Document:

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
(as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) dated as of October
10, 2017 among ADMA BIOLOGICS, INC., a Delaware corporation (“ADMA Biologics”), ADMA PLASMA BIOLOGICS, INC.,
a Delaware corporation (“ADMA Plasma”), ADMA BIO CENTERS GEORGIA INC., a Delaware corporation (“ADMA
Bio Centers”) and ADMA BIOMANUFACTURING, LLC, a Delaware limited liability company (“ADMA BioManufacturing”
and together with ADMA Biologics, ADMA Plasma and ADMA Bio Centers, each a “Debtor” and, collectively, the “Debtors”)
and WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as Agent for the benefit of the Lender (together with its successors
and assigns in such capacity, the “Secured Party”).

 

W I T N E S S E T H:

 

WHEREAS, the
Debtors will enter into a Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”) with Agent and Marathon Healthcare Finance Fund, L.P. (the “Lender”)
pursuant to which the Lender will extend to Debtors a credit facility in an aggregate amount of up to $40,000,000. Capitalized
terms used herein but not otherwise defined shall have the meanings set forth in the Credit Agreement;

 

AND WHEREAS,
each Debtor will derive substantial benefit and advantage from the financial accommodations to the Debtors set forth in the Credit
Agreement;

 

AND WHEREAS,
it is a condition precedent to the effectiveness of the Credit Agreement that the Debtors shall have executed and delivered this
Agreement to Agent for the benefit of the Lender.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

Section
1.          
Definitions. Capitalized terms used herein without definition and defined in the Credit Agreement are used
herein as defined therein. In addition, as used herein:

 

“Accounts”
means any “account,” as such term is defined in the UCC, and, in any event, shall include, without limitation, “supporting
obligations” as defined in the UCC.

 

“Acquired Assets”
has the meaning set forth in the Biocenters Purchase Agreement as in effect on the Closing Date and attached hereto as Exhibit
A.

 

“Chattel Paper”
means any “chattel paper,” as such term is defined in the UCC.

 

“Collateral”
shall have the meaning ascribed thereto in Section 3 hereof.

 

    

    

    

 

“Commercial
Tort Claims” means “commercial tort claims”, as such term is defined in the UCC.

 

“Contracts”
means all contracts, undertakings, or other agreements (other than rights evidenced by Chattel Paper, Documents or Instruments)
in or under which a Debtor may now or hereafter have any right, title or interest, including, without limitation, with respect
to an Account, any agreement relating to the terms of payment or the terms of performance thereof.

 

“Control Agreement”
has the meaning set forth in Section 4.5(a) hereof.

 

“Copyrights”
means any copyrights, rights and interests in copyrights, works protectable by copyrights, copyright registrations and copyright
applications, including, without limitation, the copyright registrations and applications listed on Schedule III attached
hereto (if any), and all renewals of any of the foregoing, all income, royalties, damages and payments now and hereafter due and/or
payable under or with respect to any of the foregoing, including, without limitation, damages and payments for past, present and
future infringements of any of the foregoing and the right to sue for past, present and future infringements of any of the foregoing.

 

“Deposit Accounts”
means all “deposit accounts” as such term is defined in the UCC, now or hereafter held in the name of a Debtor.

 

“Documents”
means any “documents,” as such term is defined in the UCC, and shall include, without limitation, all documents of
title (as defined in the UCC), bills of lading or other receipts evidencing or representing Inventory or Equipment.

 

“Equipment”
means any “equipment,” as such term is defined in the UCC and, in any event, shall include, Motor Vehicles.

 

“General Intangibles”
means any “general intangibles,” as such term is defined in the UCC, and, in any event, shall include, without limitation,
payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things
in action, goodwill (including the goodwill associated with any Trademark), Patents, Trademarks, Copyrights, URLs and domain names,
industrial designs and other Intellectual Property or rights therein or applications therefor, whether under license or otherwise,
programs, programming materials, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension
funds, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses,
infringement claims, computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs,
pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a
partnership or limited liability company which do not constitute a security under Article 8 of the UCC.

 

“Goods”
means any “goods”, as such term is defined in the UCC, including, without limitation, fixtures and embedded Software
to the extent included in “goods” as defined in the UCC.

 

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“Instruments”
means any “instrument,” as such term is defined in the UCC, and shall include, without limitation, promissory notes,
drafts, bills of exchange, trade acceptances, letters of credit, letter of credit rights (as defined in the UCC), and Chattel Paper.

 

“Intellectual
Property” means Patents, Copyrights, Trademarks, the goodwill associated with such Trademarks, trade secrets and Intellectual
Property Licenses.

 

“Intellectual
Property Licenses” means rights under or interests in any agreement providing for the license of any patent, trademark,
copyright or other intellectual property, including software license agreements, whether a Debtor is a licensee or licensor under
any such license agreement, including the license agreements listed on Schedule IV attached hereto.

 

“Inventory”
means any “inventory,” as such term is defined in the UCC.

 

“Investment
Property” means any “investment property”, as such term is defined in the UCC.

 

“Mortgage”
has the meaning set forth in Section 2(h) hereto.

 

“Motor Vehicles”
shall mean motor vehicles, tractors, trailers and other like property, whether or not the title thereto is governed by a certificate
of title or ownership.

 

“Patents”
means any patents and patent applications, including, without limitation, the inventions and improvements described and claimed
therein, all patentable inventions and those patents and patent applications listed on Schedule V attached hereto (if
any), and the reissues, divisions, continuations, renewals, extensions and continuations-in-part of any of the foregoing, and all
income, royalties, damages and payments now or hereafter due and/or payable under or with respect to any of the foregoing, including,
without limitation, damages and payments for past, present and future infringements of any of the foregoing and the right to sue
for past, present and future infringements of any of the foregoing.

 

“Proceeds”
means “proceeds,” as such term is defined in the UCC and, in any event, includes, without limitation, (a) any and all
proceeds of any insurance, indemnity, warranty or guaranty payable with respect to any of the Collateral, (b) any and all payments
(in any form whatsoever) made or due and payable from time to time in connection with any requisition, confiscation, condemnation,
seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any person acting under color of Governmental
Authority), and (c) any and all other amounts from time to time paid or payable under, in respect of or in connection with any
of the Collateral.

 

“Representative”
means any Person acting as agent, representative or trustee on behalf of the Secured Party from time to time.

 

“Security Documents”
means this Agreement, the Control Agreements, the Mortgage, and any and all other Collateral Documents.

 

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“Software”
means all “software” as such term is defined in the UCC, now owned or hereafter acquired by a Debtor, other than software
embedded in any category of Goods, including, without limitation, all computer programs and all supporting information provided
in connection with a transaction related to any program.

 

“Specified Collateral”
means the (a) real property leases covering (i) 6290 Jimmy Carter Boulevard, Suite 206-208, Norcross, GA 30071, and (ii) Terrace
at Windy Hill (Suites 220 and 212) 3000 Windy Hill Road SE, Marietta, GA 30067 and (b) other Acquired Assets (as defined in the
Biocenters Purchase Agreement as in effect on the Closing Date).

 

“Trademarks”
means any trademarks, trade names, internet domain names, URLs, all websites, corporate names, company names, business names, fictitious
business names, trade styles, service marks, logos, other business identifiers, prints and labels on which any of the foregoing
have appeared or appear, all registrations and recordings thereof, and all applications in connection therewith, including, without
limitation, the trademarks, trademark applications, internet domain names and URLs listed in Schedule VI attached hereto
(if any) and renewals thereof, and all income, royalties, damages and payments now or hereafter due and/or payable under or with
respect to any of the foregoing, including, without limitation, damages and payments for past, present and future infringements
of any of the foregoing and the right to sue for past, present and future infringements of any of the foregoing.

 

“UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, that to the extent that
the Uniform Commercial Code is used to define any term herein and such term is defined differently in different Articles or Divisions
of the Uniform Commercial Code, the definition of such term contained in Article or Division 9 shall govern.

 

Section
2.          
Representations, Warranties and Covenants of Debtors. Each Debtor represents and warrants to, and covenants
with, the Secured Party as follows:

 

(a)         
Such Debtor has or will have rights in and the power to transfer the Collateral in which it purports to grant a security
interest pursuant to Section 3 hereof (subject, with respect to after acquired Collateral, to such Debtor acquiring the
same) and no Lien other than Permitted Liens exists or will exist upon such Collateral at any time.

 

(b)         
This Agreement is effective to create in favor of Secured Party a valid security interest in and Lien upon all of such Debtor’s
right, title and interest in and to the Collateral, and upon (i) the filing of appropriate UCC financing statements in the jurisdictions
listed on Schedule I attached hereto, (ii) each Deposit Account being subject to a Control Agreement (as hereinafter defined)
among the applicable Debtor, depository institution and the Secured Party on behalf of the Lender, (iii) filings in the United
States Patent and Trademark Office, or United States Copyright Office with respect to Collateral that is Patents and Trademarks,
or Copyrights, as the case may be, (iv) the filing of the Mortgages in the jurisdictions listed on Schedule I hereto, (v)
the delivery to the Secured Party of the Pledged Collateral together with assignments in blank, (vi) the security interest created
hereby being noted on each certificate of title evidencing the ownership of any Motor Vehicle in accordance with Section 4.1(d)
hereof and (vii) delivery to the Secured Party or its Representative of Instruments duly endorsed by such Debtor or accompanied
by appropriate instruments of transfer duly executed by such Debtor with respect to Instruments not constituting Chattel Paper,
such security interest will be a duly perfected first priority perfected security interest (subject only to Permitted Liens) in
all of the Collateral.

 

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(c)         
All of the Equipment, Inventory and Goods owned by such Debtor is located at the places as specified on Schedule I
attached hereto other than locations where such Equipment, Inventory and Goods is temporarily located for maintenance or repair
and locations in transit. Except as disclosed on Schedule I, none of the Collateral is in the possession of any bailee,
warehousemen, processor or consignee. Schedule I discloses such Debtor’s name as of the date hereof as it appears
in official filings in the state or province, as applicable, of its incorporation, formation or organization, the type of entity
of such Debtor (including corporation, partnership, limited partnership or limited liability company), organizational identification
number issued by such Debtor’s state of incorporation, formation or organization (or a statement that no such number has
been issued), such Debtor’s state or province, as applicable, of incorporation, formation or organization and the chief place
of business, chief executive office and the office where such Debtor keeps its books and records and the states in which such Debtor
conducts its business. Such Debtor has only one state or province, as applicable, of incorporation, formation or organization.
Such Debtor does not do business and has not done business during the past five (5) years under any trade name or fictitious business
name except as disclosed on Schedule II attached hereto.

 

(d)         
No Copyrights, Patents, Intellectual Property Licenses or Trademarks listed on Schedules III, IV and V, respectively,
if any, have been adjudged invalid or unenforceable or have been canceled, in whole or in part, or are not presently subsisting.
Each of such Copyrights, Patents, Intellectual Property Licenses and Trademarks (if any) is valid and enforceable. Such Debtor
is the sole and exclusive owner of the entire and unencumbered right, title and interest in and to each of such Copyrights, Patents,
Intellectual Property Licenses and Trademarks, identified on Schedules III, IV and V, as applicable, as being owned by such
Debtor, free and clear of any liens, charges and encumbrances, including without limitation licenses, shop rights and covenants
by such Debtor not to sue third persons. Such Debtor has adopted, used and is currently using, or has a current bona fide intention
to use, all of such Trademarks and Copyrights. Such Debtor has no written notice of any suits or actions commenced or threatened
with reference to the Copyrights, Patents or Trademarks owned by it.

 

(e)         
Without duplication of any information required to be delivered by such Debtor to Secured Party under and in accordance
with the terms of the Credit Agreement, each Debtor agrees to deliver to the Secured Party an updated Schedule I, II,
III, IV, V, VI, VII, and/or VIII within ten (10) Business Days of any change thereto.

 

(f)          
All depositary and other accounts including, without limitation, Deposit Accounts, securities accounts, brokerage accounts
and other similar accounts, maintained by each Debtor (other than Excluded Accounts) are described on Schedule VII hereto,
which description includes for each such account the name of the Debtor maintaining such account, the name and address of the financial
institution at which such account is maintained and the account number of such account. No Debtor shall open any new Deposit Accounts,
securities accounts, brokerage accounts or other accounts unless such Debtor shall have given Secured Party ten (10) Business Days’
prior written notice of its intention to open any such new accounts. Each Debtor shall deliver to Secured Party a revised version
of Schedule VII showing any changes thereto promptly following, but in any event within five (5) Business Days of, any such
change. Each Debtor hereby authorizes the financial institutions at which such Debtor maintains an account to provide Secured Party
with such information with respect to such account as Secured Party from time to time reasonably may request, and each Debtor hereby
consents to such information being provided to Secured Party. In addition, all of such Debtor’s depositary, security, brokerage
and other accounts including, without limitation, Deposit Accounts (other than Excluded Accounts) shall be subject to the provisions
of Section 4.5 hereof.

 

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(g)         
Such Debtor does not own any Commercial Tort Claim having a value in excess of $50,000 except for those disclosed on Schedule
VIII hereto (if any).

 

(h)         
Such Debtor does not have any interest in real property except as disclosed on Schedule IX (if any). Each Debtor
shall deliver to Secured Party a revised version of Schedule IX showing any changes thereto within twenty (20) days of any
such change. Except as otherwise agreed to by Secured Party, all such interests in real property with respect to such real property
are subject to a mortgage and deed of trust (in form and substance satisfactory to Secured Party and the Lender) in favor of Secured
Party (hereinafter, a “Mortgage”).

 

(i)           
Each Debtor shall duly and properly record each interest in real property held by such Debtor that is required to be
subject to a Mortgage, except with respect to easements, rights of way, access agreements, surface damage agreements, surface
use agreements or similar agreements that such Debtor, using prudent customs and practices in the industry in which it operates,
does not believe are of material value or material to the operation of such Debtor’s business or, with respect to state
and federal rights of way, are not capable of being recorded as a matter of state and federal law.

 

(j)           
All Equipment (including, without limitation, Motor Vehicles) owned by a Debtor and subject to a certificate of title or
ownership statute is described on Schedule X hereto.

 

Section
3.          
Collateral.

 

(a)         
As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise)
of the Obligations, each Debtor hereby pledges and grants to the Secured Party, for the benefit of the Lender, a Lien on and security
interest in and to all of such Debtor’s right, title and interest in the following properties and assets of such Debtor,
whether now owned by such Debtor or hereafter acquired and whether now existing or hereafter coming into existence and wherever
located (all being collectively referred to herein as “Collateral”):

 

(i)         all
Instruments, together with all payments thereon or thereunder:

 

(ii)         all
Accounts;

 

(iii)       
all Inventory;

 

(iv)        all General Intangibles (including Software);

 

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(v)         all Equipment;

 

(vi)        all Documents;

 

(vii)     
  all Contracts;

 

(viii)   
    all Goods;

 

(ix)         all
Investment Property, including without limitation all equity interests now owned or hereafter acquired by such Debtor;

 

(x)         all
Deposit Accounts, including, without limitation, the Debt Service Reserve Account and the balance from time to time in all bank
accounts maintained by such Debtor;

 

(xi)        all
Commercial Tort Claims specified on Schedule VII;

 

(xii) 
     all Trademarks, Patents and Copyrights;

 

(xiii)      
all Chattel Paper, all amounts payable thereunder, all rights and remedies of such Debtor thereunder including but limited to
the right to amend, grant waivers and declare defaults, any and all accounts evidenced thereby, any guarantee thereof, and
all collections and monies due or to become due or received by any Person in payment of any of the foregoing;

 

(xiv)     
all books and records pertaining to the Collateral; and

 

(xv)       all other tangible and intangible property of such Debtor, including, without limitation, all interests in real property,
Proceeds, tort claims, products, accessions, rents, profits, income, benefits, substitutions, additions and replacements of and
to any of the property of such Debtor described in the preceding clauses of this Section 3 (including, without limitation,
any proceeds of insurance thereon, insurance claims and all rights, claims and benefits against any Person relating thereto), other
rights to payments not otherwise included in the foregoing, and all books, correspondence, files, records, invoices and other papers,
including without limitation all tapes, cards, computer runs, computer programs, computer files and other papers, documents and
records in the possession or under the control of such Debtor, any computer bureau or service company from time to time acting
for such Debtor.

 

Notwithstanding anything
to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in (A) any intent-to-use
trademark applications filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §1051, to the extent that, and solely during
the period in which, the grant of a security interest therein otherwise invalidate such Debtor’s right, title or interest
therein, (B) if the issuer of any of equity interests constituting Collateral is a controlled foreign corporation (used hereinafter
as such term is defined in Section 975(a) or a successor provision of the Internal Revenue Code), the Collateral shall not include
any shares of stock of such issuer in excess of 65% of the outstanding voting power of all classes of capital stock entitled to
vote of such issuer, (C) any property owned by a Debtor that is subject to a purchase money Lien or a capital lease permitted hereunder
if the contractual obligation pursuant to which such Lien is granted (or the document providing for such capital lease) prohibits
the creation of a Lien thereon or expressly requires the consent of any person other than a Loan Party, unless such consent has
been obtained or such prohibitions otherwise cease to exist, in which case such Collateral shall automatically become subject to
the security interest granted hereunder and (D) the Acquired Assets.

 

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(b)         
The security interest grant under this Section does not constitute and is not intended to result in a creation or an assumption
by the Secured Party of any obligation of any Debtor or any other Person in connection with any or all of the Collateral or under
any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (i) the exercise by the Secured
Party of any of its rights in the Collateral shall not release any Debtor from any of its duties or obligations in respect of the
Collateral and (ii) neither the Secured Party nor the Lender shall have any obligations or liability in respect of the Collateral
by reason of this Agreement, nor shall the Secured Party or the Lender be obligated to perform any of the obligations or duties
of any Debtor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 

Section
4.          
Covenants; Remedies. In furtherance of the grant of the pledge and security interest pursuant to Section
3 hereof, each Debtor hereby agrees with the Secured Party as follows:

 

4.1        
Delivery and Other Perfection; Maintenance, etc.

 

(a)         
Delivery of Instruments, Documents, Etc. Each Debtor shall deliver and pledge to the Secured Party or its
Representative any and all Instruments, negotiable Documents, Chattel Paper and certificated securities (accompanied by stock/membership
interest powers executed in blank, which stock/membership interest powers may be filled in and completed at any time upon and following
the occurrence of any Event of Default duly endorsed and/or accompanied by such instruments of assignment and transfer executed
by such Debtor in such form and substance as the Secured Party or its Representative may request; provided, that so long
as no Event of Default shall have occurred and be continuing, each Debtor may retain for collection in the ordinary course of business
any Instruments, negotiable Documents and Chattel Paper received by such Debtor in the ordinary course of business, and the Secured
Party or its Representative shall, promptly upon request of a Debtor, make appropriate arrangements for making any other Instruments,
negotiable Documents and Chattel Paper pledged by such Debtor available to such Debtor for purposes of presentation, collection
or renewal (any such arrangement to be effected, to the extent deemed appropriate by the Secured Party or its Representative, against
a trust receipt or like document). If a Debtor retains possession of any Chattel Paper, negotiable Documents or Instruments pursuant
to the terms hereof, such Chattel Paper, negotiable Documents and Instruments shall be marked with the following legend: “This
writing and the obligations evidenced or secured hereby are subject to the security interest of Wilmington Trust, National Association,
in its capacity as agent for one or more creditors, as Secured Party.”

 

(b)         
Other Documents and Actions. Each Debtor shall give, execute, deliver, file and/or record any financing statement,
registration, notice, instrument, document, agreement, Mortgage or other papers that may be necessary (as determined in the reasonable
judgment of the Secured Party or its Representative (at the direction of Lender) or Lender) to create, preserve, perfect or validate
the security interest granted pursuant hereto (or any security interest or mortgage contemplated or required hereunder, including
with respect to Section 2(h) of this Agreement) or to enable the Secured Party or its Representative to exercise and enforce
the rights of the Secured Party hereunder with respect to such pledge and security interest, provided that notices to account
debtors in respect of any Accounts or Instruments shall be subject to the provisions of clause (e) below. Notwithstanding the foregoing
each Debtor hereby irrevocably authorizes the Secured Party at any time and from time to time to file in any filing office in any
jurisdiction any initial financing statements (and other similar filings or registrations under other applicable laws and regulations
pertaining to the creation, attachment, or perfection of security interests) and amendments thereto that (a) indicate the Collateral
(i) as all assets of such Debtor or words of similar effect, regardless of whether any particular asset comprised in the Collateral
falls within the scope of Article 9 of the UCC, or (ii) as being of an equal or lesser scope or with greater detail, and (b) contain
any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing
statement or amendment, including (i) whether such Debtor is an organization, the type of organization and any organization
identification number issued to such Debtor, and (ii) in the case of a financing statement filed as a fixture filing, a sufficient
description of real property to which the Collateral relates. Each Debtor agrees to furnish any such information to the Secured
Party promptly upon request. Each Debtor also ratifies its authorization for the Secured Party to have filed in any jurisdiction
any like initial financing statements or amendments thereto if filed prior to the date hereof.

 

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(c)         
Books and Records. Each Debtor shall maintain at its own cost and expense complete and accurate, in all material
respects, books and records of the Collateral, including, without limitation, a record of all payments received and all credits
granted with respect to the Collateral and all other dealings with the Collateral. Upon the occurrence and during the continuation
of any Event of Default, each Debtor shall deliver and turn over any such books and records (or true and correct copies thereof)
to the Secured Party or its Representative at any time on demand. Each Debtor shall permit any Representative of the Secured Party,
in accordance with Section 6.2 of the Credit Agreement, to inspect such books and records at any time during reasonable business
hours and will provide photocopies thereof at such Debtor’s expense to the Secured Party upon request of the Secured Party.

 

(d)         
Motor Vehicles. Each Debtor shall, promptly upon acquiring same, cause the Secured Party to be listed as the
lienholder on each certificate of title or ownership covering any items of Equipment, including Motor Vehicles, having a value
in excess of $50,000 individually or in the aggregate for all such items of Equipment of the Debtor, or otherwise comply with the
certificate of title or ownership laws of the relevant jurisdiction issuing such certificate of title or ownership in order to
properly evidence and perfect Secured Party’s security interest in the assets represented by such certificate of title or
ownership.

 

(e)         
Notice to Account Debtors; Verification. (i) Upon the occurrence and during the continuance of any Event of
Default (or if any rights of set-off (other than set-offs against an Account arising under the Contract giving rise to the same
Account) or contra accounts may be asserted), upon request of the Secured Party or its Representative, each Debtor shall promptly
notify (and each Debtor hereby authorizes the Secured Party and its Representative so to notify) each account debtor in respect
of any Accounts or Instruments or other Persons obligated on the Collateral that such Collateral has been assigned to the Secured
Party hereunder, and that any payments due or to become due in respect of such Collateral are to be made directly to the Secured
Party, and (ii) the Secured Party and its Representative shall have the right at any time or times to make direct verification
with the account debtors or other Persons obligated on the Collateral of any and all of the Accounts or other such Collateral.

 

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(f)          
Intellectual Property. Each Debtor represents and warrants that the Copyrights, Patents, Intellectual Property
Licenses and Trademarks listed on Schedules III, IV, V and VI, respectively (if any), constitute all of the registered Copyrights
and all of the Patents, Intellectual Property Licenses and Trademarks now owned by such Debtor. If such Debtor shall (i) obtain
rights to any new patentable inventions, any registered Copyrights or any Patents, Intellectual Property Licenses or Trademarks,
or (ii) become entitled to the benefit of any registered Copyrights or any Patents, Intellectual Property Licenses or Trademarks
or any improvement on any Patent, the provisions of this Agreement above shall automatically apply thereto and such Debtor shall
give to Secured Party notice thereof in accordance with Section 6.8(d) of the Credit Agreement. Each Debtor hereby authorizes Secured
Party to modify this Agreement by amending Schedules III, IV, V and VI, as applicable, to include any such registered Copyrights
or any such Patents, Intellectual Property Licenses and Trademarks. Each Debtor shall have the duty (i) to prosecute diligently
any patent, trademark, or service mark applications pending as of the date hereof or hereafter, (ii) to preserve and maintain all
rights in the Copyrights, Patents, Intellectual Property Licenses and Trademarks, to the extent material to the operations of the
business of such Debtor and (iii) to ensure that the Copyrights, Patents, Intellectual Property Licenses and Trademarks are and
remain enforceable, to the extent material to the operations of the business of such Debtor. Any expenses incurred in connection
with such Debtor’s obligations under this Section 4.1(f) shall be borne by such Debtor. Except for any such items
that a Debtor reasonably believes (using prudent industry customs and practices) are no longer necessary for the on-going operations
of its business, no Debtor shall abandon any material right to file a patent, trademark or service mark application, or abandon
any pending patent, trademark or service mark application or any other Copyright, Patent, Intellectual Property License or Trademark
without the prior written consent of Secured Party (at the direction of Lender), which consent shall not be unreasonably withheld.

 

(g)         
Further Identification of Collateral. Each Debtor will, when and as often as requested by the Secured Party
or its Representative (but, absent the occurrence and continuance of an Event of Default, in no event more frequently than quarterly),
furnish to the Secured Party or such Representative, statements and schedules further identifying and describing the Collateral
and such other reports in connection with the Collateral as the Secured Party or its Representative may reasonably request, all
in reasonable detail.

 

(h)         
Investment Property. Each Debtor will take any and all actions required or requested by the Secured Party,
from time to time, to cause the Secured Party to obtain exclusive control of any Investment Property owned by such Debtor in a
manner acceptable to the Secured Party and the Lender. For purposes of this Section 4.1(h), the Secured Party shall have
exclusive control of Investment Property if (i) such Investment Property consists of certificated securities and a Debtor delivers
such certificated securities to the Secured Party (with assignments in blank or appropriate endorsements if such certificated securities
are in registered form); (ii) such Investment Property consists of uncertificated securities and either (x) a Debtor delivers such
uncertificated securities to the Secured Party or (y) the issuer thereof agrees, pursuant to documentation in form and substance
reasonably satisfactory to the Secured Party and the Lender, that it will comply with instructions originated by the Secured Party
without further consent by such Debtor, and (iii) such Investment Property consists of security entitlements and either (x) the
Secured Party becomes the entitlement holder thereof or (y) the appropriate securities intermediary agrees, pursuant to the documentation
in form and substance satisfactory to the Secured Party and the Lender, that it will comply with entitlement orders originated
by the Secured Party without further consent by any Debtor.

 

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(i)           
Commercial Tort Claims. Each Debtor shall promptly notify Secured Party of any Commercial Tort Claim acquired
by it that concerns a claim in excess of $50,000 and unless otherwise consented to by Secured Party or Lender, such Debtor shall
enter into a supplement to this Agreement granting to Secured Party a Lien on and security interest in such Commercial Tort Claim.

 

4.2        
Other Liens. Debtors will not create, permit or suffer to exist, and will defend the Collateral against and
take such other action as is necessary to remove, any Lien on the Collateral except Permitted Liens, and will defend the right,
title and interest of the Secured Party in and to the Collateral and in and to all Proceeds thereof against the claims and demands
of all Persons whatsoever.

 

4.3        
Preservation of Rights. Whether or not any Event of Default has occurred or is continuing, the Secured Party
and its Representative shall have the right, at the direction of the Lender, to take any steps the Secured Party or its Representative
(at the direction of Lender) deems necessary or appropriate to preserve any Collateral or any rights against third parties to any
of the Collateral, including obtaining insurance for the Collateral at any time when such Debtor has failed to do so, and Debtors
shall promptly pay, or reimburse the Secured Party and the Lender for, all reasonable and customary expenses incurred in connection
therewith.

 

4.4        
Name Change; Location; Bailees.

 

(a)         
No Debtor shall form or acquire any subsidiary other than in accordance with the express terms of the Credit Agreement.

 

(b)         
Each Debtor shall provide the Secured Party at least ten (10) Business Days prior written notice of (i) any reincorporation
or reorganization of itself under the laws of any jurisdiction other than the jurisdiction in which it is incorporated or organized
as of the date hereof, and/or (ii) any change of its name, identity or corporate structure. Each Debtor will notify Secured Party
promptly, in writing (but in any event at least ten (10) Business Days prior to) any such change in the proposed use by such Debtor
of any tradename or fictitious business name other than any such name set forth on Schedule II attached hereto.

 

(c)         
Except for the sale of Inventory in the ordinary course of business, other sales of assets expressly permitted by
the terms of the Credit Agreement and except for Collateral temporarily located for maintenance or repair (so long as the applicable
Debtor shall have provided Secured Party at least ten (10) Business Days prior written notice of such temporary location), each
Debtor will keep the Collateral at the locations specified in Schedule I. Each Debtor will give Secured Party ten (10) Business
Days written notice following any change in such Debtor’s chief place of business or of any new location for any of the Collateral.

 

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(d)         
If any Collateral is at any time in the possession or control of any warehousemen, bailee, consignee or processor,
such Debtor shall promptly notify Secured Party of such fact and, upon the request of Secured Party or its Representative, notify
such warehousemen, bailee, consignee or processor of the Lien and security interest created hereby and shall instruct such Person
to hold all such Collateral for Secured Party’s account subject to Secured Party’s instructions.

 

(e)         
Each Debtor acknowledges that it is not authorized to file any financing statement or amendment or termination statement
with respect to any financing statement without the prior written consent of Secured Party and agrees that it will not do so without
the prior written consent of Secured Party, subject to such Debtor’s rights under Section 9-509(d)(2) to the UCC.

 

4.5        
Bank Accounts and Securities Accounts. On or prior to the date hereof, the Secured Party and each Debtor,
as applicable, shall enter into an account control agreement or securities account control agreement (other than Excluded Accounts),
as applicable (each a “Control Agreement”), in a form reasonably acceptable to the Secured Party and the Lender,
with each financial institution with which such Debtor maintains from time to time any Deposit Accounts (general or special), securities
accounts, brokerage accounts or other similar accounts, which financial institutions are set forth on Schedule VI attached
hereto. Pursuant to this Agreement, each such Debtor grants and shall grant to the Secured Party a continuing lien upon, and security
interest in, all such accounts and all funds at any time paid, deposited, credited or held in such accounts (whether for collection,
provisionally or otherwise) or otherwise in the possession of such financial institutions, and each such financial institution.
Following the Closing Date, no Debtor shall establish any Deposit Account, securities account, brokerage account or other similar
account (other than Excluded Accounts) with any financial institution unless prior thereto the Secured Party and such Debtor shall
have entered into a Control Agreement with such financial institution which purports to cover such account. Each Debtor shall deposit
and keep on deposit all of its funds into a Deposit Account (other than Excluded Accounts) which is subject to a Control Agreement.

 

4.6        
Events of Default, Etc. During the period during which an Event of Default shall have occurred and be continuing:

 

(a)         
each Debtor shall, at the request of the Secured Party or its Representative, assemble the Collateral and make it
available to Secured Party or its Representative at a place or places designated by the Secured Party or its Representative which
are reasonably convenient to Secured Party or its Representative, as applicable, and such Debtor;

 

(b)         
the Secured Party or its Representative may (with the consent of the Lender) make any reasonable compromise or settlement
deemed desirable with respect to any of the Collateral and may with the consent of the Lender) extend the time of payment, arrange
for payment in installments, or otherwise modify the terms of, any of the Collateral;

 

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(c)         
the Secured Party shall have all of the rights and remedies with respect to the Collateral of a secured party under
the UCC (whether or not said UCC is in effect in the jurisdiction where the rights and remedies are asserted) and such additional
rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies
hereunder may be asserted, including, without limitation, the right, to the maximum extent permitted by law, to: (i) exercise all
voting, consensual and other powers of ownership pertaining to the Collateral as if the Secured Party were the sole and absolute
owner thereof (and each Debtor agrees to take all such action as may be appropriate to give effect to such right) and (ii) to the
appointment of a receiver or receivers for all or any part of the Collateral or business of a Debtor, whether such receivership
be incident to a proposed sale or sales of such Collateral or otherwise and without regard to the value of the Collateral or the
solvency of any person or persons liable for the payment of the Obligations secured by such Collateral. Effective following the
occurrence and during the continuance of an Event of Default, each Debtor hereby consents to the appointment of such receiver or
receivers, waives any and all defenses to such appointment and agrees that such appointment shall in no manner impair, prejudice
or otherwise affect the rights of Secured Party under this Agreement. Each Debtor hereby expressly waives notice of a hearing for
appointment of a receiver and the necessity for bond or an accounting by the receiver;

 

(d)         
the Secured Party or its Representative shall have the right, at the direction of the Lender, in the name of the
Secured Party or in the name of a Debtor or otherwise, to demand, sue for, collect or receive any money or property at any time
payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so;

 

(e)         
the Secured Party or its Representative shall have the right, at the direction of the Lender, to take immediate possession
and occupancy of any premises owned, used or leased by a Debtor and exercise all other rights and remedies which may be available
to the Secured Party;

 

(f)          
the Secured Party shall have the right, at the direction of the Lender, upon reasonable notice (such reasonable notice
to be determined by Secured Party in its sole and absolute discretion, which shall not be less than ten (10) days), with respect
to the Collateral or any part thereof (whether or not the same shall then be or shall thereafter come into the possession, custody
or control of the Secured Party or its Representative), to sell, lease, license, assign or otherwise dispose of all or any part
of such Collateral, at such place or places as the Secured Party (at the direction of the Lender) deems best, and for cash or for
credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance
or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required above
or by applicable statute and cannot be waived), and the Secured Party or Lender or anyone else may be the purchaser, lessee, licensee,
assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at
any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right
or equity of redemption (statutory or otherwise), of Debtors, any such demand, notice and right or equity being hereby expressly
waived and released. The Secured Party may, and at the direction of the Lender shall, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the
sale, and such sale may be made at any time or place to which the sale may be so adjourned;

 

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(g)         
the Secured Party may, and at the direction of the Lender shall, proceed to perform any and all of the obligations
of any Debtor contained in any Contract and exercise any and all rights of a Debtor therein contained as such Debtor itself could;

 

(h)         
the Secured Party shall have the right to use any Debtor’s rights under any Intellectual Property Licenses
in connection with the enforcement of the Secured Party’s rights hereunder; and

 

(i)           
the rights, remedies and powers conferred by this Section 4.6 are in addition to, and not in substitution
for, any other rights, remedies or powers that the Secured Party may have under any Loan Document, at law, in equity or by or under
the UCC or any other statute or agreement. The Secured Party may proceed by way of any action, suit or other proceeding at law
or in equity and no right, remedy or power of the Secured Party will be exclusive of or dependent on any other. The Secured Party
may exercise any of its rights, remedies or powers separately or in combination and at any time.

 

The proceeds of each collection, sale or
other disposition under this Section 4.6 shall be applied in accordance with Section 4.9 hereof.

 

4.7        
Deficiency. If the proceeds of sale, collection or other realization of or upon the Collateral are insufficient
to cover the costs and expenses of such realization and the payment in full of the Obligations, Debtors shall remain jointly and
severally liable for any deficiency.

 

4.8        
Private Sale. Each Debtor recognizes that the Secured Party may be unable to effect a public sale of any or
all of the Collateral consisting of securities by reason of certain prohibitions contained in the Securities Act of 1933, as amended
(the “Act”), and applicable state securities laws, but may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such Collateral for their
own account for investment and not with a view to the distribution or resale thereof. Each Debtor acknowledges and agrees that
any such private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and
each Debtor agrees that it is not commercially unreasonable for Secured Party to engage in any such private sales or dispositions
under such circumstances. The Secured Party shall be under no obligation to delay a sale of any of the Collateral to permit a Debtor
to register such Collateral for public sale under the Act, or under applicable state securities laws, even if Debtors would agree
to do so. The Secured Party shall not incur any liability as a result of the sale of any such Collateral, or any part thereof,
at any private sale provided for in this Agreement and each Debtor hereby waives any claims against the Secured Party arising by
reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which
might have been obtained at a public sale or was less than the aggregate amount of the Obligations, even if the Secured Party accepts
the first offer received and does not offer the Collateral to more than one offeree.

 

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Each Debtor further agrees
to do or cause to be done all such other acts and things as may be necessary to make such sale or sales of any portion or all of
any such Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions,
decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction
over any such sale or sales, all at such Debtor’s expense. Each Debtor further agrees that a breach of any of the covenants
contained in this Section 4.8 will cause irreparable injury to the Secured Party, that the Secured Party has no adequate
remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this Section
4.8 shall be specifically enforceable against Debtors, and each Debtor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is
continuing.

 

4.9        
Application of Proceeds. The proceeds of any collection, sale or other realization of all or any part of the
Collateral following the occurrence and during the continuance of an Event of Default, and any other cash at the time held by the
Secured Party under this Agreement, shall be applied to the Obligations in such order as Secured Party shall elect.

 

4.10     
Attorney-in-Fact. Each Debtor hereby irrevocably constitutes and appoints the Secured Party, with full power
of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Debtor and in the name of such Debtor or in its own name, from time to time in the discretion of the Secured Party, for the purpose
of carrying out the terms of this Agreement, to take any and all appropriate action and to execute and deliver any and all documents
and instruments which may be necessary to perfect or protect any security interest granted hereunder, to maintain the perfection
or priority of any security interest granted hereunder, or to otherwise accomplish the purposes of this Agreement, and, without
limiting the generality of the foregoing, hereby gives the Secured Party the power and right, on behalf of such Debtor, without
notice to or assent by such Debtor (to the extent permitted by applicable law), to do the following:

 

(a)         
upon the occurrence and during the continuation of an Event of Default, to take any and all appropriate action and
to execute and deliver any and all documents and instruments which may be necessary to accomplish the purposes of this Agreement;

 

(b)         
upon the occurrence and during the continuation of an Event of Default, to ask, demand, collect, receive and give
acquittance and receipts for any and all moneys due and to become due under any Collateral and, in the name of such Debtor or its
own name or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other Instruments
for the payment of moneys due under any Collateral and to file any claim or to take any other action or proceeding in any court
of law or equity or otherwise deemed appropriate by the Secured Party (at the direction of Lender) for the purpose of collecting
any and all such moneys due under any Collateral whenever payable and to file any claim or to take any other action or proceeding
in any court of law or equity or otherwise deemed appropriate by the Secured Party (at the direction of Lender) for the purpose
of collecting any and all such moneys due under any Collateral whenever payable;

 

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(c)         
to pay or discharge charges or liens levied or placed on or threatened against the Collateral, to effect any insurance
called for by the terms of this Agreement and to pay all or any part of the premiums therefor;

 

(d)         
upon the occurrence and during the continuation of an Event of Default, to direct any party liable for any payment
under any of the Collateral to make payment of any and all moneys due, and to become due thereunder, directly to the Secured Party
or as the Secured Party shall direct (at the direction of Lender), and to receive payment of and receipt for any and all moneys,
claims and other amounts due, and to become due at any time, in respect of or arising out of any Collateral;

 

(e)         
upon the occurrence and during the continuation of an Event of Default, to sign and indorse any invoices, freight
or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and notices
in connection with accounts and other Documents constituting or relating to the Collateral;

 

(f)          
upon the occurrence and during the continuation of an Event of Default, to commence and prosecute any suits, actions
or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any part thereof and to
enforce any other right in respect of any Collateral;

 

(g)         
upon the occurrence and during the continuation of an Event of Default, to defend any suit, action or proceeding
brought against a Debtor with respect to any Collateral;

 

(h)         
upon the occurrence and during the continuation of an Event of Default, to settle, compromise or adjust any suit,
action or proceeding described above and, in connection therewith, to give such discharges or releases as the Secured Party may
deem appropriate (at the direction of Lender);

 

(i)           
to the extent that a Debtor’s authorization given in Section 4.1(b) of this Agreement is not sufficient
to file such financing statements with respect to this Agreement, with or without such Debtor’s signature, or to file a photocopy
of this Agreement in substitution for a financing statement, as the Secured Party may deem appropriate (at the direction of Lender)
and to execute in such Debtor’s name such financing statements and amendments thereto and continuation statements which may
require such Debtor’s signature;

 

(j)           
upon the occurrence and during the continuation of an Event of Default, generally to sell, transfer, pledge, make
any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Secured Party
were the absolute owners thereof for all purposes; and

 

(k)         
to do, at the Secured Party’s option (at the direction of Lender) and at such Debtor’s expense, at any
time, or from time to time, all acts and things which the Secured Party reasonably deems necessary to protect or preserve or, upon
the occurrence and during the continuation of an Event of Default, realize upon the Collateral and the Secured Party’s lien
therein, in order to effect the intent of this Agreement, all as fully and effectively as such Debtor might do.

 

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Each Debtor hereby
ratifies, to the extent permitted by law, all that such attorneys lawfully do or cause to be done by virtue hereof provided the
same is performed in a commercially reasonable manner. The power of attorney granted hereunder is a power coupled with an interest
and shall be irrevocable until the Obligations are Paid in Full and this Agreement is terminated in accordance with Section
4.12 hereof.

 

Each Debtor also authorizes
the Secured Party, at any time from and after the occurrence and during the continuation of any Event of Default, (x) to communicate
in its own name with any party to any Contract with regard to the assignment of the right, title and interest of such Debtor in
and under the Contracts hereunder and other matters relating thereto and (y) to execute, in connection with any sale of Collateral
provided for in Section 4.6 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect
to the Collateral.

 

4.11     
Perfection. Prior to or concurrently with the execution and delivery of this Agreement, each Debtor shall:

 

(a)         
file such financing statements, assignments for security and other documents in such offices as may be necessary
or as the Secured Party or the Representative may request to perfect the security interests granted by Section 3 of this
Agreement;

 

(b)         
at Secured Party’s request, deliver to the Secured Party or its Representative the originals of all Instruments
together with, in the case of Instruments constituting promissory notes, allonges attached thereto showing such promissory notes
to be payable to the order of a blank payee;

 

(c)         
deliver to the Secured Party or its Representative an Account Control Agreement for each Deposit Account owned by
such Debtor, acceptable in all respects to Secured Party and the Lender, duly executed by the applicable Debtor and the financial
institution at which such Debtor maintains such Deposit Account; and

 

(d)         
deliver to the Secured Party or its Representative the originals of all Motor Vehicle Titles, duly endorsed indicating
the Secured Party’s interest therein as a lienholder, together with such other documents as may be required consistent with
Section 4.1(d) hereof to perfect the security interest granted by Section 3 in all such Motor Vehicles (if any).

 

4.12     
Termination; Partial Release of Collateral. This Agreement and the Liens and security interests granted hereunder
shall continue in effect until the Obligations are Paid in Full and the Credit Agreement is terminated. Upon such termination of
this Agreement, the security interest granted hereby shall automatically terminate and all rights to the Collateral shall revert
to the applicable Debtor, and the Secured Party will promptly following such termination deliver possession of all Collateral to
the Debtors and execute and deliver to Debtors such documents as necessary to evidence such termination, including UCC termination
statements and such other documentation as shall be reasonably requested by Debtors to effect the termination and release of the
Liens and security interests in favor of the Secured Party affecting the Collateral. Notwithstanding the foregoing, so long as
(a) no Event of Default shall have occurred and be continuing at the time of such conveyance to BPC, (b) such conveyance to BPC
is consummated on or after January 1, 2019 in accordance with the express terms and conditions of the Biocenters Purchase Agreement
as in effect on the Closing Date and (c) Secured Party shall have received written notice from Debtors confirming the date of such
conveyance to BPC, then Secured Party’s Lien on the Specified Collateral so conveyed to BPC shall be deemed released simultaneously
with such conveyance. Following any such Lien release, Secured Party shall execute and deliver (at Debtors’ cost and expense)
such instruments, documents and agreements as are reasonably requested by Debtors to further evidence and confirm such Lien release.

 

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4.13     
Further Assurances. At any time and from time to time, upon the written request of the Secured Party or its
Representative, and at the sole expense of Debtors, Debtors will promptly and duly execute and deliver any and all such further
instruments, documents and agreements and take such further actions as the Secured Party or its Representative may reasonably require
in order for the Secured Party to obtain the full benefits of this Agreement and of the rights and powers herein granted in favor
of the Secured Party, including, without limitation, using Debtors’ best efforts to secure all consents and approvals necessary
or appropriate for the assignment to the Secured Party of any Collateral held by Debtors or in which a Debtor has any rights not
heretofore assigned, the filing of any financing or continuation statements under the UCC with respect to the liens and security
interests granted hereby, transferring Collateral to the Secured Party’s possession (if a security interest in such Collateral
can be perfected by possession), placing the interest of the Secured Party as lienholder on the certificate of title of any Motor
Vehicle, obtaining waivers of liens from landlords and mortgagees and delivering to Secured Party all such Control Agreements as
Secured Party shall require duly executed by the applicable Debtor and the financial institution at which such Debtor maintains
a Deposit Account covered by such Control Agreement. Each Debtor also hereby authorizes the Secured Party and its Representative
to file any such financing or continuation statement without the signature of such Debtor to the extent permitted by applicable
law.

 

4.14     
Limitation on Duty of Secured Party. The powers conferred on the Secured Party under this Agreement are solely
to protect the Secured Party’s interest on behalf of itself and the Lender in the Collateral and shall not impose any duty
upon it to exercise any such powers. Without in any way limiting the exculpation and indemnification provisions of the Credit Agreement,
the Secured Party shall be accountable only for amounts that it actually receives and retains for its own account as a result of
the exercise of such powers and neither the Secured Party nor its Representative nor any of their respective officers, directors,
employees or agents shall be responsible to Debtors for any act or failure to act, except for gross negligence or willful misconduct.
Without limiting the foregoing, the Secured Party and any Representative shall be deemed to have exercised reasonable care in the
custody and preservation of the Collateral in their possession if such Collateral is accorded treatment substantially similar to
that which the relevant Secured Party or any Representative, in its individual capacity, accords its own property consisting of
the type of Collateral involved, it being understood and agreed that neither the Secured Party nor any Representative shall have
any responsibility for taking any necessary steps (other than steps taken in accordance with the standard of care set forth above)
to preserve rights against any Person with respect to any Collateral.

 

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Also without limiting
the generality of the foregoing, neither the Secured Party nor any Representative shall have any obligation or liability under
any Contract or license by reason of or arising out of this Agreement or the granting to the Secured Party of a security interest
therein or assignment thereof or the receipt by the Secured Party or any Representative of any payment relating to any Contract
or license pursuant hereto, nor shall the Secured Party or any Representative be required or obligated in any manner to perform
or fulfill any of the obligations of Debtors under or pursuant to any Contract or license, or to make any payment, or to make any
inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under
any Contract or license, or to present or file any claim, or to take any action to collect or enforce any performance or the payment
of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

Section
5.          
Miscellaneous.

 

5.1        
No Waiver. No failure on the part of the Secured Party or any of its Representatives to exercise, and no course
of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise by the Secured Party or any of its Representatives of any right, power or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights and remedies hereunder
provided are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided
by law.

 

5.2        
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of New York.

 

5.3        
Notices. All notices, approvals, requests, demands and other communications hereunder shall be delivered or
made in the manner set forth in, and shall be effective in accordance with the terms of, the Credit Agreement; provided, that,
to the extent any such communication (i) is being made or sent to a Debtor that is not a Borrower, such communication shall be
effective as to such Debtor if made or sent to any Debtor in accordance with the foregoing or (ii) is being made or sent to Agent,
such communication shall be made to Agent at the address set forth below Agent’s signature hereto. Debtors and Agent may
change their respective notice addresses by written notice given to each other party ten (10) days following the effectiveness
of such change.

 

5.4        
Amendments, Etc. The terms of this Agreement may be waived, altered or amended only by an instrument in writing
duly executed by each Debtor and the Secured Party. Any such amendment or waiver shall be binding upon the Secured Party and each
Debtor and their respective successors and assigns.

 

5.5        
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the respective successors
and assigns of each of the parties hereto, provided, that no Debtor shall assign or transfer any of its rights or obligations
hereunder without the prior written consent of the Secured Party and Lender. Secured Party, in its capacity as Agent, may assign
its rights and obligations hereunder without the consent of Debtors, in which event such assignee shall be deemed to be Secured
Party hereunder with respect to such assigned rights; provided, so long as no Event of Default has occurred and is continuing,
the Secured Party shall not assign any of its rights hereunder to a competitor of any Debtor.

 

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5.6        
Counterparts; Headings. This Agreement may be authenticated in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties hereto may authenticate this Agreement by signing
any such counterpart. This Agreement may be authenticated by manual signature or facsimile, .pdf or similar electronic signature,
all of which shall be equally valid. The headings in this Agreement are for convenience of reference only and shall not alter or
otherwise affect the meaning hereof.

 

5.7        
Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest
extent permitted by law, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be
liberally construed in favor of the Secured Party and its Representative in order to carry out the intentions of the parties hereto
as nearly as may be possible and (b) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect
the validity or enforceability of such provision in any other jurisdiction.

 

5.8        
SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS. EACH DEBTOR HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK, BOROUGH
OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND EACH DEBTOR HEREBY IRREVOCABLY AGREES
THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY
OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH
COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF SECURED PARTY TO BRING PROCEEDINGS AGAINST ANY DEBTOR IN
THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY A DEBTOR AGAINST SECURED PARTY, THE LENDER OR ANY AFFILIATE THEREOF
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTION WITH THIS AGREEMENT SHALL BE
BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK (AND SECURED PARTY AND THE LENDER HEREBY SUBMIT TO THE JURISDICTION OF SUCH COURT).
EACH DEBTOR HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH ACTION
OR PROCEEDING BY MAILING BY REGISTERED OR CERTIFIED MAIL A COPY THEREOF TO SUCH DEBTOR AT THE ADDRESS FOR NOTICES TO IT IN ACCORDANCE
WITH SECTION 5.3 OF THIS AGREEMENT AND AGREES THAT SUCH NOTICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT OF SECURED PARTY OR THE LENDER TO SERVE PROCESS
IN ANY MANNER PERMITTED BY LAW.

 

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5.9        
WAIVER OF RIGHT TO TRIAL BY JURY. EACH DEBTOR AND SECURED PARTY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL
BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH DEBTOR AND SECURED PARTY AGREE THAT ANY SUCH CLAIM OR
CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT
THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION 5.9 AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING
WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

5.10     
Joint and Several. The obligations, covenants and agreements of Debtors hereunder shall be the joint and several
obligations, covenants and agreements of each Debtor, whether or not specifically stated herein without preferences or distinction
among them.

 

5.11     
Agent.

 

(a)         
The Lender has, pursuant to an Agency Agreement, designated and appointed the Agent as the administrative agent of
the Lender under this Agreement and the other Loan Documents.

 

(b)         
Nothing in this Section 5.11 shall be deemed to limit or otherwise affect the rights of Secured Party or the
Lender to exercise any remedy provided in this Agreement or any other Loan Document.

 

(c)         
If pursuant to any Loan Document, Secured Party is given the discretion to allocate proceeds received by Secured
Party pursuant to the exercise of remedies under the Loan Documents or at law or in equity (including without limitation with respect
to any secured creditor remedies exercised against the Collateral and any other collateral security provided for under any Loan
Documents), Secured Party (at the direction of Lender) or Lender shall apply such proceeds to the then outstanding Obligations
in such order as Secured Party (at the direction of Lender) or Lender shall elect.

 

5.12     
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

    21

    

    

 

5.13     
ENTIRE AGREEMENT; AMENDMENT. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, SUPERSEDES ALL OTHER
PRIOR ORAL OR WRITTEN AGREEMENTS BETWEEN SECURED PARTY, THE DEBTORS, THEIR AFFILIATES AND PERSONS ACTING ON THEIR BEHALF WITH RESPECT
TO THE MATTERS DISCUSSED HEREIN, AND THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS AND THE OTHER INSTRUMENTS REFERENCED
HEREIN AND THEREIN, CONTAIN THE ENTIRE UNDERSTANDING OF THE PARTIES WITH RESPECT TO THE MATTERS COVERED HEREIN AND THEREIN AND,
EXCEPT AS SPECIFICALLY SET FORTH HEREIN OR THEREIN, NEITHER THE SECURED PARTY NOR ANY DEBTOR MAKES ANY REPRESENTATION, WARRANTY,
COVENANT OR UNDERTAKING WITH RESPECT TO SUCH MATTERS. AS OF THE DATE OF THIS AGREEMENT, THERE ARE NO UNWRITTEN AGREEMENT BETWEEN
THE PARTIES WITH RESPECT TO THE MATTERS DISCUSSED HEREIN. NO PROVISION OF THIS AGREEMENT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED
OTHER THAN BY AN INSTRUMENT IN WRITING SIGNED BY THE DEBTORS AND THE SECURED PARTY.

 

- Remainder of Page Intentionally Left
Blank; Signature Page Follows -

 

    22

    

    

 

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

 

DEBTORS:

 

ADMA BIOLOGICS, INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA PLASMA BIOLOGICS, INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA BIO CENTERS GEORGIA INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA BIOMANUFACTURING, LLC

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

SIGNATURE PAGE TO

SECURITY AGREEMENT

 

    

    

    

 

SECURED PARTY:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as the Agent

 

		By:	/s/ Jennifer K. Anderson

Name: Jennifer K. Anderson

Title: Assistant Vice President

 

Notice Address:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Jennifer K. Anderson,
Assistant Vice President

Telephone: 302-636-5048

Facsimile: 302-636-4145

E-mail: jkanderson@wilmingtontrust.com

 

with a copy (which shall
not constitute notice) to:

 

Duane Morris LLP

222 Delaware Avenue, Suite 1600

Wilmington, DE 19801

Attention: Christopher M. Winter, Esq.

Telephone: (302) 657-4904

Facsimile: (302) 397-2455

E-mail: cmwinter@duanemorris.com

 

SIGNATURE PAGE TO

SECURITY AGREEMENTINTELLECTUAL PROPERTY SECURITY AGREEMENT

 

This INTELLECTUAL PROPERTY
SECURITY AGREEMENT (as from time to time amended, restated, supplemented or otherwise modified, this “Agreement”),
dated as of October 10, 2017, is made by ADMA BIOLOGICS, INC., a Delaware corporation (“ADMA Biologics”), ADMA
PLASMA BIOLOGICS, INC., a Delaware corporation (“ADMA Plasma”), ADMA BIO CENTERS GEORGIA INC., a Delaware corporation
(“ADMA Bio Centers”) and ADMA BIOMANUFACTURING, LLC, a Delaware limited liability company (“ADMA BioManufacturing”
and together with ADMA Biologics, ADMA Plasma and ADMA Bio Centers, the “Grantors” and each a “Grantor”)
in favor of Wilmington Trust, National Association, in its capacity as Agent (together with its successors and assigns in
such capacity, the “Secured Party”) for the benefit of itself and the Lender (as hereinafter defined).

 

WHEREAS, pursuant to
that certain Credit Agreement, dated as of the date hereof (as amended, restated, supplemented and/or otherwise modified from time
to time, the “Credit Agreement”), by and among the Grantors, Marathon Healthcare Finance Fund, L.P. (the “Lender”)
and the Secured Party, the Lender has agreed to provide certain financial accommodations to the Grantors; and

 

WHEREAS, the Lender
is willing to extend financial accommodations to the Grantors as provided for in the Credit Agreement, but only upon the condition,
among others, that the Grantors shall have executed and delivered to the Secured party, for the benefit of itself and the Lender,
this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:

 

Section 1.          
DEFINED TERMS; RULES OF CONSTRUCTION.

 

		(a)	Capitalized terms used in this Agreement but not otherwise defined herein have the meanings given
to them in the Credit Agreement.

 

		(b)	When used herein the following terms shall have the following meanings:

 

“Copyrights”
shall have the meaning provided thereto in the Security Agreement.

 

“Copyright
Licenses” means all agreements pursuant to which any Grantor is licensor or licensee, granting any right under any Copyright,
including but not limited to, rights to manufacture, reproduce, display, distribute, perform, modify or otherwise exploit, and
sell materials embodying or derived from, any Copyrighted work.

 

“Intellectual
Property” shall have the meaning provided thereto in the Security Agreement.

 

“Obligations”
shall have the meaning provided thereto in the Credit Agreement.

 

    

    

    

 

“PTO”
means the United States Patent and Trademark Office and any successor office or agency.

 

“Patents”
shall have the meaning provided thereto in the Security Agreement.

 

“Patent Licenses”
means all agreements pursuant to which any Grantor is licensor or licensee, granting any right to manufacture, have made, import,
use, or sell any invention covered in whole or in part by a Patent.

 

“Trademarks”
shall have the meaning provided thereto in the Security Agreement.

 

“Trademark
Licenses” mean all agreements pursuant to which any Grantor is licensor or licensee, granting any right to use a Trademark.

 

“UCC”
shall have the meaning provided thereto in the Security Agreement.

 

		(c)	All Schedules, Addenda, Annexes and Exhibits hereto or expressly identified to this Agreement are
incorporated herein by reference and taken together with this Agreement constitute but a single agreement. The words “herein”,
“hereof” and “hereunder” or other words of similar import refer to this Agreement as a whole, including
the Exhibits, Addenda, Annexes and Schedules thereto, as the same may be from time to time amended, modified, restated or supplemented,
and not to any particular section, subsection or clause contained in this Agreement. Wherever from the context it appears appropriate,
each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine,
feminine or neuter gender shall include the masculine, the feminine and the neuter. The term “or” is not exclusive.
The term “including” (or any form thereof) shall not be limiting or exclusive. All references to statutes and related
regulations shall include any amendments of same and any successor statutes and regulations. All references in this Agreement or
in the Schedules, Addenda, Annexes and Exhibits to this Agreement to sections, schedules, disclosure schedules, exhibits, and attachments
shall refer to the corresponding sections, schedules, disclosure schedules, exhibits, and attachments of or to this Agreement.
All references to any instruments or agreements, including references to any of this Agreement, the Credit Agreement or the other
Loan Documents shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof.

 

		(d)	The parties acknowledge that each party and its counsel have reviewed this Agreement and that the
normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement or any amendments, schedules or exhibits thereto.

 

		(e)	In the event of an irreconcilable conflict between the terms of this Agreement and the terms of
the Credit Agreement, the Secured Party shall have the right to determine which Agreement shall govern with respect to each such
conflict.

 

    1

    

    

 

Section 2.          
GRANT OF SECURITY INTEREST IN INTELLECTUAL PROPERTY COLLATERAL. To secure the prompt payment to the Lender of the
Obligations of the Grantors now or hereafter existing from time to time, each Grantor hereby pledges and grants to the Secured
Party, for the benefit of itself and the Lender, a continuing security interest in and Lien upon all of such Grantor’s right,
title and interest in, to and under the following, whether presently existing or hereafter created or acquired (collectively, the
“Collateral”):

 

		(a)	Trademarks and Trademark Licenses to which it is a party, including those referred to on Schedule
I hereto;

 

		(b)	Patents and Patent Licenses to which it is a party, including those referred to on Schedule
II hereto;

 

		(c)	Copyrights and Copyright Licenses to which it is a party, including those referred to on Schedule
III hereto;

 

		(d)	Intellectual Property not covered by the foregoing, including those referred to on Schedule
IV hereto;

 

		(e)	Renewals, reissues, continuations, divisions, or extensions of any of the foregoing;

 

		(f)	Rights to sue third parties for past, present or future infringement, dilution, misappropriation,
or other violation of rights in any Intellectual Property, including injury to the goodwill associated with any Trademark, and
all causes of action for the same; and

 

		(g)	All products and Proceeds of all or any of the foregoing, tort claims and all claims and other
rights to payment including (i) insurance claims against third parties for loss of, damage to, or destruction of, the foregoing
Collateral and (ii) payments due or to become due under licenses of any or all of the foregoing and Proceeds payable under, or
unearned premiums with respect to policies of insurance in whatever form; provided, however, that the Collateral
shall not constitute a grant of a security interest in any trademark or service mark applications filed in the PTO on the basis
of any Grantor’s intent to use such trademark or service mark, unless and until a statement of use or amendment to allege
use is filed in the PTO, in which event, such trademark or service mark shall automatically be included in the Collateral.

 

Section 3.          
REPRESENTATIONS AND WARRANTIES.

 

Each Grantor represents
and warrants to the Secured Party, in addition to the representations and warranties in the Credit Agreement and the other Loan
Documents, that:

 

		(a)	such Grantor has been using statutory notice of registration in connection with its use of registered
Trademarks, proper marking practices in connection with the use of Patents, and appropriate notice of copyright in connection with
the publication of Copyrighted material;

 

    2

    

    

 

		(b)	such Grantor has taken all actions necessary to insure that all licensees of Trademarks owned by
such Grantor use consistent standards of quality as directed by such Grantor in connection with its licensed products and services;
and

 

		(c)	this Agreement is effective to create a valid security interest in favor of the Secured Party,
for the benefit of itself and the Lender, in all of such Grantor’s Intellectual Property. Upon the (i) filing of this Agreement
in the United States Copyright Office (with respect to the United States Copyrights set forth on Schedule III hereto) and
(ii) the filing of all appropriate UCC-1 financing statements (with respect to each Grantor’s (A) Patents, (B) Trademarks
and (C) any Copyrights of such Grantor not registered with the United States Copyright Office), such security interest will be
enforceable as such as against any and all creditors of, and purchasers from, such Grantor. Upon the making of such filings set
forth above and the filing of this Agreement in the PTO (with respect to the United States Patents set forth on Schedule II
hereto and the United States Trademarks set forth on Schedule I hereto), all action necessary to protect and perfect the
Secured Party’s Lien on such Grantor’s Patents, Trademarks, and Copyrights, shall have been taken; and

 

		(d)	if any Grantor shall (i) obtain rights to any new patentable inventions, any registered Copyrights
or any Patents or Trademarks, or (ii) become entitled to the benefit of any registered Copyrights or any Patents or Trademarks
or any improvement on any Patent, the provisions of this Agreement shall automatically apply thereto and such Grantor shall give
to Secured Party prompt written notice thereof in accordance with the terms of the Security Agreement. Grantors hereby authorize
Secured Party to modify this Agreement by amending Schedules I, II, III and IV hereto, as applicable, to include any such
registered Copyrights or any such Patents and Trademarks. Each Grantor shall have the duty (i) to prosecute diligently any patent,
trademark, or service mark applications pending as of the date hereof or hereafter, (ii) to preserve and maintain all rights in
the Copyrights, Patents and Trademarks, to the extent material to the operations of the business of Grantor and (iii) to ensure
that the Copyrights, Patents and Trademarks are and remain enforceable, to the extent material to the operations of the business
of Grantor. Any expenses incurred in connection with Grantors’ obligations under this Section 3(d) shall be borne
by Grantors. Except for any such items that a Grantor reasonably believes (using prudent industry customs and practices) are no
longer necessary for the on-going operations of its business, Grantors shall not abandon any material right to file a patent, trademark
or service mark application, or abandon any pending patent, trademark or service mark application or any other Copyright, Patent
or Trademark without the prior written consent of Secured Party, which consent shall not be unreasonably withheld.

 

Section 4.          
COVENANTS. Each Grantor covenants and agrees with the Secured Party, from and after the date of this Agreement, and
in addition to the covenants in the Credit Agreement and the other Loan Documents, that:

 

    3

    

    

 

		(a)	Such Grantor shall notify the Secured Party promptly if it knows or has reason to know that any
application or registration relating to any Material Intellectual Property owned by such Grantor has or may become abandoned, dedicated
to the public, placed in the public domain or otherwise invalidated or unenforceable. Such Grantor shall further notify the Secured
Party promptly of any adverse determination or decision in any proceeding and the institution of any proceeding challenging such
Grantor before the PTO, the United States Copyright Office, or any similar agency of the United States, any State, or other country
or political subdivision thereof, any internet domain registry or other registry, or any court, regarding such Grantor’s
ownership of or right to use, register, keep and/or maintain any Intellectual Property. Such Grantor shall be free to prosecute
and maintain its Intellectual Property in the ordinary course of business in a commercially reasonable manner, and, notwithstanding
the foregoing, shall not be required to report preliminary or initial determinations, unless and until made final, by the PTO,
the United States Copyright Office, or any similar agency of the United States, any State, or other country or political subdivision
thereof, any internet domain registry or other registry, or any court, regarding such Grantor’s ownership of or right to
use, register, keep and/or maintain any Intellectual Property;

 

		(b)	Such Grantor shall take all actions necessary, or requested by the Secured Party in its good faith
exercise of its commercially reasonable discretion, to maintain and pursue each application and/or registration relating to any
registered Intellectual Property owned by such Grantor from time to time, including filing applications for renewal, filing affidavits
of use, filing affidavits of incontestability and commencing and prosecuting opposition, interference and cancellation proceedings
in the ordinary course of business in a commercially reasonable manner;

 

		(c)	In the event that any Intellectual Property owned by or exclusively licensed to such Grantor is
infringed, diluted, misappropriated, or otherwise violated by a third party, such Grantor shall notify the Secured Party promptly
after such Grantor learns thereof and shall promptly take all commercially reasonable actions to stop the same and enforce its
rights in such Intellectual Property and to recover all damages therefor, including, but not limited to, the initiation of a suit
for injunctive relief and damages where reasonable and cost effective to do so (provided that such Grantor must initiate suit in
all cases where the failure to do so could reasonably be expected to have a Material Adverse Effect) and shall take such other
actions as are commercially reasonable, or as the Secured Party shall deem appropriate in its good faith exercise of its commercially
reasonable discretion under the circumstances to protect such Grantor’s rights in such Intellectual Property;

 

		(d)	Such Grantor shall use appropriate statutory notice of registration in connection with its use
of registered Trademarks, proper marking practices in connection with the use of Patents, appropriate notice of copyright in connection
with the publication of Copyrighted materials, and other legends or markings applicable to other Intellectual Property;

 

    4

    

    

 

		(e)	Such Grantor shall use commercially reasonable efforts to maintain the level of the quality of
products sold and services rendered under any Trademarks owned by such Grantor at a level at least consistent with the quality
of such products and services as of the date hereof, and such Grantor shall adequately control the quality of goods and services
offered by any licensees of its Trademarks;

 

		(f)	Such Grantor shall take all steps necessary to protect the secrecy of all trade secrets material
to its business

 

		(g)	To the knowledge of such Grantor, neither the conduct of such Grantor’s business nor its
use of the Intellectual Property owned by such Grantor is interfering with, infringing upon, misappropriating, or otherwise in
conflict with the Intellectual Property rights of any third party; and

 

		(h)	In the event any Grantor, either directly or through any agent, employee, licensee or designee,
files an application for the registration of any Patent, Trademark or Copyright with the PTO, the United States Copyright Office
or any similar office or agency, such Grantor shall provide the Secured Party with written notice thereof within ten (10) Business
Day of the date of such filing, and, upon request of the Secured Party, such Grantor shall execute and deliver a supplement hereto
(in form and substance satisfactory to the Secured Party) to evidence the Secured Party’s lien on such Patent, Trademark
or Copyright, and the general intangibles of such Grantor relating thereto or represented thereby.

 

Section 5.          
LOAN AND SECURITY AGREEMENT. The security interests granted pursuant to this Agreement are granted in conjunction
with the security interests granted by each Grantor to the Secured Party, for the benefit of itself and the Lenders pursuant to
the Security Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of the Secured Party with respect
to the Collateral made and granted herein are more fully set forth in the Credit Agreement and the Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set forth herein. Any rights and remedies set forth herein
are without prejudice to, and in addition to, those set forth in the Credit Agreement and the Security Agreement. In the event
any provisions contained herein expressly conflict with any provisions in the Credit Agreement or the Security Agreement covering
Intellectual Property, the provisions herein shall control.

 

Section 6.          
REINSTATEMENT. This Agreement shall remain in full force and effect and continue to be effective should any petition
be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment
for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of such
Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance
of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,”
or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof,
is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.

 

    5

    

    

 

Section 7.          
INDEMNIFICATION. Each Grantor assumes all responsibility and liability arising from the use of the Intellectual Property
and Grantors, jointly and severally, hereby indemnify and hold the Secured Party harmless from and against any claim, suit, loss,
damage or expense (including reasonable attorneys’ fees) arising out of any Grantor’s operations of its business from
the use of the Intellectual Property. In any suit, proceeding or action brought by the Secured Party under any Patent License,
Trademark License, or Copyright License for any sum owing thereunder, or to enforce any provisions of such License, Grantors will,
jointly and severally, indemnify and keep the Secured Party harmless from and against all expense, loss or damage suffered by reason
of any defense, set off, counterclaim, recoupment or reduction or liability whatsoever of the obligee thereunder, arising out of
a breach of any Grantor of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time
owing to or in favor of such obligee or its successors from any Grantor, and all such obligations of Grantors shall be and remain
enforceable against and only against Grantors and shall not be enforceable against the Secured Party.

 

Section 8.          
NOTICES. Whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other
communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires
to give and serve upon any other party any communication with respect to this Agreement, each such notice, demand, request, consent,
approval, declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided
for in the Credit Agreement.

 

Section 9.          
TERMINATION OF THIS AGREEMENT. Subject to Section 5 hereof, this Agreement shall terminate upon payment in full in
cash of all Obligations and irrevocable termination of the Credit Agreement and the Loan Documents.

 

Section 10.       
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

[Signature Page to Follow]

 

    6

    

    

 

IN WITNESS WHEREOF,
each Grantor has executed this Intellectual Property Security Agreement as of the date first written above.

 

ADMA BIOLOGICS, INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA PLASMA BIOLOGICS, INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA BIO CENTERS GEORGIA INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA BIOMANUFACTURING, LLC

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ACCEPTED and ACKNOWLEDGED by:

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Agent

 

		By:	/s/ Jennifer K. Anderson

                                         Name: Jennifer K. Anderson

                                         Title: Assistant Vice President

 

SIGNATURE PAGE TO

INTELLECTUAL PROPERTY

SECURITY AGREEMENT

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