Document:

Exhibit
      4.5

    

    THE
      WARRANT REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND IS SUBJECT TO RESTRICTIONS
      ON TRANSFERABILITY AS SET FORTH IN THIS CERTIFICATE. THIS WARRANT MAY NOT BE
      SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION OF COUNSEL, REASONABLY
      ACCEPTABLE TO COUNSEL FOR THE COMPANY, TO THE EFFECT THAT THE PROPOSED SALE,
      TRANSFER, OR DISPOSITION MAY BE EFFECTUATED WITHOUT REGISTRATION UNDER THE
      ACT.

     

    No.
      W-200

    

    INTELLI-CHECK,
      INC.

    

    WARRANT
      CERTIFICATE

    

    THIS
      WARRANT CERTIFICATE (the "Warrant Certificate") certifies that for value
      received Wolfe
      Axelrod Weinberger (“WAW”) Associates LLC (the
      "Holder"), is the owner of this warrant (the "Warrant"), which entitles the
      Holder thereof to purchase at any time on or before the Expiration Date (as
      defined below) one
      hundred thousand (100,000)
      Shares
      (the "Warrant Shares") of fully paid non-assessable shares of the common stock,
      par value $.001 per share, (the "Common Stock"), of INTELLI-CHECK, INC., a
      New
      York corporation (the "Company"), at a purchase price of $4.62
      per
      Warrant Share, the price per share at the close of business on September 21,
      2005 (the "Purchase Price"), in lawful money of the United States of America
      by
      bank or certified check, subject to adjustment as hereinafter
      provided.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    1.
      WARRANT;
      PURCHASE PRICE.

    

    This
      Warrant shall entitle the Holder thereof to purchase the Warrant Shares at
      the
      Purchase Price. The Purchase Price and the number of Warrant Shares evidenced
      by
      this Warrant Certificate are subject to adjustment as provided in Article
      6.

    

    2.
      EXERCISE;
      EXPIRATION DATE.

    

    (a)
      Vesting.
      This
      Warrant shall vest at a rate of 8,333 shares on each monthly anniversary of
      the
      date of the Retainer Agreement (September 21, 2005) and may be exercised at
      the
      option of the Holder, at any time on or before the Expiration Date (as defined
      below) by delivering to the Company written notice of exercise (the "Exercise
      Notice"), stating the number of Warrant Shares to be purchased thereby,
      accompanied by bank or certified check payable to the order of the Company
      for
      the Warrant Shares being purchased. Within twenty (20) business days of the
      Company's receipt of the Exercise Notice accompanied by the consideration for
      the Warrant Shares being purchased, the Company shall issue and deliver to
      the
      Holder a certificate representing the Warrant Shares being purchased. In the
      case of exercise for less than all of the Warrant Shares represented by this
      Warrant Certificate, the Company shall cancel this Warrant Certificate upon
      the
      surrender thereof and shall execute and deliver a new Warrant Certificate for
      the balance of such Warrant Shares.

    

    (b)
      Expiration.
      Each
      warrant shall have a five year duration commencing with the vesting date. The
      term "Expiration Date" shall mean 5:00 p.m., New York time, five years from
      the
      date of vesting or if such date in the State of New York shall be a holiday
      or a
      day on which banks are authorized to close, then 5:00 p.m., New York time,
      the
      next following day which in the State of New York is not a holiday or a day
      on
      which banks are authorized to close. 

    

    3.
      RESTRICTIONS
      ON TRANSFER.

    

    (a)
      Restrictions.
      This
      Warrant, and the Warrant Shares or any other security issuable upon exercise
      of
      this Warrant may not be assigned, transferred, sold, or otherwise disposed
      of
      unless (i) there is in effect a registration statement under the Act covering
      such sale, transfer, or other disposition or (ii) the Holder furnishes to the
      Company an opinion of counsel, reasonably acceptable to counsel for the Company,
      to the effect that the proposed sale, transfer, or other disposition may be
      effected without registration under the Act, as well as such other documentation
      incident to such sale, transfer, or other disposition as the Company's counsel
      shall reasonably request. However, the warrant may be transferred in whole
      or in
      part to one or more employees or members of WAW, subject to compliance with
      applicable security laws. 

    

    (b)
      Legend.
      Any
      Warrant Shares issued upon the exercise of this Warrant shall bear the following
      legend:

    "The
      shares evidenced by this certificate were issued upon exercise of a Warrant
      and
      may not be sold, transferred, or otherwise disposed of in the absence of an
      effective registration under the Securities Act of 1933 (the "Act") or an
      opinion of counsel, reasonably acceptable to counsel for the Company, to the
      effect that the proposed sale, transfer, or disposition may be effectuated
      without registration under the Act."

    

    4.
      RESERVATION
      OF SHARES.

    

    The
      Company covenants that it will at all time reserve and keep available out of
      its
      authorized Common Stock, solely for the purpose of issuance upon exercise of
      this Warrant, such number of shares of Common Stock as shall then be issuable
      upon the exercise of this Warrant. The Company covenants that all shares of
      Common Stock which shall be issuable upon exercise of this Warrant shall be
      duly
      and validly issued and fully paid and non-assessable and free from all taxes,
      liens, and charges with respect to the issue thereof.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    5.
      LOSS
      OR MUTILATION.

    

    Upon
      receipt by the Company of reasonable evidence of the loss, theft, destruction,
      or mutilation of this Warrant Certificate and, in the case of loss, theft,
      or
      destruction, of indemnity reasonably satisfactory to the Company, or in the
      case
      of mutilation, upon surrender and cancellation of the mutilated Warrant
      Certificate, the Company shall execute and deliver in lieu thereof, a new
      Warrant Certificate representing an equal number of Warrant Shares exercisable
      thereunder.

    

    6.
      ANTI-DILUTION
      PROVISIONS.

    

    (a)
      The
      number of shares of Common Stock and the Purchase Price per Warrant Share
      pursuant to this Warrant shall be subject to adjustment from time to time as
      provided for in this Section 6(a). Notwithstanding any provision contained
      herein, the aggregate Purchase Price for the total number of Warrant Shares
      issuable pursuant to this Warrant shall remain unchanged. In case the Company
      shall at any time change as a whole, by subdivision or combination in any manner
      or by the making of a stock dividend, the number of outstanding shares of Common
      Stock into a different number of shares, (i) the number of shares which the
      Holder of this Warrant shall have been entitled to purchase pursuant to this
      Warrant shall be increased or decreased in direct proportion to such increase
      or
      decrease of shares, as the case may be, and (ii) the Purchase Price per Warrant
      Share (but not the aggregate Purchase Price) in effect immediately prior to
      such
      change shall be increased or decreased in inverse proportion to such increase
      or
      decrease of shares, as the case may be.

     

    (b)
      In
      case of any capital reorganization or any reclassification of the capital stock
      of the Company or in case of the consolidation or merger of the Company with
      another corporation (or in the case of any sale, transfer, or other disposition
      to another corporation of all or substantially all the property, assets,
      business, and goodwill of the Company), the Holder of this Warrant shall
      thereafter be entitled to purchase the kind and amount of shares of capital
      stock which this Warrant entitled the Holder to purchase immediately prior
      to
      such capital reorganization, reclassification of capital stock, consolidation,
      merger, sale, transfer, or other disposition; and in any such case appropriate
      adjustments shall be made in the application of the provisions of this Section
      6
      with respect to rights and interests thereafter of the Holder of this Warrant
      to
      the end that the provisions of this Section 6 shall thereafter be applicable,
      as
      near as reasonably may be, in relation to any shares or other property
      thereafter purchasable upon the exercise of this Warrant.

    

    
      	
            	(c)	
              Fractional
                Shares.
                No certificate for fractional shares shall be issued upon the exercise
                of
                this Warrant, but in lieu thereof the Company shall purchase any
                such
                fractional shares calculated to the nearest
                cent.

            

    

    

    
      	 	
              (d)

            	
              Rights
                of the Holder.
                The Holder of this Warrant shall not be entitled to any rights of
                a
                shareholder of the Company in respect of any Warrant Shares purchasable
                upon the exercise hereof until such Warrant Shares have been paid
                for in
                full and issued to it. As soon as practicable after such exercise,
                the
                Company shall deliver a certificate or certificates for the number
                of full
                shares of Common Stock issuable upon such exercise, to the person
                or
                persons entitled to receive the same.

               

              
                The
                  granting of this warrant shall not confer upon the Holder of this
                  Warrant
                  any right to continue to be retained by the Company or any of its
                  subsidiaries; subject, however, to the terms of the Retainer Agreement
                  between WAW and the Company.

              

            

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    7.
      REPRESENTATIONS
      AND WARRANTIES.

    

    The
      Holder, by acceptance of this Warrant, represents and warrants to, and covenants
      and agrees with, the Company as follows:

    

    
      	 	
              (i)

            	
              The
                Warrant is being acquired for the Holder's own account for investment
                and
                not with a view toward resale or distribution of any part thereof,
                and the
                Holder has no present intention of selling, granting any participation
                in,
                or otherwise distributing the same.

            

    

    

    
      	 	
              (ii)

            	
              The
                Holder is aware that the Warrant is not registered under the Act
                or any
                state securities or blue sky laws and, as a result, substantial
                restrictions exist with respect to the transferability of the Warrant
                and
                the Warrant Shares to be acquired upon exercise of the
                Warrant.

            

    

    

    
      	 	
              (iii)

            	
              The
                Holder is an accredited investor as defined in Rule 501(a) of Regulation
                D
                under the Act and is a sophisticated investor familiar with the type
                of
                risks inherent in the acquisition of securities such as the Warrant,
                and
                its financial position is such that it can afford to retain the Warrant
                and the Warrant Shares for an indefinite period of time without realizing
                any direct or indirect cash return on this
                investment.

            

    

    

    8.
      REGISTRATION.

    

    
      	
            	(a)	
              Piggyback
                Registration.
                The Company agrees that if, at any time on or before the Expiration
                Date
                the Company registers any of its securities under the Act, whether
                for its
                own account or on behalf of selling stockholders the Company will
                provide
                the Holder with at least forty-five (45) days prior written notice
                of such
                intention and, upon request from the Holder, will cause the underlying
                shares issuable under this Warrant designated by the Holder to be
                registered under the Act (such event, a "Piggyback
                Registration").

            

    

    

    
      	
            	(b)	
              Piggyback
                Registration Procedures.
                A
                registration statement referred to in Section 8(a) shall be prepared
                and
                processed in accordance with the following terms and
                conditions:

            

    

    

    
      	 	
              (i)

            	
              The
                Holder agrees to cooperate in furnishing promptly to the Company
                in
                writing any information requested by the Company in connection with
                the
                preparation, filing, and processing of such registration
                statement.

            

    

    

    
      	 	
              (ii)

            	
              The
                Company shall include in the registration statement the shares of
                Common
                Stock proposed to be included in the Piggyback Registration, subject
                to
                the limitations set forth in Section
                8(c).

            

    

    

    
      	 	
              (iii)

            	
              The
                Company shall prepare and file with the Securities and Exchange Commission
                (the "SEC") such amendments and supplements to such registration
                statement
                and the prospectuses used in connection therewith as may be required
                to
                comply with the provisions of the
                Act.

            

    

    

    
      	 	
              (iv)

            	
              The
                Company shall furnish to the Holder such number of copies of each
                prospectus, including preliminary prospectuses, in conformity with
                the
                requirements of the Act, and such other documents, as the Holder
                may
                reasonably request in order to facilitate the public sale or other
                disposition of the shares owned by
                it.

            

    

    

    
      	 	
              (v)

            	
              The
                Company shall provide a transfer agent and registrar for all such
                Common
                Stock registered pursuant to this Section 8 not later than the
                Effective Date of such registration
                statement.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	 	
              (vi)

            	
              The
                Company shall, in connection with an underwritten offering, enter
                into an
                underwriting agreement on terms customarily contained in underwriting
                agreements with respect to secondary distributions or combined primary
                and
                secondary distributions, as
                appropriate.

            

    

    

    
      	 	
              (vii)

            	
              The
                Company shall make available for inspection upon reasonable terms
                by the
                Holder, any underwriter participating in any disposition pursuant
                to such
                registration statement, and any attorney, accountant, or other agent
                retained by any such Holder or underwriter, all financial and other
                records, pertinent corporate documents and properties of the Company,
                and
                cause the Company's officers, directors and employees to supply all
                information reasonably requested by any such Holder, underwriter,
                attorney, accountant or agent in connection with the preparation
                of such
                registration statement, provided that as a condition precedent to
                such
                inspection, the Company may require such inspecting party to execute
                and
                deliver a confidentiality agreement in a form to be provided by the
                Company.

            

    

    

    
      	 	
              (viii)

            	
              The
                Holder shall not (until further notice) effect sales of the shares
                covered
                by the registration statement after receipt of telegraphic or written
                notice from the Company to suspend sales to permit the Company to
                correct
                or update a registration statement or
                prospectus.

            

    

    

    
      	
            	(c)	
              Limitations.
                Notwithstanding the foregoing, if a Piggyback Registration is an
                underwritten offering and the managing underwriter advises the Company
                in
                writing that in its opinion the total amount of securities requested
                to be
                included in such registration exceeds the amount of securities which
                can
                be sold in such offering, the Company will include in such registration:
                (i) first, all securities the Company proposes to sell, and
                (ii) second, up to such amount of securities requested to be included
                in such registration by the Holders of the Company, which in the
                opinion
                of such managing underwriter can be
                sold.

            

    

    

    9.
      FURNISH
      INFORMATION.

    

    The
      Company agrees that it shall promptly deliver to the Holder copies of all
      financial statements, reports and proxy statements which the Company is required
      to send to its shareholders generally.

    

    10.
      INDEMNIFICATION.

    

    
      	 	
              (a)

            	
              The
                Company may require, as a condition to including any Common Stock
                in any
                Piggyback Registration pursuant to Section 8 hereof that the Company
                shall have received an undertaking satisfactory to it from the Holder
                to
                indemnify and hold harmless the Company, each director of the Company,
                each officer of the Company who shall sign such registration statement,
                each person who participates as an underwriter (if such underwriter
                so
                requests) in the offering or sale of such securities and each other
                person, if any, who controls such underwriter within the meaning
                of
                Section 15 of the Act or Section 20 of the Exchange Act (each,
                an "Indemnified Person"), against any losses, claims, damages, liabilities
                or expenses, joint or several, to which such person may become subject
                under the Act or otherwise, insofar as such losses, claims, damages,
                liabilities or expenses (or actions or proceedings in respect thereof)
                arise out of or are based upon (i) any untrue statement or alleged
                untrue statement of any material fact contained in any registration
                statement under which such securities were registered under the Act,
                any
                preliminary prospectus, final prospectus or summary prospectus contained
                therein, or any amendment thereof or supplement thereto, or any document
                incorporated by reference therein, or (ii) any omission or alleged
                omission to state therein a material fact required to be stated therein
                or
                necessary to make the statements therein not misleading, if such
                actual or
                alleged statement or omission described in (i) or (ii) above was
                made in reliance upon and in conformity with written information
                furnished
                to the Company by such Holder for use in the preparation of such
                registration statement, preliminary prospectus, final prospectus,
                summary
                prospectus, amendment or supplement. Such indemnity shall remain
                in full
                force and effect regardless of any investigation made by or on behalf
                of
                the Company or any such director, officer, participating person or
                controlling person and shall survive the transfer of such securities
                by
                such Holder.

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	 	
              (b)

            	
              The
                Company shall agree, in connection with any registration statement
                filed
                pursuant to Section 8 hereof, that the Company shall indemnify each
                Holder selling Common Stock pursuant to such registration statement
                and
                each other person, if any, who controls such Holder within the meaning
                of
                Section 15 of the Act or Section 20 of the Exchange Act, against
                any losses, claims, damages, liabilities or expenses, joint or several,
                to
                which such person may become subject under the Act or otherwise,
                insofar
                as such losses, claims, damages, liabilities or expenses (or actions
                or
                proceedings in respect thereof) arise out of or are based upon
                (i) any untrue statement or alleged untrue statement of any material
                fact contained in any registration statement under which such securities
                were registered under the Act, any preliminary prospectus, final
                prospectus or summary prospectus contained therein, or any amendment
                thereof or supplement thereto or any document incorporated by referenced
                therein, or (ii) any omission or alleged omission to state therein a
                material fact required to be stated therein or necessary to make
                the
                statements therein not misleading, provided that the Company shall
                not be
                liable in any such case to the extent that any such loss, claim,
                damage,
                liability or expense arises out of or is based upon an untrue statement
                or
                alleged untrue statement or omission or alleged omission made in
                reliance
                upon and in conformity with written information furnished to the
                Company
                by the Holder for use in preparation of such registration statement,
                preliminary prospectus, final prospectus, summary prospectus, amendment
                or
                supplement.

            

    

    

    
      	
            	(c)	
              If
                the indemnification provided for in Sections 10(a) or 10(b) above is
                unavailable to an indemnified party in respect of any losses, claims,
                damages or liabilities referred to therein, then each indemnifying
                party
                in lieu of indemnifying such indemnified party thereunder shall contribute
                to the amount paid or payable by such indemnified party as a result
                of
                such losses, claims, damages or liabilities, in such proportion as
                is
                appropriate to reflect the relative fault of the indemnifying party
                on the
                one hand and of the indemnified parties on the other in connection
                with
                the statements or omissions which resulted in such losses, claims,
                damages
                or liabilities, as well as any other relevant equitable considerations.
                The relative fault of the indemnifying party and of the indemnified
                parties shall be determined by reference to, among other things,
                whether
                the untrue or alleged untrue statement of a material fact or the
                omission
                to state a material fact relates to information supplied by the
                indemnifying party, or by the indemnified parties, and the parties'
                relative intent, knowledge, access to information and opportunity
                to
                correct or prevent such statement or
                omission.

            

    

    

    The
      Company and the Holder agree that it would not be just and equitable if
      contribution pursuant to this Section 10(c) were determined by pro rata
      allocation or by any other method of allocation which does not take into account
      the equitable considerations referred to in the immediately preceding paragraph.
      The amount paid or payable by an indemnified party as a result of the losses,
      claims, damages and liabilities or actions in respect thereof referred to in
      the
      immediately preceding paragraph shall be deemed to include, subject to the
      limitations set forth above, any legal or other expenses reasonably incurred
      by
      such indemnified party in connection with investigating or defending any such
      action or claim. No person guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any person who was not guilty of such fraudulent
      misrepresentation.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    11.
      MISCELLANEOUS.

    

    
      	 	
              (a)

            	
              Transfer
                Taxes; Expenses.
                The Holder shall pay any and all underwriters' discounts, brokerage
                fees,
                and transfer taxes incident to the sale or exercise of this Warrant
                or the
                sale of the underlying shares issuable thereunder, and shall pay
                the fees
                and expenses of any special attorneys or accountants retained by
                it.

            

    

    

    
      	 	
              (b)

            	
              Notice.
                Any notice or other communication required or permitted to be given
                to the
                Company shall be in writing and shall be delivered by certified mail
                with
                return receipt or delivered in person against receipt, as
                follows:

            

    

    Intelli-Check,
      Inc.

    246
      Crossways Park West

    Woodbury,
      New York 11797

    Attn:
      CFO

    

    
      	 	
              (c)

            	
              Governing
                Law.
                This Warrant Certificate shall be governed by, and construed in accordance
                with, the laws of the State of New York without reference to the
                conflicts
                of laws.

            

    

     

    

    

    

    

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
      executed as of the date set forth below.

    

    
      	 	 	 
	 	 	 
	 	 	INTELLI-CHECK, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Frank
              Mandelbaum                                            
              
	
               

            	Frank Mandelbaum 
              Chairman
                & CEO

            
	 	 

     

    

    

    

    Attest:
      /s/
      Janine
      Olivieri                                             

    Janine
      Olivieri

    Secretary
      

     

    

    [SEAL]

    

     

    

    Date:
      September 21, 2005 

    

     

    The
      foregoing is in accordance with the undersigned’s understanding and is hereby
      confirmed and agreed to as of the Date of Grant.

     

    
      	 	 	 
	 	WOLFE
              AXELROD
              WEINBERGER ASSOCIATES LLC
	 
 	 
 	 
 
	Dated:
              9/21/2005	By:  	/s/ Donald
              C.
              Weinberger                                                           
              
	 	
              Donald
                C. Weinberger 

              Managing
                Director

            
	 	 

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    

    FORM
      OF EXERCISE OF WARRANT

    

    

    The
      undersigned hereby elects to exercise this Warrant as to ________ Common Shares
      covered thereby. Enclosed herewith is a bank or certified check in the amount
      of
      $________.

    

     

    
      	Date: _______________	____________________________________
	 	Name:
              Address:

            
	 	 
	 	 
	 	
              Signature

              Guarantor:
                __________________________

            

    

     

    
      
         

      

      
        9CONSENT
      AGREEMENT

    

    THIS
      CONSENT AGREEMENT (this “Agreement”) is made as of this 29th day of May 2007, by
      and among PRESSURE BIOSCIENCES, INC., a Massachusetts corporation formerly
      known
      as Boston Biomedica, Inc. (“PBI”), PBI SOURCE SCIENTIFIC, INC., a Massachusetts
      corporation formerly known as BBI Source Scientific, Inc. and a wholly-owned
      subsidiary of PBI (“PBI Source”), SOURCE SCIENTIFIC, LLC, a California limited
      liability company (the “Company”), BIT ANALYTICAL INSTRUMENTS, INC., a
      Massachusetts corporation (”BIT”), RICHARD W. HENSON, an individual (“Henson”),
      and BRUCE A. SARGEANT, an individual (“Sargeant”). Henson and Sargeant are
      sometimes individually referred to herein as a “Transferor” and are collectively
      referred to herein as the “Transferors”.

     

    Background

     

    WHEREAS,
      PBI Source transferred, sold and assigned 35 units of limited liability company
      membership interests (the “Units”) in the Company to each Transferor, and
      retained the remaining 30 Units (the “Retained Units”), pursuant to that certain
      LLC Membership Interest Purchase Agreement dated June 2, 2004 (the “Effective
      Date”), by and among PBI Source, PBI and the Transferors (the “Original Purchase
      Agreement”); and 

     

    WHEREAS,
      each Transferor, in consideration of his purchase and acquisition from PBI
      Source of his 35 Units, executed and delivered to PBI Source that certain
      Secured Nonrecourse Term Promissory Note dated June 2, 2004, executed by such
      Transferor in favor of PBI Source in the original principal amount of $450,000
      (each, a “Transferor Note”); and 

     

    WHEREAS,
      in connection with the Original Purchase Agreement, PBI Source and the
      Transferors entered into that certain Amended and Restated Operating Agreement
      of the Company, dated as of the Effective Date (the “Operating Agreement”),
      providing for the governance of the Company and the conduct of its business
      immediately after the consummation of the transactions contemplated by the
      Original Purchase Agreement; and

     

    WHEREAS,
      since the Effective Date, the Company has been providing certain manufacturing
      services to PBI, and in connection therewith, PBI has made available to the
      Company and each of the Transferors certain information concerning PBI which
      is
      non-public, confidential or proprietary in nature; and

     

    WHEREAS,
      pursuant to that certain Call Option Agreement dated June 2, 2004, by and among
      the Transferors and PBI Source (the “Call Option Agreement”), the Transferors
      have the option to purchase the Retained Units (the “Call Option”); and

     

    WHEREAS,
      each of the Transferors desires to transfer, assign, sell and deliver (the
      “Transfer”) to BIT all of his right, title and interest in and to 25 of his 35
      Units (collectively, the “Transferred Units”), pursuant to the terms of that
      certain LLC Membership Interest Purchase Agreement, dated as of May 29, 2007
      (the “Transfer Agreement”), by and among each of the Transferors and BIT;
      and

     

    WHEREAS,
      BIT desires to be admitted as a member of the Company and to be bound by the
      terms of that certain Second Amended and Restated Operating Agreement, dated
      as
      of May 29, 2007 (the “Restated Operating Agreement”), by and among each of the
      Transferors and BIT; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    WHEREAS,
      each of PBI and PBI Source has determined that it is appropriate and in PBI
      Source’s best interest to approve the Transfer and certain of the other
      transactions contemplated by the Transfer Agreement. 

     

    Agreement

     

    NOW,
      THEREFORE, intending to be legally bound, and for other good and valuable
      consideration the receipt and sufficiency of which are hereby acknowledged,
      the
      parties agree as follows:

     

    1. Consent
      and Waiver.
      Pursuant to Section 7.1 of the Operating Agreement, PBI Source hereby consents
      to the Transfer of the Transferred Units to BIT pursuant to the Transfer
      Agreement. PBI Source also hereby waives its right of first refusal to purchase
      any of the Transferred Units as set forth in Section 7.6 of the Operating
      Agreement and any other right it may have in connection with the Transfer of
      the
      Transferred Units to BIT. Finally, pursuant to Section 11.10 of the Operating
      Agreement, PBI Source hereby consents to the amendment and restatement of the
      Operating Agreement, on the terms and subject to the conditions of the Restated
      Operating Agreement (the “Restatement”). Each of PBI Source, BIT and Transferors
      hereby acknowledge and agree that the Restatement shall be deemed to be
      effective concurrently with the closing of the purchase and sale of the Retained
      Units pursuant to Section 2.c. of this Agreement, and that upon the
      effectiveness of the Restatement, the Operating Agreement shall be superseded
      in
      its entirety by the Restated Operating Agreement such that the Operating
      Agreement shall thereafter be null and void without any further force or
      effect.

     

    2. Exercise
      of Call Option.
      Pursuant to Section 5 of the Call Option Agreement, Transferors are hereby
      making the election to exercise their Call Option and intend for this Agreement
      to serve as the Notice of Election referenced in Section 5 of the Call Option
      Agreement.

     

    a. Call
      Option Exercise Price.
      Pursuant to Sections 2(f) and 5 of the Call Option Agreement, Transferors and
      PBI Source acknowledge and agree that the Option Exercise Price with respect
      to
      all of the Retained Units is $578,572.50, or $289,286.25 per Transferor.
      Pursuant to Sections 2.2(b) and 5.1 of the Transfer Agreement, each Transferor
      hereby requests and instructs BIT, and BIT hereby accepts and agrees, to
      withhold $289,286.25 of the Purchase Price, as a Third Party Payment (as defined
      in the Transfer Agreement), and tender such amount directly to PBI Source by
      wire transfer of immediately available funds to an account designated by PBI
      Source as payment in full of the Option Exercise Price.

     

    b. Closing
      of Purchase and Sale.
      PBI
      Source hereby acknowledges and confirms that the Call Option is hereby being
      validly exercised by Transferors. Pursuant to Section 6 of the Call Option
      Agreement, PBI Source acknowledges and confirms its obligation to sell to
      Transferors the Retained Units, subject only to delivery by Transferors of
      the
      full amount of the Option Exercise Price, in the manner contemplated by Section
      2.a. of this Agreement, and Transferors’ satisfaction of the Transferor Notes,
      in the manner contemplated by Section 3 of this Agreement. Upon its receipt
      of
      the Option Exercise Price, PBI Source shall immediately deliver to each
      Transferor a certificate evidencing one-half (1/2) of the Retained Units, duly
      endorsed in blank or accompanied by written instruments of transfer in form
      satisfactory to Transferors, duly executed by PBI Source, free and clear of
      any
      Encumbrances (as defined in the Original Purchase Agreement).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    c. Effective
      Time of Purchase and Sale.
      The
      consummation of the purchase and sale of the Retained Units pursuant to this
      Section 2 shall take place by remote location coordinated from the offices
      of
      Manatt, Phelps & Phillips, LLP, 695 Town Center Drive, Fourteenth Floor,
      Costa Mesa, California 92626 on the Closing Date, but with an effective time
      immediately after the Closing (as such capitalized terms are defined in the
      Transfer Agreement).

     

    3. Payment
      of Transferor Notes.
      Each of
      the Transferors and PBI Source acknowledge and agree that the Transferors’
exercise of the Call Option is, pursuant to Section 4 of the Call Option
      Agreement, expressly conditioned upon the satisfaction in full of all of the
      Transferors’ obligations under their respective Transferor Note. Pursuant to
      Sections 2.2(b) and 5.1 of the Transfer Agreement, each Transferor hereby
      requests and instructs BIT, and BIT hereby accepts and agrees, to withhold
      $600,766.80 of the Purchase Price, as a Third Party Payment (as defined in
      the
      Transfer Agreement), and tender such amount on the Closing Date directly to
      PBI
      Source by wire transfer of immediately available funds to an account designated
      by PBI Source as payment in full of such Transferor’s Transferor Note and PBI
      Source agrees that the payment of such amount by BIT on behalf of each
      Transferor shall (a) satisfy all of such Transferor’s obligations under his
      Transferor Note, (b) terminate that certain LLC Membership Interest Pledge
      Agreement dated the Effective Date (the “Pledge Agreement”), by and between the
      Transferors, PBI Source and the Company, and (c) terminate the lien on the
      Retained Units created by the Pledge Agreement.

     

    4. Additional
      Acknowledgements.
      PBI
      Source acknowledges and agrees that except for the payments of the amounts
      set
      forth in Sections 2 and 3 of this Agreement, all conditions to closing on the
      purchase and sale of the Retained Units to the Transferors pursuant to the
      exercise of the Call Option pursuant to Section 2 of the Call Option Agreement
      have been satisfied, and that no other action other than the payments of the
      amounts set forth in Sections 2 and 3 of this Agreement is required with respect
      to the closing of the purchase and sale of the Retained Units to the Transferors
      pursuant to the exercise of the Call Option pursuant to Section 2 of the Call
      Option Agreement.

     

    5. Ownership
      of Certain Intellectual Property.
      

     

    a. Each
      of
      the Transferors, BIT and the Company hereby acknowledges and agrees that all
      right, title and interest in and to the Intellectual Property (as defined in
      Section 5.b.) are owned, and shall continue to be owned, exclusively by PBI,
      free and clear of any encumbrances, and no other person shall have any right
      or
      interest in or license to use or right to license others to use any of the
      Intellectual Property, except as specifically authorized by PBI. Notwithstanding
      the foregoing, PBI hereby duly grants the Company a fully-paid, royalty-free,
      perpetual non-exclusive license (the “Retained License”) to reuse, modify,
      display or extract any tools and know-how utilized by the Company in connection
      with work performed in connection with the Intellectual Property including,
      but
      not limited to source code, scripts, graphics, HTML code, class files, pseudo
      code, executable code, database schemas, or other related structures to be
      used
      in any manner the Company sees fit other than in connection with, directly
      or
      indirectly, the development, manufacture, marketing, sale, license or
      distribution of products or services which could reasonably be expected to
      compete with PBI’s products or services incorporating or utilizing the
      Intellectual Property.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b. For
      purposes of this Section 5, the term “Intellectual Property” shall mean any
      patent, patent application, trademark or service mark, trademark or service
      mark
      application, trade name or copyright relating to or associated with the
“Pressure Cycling Technology” of PBI or any instrument or equipment utilizing
      such Pressure Cycling Technology, and all discoveries, developments, designs,
      improvements, inventions, formulas, software programs, processes, techniques,
      know-how, data, drawings, sketches, data, whether or not subject to any patent,
      patent application or copyright, relating to or associated with such Pressure
      Cycling Technology or any instrument or equipment utilizing such Pressure
      Cycling Technology. Any Intellectual Property developed by the Company or any
      Transferor shall be considered “works made for hire” and shall be owned
      exclusively by PBI. 

     

    c. To
      the
      extent that any Intellectual Property does not qualify as “works made for hire”,
      or to the extent any jurisdictions should fail to deem the Intellectual Property
      to be owned exclusively by PBI, subject to the Retained License, each of the
      Company and Transferors does hereby irrevocably and unconditionally assign
      to
      PBI all rights (including, without limitation, moral and sublicensing rights),
      title and interest in and to all such Intellectual Property. Each of the Company
      and Transferors shall execute and deliver to PBI such additional instruments
      (including patent applications, certificates of authorship, and other
      instruments appropriate for the protection and enforcement of intellectual
      property rights to PBI throughout the world), and take such other actions,
      as
      PBI may reasonably request to confirm, evidence or carry out the grants of
      rights contemplated under this Section 5. Each of the Company and Transferors
      hereby irrevocably appoints PBI and its duly authorized officers and agents
      as
      the Company’s and Transferors’ agent and attorney-in fact, to execute,
      acknowledge, verify and deliver any such document with the same legal force
      and
      effect as if done by each of the Company or any Transferor, as the case may
      be.

     

    6. Indemnification. 

     

    a. Each
      of
      the Transferors and the Company shall, jointly and severally, indemnify, hold
      harmless and defend PBI and PBI Source, their stockholders, directors, officers,
      employees and agents and their heirs, successors and assigns (collectively,
      the
“Indemnified Parties”) from and against any and all Damages that are incurred by
      the Indemnified Parties on or after the Effective Date and arise out of or
      are
      based upon, in whole or in part, the operation of the Company commencing on
      the
      Effective Date and any time thereafter. Notwithstanding the foregoing, neither
      the Transferors nor the Company shall have any obligations under this Section
      6.a. to indemnify, hold harmless or defend the Indemnified Parties to the extend
      that any such Damages result from the gross negligence, recklessness or willful
      misconduct of an Indemnified Party. For purposes of this Section 6, the term
      “Damages” shall mean all liabilities, damages, losses, taxes, assessments, costs
      and expenses (including, without limitation, reasonable attorneys’ and
      accountants’ fees and expenses) and any judgments or assessments, fines or
      penalties incurred, or settlements reached by any of the Indemnified Parties
      on
      or after the Effective Date, whether arising in contract, tort or otherwise,
      and
      whether or not arising from or incurred in or as a result of any demand, claim,
      action, suit, assessment or other proceeding.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b. Whenever
      any claim shall arise for indemnification hereunder, the Indemnified
      Party
      shall
      promptly notify the other parties from whom indemnity may be sought under this
      Section 6 (the "Indemnifying
      Party"),
      of
      the claim and, when known, the facts constituting the basis for such claim;
      provided that the Indemnified Party's failure to give such notice shall not
      affect any rights or remedies of such Indemnified Party hereunder with respect
      to indemnification for Damages except to the extent that the Indemnifying Party
      is materially prejudiced thereby. In the event of any claim for indemnification
      hereunder resulting from or in connection with any claim or legal proceeding
      by
      a third party, the notice to the Indemnifying Party shall specify, if known,
      the
      amount or any estimate of the amount of the liability arising therefrom. Neither
      the Indemnified Party nor any Indemnifying Party shall settle or compromise
      any
      claim by a third party for which the Indemnified Party is entitled to
      indemnification hereunder, without the prior written consent of the other party
      (which shall not be unreasonably withheld).

     

    7. Competitive
      Products.
      Each of
      the Transferors, BIT and the Company agrees that he or it shall not, for a
      period of three (3) years following the date hereof, without the express prior
      written consent of PBI, (a) directly or indirectly, develop, manufacture or
      market any products, instruments or equipment for itself or anyone other than
      PBI and PBI Source that utilize PBI’s Pressure Cycling Technology, (b) directly
      or indirectly, develop, manufacture or market any products, instruments or
      equipment for itself of for any other person that extracts DNA, RNA, protein
      and
      small molecules from samples and/or inactivates pathogens that are competitive
      with any of PBI’s products, instruments or equipment utilizing PBI's Pressure
      Cycling Technology, and (c) directly or indirectly, whether alone or as an
      employee, officer, director, shareholder, agent, security holder, creditor,
      consultant or otherwise, solicit, attempt to solicit or otherwise influence
      or
      attempt to influence any of PBI’s customers or personnel (including but not
      limited to PBI’s employees, contractors, consultants or agents), with knowledge
      that such person is then one of PBI’s customers or personnel, not to do business
      with PBI and/or to apply for or accept any employment or consulting positions
      with a competitor of PBI.

     

    8. Confidentiality.
      

     

    a. For
      purposes of this Agreement, “Confidential Information” means any financial,
      statistical, business, technical, scientific, medical, copyrightable, and/or
      confidential or proprietary information relating to PBI’s business and includes,
      without limitation, the structure, composition, properties or activity of any
      of
      PBI’s products, processes or inventions, unpublished patent applications,
      marketing methods and plans, pricing information, manufacturing information
      and
      other unpublished information related to the business or the financial condition
      of PBI and its affiliates and business partners. Confidential Information shall
      include any of the foregoing information received by the Company, BIT or any
      Transferor since the Effective Date.

     

    b. Each
      of
      the Company, BIT and Transferors shall not disclose to any third party any
      Confidential Information or use any such Confidential Information other than
      as
      explicitly agreed by PBI. Each of the Company, BIT and Transferors shall
      obligate their respective personnel to keep such Confidential Information
      confidential by using the same care and discretion that it uses for its own
      confidential information, but no less than reasonable care.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    c. The
      obligations set forth in this Section 8 shall not apply to any information
      which
      (i) is published or otherwise becomes available to the general public through
      no
      fault of the receiving party; (ii) has been obtained by the receiving party
      from
      another party that had the right to disclose it; (iii) was in the receiving
      party’s possession without proprietary restrictions prior to the date of
      disclosure; (iv) the receiving party establishes that such information was
      developed without reference to or use of the Confidential Information or (v)
      is
      required to be disclosed pursuant to applicable law, provided that the receiving
      party shall, if feasible, give to PBI prior notice of such proposed disclosure
      and a reasonable opportunity to contest such disclosure and obtain a protective
      order against such disclosure. 

     

    d. At
      any
      time upon PBI’s request, the receiving party shall, at PBI’s discretion,
      promptly return to PBI or destroy all of the Confidential Information furnished
      to the receiving party by or on behalf of PBI, including all copies,
      reproductions, summaries or extracts thereof in any media whatsoever in the
      receiving party’s possession or control.

     

    e. Each
      of
      the Company, BIT and Transferors acknowledges that monetary damages may not
      be a
      sufficient remedy or protection for PBI in the event of a breach of these
      confidentiality obligations, and PBI shall be entitled to an injunction or
      other
      equitable relief prohibiting any such breach, in addition to such other rights
      and remedies as the aggrieved party may have as a result of any such
      breach.

     

    9. Releases.
      

     

    a. Each
      of
      the Company and Transferors (the “Company Releasors”), jointly and severally, on
      their own behalf, and on behalf of their respective successors, affiliates,
      heirs and assigns, as applicable, hereby fully releases, remises, acquits,
      and
      discharges forever, irrevocably and unconditionally, PBI and its affiliates,
      successors and assigns and its present and former directors, officers, members,
      securityholders, employees, agents, attorneys, representatives, successors,
      partners and assigns, as applicable (collectively, the “PBI Parties”) from,
      against and with respect to any and all actions, accounts, agreements, causes
      of
      action, complaints, charges, claims, covenants, contracts, costs, damages,
      demands, debts, defenses, duties, expenses, executions, fees, injuries,
      interest, judgments, liabilities, losses, obligations, penalties, promises,
      reimbursements, remedies, suits, sums of money, and torts of any kind and nature
      whatsoever, whether in law, equity, or otherwise, direct or indirect, fixed
      or
      contingent, foreseeable or unforeseeable, liquidated or unliquidated, known
      or
      unknown, matured or unmatured, absolute or contingent, determined or
      determinable (collectively, a “Claim”) which, except for fraud by PBI, PBI
      Source or any of their respective affiliates, the Company Releasors, and their
      respective successors, affiliates, heirs and assigns, as applicable, or anyone
      claiming through or under any of the Company Releasors, ever had or now has,
      or
      may hereafter have or acquire, against any of the PBI Parties arising out of
      or
      based upon (i) the Transferors’ purchase of interests in the Company pursuant to
      the Original Purchase Agreement, (ii) the operation of the Company since the
      Effective Date, (iii) the exercise of the Call Option as set forth in the Call
      Option Agreement, or (iv) the Operating Agreement. Nothing in this Section
      9.a.,
      however, shall alter, modify or otherwise affect any right of Transferors or
      the
      Company under and pursuant to that certain Non-Competition Agreement dated
      the
      Effective Date, by and among the Transferors, PBI and PBI Source.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b. Each
      of
      PBI and PBI Source (the “PBI Releasors”), jointly and severally, on their own
      behalf, and on behalf of their respective successors, affiliates, heirs and
      assigns, as applicable, hereby fully releases, remises, acquits, and discharges
      forever, irrevocably and unconditionally, the Company and the Transferors and
      their respective affiliates, successors and assigns and their respective present
      and former directors, officers, members, securityholders, employees, agents,
      attorneys, representatives, successors, partners and assigns, as applicable
      (collectively, the “Company Parties”) from, against and with respect to any and
      all Claims which the PBI Releasors, and their respective successors, affiliates,
      heirs and assigns, as applicable, or anyone claiming through or under any of
      the
      PBI Releasors, ever had or now has, or may hereafter have or acquire, against
      any of the Company Parties arising out of or based upon (i) the Transferors’
purchase of interests in the Company pursuant to the Original Purchase
      Agreement, (ii) the operation of the Company, except for fraud or to the extent
      the basis of any such Claim would require PBI to restate any of its financial
      statements as determined by PBI’s registered public accounting firm, (iii) under
      the Operating Agreement, except for fraud or to the extent the basis of any
      such
      Claim would require PBI to restate any of its financial statements as determined
      by PBI’s registered public accounting firm or (iv) the exercise of the Call
      Option as set forth in the Call Option Agreement; provided, however, this
      release does not cover any Claims which the PBI Releasors, or their respective
      successors, affiliates, heirs and assigns, as applicable, or anyone claiming
      through or under any of the PBI Releasors, ever had or now has, or may hereafter
      have or acquire, against any of the Company Parties arising out of or based
      upon
      any services the Company has provided or may provide to PBI or PBI
      Source.

     

    c. Notwithstanding
      anything in this Section 9 to the contrary, neither the PBI Releasors nor the
      Company Releasors is releasing claims relating to the enforcement,
      interpretation, or breach of this Agreement.

     

    10. Miscellaneous.

     

    a.  This
      Agreement, together with the agreements expressly referenced herein, constitute
      the entire agreement of the parties with respect to the subject matter hereof
      and supersedes any and all prior written or oral communications and agreements,
      and all contemporaneous oral communications among the parties concerning the
      subject matter hereof.

     

    b.  No
      provision of this Agreement may be amended, changed or modified in any manner,
      orally or otherwise, except by an instrument in writing signed by all of the
      parties.

     

    c.  This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective successors and assigns. No party may assign any of their
      respective rights or obligations under this Agreement without the express prior
      written consent of all of the other parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    d.  This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      Commonwealth of Massachusetts, without giving effect to principles of conflicts
      of law of any jurisdiction.

     

    e.  This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original but all of which together shall constitute one and the same instrument,
      and in pleading or proving any provision of this Agreement, it shall be
      necessary to produce more than one such counterpart.

     

    f.  If
      any
      term or provision of this Agreement or the application thereof to any person
      or
      circumstances shall to any extent be invalid or unenforceable, then the
      remainder of this Agreement or the application of such term or provision to
      persons or circumstances other than those as to which it is held invalid or
      unenforceable, shall not be affected thereby, and each term and provision of
      this Agreement shall be valid and enforced to the fullest extent permitted
      by
      law.

     

    g.  As
      used
      in this Agreement, all pronouns and any variations thereof shall refer to the
      masculine, feminine or neuter, singular or plural, as the identity of the person
      or entity may require.

     

    h.  Headings
      and captions herein are inserted for convenience, do not constitute a part
      of
      this Agreement, and shall not be admissible for the purpose of proving the
      intent of the parties.

     

    i.  Each
      party shall take such actions as any other party reasonably may request to
      evidence or effectuate the purpose of this Agreement.

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    

    
      	 	
              PBI
                SOURCE SCIENTIFIC, INC.,

              a
                Massachusetts corporation

               

               

              By: /s/
                Richard T. Schumacher 

              Name:
                Richard T. Schumacher

              Title:
                President and CEO

            

    

    

    
      	 	
              PRESSURE
                BIOSCIENCES, INC.

              a
                Massachusetts corporation

               

               

              By: /s/
                Richard T. Schumacher 

              Name:
                Richard T. Schumacher

              Title:
                President and CEO

            

    

    

    
      	 	
              SOURCE
                SCIENTIFIC, LLC,

              a
                California Limited Liability Company

               

               

              By: /s/
                Richard W. Henson  

              Name:
                Richard W. Henson

              Title:
                CEO

            

    

    

    
      	 	
              BIT
                ANALYTICAL INSTRUMENTS, INC.,

              a
                Massachusetts corporation

               

               

              By: /s/
                Marius Balger 

              Name:
                Marius Balger

              Title:
                President

            

    

    

    
      	 	
              “TRANSFERORS”:

               

               

              /s/
                Richard W. Henson  

              Richard
                W. Henson

            
	 	
               

               

              /s/
                Bruce A. Sargeant  

              Bruce
                A. Sargeant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]