Document:

Employment Agreement, dtd April 18,2006, William S. Keenan

 Exhibit 10.20 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered
into as of the 18th day of April 2006, by and between LBI Media, Inc., a California corporation (the “Company”), and Bill Keenan (the “Employee”). 
 WHEREAS, Company and Employee both desire to enter into an employment relationship and believe it to be in their mutual interest to set forth in writing all the terms and conditions thereof; and 
 WHEREAS, this Agreement shall govern the employment relationship between the parties from and after the date stated above and supersedes and
negates all previous agreements made between the parties, whether written or oral, relating to Employee’s employment with the Company; 
 NOW, THEREFORE, in consideration of the foregoing, and the mutual promises and covenants contained below, the parties agree as follows: 
 I. EMPLOYMENT. 
 A. POSITION. The Company hereby engages Employee on an exclusive basis to render
personal services as Chief Financial Officer of the Company, LBI Holdings I, Inc. (which may be merged with Liberman Broadcasting, Inc. (as so merged, “LBI”)) and their respective subsidiaries (collectively the “LBI Entities).
Employee shall perform such duties and have such responsibilities related to his position as Chief Financial Officer as assigned from time to time by the Company. Such duties and responsibilities shall in any event include, without limitation,
overall responsibility and supervision of the LBI Entities’ corporate finance, accounting, tax, control and any other financial matters. Without limiting the generality of the foregoing, such duties and responsibilities shall include without
limitation (a) managing the LBI Entities’ accounting department (including internal controls), (b) raising capital, (c) managing relationships with the LBI Entities’ creditors and other investment banks, commercial banks and
lending institutions, and insurers, (d) interacting with financial analysts and rating agencies, (e) managing cash, (f) budgeting, (g) overseeing the LBI Entities’ audits, (h) overseeing and adhering to all Securities
and Exchange Commission (“SEC”) reporting obligations, (i)

  

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overseeing and adhering to all other reporting obligations to other government agencies and to creditors, (j) overseeing and managing investor
relations, (k) overseeing insurance, risk management and litigation for the LBI Entities, (l) overseeing and managing human resources for the LBI Entities, and (m) any other duties and responsibilities as assigned from time to time by
the Chief Executive Officer, President, Executive Vice President or the Board of Directors of the Company. Employee hereby accepts such employment and agrees to devote his full employment energies, interest, abilities and time to the performance of
Employee’s duties to the Company. Employee shall promptly and faithfully comply with all the rules and regulations of applicable governmental regulatory agencies and with the reasonable instructions, directions, requests, rules and regulations
of the Company in connection with the performance of Employee’s duties. 
 B. TERM. The initial term of employment under
this Agreement shall be for a period commencing on May 3, 2006 and continuing, subject to the provisions of this Agreement, through May 2, 2009. 
 C. OPTION TO EXTEND. Unless this Agreement has been otherwise terminated pursuant to the terms of this Agreement, the Company shall have two (2) irrevocable options to extend this Agreement for two
(2) additional periods of one (1) year each under the terms and conditions set forth herein, the first such period commencing May 2, 2009. The options will be exercised automatically by the Company unless written notice that the
Agreement will not be extended is given to Employee by Company at least fifteen (15) days prior to the expiration of the initial term or any renewal term. 
 D. EXCLUSIVE NATURE OF SERVICES. During the term of this Agreement, including any option term, Employee’s services shall be exclusive in the field of electronic communication (including, without
limitation, all forms of radio and television). 
 II. COMPENSATION. 
 A. SALARY. During the initial term of this Agreement, the Company shall pay to Employee a salary at the rate of Two Hundred Fifty Thousand
Dollars ($250,000.00) per annum (less taxes and required withholdings). Employee’s salary shall be paid periodically in accordance with the Company’s normal payroll practices. 
  

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 1. Employee shall receive an annual performance review on or close to each anniversary of the
commencement date of his employment, at which time the Company shall consider increases to Employee’s salary. Any increase shall be in the discretion of the Company. 
 B. BONUS. Each twelve (12) month period during the term of this Agreement (including any option terms), the first such period to commence on May 3, 2006, Employee shall be eligible to receive
any and/or all of the following bonuses so long as Employee (i) has remained in the position of Chief Financial Officer for the entire applicable twelve (12) month period; and (ii) has performed fully all material obligations
hereunder (provided, however, that under no circumstances shall Employee receive more than Sixty Thousand Dollars ($60,000.00) as a bonus under this provision for any single twelve (12) month period): 
 1. In the event that Employee has remained in the position of Chief Financial Officer for the entire applicable twelve (12) month period, and has
performed fully all material obligations under this Agreement, Company shall pay to Employee a bonus in the amount of Twenty Thousand Dollars ($20,000). 
 2. In addition to the bonus set forth in Section II.B.(1) above, at the sole discretion of the Company’s President, Company also may pay to Employee a discretionary bonus at the end of the applicable twelve
(12) month period. The President of the Company shall determine, in his sole discretion, the amount of this discretionary bonus, if any, however, in no event shall that amount exceed Twenty Thousand Dollars ($20,000). 
 3. In addition to the bonuses set forth in Sections II.B.(1) and II.B.(2) above, if any, in the event that (i) the Company meets in all material
respects its financial budgets for the applicable twelve (12) month period, as presented to the Company’s lending institutions and analysts; (ii) the audits of the books of the LBI Entities for the calendar year ending during the
applicable twelve (12) month period were completed without any material concerns (as determined in the sole discretion of the Company’s President); and (iii) the Company meets all of its SEC reporting requirements for and/or during
the applicable twelve (12) month period in a timely manner, the Company will pay to Employee a bonus in the amount of Twenty Thousand Dollars ($20,000). 
  

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 Employee’s interest in any and all bonuses under this Section II.B shall not vest until the date
upon which the Company would be obligated to tender payment for the particular bonus. Any bonuses earned under this section shall be paid to Employee within 30 days of the close of the applicable 12 month period for which the bonus is calculated. In
the event Employee contends that any bonus has not been properly paid under this Agreement, Employee shall give written notice to the Company, and Company shall have thirty (30) days to cure any defect in Employee’s bonus payment.

 Notwithstanding anything to the contrary above (including Section II.B(2) above), if and to the extent required under stock exchange rules
or law, following an initial public offering of the common stock of LBI, the Employee’s bonus shall be determined by a compensation committee or in such other manner as the Company determines satisfies such applicable rules or laws. 

C. HEALTH INSURANCE. During the term of this Agreement, the Company shall pay all necessary premiums for Employee and his
dependents to participate in any medical insurance plan and dental insurance plan that may then be available to employees of the Company. Currently, the group health plan for the Company’s employees is provided by Blue Shield. The Company
reserves the right to change the insurance carrier and the level and amount of insurance benefits available to employees of the Company, and reserves the right to terminate said benefits at any time. 
 D. EXPENSES. The Company shall reimburse Employee, pursuant to the Company’s expense policies, for reasonable expenses
incurred in the performance of Employee’s duties as Chief Financial Officer. Such expenses may include reasonable business client entertainment expenses. Any question about the reasonableness of an expense shall be resolved by the
Company’s President in his/her sole discretion. 
 E. STOCK OPTIONS. If during the term of this Agreement
(including any option terms) LBI closes the sale and issuance of shares of common stock of LBI in an underwritten 

  

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public offering, pursuant to an effective registration statement under the Securities Act of 1933, as amended, Employee will receive a non-statutory stock
option grant to purchase shares of LBI’s Class A Common Stock with (1) an exercise price per share equal to the offering price of LBI’s Class A Common Stock in connection with such public offering, and (2) for a number
of shares such that the aggregate exercise price of all shares subject to such option is $400,000. The exercise price shall be determined without any discount from the stated offering price. Such initial grant shall be made one business day prior to
such public offering. The option will vest in three equal annual installments on the third, fourth and fifth anniversaries of the date of the grant (33 1/3% on each of the third, fourth and fifth anniversaries of the date of the grant). The stock
option shall have a 10-year term. 
 The foregoing grant will be made by the Company pursuant to and subject to the terms of any stock option
incentive plan that the Company or LBI may choose to adopt. The terms and conditions of such plan are subject to change from time to time. The stock option grant will be evidenced by shareholder agreement(s) that will be provided to Employee.
Notwithstanding any provision to the contrary in this Agreement, all options that are not vested shall immediately expire upon the termination of Employee’s employment with Company for any reason (including, but not limited to, Company’s
failure to exercise its option to extend the term of the Agreement pursuant to Section I.C) ), and any options not exercised before the termination of Employee for Cause (as defined below) shall be immediately forfeited, regardless of whether such
options were previously vested. 
 F. OTHER BENEFITS. Employee shall be entitled during the term of this
Agreement, including option terms, to participate in benefit plans or policies generally applicable to employees of the Company, including but not limited to, all retirement, deferred compensation and similar plans and programs generally available
to other employees of the Company as in effect from time to time, subject to any legally required restrictions specified in such plans and programs. 
 III. TERMINATION PRIOR TO EXPIRATION OF AGREEMENT. 
 A. DISABILITY. If Employee
becomes disabled due to sickness or accident during the term of this Agreement, including any option terms, and is no longer able to perform the 

  

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essential functions of the job with or without reasonable accommodation, and such disability continues for more than eight (8) consecutive weeks, the
Company, in its sole discretion, may either (1) suspend Employee’s obligation to render services hereunder and the Company’s obligation to pay Employee under the terms of this Agreement during the continuation of such disability, or
(2) terminate this Agreement immediately. If Employee is terminated as the result of disability, the Company shall not be obligated to make any further payments to Employee hereunder, except amounts due as salary and bonuses earned at the time
of such termination. 
 B. RESIGNATION OR DEATH. The Employee may resign his position at any time. In the event
of Employee’s resignation or death during the term of this Agreement, including any option terms, this Agreement shall terminate and the Company shall have no further obligation to Employee or Employee’s surviving spouse, estate or legal
representatives, except amounts due as salary and bonuses earned at the time of such termination. 
 C. TERMINATION FOR
CAUSE. The Company may terminate this Agreement at any time for “cause” as hereinafter defined. “Cause” shall be determined by the Board of Directors of the Company (the “Board”) and shall mean any of the
following: (1) failure of Employee to perform Employee’s duties pursuant to this Agreement in a manner or at a level acceptable to the Board, the Company’s Chief Executive Officer, the Company’s President or the Company’s
Executive Vice President; (2) personal dishonesty by Employee involving Company business; (3) breach of fiduciary duty by Employee to the Company involving personal profit; (4) commission of a felony by Employee which in the
Company’s judgment has or may have an adverse affect on the Company’s business or reputation; (5) Employee’s use of any illegal drug, narcotic, or excessive amounts of alcohol (as determined by the Company in its discretion) on
Company property or at a function where Employee is working on behalf of the Company; (6) Employee’s willful refusal to comply with reasonable requests made of Employee by the Company’s Chief Executive Officer, the Company’s
President or Executive Vice President; (7) a breach by Employee of any material provision of this Agreement; (8) any failure of an audit of the books of the LBI Entities to be completed without any material concerns (as determined in the
sole discretion of the Company’s Chief Executive Officer or the Company’s President), including, without limitation, failure to receive audited annual financial statements and an opinion related thereto that meet the requirements of the
Company’s financing documents from 

  

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the Company’s independent certified public accountants in a timely manner (unless the failure to receive such an opinion is due solely to circumstances
that occurred prior to the date of this Agreement); (9) failure to meet reporting obligations to the SEC or any applicable financial institution or creditor on a timely basis; or (10) any other matter which would constitute good cause for
termination under applicable law. The finding of “cause” by the Board shall be final and conclusive. If the Company terminates this Agreement for cause, the Company shall not be obligated to make any further payments to Employee hereunder,
except amounts due as salary and bonuses earned at the time of such termination. 
 D. PUBLIC MORALS. If Employee
commits any act or becomes involved in any situation, or occurrence, which degrades Employee in society, or brings Employee into public disrepute, contempt, scandal or ridicule, or which justifiably shocks, insults or offends the community, or which
reflects negatively upon Employee, the Company, a sponsor or a licensee of the Company’s stations, or if publicity is given to any such conduct, commission or involvement on the part of Employee, which occurred previously, the Company shall
have the right to terminate this Agreement immediately. 
 E. FORCE MAJEURE. In the event that the Company
exercises its options to extend the term of this Agreement, pursuant to Section I.C above, and during any such option term, due to labor disputes, government regulations, or because of the failure of broadcasting facilities due to war or other
calamity (collectively, “Force Majeure”) the Company in good faith believes it is unable to utilize Employee’s services, the Company shall have the right upon twenty-four (24) hours prior notice to Employee to suspend
Employee’s services for the duration of such Force Majeure, or for any part thereof, and no compensation will be paid or accrue to Employee during any such period of suspension; provided that such suspension shall end as soon as such Force
Majeure terminates. 
 F. TERMINATION WITHOUT CAUSE. The Company may terminate Employee’s employment at any
time without Cause or Employee’s disability. In the event the Company terminates Employee’s employment without Cause or Employee’s disability during the term of this Agreement, including any option terms, this Agreement shall
terminate and the Company shall have no further obligation to Employee or Employee’s surviving spouse, estate or 

  

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legal representatives, except that Company shall (1) pay Employee any amounts due as salary and bonuses earned at the time of such termination, and
(2) continue the payment of Employee’s base salary for a period of six (6) months following such termination. 
 IV. RIGHTS TO
COMPANY MATERIALS, CONFIDENTIALITY. 
 A. Employee agrees that all lists, materials, books, files, reports, correspondence, records,
communications and other documents and information provided by, prepared by, or made available by any LBI Entity to Employee in connection with his services hereunder (“Company Materials”) shall be and shall remain the property of the
Company. Upon the termination of employment or the expiration of this Agreement, all Company Materials shall be returned immediately to the Company, and Employee shall not make or retain any copies thereof. All Company Materials and confidential
information relating to the Company or its operations shall remain the property of the Company and shall not be disclosed by Employee to any other party. In consideration for employment with the Company and in exchange for the consideration provided
for by this Agreement, Employee specifically agrees that after termination of Employee’s employment with the Company for any reason, Employee shall not, without the prior written consent of the Company, or as may otherwise be required by law or
legal process, use or communicate or divulge any Company Materials or confidential information, knowledge or data to anyone other than the Company and those specifically designated by it. Employee acknowledges and agrees that, as a condition of
employment, Employee will be required to execute a stand-alone Confidentiality and Non-Disclosure Agreement, prior to performing any services pursuant to this Agreement. 
 B. Because damages for any disclosure of Company Materials in violation of the foregoing would be difficult if not impossible to ascertain, Employee hereby agrees that if Employee discloses confidential information in
violation of this Agreement, the Company shall be entitled to an award of the greater of its actual damages or liquidated damages against Employee in the amount of One Hundred Thousand Dollars ($100,000.00); and, in addition, the Company shall be
entitled to an award against Employee for the reasonable attorneys’ fees and costs incurred in enforcing this provision. 
  

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 V. INJUNCTIVE RELIEF. 
 A. Employee acknowledges that the services Employee is to render to Company are of a special, peculiar and extraordinary character that gives them a unique value, the loss of which cannot be reasonably or adequately
compensated for in damages in a legal action. It is further expressly acknowledged and agreed that the Company will or would suffer irreparable injury if Employee were to fail to perform services required under this Agreement and that the Company
would by reason of that injury be entitled to injunctive relief in a court of appropriate jurisdiction in addition to any other rights or remedies which may be available to the Company. Employee further consents and stipulates to the entry of such
injunctive relief in such a court prohibiting Employee from competing with the Company in violation of this Agreement. 
 VI. SOLICITING
EMPLOYEES. 
 A. Employee promises and agrees that Employee will not, during the term of this Agreement, including any option terms,
or for a period of twelve (12) months thereafter, directly or indirectly solicit any employees of the Company having an annual rate of income from the Company of eighteen thousand dollars ($18,000.00) or more, to work for any business,
individual, partnership, firm, corporation, or other entity then in competition with the business of the Company or any subsidiary or affiliate of the Company, including, but not limited to, any radio station or television station broadcasting
within a one hundred fifty (150) mile radius of Los Angeles, California. 
 B. Because damages for any such solicitation of Company
employees in violation of the foregoing would be difficult if not impossible to ascertain, Employee hereby agrees that if Employee solicits employees in violation of this Agreement, the Company shall be entitled to an award of the greater of its
actual damages or liquidated damages against Employee in the amount of One Hundred Thousand Dollars ($100,000.00) (per employee solicited or hired); and, in addition, the Company shall be entitled to an award against Employee for the reasonable
attorneys’ fees and costs incurred in enforcing this provision. 
 VII. SOLICITING CUSTOMERS. 
 A. Employee promises and agrees that Employee will not, during the term of this Agreement, including any option terms, or for a period of twelve
(12) months after termination of this Agreement, influence or attempt to influence customers of the Company, either directly or 

  

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indirectly, to divert their business to any individual, partnership, firm, corporation or other similar entity then in competition with the business of the
Company or any subsidiary or affiliate of the Company, including, but not limited to, any radio station or television station broadcasting within a one hundred fifty (150) mile radius of Los Angeles, California. 
 B. Because damages for any such solicitation of Company customers in violation of the foregoing would be difficult if not impossible to ascertain,
Employee hereby agrees that if Employee solicits customers in violation of this Agreement, the Company shall be entitled to an award of the greater of its actual damages or liquidated damages against Employee in the amount of One Hundred Thousand
($100,000.00) (per customer solicited); and, in addition, the Company shall be entitled to an award against Employee for the reasonable attorneys’ fees and costs incurred in enforcing this provision. 
 VIII. ARBITRATION. 
 Any
controversy arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or arising out of or relating in any way to
Employee’s employment or association with any LBI Entity or termination of the same, including, without limiting the generality of the foregoing, any alleged violation of statute, common law or public policy, including, but not limited to, any
state or federal statutory claims, shall be submitted to arbitration in Los Angeles County, California, before a sole arbitrator selected from Judicial Arbitration and Mediation Services, Inc., Los Angeles County, California, or its successor
(“JAMS”), or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected from the American Arbitration Association, and shall be conducted in accordance with the provisions of California Code of Civil Procedure
§§ 1280 et seq. as the exclusive forum for the resolution of such dispute; provided, however, that provisional injunctive relief may, but need not, be sought by either party to this Agreement in a court of law while arbitration proceedings
are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the Arbitrator. The Arbitrator shall be selected by mutual agreement of the parties or, if the parties cannot
agree, then by striking from a list of arbitrators supplied by JAMS. Final resolution of any dispute 

  

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through arbitration may include any remedy or relief which the Arbitrator deems just and equitable, including any and all remedies provided by applicable
state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the Arbitrator’s award or decision is based. Any award or relief
granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction. The parties acknowledge and agree that they are hereby waiving any rights to trial by jury in any
action, proceeding or counterclaim brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement or the provision of services under this Agreement. The Company
will pay the arbitrator’s fees and arbitration expenses and any other costs associated with the arbitration or arbitration hearing that are unique to arbitration (recognizing that each side bears its own deposition, witness, expert and
attorneys’ fees and other expenses as and to the same extent as if the matter were being heard in court). 
 IX. MISCELLANEOUS.

 A. ENTIRE AGREEMENT; WAIVER; MODIFICATION. This instrument constitutes the entire agreement of the parties hereto and
supersedes and replaces any other written or oral agreement or understanding with respect to the subject matter hereof. This Agreement may only be modified, amended or waived by written instrument executed by both parties. No waiver of a breach
hereof shall be deemed to constitute a waiver of a future breach, whether of a similar or a dissimilar nature. 
 B. RIGHTS
CUMULATIVE. The Company’s rights under this Agreement are cumulative, and the exercise of one right will not be deemed to preclude the exercise of any other rights; likewise, the Company’s rights hereunder are in addition to any
other rights of the Company at law or in equity. 
 C. COMMUNICATIONS. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if hand-delivered or if mailed by registered or certified mail, postage prepaid, addressed to Employee at Employee’s address as it appears on the records of the Company
or addressed to the 

  

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Company at its principal office at 1845 Empire Avenue, Burbank, California 91504. Either party may change the address at which notice shall be given by
written notice given in the above manner. 
 D. SAVINGS CLAUSE. Should any valid federal or state law or final determination of
any administrative agency or court of competent jurisdiction affect any provision of this Agreement, the provision or provisions so affected shall be automatically conformed to the law or determination and otherwise this Agreement shall continue in
full force and effect. 
 E. GOVERNING LAWS. This Agreement shall be governed as to its validity and effect by the laws of the
State of California without regard to principles of conflict of laws. 
 F. CONSTRUCTION. Each party has cooperated in the
drafting and preparation of this Agreement, and therefore, the Agreement shall not be construed against either party on the basis that any particular party was the drafter. 
 G. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 
 H. SURVIVAL. Sections IV, V, VI, VII, VIII and IX of this Agreement shall survive the termination of this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

					
	 EMPLOYEE
	 	LBI MEDIA, INC.
			
	 /s/ William S. Keenan
	 		 	 /s/ Lenard D. Liberman

	 Bill Keenan
	 	By:	 	Lenard D. Liberman
		 	Its:	 	Executive Vice President

  

 12Mickael A. Flaa Warrant

 EXHIBIT 4.2 
 THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS. SUCH WARRANT AND OTHER SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN
A TRANSACTION WHICH IN THE OPINION OF SECURITIES COUNSEL REASONABLY SATISFACTORY TO THE COMPANY IS EXEMPT FROM REGISTRATION UNDER APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT THEREUNDER. 

COMMON STOCK PURCHASE WARRANT 
 For the
Purchase of 200,000 Shares of Common Stock, 
 $.001 Par Value 
 of 
 CARDIOVASCULAR BIOTHERAPEUTICS, INC. 
 (A Delaware Corporation) 
 THIS CERTIFIES THAT, for $.001 per warrant and other
valuable consideration received, “Mickael A. Flaa, as registered owner of this Warrant, is entitled to at any time or from time to time before 5:00 P.M., PDT, on the Expiration Date, but not thereafter, to subscribe for, purchase and receive
200,000 shares of fully paid an nonassessable shares of the common stock, $.001 par value (the “Common Stock”), of CardioVascular BioTherapeutics, Inc., a Delaware corporation (the “Company”). As used herein, the term
“Expiration Date” shall mean the date that is ten (10) years following the Effective Date; and the term “Effective Date” means the date hereof. The exercise price for such number of shares shall be $2.00 per share. The
number of shares of the Common Stock to be received upon the exercise of this Warrant and the price to be paid for a share of Common Stock may be adjusted from time to time as hereinafter set forth. The shares of Common Stock deliverable upon such
exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Stock” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to time is hereinafter referred to as
the “Exercise Price.” In addition, under certain circumstances as set forth herein, the Holder shall have the right to require the Company to register the Warrant Stock. 
 1. Exercise of Warrant. This Warrant may be exercised in whole or in part at any time or times during the period commencing on the date that is
one (1) year after the Effective Date and ending on the Expiration Date. This Warrant may be exercised by presentation and surrender of this Warrant and payment by cashier’s check of the Exercise Price for such shares of Common Stock to
the Company at the principal office of the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 P.M., PDT, on the Expiration Date, this Warrant shall without any action on the part of the Company being
required, become and be void without further force or effect, and all rights represented hereby shall cease and expire. This Warrant may be exercised in accordance with its terms in whole or in part (payment of a portion of the Exercise Price shall
proportionately reduce the number of shares to be issued to the Holder). In the event of the exercise of this Warrant in part only, the Company shall cause to be delivered to the Holder a new Warrant of like tenor to this Warrant in the name of the
Holder evidencing the right of the Holder to purchase the number of shares of the Common Stock purchasable hereunder as to which this Warrant has not been exercised. 
 2. Right of Repurchase. The Warrant contains no express or mandatory repurchase right. 
 3. Rights
of the Holder. The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable
against the Company except to the extent set forth herein. 
  

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 4. Anti-Dilution Provisions. 
 (a) Adjustments. In case (i) the outstanding shares of the Common Stock shall be subdivided into a greater number of shares,
(ii) a dividend in Common Stock shall be paid in respect of Common Stock, or (iii) the outstanding shares of Common Stock shall be combined into a smaller number of shares thereof, the Exercise Price per share in effect immediately prior
to such subdivision or combination or at the record date of such dividend or distribution shall simultaneously with the effectiveness of such subdivision or combination or immediately after the record date of such dividend or distribution be
proportionately adjusted to equal the product obtained by multiplying the Exercise Price by a fraction, the numerator of which is the number of outstanding shares of Common Stock prior to such combination, subdivision or dividend, and the
denominator of which is that number of outstanding shares of Common Stock after giving effect to such combination, subdivision or dividend. Any dividend paid or distributed on the Common Stock in stock or any other securities convertible into shares
of Common Stock shall be treated as a dividend paid in Common Stock to the extent that shares of Common Stock are issuable upon the conversion thereof. 
 Whenever the Exercise Price per share is adjusted as provided in the immediately preceding paragraph, the number of shares of the Warrant Stock purchasable upon exercise of the Warrant immediately prior to such
Exercise Price adjustment shall be adjusted, effective simultaneously with such Exercise Price adjustment, to equal the product obtained (calculated to the nearest full share) by multiplying such number of shares of the Warrant Stock by a fraction,
the numerator of which is the Exercise Price per share in effect immediately prior to such Exercise Price adjustment and the denominator of which is the Exercise Price per share in effect upon such Exercise Price adjustment, which adjusted number of
shares of the Warrant Stock shall thereupon be the number of shares of the Warrant Stock purchasable upon exercise of the Warrant until further adjusted as provided herein. 
 (b) No Adjustment for Small Amounts. Anything in this Section 4 to the contrary notwithstanding, the Company shall not be
required to give effect to any adjustment in the Exercise Price unless and until the net effect of one or more adjustments, determined as above provided, shall have required a change of the Exercise Price by at least ten cents, but when the
cumulative net effect of more than one adjustment so determined shall be to change the actual Exercise Price by at least ten cents, such change in the Exercise Price shall thereupon be given effect. 
 (c) Common Stock Defined. Whenever reference is made in this Section 4 to the issue or sale of shares of Common Stock, the
term “Common Stock” shall mean the Common Stock of the Company of the class authorized as of the date hereof and any other class of stock ranking on a parity with such Common Stock. However, shares issuable upon exercise hereof shall
include only shares of the class designated as Common Stock of the Company as of the date hereof. 
 5. Registration Rights with Respect
to this Warrant and Underlying Shares. 
 (a) Piggyback Registration Rights. In the event the Company proposes to
file a registration statement under the Securities Act of 1933 (“Securities Act” or “Act”) which relates to a current offering of securities of the Company (except in connection with an offering on Form S-8 or S-4 or any other
inappropriate form), such registration statement (and the prospectus included therein) shall also, at the written request to the Company by the Holder, relate to and meet the requirements of the Act with respect to any public offering of the Warrant
and Warrant Stock so as to permit the public sale of this Warrant and Warrant Stock. The Company shall give written notice to the Holder of its intention to file a registration statement under the Act relating to a current offering of securities in
the Company not less than thirty (30) days prior to the filing of such registration statement. The written request by Holder to include this Warrant and Warrant Stock held by such Holder shall be given to the Company not less than twenty
(20) days prior to the date specified in the notice(s) as the date on which it is intended to file such registration statement. Neither the delivery of such notice by the Company nor of such request by Holder shall obligate the Company to file
such registration statement and notwithstanding the filing of such registration statement, the Company may, at any time prior to the effective day thereof; determine to withdraw such registration statement and not offer the securities intended to be
offered by the Company to which the registration statement relate, without liability to the Holder on account thereof. 
  

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 (b) General. In each instance in which the Company shall take any action to permit
a public offering or sale or other distribution of this Warrant and Warrant Stock pursuant to a registration statement to be filed under subpart (a) above, the Company shall: 
 (i) Supply to Holder a reasonable number of copies of the preliminary, final and other prospectuses in conformity with requirements of the
Act and the rules and regulations promulgated thereunder and such other documents the Holder as shall reasonably request. 
 (ii) Use its best efforts to cause this Warrant and Warrant Stock to be registered, qualified or exempted under the securities laws of such reasonable number and selection of states selected by the Holder and do any and all other acts and
things which may be necessary or advisable to enable Holder to consummate the proposed sale or other disposition of this Warrant and Warrant Stock in such states; provided, however, that in no event shall the Company be obligated, in connection
therewith, to qualify to do business or to file a general consent to service of process in any jurisdiction where it shall not then be qualified. 
 (iii) Pay all costs of the Registration Statement and public offering exclusive of brokers or sales commissions on the sale of this Warrant and Warrant Stock; and any legal fees incurred by the Holder in connection
with the registration statement or public offering. 
 (iv) Indemnify and hold harmless Holder and each underwriter, within
the meaning of the Act, who may purchase from or sell for Holder, any Warrant or Warrant Stock, from and against any and all losses, claims, damages, and liabilities (including, but not limited to, any and all expenses whatsoever reasonably incurred
in investigating, preparing, defending or settling any claim) arising from any untrue or alleged untrue statement of a material fact contained in any registration statement furnished pursuant to Section 5, or any prospectus contained therein or
delivered thereunder, or from any omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, unless such untrue
statement or omission based upon information furnished or required to be furnished in writing to the Company by Holder or underwriter in writing expressly for use therein, which indemnification shall include each person, if any, who controls the
Holder or underwriter within the meaning of the Act; provided, however, that the Company shall not be so obligated to indemnify the Holder or underwriter or controlling person unless such Holder and underwriter shall at the same time indemnify the
Company, its directors, each officer signing any registration statement or any amendment to any registration statement and each person, if any, who controls the Company within the meaning of the Act, from and against any and all losses, claims,
damages and liabilities (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing, defending or settling any claim) arising from (a) any untrue or alleged untrue statement of a material fact
contained in any registration statement or any amendment to any registration or prospectus furnished pursuant to this Section 5, or (b) any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but the indemnity of the Holder, underwriter or controlling person shall be limited to liability based upon information furnished in
writing to the Company by the Holder or underwriter or controlling person expressly for use therein. The indemnity agreement of the Company herein shall not inure to the benefit of any such underwriter (or to the benefit of any person who controls
such underwriter) on account of any losses, claims, damages, liabilities (or actions or proceedings in respect thereof) arising from the sale of this Warrant or any Warrant Stock by such underwriter to any person if such underwriter failed to send
or give a copy of the prospectus furnished pursuant to this Section 5, as the same may then be supplemented or amended (if such supplement or amendment shall have been furnished pursuant to this Section 5, to such person with or prior to
the written confirmation of the sale involved. 
 (c) Additional Terms and Conditions. Notwithstanding any other
provision of this Section 5: 
 (i) The Company shall be obligated under subpart (a) to offer piggyback registration
two times only. 
 (ii) If, in the case of a public offering of the Company’s securities proposed to be made by the
Company or through a firm of underwriters, the Company shall certify in a writing addressed to the Holder that in their opinion a registration of the Warrant and Warrant Stock would adversely affect the offering, then the Company may elect to
suspend its obligations under subpart (a) until such as, in the opinion of the managing 

  

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underwriters, the offering would not be adversely affected by the registration of the Warrant and Warrant Stock. In the event of such a suspension, the
Company shall remain obligated to offer the registration rights under subpart (a) on the occasion of its next public offering. 
 (iii) The registration rights under this Section 5 shall expire at 5:00 P.M., PDT, on the Expiration Date, except as otherwise provided in Section 5(c)(ii). 
 6. Transfer to Comply with the Securities Act of 1933. 
 (a) This Warrant may not be sold or assigned except to the Company, and the Warrant Stock or any other security issued or issuable upon
exercise of this Warrant may not be sold, transferred or otherwise disposed of except to a person who, in the opinion of counsel for the Company, is a person to whom such Warrant Stock may legally be transferred without registration and without the
delivery of a current prospectus under the Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of this Section 6 with respect to any resale or other disposition of such securities.

 (b) The Company may cause the following legend to be set forth on each certificate representing Warrant Stock or any other
security issued or issuable upon exercise of this Warrant not theretofore distributed to the public or sold to underwriters for distribution to the public pursuant to Section 5 hereof, unless counsel for the Company is of the opinion as to any
such certificate that such legend is unnecessary: 
 “The securities represented by this certificate may not be offered for sale, sold or
otherwise transferred except pursuant to an effective registration statement made under the Securities Act of 1933 (the “Act”), or pursuant to an exemption from registration under the Act, the availability of which is to be established to
the satisfaction of the Company.” 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by it’s duly authorized
officer on this 23rd day of June 2003. 
  

			
	CARDIOVASCULAR BIOTHERAPEUTICS, INC.
		
	By	 	/s/ DANIEL C. MONTANO
		 	 Name: Daniel C. Montano
 Title:
President

  

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