Document:

Note and Warrant Purchase Agreement

 Exhibit 10.1 
  
 UTEK CORPORATION 
 NOTE AND WARRANT 
 PURCHASE AGREEMENT 
 As of October 22, 2009 

 NOTE AND WARRANT PURCHASE AGREEMENT 
 This NOTE AND WARRANT PURCHASE AGREEMENT (this “Agreement”) is entered into as of October 22, 2009, between
UTEK Corporation, a Delaware corporation (the “Company”), and Gators Lender, LLC (“Investor”). 
 BACKGROUND 
 The Company desires to issue and sell to Investor and Investor desires to purchase from the
Company a promissory note in substantially the form attached to this Agreement as Exhibit A (the “Note”) and a warrant in substantially the form attached to this Agreement as Exhibit B (the “Warrant”)
to purchase Common Stock of the Company on the terms and subject to the conditions stated in the Warrant. The Note and the Warrant and the common stock issuable upon exercise of the Warrant are collectively referred to in this Agreement as the
“Securities.” 
 OPERATIVE TERMS 
 The parties to this Agreement agree as follows: 
 1.        Defined Terms. For purposes of this Agreement, the following capitalized terms have the meanings assigned to them in this Section.
Capitalized terms used in this Agreement and not defined in this Section have the meanings assigned to them elsewhere in this Agreement. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with, such Person. For the purposes of this
definition, “control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the Person, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which banks are required or
permitted to be closed in Tampa, Florida. 
 “Cortez” means Cortez 114, LLC, a Florida limited
liability company. 
 “Encumbrance” means any security interest, mortgage, lien, pledge, charge,
easement, reservation, restriction, any similar right of any third party, or any other encumbrance. 
 “Guaranty Agreement” means the Guaranty Agreement dated the date of this Agreement, executed by Guarantors in favor of Investor. 
 “Guarantors” means Cortez 114, LLC, a Florida limited liability company and the
Mortgagor under the Mortgage, Ybor City Group, Inc., ABM of Tampa Bay, Inc., 22nd Street of Ybor City, Inc., UTEK Europe, Ltd. and any other person or entity that joins the Guaranty as a guarantor. 

 “Indebtedness” of any Person at any date means (i) all
indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices),
(ii) any other indebtedness of such Person which is evidenced by a note, bond, debenture or other similar instrument, (iii) all obligations of such Person under capitalized leases and financing leases, (iv) all obligations of such
Person in respect of acceptances issued or created for the account of such Person, and (v) all liabilities secured by any Encumbrance (other than a Permitted Encumbrance) on any assets or property owned by such Person. 
 “Laws” means all laws, rules, regulations, ordinances, orders, judgments, injunctions, decrees and other
legislative, administrative or judicial restrictions. 
 “Mortgage” means the Mortgage and
Security Agreement dated the same date as this Agreement, executed by Cortez in favor of Investor. 
 “Person” means any individual, corporation, partnership, limited liability company, business trust, joint venture, joint stock company, trust, unincorporated organization or other entity or any government authority.

 “Transaction Documents” means this Agreement, the Note, the Warrant, the Mortgage, the
Guaranty Agreement, and the other documents, instruments and agreements to be executed and delivered at any Closing. 
 “UTEK Real Estate Holdings” means UTEK Real Estate Holdings, Inc., a Florida corporation and wholly-owned subsidiary of the Company. 
 2.        Purchase and Sale of Securities. 
 (a)        Purchase and Sale of Securities. On the terms and subject to the conditions of this Agreement, at the Closing (as defined below), Investor
shall purchase and the Company shall sell and issue to Investor a Note in the principal amount of $1,750,000 and the Warrant to purchase the 437,500 shares of the Company’s common stock for the aggregate purchase price of $1,750,000. UTEK Real
Estate Holdings is a co-borrower with respect to the Note. Guarantors are guarantors with respect to the Note. Indebtedness evidenced by the Note shall be secured by real property of Cortez in accordance with provisions of the Mortgage. 

(b)        Closing. The purchase and sale of the Note and Warrant shall take place
at the offices of Hill Ward & Henderson, P.A. on the date of this Agreement or at another time and place that the Company and the Investor mutually agree upon in writing (the “Closing”). 
 (c)        Delivery. At the Closing, (i) the Company shall execute and deliver to
Investor the Note and Warrant to be purchased by the Investor, registered in the name of the Investor, against (A) payment of the purchase price therefor by wire transfer of same day, immediately available funds to an account designated by the
Company, and (B) delivery of counterpart signature pages to this Agreement, the Note and Warrant, (ii) the Company shall deliver each document and instrument required by Section 6 hereof, if any, and (iii) Investor shall
deliver each document and instrument required Section 7 hereof, if any. 
  

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 (d)        Certain Tax Matters. After
consideration of all relevant factors, the Company and the Investor acknowledge and agree that the fair market value on the date hereof of each Warrant is equal to one percent (1%) of the principal amount of the Note issued to Investor. The
parties will not take any position inconsistent with the forgoing, and the Company will file tax and information returns with the Internal Revenue Service and all other relevant tax authorities based on such determination. 
 (e)        Use of Proceeds. The net proceeds received by the Company from the sale of
the Note and Warrant shall be used by the Company for working capital and general corporate purposes. 
 3.        Representations and Warranties of the Company. The Company represents and warrants to Investor that: 
 (a)        Organization, Good Standing and Qualification. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease and operate the assets used in its business, to carry on its business as now conducted
and as presently proposed to be conducted, to enter into this Agreement and the other Transaction Documents, to issue and sell the Note and Warrant and to perform its other obligations hereunder and thereunder. The Company is duly qualified to
transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties. 
 Except for Ybor City Group, Inc., ABM of Tampa Bay, Inc., 22nd Street of Ybor City, Inc., and UTEK Europe, Ltd., the only active subsidiaries of the Company are the
Guarantors and UTEK Real Estate Holdings. The Company owns 100% of the issued and outstanding equity of each of these entities. 
 (b)        Authorization. All corporate action (including all action required of its Board of Directors, officers and stockholders) necessary for the authorization, execution and
delivery of this Agreement and the other Transaction Documents and the performance of all obligations of the Company, Guarantors, and UTEK Real Estate Holdings hereunder and thereunder and its consummation of the transactions contemplated hereby and
thereby has been taken or will be taken prior to the Closing. Each of this Agreement, the Note, the Warrant, and the other Transaction Documents, when executed and delivered by the Company, constitutes or will constitute (when executed and
delivered) valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms and of the Guarantors and UTEK Real Estate Holdings, each to the extent it is a party to those agreements.

 (c)        Capitalization. The authorized capital stock of the Company
consists, or will consist, immediately prior to the Closing, of: 
 (i)        29,000,000 shares of Common Stock, par value $.01 per share, 12,287,077 shares of which are issued and 11,560,357 shares of which are outstanding. All of the outstanding shares of Common
Stock have been duly authorized, validly issued and are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws. The Company has reserved 500,000 shares of Common Stock for issuance upon
exercise of the Warrant. 
  

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 (ii) 1,000,000 shares of Preferred Stock, par value $.01 per share, of which none are
issued and outstanding. All of the outstanding shares of Series A Preferred Stock have been duly authorized, validly issued are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 (iii) The Company has reserved 2,526,274 shares of Common Stock for issuance to officers, directors, employees and
consultants of the Company pursuant to its Amended and Restated Employee Stock Option Plan and its Amended and Restated Non-Qualified Stock Option Plan, both of which have been duly adopted by the Board of Directors and approved by the
Company’s stockholders (collectively, the “Plans”). Of such reserved shares of Common Stock, as of the Closing, (A) 1,014,000 options to purchase shares have been granted and are currently outstanding, and (B) 902,087
shares of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the Plans. 
 (iv) Except with respect to shares beneficially owned by Clifford M. Gross, (A) there are no restrictions on the transfer of Common Stock of the 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, (B) no holder of any Preferred Stock or Common Stock is entitled to preemptive or similar statutory or contractual rights, either arising pursuant to any agreement or
instrument to which the Company is a party or that are otherwise binding upon the Company, and (C) no Person has the right to demand or has other rights to cause the Company to register under the Securities Act of 1933, as amended (the
“Securities Act”), any Common Stock or Preferred Stock presently outstanding or that may be subsequently issued, or any right to participate in any such registration. 
 (v) Except for the Note, the Warrant, and outstanding options issued pursuant to the Plans, and Except with respect to shares beneficially
owned by Clifford M. Gross, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, for the purchase or acquisition from the
Company of any shares of its capital stock. 
 (d)        No Conflict. The
execution and delivery by the Company of this Agreement, the Note and Warrant and the other Transaction Documents, its consummation of the transactions contemplated hereby and thereby, and its compliance with the provisions hereof and thereof, will
not (i) violate or conflict with its Certificate of Incorporation or Bylaws, (ii) violate, conflict with, or give rise to any right of termination, cancellation, rescission or acceleration under any agreement, lease, security, license,
permit, or instrument to which the Company is a party, or to which it or any of its assets is subject, (iii) result in the imposition of any Encumbrance on any asset of the Company (other than pursuant to the Mortgage), (iv) violate or

  

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conflict with any Laws, or (v) require any consent, approval or other action of, notice to, or filing with any Person, except for those that have been obtained or made or will be obtained or
made prior to Closing. 
 (e)        No Consent or Approval Required.
Except for any notices under applicable federal and state securities laws required or permitted to be filed (and which will be validly and timely filed) after the Closing, no authorization, consent, approval or other order of, or declaration to or
filing with, any governmental agency or body or other Person is required for the valid authorization, execution and delivery by the Company of this Agreement, the Note and Warrant and the other Transaction Documents, or for the consummation of the
transactions contemplated hereby or thereby or, if required, the same has been obtained or effected. Subject in part to the truth and accuracy of Investor’s representations set forth in Section 4 of this Agreement, the offer, sale
and issuance of the Note and Warrant as contemplated by this Agreement are exempt from the registration requirements of the Securities Act and will not result in a violation of the qualification or registration requirements of any applicable state
securities laws. 
 (f)        Litigation. No material actions, suits,
proceedings or investigations are pending or, to the knowledge of the Company, threatened against the Company at law or in equity in any court or before any other governmental authority. 
 (g)        Financial Statements; Interim Changes. The Company’s Annual Report on
Form 10-K for its calendar year 2008 (the “2008 Annual Report”) includes the Company’s audited consolidated balance sheet as of December 31, 2007 and 2008, and audited consolidated statements of operations,
stockholders’ equity and cash flows for the years ended December 31, 2006, 2007 and 2008 and the related notes (collectively, the “Company Financial Statements”). The Company Financial Statements have been prepared
(i) in accordance with the books and records of the Company which are complete and correct and which have been maintained in accordance with past practices, and (ii) present fairly in all material respects the consolidated financial
position of the Company as of the dates indicated and the consolidated results of operations, changes in stockholders’ equity and cash flows of the Company for the periods indicated, in accordance with generally accepted accounting principles
consistently applied (subject in the case of interim financial statements to normal recurring year-end adjustments which are not expected individually or in the aggregate to be material in amount and the absence of footnote disclosures). The
Company has no material liabilities or obligations of any nature (absolute, accrued, contingent or otherwise) that are not either reflected or fully reserved against on the balance sheet dated as of December 31, 2008 included in the Company
Financial Statements or incurred in the ordinary course of the business of the Company subsequent to December 31, 2008. Except as set forth on Schedule I attached hereto and incorporated by reference herein, since December 31, 2008,
the businesses of the Company have been conducted in the ordinary course and there has not been any material adverse change in the business, operations, financial condition or prospects of the Company. The foregoing statements are qualified in all
respects by the restatement of our financial statements for the year ended December 31, 2008, and the six months ended June 30, 2008, as disclosed in the Company’s Form 10-K/A for the year ended December 31, 2008. 
  

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 (h)        SEC Filings; Corporate Governance;
Internal Controls. The Company has filed all statements, reports, schedules, and other documents filed, or required to be filed during the 12 calendar months preceding the date of this Agreement (as such statements, reports, schedules and
documents have been amended from time to time, collectively, the “SEC Documents”), by the Company with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder (as the same may be amended from time to time, the “Securities Act”), the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (as the
same may be amended from time to time, the “Exchange Act”) and the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (as the same may be amended from time to time, the
“Investment Company Act”); collectively the Securities Act, the Exchange Act and the Investment Company Act are referred to as the “Securities Laws”. The SEC Documents (i) at the time filed, complied in
all material respects with the applicable requirements of the Securities Laws and (ii) did not, at the time they were filed (or, if amended or superseded by a filing prior to the date of this Agreement, then on the date of such filing or, in
the case of registration statements, at the effective date thereof) contain any untrue statement of a material fact or omit to state a material fact required to be stated in such SEC Document or necessary in order to make the statements in such SEC
Documents, in the light of the circumstances under which they were made, not misleading. The Company has filed all SEC Documents required to be filed to meet the requirements of SEC Rule 144(c) under the Securities Act. The Company
currently is in compliance in all material respects with the listing requirements of the NYSE – Amex Market. The Company maintains accurate books and records reflecting its assets and liabilities and maintains proper and adequate internal
accounting controls which provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of the
Company’s consolidated financial statements and to maintain accountability for the Company’s consolidated assets; (iii) access to the Company’s assets is permitted only in accordance with management’s authorization;
(iv) the reporting of the Company’s assets is compared with existing assets at regular intervals; and (v) accounts, notes and other receivables are recorded accurately, and proper and adequate procedures are implemented to effect the
collection thereof on a current and timely basis. The foregoing statements are qualified in all respects by the restatement of our financial statements for the year ended December 31, 2008, and the six months ended June 30, 2008, as
disclosed in the Company’s Form 10-K/A for the year ended December 31, 2008. 
 (i)        Certain Transactions. Except as disclosed in the Company’s public filings or as contemplated by this Agreement, none of the current directors, officers, or 10% or
greater stockholders of the Company is a party to any transaction with the Company, other than compensation arrangements of such officers in the ordinary course of the Company’s business and purchases of securities, that would be required to be
disclosed pursuant to Item 404 of Regulation S-K under the Securities Act. 
 (j)        Intellectual Property Rights. The Company owns, has licenses to, or can obtain on commercial reasonable terms rights to, all material patents, trademarks, copyrights,
service marks, and applications and registrations therefore, and all trade names, customer lists, trade secrets, proprietary processes and formulae, inventions, know-how, other confidential and

  

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proprietary information, and other industrial and intellectual property rights necessary to permit the Company to carry on its business as currently conducted. All registered copyrights,
trademarks, and service marks owned by the Company are in full force and effect. There is no pending or, to the knowledge of the Company, threatened claim or litigation against the Company contesting the right to use its intellectual property
rights, asserting the misuse of any thereof, or asserting the infringement or other violation of any intellectual property fight of a third party. The Company has taken all reasonable security measures to protect the secrecy, confidentiality, and
value of its trade secrets, proprietary processes and formulae, inventions, know-how and other confidential and proprietary information, except for any intellectual property the Company has determined not to use or pursue in the future and for any
deficiencies that are not reasonably likely to have a material adverse effect on the Company. 
 (k)        Accuracy of Information Furnished. None of the Transaction Documents and none of the other certificates, statements or information furnished to the Investor by or on
behalf of the Company or in connection with the Transaction Documents or the transactions contemplated thereby contains or will contain 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. 
 4.        Representations and Warranties of the Investor. Investor represents and warrants to the Company that: 
 (a)        Authorization. Investor has full power and authority to enter into this
Agreement. This Agreement, when executed and delivered by Investor, will constitute a valid and legally binding obligation of Investor, enforceable in accordance with its terms. 
 (b)        Purchase Entirely for Own Account. The Note and Warrant to be acquired by
the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has no present intention of selling, granting any
participation in, or otherwise distributing any Securities. 
 (c)        Restricted Securities. The Investor understands that the Securities have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from
the registration provisions of the Securities Act which depends upon, among other things, on the bona fide nature of the investment intent and the accuracy of the Investor’s representations as expressed herein. The Investor understands that the
Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Investor must hold the Securities indefinitely unless they are registered with the Commission and
qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Investor acknowledges that the Company has no obligation to register or qualify the Securities for resale, except to the
extent set forth in Section 5(d). The Investor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of
sale, the holding period for the Securities, and on requirements relating to the Company which are outside of the Investor’s control. 
  

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 (d)        Legends. The Investor
understands that the Securities, and any securities issued in respect thereof or exchange therefor, may bear legends substantially as set forth in clause (i) below and such other legends as are described in clause (ii) below. 

(i)        “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION OR QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT
REQUIRED PURSUANT TO AN EXEMPTION UNDER SUCH ACT AND SECURITIES LAWS.” 
 (ii)        Such legends as may be authorized or required by any agreements pursuant to which Securities (other than the Note and Warrant) are issued and sold. 
 (e)        Accredited Investor. The Investor is an accredited investor as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act. 
 (f)        Jurisdiction. The Investor is organized under the laws of the State of Florida. 
 5.        Affirmative and Negative Covenants of the Company. So long as any amount of the principal under the Note remains unpaid or outstanding or
any portion of the Warrant remains outstanding, the Company covenants that it will comply with the following provisions unless, with respect to clauses (b) through (k) only, otherwise approved in writing by the Investor: 
 (a)        Sufficient Shares; Underlying Securities. The Company shall take or cause
to be taken all action (including, without limitation, appropriate amendments to the Certificate of Incorporation of the Company or otherwise) necessary to assure that there exists a sufficient number of authorized shares of capital stock of the
Company to permit the full and complete conversion, exercise or exchange of the Warrant. The Securities which shall be issuable upon exercise of the Warrant (the “Underlying Securities”), upon their issuance in compliance with the
respective terms of the Warrant, shall be duly authorized, validly issued and outstanding, fully paid and non-assessable, and free of any Encumbrances, except as provided in the applicable agreements governing Investor of such Underlying Securities;
provided, however, that such Securities may be subject to restrictions on transfer under state and federal securities laws. The Company shall cause the original issuance by the Company of the Underlying Securities not to be subject to
any preemptive rights, rights of first refusal or similar rights. 
 (b)        Corporate Existence. The Company will preserve (a) its corporate existence and good standing in the jurisdiction of its organization and (b) its qualification to do

  

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business and good standing in each jurisdiction where the nature of its business makes such qualification necessary, except where such failure to qualify would not have a material adverse effect
on its business or properties. 
 (c)        Inspection of Properties and
Books. The Company shall permit Investor or any of its designated representatives to visit and inspect any of its properties, to examine its books of account (and to make copies thereof and extracts therefrom), and to discuss its affairs,
finances and accounts with, and to be advised as to the same by, its officers, upon reasonable prior notice and during normal business hours, in a manner calculated not to disrupt ongoing business activities and at such intervals as Investor may
reasonably request; and provided that provisions are made to the reasonable satisfaction of the Company and its counsel to protect the Company’s confidential information from dissemination or use for any purpose other than to
ensure compliance with the Transaction Documents (including for purposes of securities trading) and the attorney-client privilege between the Company and its counsel. 
 (d)        Other Obligations. With a view to making available the benefits of certain rules and regulations of the Commission which permit the
sale of the Underlying Securities to the public without registration, the Company agrees to: 
 i.        when any Underlying Securities are eligible for transfer under Rule 144, upon the request of the Investor, remove any restrictive legend from the certificates evidencing such securities at
no cost to Investor; 
 ii.        make and keep available public information as
defined in Rule 144 under the Securities Act at all times that any Underlying Securities are entitled to the benefits of this Agreement; 
 iii.        use its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and
the Exchange Act; 
 iv.        furnish the Investor upon request a written statement
by the Company as to its compliance with the reporting requirements of Rule 144; and 
 v.        cause the Company to take all actions necessary for the Company to maintain a listing for its Common Stock on NYSE-Amex or another national securities exchange. 
 The Company may discontinue its compliance with any of the foregoing obligations in this subsection if it pays the Note in full. 
 (e)        Basic Financial Information. If at any time the Company is not subject
to the reporting requirements at Section 13 or 15(d) of the Exchange Act, the Company shall furnish the following reports to Investor: 
 i. As soon as practicable after the end of each fiscal year of the Company, and in any event within 90 days thereafter, a consolidated balance sheet of the Company and its

  

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subsidiaries, if any, as of the end of such fiscal year, and consolidated statements of income and cash flow of the Company and its subsidiaries, if any, for such year, prepared in accordance
with generally accepted accounting principles consistently applied and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and audited by a independent registered public accounting firm
selected by the Company; and 
 As soon as practicable after the end of each quarterly accounting period in each fiscal year of
the Company, and in any event within 45 days thereafter, a consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such quarterly period, and consolidated statements of income and cash flow of the Company and
its subsidiaries, if any for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles consistently applied and setting forth in comparative form the figures for the corresponding
periods of the previous fiscal year, subject to changes resulting from normal year-end audit adjustments, all in reasonable detail and certified by the chief financial officer of the Company, except that such statements need not contain the notes
required by generally accepted accounting principles. 
 (f)        Additional
Guarantors. The Company shall cause all of its subsidiaries, including any newly formed subsidiaries, to join as a Guarantor under the Guaranty. 
 6.        Conditions of the Investor’s Obligations at Closing. The obligations of Investor at Closing are subject to the fulfillment, on or
before such Closing, of each of the following conditions, unless otherwise waived by the Investor in accordance with the terms of this Agreement: 
 (a)        Representations and Warranties. The representations and warranties of the Company contained in Section 3 shall have been true
and correct on the date hereof, and shall be true and correct, in all material respects, as of the Closing with the same effect as though such representations and warranties had been made as of the Closing. 
 (b)        Legal Requirements. 
 (i)        All authorizations, approvals or permits, if any, of any governmental authority or
regulatory body of the United States or of any state that are required to be obtained prior to the Closing in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of the
Closing. 
 (ii)        Additionally, the sale and issuance by the Company and the
purchase by the Investor of the Note and Warrant shall otherwise be legally permitted by all laws and regulations to which the Company is subject. 
 (c)        Waivers; Specific Consents. [None] 
 (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 form and substance to the Investor. 
  

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 (e)        Guaranty Agreement and Mortgage;
Title Insurance Policy. The Guarantors shall have executed and delivered to Investor the Guaranty Agreement, and Cortez shall have delivered to Investor the Mortgage and a mortgagee title insurance policy in form and content reasonably
satisfactory to the Investor’s counsel. 
 (f)        Legal Opinion.
The Company’s legal counsel shall have delivered to the Investor a legal opinion in form and content reasonably satisfactory to the Investor’s counsel. 
 The parties acknowledge that signatures on the Guaranty by the Guarantors other than Cortez will not be delivered at closing. On or before November 12, 2009, the Company shall deliver those
signatures and an update to the opinion of the Company’s legal counsel to include opinions regarding the added Guarantors. 
 7.        Conditions of the Company’s Obligations at Closing. The obligations of the Company at Closing are subject to the fulfillment, on or before the Closing, of each of the
following conditions, unless otherwise waived in writing: 
 (a)        Representations and Warranties. The representations and warranties of Investor contained in Section 4 shall have been true and correct on the date hereof, and
shall be true and correct, in all material respects, as of the Closing with the same effect as though such representations and warranties had been made in writing as of the Closing. 
 (b)        Legal Requirements. 
 (i)        All authorizations, approvals or permits, if any, of any governmental authority or
regulatory body of the United States or of any state that are required to be obtained prior to the Closing in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of the
Closing. 
 (ii)        Additionally, the sale and issuance by the Company, and the
purchase by the Investor, of the Note and Warrant shall otherwise be legally permitted by all laws and regulations to which the Company is subject. 
 8.        Indemnification. 
 (a)        Survival of Representations, Warranties and Covenants. All representations, warranties and covenants hereunder shall survive the execution and delivery of the Agreement
indefinitely until, by their respective terms, they are no longer operative. 
 (b)        Indemnification. The Company shall indemnify and hold harmless the Investor, its Affiliates, and each of their respective stockholders, officers, directors, managers,
employees, agents, partners, members, representatives, successors and permitted assigns (collectively, the “Investor Parties”) from and against all losses, damages, liabilities, fines, obligations, taxes, costs and expenses
(including reasonable attorney’s fees and expenses and all reasonable amounts paid in investigation or defense) (collectively, “Losses”) actually incurred by an Investor Party that arise or result from: (i) any breach of
any of the representations or warranties of the Company set forth in this Agreement or contained in any certificate, instrument

  

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or document delivered at the Closing; (ii) the failure of the Company to perform any of its respective covenants or agreements contained herein; or (iii) any transaction by the Company
financed or to be financed in whole or in part, directly or indirectly, with proceeds from the sale of any of the Note or Warrant. Notwithstanding the foregoing, nothing in this Agreement, including without limitation the indemnification provided in
this Section 8(b), is intended to or shall be construed to protect or indemnify the Investor Parties against the diminution or total loss in value of the Warrant or the Underlying Securities, and the Investor undertakes all risk of loss with
respect to the Warrant and the Underlying Securities. 
 9.        Additional
Provisions. 
 (a)        Assignment; Parties in Interest. This
Agreement and the rights hereunder are not assignable unless such assignment is consented to in writing by both the Company and the Investor, except that Investor may assign its rights hereunder (i) if Investor is a partnership or limited
liability company, to any partner, member, manager or Affiliate thereof, (ii) if Investor is a corporation, to any Affiliate of Investor, or (iii) if Investor is a natural person, to the spouse or descendants of Investor or any trust for
the benefit of any thereof; provided, however, that the Company is given written notice at the time of such assignment stating the name and address of the assignee and identifying the Securities with respect to which the rights and
benefits hereunder are being assigned and such assignee expressly agrees in writing with the Company to be bound by and to comply with this Agreement. Anything contained herein to the contrary notwithstanding, Investor (or permitted assignee of
Investor) shall not, without the consent of the Company, be permitted to assign any rights and/or benefits hereunder to a Person that is then actively engaged in or serves as a director or officer of (or otherwise has fiduciary or similar duties to)
a business that is competitive with the business then primarily and actively conducted or engaged in, or known by Investor to be under active evaluation for possible expansion into, by the Company. Subject to the foregoing, this Agreement and all
the provisions hereof shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors or permitted assigns. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 (b)        Governing Law; Venue. This Agreement and all claims arising from and
relating to this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby shall be governed by and interpreted and enforced in accordance with the Laws of the State of Florida, without regard to the
conflicts of laws rules thereof. All disputes and controversies arising out of or in connection with this Agreement or any of the other Transaction Documents (except for a mortgage foreclosure under the Mortgage) shall be resolved exclusively by the
state courts located in Hillsborough County, Florida, and each party hereto agrees to submit to the jurisdiction of said courts and agrees that venue shall lie exclusively with such courts. 
 (c)        Counterparts; Signatures. This Agreement may be executed in one or more
counterpart signature pages, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same

  

 12 

 
agreement, which shall be binding upon all of the parties hereto notwithstanding the fact that all parties are not signatory to the same counterpart. The exchange of copies of this Agreement and
of signature pages by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will
have the same effect as physical delivery of the paper document bearing an original signature. 
 (d)        Interpretation. When a reference is made to a Section or Exhibit, such reference shall be to a Section or Exhibit of or to this Agreement unless otherwise indicated. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless the context requires otherwise, words using the singular
or plural number also include the plural or singular number, respectively, and the use of any gender herein shall be deemed to include the other genders. References to “dollars” or “$” are to U.S. dollars. The terms
“hereof,” “herein,” “hereby,” “hereto” and derivative or similar words refer to this entire Agreement. This Agreement was prepared jointly by the parties hereto and no rule that it be construed against the
drafter will have any application in its construction or interpretation. The headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting or construing any of the provisions contained in this
Agreement. 
 (e)        Notices. All notices, requests, demands and other
communications under this Agreement and the other Transaction Documents shall be in writing and shall be deemed to have been duly given (i) if delivered personally or actually received, as of the date received, (ii) if delivered by
certified mail, return receipt requested, seven (7) Business Days after being mailed, or (iii) if delivered by a nationally recognized overnight delivery service, one (1) Business Day after being deposited (with all fees prepaid) with
such delivery service for next Business Day delivery, to such party at its address set forth below (or such other address as it may from time to time designate in writing to the other parties hereto): 
 If to the Company, to: 
 UTEK Corporation 
 2109 Palm Avenue 
 Tampa, FL 33605 
 Telephone: (813) 754-4330 x298 
 Attention: Sam I. Reiber, Esquire 
 With courtesy copies to (which shall not constitute notice): 
  

 13 

 Shumaker Loop & Kendrick, LLP 
 101 East Kennedy Blvd., Suite 2800 
 Tampa, Florida 33602 
 Telephone: (813) 227-2238 
 Attention: Gregory C. Yadley, Esquire 
 If to the Investor, at its address set forth on the signature page to this Agreement. 
 (f)        Finder’s Fee. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction. Investor agrees
to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which
Investor or any of its officers, employees, or representatives is responsible. The Company agrees to indemnify and hold harmless Investor from any liability for any commission or compensation in the nature of a finder’s fee (and the costs
and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. 
 (g)        Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the Company and the Investor.
Any amendment or waiver effected in accordance with this Section 9(g) shall be binding upon the Investor, each transferee of the Securities, each future holder of all such Securities, and the Company, regardless of whether he, she or it
has given its written consent. 
 (h)        Severability. If any
provision of this Agreement or the application of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision hereof or such provision to any other person or circumstance or in any other jurisdiction. 
 (i)        Entire Agreement. This Agreement (including the exhibits and schedules hereto) and the other Transaction Documents constitute the entire agreement between the parties hereto
with respect to the subject matter hereof and supersede all prior agreements and understandings between the parties with respect to such subject matter. 
 (j)        Expenses. The Company shall pay all documented out-of-pocket legal, due diligence and administrative fees and expenses of Hill Ward
Henderson, PA. as counsel for Investor in connection with the preparation, execution and delivery of this Agreement and the other Transaction Documents. The Company shall pay on demand all reasonable fees and expenses of the Investor, including
reasonable attorneys’ fees and expenses incurred by the Investor, with respect to any amendments or waivers hereof requested by the Company or in the enforcement or attempted enforcement of any of the obligations of the Company to the Investor
under the Transaction Documents or in preserving any of the Holder’s rights and remedies (including, without limitation, all such fees and expenses incurred in connection with any “workout” or restructuring affecting the Transaction
Documents or the obligations thereunder or any bankruptcy or similar proceeding involving the Company). 
  

 14 

 (k)        Counsel. Each party to this
Agreement acknowledges that Hill Ward Henderson PA acted solely as counsel to Investor in connection with the Transaction Documents and the transactions contemplated by this Agreement and that it retained independent legal counsel and other advisors
in connection with the Transaction Documents and the transactions contemplated hereby and thereby. 
 (Signature Pages Follow)

  

 15 

 COUNTERPART SIGNATURE PAGE 
 TO 
 NOTE AND WARRANT PURCHASE AGREEMENT

 The parties hereto have executed this Note and Warrant Purchase Agreement as of the date first set forth above.

  

			
	 COMPANY:

	
	UTEK CORPORATION, a Delaware corporation
		
	By:	 	 /s/ Doug Schaedler

	Name:	 	 Doug Schaedler

	Title:	 	 President

	
	INVESTOR:
	
	GATORS LENDER, LLC, a Florida limited liability company
		
	By:	 	 /s/ Martin Schaffel

	Name:	 	 Martin Schaffel

	Title:	 	 Sole Manager

	
	Address:
	
	 Attn: Martin Schaffel, Sole Manager

	 5308 E. Longboat Blvd.

	 Tampa, Florida 33615

	
	With a copy to:
	
	Hill Ward Henderson P.A.
	101 East Kennedy Blvd, Suite 3700
	Tampa, FL 33606
	Attn: David S. FelmanPromissory Note

 Exhibit 10.2 
 PROMISSORY NOTE 
  

			
	$1,750,000.00	  	October 22, 2009
		  	Tampa, Florida

 FOR VALUE RECEIVED, the undersigned, UTEK Corporation, a Delaware corporation, and
UTEK Real Estate Holdings, Inc., a Florida corporation (collectively, the “Maker”), having an address of Attn: Sam I. Reiber, Esquire, 2109 Palm Avenue, Tampa, Florida 33605, promises to pay to Gators Lender, LLC, a Florida limited
liability company (the “Payee”) at Attn: Martin Schaffel, Sole Manager, 5308 E. Longboat Blvd., Tampa, FL 33615, or at such other place as Payee may from time to time designate in writing, the principal sum of One Million Seven
Hundred Fifty Thousand Dollars ($1,750,000.00) (the “Principal Amount”), together with interest on the unpaid Principal Amount from time to time outstanding (the “Interest”), as hereinafter provided. This Promissory
Note (the “Note”) is made and executed pursuant to the Note and Warrant Purchase Agreement (the “Purchase Agreement”) dated the same date as this Note, by and between Maker and Payee. 
 Interest shall be payable on the outstanding Principal Amount from the date of borrowing until paid at an annual rate of
eight (8.0) percent (the “Interest Rate”). Interest shall be payable on a quarterly basis, in arrears, on the 15th day of each month, beginning April 15, 2010. The entire Principal Amount outstanding and all accrued Interest
shall be due and payable on the third anniversary of the date of this Note, if not sooner paid. If any payment date is not a business day, then such payment shall be due the next succeeding business day. 
 Payments will be applied first to accrued interest and then to principal. Except as otherwise permitted by the terms hereof, payments of
interest and principal must be made in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. Payments received after 2:00 p.m. will be treated as being received
on the next banking day. Maker agrees to pay a late fee equal to five percent (5%) of any payment due hereunder that is not paid within ten (10) days of the date the payment is due. Interest on all amounts not paid when due after maturity,
acceleration, or otherwise (including any periods of time after entry of a judgment but prior to payment thereof), will accrue and will be payable at the Default Rate (as hereinafter defined). 
 Maker shall have the right to prepay the Principal Amount in full or in part, upon ten (10) days prior written notice to Payee,
(i) at any time prior to the first anniversary hereof, provided that Maker simultaneously pays to Payee a prepayment penalty equal to four (4.0) percent of the Principal Amount that is prepaid; (ii) at any time after the first
anniversary hereof, and prior to the

  

 DOCUMENTARY STAMP TAXES IN THE AMOUNT OF $6,125.00 DUE ON THE INDEBTEDNESS
EVIDENCED HEREBY WILL BE PAID UPON THE RECORDING OF THAT CERTAIN MORTGAGE AND SECURITY AGREEMENT DATED THE DATE HEREOF, MADE BY CORTEZ 114, LLC, FOR THE BENEFIT OF PAYEE, IN THE PUBLIC RECORDS OF HERNANDO COUNTY, FLORIDA. 

 
second anniversary hereof, provided that Maker simultaneously pays to Payee a prepayment penalty equal to two (2.0) percent of the Principal Amount that is prepaid, and (iii) at any
time after the second anniversary hereof, and prior to the third anniversary hereof, without any prepayment penalty. Partial prepayments will be applied against required principal installments in the inverse order of their maturities. Therefore,
partial prepayments will not affect the due date of any required installments under this Note until this Note is paid in full. 
 Upon the happening of any event of default, at the option of the Payee, all amounts then unpaid under this Note shall bear default interest (“Default Interest”) for the period beginning with the date of the happening of
such event at a default rate equal to the lesser of (i) twelve percent (12%) per annum or (ii) the maximum rate allowed by law (the “Default Rate”). All Default Interest shall be payable daily. To the extent that
Default Interest is not paid when due, all unpaid Default Interest may, at Payee’s discretion, be added to the unpaid Principal Amount hereof, on a daily basis until the unpaid Principal Amount and all Interest, including Default Interest, is
paid in full. 
 Each of the following shall constitute an event of default: 
  

	 	(a)	Any payment of monies required under this Note is not made within ten (10) days of the date the payment is due, whether at maturity, by acceleration, or otherwise;

  

	 	(b)	The occurrence of a default under the Mortgage, the Purchase Agreement, the Guaranty (as defined below), any “Transaction Document,” as that term is defined
in the Purchase Agreement, or under any other agreement given by Maker or Guarantor (as hereinafter defined) to Payee with regard to the indebtedness evidenced hereby. As used in this Note, the term “Guarantor” refers jointly and
severally to Cortez, Ybor, 22nd Street, ABM and Europe (as such terms are hereinafter defined), any other current or future subsidiary of Maker, and any person or entity that previously has guaranteed or either currently or in the future guarantees
the repayment of this Note; 

  

	 	(c)	Any representation or warranty made by Maker, Guarantor or any other party to any Transaction Document (other than Payee) herein or therein or in any certificate,
report, or financial information furnished in connection herewith or therewith shall prove to have been untrue or incorrect in any material respect when made; 

  

	 	(d)	A “Change of Control” (as such term is defined in that certain Warrant Agreement of even date herewith, executed by UTEK Corporation in favor of Payee) of
Maker; 

  

	 	(e)	Maker shall be in default under any obligation for borrowed money in excess of $100,000 owed to any other obligee; 

  

 2 

	 	(f)	any security interest or lien of Payee under a Transaction Document does not constitute a perfected security interest of first priority in the collateral encumbered,
subject only to permitted liens thereunder, or there occurs any material loss, theft, damage or destruction of any collateral; or 

  

	 	(g)	Maker or Guarantor (or any of its subsidiaries) shall (i) voluntarily liquidate or terminate operations or apply for or consent to the appointment of, or the
taking of possession by, a receiver, custodian, trustee or liquidator of Maker or Guarantor or of all or of a substantial part of its assets, (ii) admit in writing its inability, or be generally unable, to pay it a debts as the debts become
due, (iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under the federal Bankruptcy Code (as now or hereafter in effect), (v) file a petition seeking to take advantage of any other law
relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, (vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case
under the Bankruptcy Code, or (vii) take any action for the purpose of effecting any of the foregoing; 

  

	 	(h)	Without its application, approval, or consent, a proceeding shall be commenced, in any court of competent jurisdiction, seeking in respect of Maker or Guarantor (or any
of its subsidiaries) any remedy under the federal Bankruptcy Code, the liquidation, reorganization, dissolution, winding-up, or composition or readjustment of debt, the appointment of a trustee, receiver, liquidator or the like of such Person, or of
all or any substantial part of the assets of such Person, or other like relief under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, which results in the entry of an order for relief or
such adjudication or appointment remains undismissed or undischarged for a period of 30 days; or 

  

	 	(i)	Judgments in excess of $100,000 in the aggregate shall be rendered against Maker or Guarantor and shall remain undischarged, undismissed, and unstayed for more than 30
days (except judgments validly covered by insurance with a deductible of not more than $25,000) or there shall occur any levy upon, or attachment, garnishment or other seizure of, any material portion of the assets of Maker, by reason of the
issuance of any tax levy, judicial attachment or garnishment or levy of execution. 

 Upon the occurrence of an
event of default and at any time thereafter, Payee, at its option and as often as it desires, may declare all liabilities, obligations, and indebtedness due Payee, including this Note, to be immediately due and payable without demand, notice, or
presentment, and may exercise any other remedy available to it under the Mortgage or any other agreement given by Maker or Guarantor to Payee, and any other remedy available to it at law or in equity. 
  

 3 

 The remedies of Payee shall be cumulative and concurrent, and may be pursued singularly,
successively or together, at the sole discretion of Payee, and may be exercised as often as occasion therefore shall arise. No act of omission or commission of Payee, including specifically any failure to exercise any right, remedy or recourse or
acceptance by the Payee of any payment hereunder in an amount which is less than payment in full of all amounts due and payable at the time of such payment, shall be deemed to be a waiver or release of the same, such waiver or release to be effected
only through a written document executed by Payee and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of any
subsequent right, remedy or recourse as to a subsequent event. 
 TIME IS OF THE ESSENCE OF THIS NOTE. Maker shall pay all costs
incurred by the holder of this Note in enforcing or collecting this Note and enforcing each agreement executed in connection with this Note (including any agreement under which real or personal property is pledged as security for this Note),
including without limitation all attorneys’ fees, costs, and expenses incurred in all matters of interpretation, enforcement, and collection, before, during, and after demand, suit, proceeding, trial, appeal, and post-judgment collection
efforts as well as all costs and fees incurred by the holder of this Note in connection with any bankruptcy, reorganization, or similar proceeding (including efforts to obtain relief from any stay) if Maker or any other person or entity liable for
the indebtedness represented by this Note becomes involved in any bankruptcy, reorganization, or similar proceeding. 
 The
validity, construction, interpretation, and enforceability of this Note are governed by the laws of the State of Florida, excluding its laws relating to the resolution of conflicts of laws of different jurisdictions. Maker further agrees that venue
for each action, suit, or other legal proceeding arising under or relating to this Note or any agreement securing or related to this Note shall be in a court of competent jurisdiction in Hillsborough County, Florida, and Maker hereby waives any
right to sue or be sued in any other county in Florida or any other state. 
 No provision of this instrument shall require the
payment or permit the collection of interest in excess of the maximum permitted by law. If any excess interest is herein provided for, paid by Maker or received by Payee, or shall be adjudicated to be so, the provisions of this paragraph shall
govern, and neither Maker nor its successors or assigns shall be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by law, and any such amounts so paid, at the option of the Payee, shall either
be applied against the Principal Amount of this Note due at maturity, or rebated to Maker within thirty (30) days after final repayment of this Note. 
 Maker and any other person liable for the payment hereof respectively, hereby (a) expressly waives any valuation and appraisal, presentment, demand for payment, notice of dishonor, protest, notice of
nonpayment or protest, all other forms of notice whatsoever, and diligence in collection; (b) consents that Payee may, from time to time and without notice to any of them or demand, (i) extend, rearrange, renew or postpone any or all
payments, (ii) release, exchange, add to or substitute all or any part of the collateral for this Note, and/or (iii) release Maker (or any co-maker) or any other person liable for payment hereof, without in any way modifying, altering,
releasing, affecting or limiting their respective liability or the lien of any

  

 4 

 
security instrument; and (c) agrees that Payee, in order to enforce payment of this Note against any of them, shall not be required first to institute any suit or to exhaust any of its
remedies against Maker (or any co-maker) or against any other person liable for payment hereof or to attempt to realize on any collateral for this Note. Maker agrees that its obligations under this Note are independent of the obligation of any other
maker, guarantor or other person or entity that now or later is obligated to pay this Note. Maker also agrees that Payee may release any security for or any other obligor of this Note or waive, extend, alter, amend, or modify this Note or otherwise
take any action that varies the risk of Maker without releasing or discharging Maker from Maker’s obligation to repay this Note. 
 The term “Maker” as used herein, in every instance shall include the maker and its successors and permitted assigns, and shall denote the singular and/or plural, the masculine and/or feminine, and natural and/or artificial persons
whenever and wherever the context so requires or admits. 
 Whenever “Payee” is referred to in this Note, such
reference shall be deemed to include the successors and assigns of Payee, including, without limitation, any subsequent assignee or holder of this Note, and all covenants, provisions, and all agreements by or on behalf of Maker and any endorsers,
guarantors, and sureties hereof which are contained herein shall inure to the benefit of the successors and assigns of Payee. 
 This Note is secured by that certain Absolute Guaranty of Payment and Performance of even date herewith (the “Guaranty”), executed by Cortez 114, LLC, a Florida limited liability company (“Cortez”), Ybor
City Group, Inc., a Florida corporation (“Ybor”), 22nd Street of Ybor City, Inc., a Florida corporation (“22nd Street”), ABM of Tampa Bay, Inc., a Florida corporation (“ABM”) and UTEK Europe, Ltd.,
a United Kingdom corporation (“Europe”) in favor of Payee. The Guaranty is secured by that certain Real Estate Mortgage, Security Agreement And Assignment Of Rents And Leases of even date herewith, executed by Cortez in favor of
Payee, to be recorded in the Public Records of Hernando County, Florida (the “Mortgage”), and by any and all collateral presently and hereafter held by Payee from Maker or Guarantor and given or agreed to be given to Payee by Maker
or Guarantor, plus any and all collateral presently or hereafter held by Payee given or agreed to be given by any third party or parties for the benefit of Maker hereof. 
 This Note may not be modified or terminated orally, but only by agreement or discharge in writing and signed by Payee and Maker. Any forbearance of Payee in exercising any right or remedy hereunder, under
the Mortgage or under any other loan document relating to this transaction shall not be a waiver of or preclude the exercise of any right or remedy. Acceptance by Payee of payment of any sum payable hereunder after the due date of such payment shall
not be a waiver of Payee’s right to either require prompt payment when due of all other sums payable hereunder or to declare a default for the failure to make prompt payment in the future. 
 For and in consideration of the funding or renewal of the indebtedness evidenced hereby, Maker further agrees to cooperate with Payee and to
re-execute any and all documentation relating to the loan evidenced by this Note which is deemed necessary or desirable in Payee’s discretion, in order to correct or adjust any clerical errors or omissions contained in any document executed in
connection with the loan evidenced by this Note. 
  

 5 

 Each required notice, consent, or approval, if any, under this Note will be valid only if it
is given in writing (or sent by telex, telegram, or telecopy and promptly confirmed in writing) and addressed by the sender to the recipient’s address that is listed in this Note or to such other addresses as either party may designate by
written notice to the other party. A validly given notice, consent, or approval will be effective (i) on receipt of hand delivery to the recipient, (ii) seven (7) days after having been deposited in the United States mail, certified
or registered, return receipt requested, sufficient postage affixed or prepaid, or (iii) one (1) business day after it is deposited with an expedited, overnight courier service (such as by way of example but not limitation, U.S. Express
Mail, Federal Express or Airborne). These notice provisions apply only if a notice is required by this Note. They do not apply if no notice is required by this Note. This Note is not assignable by Maker. 
 WAIVER OF JURY TRIAL. MAKER AND PAYEE HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS THEY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION (INCLUDING, BUT NOT LIMITED TO, ANY CLAIMS, CROSSCLAIMS OR THIRD-PARTY CLAIMS) ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, THE PURCHASE AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, OR ANY
OTHER LOAN DOCUMENT EVIDENCING, SECURING, OR RELATING TO THE INDEBTEDNESS EVIDENCED BY THIS NOTE OR TO THE DEALINGS OR RELATIONSHIP BETWEEN OR AMONG THE PARTIES HERETO. NEITHER MAKER NOR PAYEE WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY
TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT OR CAN NOT BE WAIVED. THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY NEGOTIATED BY THE PARTIES HERETO, AND THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTION. MAKER HEREBY
CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF PAYEE OR PAYEE’S COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT PAYEE WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. MAKER
ACKNOWLEDGES THAT THE PAYEE HAS BEEN INDUCED TO LOAN FUNDS IN THE AMOUNT OF THE PRINCIPAL AMOUNT TO MAKER BY, AMONG OTHER THINGS, THE PROVISIONS OF THIS PARAGRAPH. 
 THE UNDERSIGNED ACKNOWLEDGE THAT THE LOAN EVIDENCED HEREBY IS FOR COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. 
 [Signature Pages Follow] 
  

 6 

 [SIGNATURE PAGE TO PROMISSORY NOTE] 
 IN WITNESS WHEREOF, the undersigned has executed as Maker this Promissory Note as of the date first above written. 
  

			
	 UTEK Corporation,

	a Delaware corporation
		
	By:	 	 /s/ Doug Schaedler

		 	Doug Schaedler, as President
		
		 	  [Corporate Seal]

 STATE OF FLORIDA 
 COUNTY OF HILLSBOROUGH 
 The foregoing instrument was acknowledged before me on
October 22, 2009, by Doug Schaedler, as President of UTEK Corporation, a Delaware corporation, on behalf of the corporation. He is personally known to me or has produced a valid driver’s license as identification. 
  

	
	 /s/ Joshua B. Riba

	Notary Public
	
	My Commission Expires: August 18, 2013

 [Signatures Continue on Following Page] 
  

 7 

 [SIGNATURE PAGE TO PROMISSORY NOTE] 
 IN WITNESS WHEREOF, the undersigned has executed as Maker this Promissory Note as of the date first above written. 
  

			
	 UTEK Real Estate Holdings, Inc.,

	a Florida corporation
		
	By:	 	 /s/ Sam I. Reiber

		 	Sam I. Reiber, as President
		
		 	  [Corporate Seal]

 STATE OF FLORIDA 
 COUNTY OF HILLSBOROUGH 
 The foregoing instrument was acknowledged before me on
October 22, 2009, by Sam I. Reiber, as President of UTEK Real Estate Holdings, Inc., a Florida corporation, on behalf of the corporation. He is personally known to me or has produced a valid driver’s license as identification. 
  

	
	 /s/ Kelly S. Melton

	Notary Public
	
	My Commission Expires: May 10, 2010

  

 8

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