Document:

Note and Warrant Purchase Agreement

 Exhibit 10.7 
 NOTE AND WARRANT PURCHASE AGREEMENT 
 This NOTE AND
WARRANT PURCHASE AGREEMENT, dated as of March 22, 2011, (this “Agreement”) is entered into by and between Dais Analytic Corporation, a New York corporation (“Company”), with its principal executive
office at 11552 Prosperous Drive, Odessa, FL 33556, and Platinum-Montaur Life Sciences, LLC, a Delaware limited liability company with an address of 152 West 57th Street, 54th Floor, New York, NY 10019 (“Investor”). 

RECITALS 
 A. On the terms and subject to the conditions set forth herein, the Investor is willing to purchase from Company, and Company is willing to sell to the Investor, a secured convertible promissory note in
the principal amount set forth opposite the Investor’s name on Schedule I hereto, together with a related warrant to acquire shares of Company’s common stock. 

B. Capitalized terms not otherwise defined herein shall have the meaning set forth in the form of Note (as defined below) attached hereto
as Exhibit A. 
 AGREEMENT 
 NOW THEREFORE, in consideration of the foregoing, and the representations, warranties, and conditions set forth below, the parties hereto, intending to be legally bound, hereby agree as follows:

 1. The Note and Warrant. 
 (a) Issuance of Note and Warrant. At the Closing (as defined below), Company agrees to issue and sell to the Investor, and, subject to all of the terms and conditions hereof, the Investor agrees to
purchase, a secured convertible promissory note in the form of Exhibit A hereto (“Note”) in the principal amount set forth opposite the Investor’s name on Schedule I hereto. 

(b) In consideration for the purchase by the Investor of the Note, the Company will issue to the Investor a warrant in the form attached
hereto as Exhibit B (“Warrant”) to purchase up to a number of shares of the Company’s common stock equal to the number of shares set forth opposite the Investor’s name on the Schedule I hereto.

 (c) Delivery. The sale and purchase of the Note and Warrant shall take place at a closing (the
“Closing”) to be held at such place and time as Company and the Investor may determine (the “Closing Date”). At the Closing, Company will deliver to the Investor the Note and Warrant to be purchased by the Investor,
against receipt by Company of the corresponding purchase price set forth on Schedule I hereto (the “Purchase Price”). The Note and Warrant will be registered in the Investor’s name in Company’s records. 

(d) Use of Proceeds. The proceeds of the sale and issuance of the Note shall be used for general corporate purposes, including the
discharge in full of all indebtedness of the Company to Bruce Mora, as evidenced by a promissory note in the original aggregate principal amount of approximately $50,000 (the “Mora Note”). 

 (e) Payments. The Company will make all cash payments due under the Note in
immediately available funds by 5 P.M. Eastern Time on the date that each payment is due in the manner and at the address for such purpose specified below the Investor’s name on Schedule I hereto, or at such other address as the
Investor may from time to time direct in writing. 
 2. Representations and Warranties of Company. Company
represents and warrants to the Investor that: 
 (a) Due Incorporation, Qualification, etc. The Company (i) is a
corporation duly organized, validly existing and in good standing under the laws of New York; (ii) has the power and authority to own, lease and operate its properties and carry on its business as now conducted; and (iii) is duly
qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect on the Company’s business and
financial condition (“Material Adverse Effect”). 
 (b) Authority. The execution, delivery and performance by
Company of each Transaction Document to be executed by Company and the consummation of the transactions contemplated thereby (i) are within the power of Company and (ii) have been duly authorized by all necessary actions on the part of
Company. 
 (c) Enforceability. Each Transaction Document executed, or to be executed, by Company has been, or will be,
duly executed and delivered by Company and constitutes, or will constitute, a legal, valid and binding obligation of Company, enforceable against Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of
general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 
 (d) Non-Contravention. The execution and delivery by Company of the Transaction Documents executed by Company and the performance and consummation of the transactions contemplated thereby do not
and will not (i) violate the Certificate of Incorporation or Bylaws of the Company or any material judgment, order, writ, decree, statute, rule or regulation applicable to Company; (ii) violate any provision of, or result in the breach or
the acceleration of, or entitle any other Person to accelerate (whether after the giving of notice or lapse of time or both), any material mortgage, indenture, agreement, instrument or contract to which Company is a party or by which it is bound; or
(iii) result in the creation or imposition of any Lien upon any property, asset or revenue of Company (other than any Lien arising under the Transaction Documents) or the suspension, revocation, impairment, forfeiture, or nonrenewal of any
material permit, license, authorization or approval applicable to Company, its business or operations, or any of its assets or properties. 
 (e) Approvals. No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental authority or other Person (including, without limitation, the
shareholders of any Person) is required in connection with the execution and delivery of the Transaction Documents executed by Company and the performance and consummation of the transactions contemplated thereby. 

(f) No Violation or Default. The Company is not in violation of or in default with respect to (i) its Certificate of
Incorporation or Bylaws or any material judgment, order, writ, decree, 

  
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statute, rule or regulation applicable to the Company; or (ii) any material mortgage, indenture, agreement, instrument or contract to which the Company is a party or by which it is bound
(nor is there any waiver in effect which, if not in effect, would result in such a violation or default), where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to
have a Material Adverse Effect. 
 (g) Litigation. No actions (including, without limitation, derivative actions), suits,
proceedings or investigations are pending or, to the knowledge of Company, threatened against Company at law or in equity in any court or before any other governmental authority which if adversely determined (i) would (alone or in the
aggregate) have a Material Adverse Effect or (ii) seeks to enjoin, either directly or indirectly, the execution, delivery or performance by Company of the Transaction Documents or the transactions contemplated thereby. 

(h) Title. Company owns and has good title to all its respective assets and properties as reflected in the most recent Financial
Statements delivered to Investor (except those assets and properties disposed of in the ordinary course of business since the date of such Financial Statements) and all respective assets and properties acquired by Company since such date (except
those disposed of in the ordinary course of business). Such assets and properties are subject to no Lien, except for Permitted Liens. 
 (i) Intellectual Property. To the best of its knowledge, the Company owns or possesses sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets,
licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as proposed to be conducted without any conflict with, or infringement of the rights of, others. Other than the security interest
created in favor of the Investor pursuant to the Security Agreement, there are no liens, security interests or other encumbrances on any portion of the Collateral (as defined in the Security Agreement), except for liens in connection with the Mora
Note. 
 (j) Financial Statements. The Financial Statements of Company which have been delivered to the Investor,
(i) are in accordance with the books and records of Company, which have been maintained in accordance with good business practice; (ii) have been prepared in conformity with GAAP; and (iii) fairly present the consolidated financial
position of Company as of the dates presented therein and the results of operations, changes in financial positions or cash flows, as the case may be, for the periods presented therein. The Company does not have any contingent obligations, liability
for taxes or other outstanding obligations which are material in the aggregate, except as disclosed in the Financial Statements as filed with the Securities and Exchange Commission. 

(k) Equity Securities. The equity securities (“Equity Securities”) of Company have the respective rights, preferences
and privileges set forth in Company’s Certificate of Incorporation in effect on the date hereof. All of the outstanding Equity Securities of the Company have been duly authorized and are validly issued, fully paid and nonassessable. Except as
set forth in the Disclosure Schedule, there are no restrictions on the transfer of Equity Securities of Company, other than those imposed by the Company’s Certificate of Incorporation and Bylaws as of the date hereof, or relevant state and
federal securities laws, and no holder of any Equity Security of Company is entitled to preemptive or similar statutory or contractual rights, either arising pursuant to any agreement or instrument to which Company is a party or that are otherwise
binding upon Company. The offer and sale of all Equity Securities of Company issued before the Closing Date 

  
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complied with or were exempt from registration or qualification under all applicable federal and state securities laws. 
 (l) No Material Adverse Effect. No event has occurred and no condition exists which could reasonably be expected to have a Material Adverse Effect since November 15, 2010. 

(m) Accuracy of Information Furnished. None of the Transaction Documents and none of the other certificates, statements or
information furnished to Investor by or on behalf of Company in connection with the Transaction Documents or the transactions contemplated thereby contains or will contain, to the best of Company’s knowledge, any untrue statement of a material
fact or omits or will omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (n) The Company shall provide, at the Company’s expense, such legal opinions as are reasonably necessary for the issuance and resale of the Company’s common stock issuable on conversion of the
Note and exercise of the Warrant, whether pursuant to an effective registration statement, Rule 144 under the Securities Act of 1933, or otherwise provided, however, that the Company shall not be obligated to pay for more than four such legal
opinions pursuant to this section 2(n) per calendar year. 
 (o) The Company has authorized and reserved, and covenants to
continue to reserve, free of preemptive rights and other similar contractual rights of stockholders, shares of the Company’s common sock sufficient to effect the conversion of the Note and the exercise of the Warrant in accordance with the Note
and the Warrant. 
 (p) The Company has not employed any broker or finder or incurred any liability for any brokerage or
investment banking fees, commissions, finders’ structuring fees, financial advisory fees or other similar fees in connection with the transactions contemplated by this Agreement. 

3. Representations and Warranties of Investor. The Investor represents and warrants to Company upon the acquisition of the
Note and the Warrant as follows: 
 (a) Binding Obligation. The Investor has full legal capacity, power and authority to
execute and deliver this Agreement and to perform its obligations hereunder. Each of this Agreement and the Note issued to such Investor is a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited
by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 
 (b) Securities Law Compliance. The Investor has been advised that the Note, the Warrant and the underlying securities have not been registered under the Securities Act, or any state securities laws
and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor has not been formed solely for the
purpose of making this investment and is purchasing the Note or Warrant to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the
distribution thereof. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to

  
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incur a complete loss of such investment and is able to bear the economic risk of such investment for an indefinite period of time. The Investor is an accredited investor as such term is defined
in Rule 501 of Regulation D under the Securities Act. 
 (c) Access to Information. The Investor acknowledges
that Company has given the Investor access to the corporate records and accounts of Company and to all information in its possession relating to Company, has made its officers and representatives available for interview by the Investor, and has
furnished the Investor with all documents and other information required for the Investor to make an informed decision with respect to the purchase of the Note and the Warrant. 

4. Conditions to Closing of the Investor. The Investor’s obligations at the Closing are subject to the fulfillment, on
or prior to the Closing Date (except with respect to 4(e)(iv) herein), of all of the following conditions, any of which may be waived in whole or in part by all of the Investor: 

(a) Representations and Warranties. The representations and warranties made by Company in Section 2 hereof shall have been
true and correct in all respects when made, and shall be true and correct in all respects on the Closing Date, except that any inaccuracies in such representations and warranties will be disregarded if the circumstances giving rise to all such
inaccuracies (considered collectively) do not constitute, and would not reasonably be expected to have, a Material Adverse Effect. 
 (b) Governmental Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with certain federal and state securities commissions, Company shall have
obtained all governmental approvals required in connection with the lawful sale and issuance of the Note and the Warrant. 
 (c)
Legal Requirements. At the Closing, the sale and issuance by Company, and the purchase by the Investor, of the Note and Warrant shall be legally permitted by all laws and regulations to which the Investor or Company are subject. 

(d) Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing
and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Investor. 
 (e) Transaction Documents. Company shall have duly executed and delivered to the Investor the following documents: 
 (i) This Agreement; 
 (ii) The Note and Warrant issued hereunder; 

(iii) The Security Agreement in the form of Exhibit C hereto (the “Security Agreement”); 

(iv) All UCC-1 financing statements and other documents and instruments which the Investor may reasonably request to perfect its
security interest in the collateral described in the Security Agreement shall be filed with the USPTO within ten (10) days after the Closing; and 

  
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 (v) A Legal Opinion of Richardson & Patel, LLP in form and substance reasonably
satisfactory to the Investor. 
 5. Conditions to Obligations of Company. Company’s obligation to issue and
sell the Note at the Closing is subject to the fulfillment, on or prior to the Closing Date, of the following conditions, any of which may be waived in whole or in part by Company: 

(a) Representations and Warranties. The representations and warranties made by the Investor in Section 3 hereof shall be true
and correct when made, and shall be true and correct on the Closing Date. 
 (b) Governmental Approvals and Filings.
Except for any notices required or permitted to be filed after the Closing Date with certain federal and state securities commissions, Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance of
the Note. 
 (c) Legal Requirements. At the Closing, the sale and issuance by Company, and the purchase by the Investor,
of the Note shall be legally permitted by all laws and regulations to which the Investor or Company are subject. 
 (d)
Purchase Price. The Investor shall have delivered to Company the Purchase Price in respect of the Note and Warrant being purchased by the Investor referenced in Section 1(b) hereof. 

6. Miscellaneous. 
 (a) Waivers and Amendments. Any provision of this Agreement may be amended, waived or modified only upon the written consent of Company and Investor. 

(b) Governing Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and
construed in accordance with the laws of the State of New York. 
 (c) Survival. The representations, warranties,
covenants and agreements made herein shall survive the execution and delivery of this Agreement. 
 (d) Successors and
Assigns. Subject to the restrictions on transfer described in Sections 6(e) and 6(f) below, the rights and obligations of Company and the Investor of the Note shall be binding upon and benefit the successors, assigns, heirs,
administrators and transferees of the parties. 
 (e) Registration, Transfer and Replacement of the Note. Company will
keep, at its principal executive office, books for the registration and registration of transfer of the Note. Prior to presentation of the Note for registration of transfer, Company shall treat the Person in whose name such Note is registered as the
owner and holder of such Note for all purposes whatsoever, whether or not such Note shall be overdue, and the Company shall not be affected by notice to the contrary. Subject to any restrictions on or conditions to transfer set forth in the Note,
the holder of any Note, at its option, may in person or by duly authorized attorney surrender the same for exchange at Company’s chief executive office, and promptly thereafter and at Company’s expense, except as provided below, receive in
exchange therefor one or more new Note(s), each in the principal 

  
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requested by such holder, dated the date to which interest shall have been paid on the Note so surrendered or, if no interest shall have yet been so paid, dated the date of the Note so
surrendered and registered in the name of such Person or Persons as shall have been designated in writing by such holder or its attorney for the same principal amount as the then unpaid principal amount of the Note so surrendered. Upon receipt by
Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it; or (b) in the
case of mutilation, upon surrender thereof, the Company, at its expense, will execute and deliver in lieu thereof a new Note executed in the same manner as the Note being replaced, in the same principal amount as the unpaid principal amount of such
Note and dated the date to which interest shall have been paid on such Note or, if no interest shall have yet been so paid, dated the date of such Note. 
 (f) Assignment by Company. The rights, interests or obligations hereunder and under the other Transaction Documents may not be assigned, by operation of law or otherwise, in whole or in part, by
Company without the prior written consent of Investor, which consent shall not be unreasonably withheld or delayed. 
 (g)
Entire Agreement. This Agreement together with the other Transaction Documents constitute and contain the entire agreement among Company and Investor and supersede any and all prior agreements, negotiations, correspondence, understandings and
communications among the parties, whether written or oral, respecting the subject matter hereof. 
 (h) Notices. All
notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall in writing and faxed, mailed or delivered to each party as follows: (i) if to the Investor, at the Investor’s address or
facsimile number set forth in the Schedule of Investors attached as Schedule I, or at such other address as such Investor shall have furnished Company in writing, or (ii) if to Company, at 11552 Prosperous Drive, Odessa, FL 33556,
Telephone: (727) 375-8484, Facsimile: (727) 375-8485, or at such other address or facsimile number as Company shall have furnished to the Investor in writing. All such notices and communications shall be effective (a) when sent by
Federal Express or other overnight service of recognized standing, on the business day following the deposit with such service; (b) when mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid through the
United States Postal Service, upon receipt; (c) when delivered by hand, upon delivery; and (d) when faxed, upon confirmation of receipt. 
 (i) Severability of this Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 (j) Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall be deemed to constitute one instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
by their proper and duly authorized officers as of the date and year first written above. 
  

			
	COMPANY:
	
	 DAIS ANALYTIC CORPORATION
 a New York corporation

		
	By:	 	 /s/ Timothy N. Tangredi

	Name:	 	 Timothy N. Tangredi

	Title:	 	 President & CEO

	
	INVESTOR:
	
	Platinum-Montaur Life Sciences, LLC
		
	By:	 	 /s/ Joseph Sanfilippo

	Name:	 	 Joseph Sanfilippo

	Title:	 	 CFO

 [Signature page for Note and Warrant Purchase Agreement] 

 SCHEDULE I 
 SCHEDULE OF INVESTORS 
  

													
	 Name and Address
	  	Note Amount	 	  	Warrant	 	  	Purchase Price	 
	 Platinum-Montaur Life Sciences, LLC
	  	$	1,500,000	  	  	 	3,000,000 shares	  	  	$	1,500,000	  

  

	(1)	All payments on account of the Note shall be made by bank wire transfer of immediately available funds to: 

*** 
  

	2)	Address for all notices: 

Platinum-Montaur Life Sciences, LLC 
 152 West 57th
Street, 4th Floor 

New York, NY 10019 
 Attn: Dr. Michael Goldberg 
 Tel.: (212) 271-7895 

 

	***	This material has been omitted pursuant to a request for confidential treatment and flied separately with the Securities and Exchange Commission.

 EXHIBIT A 
 FORM OF NOTE 

  
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 EXHIBIT B 

FORM OF WARRANT 

 EXHIBIT C 

FORM OF SECURITY AGREEMENTSecured Convertible Promissory Note

 Exhibit 10.8 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS
REGISTERED UNDER THAT ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION THEREUNDER IS AVAILABLE. 
 DAIS ANALYTIC CORPORATION 
 SECURED CONVERTIBLE PROMISSORY NOTE

  

			
	$ 1,500,000	  	Dated: March 22, 2011

 Dais Analytic Corporation, a New York corporation (the “Company”), hereby promises to pay to the order of Platinum-Montaur Life Sciences, LLC, a Delaware limited liability company with an
address of 152 West 57th Street, 4th Floor, New York, NY 10019 (the “Payee”), or its
registered assigns, the principal amount of one million five hundred thousand dollars ($1,500,000) together with interest thereon calculated in accordance with the provisions of this Secured Convertible Promissory Note (as amended, modified and
supplemented from time to time, this “Convertible Note” or this “Note”). This Convertible Note is issued pursuant to the Note and Warrant Purchase Agreement of even date herewith (as amended, modified or
supplemented from time to time, the “Purchase Agreement”) between the Company and the Payee. 
 Certain
capitalized terms are defined in Section 11 hereof. 
 1. Payment. 

(i) Payment of Interest. Simple interest shall accrue on the unpaid principal amount of this Convertible Note at a rate equal
to ten percent (10%) per annum (the “Interest Rate”) commencing on date hereof and the principal amount hereof and shall be payable on March 22, 2012 (the “Maturity Date”) in cash or immediately available
funds. Interest shall be computed on the basis of the actual number of days elapsed in a 365-day year. 
 (ii) Payment
of Convertible Note. Except in connection with a Qualified Offering by the Company or acceleration by the Payee or otherwise as described herein, the Company may not, at any time prior to the Maturity Date, repay or prepay any outstanding
principal of the Convertible Note or any accrued and unpaid interest without the prior written consent of the Payee. 
 2. Maturity
Date. The entire principal amount of this Convertible Note and all accrued but unpaid interest thereon shall be due and payable in full in immediately available funds on the Maturity Date.

  
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 3. Qualified Offering.
 (i) All outstanding principal and interest under this Convertible Note shall automatically convert into shares of the Company’s $.01 par value Common Stock (“Common Stock”), at the
then-effective Conversion Price, upon the earlier of (i) the closing of the sale of the Common Stock in a firm commitment, underwritten public offering registered under the Securities Act of 1933, as amended (the “Securities
Act”) other than an employee benefit plan of the Company, at a public offering price (prior to underwriters’ discounts and expenses) equal to or exceeding $0.30 per share of Common Stock (as adjusted for any stock dividends,
combinations or splits with respect to such shares) and the aggregate proceeds to the Company from such sales of Common Stock (after deduction for underwriters’ discounts and expenses relating to the issuance, including without limitation fees
of the Company’s counsel) of which exceed $5,000,000 (a “Qualified Offering”); and (ii) upon any sale, pledge, conveyance, hypothecation, assignment or other transfer of the Convertible Note, whether or not for value, by
the Payee, other than any such transfer by such holder to a nominee of such holder (without any change in beneficial ownership, as such term is defined under Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)); provided that any transfer by the Payee to any majority-owned subsidiary or other affiliate of the Payee shall not give rise to automatic conversion hereunder unless and until such transferee ceases to be a
majority-owned subsidiary or other affiliate of the Payee; and further provided that in the event any pledge, conveyance, hypothecation, assignment or other transfer shall not give rise to automatic conversion hereunder, then any subsequent transfer
or attempt thereof by the Payee (other than any such transfer by such holder to a nominee of such holder (without any change in “beneficial ownership”, as such term is defined under Section 13(d) of the Exchange Act) shall be subject
to automatic conversion upon the terms and conditions set forth herein. 
 (ii) In connection with an automatic conversion
pursuant to the terms of Section 3(i) hereof resulting from a Qualified Offering, unless the Payee has waived the provisions of this Section 3(ii) (which the Payee may elect to waive at any time prior to the consummation of the Qualified
Offering in its sole and absolute discretion, in the event that the conversion in full of amounts outstanding under this Convertible Note upon a Qualified Offering would cause the issuance to the Payee of a number of shares of Common Stock in excess
of the 9.99% Threshold (as defined below), the Company shall, in lieu of issuing any shares of Common Stock in excess of the 9.99% Threshold, issue up to that number of shares of Common Stock as would not violate the provisions of Section 9
hereof (by means of an automatic conversion of an applicable portion of this Convertible Note), and with respect to the balance of amounts outstanding under this Convertible Note, apply the proceeds of the Qualified Offering, upon the consummation
thereof, to repay such excess amounts. 
 4. Conversion. 
 (i) In addition to the automatic conversion described in Section 3(i) above, the Payee may, at any time and from time to time prior to the Maturity Date, convert all or a portion of the
principal amount of this Convertible Note plus any accrued and unpaid interest thereon into equity and equity instruments in the Company in accordance with the following provisions (the “Equity”). 

(ii) Upon any conversion of this Convertible Note, the number of shares of Common Stock that shall be issuable to Payee shall be
derived by dividing (x) the principal 

  
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amount converted plus any accrued and unpaid interest due and owing on this Convertible Note as of the date of conversion, by (y) twenty-six cents ($.26) as adjusted to reflect subsequent
stock dividends, splits, combinations, recapitalizations and the like (the “Conversion Price”). No fractional shares shall be issued upon conversion. 
 (iii) Payee agrees that this Note and all stock certificates representing the Common Stock shall bear the following legend (or substantially equivalent language): 

“THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THAT ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION THEREUNDER IS AVAILABLE.” 

The Company agrees to reissue certificates representing any of the Conversion Shares, without the legend set forth above if at such time,
prior to making any transfer of any such securities, the Payee shall give written notice to the Company describing the manner and terms of such transfer. Such proposed transfer will not be effected until: (a) either (i) the Company
has received an opinion of counsel reasonably satisfactory to the Company, to the effect that the registration of such securities under the Securities Act is not required in connection with such proposed transfer, (ii) a registration statement
under the Securities Act covering such proposed disposition has been filed by the Company with the Securities and Exchange Commission and has become effective under the Securities Act, (iii) the Company has received other evidence reasonably
satisfactory to the Company that such registration and qualification under the Securities Act and state securities laws are not required, or (iv) the Payee provides the Company with reasonable assurances that such security can be sold pursuant
to Rule 144 under the Securities Act; and (b) either (i) the Company has received an opinion of counsel reasonably satisfactory to the Company, to the effect that registration or qualification under the securities or “blue sky”
laws of any state is not required in connection with such proposed disposition, or (ii) compliance with applicable state securities or “blue sky” laws has been effected or a valid exemption exists with respect thereto. The
Company will respond to any such notice from the Payee within five (5) Business Days from receipt of such notice. In the case of any proposed transfer under this Section 4, the Company will use reasonable efforts to comply with any
such applicable state securities or “blue sky” laws, but shall in no event be required, (x) to qualify to do business in any state where it is not then qualified, (y) to take any action that would subject it to tax or to the
general service of process in any state where it is not then subject, or (z) to comply with state securities or “blue sky” laws of any state for which registration by coordination is unavailable to the Company. Whenever a certificate
representing the Conversion Shares is required to be issued to the Payee without a legend, in lieu of delivering physical certificates representing the Conversion Shares, the Company shall cause its transfer agent to electronically transmit the
Conversion Shares to the Payee by crediting the account of the Payee’s Prime Broker with the Depository Trust and Clearing Company through its Deposit/Withdrawal at Custodian (“DWAC”)system so long as the Company’s
transfer agent is participating in the DWAC system. 
 (iv) Except as otherwise expressly provided herein, the conversion
of this Convertible Note shall be deemed to have been effected as of the close of business on the date on which the Payee gives notice of the conversion to the Company and surrenders this Note (in the

  
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event of an automatic or voluntary conversion in full). At such time as such conversion has been effected, the rights of the Payee of this Convertible Note as the Payee of that portion of
the Convertible Note so converted shall cease. 
 (v) As soon as possible after a conversion has been effected (but in any
event within ten (10) Business Days of all legal requirements for the issuance of said Conversion Shares having been met), the Company shall deliver to the Payee a certificate or certificates representing the number of Conversion Shares
issuable by reason of such conversion in the name of the Payee. 
 (vi) The issuance of certificates for Conversion Shares
shall be made without charge to the holder hereof for any issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of shares of Common Stock. Upon conversion of this
Convertible Note, the Company shall take all such actions as are necessary in order to insure that the Conversion Shares shall be validly issued, fully paid and nonassessable. 
 (vii) The Company shall not close its books against the transfer of Common Stock issued or issuable upon conversion of this Convertible Note in any manner which interferes with the timely conversion
of this Convertible Note, unless required by applicable law. 
 (vii) The Company shall at all times reserve and keep
available out of its authorized but unissued shares of Common Stock, solely for the purpose of issuance upon conversion hereunder, such number of Conversion Shares issuable upon conversion in full of this Convertible Note. All shares of such
capital stock which are so issuable shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges. The Company shall take all reasonable actions necessary to assure that all such Common
Stock may be so issued without violation of any applicable law or governmental regulation. 
 5. Conversion Price Protection. Until
the Note has been paid in full or converted in full, the Conversion Price shall be subject to adjustment from time to time as follows (but shall not be increased, other than pursuant to Section 5(i) hereof): 

(i) If the Company shall at any time or from time to time after the issuance date of this Convertible Note, effect a stock split of the
outstanding Common Stock, the applicable Conversion Price in effect immediately prior to the stock split shall be proportionately decreased. If the Company shall at any time or from time to time after the Issuance Date, combine the outstanding
shares of Common Stock, the applicable Conversion Price in effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 5(i) shall be effective at the close of business on the date the stock
split or combination occurs. 
 (ii) If the Company shall at any time or from time to time make or issue or set a record date
for the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in shares of Common Stock, then, and in each event, the applicable Conversion Price in effect immediately prior to such event shall be
decreased as of the time of such issuance or, in the event such record date shall have been fixed, as of the close of business on such record date, by multiplying each of the applicable Conversion Price then in effect by a fraction: 

  
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 (A) the numerator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date; and 
 (B) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the
number of shares of Common Stock issuable in payment of such dividend or distribution. 
 (iii) If the Company shall at any time
or from time to time, make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in securities of the Company or any other Person other than shares of Common
Stock, then, and in each event, an appropriate revision to the applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the holders of this Convertible Note shall receive
upon conversions thereof, in addition to the number of shares of Common Stock receivable thereon, the number of securities of the Company or other issuer (as applicable) which they would have received had this Convertible Note been converted into
Common Stock on the date of such event and had thereafter, during the period from the date of such event to and including the conversion date, retained such securities (together with any distributions payable thereon during such period), giving
application to all adjustments called for during such period under this Section 5(iii) with respect to the rights of the holders of this Convertible Note; provided, however, that if such record date shall have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions. 

(iv) If the Common Stock issuable upon conversion of this Note at any time or from time to time after the Issuance Date shall be changed
to the same or different number of shares of any class or classes of stock, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination of shares or stock dividends provided for in Sections
5(i), (ii) and (iii), or a reorganization, merger, consolidation, or sale of assets provided for in Section 5(v)), then, and in each event, an appropriate revision to the Conversion Price shall be made and provisions shall be made (by
adjustments of the Conversion Price or otherwise) so that the Payee shall have the right thereafter to convert this Note into the kind and amount of shares of stock and other securities receivable upon reclassification, exchange, substitution or
other change, by holders of the number of shares of Common Stock into which such Convertible Note might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to further adjustment as
provided herein. 
 6. Senior Debt. Except for (A) trade payables incurred in the ordinary course of business,
(B) purchase money secured indebtedness for equipment or inventory secured only by the equipment or inventory purchased with the proceeds of such indebtedness, (C) unsecured and subordinate indebtedness to, or unsecured and subordinate
working capital guarantees provided by, the Export Import Bank of the United States (the “EXIM Bank”), or if required by the EXIM Bank in accordance with its loan underwriting, such indebtedness or guarantees secured only by the
receivable financed by the EXIM Bank with the proceeds of such indebtedness, (D) indebtedness evidenced by (i) the promissory note dated February 19, 2010 issued to RBC Capital Markets- Custodian of Leonard Samuels IRA (as amended) in
the principal amount of 

  
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$620,000, (ii) the promissory note from the Company to Bruce Mora in the initial aggregate principal amount of approximately $50,000 (which shall be repaid in full on or prior to
March 25, 2011) and (iii) the Amended and Restated Convertible Promissory Note, dated March 22, 2011, issued to the Payee in the principal amount of $1,000,000 and (E) other unsecured indebtedness for borrowed money in an amount
not to exceed $750,000, the Company shall not issue or permit to exist any obligation for borrowed money. This Convertible Note is secured by the Security Agreement attached to the Purchase Agreement. 

7. Method of Payments. 
 (i) Payment. Company will pay all sums for principal and interest, becoming due on this Convertible Note held by the Payee not later than 5:00 p.m. Eastern Standard Time, on the date such
payment is due, in immediately available funds, in accordance with reasonable payment instructions that the Payee may designate in writing, without the presentation or surrender of such Convertible Note or the making of any notation
thereon. Any payment made after 5:00 p.m. Eastern Standard Time, on a Business Day will be deemed made on the next following Business Day. If the due date of any payment in respect of this Convertible Note would otherwise fall on a day
that is not a Business Day, such due date shall be extended to the next succeeding Business Day. 
 (ii) Transfer and
Exchange. Upon surrender of this Convertible Note for registration of transfer or for exchange to the Company at its principal office, the Company at its sole expense will execute and deliver in exchange therefore a new Convertible Note or
Convertible Notes, as the case may be, as requested by the Payee, which aggregate the unpaid principal amount of such Convertible Note, dated so that there will be no loss of interest on the Convertible Note and otherwise of like tenor. The issuance
of new Convertible Notes shall be made without charge to the holder(s) of the surrendered Convertible Note for any issuance tax in respect thereof or other cost incurred by the Company in connection with such issuance. Notwithstanding any provision
of this Convertible Note to the contrary, this Convertible Note may be transferred by Payee (or any Person taking from Payee) to any other Person without prior written approval of the Company so long as such transferee agrees in writing to be bound
by all the terms and provisions of this Note and the Purchase Agreement. 
 (iii) Replacement. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Convertible Note and, in the case of any such loss, theft or destruction of any Convertible Note, upon receipt of an indemnity reasonably
satisfactory to the Company or, in the case of any such mutilation, upon the surrender and cancellation of such Convertible Note, the Company, at its expense, will execute and deliver, in lieu thereof, a new Convertible Note of like tenor and dated
the date of such lost, stolen, destroyed or mutilated Convertible Note. 
 8. Consolidation, Merger and Sale. During the term of the
Convertible Note, Company will not (a) consolidate or merge with or into (or permit any subsidiary to consolidate or merge with or into) any other person without requiring said consolidation or merger be coincident with the repayment of this
Convertible Note, (b) sell or otherwise dispose of (or permit any subsidiary to sell or otherwise dispose of) substantially all of its property or assets in one or more transactions to, any other person or entity without requiring said sale or
disposal be coincident with the repayment of this Convertible Note. 

  
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 9. Conversion Restriction. Except as set forth in Section 3 hereof, at no time may the
Payee convert all or a portion of this Convertible Note if the number of shares of Common Stock to be issued pursuant to such conversion, when aggregated with all other shares of Common Stock owned by the Payee at such time, would result in the
Payee beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding at such time (the “9.99%
Threshold”); provided, however, that upon the Payee providing the Company with at least 61 days’ prior written notice that the Payee waives the limitations contained in this Section 9 with regard to any or all shares
of Common Stock issuable upon conversion of this Note, this Section 9 shall be of no force or effect with regard to all or a portion of the Convertible Note referenced in such notice. 
 10. Events of Default. If any of the following events take place (each, an “Event of Default”), Payee shall provide the Company with written notification describing in
reasonable detail the Event of Default whereupon the Company shall have fifteen (15) days from receipt thereof to cure such default (unless a shorter period is specified below) and if the Company fails to cure said default within the foregoing
period the Payee, at its option, may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Convertible Note immediately due and payable: 

 

	 	(i)	a receiver, liquidator or trustee of the Company or any substantial part of the Company’s assets or properties is appointed by a court order; or

  

	 	(ii)	the Company is adjudicated bankrupt or insolvent; or 

  

	 	(iii)	any of the Company’s property is sequestered by or in consequence of a court order and such order remains in effect; or 

 

	 	(iv)	the Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to
the filing of any petition against it under such law, or 

  

	 	(v)	any petition against the Company is filed under bankruptcy, receivership or insolvency law and said petition is not vacated; or 

 

	 	(vi)	the Company makes a formal general assignment for the benefit of its creditors or consents to the appointment of a receiver or liquidator of the Company for all or
substantially all of its property; or 

  

	 	(vii)	the Company dissolves, liquidates or ceases all or substantially all business activity other than in the ordinary course of business; or 

 

	 	(viii)	the Company breaches any material covenant or agreement on its part contained in this Convertible Note, the Security Agreement, the Purchase Agreement or the Warrant;
or 

  

	 	(ix)	 the Company shall fail to make any payment of principal or interest 

  
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hereunder on the date such payment is due; or 

  

	 	(x)	the Common Stock shall be suspended from listing, without subsequent listing on any one of, or the failure of the Common Stock to be listed or quoted on at least one of
the OTC Bulletin Board, the American Stock Exchange, the Nasdaq Global Market, the Nasdaq Capital Market or The New York Stock Exchange, Inc. for a period of ten or more (10) consecutive Business Days; or 

 

	 	(xi)	the Company’s notice to the Payee, including by way of public announcement, at any time, of its inability to comply or its intention not to comply with conversions
of this Convertible Note into shares of Common Stock; or 

  

	 	(xii)	the Company shall fail to timely deliver the shares of Common Stock upon conversion of the Convertible Note, which failure is not remedied within ten (10) Business
Days after the incurrence thereof; or 

  

	 	(xiii)	the Company shall (A) default in any payment of any amount or amounts of principal of or interest on any indebtedness (other than the indebtedness hereunder) the
aggregate principal amount of which indebtedness is in excess of $100,000 or (B) default in the observance or performance of any other agreement or condition relating to any indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such indebtedness
to cause with the giving of notice if required, such indebtedness to become due prior to its stated maturity; or 

  

	 	(xiv)	the Company shall fail to comply with its obligations under the Purchase Agreement, the Security Agreement (as defined in the Purchase Agreement) or the Warrant (as
defined in the Purchase Agreement). 

 11. Definitions. 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their activities. 

“Conversion Shares” with respect to the shares of Common Stock issuable upon conversion of the Convertible Note.

 “Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm,
a company, a corporation, a partnership, a limited liability company, a trust or other entity. 
 12. Amendment and Waiver. The
provisions of this Convertible Note may not be modified, amended or waived, and the Company may not take any action herein prohibited, or 

  
 - 8 -

 
omit to perform any act herein required to be performed by it, without the written consent of the Payee and the Company. 
 13. Remedies Cumulative. No remedy herein conferred upon the Payee is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. 

14. Remedies Not Waived. No course of dealing between the Company and the Payee or any delay on the part of the Payee in exercising any
rights hereunder shall operate as a waiver of any right of the Payee. 
 15. Assignments. The Payee may assign, participate,
transfer or otherwise convey this Convertible Note and any of its rights or obligations hereunder or interest herein to any Person that the Company consents to (such consent not to be unreasonably withheld or delayed), and this Convertible Note
shall inure to the benefit of the Payee’s successors and assigns; provided, however, (i) no transferee of the Note shall be a competitor (as determined in the reasonable discretion of the Board of Directors of the Company) of the Company
and (ii) any transferee of the Note shall agree in writing to be bound as a holder to the terms and conditions of this Note and the provisions of Section 17 of the Securities Amendment and Exchange Agreement dated as of March 22,
2011, between the Payee and the Company. The Company shall not assign or delegate this Convertible Note or any of its liabilities or obligations hereunder without the prior written consent of the Payee. This Convertible Note, and any note issued in
exchange or substitution therefore, shall bear a legend as to applicable restrictions or transfer under applicable securities laws. 

16. Headings. The headings of the sections and paragraphs of this Convertible Note are inserted for convenience only and do not
constitute a part of this Convertible Note. 
 17. Severability. If any provision of this Convertible Note is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of this Convertible Note will remain in full force and effect. Any provision of this Convertible Note held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable. 
 18. Cancellation. After all principal and accrued
interest at any time owed on this Convertible Note have been paid in full, or this Convertible Note has been converted in full, this Convertible Note will be deemed cancelled, shall be surrendered by the Payee to the Company and will not be
reissued. 
 19. Place of Payment and Notices. Payment of principal and interest is to be delivered to the Payee at the address
first written above, or at such other address as the Payee has specified by prior written notice Company. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and shall be
effective (a) upon hand delivery, telecopy or facsimile (with confirmation of receipt) at the address or number as set forth in the Exchange Agreement, or such other address or facsimile number as the Company shall have furnished to Payee in
writing or (b) on the second business day following the date of mailing by express overnight courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. 

  
 - 9 -

 20. Submission to Jurisdiction. Any legal action or proceeding with respect to this
Convertible Note shall be brought in the courts of the State of New York or of the United States of America sitting in Manhattan, New York, and, by execution, delivery and acceptance of this Convertible Note, both the Company and Payee hereby accept
for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. 

(i) The Company and Payee hereby irrevocably waive, in connection with any such action or proceeding, any objection, including,
without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which they may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions. 

(ii) Nothing herein shall affect the right of the Payee or Company to serve process in any other manner permitted by law.

 21. Usury. In the event any interest is paid on this Convertible Note which is deemed to be in excess of the then legal maximum rate,
then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Convertible Note. 

22. Registration. The Company shall, in connection with the Qualified Offering, use reasonable efforts to include the Payee’s securities in
such offering, provided the Payee accepts the terms of the of the underwriting as agreed upon between the Company and the underwriters selected by it, and then only in such quantities as the underwriters determine in their reasonable discretion,
will not jeopardize the success of the offering by the Company. 
 23. GOVERNING LAW. ALL ISSUES AND QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS CONVERTIBLE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR
PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 [Signature Page Follows] 

  
 - 10 -

 IN WITNESS WHEREOF, the Company has executed and delivered this Secured Convertible
Promissory Note on the date first written above. 
  

					
	DAIS ANALYTIC CORPORATION
		
	By:	 	 /s/ Timothy N. Tangredi

		 	Name:	 	Timothy N. Tangredi
		 	Title:	 	President & CEO

 [$1,500,000
Secured Convertible Promissory Note to Platinum-Montaur Life Sciences, LLC]

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