Document:

STOCK
      PLEDGE AGREEMENT

    

    Stock
      Pledge Agreement (this “Agreement”), dated as of June __, 2008, by and between
QUANTRX
      BIOMEDICAL CORPORATION,
      a Nevada
      corporation, with
      its
      principal place of business at 100 South Main Street, Suite 300, Doylestown,
      Pennsylvania 18901 (the
      “Pledgor”) and
      ________________________ (the
      “Secured Party”).

    

    W
      I T N E S S E T H

    

    WHEREAS,
      the
      Pledgor has delivered to the Secured Party a senior secured bridge note,
dated
      as
      of June __, 2008,
      in the
      principal amount of $___________(together with any Other Notes or PIK Notes,
      the
“Notes”); 

    

    WHEREAS,
      the
      Secured Party requires, as a condition to the extension of credit to the Pledgor
      pursuant to the Notes, that the Pledgor pledge all of its right, title and
      interest in and to the shares of stock in Fluoropharma, Inc. and Genomics USA,
      Inc. (the “Portfolio Entities”) held by it to secure the obligations of the
      Pledgor under the Notes;

    

    WHEREAS,
      the
      Pledgor has deposited with the Collateral Agent, as collateral security for
      the
      payment of the obligations of the Pledgor under the Notes, the stock (the
“Pledged Shares”) described in Schedule 1 attached hereto, being all of the
      outstanding shares of capital stock or ownership interests in the Portfolio
      Entities
      held by
      the
      Pledgor (together with duly executed stock powers in blank covering such Pledged
      Shares); and 

    

    WHEREAS,
      the
      Secured Party would not be willing to extend credit to the Pledgor unless the
      Pledgor shall have pledged the Pledged Shares to the Secured Party pursuant
      to
      this Agreement. 

    

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual covenants herein contained, and in
      further consideration of the Secured Party’s extension of credit to the Pledgor,
      the parties hereby agree as follows:

    

    Section
      1
      - Pledge.
      The
      Pledgor hereby pledges to the Secured Party, and grants to the Secured Party
      a
      continuing security interest in, the following (the “Pledged
      Collateral”):

    

    (i) The
      Pledged Shares and the certificates representing the Pledged Shares, and all
      dividends (whether stock dividends or cash dividends), and cash, instruments
      and
      other property from time to time received, receivable or otherwise distributed
      in respect of or in exchange for any or all of the Pledged Shares;

    

    (ii) Any
      and
      all rights held or owned by the Pledgor to acquire additional shares of stock
      or
      other securities of the issuers of the Pledged Shares;

    

    (iii) All
      additional shares of stock of the issuers of the Pledged Shares from time to
      time acquired by the Pledgor by stock split or by the exercise of any conversion
      or option rights, and the certificates representing such additional shares,
      and
      all dividends, cash, instruments and other property from time to time received,
      receivable or otherwise distributed in respect of or in exchange for any or
      all
      of such shares; and

     

    
      
         

      

      
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    (iv) Any
      and
      all proceeds of any of the foregoing upon the sale or other disposal of the
      foregoing for any reason.

    

    Section
      2
      - Security
      for Obligations; Covenants; Representations.
      This
      Agreement secures the payment of all payment obligations of the Pledgor now
      or
      hereafter existing under the Notes (all such obligations being referred to
      as
      the “Obligations”). The Pledgor makes the representations and warranties set
      forth on Annex
      A
      hereto.

    

    Section
      3
      - Further
      Assurances.
      The
      Pledgor agrees that at any time and from time to time, at the expense of the
      Pledgor, the Pledgor will promptly execute and deliver all further instruments
      and documents, and take all further action, that may be reasonably necessary,
      or
      that the Secured Party may reasonably request, in order to perfect any security
      interest granted or purported to be granted hereby or to enable the Secured
      Party to exercise and enforce its rights and remedies hereunder with respect
      to
      any Pledged Collateral. 

    

    Section
      4
      - Voting
      Rights; Dividends; Etc.
      So long
      as no Event of Default (as defined in the Notes) exists and is
      continuing:

    

    (i) The
      Pledgor shall be entitled to exercise any and all voting and other consequential
      rights pertaining to the Pledged Collateral or any part thereof for any purpose
      not inconsistent with the terms of this Agreement.

    

    (ii) The
      Pledgor shall be entitled to receive and retain any and all cash dividends
      paid
      in respect of the Pledged Collateral. 

    

    Section
      5
      - Transfers
      and Other Liens; Additional Shares.
      The
      Pledgor agrees that it will not sell or otherwise dispose of, or grant any
      option with respect to, any of the Pledged Collateral, or create or permit
      to
      exist any lien, security interest, or other charge or encumbrance upon or with
      respect to any of the Pledged Collateral, except for the security interest
      under
      this Agreement.

    

    Section
      6
      - Secured
      Party Appointed Attorney-in-Fact.
      The
      Pledgor hereby appoints the Collateral Agent attorney-in-fact, with full
      authority in the place and stead of the Pledgor and in the name of the Pledgor
      or otherwise, to take any action and to execute any instrument that the Secured
      Party may deem necessary to accomplish the purposes of this Agreement,
      including, without limitation, upon and during the continuation of any Event
      of
      Default, to receive, endorse and collect all instruments made payable to the
      Pledgor representing any dividend, interest payment or other distribution in
      respect of the Pledged Collateral or any part thereof and to give full discharge
      for the same. 

     

    
      
         

      

      
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    Section
      7
      - Remedies
      upon Default.
      If (but
      only if) any Event of Default, as defined in the Notes, shall have occurred
      and
      be continuing:

    

    (a) Upon
      written notice from the Secured Party, the right of Pledgor to receive dividends
      and to vote the Pledged Shares shall cease, and all such rights shall become
      vested in the Secured Party. In addition to other rights and remedies provided
      for herein or otherwise available to it, the Secured Party may exercise all
      the
      rights and remedies of a secured party on default under the Uniform Commercial
      Code in effect in the State of New York at that time, and the Secured Party
      may
      also, without notice except as specified below, sell the Pledged Collateral
      or
      any part thereof, in accordance with and subject to applicable law, for cash,
      on
      credit or for future delivery, and upon such other terms as are commercially
      reasonable. The Secured Party shall not be obligated to make any sale of Pledged
      Collateral regardless of notice of sale having been given.

    

    (b) Any
      cash
      held by the Collateral Agent as Pledged Collateral and all cash proceeds
      received by the Collateral Agent from any sale of or collection from all or
      any
      part of the Pledged Collateral, may be held by the Collateral Agent as
      collateral for, and/or be applied in whole or in part by the Secured Parties
      against, all or any part of the Obligations. Any surplus of such cash or cash
      proceeds held by the Collateral Agent and remaining after payment in full of
      all
      of the Obligations shall be paid to the Pledgor.

    

    (c) Notwithstanding
      anything to the contrary contained herein, the Collateral Agent shall not take
      any action with respect to the Pledged Shares pursuant to an exercise of its
      rights as a secured party hereunder unless the Secured Parties shall have given
      the Pledgor at least 120 days prior written notice of such action (which notice
      shall not be given prior to the occurrence of an Event of Default); provided,
      that,
      no such
      prior written notice shall be required in connection with any action taken
      by
      the Collateral Agent reasonably necessary to perfect the security interest
      granted hereby and protect its rights in and to the Pledged Shares.

    

    Section
      8
      - Enforcement
      Rights.
      If the
      Collateral Agent shall determine to exercise its right hereunder to sell all
      or
      any of the Pledged Collateral, the Pledgor agree(s) that, upon request of the
      Collateral Agent , the Pledgor will do or cause to be done all such other acts
      and things as may be reasonably necessary to make such sale of the Pledged
      Collateral or any part thereof valid and binding and in compliance with
      applicable law. The Pledgor recognizes that the Collateral Agent may be limited
      in its ability to effect a sale to the public of all or part of the Pledged
      Collateral by reason of certain prohibitions in the Securities Act of 1933,
      as
      amended, or other federal or state securities laws (collectively, the
“Securities Laws”), and may be compelled to resort to one or more sales to a
      restricted group of purchasers who may be required to agree to acquire the
      Pledged Collateral for their own account, for investment and not with a view
      to
      the distribution or resale thereof. The Pledgor agrees that sales so made may
      be
      at prices and on terms less favorable than if the Pledged Collateral were sold
      to the public, and that the Collateral Agent has no obligation to delay the
      sale
      of any Pledged Collateral for the period of time necessary to register (or
      otherwise qualify for an exemption with respect to) the Pledged Collateral
      for
      sale to the public under the Securities Laws. The Pledgor shall reasonably
      cooperate with the Secured Party in its attempt to satisfy any requirements
      under the Securities Laws. 

     

    
      
         

      

      
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    Section
      9
      - Security
      Interest Absolute.
      All
      rights of the Collateral Agent and security interest hereunder, and all
      obligations of the Pledgor hereunder, shall be absolute and unconditional
      irrespective of:

    

    (i) any
      lack
      of validity or enforceability of the Notes or any other document or agreement
      delivered by the Pledgor or its affiliates in connection with the Notes (the
      “Loan Documents”) or agreement or instrument relating thereto;

    

    (ii) any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Obligations, or any amendment or waiver or any consent to any
      departure from the Notes or any other Loan Document;

    

    (iii) any
      exchange, release or non-perfection of any other collateral, or any release
      or
      amendment or waiver of, or consent to departure from, any guaranty, for all
      or
      any of the obligations of the Pledgor under the Loan Documents; or

    

    (iv) any
      other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of the Pledgor, any other party to any Loan Document, or a third
      party
      obligor except for such waivers as are required by applicable law and cannot
      be
      waived under applicable law.

    

    Section
      10 - Amendment.
      No
      amendment or waiver of any provisions of this Agreement shall be effective
      unless the same shall be in writing and signed by the Secured Party and the
      Pledgor, and then such waiver or consent shall be effective only in the specific
      instance and for the specific purpose for which given.

    

    Section
      11 - Continuing
      Security Interest; Transfer of Note(s).
      This
      Agreement shall create a continuing security interest in the Pledged Collateral
      and shall (i) remain in full force and effect until payment in full of the
      Obligations (other than contingent indemnity obligations), (ii) be binding
      upon
      the Pledgor, its successors and assigns, and (iii) inure to the benefit of
      the
      Secured Party and its successors, transferees and assigns. Upon the payment
      in
      full of the Obligations (including as a result of a conversion in full of the
      Notes) and the termination of any obligation of the Secured Parties to extend
      any credit thereunder, this Agreement shall automatically terminate without
      further action on the part of either of the parties hereto and the Collateral
      Agent shall promptly deliver such of the Pledged Collateral as shall not have
      been sold or otherwise applied pursuant to the terms hereof to the Pledgor
      and
      take any action reasonably requested by the Pledgor to cause the release of
      the
      security interests created hereunder. 

    

    Section
      12 - Governing
      Law; Terms.
      This
      Agreement shall be governed by the laws of the State of New York, without regard
      to the choice of law provisions thereof. The Pledgor agrees that any suit for
      the enforcement of this Agreement may be brought in the courts of the State
      of
      New York or any federal court sitting in such state and consents to the
      non-exclusive jurisdiction of each such court and to service of process in
      any
      such suit being made upon the Pledgor by mail at the address specified above.
      Unless otherwise defined herein, capitalized terms used herein shall have the
      respective meanings given in the Notes.

     

    
      
         

      

      
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    Section
      13 - Expenses.
      The
      Pledgor will upon demand pay to the Collateral Agent 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) any amendment to, or consents or waivers requested under, this
      Agreement, (ii) the custody or preservation of, or the sale, collection from,
      or
      other realization upon, any of the Pledged Collateral, (iii) the exercise or
      enforcement of any of the rights of the Secured Party hereunder or (iv) the
      failure by the Pledgor to perform or observe any of the provisions
      hereof.

    

    Section
      14 - Collateral
      Agent.
      This
      Agreement shall be subject to all provisions of the Letter Loan Agreement,
      dated
      as of June __, 2008, between the Pledgor and the Secured Party (the “Purchase
      Agreement”). 

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF,
      the
      Pledgor and the Secured Party have executed and delivered this Pledge Agreement
      as of the date first above written.

    

    

    
      	
              QUANTRX
                BIOMEDICAL CORPORATION

            
	
              By:
                __________________________________________

              Name:

              Title:

            
	 
	
              By:
                __________________________________________

              Name:

              Title:

            

    

    

    
      
         

      

      
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    SCHEDULE
      1

     

    
      	
               

               

              Name
                of Issuer

            	
               

              Class
                of Stock

            	
               

              Stock
                Certificate

              No.

            	
               

              No.
                of shares

              owned

            	
               

              Percentage
                of Issuer owned

            
	
              Fluoropharma,
                Inc.

            	
              Common

            	
              C16

              C21

              C25

              C26

              C27

              C40

              C42

              C43

            	
              1,050,000

              46,170

              100,000

              100,000

              100,000

              118,772

              81,228

              627,058

            	
              58%

            
	
              Genomics
                USA, Inc.

            	
              Common

            	
              1

              6

            	
              112,875

              31,149

            	
              12%

            

    

     

    
      
         

      

      
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    Annex
      A

    

     

    The
      Pledgor represents and warrants to the Secured Party that:

     

    
      	
              1.1

            	
              the
                Pledged Shares represent approximately 58% and 12% respectively of
                the
                shares of common stock issued by Fluoropharma, Inc. and Genomics
                USA,
                Inc.;

            

    

    

    
      	
              1.2

            	
              subject
                to restrictions on transfer applicable to certain of the Pledged
                Shares
                under the Securities Act of 1933, as amended, and other applicable
                securities law, the Pledged Shares are freely transferable on the
                books of
                the issuers of the Pledged Shares and no consents or approvals are
                required in order to register a transfer of the Pledged
                Shares;

            

    

     

    
      	
              1.3

            	
              this
                Agreement constitutes its legal, valid, binding and enforceable obligation
                and is a first priority security interest over the Pledged Shares
                effective in accordance with its
                terms;

            

    

     

    
      	
              1.4

            	
              subject
                to restrictions on transfer applicable to certain of the Pledged
                Shares
                under the Securities Act of 1933, as amended, and other applicable
                securities law, the execution, delivery, observance and performance
                by the
                Pledgor of this Agreement will not require the Pledgor to obtain
                any
                licenses, consents or approvals and will not result in any violation
                of
                any law, statute, ordinance, rule or regulation applicable to it;
                and

            

    

     

    
      	
              1.5

            	
              it
                has obtained all the necessary authorizations and consents to enable
                it to
                enter into this Agreement and the necessary authorizations and consents
                will remain in full force and effect at all times during the substance
                of
                the security constituted by this
                Agreement.

            

    

     

    
      
         

      

      
        8PATENT,
      TRADEMARK

    AND
      COPYRIGHT SECURITY AGREEMENT

    

    THIS
      PATENT, TRADEMARK AND COPYRIGHT SECURITY AGREEMENT (this “Agreement”) is entered
      into as of this __th day of June, 2008, by and
      between QUANTRX BIOMEDICAL CORPORATION, a Nevada corporation (the “Pledgor”),
      with its principal address at 100 S. Main Street, Suite 300, Doylestown, PA
      18901, and __________________ (the “Lender”).

    

    WHEREAS,
      the Pledgor and the Lender or its assignee are parties to a certain Letter
      Loan
      Agreement, dated as of June __, 2008 (the “Purchase Agreement”), that provides
      for, among other things: (i) the Pledgor to issue to the Lender the Note
      identified in the Purchase Agreement (the “Notes”); and (ii) the grant by the
      Pledgor to the Lender of a security interest in certain of the Pledgor’s assets.

    

    WHEREAS,
      to induce the Lender to purchase the Notes pursuant to the Purchase Agreement,
      the Pledgor has agreed to pledge as collateral security for the Pledgor’s
      obligations under the Notes, the assets described herein.

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and the mutual covenants
      and agreements contained, and for other good and valuable consideration (the
      receipt and sufficiency of which are hereby acknowledged), the Pledgor and
      the
      Lender agree as follows:

    

    1. Security
      Interest in Patents, Trademarks and Copyrights.
      To
      secure the complete and timely satisfaction of all of Pledgor’s payment
      obligations now or hereafter existing under the Notes (the “Obligations”), the
      Pledgor hereby grants and conveys to the Lender through the Collateral Agent
      a
      security interest (having priority over all other security interests except
      as
      set forth herein) with power of sale, to the extent permitted by law, in all
      of
      its now owned or existing, and hereafter acquired or arising: 

    

    
      	 	
              (a)

            	
              patents,
                patent applications, including, without limitation, any invention
                and
                improvement to a patent or patent application, including without
                limitation those patents and patent applications listed on Schedule
                A
                (being sometimes referred to individually and/or collectively, the
                “Patents”); 

            

    

    

    
      	 	
              (b)

            	
              trademarks,
                registered trademarks and trademark applications, trade names, trade
                styles, service marks, registered service marks and service mark
                applications including, without limitation, the registered trademarks,
                trademark applications, registered service marks and service mark
                applications listed on Schedule
                B
                and (i) all renewals thereof, (ii) all accounts receivable, income,
                royalties, damages and payments now and hereafter due and/or payable
                with
                respect thereto, including, without limitation, payments under all
                licenses entered into in connection therewith and damages and payments
                for
                past, present or future infringements and dilutions thereof, and
                (iii) the
                right to sue for past, present and future infringements and dilutions
                thereof, and (iv) all of the Pledgor’s rights corresponding thereto
                throughout the world (all of the foregoing registered trademarks,
                trademark applications, trade names, trade styles, registered service
                marks and service mark applications, together with the items described
                in
                clauses (i)-(iv) in this Section 1(b), being sometimes hereinafter
                individually and/or collectively referred to as the “Trademarks”);
                

            

    

    
    

     

    
      
         

      

      
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              (c)

            	
              the
                goodwill of Pledgor’s business connected with and symbolized by the
                Trademarks; and

            

    

    

    
      	 	
              (d)

            	
              copyrights,
                and copyright applications, including without limitation, those copyrights
                listed in Schedule
                C
                (being sometimes referred to individually and/or collectively as
                the
                “Copyrights”);

            

    

    

    together
      with all additions, accessions, accessories, amendments, attachments,
      modifications, substitutions, and replacements, proceeds and products of the
      foregoing (collectively, the “Collateral”).

    

    In
      addition, notwithstanding anything to the contrary contained herein, the
      Collateral Agent shall not take any action with respect to the Collateral
      pursuant to an exercise of its rights as a secured party hereunder unless the
      Collateral Agent shall have given the Pledgor at least 120 days prior written
      notice of such action which notice shall not be given prior to the occurrence
      of
      the occurrence of an Event of Default; provided,
      that,
      no such
      prior written notice shall be required in connection with any action taken
      by
      the Collateral Agent reasonably necessary to perfect the security interest
      granted hereby and protect its rights in and to the Collateral. 

     

    2. Recording
      of Patents and Trademarks.
      Pledgor
      represents and warrants that (1) the patents and patent applications listed
      in
      Schedule A, and (2) the trademark and trademark applications described in
      Schedule B, have each been duly recorded in the U.S. Patent and Trademark Office
      (the “PTO”); and that no other patents, patent applications, trademarks, or
      trademark applications have been filed or recorded with the PTO in which the
      Pledgor has an interest.

    

    3. Recording
      of Copyrights.
      Pledgor
      represents and warrants that the copyright and copyright applications described
      in Schedule C have been duly recorded in the U.S. Copyright Office, and that
      no
      other copyright, and copyright applications have been recorded in the U.S.
      Copyright Office, in which the Pledgor has an interest.

    

    4. Restrictions
      on Future Agreements.
      Pledgor
      will not, without the Lender’s prior written consent, after the date hereof,
      enter into any agreement that is inconsistent with this Agreement, and Pledgor
      further agrees that it will not take any action, and will use reasonable efforts
      not to knowingly permit any action to be taken by others subject to its control,
      or knowingly fail to take any action, which would affect the validity or
      enforcement of the rights transferred to the Lender, under this Agreement or
      the
      rights associated with those Patents, Trademarks and/or Copyrights which are
      in
      Pledgor’s reasonable business judgment, necessary or desirable in the operation
      of Pledgor’s business. Notwithstanding anything to the contrary set forth
      herein, it is understood and agreed that the Pledgor shall be permitted to
      license the Collateral to the extent the same is permitted pursuant to the
      terms
      of the Notes.

     

    
      
         

      

      
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    5. New
      Patents, Trademarks and Copyrights.
      Pledgor
      represents and warrants that the Patents, Trademarks, and Copyrights listed
      on
      Schedules A, B, and C, include all of the patents, patent applications,
      trademark registrations, trademark applications, service marks registrations,
      service mark applications, registered copyrights and copyright applications,
      now
      owned or held by Pledgor. If, prior to the termination of this Agreement,
      Pledgor shall (i) create or obtain rights to any new patents, trademarks,
      trademark registrations, trademark applications, trade names, trade styles,
      service marks, service marks registrations, or service mark applications, or
      (ii) become entitled to the benefit of any patent, trademark, trademark
      registration, trademark application, trade name, trade style, service mark,
      service mark registration, service mark application, the provisions of Section
      1
      above shall automatically apply thereto and Pledgor shall give the Lender prompt
      written notice thereof. Pledgor hereby authorizes the Lender to modify this
      Agreement by (a) amending Schedules A, B, and/or C, as the case may be, to
      include any future patents, trademark registrations, trademark applications,
      service mark registrations, service mark applications, registered copyrights
      and
      copyright applications that are Patents, Trademarks or Copyrights under Section
      1 above, or under this Section 5 (whether or not any such notice from Pledgor
      has been sent or received), and (b) filing, in addition to and not in
      substitution for this Agreement, a supplement or addendum to this Agreement
      containing on Schedule B therein, as the case may be, such registered
      trademarks, trademark applications, service marks, registered service marks
      and
      service mark applications that are Trademarks under Section 1 above or this
      Section 5 and to take any action the Lender otherwise deems appropriate to
      perfect or maintain the rights and interest of the Lender, under this Agreement
      with respect to such Patents, Trademarks and Copyrights. 

    

    6. Nature
      and Continuation of Security Interest; Notice to Third Parties.
      This
      Agreement has the effect of giving third parties notice of the Lender’s Security
      Interest in Pledgor’s Patents, Trademarks and Copyrights. This Agreement is made
      for collateral security purposes only. This Agreement shall create a continuing
      security interest in the Patents, Trademarks and Copyrights and shall remain
      in
      full force and effect until the Obligations of the Pledgor to the Lender have
      been paid in full. 

    

    7. Right
      to Inspect; Assignments and Security Interests.
      The
      Lender shall have the right, at any reasonable time upon prior written request
      and from time to time, to inspect Pledgor’s premises and to examine Pledgor’s
      books, records and operations relating to the Patents and the Trademarks,
      including, without limitation, Pledgor’s quality control processes; provided,
      that in conducting such inspections and examinations, the Lender shall use
      reasonable efforts not to disturb unnecessarily the conduct of Plegor’s ordinary
      business operations. From and after the occurrence of an event of default under
      the Notes (an “Event of Default”), Pledgor agrees that the Lender, or a
      conservator appointed by the Lender, shall have the right to take any action
      to
      renew or to apply for registration of any Trademarks as the Lender or said
      conservator, on its sole judgment, may deem necessary or desirable in connection
      with the enforcement of the Lender’s rights hereunder. Other than a license of
      Collateral permitted under Section 4, Pledgor agrees not to sell or assign
      its
      respective interests in the Patents, Trademarks and/or Copyrights without the
      prior written consent of the Lender.

     

    
      
         

      

      
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    8. Duties
      of Pledgor.
      Pledgor
      shall have the duty to (i) prosecute diligently any patent application, or
      trademark application or service mark application that is part of the Trademarks
      pending as of the date hereof or thereafter until the termination of this
      Agreement, and (ii) preserve and maintain all of Pledgor’s rights in the
      patents, patent applications, trademark applications, service mark applications
      and trademark and service mark registrations that are part of the Patents and
      Trademarks. Any expenses incurred in connection with the foregoing shall be
      borne by Pledgor. Pledgor shall not, without thirty (30) days prior written
      notice to the Lender, abandon any trademark or service mark that is the subject
      of a registered trademark, service mark or application therefor and which,
      is or
      shall be necessary or economically desirable in the operation of the Pledgor’s
      business. The Lender shall not have any duty with respect to the Patents,
      Trademarks and/or Copyrights. Without limiting the generality of the foregoing,
      the Lender shall not be under any obligation to take any steps necessary to
      preserve rights in the Patents, Trademarks and/or Copyrights against any other
      parties, but may do so at its option during the continuance of an Event of
      Default, and all expenses incurred in connection therewith shall be for the
      sole
      account of Pledgor and added to the Obligations and liabilities secured hereby
      and by the Security Agreement. 

    

    9. Collateral
      Agent’s Right to Sue.
      Upon
      (but not until) the occurrence and during the continuance of any Event of
      Default, the Collateral Agent shall have the right, for the benefit of the
      Lenders, to exercise all rights and remedies available at law or in equity.
      From
      and after the occurrence and during the continuance of an Event of Default,
      the
      Collateral Agent shall have the right, but shall not be obligated, to bring
      suit
      or take any other action to enforce the Patents, Trademarks and Copyrights
      and,
      if the Lender shall commence any such suit or take any such action, Pledgor
      shall, at the request of the Collateral Agent, do any and all reasonable lawful
      acts and execute any and all proper documents reasonably required by the
      Collateral Agent in aid of such enforcement. Pledgor shall, upon demand,
      promptly reimburse and indemnify the Lender for all reasonable out-of-pocket
      costs and expenses incurred by the Collateral Agent in the exercise of its
      rights under this Section 9 (including, without limitation, all attorneys’
fees). If, for any reason whatsoever, the Collateral Agent is not reimbursed
      with respect to the costs and expenses referred to in the preceding sentence,
      such costs and expenses shall be added to the Obligations secured hereby and
      by
      the Security Agreement. 

    

    10.
       Waivers.
      The
      Pledgor waives to the extent permitted by applicable law presentment, demand,
      notice, protest, notice of acceptance of this Agreement, notice of any loans
      made, credit or other extensions granted, collateral received or delivered
      or
      any other action taken in reliance hereon and all other demands and notices
      of
      any description, except for such demands and notices as are expressly required
      to be provided to the Pledgor under this Agreement or any other document
      evidencing the Obligations or the liabilities under the Notes. With respect
      to
      both the Obligations and any Collateral, the Pledgor assents to any extension
      or
      postponement of the time of payment or any other forgiveness or indulgence,
      to
      any substitution, exchange or release of Collateral, to the addition or release
      of any party or person primarily or secondarily liable, to the acceptance of
      partial payment thereon and the settlement, compromise or adjustment of any
      thereof, all in such manner and at such time or times as the Lender may deem
      advisable. The Collateral Agent may exercise its rights with respect to the
      Collateral without resorting, or regard, to other collateral or sources of
      reimbursement for Obligations. The Collateral Agent shall not be deemed to
      have
      waived any of its rights with respect to the Obligations or the Collateral
      unless such waiver is in writing and signed by the Collateral Agent. No delay
      or
      omission on the part of the Collateral Agent in exercising any right shall
      operate as a waiver of such right or any other right. A waiver on any one
      occasion shall not bar or waive the exercise of any right on any future
      occasion. All rights and remedies of the Collateral Agent in the Obligations
      or
      the Collateral, whether evidenced hereby or by any other instrument or papers,
      are cumulative and not exclusive of any remedies provided by law or any other
      agreement, and may be exercised separately or concurrently. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    11.
       Successors
      and Assigns.
       This
      Agreement shall be binding upon the Pledgor, its respective successors and
      permitted assigns, and shall inure to the benefit of and be enforceable by
      the
      Collateral Agent and its successors and assigns. Without limiting the generality
      of the foregoing sentence, the Collateral Agent may assign or otherwise transfer
      any agreement or any note held by it evidencing, securing or otherwise executed
      in connection with the Obligations, or sell participations in any interest
      therein, to any other person or entity.

    

    12.
       General;
      Term.
       

    

    (a)
       This
      Agreement may not be amended or modified except by a writing signed by the
      Pledgor and the Lender, nor may the Pledgor assign any of its rights hereunder.
      This Agreement and the terms, covenants and conditions hereof shall be construed
      in accordance with, and governed by, the laws of the State of New York (without
      giving effect to any conflicts of law provisions contained therein). In the
      event that any Collateral stands in the name of the Pledgor and another or
      others jointly, as between the Collateral Agent and the Pledgor, the Collateral
      Agent may deal with the same for all purposes as if it belonged to or stood
      in
      the name of the Pledgor alone. 

    

    (b)
       This
      Agreement and the security interests granted herein shall automatically, without
      further action of the parties hereto, terminate on the date on which all
      payments under the Notes have been indefeasibly paid or satisfied in full
      (including as a result of the conversion in full of the Notes). Upon such
      termination, the Lender shall promptly take any action reasonably requested
      by
      the Pledgor to cause the release of the security interests created
      hereunder.

    

    (c) This
      Agreement shall be subject to all provisions of the Letter Loan Agreement,
      dated
      as of June __, 2008, between the Pledgor and the Lender (the “Purchase
      Agreement”). 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    13.
       Waiver
      of Jury Trial; Venue.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof.  The Pledgor agrees that all
      proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Agreement, the other Transaction Documents
      (as
      defined in the Purchase Agreement) and the Notes (whether brought against a
      party hereto or its respective affiliates, directors, officers, shareholders,
      partners, members, employees or agents) may be brought in the Courts of New
      York
      County, New York or of the United States of America for the Southern District
      of
      New York and hereby expressly submits to the personal jurisdiction and venue
      of
      such courts for the purposes thereof and expressly waives any claim of improper
      venue and any claim that such courts are an inconvenient forum. Each of the
      Pledgor and the Lender hereby irrevocably consents to the service of process
      of
      any of the aforementioned courts in any such suit, action or proceeding by
      the
      mailing of copies thereof by registered or certified mail, postage prepaid,
      at
      the address in effect for notices to it under the Purchase Agreement, such
      service to become effective 10 days after such mailing. Nothing in this Section
      shall affect or limit any right to serve process in any other manner permitted
      by law. Each of the Pledgor and the Lender hereby agree that the prevailing
      party in any suit, action or proceeding arising out of or relating to this
      Agreement shall be entitled to reimbursement for reasonable legal fees from
      the
      non-prevailing party. The Pledgor and the Lender hereby waive all rights to
      trial by jury.

    

    

    [Signature
      Page Follows]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      written above.

     

     

    
      	 	 	 
	 	PLEDGOR:
	 	 
	In
              the
              Presence of:	QUANTRX
              BIOMEDICAL
              CORPORATION 
	 
 	 
 	 
 
	 	By:  	 
	
              
                

              

              Witness

            	
              
Name:
	 	
              Title:

            

    

     

    
       

      
        	 	 	 
	 	LENDER:
	 	 
	In
                the
                Presence of:	 
	 
 	 
 	 
 
	 	By:  	 
	
                
                  

                

                Witness

              	
                
Name:
	 	
                Title:

              

      

       

        
          
             

          

          
            7

            
              

            

          

          
             

          

        

    

    SCHEDULE
      A

    Patents
      and Patent Applications

    

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    SCHEDULE
      B

    Trademarks
      and Trademark Applications 

    

     

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    SCHEDULE
      C

    Copyrights
      and Copyright Applications

    

    

    None

    

    
      
         

      

      
        10

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