Document:

INTELLECTUAL PROPERTY SECURITY AGREEMENT

                  INTELLECTUAL PROPERTY SECURITY AGREEMENT (this "Agreement"
dated as of August 31, 2005, by and among Optigenex Inc., a Delaware corporation
(the "Company"), and the secured parties signatory hereto and their respective
endorsees, transferees and assigns (collectively, the "Secured Party").

                              W I T N E S S E T H :

         WHEREAS, pursuant to a Securities Purchase Agreement, dated the date
hereof, between Company and the Secured Party (the "Purchase Agreement"),
Company has agreed to issue to the Secured Party and the Secured Party has
agreed to purchase from Company certain of Company's 8% Callable Secured
Convertible Notes, due three years from the date of issue (the "Notes"), which
are convertible into shares of Company's Common Stock, par value $.001 per share
(the "Common Stock"). In connection therewith, Company shall issue the Secured
Party certain Common Stock purchase warrants (the "Warrants"); and

         WHEREAS, in order to induce the Secured Party to purchase the Notes,
Company has agreed to execute and deliver to the Secured Party this Agreement
for the benefit of the Secured Party and to grant to it a first priority
security interest in certain Intellectual Property (defined below) of Company to
secure the prompt payment, performance and discharge in full of all of Company's
obligations under the Notes and exercise and discharge in full of Company's
obligations under the Warrants; and

         NOW, THEREFORE, in consideration of the agreements herein contained and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

              1. Defined Terms. Unless otherwise defined herein, terms which are
defined in the Purchase Agreement and used herein are so used as so defined; and
the following terms shall have the following meanings:

                  "Software Intellectual Property" shall mean:

                  (a) all software programs (including all source code, object
code and all related applications and data files), whether now owned, upgraded,
enhanced, licensed or leased or hereafter acquired by the Company, above;

                  (b) all computers and electronic data processing hardware and
firmware associated therewith;

                  (c) all documentation (including flow charts, logic diagrams,
manuals, guides and specifications) with respect to such software, hardware and
firmware described in the preceding clauses (a) and (b); and

                  (d) all rights with respect to all of the foregoing,
including, without limitation, any and all upgrades, modifications, copyrights,
licenses, options, warranties, service contracts, program services, test rights,
maintenance rights, support rights, improvement rights, renewal rights and
indemnifications and substitutions, replacements, additions, or model
conversions of any of the foregoing.
<PAGE>

                  "Copyrights" shall mean (a) all copyrights, registrations and
applications for registration, issued or filed, including any reissues,
extensions or renewals thereof, by or with the United States Copyright Office or
any similar office or agency of the United States, any state thereof, or any
other country or political subdivision thereof, or otherwise, including, all
rights in and to the material constituting the subject matter thereof,
including, without limitation, any referred to in Schedule B hereto, and (b) any
rights in any material which is copyrightable or which is protected by common
law, United States copyright laws or similar laws or any law of any State,
including, without limitation, any thereof referred to in Schedule B hereto.

                  "Copyright License" shall mean any agreement, written or oral,
providing for a grant by the Company of any right in any Copyright, including,
without limitation, any thereof referred to in Schedule B hereto.

                  "Intellectual Property" shall means, collectively, the
Software Intellectual Property, Copyrights, Copyright Licenses, Patents, Patent
Licenses, Trademarks, Trademark Licenses and Trade Secrets.

                  "Obligations" means all of the Company's obligations under
this Agreement and the Notes, in each case, whether now or hereafter existing,
voluntary or involuntary, direct or indirect, absolute or contingent, liquidated
or unliquidated, whether or not jointly owed with others, and whether or not
from time to time decreased or extinguished and later decreased, created or
incurred, and all or any portion of such obligations or liabilities that are
paid, to the extent all or any part of such payment is avoided or recovered
directly or indirectly from the Secured Party as a preference, fraudulent
transfer or otherwise as such obligations may be amended, supplemented,
converted, extended or modified from time to time.

                  "Patents" shall mean (a) all letters patent of the United
States or any other country or any political subdivision thereof, and all
reissues and extensions thereof, including, without limitation, any thereof
referred to in Schedule B hereto, and (b) all applications for letters patent of
the United States and all divisions, continuations and continuations-in-part
thereof or any other country or any political subdivision, including, without
limitation, any thereof referred to in Schedule B hereto.

                  "Patent License" shall mean all agreements, whether written or
oral, providing for the grant by the Company of any right to manufacture, use or
sell any invention covered by a Patent, including, without limitation, any
thereof referred to in Schedule B hereto.

                  "Security Agreement" shall mean the a Security Agreement,
dated the date hereof between Company and the Secured Party.

                  "Trademarks" shall mean (a) all trademarks, trade names,
corporate names, company names, business names, fictitious business names, trade
styles, service marks, logos and other source or business identifiers, and the
goodwill associated therewith, now existing or hereafter adopted or acquired,
all registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any state thereof or any other
country or any political subdivision thereof, or otherwise, including, without
limitation, any thereof referred to in Schedule B hereto, and (b) all reissues,
extensions or renewals thereof.

                                       2
<PAGE>

                  "Trademark License" shall mean any agreement, written or oral,
providing for the grant by the Company of any right to use any Trademark,
including, without limitation, any thereof referred to in Schedule B hereto.

                  "Trade Secrets" shall mean common law and statutory trade
secrets and all other confidential or proprietary or useful information and all
know-how obtained by or used in or contemplated at any time for use in the
business of the Company (all of the foregoing being collectively called a "Trade
Secret"), whether or not such Trade Secret has been reduced to a writing or
other tangible form, including all documents and things embodying, incorporating
or referring in any way to such Trade Secret, all Trade Secret licenses,
including each Trade Secret license referred to in Schedule B hereto, and
including the right to sue for and to enjoin and to collect damages for the
actual or threatened misappropriation of any Trade Secret and for the breach or
enforcement of any such Trade Secret license.

              2.  Grant of Security Interest. In accordance with Section 3(m) of
the Security Agreement, to secure the complete and timely payment, performance
and discharge in full, as the case may be, of all of the Obligations, the
Company hereby, unconditionally and irrevocably, pledges, grants and
hypothecates to the Secured Party, a continuing security interest in, a
continuing first lien upon, an unqualified right to possession and disposition
of and a right of set-off against, in each case to the fullest extent permitted
by law, all of the Company's right, title and interest of whatsoever kind and
nature in and to the Intellectual Property (the "Security Interest").

              3.  Representations and Warranties. The Company hereby represents
and warrants, and covenants and agrees with, the Secured Party as follows:

                  (a) The Company has the requisite corporate power and
authority to enter into this Agreement and otherwise to carry out its
obligations thereunder. The execution, delivery and performance by the Company
of this Agreement and the filings contemplated therein have been duly authorized
by all necessary action on the part of the Company and no further action is
required by the Company. This Agreement constitutes a legal, valid and binding
obligation of the Company enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditor's rights
generally.

                  (b) The Company represents and warrants that it has no place
of business or offices where its respective books of account and records are
kept (other than temporarily at the offices of its attorneys or accountants) or
places where the Intellectual Property is stored or located, except as set forth
on Schedule A attached hereto;

                                       3
<PAGE>

                  (c) The Company is the sole owner of the Intellectual Property
(except for non-exclusive licenses granted by the Company in the ordinary course
of business), free and clear of any liens, security interests, encumbrances,
rights or claims, and is fully authorized to grant the Security Interest in and
to pledge the Intellectual Property, except as set forth on Schedule D. There is
not on file in any governmental or regulatory authority, agency or recording
office an effective financing statement, security agreement, license or transfer
or any notice of any of the foregoing (other than those that have been filed in
favor of the Secured Party pursuant to this Agreement) covering or affecting any
of the Intellectual Property, except as set forth on Schedule D. So long as this
Agreement shall be in effect, the Company shall not execute and shall not
knowingly permit to be on file in any such office or agency any such financing
statement or other document or instrument (except to the extent filed or
recorded in favor of the Secured Party pursuant to the terms of this Agreement),
except as set forth on Schedule D or for a financing statement covering assets
acquired by the Company after the date hereof, provided that the value of the
Intellectual Property covered by this Agreement along with the Collateral (as
defined in the Security Agreement) is equal to at least 150% of the Obligations.

                  (d) The Company shall at all times maintain its books of
account and records relating to the Intellectual Property at its principal place
of business and its Intellectual Property at the locations set forth on Schedule
A attached hereto and may not relocate such books of account and records unless
it delivers to the Secured Party at least 30 days prior to such relocation (i)
written notice of such relocation and the new location thereof (which must be
within the United States) and (ii) evidence that the necessary documents have
been filed and recorded and other steps have been taken to perfect the Security
Interest to create in favor of the Secured Party valid, perfected and continuing
first priority liens in the Intellectual Property to the extent they can be
perfected through such filings.

                  (e) This Agreement creates in favor of the Secured Party a
valid security interest in the Intellectual Property securing the payment and
performance of the Obligations and, upon making the filings required hereunder,
a perfected first priority security interest in such Intellectual Property to
the extent that it can be perfected through such filings.

                  (f) Upon request of the Secured Party, the Company shall
execute and deliver any and all agreements, instruments, documents, and papers
as the Secured Party may request to evidence the Secured Party's security
interest in the Intellectual Property and the goodwill and general intangibles
of the Company relating thereto or represented thereby, and the Company hereby
appoints the Secured Party its attorney-in-fact to execute and file all such
writings for the foregoing purposes, all acts of such attorney being hereby
ratified and confirmed; such power being coupled with an interest is irrevocable
until the Obligations have been fully satisfied and are paid in full.

                  (g) Except as set forth on Schedule D, the execution, delivery
and performance of this Agreement does not conflict with or cause a breach or
default, or an event that with or without the passage of time or notice, shall
constitute a breach or default, under any agreement to which the Company is a
party or by which the Company is bound. No consent (including, without
limitation, from stock holders or creditors of the Company) is required for the
Company to enter into and perform its obligations hereunder.

                                       4
<PAGE>

                  (h) The Company shall at all times maintain the liens and
Security Interest provided for hereunder as valid and perfected first priority
liens and security interests in the Intellectual Property to the extent they can
be perfected by filing in favor of the Secured Party until this Agreement and
the Security Interest hereunder shall terminate pursuant to Section 11. The
Company hereby agrees to defend the same against any and all persons. The
Company shall safeguard and protect all Intellectual Property for the account of
the Secured Party. Without limiting the generality of the foregoing, the Company
shall pay all fees, taxes and other amounts necessary to maintain the
Intellectual Property and the Security Interest hereunder, and the Company shall
obtain and furnish to the Secured Party from time to time, upon demand, such
releases and/or subordinations of claims and liens which may be required to
maintain the priority of the Security Interest hereunder.

                  (i) The Company will not transfer, pledge, hypothecate,
encumber, license (except for non-exclusive licenses granted by the Company in
the ordinary course of business), sell or otherwise dispose of any of the
Intellectual Property without the prior written consent of the Secured Party,
which consent will not be unreasonably withheld.

                  (j) The Company shall, within ten (10) days of obtaining
knowledge thereof, advise the Secured Party promptly, in sufficient detail, of
any substantial change in the Intellectual Property, and of the occurrence of
any event which would have a material adverse effect on the value of the
Intellectual Property or on the Secured Party's security interest therein.

                  (k) The Company shall permit the Secured Party and its
representatives and agents to inspect the Intellectual Property at any time, and
to make copies of records pertaining to the Intellectual Property as may be
requested by the Secured Party from time to time.

                  (l) The Company will take all steps reasonably necessary to
diligently pursue and seek to preserve, enforce and collect any rights, claims,
causes of action and accounts receivable in respect of the Intellectual
Property.

                  (m) The Company shall promptly notify the Secured Party in
sufficient detail upon becoming aware of any attachment, garnishment, execution
or other legal process levied against any Intellectual Property and of any other
information received by the Company that may materially affect the value of the
Intellectual Property, the Security Interest or the rights and remedies of the
Secured Party hereunder.

                  (n) All information heretofore, herein or hereafter supplied
to the Secured Party by or on behalf of the Company with respect to the
Intellectual Property is accurate and complete in all material respects as of
the date furnished.

                  (o) Schedule A attached hereto contains a list of all of the
subsidiaries of Company.

                                       5
<PAGE>

                  (p) Schedule B attached hereto includes all Licenses, and all
Patents and Patent Licenses, if any, owned by the Company in its own name as of
the date hereof. Schedule B hereto includes all Trademarks and Trademark
Licenses, if any, owned by the Company in its own name as of the date hereof.
Schedule B hereto includes all Copyrights and Copyright Licenses, if any, owned
by the Company in its own name as of the date hereof. Schedule B hereto includes
all Trade Secrets and Trade Secret Licenses, if any, owned by the Company as of
the date hereof. To the best of the Company's knowledge, each License, Patent,
Trademark, Copyright and Trade Secret is valid, subsisting, unexpired,
enforceable and has not been abandoned. Except as set forth in Schedule B, none
of such Licenses, Patents, Trademarks, Copyrights and Trade Secrets is the
subject of any licensing or franchise agreement. To the best of the Company's
knowledge, no holding, decision or judgment has been rendered by any
Governmental Body which would limit, cancel or question the validity of any
License, Patent, Trademark, Copyright and Trade Secrets . Except as set forth in
Schedule B, no action or proceeding is pending (i) seeking to limit, cancel or
question the validity of any License, Patent, Trademark, Copyright or Trade
Secret, or (ii) which, if adversely determined, would have a material adverse
effect on the value of any License, Patent, Trademark, Copyright or Trade
Secret. The Company has used and will continue to use for the duration of this
Agreement, proper statutory notice in connection with its use of the Patents,
Trademarks and Copyrights and consistent standards of quality in products leased
or sold under the Patents, Trademarks and Copyrights.

                  (q) With respect to any Intellectual Property:

                      (i) such Intellectual Property is subsisting and has not
been adjudged invalid or unenforceable, in whole or in part;

                      (ii) such Intellectual Property is valid and enforceable;

                      (iii) the Company has made all necessary filings and
recordations to protect its interest in such Intellectual Property, including,
without limitation, recordations of all of its interests in the Patents, Patent
Licenses, Trademarks and Trademark Licenses in the United States Patent and
Trademark Office and in corresponding offices throughout the world and its
claims to the Copyrights and Copyright Licenses in the United States Copyright
Office and in corresponding offices throughout the world;

                      (iv) other than as set forth in Schedule B, the Company is
the exclusive owner of the entire and unencumbered right, title and interest in
and to such Intellectual Property and no claim has been made that the use of
such Intellectual Property infringes on the asserted rights of any third party;
and

                      (v) the Company has performed and will continue to perform
all acts and has paid all required fees and taxes to maintain each and every
item of Intellectual Property in full force and effect throughout the world, as
applicable.

                                       6
<PAGE>

                  (r) Except with respect to any Trademark or Copyright that the
Company shall reasonably determine is of negligible economic value to the
Company, the Company shall:

                      (i) maintain each Trademark and Copyright in full force
free from any claim of abandonment for non-use, maintain as in the past the
quality of products and services offered under such Trademark or Copyright;
employ such Trademark or Copyright with the appropriate notice of registration;
not adopt or use any mark which is confusingly similar or a colorable imitation
of such Trademark or Copyright unless the Secured Party shall obtain a perfected
security interest in such mark pursuant to this Agreement; and not (and not
permit any licensee or sublicensee thereof to) do any act or knowingly omit to
do any act whereby any Trademark or Copyright may become invalidated;

                      (ii) not, except with respect to any Patent that it shall
reasonably determine is of negligible economic value to it, do any act, or omit
to do any act, whereby any Patent may become abandoned or dedicated; and

                      (iii) notify the Secured Party immediately if it knows, or
has reason to know, that any application or registration relating to any Patent,
Trademark or Copyright may become abandoned or dedicated, or of any adverse
determination or development (including, without limitation, the institution of,
or any such determination or development in, any proceeding in the United States
Patent and Trademark Office, United States Copyright Office or any court or
tribunal in any country) regarding its ownership of any Patent, Trademark or
Copyright or its right to register the same or to keep and maintain the same.

                  (s) Whenever the Company, either by itself or through any
agent, employee, licensee or designee, shall file an application for the
registration of any Patent, Trademark or Copyright with the United States Patent
and Trademark Office, United States Copyright Office or any similar office or
agency in any other country or any political subdivision thereof or acquire
rights to any new Patent, Trademark or Copyright whether or not registered,
report such filing to the Secured Party within five business days after the last
day of the fiscal quarter in which such filing occurs.

                                       7

                  (t) The Company shall take all reasonable and necessary steps,
including, without limitation, in any proceeding before the United States Patent
and Trademark Office, United States Copyright Office or any similar office or
agency in any other country or any political subdivision thereof, to maintain
and pursue each application (and to obtain the relevant registration) and to
maintain each registration of the Patents, Trademarks and Copyrights, including,
without limitation, filing of applications for renewal, affidavits of use and
affidavits of incontestability.

                  (u) In the event that any Patent, Trademark or Copyright
included in the Intellectual Property is infringed, misappropriated or diluted
by a third party, promptly notify the Secured Party after it learns thereof and
shall, unless it shall reasonably determine that such Patent, Trademark or
Copyright is of negligible economic value to it, which determination it shall
promptly report to the Secured Party, promptly sue for infringement,
misappropriation or dilution, to seek injunctive relief where appropriate and to
recover any and all damages for such infringement, misappropriation or dilution,
or take such other actions as it shall reasonably deem appropriate under the
circumstances to protect such Patent, Trademark or Copyright. If the Company
lacks the financial resources to comply with this Section 3(t), the Company
shall so notify the Secured Party and shall cooperate fully with any enforcement
action undertaken by the Secured Party on behalf of the Company.

              4. Defaults. The following events shall be "Events of Default":

                  (a) The occurrence of an Event of Default (as defined in the
Notes) under the Notes;

                  (b) Any representation or warranty of the Company in this
Agreement or in the Security Agreement shall prove to have been incorrect in any
material respect when made;

                  (c) The failure by the Company to observe or perform any of
its obligations hereunder or in the Security Agreement for ten (10) days after
receipt by the Company of notice of such failure from the Secured Party; and

                  (d) Any breach of, or default under, the Warrants.

              5. Duty To Hold In Trust. Upon the occurrence of any Event of
Default and at any time thereafter, the Company shall, upon receipt by it of any
revenue, income or other sums subject to the Security Interest, whether payable
pursuant to the Notes or otherwise, or of any check, draft, note, trade
acceptance or other instrument evidencing an obligation to pay any such sum,
hold the same in trust for the Secured Party and shall forthwith endorse and
transfer any such sums or instruments, or both, to the Secured Party for
application to the satisfaction of the Obligations.

              6. Rights and Remedies Upon Default. Upon occurrence of any Event
of Default and at any time thereafter, the Secured Party shall have the right to
exercise all of the remedies conferred hereunder and under the Notes, and the
Secured Party shall have all the rights and remedies of a secured party under
the UCC and/or any other applicable law (including the Uniform Commercial Code
of any jurisdiction in which any Intellectual Property is then located). Without
limitation, the Secured Party shall have the following rights and powers:

                  (a) The Secured Party shall have the right to take possession
of the Intellectual Property and, for that purpose, enter, with the aid and
assistance of any person, any premises where the Intellectual Property, or any
part thereof, is or may be placed and remove the same, and the Company shall
assemble the Intellectual Property and make it available to the Secured Party at
places which the Secured Party shall reasonably select, whether at the Company's
premises or elsewhere, and make available to the Secured Party, without rent,
all of the Company's respective premises and facilities for the purpose of the
Secured Party taking possession of, removing or putting the Intellectual
Property in saleable or disposable form.

                                       8
<PAGE>

                  (b) The Secured Party shall have the right to operate the
business of the Company using the Intellectual Property and shall have the right
to assign, sell, lease or otherwise dispose of and deliver all or any part of
the Intellectual Property, at public or private sale or otherwise, either with
or without special conditions or stipulations, for cash or on credit or for
future delivery, in such parcel or parcels and at such time or times and at such
place or places, and upon such terms and conditions as the Secured Party may
deem commercially reasonable, all without (except as shall be required by
applicable statute and cannot be waived) advertisement or demand upon or notice
to the Company or right of redemption of the Company, which are hereby expressly
waived. Upon each such sale, lease, assignment or other transfer of Intellectual
Property, the Secured Party may, unless prohibited by applicable law which
cannot be waived, purchase all or any part of the Intellectual Property being
sold, free from and discharged of all trusts, claims, right of redemption and
equities of the Company, which are hereby waived and released.

              7. Applications of Proceeds. The proceeds of any such sale, lease
or other disposition of the Intellectual Property hereunder shall be applied
first, to the expenses of retaking, holding, storing, processing and preparing
for sale, selling, and the like (including, without limitation, any taxes, fees
and other costs incurred in connection therewith) of the Intellectual Property,
to the reasonable attorneys' fees and expenses incurred by the Secured Party in
enforcing its rights hereunder and in connection with collecting, storing and
disposing of the Intellectual Property, and then to satisfaction of the
Obligations, and to the payment of any other amounts required by applicable law,
after which the Secured Party shall pay to the Company any surplus proceeds. If,
upon the sale, license or other disposition of the Intellectual Property, the
proceeds thereof are insufficient to pay all amounts to which the Secured Party
is legally entitled, the Company will be liable for the deficiency, together
with interest thereon, at the rate of 15% per annum (the "Default Rate"), and
the reasonable fees of any attorneys employed by the Secured Party to collect
such deficiency. To the extent permitted by applicable law, the Company waives
all claims, damages and demands against the Secured Party arising out of the
repossession, removal, retention or sale of the Intellectual Property, unless
due to the gross negligence or willful misconduct of the Secured Party.

              8. Costs and Expenses. The Company agrees to pay all out-of-pocket
fees, costs and expenses incurred in connection with any filing required
hereunder, including without limitation, any financing statements, continuation
statements, partial releases and/or termination statements related thereto or
any expenses of any searches reasonably required by the Secured Party. The
Company shall also pay all other claims and charges which in the reasonable
opinion of the Secured Party might prejudice, imperil or otherwise affect the
Intellectual Property or the Security Interest therein. The Company will also,
upon demand, pay to the Secured Party the amount of any and all reasonable
expenses, including the reasonable fees and expenses of its counsel and of any
experts and agents, which the Secured Party may incur in connection with (i) the
enforcement of this Agreement, (ii) the custody or preservation of, or the sale
of, collection from, or other realization upon, any of the Intellectual
Property, or (iii) the exercise or enforcement of any of the rights of the
Secured Party under the Notes. Until so paid, any fees payable hereunder shall
be added to the principal amount of the Notes and shall bear interest at the
Default Rate.

                                       9
<PAGE>

              9. Responsibility for Intellectual Property. The Company assumes
all liabilities and responsibility in connection with all Intellectual Property,
and the obligations of the Company hereunder or under the Notes and the Warrants
shall in no way be affected or diminished by reason of the loss, destruction,
damage or theft of any of the Intellectual Property or its unavailability for
any reason.

              10. Security Interest Absolute. All rights of the Secured Party
and all Obligations of the Company hereunder, shall be absolute and
unconditional, irrespective of: (a) any lack of validity or enforceability of
this Agreement, the Notes, the Warrants or any agreement entered into in
connection with the foregoing, or any portion hereof or thereof; (b) any change
in the time, manner or place of payment or performance of, or in any other term
of, all or any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the Notes, the Warrants or any other agreement
entered into in connection with the foregoing; (c) any exchange, release or
nonperfection of any of the Intellectual Property, or any release or amendment
or waiver of or consent to departure from any other Intellectual Property for,
or any guaranty, or any other security, for all or any of the Obligations; (d)
any action by the Secured Party to obtain, adjust, settle and cancel in its sole
discretion any insurance claims or matters made or arising in connection with
the Intellectual Property; or (e) any other circumstance which might otherwise
constitute any legal or equitable defense available to the Company, or a
discharge of all or any part of the Security Interest granted hereby. Until the
Obligations shall have been paid and performed in full, the rights of the
Secured Party shall continue even if the Obligations are barred for any reason,
including, without limitation, the running of the statute of limitations or
bankruptcy. The Company expressly waives presentment, protest, notice of
protest, demand, notice of nonpayment and demand for performance. In the event
that at any time any transfer of any Intellectual Property or any payment
received by the Secured Party hereunder shall be deemed by final order of a
court of competent jurisdiction to have been a voidable preference or fraudulent
conveyance under the bankruptcy or insolvency laws of the United States, or
shall be deemed to be otherwise due to any party other than the Secured Party,
then, in any such event, the Company's obligations hereunder shall survive
cancellation of this Agreement, and shall not be discharged or satisfied by any
prior payment thereof and/or cancellation of this Agreement, but shall remain a
valid and binding obligation enforceable in accordance with the terms and
provisions hereof. The Company waives all right to require the Secured Party to
proceed against any other person or to apply any Intellectual Property which the
Secured Party may hold at any time, or to marshal assets, or to pursue any other
remedy. The Company waives any defense arising by reason of the application of
the statute of limitations to any obligation secured hereby.

              11. Term of Agreement. This Agreement and the Security Interest
shall terminate on the date on which all payments under the Notes have been made
in full and all other Obligations have been paid or discharged. Upon such
termination, the Secured Party, at the request and at the expense of the
Company, will join in executing any termination statement with respect to any
financing statement executed and filed pursuant to this Agreement.

                                       10
<PAGE>

              12. Power of Attorney; Further Assurances.

                  (a) The Company authorizes the Secured Party, and does hereby
make, constitute and appoint it, and its respective officers, agents, successors
or assigns with full power of substitution, as the Company's true and lawful
attorney-in-fact, with power, in its own name or in the name of the Company, to,
after the occurrence and during the continuance of an Event of Default, (i)
endorse any notes, checks, drafts, money orders, or other instruments of payment
(including payments payable under or in respect of any policy of insurance) in
respect of the Intellectual Property that may come into possession of the
Secured Party; (ii) to sign and endorse any UCC financing statement or any
invoice, freight or express bill, bill of lading, storage or warehouse receipts,
drafts against debtors, assignments, verifications and notices in connection
with accounts, and other documents relating to the Intellectual Property; (iii)
to pay or discharge taxes, liens, security interests or other encumbrances at
any time levied or placed on or threatened against the Intellectual Property;
(iv) to demand, collect, receipt for, compromise, settle and sue for monies due
in respect of the Intellectual Property; and (v) generally, to do, at the option
of the Secured Party, and at the Company's expense, at any time, or from time to
time, all acts and things which the Secured Party deems necessary to protect,
preserve and realize upon the Intellectual Property and the Security Interest
granted therein in order to effect the intent of this Agreement, the Notes and
the Warrants, all as fully and effectually as the Company might or could do; and
the Company hereby ratifies all that said attorney shall lawfully do or cause to
be done by virtue hereof. This power of attorney is coupled with an interest and
shall be irrevocable for the term of this Agreement and thereafter as long as
any of the Obligations shall be outstanding.

                  (b) On a continuing basis, the Company will make, execute,
acknowledge, deliver, file and record, as the case may be, in the proper filing
and recording places in any jurisdiction, including, without limitation, the
jurisdictions indicated on Schedule C, attached hereto, all such instruments,
and take all such action as may reasonably be deemed necessary or advisable, or
as reasonably requested by the Secured Party, to perfect the Security Interest
granted hereunder and otherwise to carry out the intent and purposes of this
Agreement, or for assuring and confirming to the Secured Party the grant or
perfection of a security interest in all the Intellectual Property.

                  (c) The Company hereby irrevocably appoints the Secured Party
as the Company's attorney-in-fact, with full authority in the place and stead of
the Company and in the name of the Company, from time to time in the Secured
Party's discretion, to take any action and to execute any instrument which the
Secured Party may deem necessary or advisable to accomplish the purposes of this
Agreement, including the filing, in its sole discretion, of one or more
financing or continuation statements and amendments thereto, relative to any of
the Intellectual Property without the signature of the Company where permitted
by law.

              13. Notices. All notices, requests, demands and other
communications hereunder shall be in writing, with copies to all the other
parties hereto, and shall be deemed to have been duly given when (i) if
delivered by hand, upon receipt, (ii) if sent by facsimile, upon receipt of
proof of sending thereof, (iii) if sent by nationally recognized overnight
delivery service (receipt requested), the next business day or (iv) if mailed by
first-class registered or certified mail, return receipt requested, postage
prepaid, four days after posting in the U.S. mails, in each case if delivered to
the following addresses:

                                       11
<PAGE>

If to the Company:            Optigenex Inc.
                              750 Lexington Avenue, 6th Floor
                              NY, NY 10022
                              Attention: Chief Executive Officer
                              Telephone: (212) 905-0189
                              Facsimile: (212) 905-0191

With a copy to:               Sichenzia Ross Friedman Ference LLP
                              1065 Avenue of the Americas
                              New York, NY  10018
                              Attention:   Gregory Sichenzia, Esq.
                              Telephone:  (212) 930-9700
                              Facsimile:   (212) 930-9725

If to the Secured Party:      AJW Partners, LLC
                              AJW Offshore, Ltd.
                              AJW Qualified Partners, LLC
                              New Millennium Capital Partners, II, LLC
                              1044 Northern Boulevard
                              Suite 302
                              Roslyn, New York  11576
                              Attention:  Corey Ribotsky
                              Facsimile:  516-739-7115

With copies to:               Ballard Spahr Andrews & Ingersoll, LLP
                              1735 Market Street, 51st Floor
                              Philadelphia, Pennsylvania  19103
                              Attention:  Gerald J. Guarcini, Esquire
                              Facsimile: 215-864-8999

              14. Other Security. To the extent that the Obligations are now or
hereafter secured by property other than the Intellectual Property or by the
guarantee, endorsement or property of any other person, firm, corporation or
other entity, then the Secured Party shall have the right, in its sole
discretion, to pursue, relinquish, subordinate, modify or take any other action
with respect thereto, without in any way modifying or affecting any of the
Secured Party's rights and remedies hereunder.

                                       12
<PAGE>

              15. Miscellaneous.

                  (a) No course of dealing between the Company and the Secured
Party, nor any failure to exercise, nor any delay in exercising, on the part of
the Secured Party, any right, power or privilege hereunder or under the Notes
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, power or privilege hereunder or thereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

                  (b) All of the rights and remedies of the Secured Party with
respect to the Intellectual Property, whether established hereby or by the Notes
or by any other agreements, instruments or documents or by law shall be
cumulative and may be exercised singly or concurrently.

                  (c) This Agreement and the Security Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and is
intended to supersede all prior negotiations, understandings and agreements with
respect thereto. Except as specifically set forth in this Agreement, no
provision of this Agreement may be modified or amended except by a written
agreement specifically referring to this Agreement and signed by the parties
hereto.

                  (d) In the event that any provision of this Agreement is held
to be invalid, prohibited or unenforceable in any jurisdiction for any reason,
unless such provision is narrowed by judicial construction, this Agreement
shall, as to such jurisdiction, be construed as if such invalid, prohibited or
unenforceable provision had been more narrowly drawn so as not to be invalid,
prohibited or unenforceable. If, notwithstanding the foregoing, any provision of
this Agreement is held to be invalid, prohibited or unenforceable in any
jurisdiction, such provision, as to such jurisdiction, shall be ineffective to
the extent of such invalidity, prohibition or unenforceability without
invalidating the remaining portion of such provision or the other provisions of
this Agreement and without affecting the validity or enforceability of such
provision or the other provisions of this Agreement in any other jurisdiction.

                  (e) No waiver of any breach or default or any right under this
Agreement shall be considered valid unless in writing and signed by the party
giving such waiver, and no such waiver shall be deemed a waiver of any
subsequent breach or default or right, whether of the same or similar nature or
otherwise.

                  (f) This Agreement shall be binding upon and inure to the
benefit of each party hereto and its successors and assigns.

                  (g) Each party shall take such further action and execute and
deliver such further documents as may be necessary or appropriate in order to
carry out the provisions and purposes of this Agreement.

                                       13
<PAGE>

                  (h) This Agreement shall be construed in accordance with the
laws of the State of New York, except to the extent the validity, perfection or
enforcement of a security interest hereunder in respect of any particular
Intellectual Property which are governed by a jurisdiction other than the State
of New York in which case such law shall govern. Each of the parties hereto
irrevocably submit to the exclusive jurisdiction of any New York State or United
States Federal court sitting in Manhattan county over any action or proceeding
arising out of or relating to this Agreement, and the parties hereto hereby
irrevocably agree that all claims in respect of such action or proceeding may be
heard and determined in such New York State or Federal court. The parties hereto
agree that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. The parties hereto further waive any objection to
venue in the State of New York and any objection to an action or proceeding in
the State of New York on the basis of forum non conveniens.

                  (i) EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING
OF ANY DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT
MATER OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR
EACH PARTY TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HAS ALREADY
RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH PARTY WILL
CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY
FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS TO
A JURY TRIAL FOLLOWING SUCH CONSULTATION. THIS WAIVER IS IRREVOCABLE, MEANING
THAT, NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IT MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS AND SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE
EVENT OF A LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

                  (j) This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same Agreement. In
the event that any signature is delivered by facsimile transmission, such
signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect
as if such facsimile signature were the original thereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       14
<PAGE>

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

                                 OPTIGENEX INC.

                                 By:  _____________________________________
                                       Richard Serbin
                                       Chief Executive Officer

                                 AJW PARTNERS, LLC
                                 By: SMS Group, LLC

                                 By:  _____________________________________
                                      Corey S. Ribotsky
                                      Manager

                                 AJW OFFSHORE, LTD.
                                 By:  First Street Manager II, LLC

                                 By:  _____________________________________
                                      Corey S. Ribotsky
                                      Manager

                                 AJW QUALIFIED PARTNERS, LLC
                                 By: AJW Manager, LLC

                                 By:  _____________________________________
                                      Corey S. Ribotsky
                                      Manager

                                 NEW MILLENNIUM CAPITAL PARTNERS II, LLC
                                 By:  First Street Manager II, LLC

                                 By:  _____________________________________
                                          Corey S. Ribotsky
                                          Manager

                                       15
<PAGE>

                                   SCHEDULE A

Principal Place of Business of the Company:

Locations Where Intellectual Property is Located or Stored:

List of Subsidiaries of the Company:

                                       16
<PAGE>

                                   SCHEDULE B

A.  Licenses, Patents and Patent Licenses

                                                                 Registration or
    Patent       Application or Registration No.     Country     Filing Date
    ------       -------------------------------     -------     ---------------

B.  Trademarks and Trademark Licenses

                                                                 Registration or
    Trademark    Application or Registration No.     Country     Filing Date
    ---------    -------------------------------     -------     ---------------

C.  Copyrights and Copyright Licenses

                                                                 Registration or
    Name         Application or Registration No.     Country     Filing Date
    ----         -------------------------------     -------     ---------------

D.  Trade Secrets and Trade Secret Licenses

                                                                 Registration or
    Name         Application or Registration No.     Country     Filing Date
    ----         -------------------------------     -------     ---------------

                                       18
<PAGE>

                                   SCHEDULE C

Jurisdictions:TERMINATION
        AGREEMENT

       

      THIS
        TERMINATION AGREEMENT (this “Termination Agreement”) is entered into as of the
        ___ day of May, 2004, by and among Angelo and Maxie’s, Inc., a Delaware
        corporation (“A&M”), as successor in interest to ISLANDS FLORIDA LP, a
        Delaware limited partnership (“Seller”), and SHELLS SEAFOOD RESTAURANTS, INC., a
        Delaware corporation (“Purchaser”).

       

      RECITALS

       

      WHEREAS,
        Seller and Purchaser previously entered into that certain Agreement for Purchase
        and Sale dated as of October 18, 1996 (the “Purchase Agreement”) pursuant to
        which Purchaser purchased from Seller the Assets (as defined therein) on
        and
        pursuant to the terms and conditions set forth therein; and

       

      WHEREAS,
        A&M, as successor in interest to Seller, and Purchaser desire to terminate
        the Purchase Agreement, on and subject to the terms and conditions set forth
        herein, including payment by Purchaser of the amounts set forth
        herein.

       

      NOW
        THEREFORE, in consideration of the representations, warranties and covenants
        contained in this Termination Agreement, and other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged,
        the
        parties hereto agree as follows:

       

      ARTICLE
        I

       

      Termination
        of Purchase Agreement; Payments by
        Purchaser

       

      
        	1.1  	
                Termination
                  of Purchase Agreement.
                  Upon the terms and conditions set forth in this Termination Agreement
                  and
                  effective as of the date on which the final installment of the
                  Termination
                  Payment (as defined below) is paid by Purchaser to A&M, the Purchase
                  Agreement shall terminate and shall be of no further force or
                  effect.

              

      

       

      
        	1.2  	
                Payments
                  by Purchaser.
                  In consideration of A&M’s agreement to terminate the Purchase
                  Agreement in accordance with the terms hereof, including any obligation
                  of
                  Purchaser to make any Additional Payments (as defined in the Purchase
                  Agreement), Purchaser hereby agrees to pay to A&M $100,000 (the
                  “Termination Payment”). The Termination Payment shall be payable in (i)
                  six installments of $15,000 payable on May 30, 2004 and the 30th
                  day of
                  each month thereafter up to and including October 30, 2004; and
                  (ii) one
                  final installment of $10,000 payable on November 30, 2004. Installments
                  of
                  the Termination Payment received after 10 business days from the
                  date on
                  which payment thereof is due shall bear interest at a rate equal
                  to seven
                  percent (7%) per annum, which shall be payable upon demand and
                  shall be
                  calculated on the basis of a three hundred sixty (360) day year
                  and actual
                  days elapsed. For the avoidance of doubt, the parties acknowledge
                  and
                  agree that, subject to Purchaser’s satisfaction of it’s obligations
                  hereunder, Purchaser shall not be obligated to make any payment
                  to A&M
                  with respect to Additional Payments that have accrued but remain
                  unpaid as
                  of the date of this Termination Agreement or with respect to any
                  Additional Payments that otherwise would have accrued on or after
                  the date
                  of this Termination Agreement, it being the intent of the parties
                  that the
                  obligation of Purchase to make any Additional Payments to Seller
                  pursuant
                  to the Purchase Agreement is superceded by Purchaser’s obligation to pay
                  the Termination Payment pursuant to and in accordance with this
                  Termination Agreement.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	1.3  	
                Default
                  in Payment.
                  Upon
                  the occurrence of: (i) a default by Purchaser in the payment of
                  any
                  installment of the Termination Payment on or prior to the last
                  day of any
                  month in which such installment is due, or (ii) the commencement
                  by
                  Purchaser or any third party of any case, proceeding, or other
                  action
                  under any existing or future law of any jurisdiction, domestic
                  or foreign,
                  relating to bankruptcy, insolvency, reorganization, or relief of
                  debtors,
                  seeking to have an order for relief entered with respect to Purchaser,
                  or
                  seeking to adjudicate Purchaser a bankrupt or insolvent, or seeking
                  reorganization, arrangement, adjustment, winding-up, liquidation,
                  dissolution, composition, or other relief with respect to Purchaser’s
                  debts, then in either case, A&M may declare the entire unpaid portion
                  of the Termination Payment immediately due and payable and Purchaser
                  shall
                  immediately pay to A&M the entire unpaid portion of the Termination
                  Payment, together with interest accrued thereon in accordance with
                  Section
                  1.2 hereof.

              

      

       

      ARTICLE
        II

       

      Representations
        and Warranties

       

      
        	2.1  	
                Representations
                  and Warranties of Purchaser.
                  Purchaser represents and warrants to A&M as
                  follows:

              

      

       

      
        	(a)  	
                Authority.
                  Purchaser has full corporate power and authority to enter into
                  and perform
                  this Termination Agreement in accordance with its terms. Purchaser
                  is
                  not bound by or subject to any contractual or other
                  obligation or restriction that would be violated by the execution
                  or
                  performance of this Termination Agreement, and the execution, delivery
                  and
                  performance of this Termination Agreement has been duly authorized
                  by all
                  necessary corporate action. This Termination Agreement
                  is the valid and binding obligation of Purchaser, enforceable against
                  Purchaser in accordance with its terms, subject to applicable bankruptcy,
                  reorganization, insolvency, moratorium and other similar laws applicable
                  to Purchaser affecting the rights of creditors generally, and except
                  that
                  the remedy of specific performance and injunctive and other forms
                  of
                  equitable relief are subject to certain equitable defenses and
                  to the
                  discretion of the court before which any proceeding therefor may
                  be
                  brought.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	(b)  	
                Consents.
                  No consent, action, approval or authorization of, or registration,
                  declaration or filing with, any governmental department, commission,
                  agency
                  or
                  other instrumentality having jurisdiction over Purchaser is required
                  to be
                  obtained by Purchaser to authorize the execution and delivery by
                  Purchaser
                  of this Termination Agreement or the performance by Purchaser of
                  this
                  Termination Agreement.

              

      

       

      
        	2.2  	
                Representations
                  and Warranties of A&M.
                  A&M represents and warrants to Purchaser as follows:
                  

              

      

       

      
        	(a)  	
                Authority.
                  A&M has full corporate power and authority to enter into and perform
                  this Termination Agreement in accordance with its terms. A&M is not
                  bound by or subject to any contractual or
                  other
                  obligation or restriction that would be violated by the execution
                  or
                  performance of this Termination Agreement, and the execution, delivery
                  and
                  performance of this Termination Agreement has been duly authorized
                  by all
                  necessary corporate action. This Termination Agreement is the valid
                  and
                  binding obligation of A&M, enforceable against A&M in accordance
                  with its terms, subject to applicable bankruptcy, reorganization,
                  insolvency, moratorium and other similar laws applicable to A&M
                  affecting the rights of creditors generally, and except that the
                  remedy of
                  specific performance and injunctive and other forms of equitable
                  relief
                  are subject to certain equitable defenses and to the discretion
                  of the
                  court before which any proceeding therefor may be
                  brought.

              

      

       

      
        	(b)  	
                Consents.
                  No consent, action, approval or authorization of, or registration,
                  declaration or filing with, any governmental department, commission,
                  agency
                  or
                  other instrumentality having jurisdiction over A&M is required to be
                  obtained by A&M to authorize the execution and delivery by A&M of
                  this Termination Agreement or the performance by A&M of this
                  Termination Agreement.

              

      

       

      ARTICLE
        III

       

      Miscellaneous
        Provisions

       

      
        	3.1  	
                Expenses.
                  Each of A&M and Purchaser shall pay all of the costs and expenses
                  incurred by it in connection with the transactions contemplated
                  hereby.

              

      

       

      
        	3.2  	
                Headings.
                  The subject headings of the Articles and Sections of this Termination
                  Agreement are included for purposes of convenience only and shall
                  not
                  affect the construction or interpretation of any of its
                  provisions.

              

      

       

      
        	3.3  	
                Entire
                  Agreement.
                  This Termination Agreement contains the entire understanding of
                  the
                  parties with respect to the transactions contemplated by this Termination
                  Agreement.

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	3.4  	
                Modification
                  and Waiver.
                  No supplement, modification or amendment of this Termination Agreement
                  shall be binding unless executed in writing by each of the
                  parties.

              

      

       

      
        	3.5  	
                Successors.
                  This Termination Agreement shall be binding on, and shall inure
                  to the
                  benefit of, the parties and their respective successors and assigns.
                  Purchaser’s obligations hereunder shall be not assignable without the
                  prior written consent of A&M.

              

      

       

      
        	3.6  	
                Governing
                  Law.
                  This Termination Agreement and all transactions contemplated by
                  this
                  Termination Agreement shall be governed by, construed and enforced
                  in
                  accordance with the laws of the State of Florida, without giving
                  effect to
                  the principles of conflicts of laws
                  thereof.

              

      

       

      
        	3.7  	
                Notices.
                  Any notice required or desired to be served, given or delivered
                  hereunder
                  shall be in writing (including facsimile transmission), and shall
                  be
                  deemed to have been validly served, given or delivered upon the
                  earlier of
                  (a) personal delivery to the address set forth below, (b) in the
                  case of
                  mailed notice, five (5) days after deposit in the United States
                  mails,
                  with proper postage for certified mail, return receipt requested,
                  prepaid,
                  or in the case of notice by Federal Express or other reputable
                  overnight
                  courier service, one (1) business day after delivery to such courier
                  service, and (c) in the case of facsimile transmission, upon transmission
                  with confirmation of receipt, addressed to the party to be notified
                  as
                  follows:

              

      

       

      
        
          
            	
                    If
                      to A&M, to:

                  	
                    Angelo
                      and Maxie’s, Inc.

                  
	 	
                    Two
                      North Riverside

                  
	 	
                    Seventh
                      Floor

                  
	 	
                    Chicago,
                      Illinois 60606

                  
	 	
                    Attn:
                      Greg Grosvenor

                  
	 	
                    Facsimile:
                      (312) 466-3321

                  
	 	 
	
                    If
                      to Purchaser, to: 

                  	
                    Shells
                      Seafood Restaurants, Inc.

                  
	 	
                    16313
                      North Dale Mabry

                  
	 	
                    Suite
                      100

                  
	 	
                    Tampa,
                      Florida 33618

                  
	 	
                    Attn:
                      Warren Nelson

                  

          

        

         

        or
          to
          such other address as either of the parties may hereafter designate for
          itself
          by written notice to the other party in the manner herein
          prescribed.

      

       

      
        	3.8  	
                Counterparts;
                  Facsimile.
                  This Termination Agreement may be executed in counterparts, any
                  one of
                  which need not contain the signatures of more than one party, but
                  all such
                  counterparts taken together shall constitute one and the same agreement.
                  This Termination Agreement may be executed by facsimile which shall
                  be
                  deemed to be an original for all
                  purposes.

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	3.9  	
                Further
                  Assurances.
                  The parties hereto agree to execute such documents and take all
                  such
                  actions as may reasonably be required for the consummation of the
                  transactions contemplated
                  hereunder.

              

      

       

      
        	3.10  	
                Enforcement
                  Costs.
                  In
                  the event of a dispute arising hereunder or under any instrument
                  contemplated hereby the prevailing party shall be entitled to receive
                  reasonable attorney’s fees and expenses incurred in connection
                  therewith.

              

      

       

      
         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

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

       

      ANGELO
        AND MAXIE’S, INC.

       

      

       

      By:___________________________________

      Name:

      Title:

       

       

      SHELLS
        SEAFOOD RESTAURANTS, INC.

       

       

      By:
        /s/
        Warren R. Nelson

       

      Name:
        Warren R. Nelson

      Title:
        Executive Vice President/CFO

       

      
        
          
          

        

        
          6

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