c) may be unenforceable for any reason, Pledgor agrees to make maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. The obligations of Pledgor under this Section 9(c) shall survive any termination of this Agreement. 
 (d) Pledgor further agrees to waive any and all rights of subrogation it may have against a Pledge Entity upon the sale or disposition of
all or any portion of the Pledged Collateral by Pledgee pursuant to the terms of this Agreement until the termination of this Agreement in accordance with Section 14 below. 
 Section 10. Further Assurances. Pledgor agrees that at any time and from time to time, upon the written request of Pledgee, Pledgor will execute
and deliver all assignments separate from certificate, financing statements and such further documents and do such further acts and things as Pledgee may reasonably request consistent with the provisions hereof in order to effect the purposes of
this Agreement. 
 Section 11. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 Section 12. No Waiver; Cumulative Remedies. Neither Pledgee nor any of the Lenders shall by any act, delay, omission
or otherwise be deemed to have waived any of its remedies hereunder, and no waiver by Pledgee or any Lender shall be valid unless in writing and signed by Pledgee or such Lender and then only to the extent therein set forth. A waiver by Pledgee, or
any Lender, of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Pledgee, or such Lender, would otherwise have on any further occasion. No course of dealing between Pledgor and Pledgee or
any Lender and no failure to exercise, nor any delay in exercising on the part of Pledgee or any Lender of any right, power or privilege hereunder or under the Transaction Documents shall impair such right or remedy or operate as a waiver thereof;
nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and may
be exercised singly or concurrently, and are not exclusive of any rights or remedies provided by law. 
 Section 13. Successors. This
Agreement and all obligations of Pledgor hereunder shall be binding upon the successors and assigns of Pledgor, and shall, together with the rights and remedies of Pledgee and the Lenders hereunder, inure to the benefit of Pledgee and the Lenders
and their successors and assigns, except that Pledgor shall not have any right to assign its obligations under this Agreement or any interest herein without the prior written consent of Pledgee. 
 Section 14. Termination. This Agreement and the liens and security interests granted hereunder shall terminate upon the full and complete
performance and satisfaction of the Liabilities (other than contingent indemnification obligations), and promptly upon such full and complete performance and satisfaction, Pledgee shall surrender and deliver the certificates 

  

 8 

 
evidencing the Pledged Interests and all assignments separate from certificate in respect of the Pledged Interests to Pledgor. 
 Section 15. Possession of Pledged Collateral. Beyond the exercise of reasonable care to assure the safe custody of the Pledged Collateral in the
physical possession of Pledgee pursuant hereto, neither Pledgee nor any nominee of Pledgee shall have any duty or liability to collect any sums due in respect thereof or to protect, preserve or exercise any rights pertaining thereto, and shall be
relieved of all responsibility for the Pledged Collateral upon surrendering them to Pledgor. 
 Section 16. Survival of
Representations. All representations and warranties of Pledgor contained in this Agreement shall survive the execution and delivery of this Agreement. 
 Section 17. Taxes and Expenses. Pledgor will upon demand pay to Pledgee all reasonable expenses, including the reasonable fees and expenses of counsel for Pledgee and of any experts and agents that Pledgee may
incur in connection with: 
 (a) the administration of this Agreement; 
 (b) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Pledged Collateral; 

(c) the exercise or enforcement of any of the rights of Pledgee hereunder; or 
 (d) the failure of Pledgor to perform or observe any of the provisions hereof. 
 Section 18. Pledgee Appointed Attorney-In-Fact. Pledgor hereby irrevocably appoints Pledgee as Pledgor’s attorney-in-fact, effective upon the
occurrence and during the continuance of an Event of Default or a Triggering Event, with full authority in the place and stead of Pledgor and in the name of Pledgor or otherwise, from time to time in Pledgee’s discretion, to take any action and
to execute any instrument that Pledgee deems reasonably necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to Pledgor representing any
dividend, interest payment or other distribution in respect of the Pledged Collateral or any part thereof and to give full discharge for the same, when and to the extent permitted by this Agreement. 
 Section 19. Notices. All notices, approvals, requests, demands and other communications hereunder shall be effected in the manner provided for in
Section 9(f) of the Purchase Agreement. 
 Section 20. Governing Law; Jurisdiction; Jury Trial. All questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in
the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed 

  

 9 

 
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The parties hereto acknowledge that each of the Lenders has executed each of the Transaction Documents to be
executed by it in the State of New York and will have made the payment of the Purchase Price (as defined in the Purchase Agreement) from its bank account located in the State of New York. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 Section 21. Changes in Writing. No amendment, modification, termination or waiver of any provision of this Agreement or consent to any departure
by Pledgor thereof from, shall in any event be effective without the written agreement of Pledgee and Pledgor, and then only to the extent specifically set forth in such writing. 
 Section 22. Headings. Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 Section 23. Counterparts. This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party; provided that
a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile signature. 
 Section 24. Entire Agreement. This Agreement embodies the entire agreement and understanding between Pledgor and Pledgee with respect to the
subject matter hereof and supersedes all prior oral and written agreements and understandings between Pledgor and Pledgee relating to the subject matter hereof. 
 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be duly executed and
delivered as of the day and year first above written. 
  

			
	PLEDGOR:
	
	CARDIOVASCULAR BIOTHERAPEUTICS, INC., a Delaware corporation
		
	By:	 	/s/ Mickael A. Flaa
	Name:	 	Mickael A. Flaa
	Title:	 	Chief Financial Officer

			
	PLEDGEE:
	
	PROMETHEAN ASSET MANAGEMENT L.L.C., a Delaware limited liability company, as Collateral Agent
		
	By:	 	/s/ Robert J. Brantman
	Name:	 	Robert J. Brantman
	Title:	 	Partner and Authorized Signatory

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