Document:

TECHNOLOGY
      LICENSE AGREEMENT

     

    BETWEEN

     

    CARDIOVASCULAR
      BIOTHERAPEUTICS, INC.

     

    AND

     

    CARDIO
      DERMA CLINICAL PARTNERS, LP

     

    

     

    Dated
      as
      of July 10, 2008

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
      OF
      CONTENTS

     

    
      	 	 	 	
              Page

            
	 	 	 	
               

            
	
              1.

            	
              Definitions

            	
              1

            
	 	
              1.1

            	
              Definitions

            	
              1

            
	 	
              1.2

            	
              Singular
                and Plural

            	
              1

            
	 	 	 	 
	
              2.

            	
              Grant
                of Licenses

            	
              1

            
	 	
              2.1

            	
              Grant
                of Nonexclusive Licenses to CDCP; Right to Sublicense.

            	
              1

            
	 	
              2.2

            	
              Third
                Party Licenses to CVBT or Any of Its Affiliates

            	
              2

            
	 	
              2.3

            	
              CDCP
                Sublicenses and Licenses to CVBT.

            	
              2

            
	 	 	 	 
	
              3.

            	
              Representations,
                Warranties and Covenants

            	
              3

            
	 	
              3.1

            	
              Representations,
                Warranties and Covenants of CVBT

            	
              3

            
	 	
              3.2

            	
              Representations,
                Warranties and Covenants of CDCP

            	
              4

            
	 	 	 	 
	
              4.

            	
              Patents

            	
              4

            
	 	
              4.1

            	
              Derived
                from the Development

            	
              4

            
	 	
              4.2

            	
              Rights
                After Termination of Agreements

            	
              4

            
	 	 	 	 
	
              5.

            	
              Confidential
                Information

            	
              5

            
	 	 	 	 
	
              6.

            	
              Permitted
                Disclosures

            	
              5

            
	 	 	 	 
	
              7.

            	
              Disclaimer
                of Warranty; Consequential Damages

            	
              5

            
	 	
              7.1

            	
              Disclaimer
                of Warranty

            	
              5

            
	 	
              7.2

            	
              Consequential
                Damages

            	
              6

            
	 	 	 	 
	
              8.

            	
              Indemnification

            	
              6

            
	 	
              8.1

            	
              Indemnification
                by CVBT

            	
              6

            
	 	
              8.2

            	
              Indemnification
                by CDCP

            	
              6

            
	 	
              8.3

            	
              Defense
                of Claims

            	
              6

            
	 	 	 	 
	
              9.

            	
              Term
                and Termination

            	
              7

            
	 	
              9.1

            	
              Term

            	
              7

            
	 	
              9.2

            	
              Termination
                by Mutual Agreement

            	
              7

            
	 	
              9.3

            	
              Termination
                of Development

            	
              7

            
	 	
              9.4

            	
              Termination
                by CVBT or CDCP for Breach

            	
              7

            
	 	
              9.5

            	
              Termination
                After Full Payment

            	
              7

            
	 	
              9.6

            	
              Effect
                of Termination

            	
              7

            
	 	
              9.7

            	
              Continuing
                Obligation to Make Payments

            	
              8

            
	 	 	 	 
	
              10.

            	
              Miscellaneous

            	
              8

            
	 	
              10.1

            	
              No
                Implied Waivers; Rights Cumulative

            	
              8

            
	 	
              10.2

            	
              Force
                Majeure

            	
              8

            
	 	
              10.3

            	
              Relationship
                of the Parties

            	
              8

            
	 	
              10.4

            	
              Notices

            	
              8

            
	 	
              10.5

            	
              Successors
                and Assigns

            	
              9

            

    

     

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

     

    
      	 	
              10.6

            	
              Amendments

            	
              9

            
	 	
              10.7

            	
              Governing
                Law

            	
              9

            
	 	
              10.8

            	
              Severability

            	
              10

            
	 	
              10.9

            	
              Trading
                Limitations

            	
              10

            
	 	
              10.10

            	
              Counterparts

            	
              10

            
	 	
              10.11

            	
              Entire
                Agreement

            	
              10

            

    

     

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    TECHNOLOGY
      LICENSE AGREEMENT

     

    This
      Technology License Agreement (the “Agreement”) is made as of July 10, 2008, by
      and between CardioVascular BioTherapeutics, Inc., a Delaware corporation
      (“CVBT”) and Cardio Derma Clinical Partners, LP a Nevada limited partnership
      (“CDCP”).

     

    RECITALS

     

    A. CVBT
      and
      CDCP are parties to the Development Agreement (all capitalized terms shall
      have
      the respective meanings set forth in Section 1 hereof).

     

    B. CVBT
      is
      the owner of the Wound Healing IP and certain intellectual property rights
      relating thereto.

     

    C. Pursuant
      to the Development Agreement, CDCP has engaged CVBT to employ the Wound Healing
      IP in conducting the Development.

     

    E. In
      the
      Development process, CVBT may develop additional inventions, processes, data,
      know-how, or enhancements of, or relating to, the Wound Healing IP (the “Program
      IP”).

     

    F. CVBT
      desires to acquire, and CDCP is willing to grant to CVBT, an exclusive worldwide
      license or sublicense to exploit the Program IP as it deems
      appropriate.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants set forth herein and for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, and in order to induce CVBT to enter into the Agreements,
      CVBT and CDCP hereby agree as follows:

     

    1. Definitions.

     

    1.1 Definitions.
      All
      capitalized terms used herein and not otherwise defined shall have the
      respective meanings, to the extent such terms are used herein, set forth in
      Schedule 1.1 attached hereto, which is incorporated by this reference as though
      fully set forth herein.

     

    1.2 Singular
      and Plural.
      Singular and plural forms, as the case may be, of terms defined herein shall
      have correlative meanings.

     

    2. Grant
      of Licenses.

     

    2.1 Grant
      of Nonexclusive Licenses to CDCP; Right to Sublicense.

     

    2.1.1 CVBT
      Grant.
      Subject
      to the terms and conditions of this Agreement, CVBT hereby grants to CDCP a
      nonexclusive perpetual, worldwide right and license, terminable only as set
      forth herein, to employ CVBT’s Wound Healing IP for purposes of the Development.
      CDCP understands and acknowledges that CVBT may grant similar licenses to other
      research and development partnerships for purposes of additional development
      of
      the Wound Healing IP or the Program IP.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.2 Third
      Party Licenses to CVBT or Any of Its Affiliates.
      With
      respect to the rights of third parties that may be obtained by CVBT after the
      date hereof, and which are necessary or useful to the Development under the
      Development Agreement, CVBT shall use commercially reasonable efforts to secure
      such rights and the right to sublicense such rights to CDCP and shall sublicense
      such rights to CDCP whenever possible; provided that CDCP shall not be obligated
      to accept any grant of rights or assume any obligations hereunder without its
      prior written consent. If CDCP desires to obtain any such rights licensed to
      CVBT or any of its Affiliates pursuant to an agreement with any Person other
      than CDCP (a “Third Party Agreement”), the existence of which CVBT shall
      promptly inform CDCP, CDCP and CVBT agree to negotiate in good faith regarding
      the allocation between CVBT or any of its Affiliates and CDCP of the royalty,
      license fee, milestone fee or other payments payable to the third party and
      the
      assumption of any obligations applicable to such license, if any. CDCP shall
      bear the cost of obtaining any such rights and shall assume such obligations
      only in proportion to its and its sublicensees’ (other than CVBT’s and/or any of
      its Affiliates) use of such rights. Any sublicense granted to CDCP hereunder
      shall be limited to the rights that CVBT and/or any of its Affiliates has a
      right to grant under any such Third Party Agreement and to any obligations
      under
      any such Third Party Agreement, and to any obligations assumed by CVBT and/or
      any of its Affiliates in consideration of the grant or assignment of such rights
      to CVBT which are to be sublicensed to CDCP. No party shall take any action,
      or
      fail to take any action within its control, that would constitute or give rise
      to a breach or other violation by CVBT or any of its Affiliates of any such
      Third Party Agreement. The parties agree that no future licensing fees are
      required to be paid by CDCP during the term of this Agreement as consideration
      for the licenses and sublicenses granted to CDCP hereunder, except as set forth
      in this Section 2.2.

     

    2.3 CDCP
      Sublicenses and Licenses to CVBT.

     

    2.3.1 Development
      License.
      CDCP
      hereby grants CVBT an exclusive, even as to CDCP and all other Persons,
      royalty-free license to employ and engage in any and all uses of the Wound
      Healing IP to conduct Development, subject to the terms and conditions of and
      to
      the extent necessary to perform its obligations under the Development Agreement.
      The rights granted under this Section 2.3.1 may be further sublicensed by CVBT
      only to its Affiliates or as permitted under of the Development Agreement (and,
      in such a case, solely to the extent necessary to perform any subcontracting
      services thereunder) or to other research and development partnerships for
      purposes of additional development of the Wound Healing IP or the Program
      IP.

     

    2.3.2 Commercialization
      License.
      CDCP
      hereby grants CVBT an exclusive, even as to CDCP and all other Persons,
      worldwide license to use the Program IP to further develop the Wound Healing
      IP
      or make, have made, use or sell products based on the Wound Healing IP and/or
      Program IP subject to the terms and conditions of and to the extent necessary
      to
      perform its obligations under the Development Agreement. The rights granted
      under this Section 2.3.2 may be further sublicensed by CVBT only to its
      Affiliates or, to the extent necessary to perform any subcontracting services
      under the Development Agreement, or to other research and development
      partnerships for purposes of additional development of the Wound Healing IP
      or
      the Program IP. Payments due to CDCP hereunder are as specified in Section
      5 of
      the Development Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.3.3 Other
      Licenses.
      The
      foregoing licenses are granted in addition to, and not in substitution for,
      any
      other license granted to CVBT.

     

    3. Representations,
      Warranties and Covenants.

     

    3.1 Representations,
      Warranties and Covenants of CVBT.
      CVBT
      represents, warrants and covenants to CDCP as follows:

     

    3.1.1 Organization
      of CVBT.
      CVBT is
      a corporation duly organized, validly existing and in good standing under the
      laws of the State of Delaware with full corporate power and authority adequate
      for executing and delivering and performing its obligations under this
      Agreement.

     

    3.1.2 Authorization.
      The
      execution, delivery and performance of this Agreement have been duly authorized
      by all necessary corporate action on the part of CVBT and this Agreement shall
      constitute a legal, valid and binding obligation of CVBT, enforceable against
      CVBT in accordance with its terms, subject to laws of general application
      relating to bankruptcy, insolvency and the relief of debtors.

     

    3.1.3 Other
      Agreements.
      CVBT
      shall not enter into any agreement, make any commitment, take any action or
      fail
      to take any action that would contravene any material provision of, or
      materially derogate or restrict any of the rights and licenses granted or
      assigned to CDCP under, this Agreement; provided however, CVBT may enter into
      other contracts with other research and development partnerships for the purpose
      of further development of the Wound Healing IP or the Program IP. CVBT agrees
      to
      abide and be bound by the terms of any license agreement to which it is a party,
      any of the rights to which have been or will be sublicensed or assigned to
      CDCP.

     

    3.1.4 Intellectual
      Property Rights.
      CVBT
      believes that it has sufficient legal and/or beneficial title and ownership
      to
      grant the licenses to the CVBT Wound Healing IP and the other intellectual
      property rights provided in Section 2 above. CVBT is not aware of any
      allegations that it has violated, or that CDCP by practicing the Wound Healing
      IP as contemplated in the Agreements would violate, any intellectual property
      rights of any third party. To the best of its knowledge, there is no material
      unauthorized use, infringement or misappropriation of any of the Wound Healing
      IP. CVBT is not aware of, nor has it received any communications challenging
      the
      ownership, validity or effectiveness of the Wound Healing IP.

     

    3.1.5 Validity.
      CVBT is
      not aware of any action, suit or inquiry or investigation instituted by any
      federal, state, local or foreign governmental agency or instrumentality which
      questions or threatens the validity of the Agreements.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.2 Representations,
      Warranties and Covenants of CDCP.
      CDCP
      represents, warrants and covenants to CVBT as follows:

     

    3.2.1 Organization.
      CDCP is
      a limited partnership duly organized, validly existing and in good standing
      under the laws of State of Nevada with full partnership power and authority
      adequate for executing and delivering and performing its obligations under
      this
      Agreement.

     

    3.2.2 Authorization.
      The
      execution, delivery and performance of this Agreement have been duly authorized
      by all necessary partnership action on the part of CDCP, and this Agreement
      shall constitute a legal, valid and binding obligation of CDCP, enforceable
      against CDCP in accordance with its terms, subject to laws of general
      application relating to bankruptcy, insolvency and the relief of
      debtors.

     

    3.2.3 Other
      Agreements.
      CDCP
      shall not enter into any agreement, make any commitment, take any action or
      fail
      to take any action that would contravene any material provisions of, or
      materially derogate or restrict any of the rights or licenses granted to CVBT
      under this Agreement.

     

    3.2.4 Sublicenses.
      CDCP
      agrees to abide and be bound by the terms of the sublicenses granted to it
      in
      accordance with the terms of this Agreement by CVBT under any Third Party
      Agreement or agreement with a third party.

     

    3.2.5 Non-Solicitation.
      CDCP
      shall not, during the term of this Agreement, without the prior written consent
      of CVBT, solicit the employment of any person, in any capacity, who, at any
      time
      during the term of this Agreement, shall have been an officer, director,
      employee or agent of CVBT or any of its Affiliates.

     

    3.2.6 Validity.
      CDCP is
      aware of no action, suit or inquiry or investigation instituted by any federal,
      state, local or foreign governmental agency or instrumentality which questions
      or threatens the validity of the Agreements.

     

    4. Patents.

     

    4.1 Derived
      from the Development.
      During
      the term of this Agreement, CVBT shall direct and cause appropriate patent
      applications to be prepared, filed and prosecuted in all relevant territories,
      in a timely fashion, with respect to any inventions included in the Program
      IP
      arising out of inventions made by CVBT employees or consultants that CVBT deems
      appropriate. CVBT shall cause any patents issuing thereon to be maintained
      and
      enforced. The expenses of preparing, prosecuting and maintaining such patents
      shall be borne by CVBT. CVBT shall have the right, in its sole discretion,
      to
      enforce any patents issued in conjunction with the Program IP.

     

    4.2 Rights
      After Termination of Agreements.
      After
      the expiration or termination of this Agreement and the Development Agreement,
      CVBT shall have the exclusive right, at its sole expense, to prepare and
      prosecute, in its name, patent applications, and to maintain patents issued
      with
      respect to the Program IP or the Wound Healing IP. CVBT shall have the right,
      in
      its sole discretion, to enforce any patents issued with regard to the Program
      IP
      and/or Wound Healing IP.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5. Confidential
      Information.
      Any
      party receiving Confidential Information shall maintain the confidential and
      proprietary status of such Confidential Information, keep such Confidential
      Information and each part thereof within its possession or under its control
      sufficient to prevent any activity with respect to the Confidential Information
      that is not specifically authorized or contemplated by this Agreement, use
      all
      commercially reasonable efforts to prevent the disclosure of any Confidential
      Information to any other Person, and use commercially reasonable efforts to
      ensure that such Confidential Information is used only for those purposes
      specifically authorized or contemplated herein; provided, however, that such
      restriction shall not apply to any Confidential Information that is (a)
      independently developed by the receiving party outside the scope of this
      Agreement or the Development Agreement (provided, however, that such restriction
      shall apply to any technology licensed by CVBT to CDCP under this Agreement),
      (b) in the public domain at the time of its receipt or thereafter becomes part
      of the public domain through no fault of the receiving party, (c) received
      without an obligation of confidentiality from a third party having the right
      to
      disclose such information, (d) released from the restrictions of this Section
      4
      by the express written consent of the disclosing party, (e) disclosed to any
      permitted assignee, permitted sublicensee or permitted subcontractor of CVBT
      or
      CDCP under the Agreements (if such assignee, sublicensee or subcontractor is
      subject to the provisions of this Section 4 or substantially similar provisions)
      or (f) required by law, statute, rule or court order to be disclosed provided
      the receiving party promptly provides sufficient notice to the disclosing party
      so that the disclosing party may seek a protective order or other confidential
      treatment (the disclosing party shall, however, use commercially reasonable
      efforts to obtain confidential treatment of any such disclosure). The
      obligations set forth in this Section 4 shall survive for a period of ten years
      from the expiration or termination (other than by exercise) of the Purchase
      Option. Without limiting the generality of the foregoing, CVBT and CDCP each
      shall use commercially reasonable efforts to obtain, if not already in place,
      confidentiality agreements from their respective employees and agents, similar
      in scope to this Section 4, to protect the Confidential
      Information.

     

    6. Permitted
      Disclosures.
      Notwithstanding the provisions of Section 4 hereof, CVBT and CDCP (and their
      permitted sublicensees) may, to the extent necessary, disclose and use
      Confidential Information, consistent with the rights of CVBT and CDCP otherwise
      granted hereunder (a) for the purpose of securing institutional or government
      approval to clinically test or market any wound healing drug developed with
      the
      use of the Program IP or (b) for the purpose of securing patent protection
      for
      an invention within the scope of the Program IP.

     

    7. Disclaimer
      of Warranty; Consequential Damages.

     

    7.1 Disclaimer
      of Warranty.
      Nothing
      in this Agreement shall be construed as a representation made or warranty given
      by any party hereto that the practice by a party hereto of any license granted
      hereunder, or that the use of any Wound Healing IP or Program IP licensed
      hereunder, will not infringe the patent or proprietary rights of any other
      Person. CDCP understands that the Development shall involve technologies that
      have not been approved by any regulatory authority and that CVBT does not
      guaranty the safety or usefulness of any wound healing product developed with
      the Wound Healing IP or the Program IP. In addition, CVBT and CDCP acknowledge
      that the Wound Healing IP or Program IP is licensed to CDCP and sublicensed
      to
      CVBT hereunder as is, and CVBT and CDCP expressly disclaim and hereby waive,
      release and renounce any warranty, express or implied, with respect to such
      Wound Healing IP or Program IP, including, without limitation, any warranty
      of
      merchantability, fitness for a particular purpose or noninfringement. Except
      as
      expressly set forth in this Agreement, CVBT and CDCP disclaim all warranties
      of
      any nature, express or implied.

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    7.2 Consequential
      Damages.
      None of
      the parties to this agreement shall be entitled to recover from another party
      hereto any special, incidental, consequential or punitive damages.

     

    8. Indemnification.

     

    8.1 Indemnification
      by CVBT.
      CVBT
      shall indemnify the CDCP Indemnitees, pay on demand and protect, defend, save
      and hold harmless each CDCP Indemnitee from and against any and all Claims
      incurred by or asserted against any CDCP Indemnitee of whatever kind or nature,
      including, without limitation, any claim or liability based upon negligence,
      warranty, strict liability, violation of government regulation or infringement
      of patent or other propriety rights, arising from or occurring as a result
      of
      (a) any use of the Program IP by CVBT or any Affiliate, agent or sublicensee
      of
      CVBT (other than CDCP in contravention of the terms of this Agreement), (b)
      any
      of the Development or any other services to be performed by CVBT during the
      term
      of the Agreements pursuant to the Agreements, including, without limitation,
      any
      workers’ compensation claim by any CVBT employee or consultant or other Person
      or (c) subject to Section 7.2, any breach of the Agreements by CVBT, except,
      with respect to CDCP Indemnitees, in cases in which Claims of CDCP Indemnitees
      are based upon the gross negligence or willful misconduct of an CDCP Indemnitee.
      An CDCP Indemnitee shall promptly notify CVBT of any Claim with respect to
      which
      an CDCP Indemnitee is seeking indemnification hereunder, upon becoming aware
      thereof, and permit CVBT at CVBT’s cost to defend against such Claim and shall
      cooperate in the defense thereof.

     

    8.2 Indemnification
      by CDCP.
      CDCP
      shall indemnify the CVBT Indemnitees, pay on demand and protect, defend, save
      and hold harmless each CVBT Indemnitee from and against any and all Claims
      incurred by or asserted against any CVBT Indemnitee of whatever kind or nature,
      including, without limitation, any claim or liability based upon negligence,
      warranty, strict liability, violation of government regulation or infringement
      of patent or other propriety rights, arising from or occurring as a result
      of
      (a) any use of the Wound Healing IP or Program IP by CDCP or any sublicensee
      of
      CDCP (other than the use of such by CVBT whether pursuant to the Agreements
      or
      otherwise) or (b) subject to Section 7.2, any breach of the Agreements by CDCP,
      except, with respect to CVBT Indemnitees, in cases in which Claims are based
      upon the gross negligence or willful misconduct of a CVBT Indemnitee. An
      Indemnitee hereunder shall promptly notify CDCP of any Claim with respect to
      which such Indemnitee is seeking indemnification hereunder, upon becoming aware
      thereof, and permit CDCP at CDCP’s cost to defend against such Claim and shall
      cooperate in the defense thereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    8.3 Defense
      of Claims.
      None of
      CVBT or CDCP shall enter into, or permit, any settlement of any Claim for which
      indemnification is being sought by such party hereunder without the express
      written consent of each other party (or a CVBT or CDCP Indemnitee, as the case
      may be), which consent shall not be unreasonably withheld or delayed. Each
      party
      may, at its option and expense, have its own counsel participate in any
      proceeding which is under the direction of another party (the “Indemnifying
      Party”) and will cooperate with the Indemnifying Party and its insurer in the
      disposition of any such matter; provided, however, that if the Indemnifying
      Party shall not defend such Claim, the other party shall have the right to
      defend such Claim itself and recover from the Indemnifying Party all reasonable
      attorneys’ fees and expenses incurred by it during the course of such
      defense.

     

    9. Term
      and Termination.

     

    9.1 Term.
      This
      Agreement shall be effective as of the date hereof and shall continue in full
      force and effect indefinitely, unless terminated earlier as provided in Sections
      9.2, 9.3, 9.4 and 9.5 hereof.

     

    9.2 Termination
      by Mutual Agreement.
      By
      mutual agreement, the parties hereto may at any time terminate this Agreement
      and the Development on mutually acceptable terms.

     

    9.3 Termination
      of Development.
      At any
      time, and upon notice to CDCP, CVBT may elect to terminate the Development
      process due to insufficient progress, overwhelming competition or outright
      inability to make progress toward a commercially marketable wound healing
      drug.

     

    9.4 Termination
      by CVBT or CDCP for Breach.
      Either
      CVBT or CDCP shall have the right to terminate this Agreement, effective as
      set
      forth in a written notice of the occurrence of a material breach of this
      Agreement. Such termination must be preceded by written notice delivered to
      the
      breaching party specifying the breach and offering a reasonable opportunity
      and
      no less than thirty (30) days for the breaching party to cure such
      breach.

     

    9.5 Termination
      After Full Payment.
      This
      Agreement shall terminate upon payment in full by CVBT to CDCP of the maximum
      amount set forth in Section 5 of the Development Agreement.

     

    9.6 Effect
      of Termination.
      If this
      Agreement is terminated pursuant to Sections 9.2 or 9.3, neither party shall
      have any liability to the other except as agreed upon pursuant to the
      termination and the ownership of the Wound Healing IP and the Program IP
      including, without limitation, any patents that may issue based on the Wound
      Healing IP or Program IP, will revert to CVBT without further action on the
      part
      of any of the parties. If the Agreement is terminated pursuant to Section 9.4,
      the parties shall have such remedies as may be available under applicable law.
      If this Agreement is terminated pursuant to Section 9.5, all right, title and
      interest in the Wound Healing IP and the Program IP shall revert to CVBT without
      further action on the part of any of the parties. However, to the extent that
      evidence of any such reversion is required to be placed in a writing, CDCP
      will,
      at CVBT’s request, execute and deliver to CVBT specific assignments of the Wound
      Healing IP or the Program IP and execute, acknowledge and deliver to CVBT such
      other documents and take such further actions as CVBT may consider necessary
      or
      appropriate to confirm or vest title in such intellectual property in
      CVBT.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.7 Continuing
      Obligation to Make Payments.
      Notwithstanding anything contained herein to the contrary, upon termination
      of
      this Agreement, the obligation to pay any amounts payable by any party to
      another party which accrued prior to such termination shall
      survive.

     

    10. Miscellaneous.

     

    10.1 No
      Implied Waivers; Rights Cumulative.
      No
      failure on the part of CVBT or CDCP to exercise and no delay in exercising
      any
      right, power, remedy or privilege under this Agreement or provided by statute
      or
      at law or in equity or otherwise, including, without limitation, the right
      or
      power to terminate this Agreement, shall impair, prejudice or constitute a
      waiver of any such right, power, remedy or privilege or be construed as a waiver
      of any breach of this Agreement or as an acquiescence therein, nor shall any
      single or partial exercise of any such right, power, remedy or privilege
      preclude any other or further exercise thereof or the exercise of any other
      right, power, remedy or privilege.

     

    10.2 Force
      Majeure.
      CVBT
      and CDCP shall each be excused for any failure or delay in performing any of
      their respective obligations under this Agreement, if such failure or delay
      is
      caused by a force, effect, cause or circumstance beyond the control of the
      nonperforming party.

     

    10.3 Relationship
      of the Parties.
      Nothing
      contained in this Agreement is intended or is to be construed to constitute
      CVBT
      and CDCP as partners or joint venturers or one party as an employee of any
      other
      party. Except as expressly provided herein, no party hereto shall have any
      express or implied right or authority to assume or create any obligations on
      behalf of or in the name of any other party or to bind any other party to any
      contract, agreement or undertaking with any third party.

     

    10.4 Notices.
      All
      notices, requests and other communications to CVBT or CDCP hereunder shall
      be in
      writing (including telecopy or electronic mail (“e-mail”) transmissions), shall
      refer specifically to this Agreement and shall be personally delivered or sent
      by telecopy, facsimile or e-mail transmission or by registered mail or certified
      mail, return receipt requested and postage prepaid, or by reliable overnight
      courier service, in each case to the respective address specified below (or
      to
      such address as may be specified in writing to the other party
      hereto):

     

    
      	
              If
                to CVBT, addressed to:

            	
              CardioVascular
                BioTherapeutics, Inc.

              1635
                Village Center Circle

              Suite
                250

              Las
                Vegas, Nevada 89134

              Attention:
                Mickael A. Flaa, CFO

              Fax
                No.: 702-304-2120

              E-mail:
                mflaa@cvbt.com

            

    

     

    with
      a
      copy to the attention of General Counsel (using the same information above
      except if via email, then also to vroth@cvbt.com)

     

    
      	
              If
                to CDCP, addressed to:

            	
              Cardio
                Derma Clinical Partners, LP

              5005
                S. E. Williams Way

              Stuart,
                Florida 34997

              Attention:
                Philip Frey Jr.

              Fax
                No.: 

              E-mail:
                pf4105@comcast.net

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Each
      party shall provide each other party with copies of any notices sent hereunder,
      with such copies sent at the same time as the original notice. Any notice or
      communication given in conformity with this Section 10.4 shall be deemed to
      be
      effective when received by the addressee, if delivered by hand, telecopy or
      e-mail transmission, three days after mailing, if mailed, and one business
      day
      after delivery either to a reliable overnight courier service or via any
      electronic means permissible under this Agreement provided the sender has
      confirmation of successful transmission.

     

    10.5 Successors
      and Assigns.
      The
      terms and provisions of this Agreement shall inure to the benefit of, and be
      binding upon, CVBT, CDCP and their respective successors and assigns; provided,
      however, that CVBT and CDCP may not assign or otherwise transfer any of their
      respective rights and interests, nor delegate any of their respective
      obligations, hereunder, including, without limitation, pursuant to a merger
      or
      consolidation, without the prior written consent of the other party hereto;
      provided further, however, that CVBT may fully assign its respective rights
      and
      interests, and delegate its respective obligations, hereunder, effective upon
      written notice thereof (a) to an Affiliate if such Affiliate assumes all of
      the
      obligations of CVBT hereunder and this Agreement remains binding upon CVBT;
      or
      (b) to any Person that acquires all or substantially all of the assets of CVBT
      or which is the surviving Person in a merger or consolidation with CVBT if
      such
      Person assumes all the obligations of CVBT hereunder. Notwithstanding the
      foregoing, CDCP shall not have the right to assign its rights to the Wound
      Healing IP granted herein without the written consent of CVBT. Any attempt
      to
      assign or delegate any portion of this Agreement in violation of this Section
      10.5 shall be null and void. Subject to the foregoing any reference to CVBT
      or
      CDCP hereunder shall be deemed to include the successors thereto and assigns
      thereof.

     

    10.6 Amendments.
      No
      amendment, modification, waiver, termination or discharge of any provision
      of
      this Agreement, nor consent by CVBT or CDCP to any departure therefrom, shall
      in
      any event be effective unless the same shall be in writing specifically
      identifying this Agreement and the provision intended to be amended, modified,
      waived, terminated or discharged and signed by CVBT and CDCP, and each
      amendment, modification, waiver, termination or discharge shall be effective
      only in the specific instance and for the specific purpose for which given
      and
      shall not be deemed to be a wavier, termination or discharge for any subsequent,
      individual or repeated similar or different instance or purpose. No provision
      of
      this Agreement shall be varied, contradicted or explained by any other
      agreement, course of dealing or performance or any other matter not set forth
      in
      an agreement in writing and signed by CVBT and CDCP.

     

    10.7 Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, as applied to contracts made and performed entirely within
      the State of Delaware. Except as otherwise provided herein, any claim or
      controversy arising out of or related to this contract or any breach hereof
      shall be submitted to a court of competent jurisdiction in the State of Nevada,
      and the parties hereby consent to the jurisdiction and venue of such
      court.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.8 Severability.
      If any
      provision hereof should be held invalid, illegal or unenforceable in any respect
      in any jurisdiction, then, to the fullest extent permitted by law, (a) all
      other
      provisions hereof shall remain in full force and effect in such jurisdiction
      and
      shall be liberally construed in order to carry out the intentions of the parties
      hereto as nearly as may be possible and (b) such invalidity, illegality or
      unenforceability shall not affect the validity, legality or enforceability
      of
      such provision in any other jurisdiction. To the extent permitted by applicable
      law, CVBT and CDCP hereby waive any provision of law that would render any
      provision hereof prohibited or unenforceable in any respect.

     

    10.9 Trading
      Limitations.
      In
      addition to being Confidential Information, the results of the Development
      will
      be deemed material nonpublic information until disclosed to the public by CVBT
      in a report to the Securities and Exchange Commission (the “SEC”), or, if
      applicable and/or permissible and/or appropriate, in a press release or
      published on CVBT’s web site in an event where a filing with the SEC is not
      required or is discretionary. If CDCP is in possession of, or otherwise has
      knowledge of, the results of the Development before such public disclosure
      by
      CVBT, CDCP acknowledges and agreed that it may not trade in CVBT securities.
      Further, CDCP agrees to obtain a similar acknowledgment agreement from its
      partners.

     

    10.10 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which
      counterpart, when so executed and delivered, shall be deemed to be an original,
      and all of which counterparts, taken together, shall constitute one and the
      same
      instrument.

     

    10.11 Entire
      Agreement.
      This
      Agreement, together with any agreements referenced herein, constitute, on and
      as
      of the date hereof, the entire agreement of CVBT and CDCP with respect to the
      subject matter hereof, and all prior or contemporaneous understandings or
      agreements, whether written or oral, between CVBT and CDCP with respect to
      such
      subject matter are hereby superseded in their entirety.

     

     

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      	 	 	 
	 	CARDIOVASCULAR
              BIOTHERAPEUTICS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Daniel
              C.
              Montano
	 	
              

              Daniel
                C. Montano

              Its
                President and Chief Executive Officer

            
	 	 

    

    
       

      
        	 	 	 
	 	CARDIO
                DERMA
                CLINICAL PARTNERS, LP
	 
 	 
 	 
 
	 	By:  	/s/ PF-1,
                LLC
	 	
                

                Its
                  General Partner

              
	 	 

      

       

      
        	 	By:	/s/ Philip Frey Jr.
	 	 	
                
Its
                Manager

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      1.1

     

    DEFINITIONS

     

    “Affiliate”
      of a person shall mean a Person that directly or indirectly through one or
      more
      intermediaries, controls, is controlled by or is under common control with
      such
      Person. “Control” (and, with correlative meanings, the terms “controlled by” and
“under common control with”) shall mean the possession of the power to direct or
      cause the direction of the management and policies of such Person, whether
      through the ownership of voting stock, by contract or otherwise. In the case
      of
      a corporation, “control” shall mean, among other things, the direct or indirect
      ownership of more than 50% of its outstanding voting stock.

     

    “Agreements”
      shall mean the Technology Agreement and the Development Agreement.

     

    “Claim”
      shall mean any and all liabilities, damages, losses, settlements, claims,
      actions, suits, penalties, fines, costs or expenses (including, without
      limitation, reasonable attorneys’ fees).

     

    “Confidential
      Information” shall mean the Wound Healing IP and all Program IP developed by
      CVBT (and its Affiliates) and disclosed to CDCP or by CDCP to CVBT pursuant
      to
      the Agreements.

     

    “CVBT
      Indemnitee” shall mean CVBT, its successors and assigns, and the directors,
      officers, employees, agents and counsel thereof.

     

    “Development”
      shall mean the further development of the Program IP for the purpose of
      advancing the FDA Process toward development of a wound healing drug approved
      for commercialization by the FDA.

     

    “Development
      Agreement” shall mean the Development Agreement dated as of June 3, 2008,
      between CVBT and CDCP, as amended, modified or supplemented from time to
      time.

     

    “FDA”
      shall mean the United States Food and Drug Administration or any successor
      agency or authority, the approval of which is required to market biologic
      products in the United States.

     

    “FDA
      Process” shall mean the clinical trials and other activities necessary to obtain
      FDA approval for commercialization.

     

    “Force
      Majeure” shall mean any act of God, any accident explosion, fire, storm,
      earthquake, flood, drought, peril of the sea, riot, embargo, war or foreign,
      federal, state or municipal order of general application, seizure, requisition
      or allocation, any failure or delay of transportation, shortage of or inability
      to obtain supplies, equipment, fuel or labor or any other circumstance or event
      beyond the reasonable control of the party relying upon such circumstance or
      event.

     

    
      
         

      

      
        1.1-1

        
          

        

      

      
         

      

    

     

    “Person”
      shall mean any individual, partnership, corporation, firm, association,
      unincorporated organization, joint venture, trust or other entity.

     

    “Program
      IP” shall mean the Wound Healing IP and any enhancements, substitutions, or
      improvements to the Wound Healing IP, as well as any new data or know-how
      associated therewith, that is discovered, developed or otherwise acquired by
      CVBT pursuant to the Development Agreement.

     

    “CDCP
      Indemnitee” shall mean CDCP, its successors and assigns, and the directors,
      officers, employees, agents and counsel thereof.

     

    “Technology
      Agreement” shall mean this Technology License Agreement dated as of June 3,
      2008, between CVBT and CDCP, as amended, modified or supplemented from time
      to
      time.

     

    “Wound
      Healing IP” shall be the intellectual property described in Schedule 2.1 to the
      Development Agreement which schedule is incorporated herein by this
      reference.

     

    
      
         

      

      
        1.1-2Cardio
        Derma Clinical Partners Agreement

       

      This
        Agreement is made as of July 10, 2008 by and between CardioVascular
        BioTherapeutics, Inc., a Delaware corporation (“CVBT”) and Frey Living Trust and
        any individual or entity existing or formed for this Agreement (“Sponsor”)
        with reference to the following:

       

      RECITALS

       

      A. CVBT
        is a biopharmaceutical company in the process of developing drugs utilizing
        formulations of human FGF-1 for cardiovascular diseases characterized by
        inadequate blood flow to a tissue or organ.

       

      B. CVBT
        has obtained or will soon obtain authorization from the U.S. Food and Drug
        Administration (“FDA”) to commence a Phase Ib/II clinical trial for its wound
        healing drug candidate CVBT-141B (the “Drug”).

       

      C. Sponsor
        wishes to form a limited partnership in order to fund the further research
        required to bring the Drug through all or a portion of its Phase Ib/II clinical
        trial. The R&D Partnership will be named Cardio
        Derma Clinical Partners
        (“CDCP”). 

       

      D. CVBT
        is willing to enter into a contract with the CDCP to conduct and/or manage
        the
        further research required to bring the Drug through all or a portion of its
        Phase Ib/II clinical trial.

       

      AGREEMENT

       

      THEREFORE,
        in consideration of the promises and the mutual covenants contained herein
        and
        for valuable consideration the sufficiency of which is acknowledged, the
        parties
        agree as follows:

       

      1. Formation
        and Funding of the R&D Partnership.
        Either directly or through an investment vehicle controlled by Sponsor, on
        or
        before July 10, 2008, Sponsor agrees to form and act as the general partner
        of
        CDCP. In that regard, Sponsor agrees to commit up to $1,000,000
        USD
        (One
        Million US Dollars)
        to the funding of CDCP and to raise on a best efforts basis up to an additional
        $4,000,000 USD
        (Four
        Million US Dollars)
        from sophisticated, accredited investors. Sponsor agrees that, unless the
        funding requirement of section 2(a) below is extended by CVBT, all funding
        will
        be completed by August 15, 2008 with an interim closing on July 25, 2008.
        CVBT
        will have no responsibility for the formation, management, funding or operation
        of CDCP. Frey Living Trust shall be the main point of contact with whom CVBT
        shall work when interacting with CDCP unless Sponsor designates in writing
        a
        party other than Sponsor.

       

      2. Development
        Contract

       

      (a) Investment.
        Sponsor agrees that it will cause CDCP to enter into development and licensing
        agreements with CVBT, containing customary provisions, for the purpose of
        conducting all or a portion of the further research necessary to develop
        the
        Drug into a marketable product. Sponsor will cause CDCP to commit a minimum
        of
$1,000,000
        USD
        (One
        Million US Dollars)
        and up to $5,000,000
        USD
        (Five
        Million US Dollars)
        toward such research and development effort described in the development
        agreement all of which shall be paid to CVBT on or before August 15, 2008
        with
        an interim closing on July 25, 2008, unless extended by CVBT.

       

      (b) No
        Liability If Not Successful.
        If development of the Drug is not successful, CVBT will owe nothing to the
        Sponsor or CDCP.

       

    

     

    
      
        
        

      

      
        Page
          1 of
          3

        
          

        

      

      
        
        

      

    
 

    (c) Economic
      Benefit to the R&D Partnership.
      CDCP will receive from CVBT the right to a royalty if revenues or other forms
      of
      economic benefit are derived from the Drug, and CDCP will receive the right
      to
      acquire warrants to purchase CVBT’s common stock. 

     

    (i)
      Royalty.
      CDCP shall have and is herby granted irrevocably a right to participate in
      all
      future revenues of the CVBT wound healing drug, whether from partnering,
      licensing or from sales once the Drug is approved by the regulatory authorities.
      CDCP shall receive 10% of all monies CVBT collects for the wound healing drug,
      until the partnership has received a cumulative total of 10 times the original
      contracted sum as defined in the development agreement. Royalty payments will
      be
      paid from CVBT to CDCP on a quarterly basis as provided for in the development
      and/or licensing agreements.

     

    (ii) Warrants.
      The partnership CDCP shall also be granted and receive a 5 year warrant to
      buy
      500,000 shares of CVBT common stock for $1.00 per share for its original one
      million dollar clinical contract. For any additional sums above the original
      One
      Million USD the partnership shall get an additional 5 year warrant for 50,000
      common shares with an exercise price of $1.00 for each additional $100,000
      USD
      contracted for and paid to CVBT before August 15, 2008.

    

    (d)
       Montano
      Put.
      Separate from CVBT and as an additional inducement to enter into the development
      and licensing agreements, Mr. Montano will provide to each and every partner
      of
      CDCP, a personal guarantee that Mr. Daniel C. Montano will from the
      37th
      month of their investment, until the 60th
      month, if requested, purchase the partner’s investment in the CDCP for their
      original capital contribution plus 100%; less any money already paid to the
      partner. Once the CDCP pays out to its partners an amount equal to 200% of
      the
      amount of the development agreement funding, without regard to the source of
      the
      money, or, the payment by CVBT of 200% of the amount funded in the development
      agreement is paid to CDCP, Mr. Montano’s “Put” automatically
      terminates.

    

    3. Ownership
      of the Drug and Intellectual Property Rights.
      At all times during the course of development pursuant to the development and
      licensing agreements and this Agreement, the Drug and all intellectual property
      rights related thereto shall be owned by CVBT unless provided otherwise by
      the
      provisions of the development and/or licensing agreements. Nothing in this
      Agreement shall be construed to create any license or transfer any intellectual
      property rights to any party.

     

    4. Miscellaneous.

     

    (a) Except
      for the development and licensing agreements, the warrants (2(c)(ii)) and the
      Montano Put (2(d)) referenced in Section 2 hereof, this Agreement constitutes
      the entire agreement between the parties hereto with respect to the subject
      matter hereof.

     

    (b) This
      Agreement shall be governed by the laws of the State of Nevada, without regard
      to its conflicts of law rules with exclusive venue in the state and federal
      courts within the District of Nevada.

     

    (c) This
      Agreement will terminate automatically and be of no further force or effect
      if
      (i) CDCP is not formed on or before July 9, 2008 and (ii) the development
      agreement referenced in Section 2 hereof has not been entered into by CVBT
      and
      the Sponsor on behalf of CDCP on or before July 11, 2008.

     

    (d) Sponsor
      understands and acknowledges that CVBT is a publicly traded company, and as
      such, CVBT will be required to report the terms of this Agreement, and the
      development agreement, pursuant to its reporting obligations under the
      Securities Exchange Act of 1934, as amended. Sponsor also acknowledges that
      CVBT
      plans to make a press release about this Agreement and the development
      agreement. Copies of both will be provided to the Sponsor.

     

    
      
        
        

      

      
        Page
          2 of
          3

        
          

        

      

      
        
        

      

    

    

      (e) Time
        is of the essence in this Agreement.

       

      (f) This
        Agreement may be executed in person or by PDF email file or facsimile and
        in one
        or more counterparts, all of which together shall constitute one original
        document for all legal purposes.

       

      (g) If
        any provision of this Agreement is held by a court of competent jurisdiction
        to
        be unenforceable, then such provision shall be disregarded and the remaining
        provisions of this Agreement shall remain in full force and effect.

       

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

       

    

    
      	CARDIOVASCULAR
              BIOTHERAPEUTICS, INC. 	 	
              FREY
                LIVING TRUST

            
	 	 	 	 	 
	
              By
                

            	
              /s/
                Mickael A. Flaa

            	 	
              By

            	
              
                /s/
                  Philip Frey Jr.

              

            

    

    

    
      	 	
              Name

            	
              Mickael
                A. Flaa

            	 	
              Name

            	
              Philip
                Frey Jr.

            
	 	
              Title

            	Chief
              Financial Officer	 	
              Title

            	
              Trustee

            
	 	 	
              (“CVBT”)

            	 	 	
              (“Sponsor”)

            

    

     

    
      	
              DANIEL
                C. MONTANO AS AN INDIVIDUAL

            
	 	 	 
	
              By
                

            	
               /s/
                Daniel C. Montano

            	 
	 	 	 
	 	
              In
                his capacity as an individual and being bound hereby
                only with respect to Sections 2(d) and 4

            	 

    

     

    
      
        
        

      

      
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          3 of
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