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Unassociated Document

    

      SECURITY
        AGREEMENT

       

      SECURITY
        AGREEMENT (this “Agreement”),
        dated
        as of June 14, 2005, by and among Grant Life Sciences, Inc., a Nevada
        corporation (“Company”),
        and
        the secured parties signatory hereto and their respective endorsees, transferees
        and assigns (collectively, the “Secured
        Party”).
        

       

      W
        I T N E
        S S E T H:

       

      WHEREAS,
        pursuant to a Securities Purchase Agreement, dated the date hereof, between
        Company and the Secured Party (the “Purchase
        Agreement”),
        Company has agreed to issue to the Secured Party and the Secured Party has
        agreed to purchase from Company certain of Company’s 10% Callable Secured
        Convertible Notes, due three years from the date of issue (the “Notes”),
        which
        are convertible into shares of Company’s Common Stock, par value $.001 per share
        (the “Common
        Stock”).
        In
        connection therewith, Company shall issue the Secured Party certain Common
        Stock
        purchase warrants (the “Warrants”);
        and

       

      WHEREAS,
        in order to induce the Secured Party to purchase the Notes, Company has agreed
        to execute and deliver to the Secured Party this Agreement for the benefit
        of
        the Secured Party and to grant to it a first priority security interest in
        certain property of Company to secure the prompt payment, performance and
        discharge in full of all of Company’s obligations under the Notes and exercise
        and discharge in full of Company’s obligations under the Warrants.

       

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

       

      1.  Certain
        Definitions.
        As used
        in this Agreement, the following terms shall have the meanings set forth
        in this
        Section 1. Terms used but not otherwise defined in this Agreement that are
        defined in Article 9 of the UCC (such as “general
        intangibles”
        and
“proceeds”)
        shall
        have the respective meanings given such terms in Article 9 of the
        UCC.

       

      (a)  “Collateral”
        means
        the collateral in which the Secured Party is granted a security interest
        by this
        Agreement and which shall include the following, whether presently owned
        or
        existing or hereafter acquired or coming into existence, and all additions
        and
        accessions thereto and all substitutions and replacements thereof, and all
        proceeds, products and accounts thereof, including, without limitation, all
        proceeds from the sale or transfer of the Collateral and of insurance covering
        the same and of any tort claims in connection therewith:

       

      (i)  All
        Goods
        of the Company, including, without limitations, all machinery, equipment,
        computers, motor vehicles, trucks, tanks, boats, ships, appliances, furniture,
        special and general tools, fixtures, test and quality control devices and
        other
        equipment of every kind and nature and wherever situated, together with all
        documents of title and documents representing the same, all additions and
        accessions thereto, replacements therefor, all parts therefor, and all
        substitutes for any of the foregoing and all other items used and useful
        in
        connection with the Company’s businesses and all improvements thereto
        (collectively, the “Equipment”);
        and

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (ii)  All
        Inventory of the Company; and

       

      (iii)  All
        of
        the Company’s contract rights and general intangibles, including, without
        limitation, all partnership interests, stock or other securities, licenses,
        distribution and other agreements, computer software development rights,
        leases,
        franchises, customer lists, quality control procedures, grants and rights,
        goodwill, trademarks, service marks, trade styles, trade names, patents,
        patent
        applications, copyrights, deposit accounts, and income tax refunds
        (collectively, the “General
        Intangibles”);
        and

       

      (iv)  All
        Receivables of the Company including all insurance proceeds, and rights to
        refunds or indemnification whatsoever owing, together with all instruments,
        all
        documents of title representing any of the foregoing, all rights in any
        merchandising, goods, equipment, motor vehicles and trucks which any of the
        same
        may represent, and all right, title, security and guaranties with respect
        to
        each Receivable, including any right of stoppage in transit; and

       

      (v)  All
        of
        the Company’s documents, instruments and chattel paper, files, records, books of
        account, business papers, computer programs and the products and proceeds
        of all
        of the foregoing Collateral set forth in clauses (i)-(iv) above.

       

      (b)  “Company”
        shall
        mean, collectively, Company and all of the subsidiaries of Company, a list
        of
        which is contained in Schedule
        A,
        attached hereto.

       

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

       

      (d)  “UCC”
        means
        the Uniform Commercial Code, as currently in effect in the State of New
        York.

       

      2.  Grant
        of Security Interest.
        As an
        inducement for the Secured Party to purchase the Notes and to secure the
        complete and timely payment, performance and discharge in full, as the case
        may
        be, of all of the Obligations, the Company hereby, unconditionally and
        irrevocably, pledges, grants and hypothecates to the Secured Party, a continuing
        security interest in, a continuing first lien upon, an unqualified right
        to
        possession and disposition of and a right of set-off against, in each case
        to
        the fullest extent permitted by law, all of the Company’s right, title and
        interest of whatsoever kind and nature in and to the Collateral (the
“Security
        Interest”).

       

      
        
          
          

        

        
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      3.  Representations,
        Warranties, Covenants and Agreements of the Company.
        The
        Company represents and warrants to, and covenants and agrees with, the Secured
        Party as follows: 

       

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

       

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

       

      (c)  The
        Company is the sole owner of the Collateral (except for non-exclusive licenses
        granted by the Company in the ordinary course of business), free and clear
        of
        any liens, security interests, encumbrances, rights or claims, and is fully
        authorized to grant the Security Interest in and to pledge the Collateral.
        There
        is not on file in any governmental or regulatory authority, agency or recording
        office an effective financing statement, security agreement, license or transfer
        or any notice of any of the foregoing (other than those that have been filed
        in
        favor of the Secured Party pursuant to this Agreement) covering or affecting
        any
        of the Collateral. So long as this Agreement shall be in effect, the Company
        shall not execute and shall not knowingly permit to be on file in any such
        office or agency any such financing statement or other document or instrument
        (except to the extent filed or recorded in favor of the Secured Party pursuant
        to the terms of this Agreement).

       

      (d)  No
        part
        of the Collateral has been judged invalid or unenforceable. No written claim
        has
        been received that any Collateral or the Company’s use of any Collateral
        violates the rights of any third party. There has been no adverse decision
        to
        the Company’s claim of ownership rights in or exclusive rights to use the
        Collateral in any jurisdiction or to the Company’s right to keep and maintain
        such Collateral in full force and effect, and there is no proceeding involving
        said rights pending or, to the best knowledge of the Company, threatened
        before
        any court, judicial body, administrative or regulatory agency, arbitrator
        or
        other governmental authority. 

       

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

       

      
        
          
          

        

        
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      (f)  This
        Agreement creates in favor of the Secured Party a valid security interest
        in the
        Collateral securing the payment and performance of the Obligations and, upon
        making the filings described in the immediately following sentence, a perfected
        first priority security interest in such Collateral. Except for the filing
        of
        financing statements on Form-1 under the UCC with the jurisdictions indicated
        on
Schedule
        B,
        attached hereto, no authorization or approval of or filing with or notice
        to any
        governmental authority or regulatory body is required either (i) for
        the grant by the Company of, or the effectiveness of, the Security Interest
        granted hereby or for the execution, delivery and performance of this Agreement
        by the Company or (ii) for
        the perfection of or exercise by the Secured Party of its rights and remedies
        hereunder. 

       

      (g)  On
        the
        date of execution of this Agreement, the Company will deliver to the Secured
        Party one or more executed UCC financing statements on Form-1 with respect
        to
        the Security Interest for filing with the jurisdictions indicated on
Schedule
        B,
        attached hereto and in such other jurisdictions as may be requested by the
        Secured Party.

       

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

       

      (i)  The
        Company shall at all times maintain the liens and Security Interest provided
        for
        hereunder as valid and perfected first priority liens and security interests
        in
        the Collateral in favor of the Secured Party until this Agreement and the
        Security Interest hereunder shall terminate pursuant to Section 11. The Company
        hereby agrees to defend the same against any and all persons. The Company
        shall
        safeguard and protect all Collateral for the account of the Secured Party.
        At
        the request of the Secured Party, the Company will sign and deliver to the
        Secured Party at any time or from time to time one or more financing statements
        pursuant to the UCC (or any other applicable statute) in form reasonably
        satisfactory to the Secured Party and will pay the cost of filing the same
        in
        all public offices wherever filing is, or is deemed by the Secured Party
        to be,
        necessary or desirable to effect the rights and obligations provided for
        herein.
        Without limiting the generality of the foregoing, the Company shall pay all
        fees, taxes and other amounts necessary to maintain the Collateral and the
        Security Interest hereunder, and the Company shall obtain and furnish to
        the
        Secured Party from time to time, upon demand, such releases and/or
        subordinations of claims and liens which may be required to maintain the
        priority of the Security Interest hereunder. 

       

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

       

      
        
          
          

        

        
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      (k)  The
        Company shall keep and preserve its Equipment, Inventory and other tangible
        Collateral in good condition, repair and order and shall not operate or locate
        any such Collateral (or cause to be operated or located) in any area excluded
        from insurance coverage.

       

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

       

      (m)  The
        Company shall promptly execute and deliver to the Secured Party such further
        deeds, mortgages, assignments, security agreements, financing statements
        or
        other instruments, documents, certificates and assurances and take such further
        action as the Secured Party may from time to time request and may in its
        sole
        discretion deem necessary to perfect, protect or enforce its security interest
        in the Collateral including, without limitation, the execution and delivery
        of a
        separate security agreement with respect to the Company’s intellectual property
        (“Intellectual
        Property Security Agreement”)
        in
        which the Secured Party has been granted a security interest hereunder,
        substantially in a form acceptable to the Secured Party, which Intellectual
        Property Security Agreement, other than as stated therein, shall be subject
        to
        all of the terms and conditions hereof.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      12.  Power
        of Attorney; Further Assurances.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      If
        to the
        Company: Grant
        Life Sciences, Inc.

      64
        East
        Winchester

      Suite
        205

      Murray,
        UT 84107

      Attention:
        Chief Executive Officer

      Telephone: (801)
        261-8736

      Facsimile: (801)
        261-3954

       

      With
        a
        copy to: Sichenzia
        Ross Friedman Ference LLP

      1065
        Avenue of the Americas

      New
        York,
        NY 10018

      Attention:
        Gregory Sichenzia, Esq.

      Telephone:
        (212) 930-9700

      Facsimile:
        (212) 930-9725

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      

      
        	
                If
                  to the Secured Party:

              	
                AJW
                  Partners, LLC

              

      

      AJW
        Offshore, Ltd.

      AJW
        Qualified Partners, LLC

      New
        Millennium Capital Partners II, LLC

      1044
        Northern Boulevard

      Suite
        302

      Roslyn,
        New York 11576

      Attention:
        Corey Ribotsky

      Facsimile:
        516-739-7115

       

      With
        a
        copy to:

       

      Ballard
        Spahr Andrews & Ingersoll, LLP

      1735
        Market Street, 51st
        Floor

      Philadelphia,
        Pennsylvania 19103

      Attention:
        Gerald J. Guarcini, Esq. 

      Facsimile:
        215-864-8999

       

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

       

      15.  Miscellaneous.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

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

       

      

       

      

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

      

       

      

 

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

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

       

       

      GRANT
        LIFE SCIENCES, INC.

       

      By:
        /s/
        Stanley
        Yakatan               
        

      Stanley
        Yakatan 
Chief
        Executive Officer

       

      

       

      AJW
        PARTNERS, LLC

      By:
        SMS
        Group, LLC

       

      By:/s/
        Corey S.
        Ribotsky                      
        

      Corey
        S.
        Ribotsky
Manager

       

      

       

      AJW
        OFFSHORE, LTD.

      By:
        First
        Street Manager II, LLC

       

      By:
        /s/
        Corey S.
        Ribotsky                    

      Corey
        S.
        Ribotsky
Manager

       

      AJW
        QUALIFIED PARTNERS, LLC

      By:
        AJW
        Manager, LLC

      

      

      By:
        /s/
        Corey S.
        Ribotsky                    
        

      Corey
        S.
        Ribotsky

      Manager

       

      

       

      NEW
        MILLENNIUM CAPITAL PARTNERS II, LLC.

      By:
        First
        Street Manager II, LLC

       

      By:
        /s/ Corey S.
        Ribotsky                  
        

      Corey
        S.
        Ribotsky

      Manager

       

       

       

      
        
          
          

        

        
          13Unassociated Document

    

      INTELLECTUAL
        PROPERTY SECURITY AGREEMENT

       

      INTELLECTUAL
        PROPERTY SECURITY AGREEMENT (this
        “Agreement”
        dated as
        of June 14,
        2005,
        by and
        among Grant Life Sciences, Inc., a Nevada corporation (the “Company”),
        and
        the secured parties signatory hereto and their respective endorsees, transferees
        and assigns (collectively, the “Secured
        Party”).

       

      W
        I T N E
        S S E T H :

       

      WHEREAS,
        pursuant to a Securities Purchase Agreement, dated the date hereof, between
        Company and the Secured Party (the “Purchase
        Agreement”),
        Company has agreed to issue to the Secured Party and the Secured Party has
        agreed to purchase from Company certain of Company’s 10% Callable Secured
        Convertible Notes, due three years from the date of issue (the “Notes”),
        which
        are convertible into shares of Company’s Common Stock, par value $.001 per share
        (the “Common
        Stock”).
        In
        connection therewith, Company shall issue the Secured Party certain Common
        Stock
        purchase warrants (the “Warrants”);
        and

       

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

       

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

       

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

       

      “Software
        Intellectual Property”
        shall
        mean:

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-3

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-4

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

       

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

       

      (q)  With
        respect to any Intellectual Property:

       

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

              

      

       

      
        	(ii)  	
                such
                  Intellectual Property is valid and
                  enforceable;

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        
          
          

        

        
          C-6

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-7

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-8

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-9

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-10

          
            

          

        

        
          
          

        

      

       

      12.  Power
        of Attorney; Further Assurances.

       

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

       

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

       

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

       

      
        
          
          

        

        
          C-11

          
            

          

        

        
          
          

        

      

       

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

       

      If
        to the
        Company:  Grant
        Life Sciences, Inc.

      64
        East
        Winchester

      Suite
        205

      Murray,
        UT 84107

      Attention:
        Chief Executive Officer

      Telephone: (801)
        261-8736

      Facsimile: (801)
        261-3954

       

      

      
        
          
          

        

        
          C-12

          
            

          

        

        
          
          

        

      

       

      With
        copies to:               
        Sichenzia
        Ross Friedman Ference LLP

      1065
        Avenue of the Americas

      New
        York,
        NY 10018

      Attention:
        Gregory Sichenzia, Esq.

      Telephone:
        (212) 930-9700

      Facsimile:
        (212) 930-9725

       

      

       

      If
        to the
        Secured Party:       
        AJW
        Partners, LLC

      AJW
        Offshore, Ltd.

      AJW
        Qualified Partners, LLC

      New
        Millennium Capital Partners II, LLC

      1044
        Northern Boulevard

      Suite
        302

      Roslyn,
        New York 11576

      Attention:
        Corey Ribotsky

      Facsimile:
        516-739-7115

       

                 
        With copies
        to:                        
        Ballard
        Spahr Andrews & Ingersoll, LLP

      1735
        Market Street, 51st
        Floor

      Philadelphia,
        Pennsylvania 19103

      Attention:
        Gerald J. Guarcini, Esquire

      Facsimile:
        215-864-8999

       

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

       

      15.  Miscellaneous.

       

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

       

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

       

      
        
          
          

        

        
          C-13

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      (i)  EACH
        PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL
        OF ANY
        CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THE
        SCOPE
        OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY DISPUTES THAT MAY
        BE
        FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF THIS AGREEMENT,
        INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
        CLAIMS
        AND ALL OTHER COMMON LAW AND 

       

      
        
          
          

        

        
          C-14

          
            

          

        

        
          
          

        

      

       

      STATUTORY
        CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
        FOR EACH PARTY TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HAS
        ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH
        PARTY WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS.
        EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
        WITH
        ITS LEGAL COUNSEL, AND THAT SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY WAIVES
        ITS
        RIGHTS TO A JURY TRIAL FOLLOWING SUCH CONSULTATION. THIS WAIVER IS IRREVOCABLE,
        MEANING THAT, NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IT MAY NOT
        BE
        MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY
        SUBSEQUENT AMENDMENTS, RENEWALS AND SUPPLEMENTS OR MODIFICATIONS TO THIS
        AGREEMENT. IN THE EVENT OF A LITIGATION, THIS AGREEMENT MAY BE FILED AS A
        WRITTEN CONSENT TO A TRIAL BY THE COURT. 

       

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

       

      

       

      

       

      

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
          
          

        

        
          C-15

          
            

          

        

        
          
          

        

      

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

       

      GRANT
        LIFE SCIENCES, INC.

      

      

      By: 
        /s/ Stanley
        Yakatan                
        

      Stanley
        Yakatan

      Chief
        Executive Officer

      

      

      AJW
        PARTNERS, LLC

      By:
        SMS
        Group, LLC

      

      

      By: 
        /s/ Corey S. Ribotsky         
        

      Corey
        S.
        Ribotsky

      Manager

      

      

      AJW
        OFFSHORE, LTD.

      By:
        First
        Street Manager II, LLC

      

      

      By:
         /s/
        Corey S. Ribotsky        
        

      Corey
        S.
        Ribotsky

      Manager

      

      

      AJW
        QUALIFIED PARTNERS, LLC

      By:
        AJW
        Manager, LLC

      

      

      By:
        /s/
        Corey S.
        Ribotsky                 
        

      Corey
        S.
        Ribotsky

      Manager

      

      NEW
        MILLENNIUM CAPITAL 

      PARTNERS
        II, LLC

      By:
        First
        Street Manager II, LLC

      

      

      By:
        /s/
        Corey S.
        Ribotsky                  
        

      Corey
        S.
        Ribotsky

      Manager

       

       

      
        
          
          

        

        
          C-16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]