Document:

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT
(the “Agreement”) made as of this 7th day of March, 2012, by and among Synthetic Biologics, Inc., a Nevada
corporation (the “Seller”), Hartlab LLC, an Illinois limited liability company (the “Buyer”), and Adeona
Clinical Laboratory, LLC, an Illinois limited liability company (the “Company”).

 

WITNESSETH:

 

WHEREAS, the Seller owns one hundred percent
(100%) of the outstanding membership interests of the Company (the “Membership Interests”), and the Buyer desires to
purchase from the Seller the Membership Interests for a purchase price of Seven Hundred Thousand Dollars ($700,000), upon the terms
and conditions hereinafter set forth herein.

 

NOW THEREFORE, in consideration of the mutual
covenants and promises herein contained and upon the terms and conditions hereinafter set forth, the parties hereto, intending
to be legally bound, agree as follows:

 

1.          PURCHASE
AND SALE OF THE MEMBERSHIP INTERESTS.

 

Upon the terms and conditions herein contained,
at the Closing (as hereinafter defined), the Seller hereby sells, assigns and transfers to the Buyer and the Buyer agrees to purchase
from the Seller all of the Membership Interests and all rights of the Seller in and to the Membership Interests, as of the date
of the Closing, free and clear of all liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances
of any kind, nature and description.

 

2.          CONSIDERATION.

 

The purchase price of the Membership Interests
(the “Purchase Price”) shall be Seven Hundred Thousand Dollars ($700,000), payable pursuant to the terms of a non-recourse
two (2) year promissory note, attached hereto as Exhibit A, to be issued by the Buyer (the “Note”).

 

3.          CLOSING.

 

The closing of the transactions contemplated
by this Agreement (the “Closing”) shall take place simultaneously with the payment of the Purchase Price as provided
above.

 

4.          CONDITIONS
TO CLOSING.

 

4.1        Assignment
of Receivables. On the date immediately preceding the Closing, the Company shall have assigned all of its accounts receivables
to the Seller as of the Closing (the “Closing Accounts Receivables”) in accordance with the Assignment Agreement attached
hereto as Exhibit B. Any payment made to the Company or Buyer with respect to a Closing Accounts Receivable shall be paid
to the Seller within seven (7) calendar days of receipt.

 

4.2        Cancellation
of Intercompany Debt. On the date immediately preceding the Closing, the guarantees by Seller of obligations of the Company
shall be extinguished. The Buyer hereby indemnifies the Seller and its officers and directors and affiliates for any and all claims,
demands, losses, expenses and liabilities incurred by the Seller from and after the Closing with respect to or arising out of any
obligations of Company or guarantees by Seller of any obligations of the Company.

 

    	 

    	 

    

 

4.3        Assumption
of Trade Payables. The Seller shall assume no liabilities of Company, with the exception of the trade payables incurred by
the Company prior to the March 7, 2012 listed on Schedule 4.3.

 

5.          CONSENT
OF THE COMPANY.

 

The Company, as evidenced by its signature to
this Agreement, hereby represents and warrants that upon the Closing the Company shall promptly cause the transfer of the Membership
Interests to the Buyer to be reflected on its books and records.

 

6.          COVENANTS
OF THE BUYER.

 

6.1        Within
90 days following the Closing, the Buyer shall cause the name of the Company to be changed to a name that does not have the words
“Synthetic Biologics” or “Adeona” or any derivative thereof.

 

6.2        The
Buyer covenants to use its best effort to continue the operations of the Company at least to the same degree as its current operations
until such time as the Note is paid in full.

 

7.          RECONCILIATION.

 

Until such time as all Closing Accounts Receivables
have been paid to the Seller, the Seller shall have the right to inspect the books and records of the Company during regular business
hours, including but not limited to all bank accounts, electronic laboratory billing and collection system (including remote Labdaq
and Daqbilling software access), data, records and laboratory documentation and shall be provided unlimited access to the laboratory
record keeping system for the Company’s accounts receivables as well as the collections agency retained by the Company to
collect its accounts receivables. The Buyer shall provide the Seller with a reconciliation of accounts receivables on a weekly
basis. In the event of a dispute between the Buyer and the Seller in connection with a reconciliation, which dispute is not resolved
by the parties within ten (10) days of receipt by the Seller of such reconciliation, the parties shall submit such dispute to a
third party accountant selected by the parties who will make a final determination. The Buyer hereby acknowledges that the Seller
may choose to use a collection agency to collect the Closing Accounts Receivables that may not be the same as the agency used by
the Buyer or the Company to collect accounts receivables and the Buyer agrees to provide all assistance necessary to enable the
agency selected by Seller to perform its collection services.

 

8.          LIMITATION
OF LIABILITY; RELEASE.

 

8.1        In no event shall
the Seller’s liability for acts, or a failure to act, under this Agreement or in connection with the Company exceed in the
aggregate the principal amount of the Note.

 

8.2        Buyer
and Narayan Torke hereby irrevocably release and discharge the Seller and its respective shareholders, members, subsidiaries, directors,
managers, officers, employees and agents, their respective successors and assigns, from any and all actions, suits, debts, sums
of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances,
damages, judgments, extents, executions, claims and demands whatsoever, in law or in equity, which against any or all of the foregoing,
Buyer and/or Narayan Torke and their respective shareholders, members, subsidiaries, directors, managers, officers, employees,
agents or heirs, and their respective successors and assigns, ever had, now have or hereafter can, shall or may, have for, upon,
or by reason of any matter, cause or thing whatsoever from the beginning of the world through and including the date hereof, excluding
any obligations arising under this Agreement.

 

    	 

    	 

    
  

9.          REPRESENTATION
AND WARRANTIES.

 

9.1        The
Buyer acknowledges and agrees that it is purchasing the Membership Interests “as is”, and that the Seller has made
no representations or warranties as to the Membership Interests, except as specifically set forth in this Agreement.

 

9.2        The
Buyer has full authority or capacity to execute and to perform this Agreement in accordance with its terms; the execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby does not and will not result in a breach, violation
or default or give rise to an event which, with the giving of notice or after the passage of time, or both, would result in a breach,
violation or default of any of the terms or provisions or of any indenture, agreement, judgment, decree or other instrument or
restriction to which the Buyer is a party or by which the Buyer may be bound or affected; and no further authorization or approval,
whether of governmental bodies or otherwise, is necessary in order to enable the Buyer to enter into and perform the same; and
this Agreement constitutes a valid and binding obligation enforceable against the Buyer in accordance with its terms.

 

9.3        The
Buyer acknowledges that due to the position of its principal shareholder as the Laboratory Director of the Company it has full
access to all pertinent data and information regarding the Company and, as such, has received all the information it considers
necessary or appropriate for deciding whether to purchase the Membership Interests. The Buyer further represents that it is an
“accredited investor” within the meaning of Securities and Exchange Commission (“SEC”) Rule 501 of Regulation
D, as presently in effect and has had an opportunity to ask questions and receive answers from the Seller regarding the terms and
conditions of the sale of the Membership Interests and the business, properties, prospects and financial condition of the Company.

 

9.4        The
Buyer acknowledges that it can bear the economic risk of its investment, has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the purchase of the Membership Interests.

 

10.        MISCELLANEOUS.

 

10.1      Binding
Effect, Benefits. This Agreement shall insure to the benefit of, and shall be binding upon, the parties hereto and their respective
successors and permitted assigns. Except as otherwise set forth herein, this Agreement may not be assigned by any party hereto
without the prior written consent of the Company and of the other parties hereto. Except as otherwise set forth herein, nothing
in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto or their respective
successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

10.2     Notices.
All notices, requests, demands and other communications which are required to be or may be given under this Agreement shall be
in writing and shall be deemed to have been duly given when delivered in person, or transmitted by telecopy or telex, or upon receipt
after dispatch by certified or registered first class mail, postage prepaid, return receipt requested, to the party to whom the
same is so given or made, at the following addresses (or such others as shall be provided in writing hereinafter):

 

(10)      If
to the Seller, to:

 

	 	Synthetic Biologics, Inc.
	 	3985 Research Park Drive, Suite 200
	 	Ann Arbor, MI 48108
	 	Attention: Jeffery L. Riley
	 	Facsimile: (734) 332-7878

 

    	 

    	 

    

 

	 	With a copy to:
	 	 
	 	Leslie Marlow
	 	Gracin & Marlow, LLP
	 	405 Lexington Avenue, 26th Floor
	 	New York, New York  10174
	 	Facsimile; (212) 208-4657

 

(b)       If
to the Buyer, to:

 

	 	Hart Labs, LLC
	 	391 Quadrangle Drive
	 	Suite N9
	 	Bolingbrook, IL 60440

 

10.3    Entire
Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, oral and
written, between the parties hereto with respect to the subject matter hereof.

 

10.4    Further
Assurances. After the Closing, at the request of either party, the other party shall execute, acknowledge and deliver, without
further consideration, all such further assignments, conveyances, endorsements, deeds, powers of attorney, consents and other documents
and take such other action as may be reasonably requested to consummate the transactions contemplated by the Agreement.

 

10.5    Headings.
The section and other headings contained in this Agreement are for reference purposes only and shall not be deemed to be a part
of this Agreement or to affect the meaning or interpretation of this Agreement.

 

10.6    Counterparts.
This Agreement may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and
all of which together shall be deemed to be one and the same instrument.

 

10.7    Government
Law. This Agreement shall be construed as to both validity and performance and enforced in accordance with and governed by
the laws of the State of Illinois, without giving effect to the conflicts of law principles thereof and the parties consent to
DuPage County, Illinois as having exclusive jurisdiction over any disputes arising under this Agreement.

 

10.8    Severability.
If any term or provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall
not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted
by law.

 

    	 

    	 

    

 

10.9    Amendments. This Agreement may
not be modified or changed except by an instrument or instruments in writing executed by the parties hereto.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	SELLER:
	 	 
	 	SYNTHETIC BIOLOGICS, INC.
	 	 
	 	By:	/s/ Jeffrey Riley	 
	 	 	Name: Jeffrey Riley	 
	 	 	Title: President and CEO	 
	 	 	 
	 	BUYER:	 
	 	 	 
	 	HARTLAB LLC	 
	 	 	 
	 	By:	/s/ Narayan Torke	 
	 	 	Name: Narayan Torke	 
	 	 	Title: Managing Member	 

  

ACCEPTED AND AGREED:

 

ADEONA CLINICAL LABORATORY, LLC

 

	By:	/s/ Narayan Torke	 
	 	Name: Narayan Torke	 
	 	Title: Managing Member	 

 

ACCEPTED AND AGREED:

As to Section 8.2 above:

 

	/s/ Narayan Torke	 
	NARAYAN TORKE	 

 

    	 

    	 

    

 

Exhibit A

 

NON-RECOURSE PROMISSORY NOTE

 

	$700,000.00	March 7, 2012	 

 

FOR VALUE RECEIVED, the undersigned,
Hartlab LLC, with its principal place of business at 391 Quadrangle Drive Suite N-9, Bolingbrook, IL 60440, its successors and
assigns (the “Maker”), hereby unconditionally promises to pay to the order of Synthetic Biologics, Inc., with an address
at 3985 Research Park Drive, Suite 200, Ann Arbor, MI 48108 (“Payee”), in lawful money of the United States of America
and in immediately available funds, the principal sum of Seven Hundred Thousand Dollars ($700,000.00) (“Principal”)
on March 1, 2014 (the “Maturity Date”), together with annual interest thereon from the date hereof on the unpaid Principal
at an annual rate of Five and 7/10ths percent (5.7%), payable on the Maturity Date. Interest shall be computed on the
basis of a year of 365 days and the actual number of days elapsed. Interest not paid when due shall earn interest at the rate specified
above.

 

1.          If:
(a) the Maker fails to make any payment of Principal or interest on this Promissory Note when due (provided the Maker is provided
with notice of any such failure and provided with ten (10) days to cure same); (b) a court of competent jurisdiction enters a judgment,
decree or order for relief in respect of the Maker in an involuntary case or proceeding under any federal or state bankruptcy law,
which shall (i) approve as properly filed a petition seeking reorganization, arrangement, adjustment or composition in respect
of the Maker, (ii) appoint a custodian, receiver, trustee, liquidator or similar official for the Maker or for substantially all
of its property or assets, or (iii) order the winding-up or liquidation of its affairs, and such judgment, decree or order shall
remain unstayed and in effect for a period of sixty (60) consecutive days; (c) the Maker attempts to sell, transfer, assign or
encumber the Secured Assets (as hereafter defined) or undergoes a Change of Control (“as hereinafter defined”); (d)
the Maker files a voluntary petition seeking relief under any federal or state bankruptcy law; (e) the Maker breaches any provision
of the Pledge and Security Agreement (as hereafter defined); (f) Adeona Clinical Laboratory, LLC, an Illinois limited liability
company (“ACL”) shall discontinue providing CLIA regulated high complexity testing services for a period of more than
sixty (60) days; (g) the Maker or any of its affiliates shall have instituted or threaten to institute any legal action against
Payee or any of it’s affiliates under this or any other Agreement, or (h) the Maker expressly repudiates its obligations
hereunder; then all unpaid Principal and all accrued and unpaid interest on this Promissory Note shall become immediately due and
payable. The occurrence of any event described in clauses (a) through (f) above shall be referred to as an “Event of Default”.
For the purposes hereof, the term a “Change in Control” shall mean a transaction or a series of related transactions
pursuant to which (A) the persons constituting a majority of the Managers of Maker on the date of this Agreement shall have ceased
to constitute a majority of the Managers of Maker, (B) a person or group of persons (as “group” is defined in the regulations
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who do not currently have beneficial ownership
of more than 50% of the outstanding membership interests of Maker acquire, directly or indirectly, beneficial ownership of more
than 50% of the outstanding membership interests of Maker, (C) ACL, shall cease to be a wholly owned subsidiary of Maker, or (D)
Maker shall sell, transfer or assign all or substantially all of its assets.

 

2.          The
Maker shall have the right to prepay all or any part of the unpaid Principal amount of this Promissory Note with interest thereon,
without premium or penalty, at any time prior to the maturity hereof.

 

    	 

    	 

    

 

3.          This
Promissory Note is a non-recourse note and is secured solely by the pledge and grant to the Payee of a security interest in the
Maker’s interest in all of the assets of ACL (the “Secured Assets”), pursuant to a Pledge and Security Agreement,
of even date herewith (the “Pledge and Security Agreement”), the provisions of which are incorporated herein by reference
and form a part hereof. The Maker shall be liable upon the indebtedness evidenced by this Promissory Note, for all sums to accrue
or to become payable thereon and for performance of any covenants contained in this Promissory Note or in any of the related documents
to the extent, but only to the extent, of the Maker’s security for the same, which consists of all of the Secured Assets.
No attachment, execution or other writ or process shall be sought, issued or levied upon any assets, properties or funds of the
Maker other than the Secured Assets described in the Pledge and Security Agreement. In the event of foreclosure of such title,
liens or security interests, no judgment of any deficiency upon such indebtedness, sums and amounts shall be sought or obtained
by the Payee against the Maker.

 

4.          If
one or more of the provisions hereof shall be declared or held to be invalid, illegal, or unenforceable in any respect in any jurisdiction,
the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
and any such declaration or holding shall not invalidate or render unenforceable such provision in any other jurisdiction. All
references in this Promissory Note to the Maker and the Payee shall be deemed to include, as applicable, a reference to their respective
successors and assigns. The provisions of this Promissory Note shall be binding upon and shall inure to the benefit of the successors
and assigns of the Maker and the Payee.

 

5.          Any
notice relating to this Promissory Note shall be in writing and shall be deemed to be effective if given and received in the manner
expressly provided in the Pledge and Security Agreement.

 

6.          Presentment,
demand, protest or notice of any kind are hereby waived by the Maker. The Maker may not set off against any amounts due to the
Payee hereunder, any claims against the Payee or other amounts owed by the Payee to the Maker.

 

7.          All
rights and remedies of the Payee under this Note are cumulative and in addition to all other rights and remedies available at law
or in equity, and all such rights and remedies may be exercised singly, successively and/or concurrently. Failure to exercise any
right or remedy shall not be deemed a waiver of such right or remedy.

 

8.          The Maker agrees to pay all reasonable
costs of collection, including attorneys' fees which may be incurred in the collection of this Promissory Note or any portion thereof
and, in case an action is instituted for such purposes, the amount of all attorneys' fees shall be such amount as the court shall
adjudge reasonable.

 

9.          This
Note is made and delivered in, and shall be governed, construed and enforced under the laws of the State of Illinois.

 

	 	HARTLAB LLC
	 	 
	 	By:	/s/ Narayan Torke
	 	 	Name: Narayan Torke
	 	 	Title: Managing Member

 

    	 

    	 

    

 

NON-RECOURSE LIMITED GUARANTY

 

In order to induce Payee
to accept this Note, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the undersigned (the “Guarantor”), does hereby guarantee, on a non-recourse basis, limited to the assets of the undersigned
being pledged to secure this Note, the full, complete and timely performance by Hartlab LLC (the “Maker”) of all of
its obligations under the above Note. This Guaranty is absolute and unconditional irrespective of any term or provision of any
documents or understandings relating to the above Note (other than its non-recourse basis), or any other circumstance which might
otherwise constitute a legal or equitable discharge of a surety or guarantor; and no formal or informal change, amendment, modification
or waiver of any term or condition of the Note, no extension in whole or in part of the time for the performance by the Maker of
any of its obligations under the Note, and no settlement, compromise, release, surrender, modification or impairment, exercise
or failure to exercise of any claims, rights, or remedies of any kind or nature under or in connection with the Note shall affect,
impair or discharge, in whole or in part, the liability of the undersigned hereunder, the undersigned to be and at all times be
and remain liable to the Payee to the same extent, but no greater than, the undersigned would be if it were jointly and severally
liable, on a non-recourse basis, limited to the assets of the undersigned being pledged to secure this Note, with the Maker to
the Payee for the full, complete and timely payment and performance of and compliance with all obligations of the Maker under the
Note. The obligations of the undersigned hereunder shall in no way be released, diminished, or otherwise affected by reason of
any voluntary or involuntary proceedings by or against the Maker in bankruptcy or for an arrangement or reorganization or for any
other relief under any provision of any bankruptcy or other similar law as from time to time is in effect or the inability or failure
of the Maker for any other reason to perform or comply with any or all of its obligations under the above Note.

 

IN WITNESS WHEREOF, the undersigned has
executed this Guaranty as of March 7, 2012.

 

ADEONA CLINICAL LABORATORY, LLC

 

	By:	/s/ Narayan Torke	 
	Name: Narayan Torke	 
	Title: Managing MemberPLEDGE AND SECURITY AGREEMENT

 

PLEDGE AND SECURITY AGREEMENT (this “Agreement”)
dated as of March 7, 2012, made by Hartlab LLC, an Illinois limited liability company with offices at 391 Quadrangle Drive Suite
N9, Bolingbrook, IL 60440 (the “Pledgor”), in favor
of Synthetic Biologics, Inc., a Nevada corporation with offices at 3985 Research Park Drive, Suite 200, Ann Arbor, MI (the “Secured
Creditor”).

 

WHEREAS, pursuant
to a Membership Purchase Agreement, dated the date hereof (the “MPA”), the Secured Creditor is selling, and the Pledgor
is buying, one hundred percent (100%) of the membership interests in Adeona Clinical Laboratory, LLC, an Illinois limited liability
company (the “Company”), in exchange for a secured promissory note , dated the date hereof, in the amount of Seven
Hundred Thousand Dollars ($700,000) issued by Pledgor to the order of the Secured Creditor (the “Note”); and

 

WHEREAS, it is condition
precedent to the closing of the MPA by the Secured Creditor that the Pledgor shall have executed and delivered to the Secured Creditor
a pledge and security agreement providing for the pledge and grant to the Secured Creditor of a security interest in the collateral
identified and defined below, and obtained the Company’s limited, non-recourse, guaranty of the Note for the benefit of Secured
Creditor.

 

NOW, THEREFORE,
in consideration of the premises and the agreements herein and in order to induce the Secured Creditor to close the MPA, the Pledgor
hereby agrees with the Secured Creditor as follows:

 

SECTION 1. Definitions.
All terms used in this Agreement which are defined in Article 9 of the Uniform Commercial Code (the “Code”) currently
in effect in the State of Illinois and which are not otherwise defined herein shall have the same meanings herein as set forth
therein.

 

SECTION 2.  Pledge
and Grant of Security Interest. (a) As collateral security for all of the Obligations (as defined in Section 3 hereof), the
Pledgor hereby pledges, assigns and grants to the Secured Creditor a continuing security interest in the following collateral:
all of the assets of the Company, including, but not limited to, those listed on Schedule A and all
of the inventory, equipment, purchase orders, chattel paper, accounts, instruments and general intangibles, whether any of the
foregoing is owned now or acquired later, and all accessions, additions, replacements and substitutions relating to any of the
foregoing (including insurance, general intangibles and accounts proceeds) and all proceeds of the foregoing; in each case, howsoever
its interest therein may arise or appear (whether by ownership, security interest, claim or otherwise, the “Pledged Collateral”).

 

(b)           The Pledgor hereby represents and
warrants to Secured Creditor as follows:

 

(i)          The
Pledged Collateral is not pledged to secure any indebtedness other than the Note;

 

(ii)         The
execution, delivery, and performance of the Pledgor of this Agreement will not violate any provision of law, any order of any court
or other agency of government, or any agreement or other instrument to which the Pledgor is a party or by which the Pledgor is
bound, or be in conflict with, result in a breach of or constitute (with due notice, lapse of time, or both) a default under any
such agreement or other instrument, or result in the creation or imposition of any lien, charge, or encumbrance of any nature whatsoever
upon any of the property of assets of the Pledgor, except as contemplated by the provisions of this Agreement; and

 

    	 

    	 

    

 

(iii)        This
Agreement constitutes the legal, valid and binding obligation of the Pledgor and is enforceable against the Pledgor in accordance
with the terms hereof.

 

SECTION 3. Security
for Obligations. The security interest created hereby in the Pledged Collateral constitutes continuing collateral security
for all of the following obligations, whether now existing or hereafter incurred (the “Obligations”):

 

(a)         the prompt
payment by the Pledgor, as and when due and payable, of all amounts owing by it in respect of the Note; and

 

(b)         the due performance
and observance by the Pledgor of all of its other obligations from time to time existing under this Agreement.

 

SECTION 4.  Covenants
as to the Pledged Collateral. So long as any of the Obligations shall remain outstanding, the Pledgor will, unless the Secured
Creditor shall otherwise consent in writing:

 

(a)          keep adequate records
concerning the Pledged Collateral and permit the Secured Creditor or any agents or representatives thereof at any reasonable time
and from time to time to examine and make copies of and abstracts from such records;

 

(b)         at any time and
from time to time, promptly execute and deliver all further instruments and documents and take all further action that may be necessary
or desirable or that the Secured Creditor may request in order to (i) perfect and protect the security interest created hereby;
(ii) enable the Secured Creditor to exercise and enforce its rights and remedies hereunder in respect of the Pledged Collateral;
or (iii) otherwise effect the purposes of this Agreement; and

 

(c)         not create or suffer
to exist any lien, security interest or other charge or encumbrance upon or with respect to any Pledged Collateral, except for
the security interest created hereby.

 

SECTION 5.  Additional
Provisions Concerning the Pledged Collateral.

 

(a)        The Pledgor hereby
authorizes the Secured Creditor to file, without the signature of the Pledgor where permitted by law, one or more financing or
continuation statements, and amendments thereto, relating to the Pledged Collateral.

 

(b)        The Pledgor hereby
irrevocably appoints the Secured Creditor as its attorney-in-fact and proxy, with full authority in the place and stead of it and
in its name or otherwise, from time to time in the Secured Creditor's discretion, to take any action and to execute any instrument
which the Secured Creditor may deem necessary or advisable to accomplish the purpose of this Agreement.

 

SECTION 6. Remedies
Upon Default. If any Event of Default under the Note shall have occurred and be continuing:

 

(a)         The Secured Creditor
may, exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for herein or otherwise available
to it, all of the rights and remedies of a secured party on default under the Code then in effect in the State of Illinois, and
without limiting the generality of the foregoing and without notice except as specified below, sell the Pledged Collateral or any
part thereof in one or more parcels at public or private sale at such price or prices and on such other terms as the Secured Creditor
may deem commercially reasonable. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least five
days' notice to the Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall
constitute reasonable notification. The Secured Creditor shall not be obligated to make any sale of Pledged Collateral regardless
of notice of sale having been given. The Secured Creditor may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned.

 

    	- 2 -

    	 

    

 

(b)         All cash proceeds
received by the Secured Creditor in respect of any sale of, collection from, or other realization upon, all or any part of the
Pledged Collateral may, in the discretion of the Secured Creditor, be held by the Secured Creditor as collateral for, and/or then
or at any time thereafter applied in whole or in part by the Secured Creditor against, all or any part of the Obligations pro
rata as to the principal amount of the Note. Any surplus of such cash or cash proceeds held by the Secured Creditor and
remaining after payment in full of all of the Obligations shall be paid over to the Pledgor to such person as may be lawfully entitled
to receive such surplus.

 

(c)         In the event that
the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which the Secured Creditor is legally
entitled, the Pledgor shall remain liable for the deficiency and the Secured Creditor shall retain all rights to collect on such
Obligations provided by applicable law.

 

SECTION 7. Notices,
Etc. All notices and other communications provided for hereunder shall be in writing and shall be mailed, faxed or delivered,
if to the Pledgor, to it at the Pledgor’s address set forth above; and if to the Secured Creditor, to it at the address set
forth above; or as to any of such parties at such other address as shall be designated by such parties in a written notice to the
other parties hereto complying as to delivery with the terms of this Section 7. All such notices and other communications shall
be effective (i) if mailed, when deposited in the mails, (ii) if faxed, when the facsimile transmission is acknowledged as received,
or (iii) if delivered, upon delivery.

 

SECTION 8. Miscellaneous.

 

(a)       No amendment of
any provisions of this Agreement shall be effective unless it is in writing and signed by the Pledgor and the Secured Creditor,
and no waiver of any provision of this Agreement, and no consent to any departure by the Pledgor therefrom, shall be effective
unless it is in writing and signed by the Secured Creditor, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

 

(b)        No failure on the
part of the Secured Creditor to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other
right. The rights and remedies of the Secured Creditor provided herein are cumulative and are in addition to, and not exclusive
of, any rights or remedies provided by law.

 

(c)        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 unenforceabilty without invalidating the remaining portions hereof or thereof or affecting the validity
or enforceability of such provision on any other jurisdiction.

 

    	- 3 -

    	 

    

 

(d)       This Agreement
shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until the payment
in full or release of the obligations and (ii) be binding on the Pledgor and each of its assigns and shall inure, together with
all rights and remedies of the Secured Creditor hereunder, to the benefit of the Secured Creditor and its successors, transferees
and assigns.

 

(e)        Upon the satisfaction
in full of the Obligations: (i) this Agreement and the security interest created hereby shall terminate and all rights to the Pledged
Collateral shall revert to the Pledgor, and (ii) the Secured Creditor will, upon the Pledgor's request at the Pledgor's expense,
(A) return to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise disposed of or applied pursuant
to the terms hereof and (B) execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence
such termination.

 

(f)        This Agreement
shall be governed by and construed in accordance with the laws of the State of Illinois, except as required by mandatory provisions
of law and except to the extent that the validity and perfection or the perfection and the effect of perfection or non-perfection
of the security interest created hereby, or remedies hereunder, in respect of any particular Pledged Collateral are governed by
the law of a jurisdiction other than the State of Illinois. The parties hereto agree that all actions or proceedings arising in
connection with this Agreement shall be tried and litigated exclusively in the State and Federal courts located in Illinois. The
aforementioned choice of venue is intended by the parties to be mandatory and not permissive in nature, thereby precluding the
possibility of litigation between the parties with respect to or arising out of this Agreement in any jurisdiction other than that
specified in this paragraph. Each party hereby waives any right it may have to assert the doctrine of forum non conveniens or similar
doctrine or to object to venue with respect to any proceeding brought in accordance with this paragraph, and stipulates that the
State and Federal courts located in Illinois shall have in personam jurisdiction and venue over each of them for the purpose of
litigating any dispute, controversy, or proceeding arising out of or related to this Agreement. Each party hereby authorizes and
accepts service of process sufficient for personal jurisdiction in any action against it as contemplated by this paragraph by registered
or certified mail, return receipt requested, postage prepaid, to its address for the giving of notices as set forth in this Agreement.
Any final judgment rendered against a party in any action or proceeding shall be conclusive as to the subject of such final judgment
and may be enforced in other jurisdictions in any manner provided by law.

 

    	- 4 -

    	 

    

 

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

 

	 	PLEDGOR
	 	 
	 	HARTLAB LLC
	 	 
	 	 
	 	By:	/s/ Narayan Torke
	 	 	Name: Narayan Torke
	 	 	Title: Managing Member
	 	 	 
	 	SECURED CREDITOR
	 	 
	 	SYNTHETIC BIOLOGICS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey Riley
	 	 	Name: Jeffrey Riley
	 	 	Title: President and CEO

 

ACKNOWLEDGED AND AGREED

 

To secure its guarantee of the Note of even
date herewith, the undersigned hereby acknowledges and irrevocably agrees as provided above to the pledge of its assets as collateral
for the Note to the same extent as if the undersigned were the named Pledgor hereunder and, as such, hereby agrees to execute,
acknowledge and deliver, without further consideration, all such further assignments, conveyances, endorsements, deeds, powers
of attorney, consents and other documents and take such other action as may be reasonably requested to consummate or otherwise
perform the transactions contemplated by this Agreement.

 

ADEONA CLINICAL LABORATORY, LLC

 

	By:	/s/ Narayan Torke	 
	 	Name: Narayan Torke	 
	 	Title: Managing Member	 

 

    	- 5 -

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