Document:

Exhibit
4.5

 

WARRANT
AMENDMENT AGREEMENT

This
Warrant Amendment Agreement (the “Agreement”) is entered into effective May 31,
2005 by and between Oragenics, Inc., a Florida corporation (the “Company”) and
the Living Trust of Harold Richard Grisham (the “Trust”), The Arbitrage Fund
(the “Fund”), Mark A. Campbell (“Campbell”), and Westminster Securities Corp.
(“Westminster”). The Company, Trust, Fund, Campbell, and Westminster are
together referred to herein as the Parties.

Recitals:

WHEREAS,
the Company entered into a private placement agent agreement with Westminster
whereby, Westminster, as the placement agent, was entitled to receive placement
agent warrants in connection with the Company’s private placement offering to
acquire 25,000 shares of common stock at $2.75 and warrants to acquire 12,500
shares of common stock at $3.50 (together the “Westminster Warrants”);

WHEREAS,
pursuant to the private placement the Company entered into subscription
agreements (the “Subscription Agreements”) with the Trust, the Fund and Campbell
(the “Investors”) to purchase units consisting of Company common stock and
warrants to acquire common stock at an exercise price of $3.50 (the “Investor
Warrants”) which also provided the Investors and Westminster with registration
rights (the “Registration Rights”), which included penalties that the Company
had to pay to the Investors and Westminster if a registration statement was not
filed within a designated time period (the “Penalty Provisions”);

WHEREAS,
the Investor Warrants and the Westminster Warrants, (other than the exercise
price of $2.75 on 12,500 shares of Westminster Warrants), were to be issued
under the same terms and conditions and the form of warrant to be issued by the
Company provided the Investors and Westminster with adjustment rights in the
event of the issuance by the Company of shares of common stock below a certain
amount per share, (the “Warrant Anti-dilution Adjustment
Provision”);

WHEREAS,
the Company has entered into a stock purchase agreement with Fusion Capital Fund
II, LLC (“Fusion Capital”) and is contemplating filing a registration statement
on Form SB-2 with the U.S. Securities and Exchange Commission (the “SEC”) to
register certain shares of its common stock for resale by Fusion Capital and the
Investors and Westminster (the “SB-2 Registration Statement”). 

WHEREAS,
prior to filing the Registration Statement the Parties desire to resolve any and
all issues with respect to its registration obligations, the registration rights
penalty provision and the Warrant Anti-dilution Adjustment Provision;

WHEREAS,
the Parties desire, subject to the terms and conditions of this Agreement, to
(i) amend the Investor Warrants and Westminster Warrants to eliminate the
Warrant Anti-dilution Adjustment Provision, (ii) to eliminate and terminate the
Registration Rights obligations of the Company, (iii) to eliminate and terminate
the Penalty Provisions under the Registration Rights, all in exchange for a one
time adjustment to the exercise prices of the Investor Warrants and Westminster
Warrants, to be issued in the form of a replacement warrant.

NOW
THEREFORE, in
consideration of the mutual agreements set forth herein and other good and
valuable consideration, the Parties agree as follows:

1.    Termination
of Registration Rights. The
Parties agree that any registration obligations the Company had under the
Subscription Agreement are terminated and of no force or effect, provided
however, that such termination shall not take effect until the Form SB-2
Registration Statement is declared effective by the SEC. To the extent the SEC
declares the Form SB-2 Registration Statement effective there shall be no
further action required by any of the Parties for the Company’s registration
obligations under the Subscription Agreements to be terminated. 

2.    Termination
of Warrant Anti-dilution Adjustment Provision. Upon
the issuance of the Replacement Warrants (as defined below), the Warrant
Anti-dilution Provision originally to be contained in the warrants to be issued
to the Investors and Westminster is hereby terminated and of no force or effect
and it is agreed that no amounts shall be owed to any Party hereto by reason of
the Warrant Anti-dilution Provision.

 

 

 

3.    Registration
Rights Penalty Amounts. Upon
the issuance of the Replacement Warrants (as defined below), the Investors and
Westminster hereby waive any right to receive any payments under Penalty
Provisions contained in the Subscription Agreements and such Penalty Provisions
are hereby terminated and of no force of effect.

 

4.    Issuance
of Replacement Warrants. In
consideration for the mutual covenants, releases and agreements contained
herein, the Company agrees to issue warrants to the Investors and Westminster,
in the form attached hereto as Exhibit
A, (the
“Replacement Warrants”), which shall replace the original Investor Warrants and
Westminster Warrants. The Replacement Warrants to the Investors will be for the
same number of shares as in the private placement except that the exercise price
will be revised from $3.50 to $2.75 per share. The Replacement Warrants to
Westminster will be for the same number of shares as provided in the placement
agent agreement, except that the exercise prices will be revised from $3.50 to
$2.75 per share and from $2.75 to $2.25 per share for the respective warrants
Westminster was entitled to receive. 

5.    Release
of Claimants.
Effective upon the execution of this Agreement, each of the Parties to this
Agreement, on behalf of themselves and their respective subsidiaries,
affiliates, officers, directors, shareholders, agents, employees, servants,
attorneys, accountants, heirs, successors, assigns, and representatives, as well
as the respective heirs, personal representatives, successors and assigns of any
or all of them, (hereinafter collectively referred in this Paragraph as the
“Releasing Party”) fully, finally and forever release, acquit and forever
discharge the Company and its respective past and present subsidiaries,
affiliates, franchisees, officers, directors, shareholders, agents, employees,
servants, attorneys, accountants, heirs, successors, assigns and
representatives, as well as their respective personal representatives,
successors and assigns, of any and all of them (hereinafter collectively
referred in this Paragraph as the “Released Party”) from any and all claims,
demands, debts, actions, causes of action, suits, contracts, agreements,
obligations, accounts, defenses and liabilities of any kind or character
whatsoever, known or unknown, suspected or unsuspected, in contract or in tort,
at law or in equity, including without implied limitation, such claims and
defenses as incapacity, fraud, mistake, and duress, which the Releasing Party
ever had, now has, or might hereafter have against the Released Party arising
out of facts or circumstances in existence as of the date of this Agreement, for
or by reason of any matter, cause or thing whatsoever, including, without
limitation, any claim in contract, tort, violation or statute, or otherwise,
which relates in whole or in part, directly or indirectly, to the transaction(s)
described in this Agreement; EXCEPTING ONLY the obligations of the Released
Parties to perform the terms and conditions of this Agreement. Each party to
this Agreement expressly represents and warrants to the other Parties to this
Agreement: (i) that they are relying solely on their own judgment and belief as
to the adequacy of the consideration paid; (ii) that the Release contemplated by
this Paragraph is being executed without reliance upon any statement or
representation made by any other party to this Agreement or anyone acting on
behalf of a party to this Agreement; and (iii) that they understand and
acknowledge that there may exist facts and circumstances which are material to
this transaction that have not been disclosed to it by the other Parties to this
Agreement and warrant to the other Parties to this Agreement that they are
executing this Release and shall be bound thereby notwithstanding said
nondisclosures.

 

6.    The
Company Covenants. The
Company hereby covenants to promptly issue the Replacement Warrants to the
Investors and Westminster.

7.    No
Admissions. Each of
the Parties understands and acknowledges that this Agreement constitutes a
compromise and settlement. This Agreement shall not in any way be construed as
an admission by any party of the truth or falsity of any claims, an admission by
any party of the breach of any agreement with any other party or an
acknowledgment or admission by any party of any fault or liability whatsoever to
any other party.

8.    Binding
Nature. This
Agreement is binding on and for the benefit of the Parties hereto and their
respective heirs, executors, administrators, successors and assigns and their
parents, subsidiary and affiliated corporations, companies, divisions,
partnerships and associations and their respective officers, directors, agents,
employees, partners, members, and representatives and their respective
predecessors and assigns.

 

-2-

 

9.    Voluntary
Agreement. Each of
the Parties to this Agreement represents and warrants to the other Parties to
this Agreement that he/she/it is represented by legal counsel of his/her/its
choice, is fully aware of the terms contained in this Agreement, and have
voluntarily executed the same without coercion or duress of any kind and without
reliance upon any statement or representation made by any other party to this
Agreement, except as set forth herein. The Parties further expressly acknowledge
and agree that they are not relying on any statement, representation, omission,
rumor, publicly-filed document, news media account, or any other information (or
omission) of any type or description in connection with their execution of this
Agreement. The Parties further expressly represent and warrant to the other
Parties that they understand and acknowledge that there may exist facts and
circumstances which are material to the transactions contemplated by this
Agreement that have not been disclosed to him/her/it and warrant to the other
Parties to this Agreement that they are executing this Agreement and shall be
bound thereby notwithstanding said material nondisclosures. 

10.    Investigation
of Facts. Each of
the Parties hereto has made such investigation of the facts pertaining to this
Agreement as each deems necessary and in entering into this Agreement each party
hereto assumes the risk of mistake with respect to such facts. This Agreement is
intended to be final and binding upon each of the Parties hereto regardless of
any claims of mistake.

11.    Confidentiality. This
Agreement and its terms shall be maintained in strict confidence and shall not
be disclosed directly or indirectly by the Parties to any other person or entity
except as otherwise required by law. Each of the Parties hereto acknowledges and
agrees that this provision is essential and material term of the Agreement
without which the consideration relating hereto would not have been delivered.
Each of
the Parties agree to refrain from any negative, critical or disparaging comments
or statements about any of the Parties hereto, or their respective officers,
directors, employees or agents. This provision shall be interpreted broadly to
include all verbal, written or other communication whether personal, published,
recorded, magnetic, electronic, etc., however produced or reproduced. The
Parties hereby agree they will refrain form discussing the provisions of this
Agreement or any of the details of their prior business (financial or
otherwise).

12.    Costs
and Attorneys’ Fees. Each
party agrees to bear its own attorneys’ fees and costs and other fees incurred
in connection with the negotiation, drafting, execution and delivery of this
Agreement. If any legal or equitable action is necessary to enforce the terms of
this Agreement, the prevailing party shall be entitled to a reasonable sum for
its attorneys’ fees and costs incurred and paid in connection with prosecuting
or defending such action, in addition to any other relief to which it is
entitled.

13.    Termination/Rescission. The
signatories to this Agreement understand and acknowledge that the facts in
respect of which this Agreement is made may hereafter prove to be other than, or
different from, the facts in that connection now known by one or more of them or
believed by one or more of them to be true, and they agree that all of terms of
this Agreement shall be in all respects effective and not subject to termination
or rescission by any such difference in facts.

14.    Entire
Agreement; Modification by Writing Only. This
Agreement including the recitals described above in the “WHEREAS” clauses which
are true and correct and are incorporated into this Agreement by reference
(together with any ancillary documents attached to the Agreement as exhibits)
incorporates, embodies, expresses, and supersedes all prior and contemporaneous
agreements and representations or understandings between or among its
signatories, or any subset group of signatories hereto, and neither this
Agreement (nor any ancillary documents attached to this Agreement as exhibits)
may be altered or modified except in writing duly executed by its signatories.
This Agreement and the exhibits attached hereto constitute an integration of the
entire understanding and Agreement among the Parties with respect to the subject
matter hereof. Any representation, promise or condition, whether written or
oral, not specifically incorporated herein, shall not be binding. The Parties
acknowledge that they have not relied, in entering into this Agreement, upon any
representation, promises and covenants between the Parties with respect to the
subject matter hereof other than the terms and provisions set forth
herein

15.    Authority/Approval. Each
Party represents and warrants that they each have full power and corporate or
other authority and the necessary corporate or other approvals to enter into and
to perform this Agreement in accordance with its terms, and agrees that the
terms and provisions of this Agreement, including the terms and provisions of
any ancillary documents attached to this Agreement as exhibits, shall apply to
all affiliates, parents, subsidiaries, and divisions of each. 

16. Warranty
of Title and Right to Settle. Each of
the Parties hereto represent and warrant to the other Parties to this Agreement
that they have the full right to take the actions contemplated by this Agreement
and have good and absolute title to the causes of action, and the potential
causes of action which could be asserted by them, that are the subject of the
release set forth in this Agreement. The Parties hereto further represent and
warrant to the other Parties to this Agreement that the before-mentioned causes
of actions potential causes of action are free and clear of any claims of
creditors or other third Parties arising from any applicable fraudulent transfer
laws or the provisions of 11 U.S.C. § 101 et seq.

 

-3-

17.    Liability
for Breach of Warranty of Title and Right to Settle. Each of
the Parties hereto represent and warrant to the other Parties to this Agreement
agree that if they breach the warranty of title and right to settle granted
pursuant to Paragraph 21 of this Agreement, the party shall indemnify the other
Parties to this Agreement against any liability or damage arising from such
breach, including all costs, expenses, and attorneys’ fees incurred by the
damaged party in defense of any actions brought against the party by reason
of any alleged lien, claim, or encumbrance.

18.    Headings. The
headings in this Agreement are intended solely for convenience of reference and
shall be given no effect in the construction or interpretation of this
Agreement.

19.    Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an
original and which together shall constitute a single agreement. A facsimile
signature shall be considered the same as an original.

20.    Severability. If any
provision or any portion of this Agreement shall be held unlawful or
unenforceable, the balance of this Agreement shall nonetheless in all respects
remain binding and effective, and shall be construed in full force and effect to
the extent lawfully permissible.

21.    Further
Assurances. The
parties hereto shall execute and deliver all documents, provide all information
and take or forbear from all such action as may be necessary or appropriate to
achieve the purposes of the Agreement.

22.    Parties
In Interest. Nothing
herein shall be construed to be to the benefit of any third party, nor is it
intended that any provision shall be for the benefit of any third
party.

23.    Execution
In Counterparts. This
Agreement may be simultaneously executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
instrument.

24.    Florida
Contract; Florida Law. This
Agreement (together with any applicable ancillary documents attached to the
Agreement as exhibits) shall be deemed to constitute a contract made and entered
into under the laws of the State of Florida, and for all purposes this Agreement
and its ancillary documents shall be construed and governed in accordance with
the laws of the State of Florida without regard to such state’s rules concerning
conflicts of laws. 

25.    Waiver
of Jury. The
Parties to this Agreement, and each of them, agree that any legal action in
connection with, arising out of, or in any way related to this Agreement
including, without limitation, any cause of action sounding in contract, tort,
or violation of statute, shall be tried to the court, sitting without a jury,
notwithstanding any state or federal constitutional rights, and the Parties
waive any right to have any such actions tried by a jury.

26.    Forum
Selection and Consent to Jurisdiction. The
Parties to this Agreement, and each of them, agree that the exclusive venue for
any legal action in connection with, arising out of, or in any way related to
this Agreement including, without limitation, any cause of action sounding in
contract, tort, or violation of statute, shall be the United States District
Court for the Middle District of Florida, Tampa Division, or the Sixth Judicial
Circuit Court in and for Pinellas County, Florida. The Parties to this
Agreement, and each of them, further consent to the personal jurisdiction of the
courts located in the State of Florida regarding any legal action in connection
with, arising out of, or in any way related to this Agreement including, without
limitation, any cause of action sounding in contract, tort, or violation of
statute. 

 

-4-

27.    Agreement
Drafted. All
parties to this Agreement have negotiated it at length, and have had the
opportunity to consult with and be represented by their own competent counsel.
This Agreement is therefore deemed to have been jointly prepared by the parties,
and any uncertainty or ambiguity existing in it shall not be interpreted against
any party, but rather shall be interpreted according to the rules generally
governing the interpretation of contracts.

 

IN
WITNESS WHEREOF, the
Parties hereto have executed this Agreement as of the date set forth
above.

ORAGENICS,
INC.

 

By:

Mento A.
Soponis, President

WESTMINSTER
SECURITIES CORP.

 

By:

its
President

 

Living
Trust of Harold Richard Grisham

 

By:
_____________________As Trustee

 

 

The
Arbitrage Fund

 

By:

Mark A.
Campbell, Individually

-5-

Exhibit
A

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES
ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES
ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST
OR
PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR
OTHERWISE
DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY
THAT SUCH
REGISTRATION IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE
SECURITIES ACT.

 

Warrant
No.__________

REPLACEMENT

WARRANT
TO PURCHASE SHARES OF COMMON STOCK OF 

ORAGENICS,
INC.

 

THIS
CERTIFIES that, for value received, [ ] is
entitled to purchase from
Oragenics, Inc., a Florida corporation (the "Corporation"), subject to the terms
and conditions hereof, [ ] shares
(the "Warrant Shares") of common stock, $0.001 par value (the "Common Stock").
This warrant,
together with all warrants hereafter issued in exchange or substitution for this
warrant, is referred to as the "Warrant" and the holder of this Warrant is
referred to as the "Holder." The number of Warrant Shares is subject to
adjustment
as hereinafter provided. Notwithstanding anything to the contrary contained
herein, this Warrant shall expire and no
longer be exercisable at 5:00 p.m. Eastern Standard Time (EST) on [Four
years from the closing at which issued] (the
"Termination Date") provided however, that in the event the Corporation's Common
Stock trades on the American Stock Exchange at or above $4.75 per share for a
period of fifteen (15) consecutive days during the term of this Warrant
the
corporation may accelerate the expiration date of this Warrant upon written
notice to the Holder, giving the Holder thirty
(30) days to exercise this warrant after which thirty-day period this Warrant
shall expire and no longer be exercisable.

 

1.    Exercise
of Warrants.

 

(a)  The
Holder may, at any time prior to the Termination Date, exercise this Warrant in
whole or in part
at an exercise price per share equal to [$2.75] per
share, subject to adjustment as provided herein (the "Warrant Price"),
by the surrender of this Warrant (properly endorsed) at the principal office of
the Corporation, or at such other agency or
office of the Corporation in the United States of America as the Corporation may
designate by notice in writing to the
Holder at the address of such Holder appearing on the books of the Corporation,
and by payment to the Corporation
of the Warrant Price in lawful money of the United States by check or wire
transfer for each share of Common
Stock being purchased. Upon any partial exercise of this Warrant, there shall be
executed and issued to the Holder a
new Warrant in respect of the shares of Common Stock as to which this Warrant
shall not have been exercised.  In the
event of the exercise of the rights represented by this Warrant, a certificate
or certificates for the Warrant Shares so purchased,
as applicable, registered in the name of the Holder, shall be delivered to the
Holder hereof as soon as practicable
after the rights represented by this Warrant shall have been so
exercised.

 

(b)  If, but
only if, at any time after one year from the date of issuance of this Warrant
there is no effective
registration statement registering the resale of the Common Stock underlying
this Warrant by the Holder, this Warrant
may also be exercised at such time by means of a "cashless exercise" in which,
at any time prior to the Termination
Date, the Holder of this Warrant may, at its option, exchange this Warrant, in
whole or in part (a "Warrant Exchange"),
into Warrant Shares by surrendering this Warrant at the principal office of the
Corporation, accompanied by a notice
stating such Holder's intent to effect such exchange, the number of Warrant
Shares to be exchanged and the date on which
the Holder requests that such Warrant Exchange occur (the "Notice of Exchange").
The Warrant Exchange

 

A-1

 

shall
take place on the date specified in the Notice of Exchange or, if later, within
five (5) days of the date the Notice of Exchange
is received by the Corporation (the "Exchange Date"). Certificates for the
Warrant Shares issuable upon such Warrant
Exchange and, if applicable, a new Warrant of like tenor evidencing the balance
of the Warrant Shares remaining
subject to this Warrant, shall be issued as of the Exchange Date and delivered
to the Holder within three (3) business
days following the Exchange Date. In connection with any Warrant Exchange, this
Warrant shall represent the right to
subscribe for and acquire the number of Warrant Shares (rounded to the next
highest integer) equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the
Closing Bid Price (as hereinafter defined) on the trading day preceding the date
on which the Company
receives the Exercise Documentation;

(B) = the
exercise price of this Warrant, as adjusted; and

(X) = the
number of shares of Common Stock issuable upon exercise of this Warrant in
accordance with the
terms of this Warrant.

 

2.    Reservation
of Warrant Shares. The
Corporation agrees that, prior to the expiration of this Warrant, it will at
all times
have authorized and in reserve, and will keep available, solely for issuance or
delivery upon the exercise of this Warrant,
the number of Warrant Shares as from time to time shall be issuable by the
Corporation upon the exercise of this Warrant.

 

3.    No
Shareholder Rights. This
Warrant shall not entitle the holder hereof to any voting rights or other rights
as a
shareholder of the Corporation.

 

4.    Transferability
of Warrant. Prior to
the Termination Date and subject to compliance with applicable laws,
this
Warrant and all rights hereunder are transferable, in whole or in part, at the
office or agency of the Company by the Holder in
person or by duly authorized attorney, upon surrender of this Warrant together
with the Assignment Form annexed
hereto properly endorsed for transfer.

 

5.    Certain
Adjustments. With
respect to any rights that Holder has to exercise this Warrant and convert into
shares of
Common Stock, Holder shall be entitled to the following
adjustments:

 

(a)    Merger
or Consolidation. If at
any time there shall be a merger or a consolidation of the Corporation
with or into another corporation when the Corporation is not the surviving
corporation, then, as part of such merger or
consolidation, lawful provision shall be made so that the holder hereof shall
thereafter be entitled to receive upon
exercise of this Warrant, during the period specified herein and upon payment of
the aggregate Warrant Price then in
effect, the number of shares of stock or other securities or property (including
cash) of the successor corporation resulting
from such merger or consolidation, to which the holder hereof as the holder of
the stock deliverable upon exercise
of this Warrant would have been entitled in such merger or consolidation if this
Warrant had been exercised immediately
before such merger or consolidation. In any such case, appropriate adjustment
shall be made in the application
of the provisions of this Warrant with respect to the rights and interests of
the holder hereof as the holder of this
Warrant after the merger or consolidation.

 

(b)    Reclassification.
Recapitalization, etc. If the
Corporation at any time shall, by subdivision, combination
or reclassification of securities, recapitalization, automatic conversion, or
other similar event affecting the number or
character of outstanding shares of Common Stock, or otherwise, change any of the
securities as to which purchase
rights under this Warrant exist into the same or a different number of
securities of any other class or classes, this Warrant
shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the
result of such change with respect to the securities that were subject to the
purchase rights under this Warrant immediately
prior to such subdivision, combination, reclassification or other
change.

 

(c)    Split
or Combination of Common Stock and Stock Dividend. In case
the Corporation shall at any time
subdivide, redivide, recapitalize, split (forward or reverse) or change its
outstanding shares of Common Stock into a
greater number of shares or declare a dividend upon its Common Stock payable
solely in shares of Common Stock, the
Warrant Price shall be proportionately reduced and the number of Warrant Shares
proportionately increased.  Conversely,
in case the outstanding shares of Common Stock of the Corporation shall be
combined into a smaller number of
shares, the Warrant Price shall be proportionately increased and the number of
Warrant Shares proportionately reduced.
Notwithstanding the foregoing, in no event will the Warrant Price be reduced
below the par value of the Common
Stock.

 

 

A-2

 

6.    Legend
and Stop Transfer Orders. Unless
the Warrant Shares have been registered under the Securities Act, upon
exercise of any part of the Warrant, the Corporation shall instruct its transfer
agent to enter stop transfer orders with respect
to such Warrant Shares, and all certificates or instruments representing the
Warrant Shares shall bear on the face thereof
substantially the following legend:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE
BEEN ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES
ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST
OR
PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR
OTHERWISE
DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
CORPORATION
THAT SUCH REGISTRATION IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION
THEREFROM
UNDER THE SECURITIES ACT.

 

7.    Redemption. The
Corporation shall have the right, upon 30 days' written notice to the Holder
("Redemption Notice"),
to redeem all or any portion of this Warrant at a price equal to $.01 per
Warrant Share, provided that (i) the Warrant
Shares have been registered for resale pursuant to the Securities Act, and have
been freely tradable without restriction
or legend for at least the 30-day period preceding such notice and will continue
to be freely tradeable for at least 30 days following such redemption date and
(ii) the Closing Bid Price (as hereinafter defined) for the Common Stock has
been at least $4.75 (subject to adjustment to reflect forward or reverse stock
splits, stock dividends, recapitalizations
and the like) for the 15-trading day period immediately preceding the date of
the Redemption Notice from the
Corporation to the Holder. As used herein, "Closing Bid Price", shall mean the
closing bid price of the Common
Stock as reported by the American Stock Exchange on the date in question (based
on a trading day from 9:30 a.m. EST
to 4:02 p.m. EST (and, if no closing bid price is reported, the closing price as
so reported, and if neither the closing
bid price nor the closing price is so reported, the last reported price of the
Common Stock as determined by an independent
evaluator mutually agreed to by the Holder and the Corporation).

8.    Miscellaneous. This
Warrant shall be governed by and construed in accordance with the laws of the
State of Florida. All the covenants and provisions of this Warrant by or for the
benefit of the Corporation shall bind and inure to the
benefit of its successors and assigns hereunder. Nothing in this Warrant shall
be construed to give to any person or corporation
other than the Corporation and the holder of this Warrant any legal or equitable
right, remedy or claim under this Warrant. This Warrant shall be for the sole
and exclusive benefit of the Corporation and the holder of this Warrant.
The
section headings herein are for convenience only and are not part of this
Warrant and shall not affect the interpretation
hereof. Upon receipt of evidence satisfactory to the Corporation of the loss,
theft, destruction or mutilation of this
Warrant, and of indemnity reasonably satisfactory to the Corporation, if lost,
stolen or destroyed, and upon surrender
and cancellation of this Warrant, if mutilated, the Corporation shall execute
and deliver to the Holder a new Warrant
of like date, tenor and denomination.

 

IN
WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its
duly authorized officers
under its seal, this_____ day
of________________,
2005.

 

 

ORAGENICS,
INC.

 

By:

Name:

Title:

A-3

WARRANT
EXERCISE FORM 

 

To
Be Executed by the Holder in Order to Exercise Warrant

 

	To:	Oragenics,
      Inc.

	 	13700 Progress
      Blvd                                                                                                                                                     
      Dated:______________

	 	Alachua, Florida 32615

	 	Attn: Paul Hassie, Principal Financial
      Officer

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant
No. , hereby
irrevocably elects to purchase
(check
applicable box):

	o  	
      shares
      of the Common Stock of Oragenics, Inc. covered by such Warrant;
      or

 

	o  	
      the
      maximum number of shares of Common Stock covered by such Warrant pursuant
      to the cashless exercise procedure
      set forth in subsection l(b) (if
applicable).

 

The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such
Warrant. Such payment takes the form of (check
applicable box or boxes):

 

	o  	
      $______
      in
      lawful money of the United States; and/or

 

	o  	
      if
      the provisions of subsection l(b) of this Warrant are in effect, the
      cancellation of such portion of the attached Warrant
      as is exercisable for a total ofWarrant
      Shares (using a Fair Market Value of $per
      share for
      purposes of this calculation); and/or

 

	o  	
      if
      the provisions of subsection l(b) of this Warrant are in effect, the
      cancellation of such number of Warrant Shares as
      is necessary, in accordance with the formula set forth in subsection l(b),
      to exercise this Warrant with respect to the maximum number of Warrant
      Shares purchasable pursuant to the cashless exercise procedure set forth
      in subsection
      l(b).

 

The
undersigned hereby requests that certificates for the Warrant Shares purchased
hereby be issued in the name of:

 

(please
print or type name and address)

 

(please
insert social security or other identifying number) and be delivered as
follows:

 

(please
print or type name and address)

 

(please
insert social security or other identifying number)

 

and if
such number of shares of Common Stock shall not be all the shares evidenced by
this Warrant Certificate, that a new Warrant
for the balance of such shares be registered in the name of, and delivered to,
Holder.

 

Signature
of Holder SIGNATURE
GUARANTEE:

 

A-4

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute this
form.  Do not
use this form to exercise the warrant.)

 

FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

__________________________________________________________________________________
Whose address is

________________________________________________________________________________________________

________________________________________________________________________________________________

 

 

Dated:

Holder's
Signature:

Holder's
Address:

Signature
Guaranteed:

 

NOTE: The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without
alteration or enlargement or any change whatsoever, and must be guaranteed by a
bank or trust Corporation. Officers of corporations and those acting in a
fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant.

 

S-1Exhibit 10.12

                              CONSULTING AGREEMENT

This Consulting Agreement (the "Agreement"),  effective as of February 25, 2005,
is  entered  into  by and  between  The  Children's  Internet,  Inc.,  a  Nevada
corporation   (herein   referred  to  as  "Company")  and  Crosslink   Financial
Communications,   Inc.,  a  California   corporation   (herein  referred  to  as
"Consultant").

                                    RECITALS

WHEREAS, Company is a publicly-held  corporation with its common stock traded on
the OTC Bulletin Board; and

WHEREAS,  Company  desires to engage the services of Consultant to represent the
company  in  investors'   communications  and  public  relations  with  existing
shareholders,  brokers,  dealers and other  investment  professionals  as to the
Company's  current  and  proposed  activities,  and to consult  with  management
concerning such Company activities;

NOW THEREFORE,  in  consideration  of the promises and the mutual  covenants and
agreements  hereinafter  set forth,  the parties  hereto  covenant  and agree as
follows:

1. Term of Consultancy. Company hereby agrees to retain the Consultant to act in
a  consulting  capacity to the  Company,  and the  Consultant  hereby  agrees to
provide services to the Company  commencing  February 25, 2005 and ending twelve
months thereafter.

2. Duties of Consultant.  The Consultant  agrees that it will generally  provide
the following specified consulting services:

                  (a)  Consult  and  assist  the  Company  in   developing   and
       implementing  appropriate  plans and means for presenting the Company and
       its business  plans,  strategy and personnel to the financial  community,
       establishing  an image for the Company in the  financial  community,  and
       creating  the  foundation  for  subsequent   financial  public  relations
       efforts;

                  (b) Introduce the Company to the financial community;

                  (c) With the cooperation of the Company, maintain an awareness
       during the term of this  Agreement of the Company's  plans,  strategy and
       personnel,  as they may evolve during such period, and consult and assist
       the  Company in  communicating  appropriate  information  regarding  such
       plans, strategy and personnel to the financial community;

                  (d) Assist and  consult the  Company  with  respect to its (i)
       relations  with  stockholders,  (ii)  relations  with  brokers,  dealers,
       analysts and other investment  professionals,  and (iii) financial public
       relations generally;

                  (e) Perform the functions  generally  assigned to  stockholder
       relations  and  public  relations   departments  in  major  corporations,
       including  responding  to telephone and written  inquiries  (which may be
       referred to the Consultant by the Company);  preparing press releases for
       the  Company  with  the  Company's  involvement  and  approval  of  press
       releases,  reports and other communications with or to shareholders,  the
       investment  community and the general public;  consulting with respect to
       the  timing,  form,  distribution  and  other  matters  related  to  such
       releases,  reports and communications;  and, at the Company's request and
       subject to the Company's securing its own rights to the use of its names,
       marks, and logos,  consulting with respect to corporate  symbols,  logos,
       names,  the  presentation  of such  symbols,  logos and names,  and other
       matters relating to corporate image;

Crosslink Financial Communications
415-924-9900                      Confidential

<PAGE>

           (f)  Upon  the  Company's   direction   and   approval,   disseminate
       information  regarding  the Company to  shareholders,  brokers,  dealers,
       other  investment  community  professionals  and  the  general  investing
       public;

           (g) Upon the Company's  approval,  conduct meetings,  in person or by
       telephone,   with  brokers,   dealers,   analysts  and  other  investment
       professionals  to communicate  with them  regarding the Company's  plans,
       goals and  activities,  and assist the  Company  in  preparing  for press
       conferences   and  other   forums   involving   the   media,   investment
       professionals and the general investment public;

           (h) At the Company's  request,  review  business  plans,  strategies,
       mission statements budgets, proposed transactions and other plans for the
       purpose of  advising  the  Company of the public  relations  implications
       thereof; and,

           (i)  Otherwise  perform  as  the  Company's   Consultant  for  public
       relations and relations with financial professionals.

3.  Allocation of Time and Energies.  The Consultant  hereby promises to perform
the  responsibilities  which may be assigned to the Consultant from time to time
by the officers and duly authorized representatives of the Company in connection
with the  conduct of its  financial  and  public  relations  and  communications
activities,  so  long as  such  activities  are in  compliance  with  applicable
securities laws and regulations.  Consultant and staff shall diligently  provide
the consulting services required hereunder.  Although no specific  hours-per-day
requirement  will be required,  Consultant and the Company agree that Consultant
will perform the duties set forth  herein  above in a diligent and  professional
manner. It is explicitly understood that Consultant's  performance of its duties
hereunder will in no way be measured by the price of the Company's common stock,
nor the trading volume of the Company's common stock.

4.  Remuneration.  As full and complete  compensation for services  described in
this Agreement, the Company shall compensate Consultant as follows:

      4.1 For  undertaking  this  engagement  and for  other  good and  valuable
      consideration, the Company agrees to issue and deliver to the Consultant a
      "Commencement Bonus" payable in the form of 200,000 shares  (collectively,
      the  "Shares")  of the  Company's  Common  Stock  ("Common  Stock").  This
      Commencement Bonus shall be issued to the Consultant immediately following
      execution  of this  Agreement  and shall,  when  issued and  delivered  to
      Consultant, be fully paid and non-assessable.  The Company understands and
      agrees that Consultant has foregone  significant  opportunities  to accept
      this engagement and that the Company derives  substantial benefit from the
      execution of this  Agreement and the ability to announce its  relationship
      with  Consultant.   The  200,000  Shares  of  Common  Stock  issued  as  a
      Commencement  Bonus,   therefore,   constitute  payment  for  Consultant's
      agreement   to  consult   to  the   Company   and  are  a   nonrefundable,
      non-apportionable,  and non-ratable retainer;  such Shares of common stock
      are not a  prepayment  for  future  services.  If the  Company  decides to
      terminate  this  Agreement  prior to  February  25,  2006,  for any reason
      whatsoever,  it is  agreed  and  understood  that  Consultant  will not be
      requested or demanded by the Company to return any of the Shares of Common
      Stock paid to it as Commencement Bonus hereunder.  Further,  if and in the
      event the Company is acquired in whole or in part, during the term of this
      agreement, it is agreed and understood Consultant will not be requested or
      demanded  by the  Company  to return any of the  200,000  Shares of Common
      stock  paid to it  hereunder.  It is  further  agreed  that if at any time
      during the term of this agreement, the Company or substantially all of the
      Company's  assets are merged with or acquired by another  entity,  or some
      other change occurs in the legal entity that constitutes the Company,  the
      Consultant shall retain and will not be requested by the Company to return
      any of the 200,000 Shares.

Crosslink Financial Communications
415-924-9900                      Confidential                                 2
<PAGE>

            4.2  Monthly  Stock  Compensation  The  Company  agrees to issue and
      deliver,  every month on the contract  anniversary of this  Agreement,  an
      additional 8,000 Shares of Common Stock.

            4.3 With  each  transfer  of  Shares  of  Common  Stock to be issued
      pursuant to this Agreement, Company shall cause to be issued a certificate
      representing  the Common  Stock and a written  opinion of counsel  for the
      Company  stating  that said  Shares  are  validly  issued,  fully paid and
      non-assessable  and that the  issuance  and  eventual  transfer of them to
      Consultant has been duly authorized by the Company.  Company warrants that
      all Shares issued to Consultant pursuant to this Agreement shall have been
      validly issued,  fully paid and  non-assessable  and that the issuance and
      any transfer of them to Consultant  shall have been duly authorized by the
      Company's Board of Directors.

            The  Company  further  agrees that all Shares  issued to  Consultant
      hereunder shall carry "piggyback  registration rights" whereby such Shares
      will be included in the next registration  statement filed by the company.
      The Company  further agrees that it will file a registration  statement in
      which the  Consultant is permitted to  participate  no later than February
      25, 2006. Consultant agrees that it will not sell or transfer,  during the
      terms of this  Agreement,  any of the  Shares of Company  stock  issued to
      Consultant.

            4.4  Consultant  acknowledges  that the Shares of Common Stock to be
      issued  pursuant  to this  Agreement  have not been  registered  under the
      Securities Act of 1933, and accordingly are "restricted securities" within
      the meaning of Rule 144 of the Act. As such,  the Shares may not be resold
      or  transferred  unless the  Company  has  received  an opinion of counsel
      reasonably  satisfactory  to the  Company  that such resale or transfer is
      exempt from the registration requirements of that Act.

5. Monthly Cash Compensation. The Company agrees to pay Consultant a cash fee of
$5,000 per month for the term of the Agreement.  The first payment is due on the
date the assignment is actually  initiated),  and subsequent payments are due on
the same day of each calendar  month for the subsequent  eleven months,  and any
extensions  thereafter.  Out of this fee,  Consultant will pay for complementary
services (e.g., other mailing services, email services, data base extensions) up
to an average of $2,500 per month,  never less than  $1,500 per month.  Invoices
and  documents  indicating  the payment for those  services  will be supplied to
Company.

6.  Financing  "Finder's  Fee".  It is understood  that in the event  Consultant
introduces  Company,  or its  nominees,  to a lender  or equity  purchaser,  not
already having a preexisting  relationship with the Company,  with whom Company,
or its nominees, ultimately finances or causes the completion of such financing,
Company agrees to compensate  Consultant for such services with a "finder's fee"
in the amount of 4.0% of total gross  funding  provided by such lender or equity
purchaser,  such fee to be payable in cash. This 4.0% will be in addition to any
fees payable by Company to any other  intermediary,  if any,  which shall be the
subject  of  separate  agreements,  negotiated  between  Company  and such other
intermediary.  It is also  understood  that in the event  Consultant  introduces
Company,  or its  nominees,  to an  acquisition  candidate,  either  directly or
indirectly  through  another  intermediary,  not  already  having a  preexisting
relationship  with the  Company,  which  Company,  or its  nominees,  ultimately

Crosslink Financial Communications
415-924-9900                      Confidential                                 3
<PAGE>

acquires  or  causes  the  completion  of such  acquisition,  Company  agrees to
compensate  Consultant  for such services with a "finder's fee" in the amount of
4% of total gross  consideration  provided by such  acquisition,  such fee to be
payable in cash.  This 4% will be in addition to any fees  payable by Company to
any other intermediary. It is specifically understood that Consultant is not and
does not hold itself out be a Broker/Dealer,  but is rather merely a "Finder" in
reference to the Company procuring financing sources and acquisition candidates.
Any  obligation  to pay a "Finder's  Fee"  hereunder  shall survive the merging,
acquisition,  or other  change in the form of entity of the  Company  and to the
extent it remains unfulfilled shall be assigned and transferred to any successor
to the Company.

Company agrees that said compensation to Consultant shall be paid in full at the
time  said  financing  or  acquisition  is  closed,   such  compensation  to  be
transferred  by Company to  Consultant  within  seven (7)  business  days of the
execution of the  financing of  acquisition  closing  document.  Payment of said
compensation shall be a condition  precedent to the closing of such financing or
acquisition, and Company shall execute any and all documents necessary to effect
said  compensation.  As further  consideration  to Consultant,  Company,  or its
nominees,  agrees to pay with respect to any financing or acquisition  candidate
provided directly or indirectly to the Company by any lender or equity purchaser
covered  by this  Section 5 during  the period of one year from the close of the
term of this Agreement,  a fee to Consultant equal to that outlined in Section 5
herein.

Consultant will notify Company of introductions  it makes for potential  sources
of financing or acquisitions in a timely manner (within  approximately 3 days of
introduction) via facsimile memo. If Company has a preexisting relationship with
such nominee and believes  such party  should be excluded  from this  Agreement,
then Company will notify Consultant immediately within twenty-four (24) hours of
Consultant's facsimile to Company of such circumstance via facsimile memo.

7. Non-Assignability of Services.  Consultant's services under this contract are
offered to Company  only and may not be  assigned  by Company to an entity  with
which Company merges or which acquires the Company or  substantially  all of its
assets.  In the  event  of such  merger  or  acquisition,  all  compensation  to
Consultant  herein  under the  schedules  set forth  herein shall remain due and
payable, and any compensation  received by the Consultant may be retained in the
entirety by  Consultant,  all without any reduction or  pro-rating  and shall be
considered  and  remain  fully  paid  and  non-assessable.  Notwithstanding  the
non-assignability  of  Consultant's  services,  Company shall assure that in the
event of any merger,  acquisition, or similar change of form of entity, that its
successor  entity  shall  agree  to  complete  all  obligations  to  Consultant,
including  the  provision  and  transfer  of all  compensation  herein,  and the
preservation  of the  value  thereof  consistent  with  the  rights  granted  to
Consultant by the Company herein, and to Shareholders.

8.  Expenses.  Consultant  agrees to pay for all its ordinary  expenses  (phone,
faxing,  labor,  etc.). Out of pocket expenses for  extraordinary  items (travel
required by/or  specifically  requested by the Company,  luncheons or dinners to
large groups of investment professionals, mass faxing to a sizable percentage of
the Company's  constituents,  investor conference calls, print advertisements in
publications,  etc.) shall be paid by the Company  within ten  business  days of
receipt of invoice.

9.   Indemnification.   The  Company  warrants  and  represents  that  all  oral
communications,  written  documents or materials  furnished to Consultant by the
Company  with  respect  to  financial  affairs,  operations,  profitability  and
strategic  planning of the Company are accurate and Consultant may rely upon the

Crosslink Financial Communications
415-924-9900                      Confidential                                 4
<PAGE>

accuracy thereof without  independent  investigation.  The Company will protect,
indemnify  and  hold  harmless  Consultant  against  any  claims  or  litigation
including  any  damages,  liability,  cost  and  reasonable  attorney's  fees as
incurred with respect  thereto  resulting  from  Consultant's  communication  or
dissemination of any said information, documents or materials excluding any such
claims or litigation resulting from Consultant's  communication or dissemination
of information not provided or authorized by the Company.

10.  Representations.  Consultant represents that it is not required to maintain
any licenses and registrations under federal or any state regulations  necessary
to perform the services set forth herein.  Consultant  acknowledges that, to the
best of its  knowledge,  the  performance  of the  services set forth under this
Agreement will not violate any rule or provision of any regulatory agency having
jurisdiction over Consultant.  Consultant  acknowledges that, to the best of its
knowledge,  Consultant and its officers and directors are not the subject of any
investigation,  claim,  decree or judgment involving any violation of the SEC or
securities laws.  Consultant  further  acknowledges  that it is not a securities
Broker Dealer or a registered investment advisor.  Company acknowledges that, to
the best of its knowledge, that it has not violated any rule or provision of any
regulatory  agency having  jurisdiction over the Company.  Company  acknowledges
that,  to  the  best  of  its  knowledge,  Company  is not  the  subject  of any
investigation,  claim,  decree or judgment involving any violation of the SEC or
securities laws.

11. Legal Representation.  The Company acknowledges that it has been represented
by independent  legal counsel in the preparation of this  Agreement.  Consultant
represents  that it has consulted  with  independent  legal counsel  and/or tax,
financial and business advisors, to the extent the Consultant deemed necessary.

12. Status as Independent  Contractor.  Consultant's engagement pursuant to this
Agreement shall be as independent contractor, and not as an employee, officer or
other agent of the Company.  Neither party to this Agreement  shall represent or
hold itself out to be the employer or employee of the other.  Consultant further
acknowledges  the  consideration  provided  hereinabove  is a  gross  amount  of
consideration and that the Company will not withhold from such consideration any
amounts as to income taxes, social security payments or any other payroll taxes.
All such income  taxes and other such  payment  shall be made or provided for by
Consultant and the Company shall have no responsibility or duties regarding such
matters.  Neither the Company nor the Consultant possesses the authority to bind
each other in any agreements  without the express  written consent of the entity
to be bound.

13.  Attorney's Fee. If any legal action or any arbitration or other  proceeding
is brought for the enforcement or interpretation  of this Agreement,  or because
of an alleged dispute,  breach,  default or misrepresentation in connection with
or related to this  Agreement,  the  successful  or  prevailing  party  shall be
entitled to recover  reasonable  attorneys'  fees and other costs in  connection
with that action or  proceeding,  in addition to any other relief to which it or
they may be entitled.

14.  Waiver.  The waiver by either  party of a breach of any  provision  of this
Agreement  by the other party shall not operate or be  construed  as a waiver of
any subsequent breach by such other party.

15. Choice of Law,  Jurisdiction and Venue. This Agreement shall be governed by,
construed and enforced in accordance  with the laws of the State of  California.
The  parties  agree  that San  Francisco  County,  CA.  will be the venue of any
dispute and will have jurisdiction over all parties.

Crosslink Financial Communications
415-924-9900                      Confidential                                 5
<PAGE>

16.  Arbitration.  Any  controversy  or claim arising out of or relating to this
Agreement, or the alleged breach thereof, or relating to Consultant's activities
or remuneration under this Agreement, shall be settled by binding arbitration in
California,  in accordance with the applicable rules of the American Arbitration
Association,  and judgment on the award rendered by the  arbitrator(s)  shall be
binding on the parties and may be entered in any court  having  jurisdiction  as
provided by  Paragraph  14 herein.  The  provisions  of Title 9 of Part 3 of the
California Code of Civil Procedure,  including  section  1283.05,  and successor
statutes,  permitting expanded discovery  proceedings shall be applicable to all
disputes that are arbitrated under this paragraph.

17.  Complete  Agreement.  This Agreement  contains the entire  agreement of the
parties relating to the subject matter hereof.  This Agreement and its terms may
not be changed  orally but only by an agreement  in writing  signed by the party
against  whom  enforcement  of any waiver,  change,  modification,  extension or
discharge is sought.

AGREED TO:

"Company"                           The Children's Internet, Inc.

Date: February 25, 2005             By:  /s/ Sholeh Hamedani
                                    ------------------------
                                    Sholeh Hamedani, Chief Executive Officer

"Consultant"                        CROSSLINK FINANCIAL COMMUNICATIONS, INC.

Date: February 25, 2005             By:  /s/ William L. Arnold
                                    --------------------------
                                    William L. Arnold, President

Crosslink Financial Communications
415-924-9900                      Confidential                                 6

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