Document:

REGISTRATION
      RIGHTS AGREEMENT

     

    This
      REGISTRATION RIGHTS AGREEMENT
      (this
“Agreement”),
      dated
      as of March 31, 2008, is by and among Generex Biotechnology Corporation, a
      Delaware corporation with headquarters located at 33 Harbour Square, Suite
      202,
      Toronto, Ontario, Canada (the “Company”),
      and
      the undersigned buyers (each, a “Buyer”,
      and
      collectively, the “Buyers”).
      

     

    RECITALS

     

    A. In
      connection with the Securities Purchase Agreement by and among the parties
      hereto, dated as of March 31, 2008 (the “Securities
      Purchase Agreement”),
      the
      Company has agreed, upon the terms and subject to the conditions of the
      Securities Purchase Agreement, to issue and sell to each Buyer (i) the Notes
      (as
      defined in the Securities Purchase Agreement) which will be convertible into
      Conversion Shares (as defined in the Securities Purchase Agreement) in
      accordance with the terms of the Notes and (ii) the Warrants (as defined in
      the
      Securities Purchase Agreement) which will be exercisable to purchase Warrant
      Shares (as defined in the Securities Purchase Agreement) in accordance with
      the
      terms of the Warrants.

     

    B. To
      induce
      the Buyers to execute and deliver the Securities Purchase Agreement, the Company
      has agreed to provide certain registration rights under the Securities Act
      of
      1933, as amended, and the rules and regulations thereunder, or any similar
      successor statute (collectively, the “1933
      Act”),
      and
      applicable state securities laws.

     

    AGREEMENT

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the mutual covenants contained herein and
      for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the Company and each of the Buyers hereby agree as
      follows:

     

    
      	
              1.

            	
              Definitions.
                

            

    

     

    Capitalized
      terms used herein and not otherwise defined herein shall have the respective
      meanings set forth in the Securities Purchase Agreement. As used in this
      Agreement, the following terms shall have the following meanings:

     

    (a) “Business
      Day”
means
      any day other than Saturday, Sunday or any other day on which commercial banks
      in New York, New York are authorized or required by law to remain
      closed.

     

    (b) “Closing
      Date”
shall
      have the meaning set forth in the Securities Purchase Agreement.

     

    (c) “Effective
      Date”
means
      the date that the applicable Registration Statement has been declared effective
      by the SEC.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d) “Effectiveness
      Deadline”
means
      (i) with respect to the initial Registration Statement required to be filed
      to
      cover the resale by the Investors of the Registrable Securities the
      90th
      calendar
      day after the Closing Date (or the 120th
      calendar
      day after the Closing Date in the event that such Registration Statement is
      subject to review by the SEC) and (b) with respect to any additional
      Registration Statements that may be required to be filed by the Company pursuant
      to this Agreement, the 90th
      calendar
      day following the date on which the Company was required to file such additional
      Registration Statement (or the 120th
      calendar
      day after such date in the event that such Registration Statement is subject
      to
      review by the SEC).

     

    (e) “Filing
      Deadline”
means
      (i) with respect to the initial Registration Statement required to be filed
      to
      cover the resale by the Investors of the Registrable Securities, the
      30th
      calendar
      day after the Closing Date and (ii) with respect to any additional Registration
      Statements that may be required to be filed by the Company pursuant to this
      Agreement, the date on which the Company was required to file such additional
      Registration Statement pursuant to the terms of this Agreement.

     

    (f) “Investor”
means
      a
      Buyer or any transferee or assignee
      of
      any Registrable Securities, Notes or Warrants, as applicable, to whom a Buyer
      assigns its rights under this Agreement and who agrees to become bound by the
      provisions of this Agreement in accordance with Section 9
      and any
      transferee or assignee thereof to whom a transferee or assignee of any
      Registrable Securities, Notes or Warrants, as applicable, assigns its rights
      under this Agreement and who agrees to become bound by the provisions of this
      Agreement in accordance with Section 9.

     

    (g) “Person”
means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization and a government or any
      department or agency thereof.

     

    (h) “register,”
      “registered,”
and
      “registration”
refer
      to a registration effected by preparing and filing one or more Registration
      Statements in compliance with the 1933 Act and pursuant to Rule 415 and the
      declaration of effectiveness of such Registration Statement(s) by the
      SEC.

     

    (i) “Registrable
      Securities”
means
      (i) the Conversion Shares issued or issuable upon conversion of the Notes,
      (ii) the Warrant Shares issued or issuable upon exercise of the Warrants
      and (iii) any capital stock of the Company issued or issuable with respect
      to
      the Conversion Shares, the Warrant Shares, the Notes or the Warrants, including,
      without limitation, (1) as a result of any share split, share dividend,
      recapitalization, exchange or similar event or otherwise and (2) shares of
      capital stock of the Company into which the shares of Common Stock (as defined
      in the Securities Purchase Agreement) are converted or exchanged and shares
      of
      capital stock of a Successor Entity (as defined in the Warrants) into which
      the
      shares of Common Stock are converted or exchanged, in each case, without regard
      to any limitations on conversion of the Notes or exercise of the
      Warrants.

     

    (j) “Registration
      Statement”
means
      a
      registration statement or registration statements of the Company filed under
      the
      1933 Act covering the Registrable Securities.

     

    
      
         

      

      
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    (k) “Required
      Holders”
means
      the holders of at least eighty percent (80%) of the Registrable
      Securities.

     

    (l) “Required
      Registration Amount”
means
      120% of the sum of (i) the maximum number of Conversion Shares issued and
      issuable pursuant to the Notes and (ii) the maximum number of Warrant Shares
      issued and issuable pursuant to the Warrants as of the Trading Day (as defined
      in the Securities Purchase Agreement) immediately preceding the applicable
      date
      of determination (without taking into account any limitations on the conversion
      of the Notes or the exercise of the Warrants set forth therein), all subject
      to
      adjustment as provided in Section 2(d).

     

    (m) “Rule
      144”
means
      Rule 144 promulgated by the SEC under the 1933 Act or any other similar or
      successor rule or regulation of the SEC that may at any time permit the
      Investors to sell securities of the Company to the public without
      registration.

     

    (n) “Rule
      415”
means
      Rule 415 promulgated by the SEC under the 1933 Act or any successor rule
      providing for offering securities on a continuous or delayed basis.

     

    (o) “SEC”
means
      the United States Securities and Exchange Commission.

     

    
      	
              2.

            	
              Registration.

            

    

     

    (a) Mandatory
      Registration.
      The
      Company shall prepare, and, as soon as practicable, but in no event later than
      the Filing Deadline, file with the SEC a Registration Statement on Form S-3
      covering the resale of all of the Registrable Securities. In the event that
      Form
      S-3 is unavailable for such a registration, the Company shall use such other
      form as is available for such a registration on another appropriate form
      reasonably acceptable to the Required Holders, subject to the provisions of
      Section 2(c).
      The
      Registration Statement prepared pursuant hereto shall register for resale at
      least the number of shares of Common Stock equal to the Required Registration
      Amount as of the date such Registration Statement is initially filed with the
      SEC. The Registration Statement shall contain (except if otherwise directed
      by
      the Required Holders) the “Selling
      Shareholders”
and
      “Plan
      of Distribution”
      sections in substantially the form attached hereto as Exhibit
      B.
      The
      Company shall use its best efforts to have such Registration Statement declared
      effective by the SEC as soon as practicable, but in no event later than the
      Effectiveness Deadline. By 9:30 a.m. on the Business Day immediately following
      the Effective Date of the applicable Registration Statement, the Company shall
      file with the SEC in accordance with Rule 424 under the 1933 Act the final
      prospectus to be used in connection with sales pursuant to such Registration
      Statement.
      Notwithstanding anything to the contrary contained in this Agreement, other
      than
      during an Allowable Grace Period, the Company shall ensure that, when filed
      and
      at all times while effective, each Registration Statement and the prospectus
      used in connection with such Registration Statement will disclose (whether
      directly or through incorporation by reference to other SEC filings to the
      extent permitted) all material information regarding the Company and its
      securities. In no event shall the Company include any securities other than
      Registrable Securities on any Registration Statement without the prior written
      consent of the Required Holders. The Company shall not after the date hereof
      until the Effective Date of the Registration Statement required to be filed
      pursuant to this Section 2(a)
      enter
      into any agreement providing any such right to any of its security
      holders.

     

    
      
         

      

      
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    (b) Legal
      Counsel.
      Subject
      to Section 5
      hereof,
      Cranshire Capital, L.P. shall have the right to select one (1) legal counsel
      to
      review and oversee, solely on its behalf, any registration pursuant to this
      Section 2
      (“Legal
      Counsel”),
      which
      shall be Greenberg Traurig, LLP or such other counsel as thereafter designated
      by Cranshire Capital, L.P.

     

    (c) Ineligibility
      for Form S-3.
      In the
      event that Form S-3 is not available for the registration of the resale of
      Registrable Securities hereunder, the Company shall (i) register the resale
      of
      the Registrable Securities on another appropriate form reasonably acceptable
      to
      the Required Holders and (ii) undertake to register the Registrable Securities
      on Form S-3 as soon as such form is available, provided
      that the
      Company shall maintain the effectiveness of the Registration Statement then
      in
      effect until such time as a Registration Statement on Form S-3 covering the
      Registrable Securities has been declared effective by the SEC.

     

    (d) Sufficient
      Number of Shares Registered.
      In the
      event the number of shares available under a Registration Statement filed
      pursuant to Section 2(a)
      is
      insufficient to cover all of the Registrable Securities required to be covered
      by such Registration Statement, the Company shall amend the applicable
      Registration Statement, or file a new Registration Statement (on the short
      form
      available therefor, if applicable), or both, so as to cover at least the
      Required Registration Amount as of the Trading Day immediately preceding the
      date of the filing of such amendment or new Registration Statement, in each
      case, as soon as practicable, but in any event not later than fifteen (15)
      days
      after the necessity therefor arises. The Company shall use its best efforts
      to
      cause such amendment and/or new Registration Statement to become effective
      as
      soon as practicable following the filing thereof. For purposes of the foregoing
      provision, the number of shares available under a Registration Statement shall
      be deemed “insufficient to cover all of the Registrable Securities” if at any
      time the number of shares of Common Stock available for resale under the
      Registration Statement is less than the product determined by multiplying (i)
      the Required Registration Amount as of such time by (ii) 0.90. The calculation
      set forth in the foregoing sentence shall be made without regard to (i) any
      limitations on the conversion of the Notes (and such calculation shall assume
      that the Notes are then fully convertible into shares of Common Stock at the
      then prevailing applicable Conversion Price) or (ii) any limitations on the
      exercise of the Warrants (and such calculation shall assume that the Warrants
      are then fully exercisable for shares of Common Stock at the then prevailing
      applicable Exercise Price).

     

    
      
         

      

      
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    (e) Effect
      of Failure to File and Obtain and Maintain Effectiveness of Registration
      Statement.
      If (i)
      a Registration Statement covering the resale of all of the Registrable
      Securities required to be covered thereby and required to be filed by the
      Company pursuant to this Agreement is (A) not filed with the SEC on or before
      the Filing Deadline (a “Filing
      Failure”)
      (it
      being understood that if the Company files a Registration Statement without
      affording each Investor the opportunity to review and comment on the same as
      required by Section 3(c)
      hereof,
      the
      Company shall not be deemed to have satisfied this clause (i)(A) and such event
      shall be deemed to be a Filing Failure)
      or (B)
      not declared effective by the SEC on or before the Effectiveness Deadline (an
      “Effectiveness
      Failure”)
      (it
      being understood that if on the Business Day immediately following the Effective
      Date the Company shall not have filed a “final” prospectus for such Registration
      Statement with the SEC under Rule 424(b) in accordance with Section 2(a)
      above
      (whether or not such a prospectus is technically required by such rule), the
      Company shall not be deemed to have satisfied this clause (i)(B) and such event
      shall be deemed to be an Effectiveness Failure), (ii) on any day after the
      Effective Date of such Registration Statement sales of all of the Registrable
      Securities required to be included on such Registration Statement cannot be
      made
      (other than during an Allowable Grace Period (as defined in Section 3(r))
      pursuant to such Registration Statement (including, without limitation, because
      of a failure to keep such Registration Statement effective, to disclose such
      information as is necessary for sales to be made pursuant to such Registration
      Statement, a suspension or delisting of (or a failure to timely list) the shares
      of Common Stock on its principal trading market or exchange, or to register
      a
      sufficient number of shares of Common Stock) (a “Maintenance
      Failure”),
      or
      (iii) after the expiration of the Registration Period (as defined below) the
      Company fails to file with the SEC any required reports under Section 13 or
      15(d) of the 1934 Act such that it is not in compliance with Rule 144(c)(1)
      (a
“Current
      Public Information Default”)
      as a
      result of which any of the Buyers are unable to sell all Registrable Securities
      without restriction under Rule 144 (including, without limitation, volume
      restrictions), then, as partial relief for the damages to any holder by reason
      of any such delay in or reduction of its ability to sell the underlying shares
      of Common Stock (which remedy shall not be exclusive of any other remedies
      available at law or in equity), the Company shall pay to each holder of
      Registrable Securities relating to such Registration Statement an amount in
      cash
      equal to four percent (4%) of such Investor’s original principal amount stated
      in such Investor’s Note on the Closing Date (1) on the date of such Filing
      Failure, Effectiveness Failure, Maintenance Failure or Current Public
      Information Default, as applicable, and (2) on every thirty (30) day anniversary
      of (I) a Filing Failure until such Filing Failure is cured; (II) an
      Effectiveness Failure until such Effectiveness Failure is cured; (III) a
      Maintenance Failure until such Maintenance Failure is cured; and (IV) a Current
      Public Information Default until the earlier of (i) the date such Current Public
      Information Default is cured and (ii) such time that such public information
      is
      no longer required pursuant to Rule 144 (in each case, pro rated for periods
      totaling less than thirty (30) days). The payments to which a holder shall
      be
      entitled pursuant to this Section 2(e)
      are
      referred to herein as “Registration
      Delay Payments.”
      Following the initial Registration Delay Payment for any particular event or
      failure (which shall be paid on the date of such event or failure, as set forth
      above), without limiting the foregoing, if an event or failure giving rise
      to
      the Registration Delay Payments is cured prior to any thirtieth (30th)
      day
      anniversary of such event or failure, then such Registration Delay Payment
      shall
      be made on the third (3rd)
      Business Day after such cure. In the event the Company fails to make
      Registration Delay Payments in a timely manner in accordance with the foregoing,
      such Registration Delay Payments shall bear interest at the rate of one and
      one-half percent (1.5%) per month (prorated for partial months) until paid
      in
      full.

     

    
      
         

      

      
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    (f) Offering.
      Notwithstanding anything to the contrary contained in this Agreement, but
      subject to the payment of the Registration Delay Payments pursuant to Section
      2(e),
      in the
      event the staff of the SEC (the “Staff”)
      or the
      SEC seeks to characterize any offering pursuant to a Registration Statement
      filed pursuant to this Agreement as constituting an offering of securities
      by or on behalf of the Company, or in any other manner, such that the Staff
      or the SEC do not permit such Registration Statement to become
      effective and used for resales in a manner that does not constitute such an
      offering and that permits the continuous resale at the market by the Investors
      participating therein (or as otherwise may be acceptable to each
      Investor) without being named therein as an “underwriter,” then the Company
      shall reduce the number of shares to be included in such Registration Statement
      by all Investors until such time as the Staff and the SEC shall so permit
      such Registration Statement to become effective as aforesaid. In making
      such reduction, the Company shall reduce the number of shares to be included
      by
      all Investors on a pro rata basis (based upon the number of Registrable
      Securities otherwise required to be included for each Investor) unless the
      inclusion of shares by a particular Investor or a particular set of Investors
      are resulting in the Staff or the SEC’s “by or on behalf of the Company”
offering position, in which event the shares held by such Investor or set of
      Investors shall be the only shares subject to reduction (and if by a set of
      Investors on a pro rata basis by such Investors or on such other basis as would
      result in the exclusion of the least number of shares by all such
      Investors).  In addition, in the event that the Staff or the SEC requires
      any Investor seeking to sell securities under a Registration Statement
      filed pursuant to this Agreement to be specifically identified as
      an “underwriter” in order to permit such Registration Statement to
      become effective, and such Investor does not consent to being so named as an
      underwriter in such Registration Statement, then, in each such case, the
      Company shall reduce the total number of Registrable Securities to be
      registered on behalf of such Investor, until such time as the
      Staff or the SEC does not require such identification or until such Investor
      accepts such identification and the manner thereof. Any reduction pursuant
      to this paragraph will first reduce all Registrable Securities other than
      those issued pursuant to the Securities Purchase Agreement. In the event of
      any reduction in Registrable Securities pursuant to this paragraph, an
      affected Investor shall have the right to require, upon delivery of a written
      request to the Company signed by such Investor, the Company to file a
      registration statement within thirty (30) days of such request (subject to
      any
      restrictions imposed by Rule 415 or required by the Staff or the SEC)
      for resale by such Investor in a manner acceptable to such Investor, and the
      Company shall following such request cause to be and keep effective such
      registration statement in the same manner as otherwise contemplated in this
      Agreement for registration statements hereunder, in each case until such
      time as: (i) all Registrable Securities held by such Investor have been
      registered and sold pursuant to an effective Registration Statement in a manner
      acceptable to such Investor or (ii) all Registrable Securities may be
      resold by such Investor without restriction (including volume limitations)
      pursuant to Rule 144 (taking account of any Staff position with respect to
      “affiliate” status) or (iii) such Investor agrees to be named as an underwriter
      in any such Registration Statement in a manner acceptable to such Investor
      as to
      all Registrable Securities held by such Investor and that have not theretofore
      been included in a Registration Statement under this Agreement (it being
      understood that the special demand right under this sentence may be exercised
      by
      an Investor multiple times and with respect to limited amounts of Registrable
      Securities in order to permit the resale thereof by such Investor as
      contemplated above).

     

    (g) Piggyback
      Registrations.
      If, at
      any time during the period in which a Registration Statement is required to
      be
      kept effective, there is not an effective Registration Statement covering all
      of
      the Registrable Securities and the Company shall determine to prepare and file
      with the SEC a registration statement relating to an offering for its own
      account or the account of others under the 1933 Act of any of its equity
      securities (other than on Form S-4 or Form S-8 (each as promulgated under the
      1933 Act) or their then equivalents relating to equity securities to be issued
      solely in connection with any acquisition of any entity or business or equity
      securities issuable in connection with the Company’s stock option or other
      employee benefit plans), then the Company shall deliver to each Investor a
      written notice of such determination and, if within fifteen (15) days after
      the
      date of the delivery of such notice, any such Investor shall so request in
      writing, the Company shall include in such registration statement all or any
      part of such Registrable Securities such Investor requests to be registered;
      provided,
      however,
      that
      the Company shall not be required to register any Registrable Securities
      pursuant to this Section 2(g) that are eligible for resale pursuant to Rule
      144
      (without volume restrictions) or that are the subject of a then effective
      Registration Statement.

     

    
      
         

      

      
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    (h) Allocation
      of Registrable Securities.
      The
      initial number of Registrable Securities included in any Registration Statement
      and any increase in the number of Registrable Securities included therein shall
      be allocated pro rata among the Investors based on the number of Registrable
      Securities held by each Investor at the time the Registration Statement covering
      such initial number of Registrable Securities or increase thereof is declared
      effective by the SEC. In the event that an Investor sells or otherwise transfers
      any of such Investor’s Registrable Securities, each transferee that becomes an
      Investor shall be allocated a pro rata portion of the then-remaining number
      of
      Registrable Securities included in such Registration Statement for such
      transferor. Any shares of Common Stock included in a Registration Statement
      and
      which remain allocated to any Person which ceases to hold any Registrable
      Securities covered by such Registration Statement shall be allocated to the
      remaining Investors, pro rata based on the number of Registrable Securities
      then
      held by such Investors which are covered by such Registration
      Statement.

     

    
      	
              3.

            	
              Related
                Obligations.

            

    

     

    The
      Company shall use its best efforts to effect the registration of the Registrable
      Securities in accordance with the intended method of disposition thereof and,
      pursuant thereto, the Company shall have the following obligations:

     

    (a) The
      Company shall promptly prepare and file with the SEC a Registration Statement
      with respect to the Registrable Securities (but in no event later than the
      Filing Deadline) and use its best efforts to cause such Registration Statement
      relating to the Registrable Securities to become effective as soon as
      practicable after such filing (but in no event later than the Effectiveness
      Deadline). Subject to allowable Grace Periods (as defined below), the Company
      shall keep each Registration Statement effective pursuant to Rule 415 for sale
      on a continuous basis in an at-the-market offering at all times until the
      earlier of (i) the date as of which all of the Investors may sell all of the
      Registrable Securities required to be covered by such Registration Statement
      without restriction pursuant to Rule 144 and without the need for current public
      information as required thereunder or (ii) the date on which the Investors
      shall
      have sold all of the Registrable Securities covered by such Registration
      Statement (the “Registration
      Period”).
      The
      Company shall ensure that each Registration Statement (including any amendments
      or supplements thereto and prospectuses contained therein) shall not contain
      any
      untrue statement of a material fact or omit to state a material fact required
      to
      be stated therein, or necessary to make the statements therein (in the case
      of
      prospectuses, in the light of the circumstances in which they were made) not
      misleading. The Company shall submit to the SEC, within two (2) Business Days
      after the later of the date that (i) the Company learns that no review of a
      particular Registration Statement will be made by the Staff or that the Staff
      has no further comments on a particular Registration Statement (as the case
      may
      be) and (ii) the approval of Legal Counsel is obtained pursuant to Section
      3(c)
      (which
      approval shall be immediately sought), a request for acceleration of
      effectiveness of such Registration Statement to a time and date not later than
      48 hours after the submission of such request. 

     

    
      
         

      

      
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    (b) Subject
      to Section 3(r)
      of this
      Agreement, the Company shall prepare and file with the SEC such amendments
      (including post-effective amendments) and supplements to a Registration
      Statement and the prospectus used in connection with such Registration
      Statement, which prospectus is to be filed pursuant to Rule 424 promulgated
      under the 1933 Act, as may be necessary to keep such Registration Statement
      effective at all times during the Registration Period, and, during such period,
      comply with the provisions of the 1933 Act with respect to the disposition
      of
      all Registrable Securities of the Company required to be covered by such
      Registration Statement until such time as all of such Registrable Securities
      shall have been disposed of in accordance with the intended methods of
      disposition by the seller or sellers thereof as set forth in such Registration
      Statement. In the case of amendments and supplements to a Registration Statement
      which are required to be filed pursuant to this Agreement (including pursuant
      to
      this Section 3(b))
      by
      reason of the Company filing a report on Form 10-Q or Form 10-K or any analogous
      report under the Securities Exchange Act of 1934, as amended (the “1934
      Act”),
      the
      Company shall have incorporated such report by reference into such Registration
      Statement, if applicable, or shall file such amendments or supplements with
      the
      SEC on the same day on which the 1934 Act report is filed which created the
      requirement for the Company to amend or supplement such Registration
      Statement.

     

    (c) The
      Company shall (A) permit Legal Counsel and legal counsel for each other Investor
      to review and comment upon (i) each Registration Statement at least five (5)
      Business Days prior to its filing with the SEC and (ii) all amendments and
      supplements to all Registration Statements (except for Annual Reports on Form
      10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any
      similar or successor reports) within a reasonable number of days prior to their
      filing with the SEC, and (B) not file any Registration Statement or amendment
      or
      supplement thereto in a form to which Legal Counsel or any legal counsel for
      any
      other Investor reasonably objects. The Company shall not submit a request for
      acceleration of the effectiveness of a Registration Statement or any amendment
      or supplement thereto without the prior approval of Legal Counsel, which consent
      shall not be unreasonably withheld. The Company shall furnish to Legal Counsel
      and legal counsel for each other Investor, without charge, (i) copies of any
      correspondence from the SEC or the Staff to the Company or its representatives
      relating to any Registration Statement, provided
      that
      such correspondence shall not contain any material, non-public information
      regarding the Company or any of its Subsidiaries (as defined in the Securities
      Purchase Agreement), (ii) promptly after the same is prepared and filed
      with the SEC, one (1) copy of any Registration Statement and any amendment(s)
      thereto, including financial statements and schedules, all documents
      incorporated therein by reference, if requested by an Investor, and all exhibits
      and (iii) upon the effectiveness of any Registration Statement, one (1)
      copy of the prospectus included in such Registration Statement and all
      amendments and supplements thereto. The Company shall reasonably cooperate
      with
      Legal Counsel and legal counsel for each other Investor in performing the
      Company’s obligations pursuant to this Section 3.

     

    (d) The
      Company shall furnish to each Investor whose Registrable Securities are included
      in any Registration Statement, without charge, (i) promptly after the same
      is
      prepared and filed with the SEC, at least one (1) copy of any Registration
      Statement and any amendment(s) thereto, including financial statements and
      schedules, all documents incorporated therein by reference, if requested by
      an
      Investor, all exhibits and each preliminary prospectus, (ii) upon the
      effectiveness of any Registration Statement, ten (10) copies of the prospectus
      included in such Registration Statement and all amendments and supplements
      thereto (or such other number of copies as such Investor may reasonably request
      from time to time) and (iii) such other documents, including copies of any
      preliminary or final prospectus, as such Investor may reasonably request from
      time to time in order to facilitate the disposition of the Registrable
      Securities owned by such Investor.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (e) The
      Company shall use its best efforts to (i) register and qualify, unless an
      exemption from registration and qualification applies, the resale by Investors
      of the Registrable Securities covered by a Registration Statement under such
      other securities or “blue sky” laws of all applicable jurisdictions in the
      United States, (ii) prepare and file in those jurisdictions, such amendments
      (including post-effective amendments) and supplements to such registrations
      and
      qualifications as may be necessary to maintain the effectiveness thereof during
      the Registration Period, (iii) take such other actions as may be necessary
      to
      maintain such registrations and qualifications in effect at all times during
      the
      Registration Period, and (iv) take all other actions reasonably necessary or
      advisable to qualify the Registrable Securities for sale in such jurisdictions;
      provided,
      however,
      that
      the Company shall not be required in connection therewith or as a condition
      thereto to (x) qualify to do business in any jurisdiction where it would not
      otherwise be required to qualify but for this Section 3(e),
      (y)
      subject itself to general taxation in any such jurisdiction, or (z) file a
      general consent to service of process in any such jurisdiction. The Company
      shall promptly notify Legal Counsel, legal counsel for each other Investor
      and
      each Investor who holds Registrable Securities of the receipt by the Company
      of
      any notification with respect to the suspension of the registration or
      qualification of any of the Registrable Securities for sale under the securities
      or “blue sky” laws of any jurisdiction in the United States or its receipt of
      actual notice of the initiation or threatening of any proceeding for such
      purpose.

     

    (f) The
      Company shall notify Legal Counsel, legal counsel for each other Investor and
      each Investor in writing of the happening of any event, as promptly as
      practicable after becoming aware of such event, as a result of which the
      prospectus included in a Registration Statement, as then in effect, includes
      an
      untrue statement of a material fact or omission to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      the light of the circumstances under which they were made, not misleading
      (provided
      that in
      no event shall such notice contain any material, non-public information
      regarding the Company or any of its Subsidiaries), and, subject to Section
      3(r),
      promptly prepare a supplement or amendment to such Registration Statement to
      correct such untrue statement or omission and deliver ten (10) copies of such
      supplement or amendment to Legal Counsel, legal counsel for each other Investor
      and each Investor (or such other number of copies as Legal Counsel, legal
      counsel for each other Investor or such Investor may reasonably request). The
      Company shall also promptly notify Legal Counsel, legal counsel for each other
      Investor and each Investor in writing (i) when a prospectus or any prospectus
      supplement or post-effective amendment has been filed, when a Registration
      Statement or any post-effective amendment has become effective (notification
      of
      such effectiveness shall be delivered to Legal Counsel, legal counsel for each
      other Investor and each Investor by facsimile or e-mail on the same day of
      such
      effectiveness and by overnight mail), and when the Company receives written
      notice from the SEC that a Registration Statement or any post-effective
      amendment will be reviewed by the SEC, (ii) of any request by the SEC for
      amendments or supplements to a Registration Statement or related prospectus
      or
      related information, and (iii) of the Company’s reasonable determination that a
      post-effective amendment to a Registration Statement would be
      appropriate.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (g) The
      Company shall use its best efforts to prevent the issuance of any stop order
      or
      other suspension of effectiveness of a Registration Statement, or the suspension
      of the qualification of any of the Registrable Securities for sale in any
      jurisdiction and, if such an order or suspension is issued, to obtain the
      withdrawal of such order or suspension at the earliest possible moment and
      to
      notify Legal Counsel, legal counsel for each other Investor and each Investor
      who holds Registrable Securities being sold of the issuance of such order and
      the resolution thereof or its receipt of actual notice of the initiation or
      threat of any proceeding for such purpose.

     

    (h) If
      any
      Investor may be required under applicable securities law to be described in
      a
      Registration Statement as an underwriter and such Investor consents to so being
      named an underwriter, at the request of any Investor, the Company shall furnish
      to such Investor, on the date of the effectiveness of such Registration
      Statement and thereafter from time to time on such dates as an Investor may
      reasonably request (i) a letter, dated such date, from the Company’s independent
      certified public accountants in form and substance as is customarily given
      by
      independent certified public accountants to underwriters in an underwritten
      public offering, addressed to the Investors, and (ii) an opinion, dated as
      of
      such date, of counsel representing the Company for purposes of such Registration
      Statement, in form, scope and substance as is customarily given in an
      underwritten public offering, addressed to the Investors.

     

    (i) If
      any
      Investor may be required under applicable securities law to be described in
      a
      Registration Statement as an underwriter and such Investor consents to so being
      named an underwriter, upon the written request of such Investor, the Company
      shall make available for inspection by (i) such Investor, (ii) legal counsel
      for
      such Investor and (iii) one (1) firm of accountants or other agents retained
      by
      such Investor (collectively, the “Inspectors”),
      all
      pertinent financial and other records, and pertinent corporate documents and
      properties of the Company (collectively, the “Records”),
      as
      shall be reasonably deemed necessary by each Inspector, and cause the Company’s
      officers, directors and employees to supply all information which any Inspector
      may reasonably request; provided,
      however,
      that
      each Inspector shall agree in writing to hold in strict confidence and not
      to
      make any disclosure (except to such Investor) or use of any Record or other
      information which the Company’s Board of Directors determines in good faith to
      be confidential, and of which determination the Inspectors are so notified,
      unless (a) the disclosure of such Records is necessary to avoid or correct
      a
      misstatement or omission in any Registration Statement or is otherwise required
      under the 1933 Act, (b) the release of such Records is ordered pursuant to
      a
      final, non-appealable subpoena or order from a court or government body of
      competent jurisdiction, or (c) the information in such Records has been made
      generally available to the public other than by disclosure in violation of
      this
      Agreement or any other Transaction Document. Such Investor agrees that it shall,
      upon learning that disclosure of such Records is sought in or by a court or
      governmental body of competent jurisdiction or through other means, give prompt
      notice to the Company and allow the Company, at its expense, to undertake
      appropriate action to prevent disclosure of, or to obtain a protective order
      for, the Records deemed confidential. Nothing herein (or in any other
      confidentiality agreement between the Company and such Investor, if any) shall
      be deemed to limit any Investor’s ability to sell Registrable Securities in a
      manner which is otherwise consistent with applicable laws and
      regulations.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (j) The
      Company shall hold in confidence and not make any disclosure of information
      concerning an Investor provided to the Company unless (i) disclosure of such
      information is necessary to comply with federal or state securities laws, (ii)
      the disclosure of such information is necessary to avoid or correct a
      misstatement or omission in any Registration Statement or is otherwise required
      to be disclosed in the Registration Statement pursuant to the 1933 Act, (iii)
      the release of such information is ordered pursuant to a subpoena or other
      final, non-appealable order from a court or governmental body of competent
      jurisdiction, or (iv) such information has been made generally available to
      the
      public other than by disclosure in violation of this Agreement or any other
      Transaction Document. The Company agrees that it shall, upon learning that
      disclosure of such information concerning an Investor is sought in or by a
      court
      or governmental body of competent jurisdiction or through other means, give
      prompt written notice to such Investor and allow such Investor, at the
      Investor’s expense, to undertake appropriate action to prevent disclosure of, or
      to obtain a protective order for, such information.

     

    (k) Without
      limiting any obligation of the Company under the Securities Purchase Agreement,
      the Company shall use its best efforts either to (i) cause all of the
      Registrable Securities covered by a Registration Statement to be listed on
      each
      securities exchange on which securities of the same class or series issued
      by
      the Company are then listed, if any, if the listing of such Registrable
      Securities is then permitted under the rules of such exchange, or (ii) secure
      designation and quotation of all of the Registrable Securities covered by a
      Registration Statement on The
      Nasdaq Capital Market,
      or
      (iii) if, despite the Company’s best efforts to satisfy the preceding clauses
      (i) or (ii) the Company is unsuccessful in satisfying the preceding clauses
      (i)
      or (ii), without limiting the generality of the foregoing, to use its best
      efforts to arrange for at least two market makers to register with the Financial
      Industry Regulatory Authority (f/k/a the National Association of Securities
      Dealers, Inc.) as such with respect to such Registrable Securities. The Company
      shall pay all fees and expenses in connection with satisfying its obligation
      under this Section 3(k).

     

    (l) The
      Company shall cooperate with the Investors who hold Registrable Securities
      being
      offered and, to the extent applicable, facilitate the timely preparation and
      delivery of certificates (not bearing any restrictive legend) representing
      the
      Registrable Securities to be offered pursuant to a Registration Statement and
      enable such certificates to be in such denominations or amounts (as the case
      may
      be) as the Investors may reasonably request from time to time and registered
      in
      such names as the Investors may request.

     

    (m) If
      requested by an Investor, the Company shall as soon as practicable after receipt
      of notice from such Investor and subject to Section 3(r)
      hereof,
      (i) incorporate in a prospectus supplement or post-effective amendment such
      information as an Investor reasonably requests to be included therein relating
      to the sale and distribution of Registrable Securities, including, without
      limitation, information with respect to the number of Registrable Securities
      being offered or sold, the purchase price being paid therefor and any other
      terms of the offering of the Registrable Securities to be sold in such offering;
      (ii) make all required filings of such prospectus supplement or post-effective
      amendment after being notified of the matters to be incorporated in such
      prospectus supplement or post-effective amendment; and (iii) supplement or
      make
      amendments to any Registration Statement if reasonably requested by an Investor
      holding any Registrable Securities.

     

    (n) The
      Company shall use its best efforts to cause the Registrable Securities covered
      by a Registration Statement to be registered with or approved by such other
      governmental agencies or authorities as may be necessary to consummate the
      disposition of such Registrable Securities.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (o) The
      Company shall make generally available to its security holders as soon as
      practical, but not later than ninety (90) days after the close of the period
      covered thereby, an earnings statement (in form complying with, and in the
      manner provided by, the provisions of Rule 158 under the 1933 Act) covering
      a
      twelve-month period beginning not later than the first day of the Company’s
      fiscal quarter next following the effective date of the Registration
      Statement.

     

    (p) The
      Company shall otherwise use its best efforts to comply with all applicable
      rules
      and regulations of the SEC in connection with any registration
      hereunder.

     

    (q) Within
      one (1) Business Day after a Registration Statement which covers Registrable
      Securities is declared effective by the SEC, the Company shall deliver, and
      shall cause legal counsel for the Company to deliver, to the transfer agent
      for
      such Registrable Securities (with copies to the Investors whose Registrable
      Securities are included in such Registration Statement) confirmation that such
      Registration Statement has been declared effective by the SEC in the form
      attached hereto as Exhibit
      A.

     

    (r) Notwithstanding
      anything to the contrary herein (but subject to the last sentence of this
      Section 3(r)),
      at any
      time after the Effective Date of the applicable Registration Statement, the
      Company may delay the disclosure of material, non-public information concerning
      the Company or any of its Subsidiaries the disclosure of which at the time
      is
      not, in the good faith opinion of the Board of Directors of the Company, in
      the
      best interest of the Company and, in the opinion of counsel to the Company,
      otherwise required (a “Grace
      Period”);
      provided,
      that
      the Company shall promptly (i) notify the Investors in writing of the existence
      of material, non-public information giving rise to a Grace Period (provided
      that in
      each notice the Company will not disclose the content of such material,
      non-public information to the Investors) and the date on which the Grace Period
      will begin, and (ii) notify the Investors in writing of the date on which
      the Grace Period ends; and, provided
      further,
      that no
      Grace Period shall exceed ten (10) consecutive days and during any three hundred
      sixty five (365) day period such Grace Periods shall not exceed an aggregate
      of
      thirty (30) days and the first day of any Grace Period must be at least five
      (5)
      Trading Days after the last day of any prior Grace Period (each, an
“Allowable
      Grace Period”);
      provided,
      that no
      Allowable Grace Period may exist during the first sixty (60) Business Days
      after
      the Effective Date of the applicable Registration Statement. For purposes of
      determining the length of a Grace Period above, the Grace Period shall begin
      on
      and include the date the Investors receive the notice referred to in clause
      (i)
      and shall end on and include the later of the date the Investors receive the
      notice referred to in clause (ii) and the date referred to in such notice.
      The
      provisions of Section 3(g)
      hereof
      shall not be applicable during the period of any Allowable Grace Period. Upon
      expiration of each Grace Period, the Company shall again be bound by the first
      sentence of Section 3(f)
      with
      respect to the information giving rise thereto unless such material, nonpublic
      information is no longer applicable.

     

    (s) The
      Company shall use its best efforts to maintain eligibility for use of Form
      S-3
      (or any successor form thereto) for the registration of the resale of the
      Registrable Securities. 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
              4.

            	
              Obligations
                of the Investors.

            

    

     

    (a) At
      least
      five (5) Business Days prior to the first anticipated filing date of a
      Registration Statement, the Company shall notify each Investor in writing of
      the
      information the Company requires from each such Investor. It shall be a
      condition precedent to the obligations of the Company to complete the
      registration pursuant to this Agreement with respect to the Registrable
      Securities of a particular Investor that such Investor shall furnish to the
      Company such information regarding itself, the Registrable Securities held
      by it
      and the intended method of disposition of the Registrable Securities held by
      it,
      as shall be reasonably required to effect and maintain the effectiveness of
      the
      registration of such Registrable Securities and shall execute such documents
      in
      connection with such registration as the Company may reasonably request.

     

    (b) Each
      Investor, by such Investor’s acceptance of the Registrable Securities, agrees to
      cooperate with the Company as reasonably requested by the Company in connection
      with the preparation and filing of any Registration Statement hereunder, unless
      such Investor has notified the Company in writing of such Investor’s election to
      exclude all of such Investor’s Registrable Securities from such Registration
      Statement.

     

    (c) Each
      Investor agrees that, upon receipt of any notice from the Company of the
      happening of any event of the kind described in Section 3(g)
      or the
      first sentence of 3(f),
      such
      Investor will immediately discontinue disposition of Registrable Securities
      pursuant to any Registration Statement(s) covering such Registrable Securities
      until such Investor’s receipt of the copies of the supplemented or amended
      prospectus contemplated by Section 3(g)
      or the
      first sentence of Section 3(f) or receipt of notice that no supplement or
      amendment is required.

     

    (d) Each
      Investor covenants and agrees that it will comply with the prospectus delivery
      requirements of the 1933 Act as applicable to it in connection with sales of
      Registrable
      Securities pursuant to the Registration Statement.

     

    
      	
              5.

            	
              Expenses
                of Registration.

            

    

     

    All
      reasonable expenses, other than underwriting discounts and commissions, incurred
      in connection with registrations, filings or qualifications pursuant to Sections
      2
      and
3,
      including, without limitation, all registration, listing and qualifications
      fees, printers and accounting fees, and fees and disbursements of counsel for
      the Company shall be paid by the Company. The Company shall also reimburse
      Cranshire Capital, L.P. for the fees and disbursements of Legal Counsel in
      connection with registration, filing or qualification pursuant to Sections
      2
      and
3
      of this
      Agreement which amount shall be limited to $10,000.

     

    
      	
              6.

            	
              Indemnification.

            

    

     

    In
      the
      event any Registrable Securities are included in a Registration Statement under
      this Agreement:

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (a) To
      the
      fullest extent permitted by law, the Company will, and hereby does, indemnify,
      hold harmless and defend each Investor, the directors, officers, members,
      partners, employees, agents, representatives of, and each Person, if any, who
      controls any Investor within the meaning of the 1933 Act or the 1934 Act (each,
      an “Indemnified
      Person”),
      against any losses, claims, damages, liabilities, judgments, fines, penalties,
      charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
      expenses, joint or several, (collectively, “Claims”)
      incurred in investigating, preparing or defending any action, claim, suit,
      inquiry, proceeding, investigation or appeal taken from the foregoing by or
      before any court or governmental, administrative or other regulatory agency,
      body or the SEC, whether pending or threatened, whether or not an indemnified
      party is or may be a party thereto (“Indemnified
      Damages”),
      to
      which any of them may become subject insofar as such Claims (or actions or
      proceedings, whether commenced or threatened, in respect thereof) arise out
      of
      or are based upon: (i) any untrue statement or alleged untrue statement of
      a
      material fact in a Registration Statement or any post-effective amendment
      thereto or in any filing made in connection with the qualification of the
      offering under the securities or other “blue sky” laws of any jurisdiction in
      which Registrable Securities are offered (“Blue
      Sky Filing”),
      or
      the omission or alleged omission to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, (ii) any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      preliminary prospectus if used prior to the effective date of such Registration
      Statement, or contained in the final prospectus (as amended or supplemented,
      if
      the Company files any amendment thereof or supplement thereto with the SEC)
      or
      the omission or alleged omission to state therein any material fact necessary
      to
      make the statements made therein, in light of the circumstances under which
      the
      statements therein were made, not misleading or (iii) any violation or alleged
      violation by the Company of the 1933 Act, the 1934 Act, any other law,
      including, without limitation, any state securities law, or any rule or
      regulation thereunder relating to the offer or sale of the Registrable
      Securities pursuant to a Registration Statement (the matters in the foregoing
      clauses (i) through (iii) being, collectively, “Violations”).
      Subject to Section 6(b),
      the
      Company shall reimburse the Indemnified Persons, promptly as such expenses
      are
      incurred and are due and payable, for any legal fees or other reasonable
      expenses incurred by them in connection with investigating or defending any
      such
      Claim. Notwithstanding anything to the contrary contained herein, the
      indemnification agreement contained in this Section 6(a):
      (i)
      shall not apply to a Claim by an Indemnified Person arising out of or based
      upon
      a Violation which occurs in reliance upon and in conformity with information
      furnished in writing to the Company by such Indemnified Person for such
      Indemnified Person expressly for use in connection with the preparation of
      such
      Registration Statement or any such amendment thereof or supplement thereto
      and
      (ii) shall not be available to the extent such Claim is based on a failure
      of
      the Investor to deliver or to cause to be delivered the prospectus made
      available by the Company (to the extent applicable), including a corrected
      prospectus, if such prospectus or corrected prospectus was timely made available
      by the Company pursuant to Section 3(d)
      and then
      only if, and to the extent that, following the receipt of the corrected
      prospectus no grounds for such Claim would have existed; and (iii) shall not
      apply to amounts paid in settlement of any Claim if such settlement is effected
      without the prior written consent of the Company, which consent shall not be
      unreasonably withheld or delayed. Such indemnity shall remain in full force
      and
      effect regardless of any investigation made by or on behalf of the Indemnified
      Person and shall survive the transfer of any of the Registrable Securities
      by
      any of the Investors pursuant to Section 9.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    (b) In
      connection with any Registration Statement in which an Investor is
      participating, such Investor agrees to severally and not jointly indemnify,
      hold
      harmless and defend, to the same extent and in the same manner as is set forth
      in Section 6(a),
      the
      Company, each of its directors, each of its officers who signs the Registration
      Statement and each Person, if any, who controls the Company within the meaning
      of the 1933 Act or the 1934 Act (each, an “Indemnified
      Party”),
      against any Claim or Indemnified Damages to which any of them may become
      subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim
      or
      Indemnified Damages arise out of or are based upon any Violation, in each case,
      to the extent, and only to the extent, that such Violation occurs in reliance
      upon and in conformity with written information furnished to the Company by
      such
      Investor expressly for use in connection with such Registration Statement;
      and,
      subject to Section 6(b),
      such
      Investor will reimburse any legal or other expenses reasonably incurred by
      an
      Indemnified Party in connection with investigating or defending any such Claim;
      provided,
      however,
      that
      the indemnity agreement contained in this Section 6(b)
      and the
      agreement with respect to contribution contained in Section 7
      shall
      not apply to amounts paid in settlement of any Claim if such settlement is
      effected without the prior written consent of such Investor, which consent
      shall
      not be unreasonably withheld or delayed; provided,
      further,
      however,
      that
      such Investor shall be liable under this Section 6(b)
      for only
      that amount of a Claim or Indemnified Damages as does not exceed the net
      proceeds to such Investor as a result of the sale of Registrable Securities
      pursuant to such Registration Statement. Such indemnity shall remain in full
      force and effect regardless of any investigation made by or on behalf of such
      Indemnified Party and shall survive the transfer of any of the Registrable
      Securities by any of the Investors pursuant to Section 9. 

     

    (c) Promptly
      after receipt by an Indemnified Person or Indemnified Party (as the case may
      be)
      under this Section 6
      of
      notice of the commencement of any action or proceeding (including any
      governmental action or proceeding) involving a Claim, such Indemnified Person
      or
      Indemnified Party (as the case may be) shall, if a Claim in respect thereof
      is
      to be made against any indemnifying party under this Section 6,
      deliver
      to the indemnifying party a written notice of the commencement thereof, and
      the
      indemnifying party shall have the right to participate in, and, to the extent
      the indemnifying party so desires, jointly with any other indemnifying party
      similarly noticed, to assume control of the defense thereof with counsel
      mutually satisfactory to the indemnifying party and the Indemnified Person
      or
      the Indemnified Party (as the case may be); provided,
      however,
      that an
      Indemnified Person or Indemnified Party (as the case may be) shall have the
      right to retain its own counsel with the fees and expenses of such counsel
      to be
      paid by the indemnifying party if: (i) the indemnifying party has agreed in
      writing to pay such fees and expenses; (ii) the indemnifying party shall have
      failed promptly to assume the defense of such Claim and to employ counsel
      reasonably satisfactory to such Indemnified Person or Indemnified Party (as
      the
      case may be) in any such Claim; or (iii) the named parties to any such Claim
      (including any impleaded parties) include both such Indemnified Person or
      Indemnified Party (as the case may be) and the indemnifying party, and such
      Indemnified Person or such Indemnified Party (as the case may be) shall have
      been advised by counsel that a conflict of interest is likely to exist if the
      same counsel were to represent such Indemnified Person or such Indemnified
      Party
      and the indemnifying party (in which case, if such Indemnified Person or such
      Indemnified Party (as the case may be) notifies the indemnifying party in
      writing that it elects to employ separate counsel at the expense of the
      indemnifying party, then the indemnifying party shall not have the right to
      assume the defense thereof and such counsel shall be at the expense of the
      Indemnifying Party, provided
      further,
      that in
      the case of clause (iii) above the indemnifying party shall not be responsible
      for the reasonable fees and expenses of more than one (1) separate legal counsel
      for such Indemnified Person or Indemnified Party (as the case may be). The
      Indemnified Party or Indemnified Person (as the case may be) shall reasonably
      cooperate with the indemnifying party in connection with any negotiation or
      defense of any such action or Claim by the indemnifying party and shall furnish
      to the indemnifying party all information reasonably available to the
      Indemnified Party or Indemnified Person (as the case may be) which relates
      to
      such action or Claim. The indemnifying party shall keep the Indemnified Party
      or
      Indemnified Person (as the case may be) reasonably apprised at all times as
      to
      the status of the defense or any settlement negotiations with respect thereto.
      No indemnifying party shall be liable for any settlement of any action, claim
      or
      proceeding effected without its prior written consent, provided,
      however,
      that
      the indemnifying party shall not unreasonably withhold, delay or condition
      its
      consent. No indemnifying party shall, without the prior written consent of
      the
      Indemnified Party or Indemnified Person (as the case may be), consent to entry
      of any judgment or enter into any settlement or other compromise which does
      not
      include as an unconditional term thereof the giving by the claimant or plaintiff
      to such Indemnified Party or Indemnified Person (as the case may be) of a
      release from all liability in respect to such Claim or litigation, and such
      settlement shall not include any admission as to fault on the part of the
      Indemnified Party. Following indemnification as provided for hereunder, the
      indemnifying party shall be subrogated to all rights of the Indemnified Party
      or
      Indemnified Person (as the case may be) with respect to all third parties,
      firms
      or corporations relating to the matter for which indemnification has been made.
      The failure to deliver written notice to the indemnifying party within a
      reasonable time of the commencement of any such action shall not relieve such
      indemnifying party of any liability to the Indemnified Person or Indemnified
      Party (as the case may be) under this Section 6,
      except
      to the extent that the indemnifying party is materially and adversely prejudiced
      in its ability to defend such action.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    (d) No
      Person
      involved in the sale of Registrable Securities who is guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in
      connection with such sale shall be entitled to indemnification from any Person
      involved in such sale of Registrable Securities who is not guilty of fraudulent
      misrepresentation.

     

    (e) The
      indemnification required by this Section 6
      shall be
      made by periodic payments of the amount thereof during the course of the
      investigation or defense, as and when bills are received or Indemnified Damages
      are incurred.

     

    (f) The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of
      action or similar right of the Indemnified Party or Indemnified Person against
      the indemnifying party or others, and (ii) any liabilities the indemnifying
      party may be subject to pursuant to the law.

     

    
      	
              7.

            	
              Contribution.

            

    

     

    To
      the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 6
      to the
      fullest extent permitted by law; provided,
      however,
      that:
      (i) no contribution shall be made under circumstances where the maker would
      not
      have been liable for indemnification under the fault standards set forth in
      Section 6
      of this
      Agreement, (ii) no Person involved in the sale of Registrable Securities which
      Person is guilty of fraudulent misrepresentation (within the meaning of Section
      11(f) of the 1933 Act) in connection with such sale shall be entitled to
      contribution from any Person involved in such sale of Registrable Securities
      who
      was not guilty of fraudulent misrepresentation; and (iii) contribution by any
      seller of Registrable Securities shall be limited in amount to the net amount
      of
      proceeds received by such seller from the sale of such Registrable Securities
      pursuant to such Registration Statement. Notwithstanding the provisions of
      this
      Section 7, no Investor shall be required to contribute, in the aggregate, any
      amount in excess of the amount by which the net proceeds actually received
      by
      such Investor from the sale of the Registrable Securities subject to the Claim
      exceeds the amount of any damages that such Investor has otherwise been required
      to pay, or would otherwise be required to pay under Section 6(b), by reason
      of
      such untrue or alleged untrue statement or omission or alleged
      omission.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    
      	
              8.

            	
              Reports
                Under the 1934 Act. 

            

    

     

    With
      a
      view to making available to the Investors the benefits of Rule 144, the Company
      agrees to:

     

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

     

    (b) file
      with
      the SEC in a timely manner all reports and other documents required of the
      Company under the 1933 Act and the 1934 Act so long as the Company remains
      subject to such requirements (it being understood that nothing herein shall
      limit the Company’s obligations under Section 4(c) of the Securities Purchase
      Agreement) and the filing of such reports and other documents is required for
      the applicable provisions of Rule 144; and

     

    (c) furnish
      to each Investor so long as such Investor owns Registrable Securities, promptly
      upon request, (i) a written statement by the Company, if true, that it has
      complied with the reporting requirements of Rule 144 and the 1934 Act, (ii)
      a
      copy of the most recent annual or quarterly report of the Company and such
      other
      reports and documents so filed by the Company with the SEC if such reports
      are
      not publicly available via EDGAR, and (iii) such other information as may be
      reasonably requested to permit the Investors to sell such securities pursuant
      to
      Rule 144 without registration.

     

    
      	
              9.

            	
              Assignment
                of Registration Rights.
                

            

    

     

    The
      rights under this Agreement shall be automatically assignable by the Investors
      to any transferee of all or any portion of such Investor’s Registrable
      Securities if: (i) the Investor agrees in writing with the transferee or
      assignee to assign such rights, and a copy of such agreement is furnished to
      the
      Company within a reasonable time after such assignment; (ii) the Company is,
      within a reasonable time after such transfer or assignment, furnished with
      written notice of (a) the name and address of such transferee or assignee,
      and
      (b) the securities with respect to which such registration rights are being
      transferred or assigned; (iii) immediately following such transfer or assignment
      the further disposition of such securities by the transferee or assignee is
      restricted under the 1933 Act or applicable state securities laws if so
      required; (iv) at or before the time the Company receives the written notice
      contemplated by clause (ii) of this sentence the transferee or assignee agrees
      in writing with the Company to be bound by all of the provisions contained
      herein; (v) such transfer shall have been made in accordance with the applicable
      requirements of the Securities Purchase Agreement; and (vi) such transfer shall
      have been conducted in accordance with all applicable federal and state
      securities laws.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    
      	
              10.

            	
              Amendment
                of Registration Rights.

            

    

     

    Provisions
      of this Agreement may be amended and the observance thereof may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company and the Required
      Holders, provided
      that any
      Investor may give a waiver in writing as to itself. Any amendment or waiver
      effected in accordance with this Section 10
      shall be
      binding upon each Investor and the Company. No such amendment or waiver (unless
      given pursuant to the foregoing proviso) shall be effective to the extent that
      it applies to less than all of the holders of the Registrable Securities. No
      consideration shall be offered or paid to any Person to amend or consent to
      a
      waiver or modification of any provision of this Agreement unless the same
      consideration also is offered to all of the parties to this
      Agreement.

     

    
      	
              11.

            	
              Miscellaneous.

            

    

     

    (a) Solely
      for purposes of this Agreement, a Person is deemed to be a holder of Registrable
      Securities whenever such Person owns or is deemed to own of record such
      Registrable Securities. If the Company receives conflicting instructions,
      notices or elections from two or more Persons with respect to the same
      Registrable Securities, the Company shall act upon the basis of instructions,
      notice or election received from such record owner of such Registrable
      Securities.

     

    (b) Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      (iii) with respect to Section 3(c),
      by
      electronic mail (provided confirmation of transmission is electronically
      generated and kept on file by the sending party); or (iv) one (1) Business
      Day
      after deposit with a nationally recognized overnight delivery service with
      next
      day delivery specified, in each case, properly addressed to the party to receive
      the same. The addresses and facsimile numbers for such communications shall
      be:

    

      
        	
                If
                  to the Company: 

              
	 	 
	 	
                Generex
                  Biotechnology Corporation

              
	 	
                33
                  Harbour Square

              
	 	
                Suite
                  202

              
	 	
                Toronto,
                  Canada

              
	 	
                Telephone:
                  (416) 364-2551

              
	 	
                Facsimile:
                  (416) 364-9363

              
	 	
                Attention:
                  CEO

              
	 	 
	
                With
                  a copy (for informational purposes only) to:

              
	 	 
	 	
                Eckert
                  Seamans Cherin & Mellott, LLC

              
	 	
                2
                  Liberty Place, 50 S. 16th
                  Street

              
	 	
                22nd
                  Floor

              
	 	
                Philadelphia,
                  PA 19102

              
	 	
                Telephone:
                  (215)851-8472

              
	 	
                Facsimile:
                  215 851-8383

              
	 	
                Attention:
                  Gary A. Miller, Esq.

              

      

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

       

      
        	
                If
                  to the Transfer Agent:

              
	 	
                StockTrans,
                  Inc

              
	 	
                44
                  W. Lancaster Ave

              
	 	
                Ardmore,
                  PA 19003

              
	 	
                Telephone:
                  (610) 649-7300

              
	 	
                Facsimile:
                  (610) 649-7302

              
	 	
                Attention:
                  Bob Winterle, VP Operations

              
	 	 
	
                If
                  to Legal Counsel:

              
	 	
                Greenberg
                  Traurig, LLP 

              
	 	
                77
                  W. Wacker Drive, Suite 2400

              
	 	
                Chicago,
                  Illinois 60602

              
	 	
                Telephone:
                  (312) 456-8400

              
	 	
                Facsimile:
                  (312) 456-8435

              
	 	
                Attention:

              	
                Peter
                  H. Lieberman, Esq.

              
	 	 	
                Todd
                  A. Mazur, Esq.

              

      

    

     

    If
      to a
      Buyer, to its address and facsimile number set forth on the Schedule of Buyers
      attached to the Securities Purchase Agreement, with copies to such Buyer’s
      representatives as set forth on the Schedule of Buyers, or to such other address
      and/or facsimile number and/or to the attention of such other Person as the
      recipient party has specified by written notice given to each other party five
      (5) days prior to the effectiveness of such change; provided
      that
      Greenberg Traurig, LLP shall only be provided notices sent to Cranshire Capital,
      L.P. Written confirmation of receipt (A) given by the recipient of such notice,
      consent, waiver or other communication, (B) mechanically or electronically
      generated by the sender’s facsimile machine or electronic mail transmission
      containing the time, date, recipient facsimile number or electronic mail address
      and an image of the first page of such transmission or (C) provided by a courier
      or overnight courier service shall be rebuttable evidence of personal service,
      receipt by facsimile or receipt from a nationally recognized overnight delivery
      service in accordance with clause (i), (ii) or (iii) above,
      respectively.

     

    (c) Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    (d) 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 jurisdictions) that would
      cause the application of the laws of any jurisdictions other than the State
      of
      New York. Each party 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 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.
      If any provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction. 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.

     

    (e) This
      Agreement, the other Transaction Documents (as defined in the Securities
      Purchase Agreement), the schedules and exhibits attached hereto and thereto
      and
      the instruments referenced herein and therein constitute the entire agreement
      among the parties hereto and thereto with respect to the subject matter hereof
      and thereof. There are no restrictions, promises, warranties or undertakings,
      other than those set forth or referred to herein and therein. This Agreement,
      the other Transaction Documents, the schedules and exhibits attached hereto
      and
      thereto and the instruments referenced herein and therein supersede all prior
      agreements and understandings among the parties hereto with respect to the
      subject matter hereof and thereof (provided that nothing in this paragraph
      shall
      have any effect on any agreements any Buyer has entered into with the Company
      or
      any of its Subsidiaries prior to the date hereof with respect to any prior
      investment made by such Buyer in the Company).

     

    (f) Subject
      to the requirements of Section 9,
      this
      Agreement shall inure to the benefit of and be binding upon the permitted
      successors and assigns of each of the parties hereto.

     

    (g) The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof. Unless the context clearly
      indicates otherwise, each pronoun herein shall be deemed to include the
      masculine, feminine, neuter, singular and plural forms thereof. The terms
“including,”
      “includes,”
      “include”
and
      words of like import shall be construed broadly as if followed by the words
      “without limitation.” The terms “herein,”
      “hereunder,”
      “hereof”
and
      words of like import refer to this entire Agreement instead of just the
      provision in which they are found.

     

    (h) 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 the other party.
      In
      the event that any signature is delivered by facsimile transmission or by an
      e-mail which contains an electronic file of an executed signature page, such
      signature page shall create a valid and binding obligation of the party
      executing (or on whose behalf such signature is executed) with the same force
      and effect as if such facsimile or electronic file signature page (as the case
      may be) were an original thereof.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    (i) Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents as any other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    (j) All
      consents and other determinations required to be made by the Investors pursuant
      to this Agreement shall be made, unless otherwise specified in this Agreement,
      by the Required Holders.

     

    (k) The
      language used in this Agreement will be deemed to be the language chosen by
      the
      parties to express their mutual intent and no rules of strict construction
      will
      be applied against any party. Terms used in this Agreement but defined in the
      other Transaction Documents shall have the meanings ascribed to such terms
      on
      the Closing Date in such other Transaction Documents unless otherwise consented
      to in writing by each Holder.

     

    (l) This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person, other than the Persons
      referred to in Section 6
      and
7
      hereof.

     

    (m) The
      obligations of each Investor under this Agreement and the other Transaction
      Documents are several and not joint with the obligations of any other Investor,
      and no Investor shall be responsible in any way for the performance of the
      obligations of any other Investor under this Agreement or any other Transaction
      Document. Nothing contained herein or in any other Transaction Document, and
      no
      action taken by any Investor pursuant hereto or thereto, shall be deemed to
      constitute the Investors as, and the Company acknowledges that the Investors
      do
      not so constitute, a partnership, an association, a joint venture or any other
      kind of group or entity, or create a presumption that the Investors are in
      any
      way acting in concert or as a group or entity with respect to such obligations
      or the transactions contemplated by the Transaction Documents or any matters,
      and the Company acknowledges that the Investors are not acting in concert or
      as
      a group, and the Company shall not assert any such claim, with respect to such
      obligations or the transactions contemplated by this Agreement or any of the
      other the Transaction Documents. Each Investor shall be entitled to
      independently protect and enforce its rights, including, without limitation,
      the
      rights arising out of this Agreement or out of any other Transaction Documents,
      and it shall not be necessary for any other Investor to be joined as an
      additional party in any proceeding for such purpose. The use of a single
      agreement with respect to the obligations of the Company contained was solely
      in
      the control of the Company, not the action or decision of any Investor, and
      was
      done solely for the convenience of the Company and not because it was required
      or requested to do so by any Investor. It is expressly understood and agreed
      that each provision contained in this Agreement and in each other Transaction
      Document is between the Company and an Investor, solely, and not between the
      Company and the Investors collectively and not between and among
      Investors.

     

    [signature
      pages follow]

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                COMPANY:

              
	 	 
	 	
                GENEREX
                  BIOTECHNOLOGY

                CORPORATION

              
	 	 
	 	
                By:

              	
                /s/
                  Rose C. Perri

              
	 	 	
                Name:

              	
                Rose
                  C. Perri

              
	 	 	
                Title:

              	
                Chief
                  Financial Officer

              
	 	 	 	 
	 	
                By:

              	
                /s/
                  Mark A. Fletcher

              
	 	 	
                Name:

              	
                Mark
                  A. Fletcher

              
	 	 	
                Title:

              	
                Executive
                  Vice President

                and
                  General Counsel

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                BUYERS:

              
	 	 
	 	
                CRANSHIRE
                  CAPITAL, L.P.

              
	 	 
	 	
                By:

              	
                Downsview
                  Capital, Inc.

              
	 	
                Its:

              	
                General
                  Partner

              
	 	 
	 	
                /s/
                  Mitch Kopin

              
	 	
                By:

              	
                Mitch
                  Kopin

              
	 	
                Its:

              	
                President

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                BUYERS:

              
	 	 
	 	
                SMITHFIELD
                  FIDUCIARY LLC

              
	 	 
	 	
                By:

              	
                 
                  /s/ Adam J. Chill

              
	 	 	
                Adam
                  J. Chill, Authorized
                  Signatory

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                BUYERS:

              
	 	 
	 	
                IROQUOIS
                  MASTER FUND LTD.

              
	 	 
	 	
                By:

              	
                /s/
                  Joshua Silverman

              
	 	 	
                Joshua
                  Silverman, Authorized
                  Signatory

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                BUYERS:

              
	 	 
	 	
                IROQUOIS
                  CAPITAL OPPORTUNITY 

              
	 	
                FUND
                  LP 

              
	 	 
	 	
                By:

              	
                /s/
                  Joshua Silverman

              
	 	 	
                Joshua
                  Silverman, Authorized
                  Signatory

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                BUYERS:

              
	 	 
	 	
                PORTSIDE
                  GROWTH AND OPPORTUNITY
FUND

              
	 	 
	 	
                By:

              	
                 
                  /s/ Jeffrey C. Smith

              
	 	 	
                Jeffrey
                  C. Smith, Authorized
                  Signatory

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    

      
        	 	
                BUYERS:

              
	 	 
	 	
                ROCKMORE
                  INVESTMENT MASTER FUND

                LTD.

              
	 	 
	 	
                By:   
                  

              	 
                /s/ Michael Clateman
	 	
                Name:
                  Michael Clateman

              
	 	
                Title:
                  Managing Director

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      OF BUYERS

    

    
      	
               

              Buyer

            	 	
               

              Address
                and Facsimile Number

            	 	
              Legal
                Representative’s

              Address
                and Facsimile Number

            
	 	 	 	 	 
	
              Cranshire
                Capital, L.P.

               

            	 	
              3100
                Dundee Road, Suite 703

              Northbrook,
                Illinois 60062

              Attn:
                Mitchell P. Kopin

              Facsimile:
                (847)
                562-9031

            	 	
              Greenberg
                Traurig, LLP

              77
                W. Wacker Drive, Suite 2500

              Chicago,
                Illinois 60601

              Attention:
                Peter H. Lieberman

              Todd
                A. Mazur

              Facsimile:
                (312) 456-8435 

              Telephone:
                (312) 456-8400

            
	 	 	 	 	 
	
              Smithfield
                Fiduciary LLC

            	 	
              c/o
                Highbridge Capital Management LLC

              9
                West 57th
                Street, 27th
                Floor

              New
                York, New York 10019

              Attn:
                Ari J. Storch / Adam J. Chill

              Facsimile:
                (212) 751-0755

            	 	 
	 	 	 	 	 
	
              Iroquois
                Master Fund Ltd.

            	 	
              Iroquois
                Master Fund Ltd.

              641
                Lexington Avenue, 26th Floor

              New
                York, New York 10022

              Facsimile:
                (212) 207-3452

            	 	 
	 	 	 	 	 
	
              Portside
                Growth and Opportunity Fund 

            	 	
              c/o
                Ramius LLC

              599
                Lexington Avenue, 20th Floor

              New
                York, New York 10022

              Attn:
                Jeffrey C. Smith / Owen S. Littman

              Facsimile:
                (212) 845-7986

            	 	 
	 	 	 	 	 
	
              Rockmore
                Investment Master Fund Ltd.

            	 	
              c/o
                Rockmore Capital, LLC

              150
                E. 58th
                Street, 28th
                Floor

              New
                York, NY 10155

              Attn:
                Bruce Bernstein/Michael Clateman

              Facsimile:
                212-258-2315

            	 	 
	 	 	 	 	 
	
              Iroquois
                Capital Opportunity Fund LP

            	 	
              Iroquois
                Master Fund Ltd.

              641
                Lexington Avenue, 26th Floor

              New
                York, New York 10022

              Facsimile:
                (212) 207-3452

            	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

     

    FORM
      OF NOTICE OF EFFECTIVENESS
OF
      REGISTRATION STATEMENT

     

    ______________________

    ______________________

    ______________________

     

    Attention:
      _____________

     

    Re: Generex
      Biotechnology Corporation

     

    Ladies
      and Gentlemen:

     

    [We
      are][I am] counsel to Generex Biotechnology Corporation, a Delaware corporation
      (the “Company”),
      and
      have represented the Company in connection with that certain Securities Purchase
      Agreement (the “Securities
      Purchase Agreement”)
      entered into by and among the Company and the buyers named therein
      (collectively, the “Holders”)
      pursuant to which the Company issued to the Holders senior secured convertible
      notes (the “Notes”)
      convertible into the Company’s shares of common stock, $0.001 par value per
      share (the “Common
      Stock”),
      and
      warrants exercisable for shares of Common Stock (the “Warrants”).
      Pursuant to the Securities Purchase Agreement, the Company also has entered
      into
      a Registration Rights Agreement with the Holders (the “Registration
      Rights Agreement”)
      pursuant to which the Company agreed, among other things, to register the
      Registrable Securities (as defined in the Registration Rights Agreement),
      including the shares of Common Stock issuable upon conversion of the Notes
      and
      exercise of the Warrants, under the Securities Act of 1933, as amended (the
      “1933
      Act”).
      In
      connection with the Company’s obligations under the Registration Rights
      Agreement, on ____________ ___, 200_, the Company filed a Registration Statement
      on Form S-3 (File No. 333-_____________) (the “Registration
      Statement”)
      with
      the Securities and Exchange Commission (the “SEC”)
      relating to the Registrable Securities which names each of the Holders as a
      selling stockholder thereunder.

     

    In
      connection with the foregoing, [we][I] advise you that a member of the SEC’s
      staff has advised [us][me] by telephone that the SEC has entered an order
      declaring the Registration Statement effective under the 1933 Act at [ENTER
      TIME
      OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and [we][I] have no
      knowledge, after telephonic inquiry of a member of the SEC’s staff, that any
      stop order suspending its effectiveness has been issued or that any proceedings
      for that purpose are pending before, or threatened by, the SEC and the
      Registrable Securities are available for resale under the 1933 Act pursuant
      to
      the Registration Statement.

     

    This
      letter shall serve as our standing opinion to you that the shares of Common
      Stock underlying the Notes and Warrants are freely transferable by the Holders
      pursuant to the Registration Statement. You need not require further letters
      from us to effect any future legend-free issuance or reissuance of such shares
      of Common Stock to the Holders as contemplated by the Company’s Irrevocable
      Transfer Agent Instructions dated _________ __, 200_. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              [ISSUER’S
                COUNSEL]

            
	 	 
	 	
              By:

            	 
	 	 
	
              CC:
                [LIST
                NAMES OF HOLDERS]

            	 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
      B

     

    SELLING
      SHAREHOLDERS

     

    The
      shares of common stock being offered by the selling stockholders are those
      issuable to the selling stockholders upon conversion of the notes and exercise
      of the warrants. For additional information regarding the issuance of the notes
      and the warrants, see “Private Placement of Notes and Warrants” above. We are
      registering the shares of common stock in order to permit the selling
      stockholders to offer the shares for resale from time to time. Except for the
      ownership of the notes and the warrants issued pursuant to the Securities
      Purchase Agreement, the selling stockholders have not had any material
      relationship with us within the past three years.

     

    The
      table
      below lists the selling stockholders and other information regarding the
      beneficial ownership of the shares of common stock by each of the selling
      stockholders. The second column lists the number of shares of common stock
      beneficially owned by each selling stockholder, based on its ownership of shares
      of common stock, the notes and the warrants, as of ________, 2008, assuming
      conversion of the notes and exercise of the warrants held by the selling
      stockholders on that date, taking account of any limitations on conversion
      or
      exercise.

     

    The
      third
      column lists the shares of common stock being offered by this prospectus by
      the
      selling stockholders.

     

    In
      accordance with the terms of a registration rights agreement with the holders
      of
      the notes and the warrants, this prospectus generally covers the resale of
      120%
      of the sum of (i) the maximum number of shares of common stock issuable upon
      conversion of the related notes and (ii) the maximum number of shares of common
      stock issuable upon exercise of the related warrants, determined as if the
      outstanding notes and warrants were converted or exercised, as applicable,
      in
      full (without regard to any limitations on conversion or exercise contained
      therein), in each case, as of the trading day immediately preceding the date
      this registration statement was initially filed with the SEC. Because the
      conversion price of the notes and the exercise price of the warrants may be
      adjusted, the number of shares that will actually be issued may be more or
      less
      than the number of shares being offered by this prospectus. The fourth column
      assumes the sale of all of the shares offered by the selling stockholders
      pursuant to this prospectus.

     

    Under
      the
      terms of the notes and the warrants, a selling stockholder may not convert
      the
      notes or exercise the warrants, to the extent such conversion or exercise would
      cause such selling stockholder, together with its affiliates, to beneficially
      own a number of shares of common stock which would exceed 4.90% or 9.90% (as
      applicable) of our then outstanding shares of common stock following such
      conversion or exercise, as applicable, excluding for purposes of such
      determination shares of common stock issuable upon conversion of the notes
      and/or exercise of the warrants which have not been converted or exercised.
      The
      number of shares in the second column reflects these limitations. The selling
      stockholders may sell all, some or none of their shares in this offering. See
      “Plan of Distribution.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Name of Selling Stockholder

            	 	
              Number of Shares of

              Common Stock Owned

              Prior to Offering

            	 	
              Maximum Number of 

              Shares of Common Stock to

              be Sold Pursuant to this

              Prospectus

            	 	
              Number of Shares of

              Common Stock of Owned

              After Offering

            
	 	 	 	 	 	 	 
	
              Cranshire
                Capital, L.P. 

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Smithfield
                Fiduciary LLC

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Iroquois
                Master Fund Ltd.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Portside
                Growth and Opportunity Fund 

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Rockmore
                Investment Master Fund Ltd.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Iroquois
                Capital Opportunity Fund LP

            	 	 	 	 	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    PLAN
      OF DISTRIBUTION

     

    We
      are
      registering the shares of common stock issuable upon conversion of the notes
      and
      exercise of the warrants to permit the resale of these shares of common stock
      by
      the holders of the notes and warrants from time to time after the date of this
      prospectus. We will not receive any of the proceeds from the sale by the selling
      stockholders of the shares of common stock. We will bear all fees and expenses
      incident to our obligation to register the shares of common stock.

     

    The
      selling stockholders may sell all or a portion of the shares of common stock
      beneficially owned by them and offered hereby from time to time directly or
      through one or more underwriters, broker-dealers or agents. If the shares of
      common stock are sold through underwriters or broker-dealers, the selling
      stockholders will be responsible for underwriting discounts or commissions
      or
      agent’s commissions. The shares of common stock may be sold in one or more
      transactions at fixed prices, at prevailing market prices at the time of the
      sale, at varying prices determined at the time of sale, or at negotiated prices.
      These sales may be effected in transactions, which may involve crosses or block
      transactions, 

     

    
      	
            	·	
              on
                any national securities exchange or quotation service on which the
                securities may be listed or quoted at the time of
                sale;

            

    

     

    
      	
            	·	
              in
                the over-the-counter market;

            

    

     

    
      	
            	·	
              in
                transactions otherwise than on these exchanges or systems or in the
                over-the-counter market;

            

    

     

    
      	
            	·	
              through
                the writing of options, whether such options are listed on an options
                exchange or otherwise;

            

    

     

    
      	
            	·	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits purchasers;

            

    

     

    
      	
            	·	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

    

     

    
      	
            	·	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

    

     

    
      	
            	·	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

    

     

    
      	
            	·	
              privately
                negotiated transactions;

            

    

     

    
      	
            	·	
              short
                sales made after the date the Registration Statement is declared
                effective
                by the SEC, subject to any applicable limitations on short sales
                contained
                in any agreement between a selling stockholder and the
                Company;

            

    

     

    
      	
            	·	
              sales
                pursuant to Rule 144;

            

    

     

    
      	
            	·	
              broker-dealers
                may agree with the selling securityholders to sell a specified number
                of
                such shares at a stipulated price per
                share;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	·	
              a
                combination of any such methods of sale;
                and

            

    

     

    
      	
            	·	
              any
                other method permitted pursuant to applicable
                law.

            

    

     

    If
      the
      selling stockholders effect such transactions by selling shares of common stock
      to or through underwriters, broker-dealers or agents, such underwriters,
      broker-dealers or agents may receive commissions in the form of discounts,
      concessions or commissions from the selling stockholders or commissions from
      purchasers of the shares of common stock for whom they may act as agent or
      to
      whom they may sell as principal (which discounts, concessions or commissions
      as
      to particular underwriters, broker-dealers or agents may be in excess of those
      customary in the types of transactions involved). In connection with sales
      of
      the shares of common stock or otherwise, the selling stockholders may enter
      into
      hedging transactions with broker-dealers, which may in turn engage in short
      sales of the shares of common stock in the course of hedging in positions they
      assume. The selling stockholders may also sell shares of common stock short
      and
      deliver shares of common stock covered by this prospectus to close out short
      positions and to return borrowed shares in connection with such short sales.
      The
      selling stockholders may also loan or pledge shares of common stock to
      broker-dealers that in turn may sell such shares.

     

    The
      selling stockholders may pledge or grant a security interest in some or all
      of
      the notes, warrants or shares of common stock owned by them and, if they default
      in the performance of their secured obligations, the pledgees or secured parties
      may offer and sell the shares of common stock from time to time pursuant to
      this
      prospectus or any amendment to this prospectus under Rule 424(b)(3) or other
      applicable provision of the Securities Act of 1933, as amended, amending, if
      necessary, the list of selling stockholders to include the pledgee, transferee
      or other successors in interest as selling stockholders under this prospectus.
      The selling stockholders also may transfer and donate the shares of common
      stock
      in other circumstances in which case the transferees, donees, pledgees or other
      successors in interest will be the selling beneficial owners for purposes of
      this prospectus.

     

    The
      selling stockholders and any broker-dealer participating in the distribution
      of
      the shares of common stock may be deemed to be “underwriters” within the meaning
      of the Securities Act, and any commission paid, or any discounts or concessions
      allowed to, any such broker-dealer may be deemed to be underwriting commissions
      or discounts under the Securities Act. At the time a particular offering of
      the
      shares of common stock is made, a prospectus supplement, if required, will
      be
      distributed which will set forth the aggregate amount of shares of common stock
      being offered and the terms of the offering, including the name or names of
      any
      broker-dealers or agents, any discounts, commissions and other terms
      constituting compensation from the selling stockholders and any discounts,
      commissions or concessions allowed or reallowed or paid to
      broker-dealers.

     

    Under
      the
      securities laws of some states, the shares of common stock may be sold in such
      states only through registered or licensed brokers or dealers. In addition,
      in
      some states the shares of common stock may not be sold unless such shares have
      been registered or qualified for sale in such state or an exemption from
      registration or qualification is available and is complied with.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    There
      can
      be no assurance that any selling stockholder will sell any or all of the shares
      of common stock registered pursuant to the shelf registration statement, of
      which this prospectus forms a part.

     

    The
      selling stockholders and any other person participating in such distribution
      will be subject to applicable provisions of the Securities Exchange Act of
      1934,
      as amended, and the rules and regulations thereunder, including, without
      limitation, to the extent applicable, Regulation M of the Exchange Act, which
      may limit the timing of purchases and sales of any of the shares of common
      stock
      by the selling stockholders and any other participating person. To the extent
      applicable, Regulation M may also restrict the ability of any person engaged
      in
      the distribution of the shares of common stock to engage in market-making
      activities with respect to the shares of common stock. All of the foregoing
      may
      affect the marketability of the shares of common stock and the ability of any
      person or entity to engage in market-making activities with respect to the
      shares of common stock.

     

    We
      will
      pay all expenses of the registration of the shares of common stock pursuant
      to
      the registration rights agreement, estimated to be
      $[     ] in total, including, without limitation,
      Securities and Exchange Commission filing fees and expenses of compliance with
      state securities or “blue sky” laws; provided,
      however,
      that a
      selling stockholder will pay all underwriting discounts and selling commissions,
      if any. We will indemnify the selling stockholders against liabilities,
      including some liabilities under the Securities Act, in accordance with the
      registration rights agreements, or the selling stockholders will be entitled
      to
      contribution. We may be indemnified by the selling stockholders against civil
      liabilities, including liabilities under the Securities Act, that may arise
      from
      any written information furnished to us by the selling stockholder specifically
      for use in this prospectus, in accordance with the related registration rights
      agreements, or we may be entitled to contribution.

    

    Once
      sold
      under the shelf registration statement, of which this prospectus forms a part,
      the shares of common stock will be freely tradable in the hands of persons
      other
      than our affiliates.SECURITY
      AGREEMENT

    

    This
      SECURITY
      AGREEMENT
      (this
“Agreement”),
      dated
      as of March 31, 2008, is made by and among the Grantors listed on the signature
      pages hereof (collectively, jointly and severally, the “Grantors”
and
      each, individually, a “Grantor”),
      and
      the Secured Parties listed on the signature pages hereof (collectively, the
      “Secured
      Parties”
and
      each, individually, a “Secured
      Party”).

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to that certain Securities Purchase Agreement dated as of even date
      herewith (as amended, restated, supplemented, or otherwise modified from time
      to
      time, including all schedules thereto, the “Purchase
      Agreement”)
      by and
      among GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (“Parent”),
      and
      Secured Parties, Parent has agreed to sell, and Secured Parties have agreed
      to
      purchase, severally and not jointly, certain Notes and Warrants, and

     

    WHEREAS,
      in
      order to induce the Secured Parties to purchase the Notes and Warrants as
      provided for in the Purchase Agreement, Grantors have agreed to grant a
      continuing security interest in and to the Collateral in order to secure the
      prompt and complete payment, observance and performance of the Secured
      Obligations, and

     

    NOW,
      THEREFORE,
      for and
      in consideration of the recitals made above and other good and valuable
      consideration, the receipt, sufficiency and adequacy of which are hereby
      acknowledged, the parties hereto agree as follows:

     

    1. Defined
      Terms.
      All
      capitalized terms used herein (including in the preamble and recitals hereof)
      without definition shall have the meanings ascribed thereto in the Purchase
      Agreement. Any terms used in this Agreement that are defined in the Code shall
      be construed and defined as set forth in the Code unless otherwise defined
      herein or in the Purchase Agreement; provided,
      however,
      that if
      the Code is used to define any term used herein and if such term is defined
      differently in different Articles of the Code, the definition of such term
      contained in Article 9 of the Code shall govern. In addition to those terms
      defined elsewhere in this Agreement, as used in this Agreement, the following
      terms shall have the following meanings:

     

    (a) “Account”
means
      an account (as that term is defined in the Code).

     

    (b) “Account
      Debtor”
means
      an account debtor (as that term is defined in the Code).

     

    (c) “Bankruptcy
      Code”
means
      title 11 of the United States Code, as in effect from time to time.

     

    (d) “Books”
means
      books and records (including each Grantor’s Records indicating, summarizing, or
      evidencing such Grantor’s assets (including the Collateral) or liabilities, each
      Grantor’s Records relating to such Grantor’s business operations or financial
      condition, and each Grantor’s goods or General Intangibles related to such
      information).

     

    (e) “Chattel
      Paper”
means
      chattel paper (as that term is defined in the Code) and includes tangible
      chattel paper and electronic chattel paper.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (f) “Code”
means
      the New York Uniform Commercial Code, as in effect from time to time;
provided,
      however,
      that in
      the event that, by reason of mandatory provisions of law, any or all of the
      attachment, perfection, priority, or remedies with respect to any Secured
      Party’s Lien on any Collateral is governed by the Uniform Commercial Code as
      enacted and in effect in a jurisdiction other than the State of New York, the
      term “Code” shall mean the Uniform Commercial Code as enacted and in effect in
      such other jurisdiction solely for purposes of the provisions thereof relating
      to such attachment, perfection, priority, or remedies.

     

    (g) “Collateral”
has
      the
      meaning specified therefor in Section
      2.

     

    (h) “Commencement
      Notice”
means
      a
      written notice, given by any Secured Party to the other Secured Parties in
      accordance with the notice provisions set forth in the Purchase Agreement,
      pursuant to which such Secured Party notifies the other Secured Parties of
      the
      existence of one or more Events of Default and of such Secured Party’s intent to
      commence the exercise of one or more of the remedies provided for under this
      Agreement with respect to all or any portion of the Collateral as a consequence
      thereof, which notice shall incorporate a reasonably detailed description of
      each Event of Default then existing and of the remedial action proposed to
      be
      taken.

     

    (i) “Commercial
      Tort Claims”
means
      commercial tort claims (as that term is defined in the Code), and includes
      those
      commercial tort claims listed on Schedule
      1
      attached
      hereto..

     

    (j) “Control
      Agreement”
means
      a
      control agreement, in form and substance satisfactory to Secured Parties,
      executed and delivered by a Grantor, one or more Secured Parties, and the
      applicable securities intermediary (with respect to a Securities Account) or
      bank (with respect to a Deposit Account).

     

    (k) “Copyrights”
means
      copyrights and copyright registrations, and also includes (i) the copyright
      registrations and recordings thereof and all applications in connection
      therewith listed on Schedule
      2
      attached
      hereto and made a part hereof, (ii) all reissues, continuations, extensions
      or
      renewals thereof, (iii) all income, royalties, damages and payments now and
      hereafter due or payable under and with respect thereto, including payments
      under all licenses entered into in connection therewith and damages and payments
      for past or future infringements or dilutions thereof, (iv) the right to sue
      for
      past, present and future infringements and dilutions thereof, (v) the goodwill
      of each Grantor’s business symbolized by the foregoing or connected therewith,
      and (vi) all of each Grantor’s rights corresponding thereto throughout the
      world.

     

    (l) “Copyright
      Security Agreement”
means
      each Copyright Security Agreement among Grantors, or any of them, and Secured
      Parties, in substantially the form of Exhibit
      A
      attached
      hereto, pursuant to which Grantors have granted to each Secured Party a security
      interest in all their respective Copyrights.

     

    (m) “Deposit
      Account”
means
      a
      deposit account (as that term is defined in the Code).

     

    (n) “Equipment”
means
      equipment (as that term is defined in the Code).

     

    (o) “Event
      of Default”
      has
      the
      meaning specified therefor in the
      Notes.

     

    (p) “Foreign
      Intellectual Property”
means
      all Copyrights, Intellectual Property Licenses, Patents, and Trademarks to
      the
      extent registered, filed or subsisting under the laws of any Governmental
      Authority other than the United States of America or Canada. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (q) “General
      Intangibles”
means
      general intangibles (as that term is defined in the Code) and, in any event,
      includes payment intangibles, contract rights, rights to payment, rights arising
      under common law, statutes, or regulations, choses or things in action, goodwill
      (including the goodwill associated with any Trademark, Patent, or Copyright),
      Patents, Trademarks, Copyrights, URLs and domain names, industrial designs,
      other industrial or Intellectual Property or rights therein or applications
      therefor, whether under license or otherwise, programs, programming materials,
      blueprints, drawings, purchase orders, customer lists, monies due or recoverable
      from pension funds, route lists, rights to payment and other rights under any
      royalty or licensing agreements, including Intellectual Property Licenses,
      infringement claims, computer programs, information contained on computer disks
      or tapes, software, literature, reports, catalogs, pension plan refunds, pension
      plan refund claims, insurance premium rebates, tax refunds, and tax refund
      claims, interests in a partnership or limited liability company which do not
      constitute a security under Article 8 of the Code, and any other personal
      property other than Commercial Tort Claims, money, Accounts, Chattel Paper,
      Deposit Accounts, goods, Investment Related Property, Negotiable Collateral,
      and
      oil, gas, or other minerals before extraction.

     

    (r) “Governmental
      Authority”
means
      any domestic or foreign federal, state, local, or other governmental or
      administrative body, instrumentality, board, department, or agency or any court,
      tribunal, administrative hearing body, arbitration panel, commission, or other
      similar dispute-resolving panel or body.

     

    (s) “Grantor”
and
      “Grantors”
have
      the meanings specified therefor in the recitals to this Agreement.

     

    (t) “Guaranties”
means
      each Guaranty dated of even date herewith executed by Guarantors in favor of
      any
      or all of the Secured Parties, together with any other guaranty or similar
      agreement now or hereafter executed by a Guarantor in favor of any or all of
      the
      Secured Parties in connection with the Notes or any of the other Transaction
      Documents. 

     

    (u) “Guarantor”
means
      each Grantor, other than Parent, and each other Person that now or hereafter
      executes a Guaranty.

     

    (v) “Insolvency
      Proceeding”
means
      any proceeding commenced by or against any Person under any provision of the
      Bankruptcy Code or under any other state or federal bankruptcy or insolvency
      law
      or any equivalent laws in any other jurisdiction, assignments for the benefit
      of
      creditors, formal or informal moratoria, compositions, extensions generally
      with
      creditors, or proceedings seeking reorganization, arrangement, or other similar
      relief.

     

    (w) “Intellectual
      Property”
means
      Patents, Copyrights, Trademarks, the goodwill associated with such Trademarks,
      trade secrets and customer lists, and Intellectual Property
      Licenses.

     

    (x) “Intellectual
      Property Licenses”
means
      rights under or interests in any patent, trademark, copyright or other
      intellectual property, including software license agreements with any other
      party, whether the applicable Grantor is a licensee or licensor under any such
      license agreement, including the license agreements listed on Schedule
      3 attached
      hereto and made a part hereof.

     

    (y) “Inventory”
means
      inventory (as that term is defined in the Code).

     

    (z) “Investment
      Related Property”
means
      (i) investment property (as that term is defined in the Code), and (ii) all
      of
      the following (regardless of whether classified as investment property under
      the
      Code): all Pledged Interests, Pledged Operating Agreements, and Pledged
      Partnership Agreements.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (aa) “Lien”
has
      the
      meaning specified therefor in the
      Notes.

     

    (bb) “Negotiable
      Collateral”
means
      letters of credit, letter-of-credit rights, instruments, promissory notes,
      drafts, and documents.

     

    (cc) “New
      Subsidiary”
has
      the
      meaning specified therefor in the
      Notes.

     

    (dd) “Notes”
has
      the
      meaning specified therefor in the Purchase Agreement. 

     

    (ee) “Parent”
has
      the
      meaning specified therefor in the recitals to this Agreement.

     

    (ff) “Patents”
means
      patents and patent applications, and also includes (i) the patents and patent
      applications listed on Schedule
      4
      attached
      hereto and made a part hereof, (ii) all renewals thereof, (iii) all income,
      royalties, damages and payments now and hereafter due or payable under and
      with
      respect thereto, including payments under all licenses entered into in
      connection therewith and damages and payments for past or future infringements
      or dilutions thereof, (iv) the right to sue for past, present and future
      infringements and dilutions thereof, and (v) all of each Grantor’s rights
      corresponding thereto throughout the world.

     

    (gg) “Patent
      Security Agreement”
means
      each Patent Security Agreement among Grantors and Secured Parties in
      substantially the form of Exhibit
      B
      attached
      hereto, pursuant to which Grantors have granted to each Secured Party a security
      interest in all their respective Patents.

     

    (hh) “Permitted
      Liens”
has
      the
      meaning specified therefor in the
      Notes.

     

    (ii) “Permitted
      Secured Party”
means,
      with respect to the exercise of any remedy provided for under this Agreement,
      any Secured Party that has delivered a Commencement Notice with respect to
      the
      exercise of such remedy to the other Secured Parties and has not received a
      Veto
      Notice with respect thereto within the Veto Period; provided,
      however,
      that
      there shall only be a single Permitted Secured Party that may exercise any
      specific remedy at any one time (it being agreed that if a Commencement Notice
      is delivered by more than one Secured Party with respect to any remedy provided
      for under this Agreement, then the first Secured Party to deliver a Commencement
      Notice and not receive a Veto Notice within the Veto Period shall be the only
      Secured Party that may exercise such remedy).

     

    (jj) “Person”
means
      an
      individual, a limited liability company, a partnership, a joint venture, a
      corporation, a trust, an unincorporated organization and a government or any
      department or agency thereof.

     

    (kk) “Pledged
      Companies”
means,
      each Person listed on Schedule
      5
      hereto
      as a “Pledged Company”, together with each other Person all or a portion of
      whose Stock is acquired or otherwise owned by a Grantor after the date
      hereof.

     

    (ll) “Pledged
      Interests”
means
      all of each Grantor’s right, title and interest in and to all of the Stock now
      or hereafter owned by such Grantor, regardless of class or designation,
      including all substitutions therefor and replacements thereof, all proceeds
      thereof and all rights relating thereto, also including any certificates
      representing the Stock, the right to receive any certificates representing
      any
      of the Stock, all warrants, options, share appreciation rights and other rights,
      contractual or otherwise, in respect thereof, and the right to receive
      dividends, distributions of income, profits, surplus, or other compensation
      by
      way of income or liquidating distributions, in cash or in kind, and cash,
      instruments, and other property from time to time received, receivable, or
      otherwise distributed in respect of or in addition to, in substitution of,
      on
      account of, or in exchange for any or all of the foregoing.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (mm) “Pledged
      Operating Agreements”
means
      all of each Grantor’s rights, powers, and remedies under the limited liability
      company operating agreements of each of the Pledged Companies that are limited
      liability companies.

     

    (nn) “Pledged
      Partnership Agreements”
means
      all of each Grantor’s rights, powers, and remedies under the partnership
      agreements of each of the Pledged Companies that are partnerships.

     

    (oo) “PPSA”
means
      the Personal Property Security Act (Ontario), as in effect from time to
      time.

     

    (pp) “Proceeds”
has
      the
      meaning specified therefor in Section
      2.

     

    (qq) “Purchase
      Agreement”
has
      the
      meaning specified therefor in the recitals to this Agreement.

     

    (rr) “Real
      Property”
means
      any estates or interests in real property now owned or hereafter acquired by
      any
      Grantor and the improvements thereto.

     

    (ss) “Records”
means
      information that is inscribed on a tangible medium or which is stored in an
      electronic or other medium and is retrievable in perceivable form.

     

    (tt) “Secured
      Obligations”
mean
      all of the present and future payment and performance obligations of Grantors
      arising under this Agreement, the Notes, the Guaranties, and the other
      Transaction Documents, including, without duplication, reasonable attorneys’
fees and expenses and any interest, fees, or expenses that accrue after the
      filing of an Insolvency Proceeding, regardless of whether allowed or allowable
      in whole or in part as a claim in any Insolvency Proceeding.

     

    (uu) “Securities
      Account”
means
      a
      securities account (as that term is defined in the Code).

     

    (vv) “Security
      Documents”
means,
      collectively, this Agreement, each Copyright Security Agreement, each Patent
      Security Agreement, each Trademark Security Agreement, each Control Agreement,
      and each other security agreement, pledge agreement, assignment, mortgage,
      security deed, deed of trust, and other agreement or document executed and
      delivered by a Grantor as security for any of the Secured Obligations.

     

    (ww) “Security
      Interest”
and
      “Security
      Interests”
have
      the meanings specified therefor in Section
      2.

     

    (xx) “Significant
      Secured Party”
means,
      on any date of determination, any Secured Party holding twenty percent (20%)
      or
      more of the aggregate principal amount of Notes outstanding on such
      date.

     

    (yy) “Stock”
means
      all shares, options, warrants, interests (including membership and partnership
      interests), participations, or other equivalents (regardless of how designated)
      of or in a Person, whether voting or nonvoting, including common stock,
      preferred stock, or any other “equity security” (as such term is defined in Rule
      3a11-1 of the General Rules and Regulations promulgated by the United States
      Securities and Exchange Commission and any successor thereto under the
      Securities Exchange Act of 1934, as in effect from time to time).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (zz) “Supporting
      Obligations”
means
      supporting obligations (as such term is defined in the Code).

     

    (aaa) “Trademarks”
means
      trademarks, trade names, trademark applications, service marks, service mark
      applications, and also includes (i) the trade names, trademarks, trademark
      applications, service marks, and service mark applications listed on
Schedule
      6
      attached
      hereto and made a part hereof, and (ii) all renewals thereof, (iii) all income,
      royalties, damages and payments now and hereafter due or payable under and
      with
      respect thereto, including payments under all licenses entered into in
      connection therewith and damages and payments for past or future infringements
      or dilutions thereof, (iv) the right to sue for past, present and future
      infringements and dilutions thereof, (v) the goodwill of each Grantor’s business
      symbolized by the foregoing or connected therewith, and (vi) all of each
      Grantor’s rights corresponding thereto throughout the world.

     

    (bbb) “Trademark
      Security Agreement”
means
      each Trademark Security Agreement among Grantors and Secured Parties in
      substantially the form of Exhibit
      C
      attached
      hereto, pursuant to which Grantors have granted to each Secured Party a security
      interest in all their respective Trademarks.

     

    (ccc) “Transaction
      Documents”
has
      the
      meaning specified therefor in the Purchase Agreement.

     

    (ddd) “URL”
means
      “uniform resource locator,” an internet web address.

     

    (eee) “Veto
      Notice”
means,
      with respect to any Commencement Notice, a written notice given by any
      Significant Secured Party to the other Secured Parties in accordance with the
      notice provisions set forth in the Purchase Agreement pursuant to which such
      Significant Secured Party notifies the other Secured Parties of its objection
      to
      the commencement of the remedial action specified in such Commencement Notice
      and certifies that, to the best of its knowledge, it is a Significant Secured
      Party.

     

    (fff) “Veto
      Period”
means,
      with respect to any Commencement Notice, the period of ten (10) consecutive
      calendar days following the delivery of such Commencement Notice to the Secured
      Parties.

     

    (ggg) “Warrants”
has
      the
      meaning specified therefor in the Purchase Agreement.

     

    2. Grant
      of Security.
      Each
      Grantor hereby unconditionally grants, assigns, and pledges to each Secured
      Party a separate, continuing security interest (each, a “Security
      Interest”
and,
      collectively, the “Security
      Interests”)
      in all
      assets of such Grantor (other than real property) whether now owned or hereafter
      acquired or arising and wherever located, including, without limitation, such
      Grantor’s right, title, and interest in and to the following, whether now owned
      or hereafter acquired or arising and wherever located (collectively, the
“Collateral”):

     

    (a) all
      of
      such Grantor’s Accounts;

     

    (b) all
      of
      such Grantor’s Books;

     

    (c) all
      of
      such Grantor’s Chattel Paper;

     

    (d) all
      of
      such Grantor’s Deposit Accounts;

     

    (e) all
      of
      such Grantor’s Equipment and fixtures;

     

    (f) all
      of
      such Grantor’s General Intangibles;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (g) all
      of
      such Grantor’s Inventory;

     

    (h) all
      of
      such Grantor’s Investment Related Property; 

     

    (i) all
      of
      such Grantor’s Negotiable Collateral;

     

    (j) all
      of
      such Grantor’s rights in respect of Supporting Obligations;

     

    (k) all
      of
      such Grantor’s Commercial Tort Claims;

     

    (l) all
      of
      such Grantor’s money, cash, cash equivalents, or other assets of each such
      Grantor that now or hereafter come into the possession, custody, or control
      of
      any Secured Party;

     

    (m) all
      of
      the proceeds and products, whether tangible or intangible, of any of the
      foregoing, including proceeds of insurance or Commercial Tort Claims covering
      or
      relating to any or all of the foregoing, and any and all Accounts, Books,
      Chattel Paper, Deposit Accounts, Equipment, General Intangibles, Inventory,
      Investment Related Property, Negotiable Collateral, Supporting Obligations,
      money, or other tangible or intangible property resulting from the sale, lease,
      license, exchange, collection, or other disposition of any of the foregoing,
      the
      proceeds of any award in condemnation with respect to any of the foregoing,
      any
      rebates or refunds, whether for taxes or otherwise, and all proceeds of any
      such
      proceeds, or any portion thereof or interest therein, and the proceeds thereof,
      and all proceeds of any loss of, damage to, or destruction of the above, whether
      insured or not insured, and, to the extent not otherwise included, any
      indemnity, warranty, or guaranty payable by reason of loss or damage to, or
      otherwise with respect to any of the foregoing (the “Proceeds”).
      Without limiting the generality of the foregoing, the term "Proceeds" includes
      whatever is receivable or received when Investment Related Property or proceeds
      are sold, exchanged, collected, or otherwise disposed of, whether such
      disposition is voluntary or involuntary, and includes proceeds of any indemnity
      or guaranty payable to any Grantor or any Secured Party from time to time with
      respect to any of the Investment Related Property.

     

    3. Security
      for Obligations.
      This
      Agreement and the Security Interests created hereby secure the payment and
      performance of the Secured Obligations, whether now existing or arising
      hereafter. Without limiting the generality of the foregoing, this Agreement
      secures the payment of all amounts which constitute part of the Secured
      Obligations and would be owed by Grantors, or any of them, to Secured Parties,
      or any of them, but for the fact that they are unenforceable or not allowable
      due to the existence of an Insolvency Proceeding involving any Grantor.

     

    4. Grantors
      Remain Liable.
      Anything herein to the contrary notwithstanding, (a) each of the Grantors shall
      remain liable under the contracts and agreements included in the Collateral,
      including the Pledged Operating Agreements and the Pledged Partnership
      Agreements, to perform all of the duties and obligations thereunder to the
      same
      extent as if this Agreement had not been executed, (b) the exercise by Secured
      Parties, or any of them, of any of the rights hereunder shall not release any
      Grantor from any of its duties or obligations under such contracts and
      agreements included in the Collateral, and (c) no Secured Party shall have
      any
      obligation or liability under such contracts and agreements included in the
      Collateral by reason of this Agreement, nor shall any Secured Party be obligated
      to perform any of the obligations or duties of any Grantors thereunder or to
      take any action to collect or enforce any claim for payment assigned hereunder.
      Until an Event of Default shall occur and be continuing, except as otherwise
      provided in this Agreement or any other Transaction Document, Grantors shall
      have the right to possession and enjoyment of the Collateral for the purpose
      of
      conducting the ordinary course of their respective businesses, subject to and
      upon the terms hereof and the other Transaction Documents. Without limiting
      the
      generality of the foregoing, it is the intention of the parties hereto that
      record and beneficial ownership of the Pledged Interests, including all voting,
      consensual, and dividend rights, shall remain in the applicable Grantor until
      the occurrence of an Event of Default and until any Secured Party shall notify
      the applicable Grantor of such Secured Party's exercise of voting, consensual,
      or dividend rights with respect to the Pledged Interests pursuant to
Section
      15
      hereof.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5. Representations
      and Warranties.
      Each
      Grantor hereby represents and warrants as follows:

     

    (a) The
      exact
      legal name of each of the Grantors is set forth on the signature pages of this
      Agreement.

     

    (b) Schedule
      7
      attached
      hereto sets forth all Real Property owned or leased by Grantors as of the date
      hereof.

     

    (c) As
      of the
      date hereof, (i) no Grantor has any interest in, or title to, any Copyrights,
      Intellectual Property Licenses, Patents, or Trademarks except as set forth
      on
Schedules
      2, 3, 4
      and
6,
      respectively, attached hereto, and (ii) none of the Foreign Intellectual
      Property is material to the business, properties, assets, liabilities,
      operations (including results thereof), condition (financial or otherwise)
      or
      prospects of any Grantor. This Agreement is effective to create a valid and
      continuing Lien on such Copyrights, Intellectual Property Licenses, Patents
      and
      Trademarks set forth on Schedules
      2, 3, 4
      and
6,
      respectively, and, upon filing of the Copyright Security Agreement with the
      United States Copyright Office and filing of the Patent Security Agreement
      and
      the Trademark Security Agreement with the United State Patent and Trademark
      Office, and the filing of appropriate financing statements in the jurisdictions
      listed on Schedule
      8
      hereto,
      all action necessary or desirable to perfect the Security Interests under the
      laws of the United States of America and Canada in and to each Grantor’s
      Patents, Trademarks, or Copyrights has been taken and such perfected Security
      Interests are enforceable as such as against any and all creditors of and
      purchasers from any Grantor. No Grantor has any interest in any Copyright that
      is necessary and material to the operation of such Grantor’s business, except
      for those Copyrights identified on Schedule
      2
      attached
      hereto which have been registered with the United States Copyright
      Office.

     

    (d) This
      Agreement creates a valid security interest in the Collateral of each of
      Grantors, to the extent a security interest therein can be created under the
      Code and the PPSA, securing the payment of the Secured Obligations. Except
      to
      the extent a security interest in the Collateral cannot be perfected by the
      filing of a financing statement under the Code or the PPSA, all filings and
      other actions necessary or desirable to perfect and protect such security
      interest have been duly taken or will have been taken upon the filing of
      financing statements listing each applicable Grantor, as a debtor, and Secured
      Parties, as secured parties, in the jurisdictions listed next to such Grantor’s
      name on Schedule
      8
      attached
      hereto. Upon the making of such filings, Secured Parties shall each have a
      first
      priority perfected security interest (subject only to Permitted Liens) in the
      Collateral of each Grantor to the extent such security interest can be perfected
      by the filing of a financing statement. All action by any Grantor necessary
      to
      protect and perfect such security interest on each item of Collateral has been
      duly taken. Notwithstanding the foregoing or the provisions of Section
      5(c)
      hereof,
      Grantors do not represent that they have taken, nor shall they be required
      to
      take, any action (other than the filing of financing statements under the Code
      and PPSA) to perfect or record any Security Interest in Foreign Intellectual
      Property, except as set forth in Section
      6(g)
      hereof.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (e) (i)
      Except for the Security Interests created hereby, such Grantor is and will
      at
      all times be the sole holder of record and the legal and beneficial owner,
      free
      and clear of all Liens other than Permitted Liens, of the Pledged Interests
      indicated on Schedule
      5
      as being
      owned by such Grantor and, when acquired by such Grantor, any Pledged Interests
      acquired after the date hereof; (ii) all of the Pledged Interests are duly
      authorized, validly issued, fully paid and nonassessable and the Pledged
      Interests constitute or will constitute the percentage of the issued and
      outstanding Stock of the Pledged Companies of such Grantor identified on
Schedule
      5
      hereto;
      (iii) such Grantor has the right and requisite authority to pledge the
      Investment Related Property pledged by such Grantor to each Secured Party as
      provided herein; (iv) all actions necessary or desirable to perfect, establish
      the first priority of, or otherwise protect, Secured Parties’ respective Liens
      in the Investment Related Collateral, and the proceeds thereof, have been duly
      taken, (A) upon the execution and delivery of this Agreement; (B) upon the
      taking of possession by any Secured Party of any certificates constituting
      the
      Pledged Interests, to the extent such Pledged Interests are represented by
      certificates, together with undated powers endorsed in blank by the applicable
      Grantor; (C) upon the filing of financing statements in the applicable
      jurisdiction set forth on Schedule
      8
      attached
      hereto for such Grantor with respect to the Pledged Interests of such Grantor
      that are not represented by certificates, and (D) with respect to any Securities
      Accounts, upon the delivery of Control Agreements with respect thereto; and
      (v)
      each Grantor has delivered to and deposited with any Secured Party (or, with
      respect to any Pledged Interests created or obtained after the date hereof,
      will
      deliver and deposit in accordance with Sections
      6(a)
      and
8
      hereof)
      all certificates representing the Pledged Interests owned by such Grantor to
      the
      extent such Pledged Interests are represented by certificates, and undated
      powers endorsed in blank with respect to such certificates. None of the Pledged
      Interests owned or held by such Grantor has been issued or transferred in
      violation of any securities registration, securities disclosure, or similar
      laws
      of any jurisdiction to which such issuance or transfer may be
      subject.

     

    (f) No
      consent, approval, authorization, or other order or other action by, and no
      notice to or filing with, any Governmental Authority or any other Person is
      required (i) for the grant of a Security Interest by such Grantor in and to
      the
      Collateral pursuant to this Agreement or for the execution, delivery, or
      performance of this Agreement by such Grantor, or (ii) for the exercise by
      any
      Secured Party of the voting or other rights provided in this Agreement with
      respect to Investment Related Property or the remedies in respect of the
      Collateral pursuant to this Agreement, except (A) as may be required in
      connection with such disposition of Investment Related Property by laws
      affecting the offering and sale of securities generally and (B) for any consent
      that may be required for the assignment of any Intellectual Property License
      that expressly provides that such Intellectual Property License is not
      assignable (or is not assignable without the consent of the other party to
      such
      Intellectual Property License).

     

    6. Covenants.
      Each
      Grantor, jointly and severally, covenants and agrees with each Secured Party
      that from and after the date of this Agreement and until the date of termination
      of this Agreement in accordance with Section
      24
      hereof
      (but only to the extent the particular assets described in this Section 6
      constitute Collateral hereunder):

     

    (a) Possession
      of Collateral.
      In the
      event that any Collateral, including proceeds, is evidenced by or consists
      of
      Negotiable Collateral, Investment Related Property, or Chattel Paper, and if
      and
      to the extent that perfection or priority of Secured Parties’ respective
      Security Interests is dependent on or enhanced by possession, the applicable
      Grantor, immediately upon the request of any Secured Party, shall execute such
      other documents and instruments as shall be requested by such Secured Party
      or,
      if applicable, endorse and deliver physical possession of such Negotiable
      Collateral, Investment Related Property, or Chattel Paper to such Secured Party,
      together with such undated powers endorsed in blank as shall be requested by
      such Secured Party. Without limiting the foregoing, on or before April 30,
      2008,
      Grantors shall deliver physical possession of all stock certificates evidencing
      the Pledged Interests described on Schedule
      5
      attached
      hereto, together with undated powers endorsed in blank with respect thereto
      and
      in form acceptable to Secured Parties. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (b) Chattel
      Paper.

     

    (i) Each
      Grantor shall take all steps reasonably necessary to grant each Secured Party
      control of all Chattel Paper in accordance with the Code and the PPSA and all
      “transferable records” as that term is defined in Section 16 of the Uniform
      Electronic Purchase Act and Section 201 of the federal Electronic Signatures
      in
      Global and National Commerce Act as in effect in any relevant jurisdiction;
      and

     

    (ii) If
      any
      Grantor retains possession of any Chattel Paper or instruments (which retention
      of possession shall be subject to the extent permitted hereby and by the
      Purchase Agreement), promptly upon the request of any Secured Party, such
      Chattel Paper and instruments shall be marked with the following legend: “This
      writing and the obligations evidenced or secured hereby are subject to the
      Security Interests of [names of Secured Parties]”.

     

    (c) Control
      Agreements.
      

     

    (i) Each
      Grantor shall, (A) with respect to each Deposit Account of such Grantor
      maintained with any bank as of the date hereof, use such Grantor’s commercially
      reasonable best efforts to obtain and deliver to Secured Parties, on or before
      April 30, 2008, an authenticated Control Agreement from such Grantor and the
      bank maintaining such Deposit Account, and (B) with respect to any Deposit
      Account established by such Grantor after the date hereof, obtain and deliver
      to
      Secured Parties, at the time such Deposit Account is established, an
      authenticated Control Agreement from such Grantor and the bank with which such
      Deposit Account is established; and

     

    (ii) Upon
      request of any Secured Party, each Grantor shall obtain authenticated Control
      Agreements from each issuer of uncertificated securities, securities
      intermediary, or commodities intermediary issuing or holding any financial
      assets or commodities to or for any Grantor.

     

    (d) Letter-of-Credit
      Rights.
      Each
      Grantor that is or becomes the beneficiary of a letter of credit shall promptly
      (and in any event within 2 Business Days after becoming a beneficiary), notify
      Secured Parties thereof and, upon the request by any Secured Party, enter into
      a
      multi-party agreement with Secured Parties and the issuing or confirming bank
      with respect to letter-of-credit rights assigning such letter-of-credit rights
      to Secured Parties and directing all payments thereunder to Secured Parties,
      all
      in form and substance satisfactory to Secured Parties.

     

    (e) Commercial
      Tort Claims.
      Each
      Grantor shall promptly (and in any event within 2 Business Days of receipt
      thereof), notify Secured Parties in writing upon incurring or otherwise
      obtaining a Commercial Tort Claim after the date hereof and, upon request of
      any
      Secured Party, promptly amend Schedule
      1
      to this
      Agreement to describe such after-acquired Commercial Tort Claim in a manner
      that
      reasonably identifies such Commercial Tort Claim, and hereby authorizes the
      filing of additional financing statements or amendments to existing financing
      statements describing such Commercial Tort Claims, and agrees to do such other
      acts or things deemed necessary or desirable by any Secured Party to give
      Secured Parties a first priority, perfected security interest in any such
      Commercial Tort Claim.

     

    (f) Government
      Contracts.
      If any
      Account or Chattel Paper arises out of a contract or contracts with the United
      States of America, the federal government of Canada, or any department, agency,
      or instrumentality of either such government, Grantors shall promptly (and
      in
      any event within 2 Business Days of the creation thereof) notify Secured Parties
      thereof in writing and execute any instruments or take any steps reasonably
      required by any Secured Party in order that all moneys due or to become due
      under such contract or contracts shall be assigned to Secured Parties, and
      shall
      provide written notice thereof and take all other appropriate actions under
      the
      Assignment of Claims Act or other applicable law to provide each Secured Party
      a
      first-priority perfected Security Interest in such contract.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (g) Intellectual
      Property.
      

     

    (i) In
      the
      event any Grantor acquires any interest in any Trademark, Patent, Copyright,
      or
      Intellectual Property License (including, without limitation, any Foreign
      Intellectual property) after the date hereof, Grantors will promptly notify
      each
      Secured Party thereof;

     

    (ii) Grantors
      shall, at their sole cost and expense, execute and deliver to Secured Parties
      one or more Copyright Security Agreements, Trademark Security Agreements, Patent
      Security Agreements or other appropriate agreements and instruments as may
      be
      requested by any Secured Party, for recording with the United States Patent
      and
      Trademark Office, the United States Copyright Office, or any other applicable
      Governmental Authority (including, without limitation, Governmental Authorities
      outside of the United States of America), to further evidence and perfect
      Secured Parties’ respective Liens on (A) all Trademarks, Patents and Copyrights
      registered, filed or subsisting under the laws of the United States of America
      or Canada, or any Intellectual Property License relating thereto, and (B) to
      the
      extent requested by any Secured Party, any Foreign Intellectual
      Property;

     

    (iii) Each
      Grantor shall have the duty (A) to promptly sue for infringement,
      misappropriation, or dilution with respect to its rights in material
      Intellectual Property and to recover any and all damages for such infringement,
      misappropriation, or dilution, (B) to prosecute diligently any trademark
      application or service mark application that is part of the material Trademarks
      pending as of the date hereof or hereafter until the termination of this
      Agreement, (C) to prosecute diligently any patent application that is part
      of
      the material Patents pending as of the date hereof or hereafter until the
      termination of this Agreement, and (D) to take all reasonable and necessary
      action to preserve and maintain all of such Grantor’s material Trademarks,
      material Patents, material Copyrights, material Intellectual Property Licenses,
      and its rights therein, including the filing of applications for renewal,
      affidavits of use, affidavits of noncontestability and opposition and
      interference and cancellation proceedings. Each Grantor shall promptly file
      an
      application with the United States Copyright Office for any material Copyright
      that has not been registered with the United States Copyright Office. Each
      Grantor shall promptly file an application with the United States Patent and
      Trademark Office for any material Patent or material Trademark that has not
      been
      registered with the United States Patent and Trademark Office. Any expenses
      incurred in connection with the foregoing shall be borne by the appropriate
      Grantor. Each Grantor further agrees not to abandon any material Trademark,
      material Patent, material Copyright, or material Intellectual Property License;
      

     

    (iv) Grantors
      acknowledge and agree that Secured Parties shall have no duties with respect
      to
      the Trademarks, Patents, Copyrights, or Intellectual Property Licenses. Without
      limiting the generality of this Section
      6(g),
      Grantors acknowledge and agree that no Secured Party shall be under any
      obligation to take any steps necessary to preserve rights in the Trademarks,
      Patents, Copyrights, or Intellectual Property Licenses against any other Person,
      but any Secured Party may do so at its option from and after the occurrence
      and
      during the continuance of an Event of Default, and all expenses incurred in
      connection therewith (including reasonable fees and expenses of attorneys and
      other professionals) shall be for the sole account of the Grantors and shall
      be
      deemed to be Secured Obligations.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (h) Investment
      Related Property.
      

     

    (i) If
      any
      Grantor shall receive or become entitled to receive any Pledged Interests after
      the date hereof, it shall promptly (and in any event within 2 Business Days
      of
      receipt thereof) identify such Pledged Interests in a written notice to Secured
      Parties;

     

    (ii) All
      sums
      of money and property paid or distributed in respect of the Investment Related
      Property which are received by any Grantor shall be held by the Grantors in
      trust for the benefit of Secured Parties segregated from such Grantor’s other
      property, and such Grantor shall deliver it forthwith to the Secured Parties
      in
      the exact form received;

     

    (iii) Each
      Grantor shall promptly deliver to Secured Parties a copy of each notice or
      other
      communication received by it in respect of any Pledged Interests;

     

    (iv) No
      Grantor shall make or consent to any material amendment or other modification
      or
      waiver with respect to any Pledged Interests, Pledged Operating Agreement,
      or
      Pledged Partnership Agreement, or enter into any agreement or permit to exist
      any restriction with respect to any Pledged Interests other than pursuant to
      the
      Purchase Agreement;

     

    (v) Each
      Grantor agrees that it will cooperate with Secured Parties in obtaining all
      necessary approvals and making all necessary filings under federal, state,
      local, or foreign law in connection with the Security Interests on the
      Investment Related Property or any sale or transfer thereof; and

     

    (vi) As
      to all
      limited liability company or partnership interests issued under any Pledged
      Operating Agreement or Pledged Partnership Agreement, each Grantor hereby
      represents, warrants and covenants that the Pledged Interests issued pursuant
      to
      such agreement (A) are not and shall not be dealt in or traded on securities
      exchanges or in securities markets, (B) do not and will not constitute
      investment company securities, and (C) are not and will not be held by such
      Grantor in a securities account. In addition, none of the Pledged Operating
      Agreements, the Pledged Partnership Agreements, or any other agreements
      governing any of the Pledged Interests issued under any Pledged Operating
      Agreement or Pledged Partnership Agreement, provide or shall provide that such
      Pledged Interests are securities governed by Article 8 of the Uniform Commercial
      Code as in effect in any relevant jurisdiction.

     

    (i) Transfers
      and Other Liens.
      Grantors shall not (i) sell, assign (by operation of law or otherwise) or
      otherwise dispose of, or grant any option with respect to, any of the
      Collateral, except as expressly permitted by this Agreement and the other
      Transaction Documents, or (ii) create or permit to exist any Lien upon or with
      respect to any of the Collateral of any of Grantors, except for Permitted Liens.
      The inclusion of Proceeds in the Collateral shall not be deemed to constitute
      consent by any Secured Party to any sale or other disposition of any of the
      Collateral except as expressly permitted in this Agreement or the other
      Transaction Documents. 

     

    (j) Other
      Actions as to Any and All Collateral.
      Each
      Grantor shall promptly (and in any event within 2 Business Days of acquiring
      or
      obtaining such Collateral) notify Secured Parties in writing upon (i) acquiring
      or otherwise obtaining any Collateral after the date hereof consisting of
      Trademarks, Patents, registered Copyrights, Intellectual Property Licenses,
      Investment Related Property, Chattel Paper (electronic, tangible or otherwise),
      documents (as defined in Article 9 of the Code), promissory notes (as defined
      in
      the Code, or instruments (as defined in the Code) or (ii) any amount payable
      under or in connection with any of the Collateral being or becoming evidenced
      after the date hereof by any Chattel Paper, documents, promissory notes, or
      instruments and, in each such case upon the request of any Secured Party,
      promptly execute such other documents, or if applicable, deliver such Chattel
      Paper, other documents or certificates evidencing any Investment Related
      Property and do such other acts or things deemed necessary or desirable by
      any
      Secured Party to protect Secured Parties’ respective Security Interests
      therein.

     

    
      
        
        

      

      
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    (k) Certain
      Acknowledgments. Grantors
      will use their best efforts to obtain, on or before April 30, 2008, from any
      creditors designated by any Secured Party with registrations under the PPSA
      a
      form of non-interest letter and/or acknowledgement and confirmation, in form
      and
      substance acceptable to Secured Parties, confirming that such creditors (i)
      have
      been granted security relating only to specific assets (and, for certainty,
      not
      general security) described in such letter or confirmation (the "Specified
      Assets"),
      and
      (ii) will not rely on the existing registrations to perfect a security interest
      in any assets of Grantors other than the Specified Assets. 

     

    7. Relation
      to Other Transaction Documents.
      The
      provisions of this Agreement shall be read and construed with the Transaction
      Documents referred to below in the manner so indicated.

     

    (a) Purchase
      Agreement and Notes.
      In the
      event of any conflict between any provision in this Agreement and a provision
      in
      the Purchase Agreement or Notes, such provision of the Purchase Agreement or
      Notes shall control, except to the extent the applicable provision in this
      Agreement is more restrictive with respect to the rights of Grantors or imposes
      more burdensome or additional obligations on Grantors, in which event the
      applicable provision in this Agreement shall control.

     

    (b) Patent,
      Trademark, Copyright Security Agreements.
      The
      provisions of the Copyright Security Agreements, Trademark Security Agreements,
      and Patent Security Agreements are supplemental to the provisions of this
      Agreement, and nothing contained in the Copyright Security Agreements, Trademark
      Security Agreements or the Patent Security Agreements shall limit any of the
      rights or remedies of any Secured Party hereunder. 

     

    8. Further
      Assurances.
      

     

    (a) Each
      Grantor agrees that from time to time, at its own expense, such Grantor will
      promptly execute and deliver all further instruments and documents, and take
      all
      further action, that may be necessary or that any Secured Party may reasonably
      request, in order to perfect and protect the Security Interests granted or
      purported to be granted hereby or to enable any Secured Party to exercise and
      enforce its rights and remedies hereunder with respect to any of the Collateral.
      

     

    (b) Each
      Grantor authorizes the filing by any Secured Party of financing or continuation
      statements, or amendments thereto, and such Grantor will execute and deliver
      to
      such Secured Party such other instruments or notices, as may be necessary or
      as
      such Secured Party may reasonably request, in order to perfect and preserve
      the
      Security Interests granted or purported to be granted hereby. 

     

    (c) Each
      Grantor authorizes any Secured Party at any time and from time to time to file,
      transmit, or communicate, as applicable, financing statements and amendments
      (i)
      describing the Collateral as “all personal property of debtor” or “all assets of
      debtor” or words of similar effect, (ii) describing the Collateral as being of
      equal or lesser scope or with greater detail, or (iii) that contain any
      information required by part 5 of Article 9 of the Code for the sufficiency
      or
      filing office acceptance. Each Grantor also hereby ratifies any and all
      financing statements or amendments previously filed by any Secured Party in
      any
      jurisdiction. 

     

    
      
        
        

      

      
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    (d) Each
      Grantor acknowledges that it is not authorized to file any financing statement
      or amendment or termination statement with respect to any financing statement
      filed in connection with this Agreement without the prior written consent of
      each Secured Party affected thereby, subject to such Grantor's rights under
      Section 9-509(d)(2) of the Code.

     

    9. Secured
      Parties’ Right to Perform Contracts, Exercise Rights, etc.
      Upon
      the occurrence and during the continuance of an Event of Default, any Secured
      Party (a) may proceed to perform any and all of the obligations of any Grantor
      contained in any contract, lease, or other agreement and exercise any and all
      rights of any Grantor therein contained as fully as such Grantor itself could,
      (b) shall have the right to use any Grantor’s rights under Intellectual Property
      Licenses in connection with the enforcement of the Secured Party’s rights
      hereunder, including the right to prepare for sale and sell any and all
      Inventory and Equipment now or hereafter owned by any Grantor and now or
      hereafter covered by such licenses, and (c) shall have the right to request
      that
      any Stock that is pledged hereunder be registered in the name of such Secured
      Party or any of its nominees.

     

    10. Secured
      Parties Appointed Attorney-in-Fact.
      Each
      Grantor, on behalf of itself and each New
      Subsidiary
      of such Grantor, hereby irrevocably appoints each Secured Party as the
      attorney-in-fact of such Grantor and each such New
      Subsidiary.
      In the event any Grantor or New
      Subsidiary
      fails to execute or deliver in a timely manner any Transaction Document which
      such Grantor or New
      Subsidiary
      now or at any time hereafter is required to execute or deliver pursuant to
      the
      terms of the Purchase Agreement or any other Transaction Document, each Secured
      Party shall have full authority in the place and stead of such Grantor or
New
      Subsidiary,
      and in the name of such Grantor, such New
      Subsidiary
      or otherwise, to execute and deliver each such Transaction Document. Without
      limitation of the foregoing, each Secured Party shall have full authority in
      the
      place and stead of each Grantor and each New
      Subsidiary,
      and in the name of any such Grantor, any such New
      Subsidiary
      or otherwise, at such time as an Event of Default has occurred and is
      continuing, to take any action and to execute any instrument which such Secured
      Party may reasonably deem necessary or advisable to accomplish the purposes
      of
      this Agreement, including: 

     

    (a) to
      ask,
      demand, collect, sue for, recover, compromise, receive and give acquittance
      and
      receipts for moneys due and to become due under or in connection with any
      Collateral of such Grantor or New
      Subsidiary;

     

    (b) to
      receive and open all mail addressed to such Grantor or New
      Subsidiary
      and to notify postal authorities to change the address for the delivery of
      mail
      to such Grantor or New
      Subsidiary
      to that of such Secured Party;

     

    (c) to
      receive, indorse, and collect any drafts or other instruments, documents,
      Negotiable Collateral or Chattel Paper;

     

    (d) to
      file
      any claims or take any action or institute any proceedings which such Secured
      Party may deem necessary or desirable for the collection of any of the
      Collateral of such Grantor or New
      Subsidiary
      or otherwise to enforce the rights of any Secured Party with respect to any
      of
      the Collateral;

     

    (e) to
      repair, alter, or supply goods, if any, necessary to fulfill in whole or in
      part
      the purchase order of any Person obligated to such Grantor or New
      Subsidiary
      in respect of any Account of such Grantor or New
      Subsidiary;
      

     

    (f) to
      use
      any labels, Patents, Trademarks, trade names, URLs, domain names, industrial
      designs, Copyrights, advertising matter or other industrial or intellectual
      property rights, in advertising for sale and selling Inventory and other
      Collateral and to collect any amounts due under Accounts, contracts or
      Negotiable Collateral of such Grantor or New
      Subsidiary;
      and

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (g) such
      Secured Party shall have the right, but shall not be obligated, to bring suit
      in
      its own name to enforce the Trademarks, Patents, Copyrights and Intellectual
      Property Licenses and, if such Secured Party shall commence any such suit,
      the
      appropriate Grantor or New
      Subsidiary
      shall, at the request of such Secured Party, do any and all lawful acts and
      execute any and all proper documents reasonably required by such Secured Party
      in aid of such enforcement. 

     

    To
      the
      extent permitted by law, each Grantor hereby ratifies, for itself and each
      of
      its New
      Subsidiaries,
      all that such attorney-in-fact shall lawfully do or cause to be done by virtue
      hereof. This power of attorney is coupled with an interest and shall be
      irrevocable until this Agreement is terminated. 

     

    11. Secured
      Parties May Perform.
      If any
      of Grantors fails to perform any agreement contained herein, any Secured Party
      may itself perform, or cause performance of, such agreement, and the reasonable
      expenses of such Secured Party incurred in connection therewith shall be
      payable, jointly and severally, by Grantors.

     

    12. Secured
      Parties’ Duties; Bailee for Perfection.
      The
      powers conferred on Secured Parties hereunder are solely to protect the Secured
      Parties respective interests in the Collateral and shall not impose any duty
      upon any Secured Party in favor of any Grantor or any other Secured Party to
      exercise any such powers. Except for the safe custody of any Collateral in
      its
      actual possession and the accounting for moneys actually received by it
      hereunder, no Secured Party shall have any duty to any Grantor or any other
      Secured Party as to any Collateral or as to the taking of any necessary steps
      to
      preserve rights against prior parties or any other rights pertaining to any
      Collateral. A Secured Party shall be deemed to have exercised reasonable care
      in
      the custody and preservation of any Collateral in its actual possession if
      such
      Collateral is accorded treatment substantially equal to that which such Secured
      Party accords its own property. Each Secured Party agrees that, with respect
      to
      any Collateral at any time or times in its possession and in which any other
      Secured Party has a Lien, the Secured Party in possession of any such Collateral
      shall be the bailee of each other Secured Party solely for purposes of
      perfecting (to the extent not otherwise perfected) each other Secured Party’s
      Lien in such Collateral, provided that no Secured Party shall be obligated
      to
      obtain or retain possession of any such Collateral. Without limiting the
      generality of the foregoing, Secured Parties and Grantors hereby agree that
      any
      Secured Party that is in possession of any Collateral at such time as the
      Secured Obligations owing to such Secured Party have been paid in full may
      re-deliver such Collateral to the applicable Grantor or, if requested by any
      Secured Party prior such re-delivery, may deliver such Collateral (unless
      otherwise restricted by applicable law or court order and subject in all events
      to the receipt of an indemnification of all liabilities arising from such
      delivery) to the requesting Secured Party, without recourse to or representation
      or warranty by the Secured Party in such possession.

     

    13. Collection
      of Accounts, General Intangibles and Negotiable Collateral.
      At any
      time upon the occurrence and during the continuation of an Event of Default,
      any
      Secured Party may (a) notify Account Debtors of any Grantor that the Accounts,
      General Intangibles, Chattel Paper or Negotiable Collateral have been assigned
      to such Secured Party or that such Secured Party has a security interest
      therein, and (b) collect the Accounts, General Intangibles and Negotiable
      Collateral directly, and any collection costs and expenses shall constitute
      part
      of such Grantor's Secured Obligations under the Purchase Agreement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    14. Disposition
      of Pledged Interests by Secured Party.
      None of
      the Pledged Interests existing as of the date of this Agreement are, and none
      of
      the Pledged Interests hereafter acquired on the date of acquisition thereof
      will
      be, registered or qualified under the various federal, state or other securities
      laws of the United States or any other jurisdiction, and disposition thereof
      after an Event of Default may be restricted to one or more private (instead
      of
      public) sales in view of the lack of such registration. Each Grantor understands
      that in connection with such disposition, any Secured Party may approach only
      a
      restricted number of potential purchasers and further understands that a sale
      under such circumstances may yield a lower price for the Pledged Interests
      than
      if the Pledged Interests were registered and qualified pursuant to federal,
      state and other securities laws and sold on the open market. Each Grantor,
      therefore, agrees that: (a) if a Secured Party shall, pursuant to the terms
      of
      this Agreement, sell or cause the Pledged Interests or any portion thereof
      to be
      sold at a private sale, such Secured Party shall have the right to rely upon
      the
      advice and opinion of any nationally recognized brokerage or investment firm
      (but shall not be obligated to seek such advice and the failure to do so shall
      not be considered in determining the commercial reasonableness of such action)
      as to the best manner in which to offer the Pledged Interest or any portion
      thereof for sale and as to the best price reasonably obtainable at the private
      sale thereof; and (b) such reliance shall be conclusive evidence that such
      Secured Party has handled the disposition in a commercially reasonable
      manner.

     

    15. Voting
      Rights.

     

    (a) Upon
      the
      occurrence and during the continuation of an Event of Default, (i) any Secured
      Party may, at its option, and with 2 Business Days prior notice to any Grantor,
      and in addition to all rights and remedies available to Secured Parties under
      any other agreement, at law, in equity, or otherwise, exercise all voting
      rights, and all other ownership or consensual rights in respect of the Pledged
      Interests owned by such Grantor, but under no circumstances is any Secured
      Party
      obligated by the terms of this Agreement to exercise such rights, and (ii)
      if
      such Secured Party duly exercises its right to vote any of such Pledged
      Interests, each Grantor hereby appoints such Secured Party, such Grantor's
      true
      and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Interests
      in any manner that such Secured Party deems advisable for or against all matters
      submitted or which may be submitted to a vote of shareholders, partners or
      members, as the case may be. The power-of-attorney granted hereby is coupled
      with an interest and shall be irrevocable.

     

    (b) For
      so
      long as any Grantor shall have the right to vote the Pledged Interests owned
      by
      it, such Grantor covenants and agrees that it will not, without the prior
      written consent of Secured Parties, vote or take any consensual action with
      respect to such Pledged Interests which would materially adversely affect the
      rights of Secured Parties exercising the voting rights owned by such Grantor
      or
      the value of the Pledged Interests.

     

    16. Remedies.
      Upon
      the occurrence and during the continuance of an Event of Default:

     

    (a) Any
      Secured Party may exercise in respect of the Collateral, in addition to other
      rights and remedies provided for herein, in the other Transaction Documents,
      or
      otherwise available to it, all the rights and remedies of a secured party on
      default under the Code, the PPSA or any other applicable law. Without limiting
      the generality of the foregoing, each Grantor expressly agrees that, in any
      such
      event, any Secured Party without any demand, advertisement, or notice of any
      kind (except a notice specified below of time and place of public or private
      sale) to or upon any of Grantors or any other Person (all and each of which
      demands, advertisements and notices are hereby expressly waived to the maximum
      extent permitted by the Code or by any other applicable law), may take immediate
      possession of all or any portion of the Collateral and (i) require Grantors
      to,
      and each Grantor hereby agrees that it will at its own expense and upon request
      of such Secured Party forthwith, assemble all or part of the Collateral as
      directed by such Secured Party and make it available to such Secured Party
      at
      one or more locations where such Grantor regularly maintains Inventory, and
      (ii)
      without notice except as specified below, sell the Collateral or any part
      thereof in one or more parcels at public or private sale, at any of such Secured
      Party’s offices or elsewhere, for cash, on credit, and upon such other terms as
      such Secured Party may deem commercially reasonable. Each Grantor agrees that,
      to the extent notice of sale shall be required by law, at least 10 days notice
      to any of Grantors 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
      and specifically such notice shall constitute a reasonable “authenticated
      notification of disposition” within the meaning of Section 9-611 of the Code. No
      Secured Party shall be obligated to make any sale of Collateral regardless
      of
      notice of sale having been given. Any Secured Party 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.

     

    
      
        
        

      

      
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    (b) Any
      Secured Party may seek the appointment of a receiver, receiver-manager or keeper
      (a “Receiver”) under the laws of Canada or any Province thereof to take
      possession of all or any portion of the Collateral or to operate same and,
      to
      the maximum extent permitted by law, may seek the appointment of such a Receiver
      without the requirement of prior notice or a hearing. Any such Receiver shall,
      so far as concerns responsibility for his/her acts, be deemed agent of the
      applicable Grantor and not any Secured Party, and no Secured Party shall be
      in
      any way responsible for any misconduct, negligence or non-feasance on the part
      of any such Receiver, his/her servants or employees. Subject to the provisions
      of the instrument appointing him/her, any such Receiver shall have power to
      take
      possession of Collateral, to preserve Collateral or its value, to carry on
      or
      concur in carrying on all or any part of the business of the applicable Grantor,
      and to sell, lease, license or otherwise dispose of or concur in selling,
      leasing, licensing or otherwise disposing of Collateral. To facilitate the
      foregoing powers, any such Receiver may, to the exclusion of all others,
      including Grantors, enter upon, use and occupy all premises owned or occupied
      by
      Grantors wherein Collateral may be situated, maintain Collateral upon such
      premises, borrow money on a secured or unsecured basis, and use Collateral
      directly in carrying on Grantors’ business or as security for loans or advances
      to enable the Receiver to carry on Grantors’ business or otherwise, as such
      Receiver shall, in its discretion, determine. Except as may be otherwise
      directed by a Secured Party, all money received from time to time by such
      Receiver in carrying out his/her appointment shall be received in trust for
      and
      paid over to Secured Parties. Every such Receiver may, in the discretion of
      any
      Secured Party, be vested with all or any of the rights and powers of any Secured
      Party. Any Secured Party may, either directly or through its nominees, exercise
      any or all powers and rights given to a Receiver by virtue of the foregoing
      provisions of this paragraph.

     

    (c) Each
      Secured Party is hereby granted a license or other right to use, without
      liability for royalties or any other charge, each Grantor’s labels, Patents,
      Copyrights, rights of use of any name, trade secrets, trade names, Trademarks,
      service marks and advertising matter, URLs, domain names, industrial designs,
      other industrial or intellectual property or any property of a similar nature,
      whether owned by any of Grantors or with respect to which any of Grantors have
      rights under license, sublicense, or other agreements (but only to the extent
      (i) such license, sublicense or agreement does not prohibit such use by such
      Secured Party and (ii) such Grantor will not be in default under such license,
      sublicense, or other agreement as a result of such use by such Secured Party),
      as it pertains to the Collateral, in preparing for sale, advertising for sale
      and selling any Collateral, and each Grantor’s rights under all licenses and all
      franchise agreements shall inure to the benefit of such Secured
      Party.

     

    (d) Any
      cash
      held by any Secured Party as Collateral and all proceeds received by any Secured
      Party in respect of any sale of, collection from, or other realization upon
      all
      or any part of the Collateral shall be applied against the Secured Obligations
      in the order set forth in Section 17 hereof. In the event the proceeds of
      Collateral are insufficient to satisfy all of the Secured Obligations in full,
      each Grantor shall remain jointly and severally liable for any such
      deficiency.

     

    (e) Each
      Grantor hereby acknowledges that the Secured Obligations arose out of a
      commercial transaction, and agrees that if an Event of Default shall occur
      and
      be continuing any Secured Party shall have the right to an immediate writ of
      possession without notice of a hearing. Without limitation of Section 16(b)
      hereof, each Secured Party shall have the right to the appointment of a receiver
      for the properties and assets of each of Grantors, and each Grantor hereby
      consents to such rights and such appointment and hereby waives any objection
      such Grantors may have thereto or the right to have a bond or other security
      posted by any Secured Party.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (f) Notwithstanding
      anything in this Agreement to the contrary, each Secured Party agrees that
      it
      will not exercise any remedy provided for under this Agreement with respect
      to
      all or any portion of the Collateral unless such Secured Party is a Permitted
      Secured Party (provided that the foregoing shall not prevent any Secured Party
      from commencing or participating in any Insolvency Proceeding or taking any
      action (other than with respect to the Collateral) to enforce the payment or
      performance of any Grantors’ obligations under any of the Notes, Guaranties or
      other Transaction Documents). This Section 16(f) is not intended to confer
      any
      rights or benefits upon Grantors, or any of them, or any other Person except
      Secured Parties, and no Person (including any or all Grantors) other than
      Secured Parties shall have any right to enforce any of the provisions of
      this Section 16(f). As between Grantors, or any of them, and any Secured
      Party, any action that such Secured Party may take under this Agreement shall
      be
      conclusively presumed to have been authorized and approved by the other Secured
      Parties. 

     

    17. Priority
      of Liens; Application of Proceeds of Collateral.
      Each
      Secured Party hereby acknowledges and agrees that, notwithstanding the time
      or
      order of the filing of any financing statement or other registration or document
      with respect to the Collateral and the Security Interests, or any provision
      of
      this Agreement, any other Security Document, the Code, the PPSA or other
      applicable law, solely as amongst the Secured Parties, the separate Security
      Interests of the Secured Parties shall have the same rank and priority;
      provided, that, the foregoing shall not apply to any Security Interest of a
      Secured Party that is void or voidable as a matter of law. In furtherance
      thereof, all proceeds of Collateral received by any Secured Party shall be
      applied as follows:

     

    (a) first,
      ratably
      to pay any expenses due to any of the Secured Parties (including, without
      limitation, the reasonable costs and expenses paid or incurred by any Secured
      Party to correct any default under or enforce any provision of the Transaction
      Documents, or after the occurrence of any Event of Default in gaining possession
      of, maintaining, handling, preserving, storing, shipping, selling, preparing
      for
      sale, or advertising to sell the Collateral, or any portion thereof,
      irrespective of whether a sale is consummated) or indemnities then due to any
      of
      the Secured Parties under the Transaction Documents, until paid in
      full;

     

    (b) second,
      ratably
      to pay any fees or premiums then due to any of the Secured Parties under the
      Transaction Documents, until paid in full;

     

    (c) third,
      ratably
      to pay interest due in respect of the Secured Obligations then due to any of
      the
      Secured Parties, until paid in full;

     

    (d) fourth,
      ratably
      to pay the principal amount of all Secured Obligations then due to any of the
      Secured Parties, until paid in full;

     

    (e) fifth,
      ratably
      to pay any other Secured Obligations then due to any of the Secured Parties;
      and

     

    (f) sixth,
      to
      Grantors or such other Person entitled thereto under applicable
      law.

     

    
      
        
        

      

      
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    18. Remedies
      Cumulative.
      Each
      right, power, and remedy of any Secured Party as provided for in this Agreement
      or in any Transaction Document or now or hereafter existing at law or in equity
      or by statute or otherwise shall be cumulative and concurrent and shall be
      in
      addition to every other right, power, or remedy provided for in this Agreement
      or in the Transaction Documents or now or hereafter existing at law or in equity
      or by statute or otherwise, and the exercise or beginning of the exercise by
      any
      Secured Party, of any one or more of such rights, powers, or remedies shall
      not
      preclude the simultaneous or later exercise by such Secured Party of any or
      all
      such other rights, powers, or remedies.

     

    19. Marshaling.
      No
      Secured Party shall be required to marshal any present or future collateral
      security (including but not limited to the Collateral) for, or other assurances
      of payment of, the Secured Obligations or any of them or to resort to such
      collateral security or other assurances of payment in any particular order,
      and
      all of its rights and remedies hereunder and in respect of such collateral
      security and other assurances of payment shall be cumulative and in addition
      to
      all other rights and remedies, however existing or arising. To the extent that
      it lawfully may, each Grantor hereby agrees that it will not invoke any law
      relating to the marshaling of collateral which might cause delay in or impede
      the enforcement of any Secured Party’s rights and remedies under this Agreement
      or under any other instrument creating or evidencing any of the Secured
      Obligations or under which any of the Secured Obligations is outstanding or
      by
      which any of the Secured Obligations is secured or payment thereof is otherwise
      assured, and, to the extent that it lawfully may, each Grantor hereby
      irrevocably waives the benefits of all such laws.

     

    20. Acknowledgment.

     

    (a) Each
      Secured Party hereby agrees and acknowledges that no other Secured Party has
      agreed to act for it as an administrative or collateral agent, and each Secured
      Party is and shall remain solely responsible for the attachment, perfection
      and
      priority of all Liens created by this Agreement or any other Security Document
      in favor of such Secured Party. No Secured Party shall have by reason of
      this Agreement or any other Transaction Document an agency or fiduciary
      relationship with any other Secured Party. No Secured Party (which term, as
      used
      in this sentence, shall include reference to each Secured Party’s officers,
      directors, employees, attorneys, agents and affiliates and to the officers,
      directors, employees, attorneys and agents of such Secured Party’s affiliates)
      shall: (i) have any duties or responsibilities except those expressly set
      forth in this Agreement and the other Security Documents or (ii) be
      required to take, initiate or conduct any enforcement action (including any
      litigation, foreclosure or collection proceedings hereunder or under any of
      the
      other Security Documents). Without limiting the foregoing, no Secured Party
      shall have any right of action whatsoever against any other Secured Party as
      a
      result of such Secured Party acting or refraining from acting hereunder or
      under
      any of the Security Documents except as a result and to the extent of losses
      caused by such Secured Party’s actual gross negligence or
      willful misconduct (it being understood and agreed by each Secured Party
      that the delivery by any Significant Secured Party of one or more Veto Notices
      shall not be deemed to be or construed as gross negligence or willful misconduct
      on the part of the Secured Party delivering any such Veto Notice). No Secured
      Party assumes any responsibility for any failure or delay in performance or
      breach by any Grantor or any Secured Party of its obligations under this
      Agreement or any other Transaction Document. No Secured Party makes to any
      other Secured Party any express or implied warranty, representation or guarantee
      with respect to any Secured Obligations, Collateral, Transaction Document or
      Grantor. No Secured Party nor any of its officers, directors, employees,
      attorneys or agents shall be responsible to any other Secured Party or any
      of
      its officers, directors, employees, attorneys or agents for: (i) any
      recitals, statements, information, representations or warranties contained
      in
      any of the Transaction Documents or in any certificate or other document
      furnished pursuant to the terms hereof; (ii) the execution, validity,
      genuineness, effectiveness or enforceability of any of the Transaction
      Documents; (iii) the validity, genuineness, enforceability, collectibility,
      value, sufficiency or existence of any Collateral, or the attachment, perfection
      or priority of any Lien therein; or (iv) the assets, liabilities, financial
      condition, results of operations, business, creditworthiness or legal status
      of
      any Grantor or any Account Debtor. No Secured Party nor any of its officers,
      directors, employees, attorneys or agents shall have any obligation to any
      other
      Secured Party to ascertain or inquire into the existence of any default or
      Event
      of Default, the observance or performance by any Grantor of any of the
      duties or agreements of such Grantor under any of the Transaction Documents
      or
      the satisfaction of any conditions precedent contained in any of the Transaction
      Documents.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (b) Each
      Secured Party hereby acknowledges and represents that it has, independently
      and
      without reliance upon any other Secured Party, and based upon such documents,
      information and analyses as it has deemed appropriate, made its own credit
      analysis of each Grantor and its own decision to enter into the Transaction
      Documents and to purchase Notes and Warrants, and each Secured Party has
      made such inquiries concerning the Transaction Documents, the Collateral and
      each Grantor as such Secured Party feels necessary and appropriate, and has
      taken such care on its own behalf as would have been the case had it entered
      into the Transaction Documents without any other Secured Party. Each Secured
      Party hereby further acknowledges and represents that the other Secured Parties
      have not made any representations or warranties to it concerning any Grantor,
      any of the Collateral or the legality, validity, sufficiency or enforceability
      of any of the Transaction Documents. Each Secured Party also hereby acknowledges
      that it will, independently and without reliance upon the other Secured Parties,
      and based upon such financial statements, documents and information as it deems
      appropriate at the time, continue to make and rely upon its own credit decisions
      in taking or refraining to take any other action under this Agreement or
      the Transaction Documents. No Secured Party shall have any duty or
      responsibility to provide any other Secured Party with any notices, reports
      or
      certificates furnished to such Secured Party by any Grantor or any credit or
      other information concerning the affairs, financial condition, business or
      assets of any Grantor (or any of its affiliates) which may come into possession
      of such Secured Party.

     

    21. Indemnity
      and Expenses.
      

     

    (a) Each
      Grantor agrees to indemnify all Secured Parties from and against all claims,
      lawsuits and liabilities (including reasonable attorneys’ fees) arising out of
      or resulting from this Agreement (including enforcement of this Agreement)
      or
      any other Transaction Document, except claims, losses or liabilities resulting
      from the gross negligence or willful misconduct of the party seeking
      indemnification as determined by a final non-appealable order of a court of
      competent jurisdiction. This provision shall survive the termination of this
      Agreement and the Transaction Documents and the repayment of the Secured
      Obligations.

     

    (b) Grantors,
      jointly and severally, shall, upon demand, pay to each Secured Party all of
      the
      costs and expenses which such Secured Party may incur in connection with (i)
      the
      administration of this Agreement, (ii) the custody, preservation, use or
      operation of, or, upon an Event of Default, the sale of, collection from, or
      other realization upon, any of the Collateral in accordance with this Agreement
      and the Transaction Documents, (iii) the exercise or enforcement of any of
      the
      rights of such Secured Party hereunder or (iv) the failure by any Grantor to
      perform or observe any of the provisions hereof.

     

    22. Merger,
      Amendments; Etc.
      THIS
      AGREEMENT, TOGETHER WITH THE OTHER PURCHASE DOCUMENTS, REPRESENTS THE FINAL
      AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
      CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
      UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. No waiver of any provision of this
      Agreement, and no consent to any departure by any of Grantors herefrom, shall
      in
      any event be effective unless the same shall be in writing and signed by each
      Secured Party, and then such waiver or consent shall be effective only in the
      specific instance and for the specific purpose for which given. No amendment
      of
      any provision of this Agreement shall be effective unless the same shall be
      in
      writing and signed by each Secured Party and each of Grantors to which such
      amendment applies.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    23. Addresses
      for Notices.
      All
      notices and other communications provided for hereunder (a) shall be given
      in
      the form and manner set forth in the Purchase Agreement and (b) shall be
      delivered, (i) in the case of notice to any Grantor, by delivery of such notice
      to Parent at Parent’s address specified in the Purchase Agreement or at such
      other address as shall be designated by Parent in a written notice to each
      of
      the Secured Parties, and (ii) in the case of notice to any Secured Party, by
      delivery of such notice to such Secured Party at its address specified in the
      Purchase Agreement or at such other address as shall be designated by such
      Secured Party in a written notice to Parent and each other Secured
      Party.

     

    24. Separate,
      Continuing Security Interests; Assignments under Transaction
      Documents.
      This
      Agreement shall create a separate, continuing security interest in the
      Collateral in favor of each Secured Party and shall (a) remain in full force
      and
      effect until the Secured Obligations have been paid in full in cash in
      accordance with the provisions of the Transaction Documents, (b) be binding
      upon
      each of Grantors, and their respective successors and assigns, and (c) inure
      to
      the benefit of, and be enforceable by, the Secured Parties and their respective
      successors, transferees and assigns. Without limiting the generality of the
      foregoing clause (c), any Secured Party may, in accordance with the provisions
      of the Transaction Documents, assign or otherwise transfer all or any portion
      of
      its rights and obligations under the Transaction Documents to any other Person,
      and such other Person shall thereupon become vested with all the benefits in
      respect thereof granted to such Secured Party herein or otherwise. Upon payment
      in full in cash of the Secured Obligations in accordance with the provisions
      of
      the Transaction Documents,
      the
      Security Interests granted hereby shall terminate and all rights to the
      Collateral shall revert to Grantors or any other Person entitled thereto. At
      such time, each Secured Party will authorize the filing of appropriate
      termination statements to terminate such Security Interests. No transfer or
      renewal, extension, assignment, or termination of this Agreement or of the
      Purchase Agreement, any other Transaction Document, or any other instrument
      or
      document executed and delivered by any Grantor to any Secured Party nor any
      additional loans made by any Secured Party to any Grantor, nor the taking of
      further security, nor the retaking or re-delivery of the Collateral to Grantors,
      or any of them, by any Secured Party, nor any other act of Secured Parties,
      or
      any of them, shall release any of Grantors from any obligation, except a release
      or discharge executed in writing by all Secured Parties. No Secured Party shall
      by any act, delay, omission or otherwise, be deemed to have waived any of its
      rights or remedies hereunder, unless such waiver is in writing and signed by
      such Secured Party and then only to the extent therein set forth. A waiver
      by
      any Secured Party of any right or remedy on any occasion shall not be construed
      as a bar to the exercise of any such right or remedy which such Secured Party
      would otherwise have had on any other occasion.

     

    25. Governing
      Law; Jurisdiction; Service of Process; 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 jurisdictions) that would
      cause the application of the laws of any jurisdictions other than the State
      of
      New York. Each party 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 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; provided,
      however,
      that
      any suit seeking enforcement against any Collateral or other property may be
      brought, at any Secured Party’s option, in the courts of any jurisdiction where
      such Secured Party elects to bring such action or where such Collateral or
      other
      property may be found. 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. Without limitation
      of
      the foregoing, each Grantor other than Parent hereby irrevocably appoints Parent
      as such Grantor’s agent for purposes of receiving and accepting any service of
      process hereunder or under any of the other Security Documents. Nothing
      contained herein shall be deemed to limit in any way any right to serve process
      in any manner permitted by law. 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 WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
      HEREBY. 

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    26. Miscellaneous.

     

    (a) This
      Agreement may be executed in any number of counterparts and by different parties
      on separate counterparts, each of which, when executed and delivered, shall
      be
      deemed to be an original, and all of which, when taken together, shall
      constitute but one and the same Agreement. Delivery of an executed counterpart
      of this Agreement by telefacsimile or other electronic method of transmission
      shall be equally as effective as delivery of an original executed counterpart
      of
      this Agreement. Any party delivering an executed counterpart of this Agreement
      by telefacsimile or other electronic method of transmission also shall deliver
      an original executed counterpart of this Agreement but the failure to deliver
      an
      original executed counterpart shall not affect the validity, enforceability,
      and
      binding effect of this Agreement. The foregoing shall apply to each other
      Security Document mutatis
      mutandis.

     

    (b) Any
      provision of this Agreement which is prohibited or unenforceable shall be
      ineffective to the extent of such prohibition or unenforceability without
      invalidating the remaining provisions hereof in that jurisdiction or affecting
      the validity or enforceability of such provision in any other
      jurisdiction.

     

    (c) Headings
      used in this Agreement are for convenience only and shall not be used in
      connection with the interpretation of any provision hereof.

     

    (d) The
      pronouns used herein shall include, when appropriate, either gender and both
      singular and plural, and the grammatical construction of sentences shall conform
      thereto.

     

    (e) Unless
      the context of this Agreement or any other Transaction Document clearly requires
      otherwise, references to the plural include the singular, references to the
      singular include the plural, the terms “includes” and “including” are not
      limiting, and the term “or” has, except where otherwise indicated, the inclusive
      meaning represented by the phrase “and/or.” The words “hereof,” “herein,”
“hereby,” “hereunder,” and similar terms in this Agreement or any other
      Transaction Document refer to this Agreement or such other Transaction Document,
      as the case may be, as a whole and not to any particular provision of this
      Agreement or such other Transaction Document, as the case may be. Section,
      subsection, clause, schedule, and exhibit references herein are to this
      Agreement unless otherwise specified. Any reference in this Agreement or in
      any
      other Transaction Document to any agreement, instrument, or document shall
      include all alterations, amendments, changes, extensions, modifications,
      renewals, replacements, substitutions, joinders, and supplements, thereto and
      thereof, as applicable (subject to any restrictions on such alterations,
      amendments, changes, extensions, modifications, renewals, replacements,
      substitutions, joinders, and supplements set forth herein). Any reference herein
      or in any other Transaction Document to the satisfaction or repayment in full
      of
      the Secured Obligations shall mean the repayment in full in cash of all Secured
      Obligations other than unasserted contingent indemnification Secured
      Obligations. Any reference herein to any Person shall be construed to include
      such Person’s successors and assigns. Any requirement of a writing contained
      herein or in any other Transaction Document shall be satisfied by the
      transmission of a Record and any Record so transmitted shall constitute a
      representation and warranty as to the accuracy and completeness of the
      information contained therein.

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned parties hereto have executed this Agreement
      by
      and through their duly authorized officers, as of the day and year first above
      written.

    

      
        	
                GRANTORS:

              	 	
                GENEREX
                  BIOTECHNOLOGY CORPORATION, a Delaware corporation

              
	 	 	 
	 	 	
                By:

              	
                /s/
                  Rose C. Perri

              
	 	 	
                Name:
                  

              	
                Rose
                  C. Perri

              
	 	 	
                Title:
                  

              	
                Chief
                  Financial Officer

              
	 	 	 	 
	 	 	
                By:

              	
                /s/
                  Mark A. Fletcher

              
	 	 	
                Name:
                  

              	
                Mark
                  A. Fletcher

              
	 	 	
                Title:
                  

              	
                Executive
                  Vice President, General Counsel

              
	 	 	 	 
	 	 	
                ANTIGEN
                  EXPRESS, INC., a Delaware corporation

              
	 	 	 	 
	 	 	
                By:

              	
                /s/
                  Rose C. Perri

              
	 	 	
                Name:
                  

              	
                Rose
                  C. Perri

              
	 	 	
                Title:
                  

              	
                Director

              
	 	 	 	 
	 	 	
                GENEREX
                  PHARMACEUTICALS (USA) LLC, a North Carolina limited liability
                  company

              
	 	 	 	 
	 	 	
                By:

              	
                /s/
                  Mark A. Fletcher

              
	 	 	
                Name:
                  

              	
                Mark
                  A. Fletcher

              
	 	 	
                Title:
                  

              	
                Sole
                  Manager

              
	 	 	 	 
	 	 	
                GENEREX
                  MARKETING & DISTRIBUTION INC., an Ontario
                  corporation

              
	 	 	 	 
	 	 	
                By:

              	
                /s/
                  Rose C. Perri

              
	 	 	
                Name:

              	
                Rose
                  C. Perri

              
	 	 	
                Title:
                  

              	
                Director

              
	 	 	 	 
	 	 	
                GENEREX
                  PHARMACEUTICALS INC., an Ontario corporation

              
	 	 	 	 
	 	 	
                By:

              	
                /s/
                  Rose C. Perri

              
	 	 	
                Name:
                  

              	
                Rose
                  C. Perri

              
	 	 	
                Title:
                  

              	
                Secretary-Treasurer

              

      

    

    

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    

    
      

        
          	 	 	
                  1097346
                    ONTARIO INC., an Ontario corporation

                
	 	 	 
	 	 	
                  By:

                	
                  /s/
                    Rose C. Perri

                
	 	 	
                  Name:
                    

                	
                  Rose
                    C. Perri

                
	 	 	
                  Title:
                    

                	
                  Secretary-Treasurer

                
	 	 	 
	 	 	
                  GENEREX (BERMUDA), INC., a corporation existing pursuant 

                  to the Bermuda Companies Act

                
	 	 	 
	 	 	
                  By:

                	
                  /s/
                    Mark A. Fletcher

                
	 	 	
                  Name:
                    

                	
                  Mark
                    A. Fletcher

                
	 	 	
                  Title:
                    

                	
                  Director

                

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              SECURED
                PARTIES:

            	 	
              CRANSHIRE
                CAPITAL, L.P.

            
	 	 	 	 
	 	 	
              By:

            	
              Downsview
                Capital, Inc.

            
	 	 	
              Its:

            	
              General
                Partner

            
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Mitchell P. Kopin

            
	 	 	
              Name:

            	
              Mitchell
                P. Kopin

            
	 	 	
              Title:

            	
              President

            
	 	 	 	 
	 	 	
              SMITHFIELD
                FIDUCIARY LLC

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Adam J. Chill

            
	 	 	
              Name:

            	
              Adam
                J. Chill

            
	 	 	
              Title:

            	
              Authorized
                Signatory

            
	 	 	 
	 	 	
              IROQUOIS
                MASTER FUND LTD.

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Joshua Silverman

            
	 	 	
              Name:

            	
              Joshua
                Silverman

            
	 	 	
              Title:

            	
              Authorized
                Signatory

            
	 	 	 
	 	 	
              IROQUOIS
                CAPITAL OPPORTUNITY FUND L.P.

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Joshua Silverman

            
	 	 	
              Name:

            	
              Joshua
                Silverman

            
	 	 	
              Title:

            	
              Authorized
                Signatory

            
	 	 	 	 
	 	 	 
	 	 	
              PORTSIDE
                GROWTH AND OPPORTUNITY FUND

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Jeffrey C. Smith

            
	 	 	
              Name:

            	
              Jeffrey
                C. Smith

            
	 	 	
              Title:

            	
              Authorized
                Signatory

            
	 	 	 
	 	 	
              ROCKMORE
                INVESTMENT MASTER FUND LTD.

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Michael Clateman

            
	 	 	
              Name:

            	
              Michael
                Clateman

            
	 	 	
              Title:

            	
              Managing
                Director

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    COPYRIGHT
      SECURITY AGREEMENT

     

    This
      COPYRIGHT SECURITY AGREEMENT (this “Copyright
      Security Agreement”)
      is
      made this __ day of _______, 200__, by the Grantors listed on the signature
      pages hereof (collectively, jointly and severally, “Grantors”
and
      each individually “Grantor”),
      in
      favor of the Secured Parties under and as defined in the below-described
      Security Agreement.

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to that certain Securities Purchase Agreement dated as of March 31,
      2008 (as amended, restated, supplemented, or otherwise modified from time to
      time, including all schedules thereto, the “Purchase
      Agreement”)
      by and
      among GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (“Parent”),
      and
      Secured Parties, Parent has agreed to sell, and Secured Parties have agreed
      to
      purchase, severally and not jointly, certain Notes and Warrants, and

     

    WHEREAS,
      in order to induce the Secured Parties to purchase the Notes and Warrants as
      provided for in the Purchase Agreement, Grantors have executed and delivered
      to
      Secured Parties that certain Security Agreement of even date herewith (including
      all annexes, exhibits or schedules thereto, as from time to time amended,
      restated, supplemented or otherwise modified, the “Security
      Agreement”);

     

    WHEREAS,
      pursuant to the Security Agreement, Grantors are required to execute and deliver
      to Secured Parties this Copyright Security Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein
      contained and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, Grantors hereby agree as
      follows:

     

    1. DEFINED
      TERMS.
      All
      capitalized terms used but not otherwise defined herein have the meanings given
      to them in the Security Agreement or the Purchase Agreement.

     

    2. GRANT
      OF SECURITY INTEREST IN COPYRIGHT COLLATERAL.
      Each
      Grantor hereby grants to each Secured Party a continuing first priority security
      interest in all of such Grantor’s right, title and interest in, to and under the
      following, whether presently existing or hereafter created or acquired
      (collectively, the “Copyright
      Collateral”):
      

     

    (a) all
      of
      such Grantor's Copyrights and Copyright Intellectual Property Licenses to which
      it is a party including those referred to on Schedule
      I
      hereto;

     

    (b) all
      reissues, continuations or extensions of the foregoing; and

     

    (c) all
      products and proceeds of the foregoing, including any claim by such Grantor
      against third parties for past, present or future infringement or dilution
      of
      any Copyright or any Copyright licensed under any Intellectual Property
      License.

     

    3. SECURITY
      FOR OBLIGATIONS.
      This
      Copyright Security Agreement and the Security Interests created hereby secures
      the payment and performance of all the Secured Obligations, whether now existing
      or arising hereafter. Without limiting the generality of the foregoing, this
      Copyright Security Agreement secures the payment of all amounts which constitute
      part of the Secured Obligations and would be owed by Grantors, or any of them,
      to Secured Parties, or any of them, whether or not they are unenforceable or
      not
      allowable due to the existence of an Insolvency Proceeding involving any
      Grantor.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. SECURITY
      AGREEMENT.
      The
      security interests granted pursuant to this Copyright Security Agreement are
      granted in conjunction with the security interests granted to Secured Parties
      pursuant to the Security Agreement. Each Grantor hereby acknowledges and affirms
      that the rights and remedies of Secured Parties with respect to their respective
      security interests in the Copyright Collateral made and granted hereby are
      more
      fully set forth in the Security Agreement, the terms and provisions of which
      are
      incorporated by reference herein as if fully set forth herein.

     

    5. AUTHORIZATION
      TO SUPPLEMENT.
      To the
      extent required under the Security Agreement, Grantors shall give Secured
      Parties prompt notice in writing of any additional copyright registrations
      or
      applications therefor after the date hereof. Grantors hereby authorize Secured
      Parties unilaterally to modify this Agreement by amending Schedule
      I
      to
      include any material future registered copyrights or applications therefor
      of
      Grantors. Notwithstanding the foregoing, no failure to so modify this Copyright
      Security Agreement or amend Schedule
      I
      shall in
      any way affect, invalidate or detract from any Secured Party’s continuing
      security interest in all Collateral, whether or not listed on Schedule
      I.

     

    6. COUNTERPARTS.
      This
      Copyright Security Agreement may be executed in any number of counterparts,
      each
      of which shall be deemed to be an original, but all such separate counterparts
      shall together constitute but one and the same instrument. In proving this
      Copyright Security Agreement or any other Transaction Document in any judicial
      proceedings, it shall not be necessary to produce or account for more than
      one
      such counterpart signed by the party against whom such enforcement is sought.
      Any signatures delivered by a party by facsimile transmission or by e-mail
      transmission shall be deemed an original signature hereto.

     

    7. CONSTRUCTION.
      Unless
      the context of this Copyright Security Agreement or any other Transaction
      Document clearly requires otherwise, references to the plural include the
      singular, references to the singular include the plural, the terms “includes”
and “including” are not limiting, and the term “or” has, except where otherwise
      indicated, the inclusive meaning represented by the phrase “and/or.” The words
“hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Copyright
      Security Agreement or any other Transaction Document refer to this Copyright
      Security Agreement or such other Transaction Document, as the case may be,
      as a
      whole and not to any particular provision of this Copyright Security Agreement
      or such other Transaction Document, as the case may be. Section, subsection,
      clause, schedule, and exhibit references herein are to this Copyright Security
      Agreement unless otherwise specified. Any reference in this Copyright Security
      Agreement or in any other Transaction Document to any agreement, instrument,
      or
      document shall include all alterations, amendments, changes, extensions,
      modifications, renewals, replacements, substitutions, joinders, and supplements,
      thereto and thereof, as applicable (subject to any restrictions on such
      alterations, amendments, changes, extensions, modifications, renewals,
      replacements, substitutions, joinders, and supplements set forth herein). Any
      reference herein or in any other Transaction Document to the satisfaction or
      repayment in full of the Secured Obligations shall mean the repayment in full
      in
      cash of all Secured Obligations other than unasserted contingent indemnification
      Secured Obligations. Any reference herein to any Person shall be construed
      to
      include such Person’s successors and assigns. Any requirement of a writing
      contained herein or in any other Transaction Document shall be satisfied by
      the
      transmission of a Record and any Record so transmitted shall constitute a
      representation and warranty as to the accuracy and completeness of the
      information contained therein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Grantor has caused this Copyright Security Agreement
      to be
      executed and delivered by its duly authorized officer as of the date first
      set
      forth above. 

     

    

      
        	
                GENEREX
                  BIOTECHNOLOGY CORPORATION,
                  a Delaware corporation

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 
	 	 
	
                ANTIGEN
                  EXPRESS, INC., a Delaware corporation

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 
	 	 
	
                GENEREX
                  PHARMACEUTICALS (USA) LLC, a
                  North Carolina limited liability company

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 
	 	 
	
                GENEREX
                  MARKETING & DISTRIBUTION INC., an
                  Ontario corporation

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 
	 	 
	
                GENEREX
                  PHARMACEUTICALS INC., an
                  Ontario corporation

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 
	 	 
	
                1097346
                  ONTARIO INC., an
                  Ontario corporation

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
      

       

      
        	 	 
	
                GENEREX
                  (BERMUDA), INC., a
                  corporation existing pursuant to the Bermuda Companies
                  Act

              
	 
	
                By:

              	 
	
                Name:
                  

              	 
	
                Title:

              	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

    to

    COPYRIGHT
      SECURITY AGREEMENT

     

    Copyright
      Registrations

    

      
        	
                Grantor

              	 	 	
                Country

              	
                 

              	
                 

              	
                Copyright

              	
                 

              	
                 

              	
                Registration No.

              	
                 

              	
                 

              	
                Registration Date

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

      

    

     

    Copyright
      Licenses

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    PATENT
      SECURITY AGREEMENT

     

    This
      PATENT SECURITY AGREEMENT (this "Patent
      Security Agreement")
      is
      made this ___ day of _________, 200__, by the Grantors listed on the signature
      pages hereof (collectively, jointly and severally, “Grantors”
and
      each individually “Grantor”),
      in
      favor of the Secured Parties under and as defined in the below-described
      Security Agreement.

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to that certain Securities Purchase Agreement dated as of March 31,
      2008 (as amended, restated, supplemented, or otherwise modified from time to
      time, including all schedules thereto, the “Purchase
      Agreement”)
      by and
      among GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (“Parent”),
      and
      Secured Parties, Parent has agreed to sell, and Secured Parties have agreed
      to
      purchase, severally and not jointly, certain Notes and Warrants, and

     

    WHEREAS,
      in order to induce the Secured Parties to purchase the Notes and Warrants as
      provided for in the Purchase Agreement, Grantors have executed and delivered
      to
      Secured Parties that certain Security Agreement of even date herewith (including
      all annexes, exhibits or schedules thereto, as from time to time amended,
      restated, supplemented or otherwise modified, the “Security
      Agreement”);

     

    WHEREAS,
      pursuant to the Security Agreement, Grantors are required to execute and deliver
      to Secured Parties this Patent Security Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein
      contained and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, Grantors hereby agree as
      follows:

     

    1. DEFINED
      TERMS.
      All
      capitalized terms used but not otherwise defined herein have the meanings given
      to them in the Security Agreement or the Purchase Agreement.

     

    2. GRANT
      OF SECURITY INTEREST IN PATENT COLLATERAL.
      Each
      Grantor hereby grants to each Secured Party a continuing first priority security
      interest in all of such Grantor’s right, title and interest in, to and under the
      following, whether presently existing or hereafter created or acquired
      (collectively, the “Patent
      Collateral”):

     

    (a) all
      of
      its Patents and Patent Intellectual Property Licenses to which it is a party
      including those referred to on Schedule
      I
      hereto;

     

    (b) all
      reissues, continuations or extensions of the foregoing; and

     

    (c) all
      products and proceeds of the foregoing, including any claim by such Grantor
      against third parties for past, present or future infringement or dilution
      of
      any Patent or any Patent licensed under any Intellectual Property
      License.

     

    3. SECURITY
      FOR OBLIGATIONS.
      This
      Patent Security Agreement and the Security Interests created hereby secures
      the
      payment and performance of all the Secured Obligations, whether now existing
      or
      arising hereafter. Without limiting the generality of the foregoing, this Patent
      Security Agreement secures the payment of all amounts which constitute part
      of
      the Secured Obligations and would be owed by Grantors, or any of them, to
      Secured Parties, or any of them, whether or not they are unenforceable or not
      allowable due to the existence of an Insolvency Proceeding involving any
      Grantor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. SECURITY
      AGREEMENT.
      The
      security interests granted pursuant to this Patent Security Agreement are
      granted in conjunction with the security interests granted to Secured Parties
      pursuant to the Security Agreement. Each Grantor hereby acknowledges and affirms
      that the rights and remedies of Secured Parties with respect to their respective
      security interests in the Patent Collateral made and granted hereby are more
      fully set forth in the Security Agreement, the terms and provisions of which
      are
      incorporated by reference herein as if fully set forth herein.

     

    5. AUTHORIZATION
      TO SUPPLEMENT.
      If any
      Grantor shall obtain rights to any new patentable inventions or become entitled
      to the benefit of any patent application or patent for any reissue, division,
      or
      continuation, of any patent, the provisions of this Patent Security Agreement
      shall automatically apply thereto. To the extent required under the Security
      Agreement, Grantors shall give prompt notice in writing to Secured Parties
      with
      respect to any such new patent rights. Without limiting Grantors' obligations
      under this Section
      5,
      Grantors hereby authorize Secured Parties unilaterally to modify this Agreement
      by amending Schedule
      I
      to
      include any such material new patent rights of Grantors. Notwithstanding the
      foregoing, no failure to so modify this Patent Security Agreement or amend
      Schedule
      I
      shall in
      any way affect, invalidate or detract from any Secured Party's continuing
      security interest in all Collateral, whether or not listed on Schedule
      I.
      

     

    6. COUNTERPARTS.
      This
      Patent Security Agreement may be executed in any number of counterparts, each
      of
      which shall be deemed to be an original, but all such separate counterparts
      shall together constitute but one and the same instrument. In proving this
      Patent Security Agreement or any other Transaction Document in any judicial
      proceedings, it shall not be necessary to produce or account for more than
      one
      such counterpart signed by the party against whom such enforcement is sought.
      Any signatures delivered by a party by facsimile transmission or by e-mail
      transmission shall be deemed an original signature hereto.

     

    7. CONSTRUCTION.
      Unless
      the context of this Patent Security Agreement or any other Transaction Document
      clearly requires otherwise, references to the plural include the singular,
      references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise
      indicated, the inclusive meaning represented by the phrase “and/or.” The words
“hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Patent
      Security Agreement or any other Transaction Document refer to this Patent
      Security Agreement or such other Transaction Document, as the case may be,
      as a
      whole and not to any particular provision of this Patent Security Agreement
      or
      such other Transaction Document, as the case may be. Section, subsection,
      clause, schedule, and exhibit references herein are to this Patent Security
      Agreement unless otherwise specified. Any reference in this Patent Security
      Agreement or in any other Transaction Document to any agreement, instrument,
      or
      document shall include all alterations, amendments, changes, extensions,
      modifications, renewals, replacements, substitutions, joinders, and supplements,
      thereto and thereof, as applicable (subject to any restrictions on such
      alterations, amendments, changes, extensions, modifications, renewals,
      replacements, substitutions, joinders, and supplements set forth herein). Any
      reference herein or in any other Transaction Document to the satisfaction or
      repayment in full of the Secured Obligations shall mean the repayment in full
      in
      cash of all Secured Obligations other than unasserted contingent indemnification
      Secured Obligations. Any reference herein to any Person shall be construed
      to
      include such Person’s successors and assigns. Any requirement of a writing
      contained herein or in any other Transaction Document shall be satisfied by
      the
      transmission of a Record and any Record so transmitted shall constitute a
      representation and warranty as to the accuracy and completeness of the
      information contained therein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Grantor has caused this Patent Security Agreement to
      be
      executed and delivered by its duly authorized officer as of the date first
      set
      forth above.

     

    GENEREX
      BIOTECHNOLOGY CORPORATION, a Delaware corporation

     

    
      	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              ANTIGEN
                EXPRESS, INC., a Delaware corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                PHARMACEUTICALS (USA) LLC, a North Carolina limited liability
                company

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                MARKETING & DISTRIBUTION INC., an Ontario
                corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                PHARMACEUTICALS INC., an Ontario corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              1097346
                ONTARIO INC., an Ontario corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
    

     

    
      	
              GENEREX
                (BERMUDA), INC., 

              a
                corporation existing pursuant to the Bermuda Companies
                Act

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    TRADEMARK
      SECURITY AGREEMENT

     

    This
      TRADEMARK SECURITY AGREEMENT (this “Trademark
      Security Agreement”)
      is
      made this ___ day of _________, 200__, by the Grantors listed on the signature
      pages hereof (collectively, jointly and severally, “Grantors”
and
      each individually “Grantor”),
      in
      favor of the Secured Parties under and as defined in the below-described
      Security Agreement.

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to that certain Securities Purchase Agreement dated as of March 31,
      2008 (as amended, restated, supplemented, or otherwise modified from time to
      time, including all schedules thereto, the “Purchase
      Agreement”)
      by and
      among GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (“Parent”),
      and
      Secured Parties, Parent has agreed to sell, and Secured Parties have agreed
      to
      purchase, severally and not jointly, certain Notes and Warrants, and

     

    WHEREAS,
      in order to induce the Secured Parties to purchase the Notes and Warrants as
      provided for in the Purchase Agreement, Grantors have executed and delivered
      to
      Secured Parties that certain Security Agreement of even date herewith (including
      all annexes, exhibits or schedules thereto, as from time to time amended,
      restated, supplemented or otherwise modified, the “Security
      Agreement”);

     

    WHEREAS,
      pursuant to the Security Agreement, Grantors are required to execute and deliver
      to Secured Parties this Trademark Security Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein
      contained and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, Grantors hereby agree as
      follows:

     

    1. DEFINED
      TERMS.
      All
      capitalized terms used but not otherwise defined herein have the meanings given
      to them in the Security Agreement or the Purchase Agreement.

     

    2. GRANT
      OF SECURITY INTEREST IN TRADEMARK COLLATERAL.
      Each
      Grantor hereby grants to each Secured Party a continuing first priority security
      interest in all of such Grantor’s right, title and interest in, to and under the
      following, whether presently existing or hereafter created or acquired
      (collectively, the “Trademark
      Collateral”):

     

    (a) all
      of
      its Trademarks and Trademark Intellectual Property Licenses to which it is
      a
      party including those referred to on Schedule
      I
      hereto;

     

    (b) all
      goodwill, trade secrets, proprietary or confidential information, technical
      information, procedures, formulae, quality control standards, designs, operating
      and training manuals, customer lists, and other General Intangibles with respect
      to the foregoing;

     

    (c) all
      reissues, continuations or extensions of the foregoing; 

     

    (d) all
      goodwill of the business connected with the use of, and symbolized by, each
      Trademark and each Trademark Intellectual Property License; and

     

    (e) all
      products and proceeds of the foregoing, including any claim by such Grantor
      against third parties for past, present or future (i) infringement or dilution
      of any Trademark or any Trademark licensed under any Intellectual Property
      License or (ii) injury to the goodwill associated with any Trademark or any
      Trademark licensed under any Intellectual Property License.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    3. SECURITY
      FOR OBLIGATIONS.
      This
      Trademark Security Agreement and the Security Interests created hereby secures
      the payment and performance of all the Secured Obligations, whether now existing
      or arising hereafter. Without limiting the generality of the foregoing, this
      Trademark Security Agreement secures the payment of all amounts which constitute
      part of the Secured Obligations and would be owed by Grantors, or any of them,
      to Secured Parties, or any of them, whether or not they are unenforceable or
      not
      allowable due to the existence of an Insolvency Proceeding involving any
      Grantor.

     

    4. SECURITY
      AGREEMENT.
      The
      security interests granted pursuant to this Trademark Security Agreement are
      granted in conjunction with the security interests granted to Secured Parties
      pursuant to the Security Agreement. Each Grantor hereby acknowledges and affirms
      that the rights and remedies of Secured Parties with respect to their respective
      security interests in the Trademark Collateral made and granted hereby are
      more
      fully set forth in the Security Agreement, the terms and provisions of which
      are
      incorporated by reference herein as if fully set forth herein.

     

    5. AUTHORIZATION
      TO SUPPLEMENT.
      If any
      Grantor shall obtain rights to any new trademarks, the provisions of this
      Trademark Security Agreement shall automatically apply thereto. To the extent
      required under the Security Agreement, Grantors shall give prompt notice in
      writing to Secured Parties with respect to any such new trademarks or renewal
      or
      extension of any trademark registration. Without limiting Grantors' obligations
      under this Section
      5,
      Grantors hereby authorize Secured Parties unilaterally to modify this Agreement
      by amending Schedule
      I
      to
      include any such material new trademark rights of Grantors. Notwithstanding
      the
      foregoing, no failure to so modify this Trademark Security Agreement or amend
      Schedule
      I
      shall in
      any way affect, invalidate or detract from any Secured Party's continuing
      security interest in all Collateral, whether or not listed on Schedule
      I.
      

     

    6. COUNTERPARTS.
      This
      Trademark Security Agreement may be executed in any number of counterparts,
      each
      of which shall be deemed to be an original, but all such separate counterparts
      shall together constitute but one and the same instrument. In proving this
      Trademark Security Agreement or any other Transaction Document in any judicial
      proceedings, it shall not be necessary to produce or account for more than
      one
      such counterpart signed by the party against whom such enforcement is sought.
      Any signatures delivered by a party by facsimile transmission or by e-mail
      transmission shall be deemed an original signature hereto.

     

    7. CONSTRUCTION.
      Unless
      the context of this Trademark Security Agreement or any other Transaction
      Document clearly requires otherwise, references to the plural include the
      singular, references to the singular include the plural, the terms “includes”
and “including” are not limiting, and the term “or” has, except where otherwise
      indicated, the inclusive meaning represented by the phrase “and/or.” The words
“hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Trademark
      Security Agreement or any other Transaction Document refer to this Trademark
      Security Agreement or such other Transaction Document, as the case may be,
      as a
      whole and not to any particular provision of this Trademark Security Agreement
      or such other Transaction Document, as the case may be. Section, subsection,
      clause, schedule, and exhibit references herein are to this Agreement unless
      otherwise specified. Any reference in this Trademark Security Agreement or
      in
      any other Transaction Document to any agreement, instrument, or document shall
      include all alterations, amendments, changes, extensions, modifications,
      renewals, replacements, substitutions, joinders, and supplements, thereto and
      thereof, as applicable (subject to any restrictions on such alterations,
      amendments, changes, extensions, modifications, renewals, replacements,
      substitutions, joinders, and supplements set forth herein). Any reference herein
      or in any other Transaction Document to the satisfaction or repayment in full
      of
      the Secured Obligations shall mean the repayment in full in cash of all Secured
      Obligations other than unasserted contingent indemnification Secured
      Obligations. Any reference herein to any Person shall be construed to include
      such Person’s successors and assigns. Any requirement of a writing contained
      herein or in any other Transaction Document shall be satisfied by the
      transmission of a Record and any Record so transmitted shall constitute a
      representation and warranty as to the accuracy and completeness of the
      information contained therein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each Grantor has caused this Trademark Security Agreement
      to be
      executed and delivered by its duly authorized officer as of the date first
      set
      forth above. 

     

    
      	
              GENEREX
                BIOTECHNOLOGY CORPORATION, a Delaware corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              ANTIGEN
                EXPRESS, INC., a Delaware corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                PHARMACEUTICALS (USA) LLC, a North Carolina limited liability
                company

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                MARKETING & DISTRIBUTION INC., an Ontario
                corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                PHARMACEUTICALS INC., an Ontario corporation

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              1097346
                ONTARIO INC., an Ontario corporation

            
	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 	 
	
              GENEREX
                (BERMUDA), INC., a corporation existing pursuant to the Bermuda Companies
                Act

            
	 
	
              By:

            	 
	
              Name:
                

            	 
	
              Title:

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

    to

    TRADEMARK
      SECURITY AGREEMENT

     

    Trademark
      Registrations/Applications

    

      
        	
                Grantor

              	 	 	
                Country

              	
                 

              	
                 

              	
                Mark

              	
                 

              	
                 

              	
                Application/

                Registration No.

              	
                 

              	
                 

              	
                App/Reg

                Date

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

      

    

     

    Trade
      Names

     

    Common
      Law Trademarks 

     

    Trademarks
      Not Currently In Use

     

    Trademark
      Licenses

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]