Document:

AMENDMENT
      NO. 1 TO RIGHTS AGREEMENT

     

    WHEREAS,
      Nexmed,
      Inc.,
      a
      Nevada corporation (the “Company”) and Wells
      Fargo Bank, N.A.,
      as
      Rights Agent, executed a Rights Agreement dated as April 3, 2000;
      and

     

    WHEREAS,
      pursuant to a certain Common Stock and Warrant Purchase Agreement, dated
      December 20, 2006, the Company has undertaken to amend the Rights
      Agreement;

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual agreement herein set forth, the parties
      hereto agree as follows:

     

    1.  The
      first
      sentence of Section 1.(a) of the Rights Agreement shall be amended to read
      in
      its entirety as follows:

     

    (a)  “Acquiring
      Person” shall mean any Person who or which, together with all Affiliates and
      Associates of such Person, shall be the Beneficial Owner of 15% or more of
      the
      shares of Common Stock then outstanding, but shall not include (i) the Company,
      (ii) any Subsidiary of the Company, (iii) any employee benefit plan or of any
      Subsidiary of the Company, (iv) any Person organized, appointed or established
      by the Company for or pursuant to the terms of any such plan, (v) the
      Grandfathered Stockholder, or (vi) Southpoint Master Fund, LP or its Affiliates
      so long as their aggregate beneficial ownership of Common Stock is less than
      20%
      of the shares of Common Stock then outstanding.

     

    2.  Except
      as
      set forth herein, the provisions of the Rights Agreement shall remain in full
      force and effect.

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Amendment No. 1 to the Rights Agreement to
      be
      duly executed as of this 16th
      day of
      January, 2007.

     

    
      	 	 	 
	 	NEXMED, INC.
	 
 	 
 	 
 
	 	By:  	/s/
              Mark
              Westgate
	 	
              
Mark
              Westgate
	 	Vice
              President & Chief Financial Officer

     

     

    
      	 	 	 
	 	WELLS FARGO BANK, N.A.
	 
 	 
 	 
 
	 	By:  	/s/
              Suzanne M. Swits
	 	
              
Name:
              Suzanne M. Swits
	 	
              Title:
                Vice PresidentNOTE
        EXCHANGE AGREEMENT

       

      This
        Note
        Exchange Agreement (this “Agreement”), dated as of ●, 2007, is made by
        and among PharmAthene, Inc., a Delaware corporation previously known as
        Healthcare Acquisition Corp. (the “Company”) and the holders identified
        on Annex I (together with their respective successors and assigns, the
“Holders”; the Holders are each individually referred to herein as
        a
“Holder”).

       

      WHEREAS,
        Healthcare Acquisition Corp. (“HAQ”),
        PAI
        Acquisition Corp., a wholly owned subsidiary of HAQ (“Merger
        Sub”),
        and
        PharmAthene, Inc. (“Old
        PharmAthene”),
        entered into an Agreement and Plan of Merger, dated January ●, 2007 (the
“Merger
        Agreement”)
        pursuant to which Old PharmAthene merged with Merger Sub and Old PharmAthene
        was
        the surviving entity (the “Merger”),
        and
        HAQ simultaneously changed its name to “PharmAthene, Inc.” upon the consummation
        of the Merger.

       

      WHEREAS,
        Old
        PharmAthene and the Holders (other than Canadian Medical Discoveries Fund
        Inc.
        (“CMDF”))entered
        into a Note Purchase Agreement dated May 5, 2006 (the “U.S.
        Note Purchase Agreement”)
        pursuant to which Old PharmAthene issued an aggregate initial principal amount
        of $9,768,089 of its 8% Senior Secured Convertible Notes (the “Old
        U.S. Notes”)
        to the
        Holders (other than CMDF), as set forth in Annex
        II.

       

      WHEREAS,
        PharmAthene Canada, Inc. (“PharmAthene
        Canada”),
        a
        wholly owned subsidiary of Old PharmAthene, Old PharmAthene and CMDF entered
        into a Note Purchase Agreement dated July 24, 2006 (the “Canadian
        Note Purchase Agreement”)
        and,
        collectively with the U.S. Note Purchase Agreement, the “Note
        Purchase Agreements”)
        pursuant to which PharmAthene Canada issued an 8% Senior Secured Convertible
        Note with a principal amount of $2,000,000 (the “Old
        Canadian Note”
and,
        collectively with the Old U.S. Notes, the “Old
        Notes”)
        to
        CMDF as set forth in Annex
        II.

       

      WHEREAS,
        Sections 6.2(i) and 6.3(iv) of the Merger Agreement contemplate
        as a condition to the Merger Closing that the Company issue senior unsecured
        convertible notes in the initial principal amount of $12,500,000 on the terms
        described herein (the “New
        Notes”),
        in
        exchange for the Old Notes (principal and interest) outstanding immediately
        prior to the closing of the Merger (“Merger
        Closing”).

       

      NOW,
        THEREFORE,
        in
        consideration of the mutual promises, representations, warranties and covenants
        herein contained, and for other good and valuable consideration, the receipt
        and
        sufficiency of which are
        hereby
        acknowledged, the Company and the Holders mutually agree as follows. Capitalized
        terms used and not otherwise defined herein shall have the meanings given
        such
        terms in the Merger Agreement or Note.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        1

       

      EXCHANGE
        OF NOTES

       

      1.1 Issuance
        of New Notes in Exchange for Old Notes.

       

      In
        full
        satisfaction of Old PharmAthene’s obligations (all outstanding principal and
        accrued interest thereon) under the outstanding Old Notes, the Company shall
        issue New Notes on the terms and in the form set forth in Annex
        III in
        the
        initial aggregate principal amount of $12,500,000 (the “Exchange”).
        As of
        a result the Exchange, the Old Notes shall cease to be outstanding obligations
        of Old PharmAthene and the Old Canadian Note shall cease to be an outstanding
        obligation of PharmAthene Canada.

       

      (a) and
        all
        rights of the Holders under the Note Purchase Agreements and related obligations
        and agreements referred to therein shall be terminated in full.

       

      (b) Subject
        to the satisfaction or waiver of the conditions set forth in Article 3, the
        closing of the Exchange shall simultaneously with the Merger Closing or such
        other time as the parties may mutually agree (the “Closing
        Date”).

       

      ARTICLE
        2

       

      REPRESENTATIONS
        AND WARRANTIES OF THE COMPANY

       

      The
        Company and Old PharmAthene represent and warrant to each of the Holders
        that,
        except as set forth on the Schedule of Exceptions attached hereto as
        Schedule ● (the “Schedule
        of Exceptions”),
        the
        statements contained in this Article II are true and correct as of the Closing
        Date as though made as of the Closing Date, except to the extent such
        representations and warranties are specifically made as of a particular date
        (in
        which case such representations and warranties are true and correct as of
        such
        date). The Schedule of Exceptions shall be arranged in sections and subsections
        corresponding to the numbered and lettered sections and subsections contained
        in
        this Article II, but any information disclosed under any section or subsection
        of the Schedule of Exceptions shall be deemed to be disclosed into any other
        section or subsection where such disclosure would be reasonably
        apparent.

       

      2.1 Organization,
        Qualifications and Corporate Power

       

      (a) The
        Company and Old PharmAthene are each corporations duly incorporated,
        validly existing and in good
        standing
        under the laws
        of the
        State of Delaware and are each duly
        licensed
        or qualified to transact business as a foreign corporation and is in good
        standing in each jurisdiction in which the nature of the business transacted
        by
        it or the character of the properties owned or leased by it requires such
        licensing or qualification. Pharmathene Canada, Inc., a Canadian corporation
        (“Pharmathene
        Canada”)
        is a
        corporation duly incorporated, validly existing and in good standing under
        the
        laws of Canada and is duly licensed or qualified to transact business and
        is in
        good standing, in each jurisdiction in which the nature of the business
        transacted by it or the character of the properties owned or leased by it
        requires such licensing or qualification. The Company and Old PharmAthene
        and
        each of its Subsidiaries has the corporate power and authority to own and
        hold
        its properties and to carry on its business as now conducted and as proposed
        to
        be conducted, and in the case of the Company, to execute, deliver and perform
        the Transaction Documents to which it is a party. The Company and Old
        PharmAthene have the corporate power and authority to issue, sell and deliver
        the New Notes and to issue and deliver the shares of common stock issuable
        upon
        conversions of the Notes (the “Conversion
        Shares”).

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      2.2 Authorization
        of Agreements, Etc.

       

      (a) The
        execution and delivery by the Company of the Transaction
        Documents to which it is a party, the
        performance by the Company of its obligations thereunder, the issuance, sale
        and
        delivery of the New Notes by the Company and the reservation of
        the
        Conversion Shares by the Company have been duly authorized by all requisite
        corporate action and will not violate any provision of law, any order of
        any
        court or other agency of government, the Certificate of Incorporation of
        the
        Company, as amended to date (the “Charter”)
        or the
        By-laws of the Company, as amended to date (the “By-laws”),
        or
        any provision of any indenture, agreement or other instrument to which the
        Company or any of its Subsidiaries or any of its properties or assets is
        bound,
        or conflict with, result in a breach of or constitute (with due notice or
        lapse
        of time or both) a default under any such indenture, agreement or other
        instrument, or result in the creation or imposition of any lien, charge,
        restriction, claim or encumbrance of any nature whatsoever upon any of the
        properties or assets of the Company or any of its Subsidiaries.

       

      (b) The
        New
        Notes have been duly authorized and, when issued and delivered pursuant to
        this
        Agreement, will have been duly executed, issued and delivered and will
        constitute valid and legally binding obligations of the Company, enforceable
        in
        accordance with its terms, subject as to enforcement, to bankruptcy, insolvency,
        reorganization and other laws of general applicability relating to or affecting
        creditors’ rights and to general equity principles.

       

      (c) The
        Company has an authorized capitalization and outstanding shares of capital
        stock
        as set forth in Schedule ●, and all of the issued shares of capital stock of the
        Company been duly authorized and validly issued and are fully paid and
        non-assessable; the Conversion Shares initially issuable upon conversion
        of the
        New Notes have been duly authorized and reserved for issuance and, when issued
        and delivered in accordance with the provisions of the New Notes, will be
        validly issued, fully paid and non-assessable; the issuance of Conversion
        Shares
        upon conversion of the New Notes will not be subject to any preemptive or
        similar rights; and all of the outstanding securities of the Company were
        issued
        in compliance with all applicable federal and state securities
        laws.

       

      (d) The
        designations, powers, preferences, rights, qualifications, limitations and
        restrictions in respect of each class and series of authorized capital stock
        of
        the Company are as set forth in the Company’s Charter, and all such
        designations, powers, preferences, rights, qualifications, limitations and
        restrictions are valid, binding and enforceable and in accordance with all
        applicable laws. Except as set forth in Schedule ●, (x) no Person owns of record
        or is known to the Company to own beneficially any share of Common Stock,
        (y) no
        subscription, warrant, option, convertible security, or other right (contingent
        or other) to purchase or otherwise acquire equity securities of the Company
        or
        any of its Subsidiaries is authorized or outstanding and (z) there is no
        commitment by the Company or any of its Subsidiaries to issue shares,
        subscriptions, warrants, options, convertible securities, or other such rights
        or to distribute to holders of any of its equity securities any evidence
        of
        indebtedness or asset. Except as provided for in the Company ‘s
        Charter
        or as set forth in the attached Schedule ●, neither the Company nor any of
        its Subsidiaries has any obligation (contingent or other) to purchase, redeem
        or
        otherwise acquire any of its equity securities or any interest therein or
        to pay
        any dividend or make any other distribution in respect thereof. Except as
        set
        forth in the attached Schedule ●, to the best of the Company ‘s
        knowledge there are no voting trusts or agreements, stockholders’
        agreements, pledge agreements, buy-sell agreements, rights of first refusal,
        preemptive rights or proxies relating to any securities of the Company or
        any of
        its Subsidiaries (whether or not the Company or such Subsidiaries is a party
        thereto). All of the outstanding securities of the Company were issued in
        compliance with all applicable Federal and state securities laws. 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (e) The
        outstanding shares of Common Stock are listed on the American Stock Exchange
        and
        the Conversion Shares into which the New Notes are convertible will have
        been
        approved for listing on the American Stock Exchange, subject to notice of
        issuance, on or before the Closing Date.

       

      ARTICLE
        3

       

      REPRESENTATIONS
        AND WARRANTIES OF THE HOLDERS

       

      Each
        Holder, severally and not jointly, represents and warrants to the Company,
        Old
        PharmAthene and PharmaAthene Canada that, the statements contained in this
        Article III are true and correct as of the Closing Date as though made as
        of the
        Closing Date, except to the extent such representations and warranties are
        specifically made as of a particular date (in which case such representations
        and warranties are true and correct as of such date). 

       

      3.1 Holder
        is
        an “accredited investor” as defined by Rule 501 of Regulation D (“Regulation D”)
        promulgated under the Securities Act of 1933, as amended (the “Act”), and Holder
        is capable of evaluating the merits and risks of Holder’s investment in the New
        Notes and has the ability and capacity to protect Holder’s interests. If the
        Holder is a resident of Canada or otherwise subject to the provincial securities
        laws of Canada, such Holder is an “accredited investor” (as that term is defined
        in National Instrument 45-106), was not formed for the specific purpose of
        and
        is not being used primarily for the purpose of purchasing and holding a New
        Note
        on the underlying Common Stock, and is neither a “Limited States Person” (as
        that term is defined in Rule 902 of Regulation S under the Act) nor purchasing
        the New Note for the account of a Limited States Person or for resale to
        a
        United States person or to a person in the United States.

       

      3.2 Holder
        understands that, except as provided in the Registration Rights Agreement
        the
        New Notes and the underlying shares of Common Stock, have not been registered
        under the Act on the ground that the issuance thereof is exempt under Section
        4(2) of the Act and/or Regulation D promulgated thereunder as a transaction
        by
        an issuer not involving any public offering and that, in the view of the
        United
        States Securities and Exchange Commission (the “Commission”),
        the
        statutory basis for the exception claimed would not be present if any of
        the
        representations and warranties of Holder contained in this Agreement are
        untrue
        or, notwithstanding the Holder’s representations and warranties, the Holder
        currently has in mind acquiring any of the New Notes for resale upon the
        occurrence or non-occurrence of some predetermined event.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      3.3 Holder
        is
        purchasing the New Notes and, in the event that the Holder should acquire
        any
        underlying Common Stock, will be acquiring such Common Stock, as principal
        for
        its own account, and not for the benefit of any other person, for investment
        purposes and not with a view to distribution or resale, nor with the intention
        of selling, transferring or otherwise disposing of all or any part thereof
        for
        any particular price, or at any particular time, or upon the happening of
        any
        particular event or circumstance, except selling, transferring, or disposing
        the
        New Notes and the underlying Common Stock as applicable, in full compliance
        with
        all applicable provisions of the Act, the rules and regulations promulgated
        by
        the Commission thereunder, and applicable state securities laws; and that
        an
        investment in the New Notes (and underlying shares of Common Stock) is not
        a
        liquid investment.

       

      3.4 Holder
        confirms that Holder has had the opportunity to ask questions of, and receive
        answers from, the Company or any authorized person acting on its behalf
        concerning the Company and its business and to obtain any additional
        information, to the extent possessed by the Company (or to the extent it
        could
        have been acquired by the Company without unreasonable effort or expense)
        necessary to verify the accuracy of the information received by Holder. In
        connection therewith, Holder acknowledges that Holder has had the opportunity
        to
        discuss the Company’s business, management and financial affairs with the
        Company’s management or any authorized person acting on its behalf. Holder has
        received and reviewed the Company’s Proxy Statement as filed with the Commission
        and all the information concerning the Company and the New Notes, both written
        and oral, that Holder desires. Without limiting the generality of the foregoing,
        Holder has been furnished with or has had the opportunity to acquire, and
        to
        review: all information, both written and oral, that Holder desires with
        respect
        to the Company’s business, management, financial affairs and prospects. In
        determining whether to make this investment, Holder has relied solely on
        Holder’s own knowledge and understanding of the Company and its business based
        upon Holder’s own due diligence investigations and the Company’s filings with
        the Commission.

       

      3.5 If
        the
        Holder is a resident of Canada or otherwise subject to the provincial securities
        laws of Canada, such Holder understands and acknowledges that (i) the New
        Notes
        have not been, and that the underlying Common Stock will not be, qualified
        for
        distribution under provincial securities laws, (ii) the New Note will be
        distributed to such Holder pursuant to exemptions from the registration and
        prospectus filing requirements of applicable provincial securities laws,
        and
        (iii) the New Note and if acquired, the underlying Common Stock, must be
        held by
        such Holder indefinitely unless a subsequent distribution thereof is qualified
        for distribution under the applicable provincial securities laws, or is exempt
        from the prospectus registration requirements thereof.

       

      3.6 Holder
        has all requisite legal and other power and authority to execute and deliver
        this Agreement and to carry out and perform Holder’s obligations under the terms
        of this Agreement. This Agreement constitutes a valid and legally binding
        obligation of Holder enforceable in accordance with its terms, subject as
        to
        enforcement, to bankruptcy, insolvency, reorganization and other laws of
        general
        applicability relating to or affecting creditors’ rights and to general equity
        principles.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      3.7 Holder
        has carefully considered and has discussed with the Holder’s legal, tax,
        accounting and financial advisors, to the extent the Holder has deemed
        necessary, the suitability of this investment and the transactions contemplated
        by this Agreement for the Holder’s particular federal, state, provincial, local
        and foreign tax and financial situation and has independently determined
        that
        this investment and the transactions contemplated by this Agreement are a
        suitable investment for the Holder. Holder understands that Holder (and not
        the
        Company) shall be responsible for Holder’s own tax liability that may arise as a
        result of the investment in the New Notes or the transactions contemplated
        by
        this Agreement, except as provided in Section 6.1(b).

       

      3.8 Holder
        acknowledges that an investment in the New Notes is speculative and involves
        a
        high degree of risk and that Holder can bear the economic risk of the acceptance
        of the New Notes, including a total loss of his/her/its investment. Holder
        recognizes and understands that no federal, state, provinical or foreign
        agency
        has recommended or endorsed the purchase of the New Notes. Holder acknowledges
        that Holder has such knowledge and experience in financial and business matters
        that Holder is capable of evaluating the merits and risks of an investment
        in
        the New Notes and of making an informed investment decision with respect
        thereto.

       

      3.9 Because
        of the legal restrictions imposed on resale or transfer of the New Notes,
        Holder
        understands that the Company shall have the right to note stop-transfer
        instructions in its records, and Holder has been informed of the Company’s
        intention to do so. Any sales, transfers, or other dispositions of the New
        Notes
        by Holder, if any, will be made in compliance with the Act and any other
        applicable securities laws, and all applicable rules and regulations promulgated
        thereunder and the terms of this Agreement.

       

      ARTICLE
        4

       

      CONDITIONS
        RELATING TO THE CLOSING

       

      4.1 Conditions
        to the Obligations of the Holders at the Closing.
        

       

      The
        several obligations of each Holder to consummate the transactions to be
        performed by it in connection with the Closing Date are, unless otherwise
        indicated, subject to the satisfaction of the following conditions as of
        the
        Closing Date, unless such conditions are waived by such Holder with respect
        to
        the Closing Date:

       

      (a) Consents,
        Permits, and Waivers.
        The
        Company shall have obtained any and all approvals, consents, permits and
        waivers
        necessary or appropriate for consummation of the transactions contemplated
        by
        this Agreement and the other Transaction Documents.

       

      (b) Authorizations.
        All
        authorizations, approvals or permits, if any, of any governmental authority
        or
        regulatory body that are required in connection with the lawful issuance
        and
        sale of the New Notes pursuant to this Agreement shall have been duly obtained
        and shall be effective on and as of the Closing Date.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (c) Representations,
        Warranties and Covenants.
        The
        representations and warranties made by the Company, Old PharmAthene and
Pharmathene
        Canada
        in
        Article II hereof and in the other Transaction Documents shall be true and
        correct when made, and shall be true and correct as of such Closing Date
        with
        the same force and effect as if they had been made on and as of that date.
        Company shall have performed and complied in all material respects with all
        covenants and agreements required by this Agreement to be performed or complied
        with by it on or prior to the Closing Date. As of the Closing Date, Company
        shall have delivered a certificate to the foregoing effect to the
        Holders.

       

      ARTICLE
        5

       

      COVENANTS

       

      5.1 Board
        of Directors and Committee Designation Rights; Voting Agreement. 

       

      (a) The
        Company shall maintain a Board of Directors consisting of no more than seven
        (7)
        individuals and each of the Compensation Committee and Nominating Committee
        (or
        other committees serving similar functions) shall have no more than three
        (3)
        members. The Noteholder Directors (as defined below) shall have the right,
        but
        not the obligation, to collectively designate up to two (2) Noteholder Directors
        who shall serve as members of each such committee of the Company’s Board of
        Directors. All subsidiaries of the Company shall maintain a Board of Directors
        whose composition is identical to that of the Company’s Board of
        Directors.

       

      (b) Each
        Holder agrees to vote all of his, her or its voting securities (including,
        but
        not limited to, the New Notes and Conversion Shares) in the Company, whether
        now
        owned or hereafter acquired or which such Holder may be empowered to vote
        (together the “Voting
        Securities”),
        from
        time to time and at all times, in whatever manner shall be necessary to ensure
        that at each meeting of Holders at which an election of directors is held
        or
        pursuant to any written consent of Holders, the following persons (each a
        “Noteholder
        Director”)
        shall
        be elected to the Company’s Board of Directors pursuant to Section ● of the
        Company’s Certificate of Incorporation:

       

      (i) one
        individual designated by Bear Sterns Health Innoventures L.P. (or any recipient
        of all of the Notes held by Bear Sterns Health Innoventures L.P. as of the
        date
        hereof), which individual shall initially be Elizabeth Czerepak;

       

      (ii) one
        individual designated by HealthCare Ventures VII, L.P. (or any recipient
        of all
        of the Notes held by HealthCare Ventures VII, L.P. as of the date hereof),
        which
        individual shall initially be James Cavanaugh; and

       

      (iii) one
        individual designated by MPM BioVentures III, L.P. (or any recipient of all
        of
        the Notes held by MPM BioVentures III, L.P. as of the date hereof), which
        individual shall initially be Steven St. Peter.

       

      (c) The
        Board
        of Directors of the Company shall nominate such Noteholder Directors and
        recommend that the Holders vote to elect such Noteholder Directors as directors
        of the Company and shall fill any vacancies that may arise upon the resignation
        of any of the Noteholder Directors with a new Noteholder Director designated
        in
        accordance with the foregoing Section 4.1.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (d) The
        Company shall provide at least thirty (30) days’ prior written notice of all
        intended mailings of notices to the Holders for a meeting at which directors
        are
        to be elected (or an action by written consent pursuant to which directors
        are
        to be elected) to each party entitled to elect a director pursuant to Section
        4.1 (the “Designator”),
        and
        each Designator shall notify the Company in writing, at least ten (10) days
        prior to such mailing, of the person(s) so designated as nominees for election
        as directors in accordance with Section 4.1. If any Designator shall fail
        to
        give notice to the Company as provided above, it shall be deemed that such
        Designator’s Noteholder Director then serving as director shall be such
        Designator’s nominee for reelection.

       

      (e) Each
        Holder also agrees to vote all of his, her or its Voting Securities from
        time to
        time and at all times in whatever manner as shall be necessary to ensure
        that
        (i) no director elected pursuant to Section 4.1 of this Agreement may be
        removed from office other than for cause unless (A) such removal is directed
        or
        approved by the Designator entitled under Section 4.1 to designate that
        director or (B) the Designator originally entitled to designate such director
        pursuant to Section 4.1 is no longer so entitled to designate such director;
        and
        (ii) any vacancies created by the resignation, removal or death of a
        Noteholder Director shall be filled pursuant to the provisions of
        Section 4.1. All Holders agree to execute any written consents required to
        effectuate the obligations of this Agreement, and the Company agrees at the
        request of any Designator to call a special meeting of stockholders for the
        purpose of electing directors.

       

      (f) The
        Company shall take such action as is necessary to convene meetings of its
        Board
        of Directors and meetings of the Holders for the election of the directors
        (or
        to act by written consent) in order to elect and re-elect the Noteholder
        Directors in accordance with Section 4.1.

       

      (g) The
        Company hereby represents and warrants that as of the date hereof the
        transactions contemplated hereby are not inconsistent with the Company’s
        Certificate of Incorporation or By-laws and agrees that until such time as
        the
        obligations under this Section 4.1 have expired, the Company will not take
        any
        action or amend its Certificate of Incorporation or By-laws in a manner
        inconsistent with or in derogation of this Agreement.

       

      (h) The
        New
        Notes shall not be transferred unless the recipient of such New Notes agrees
        in
        writing to be bound by the terms hereof.

       

      (i) Each
        Holder hereby grants to the Secretary of the Company, in the event that such
        Holder fails to vote its Voting Securities as required by this Agreement,
        a
        proxy coupled with an interest in all Voting Securities beneficially owned
        by
        such Holder to vote such Voting Securities in accordance with this Section
        4.1,
        which proxy is irrevocable until this Agreement terminates pursuant to its
        terms
        or is amended to remove such grant of proxy in accordance with Section 4.1
        of
        this Agreement.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (j) The
        provisions of this Section 5.1 shall remain in effect at all times while
        at
        least thirty percent (30%) of the aggregate Principal amount of the New Notes
        outstanding on the date hereof remain outstanding. Upon the date that this
        Section 5.1 ceases to be in force or effect, the Company shall have the right,
        without further action or consent by the Holders, to amend its Certificate
        of
        Incorporation to remove any and all such provisions related to the subject
        matter of this Section 5.1.

       

      5.2 Restrictions
        on Sale or Hedging of the Underlying Common Stock.

       

      Each
        Holder agrees that, during the period commencing on the Issuance Date and
        ending
        on the 180th day following such date (the “Lock-Up
        Period”),
        such
        Holder will not, without the prior written consent of the Company (i) directly
        or indirectly, offer, pledge, sell, contract to sell, sell any option or
        contract to purchase, purchase any option or contract to sell, grant any
        option,
        right or warrant to purchase or otherwise transfer or dispose of any shares
        of
        Common Stock underlying the New Notes or (ii) enter into any swap or any
        other
        agreement or any transaction that hedges or transfers, in whole or in part,
        directly or indirectly, the economic consequence of ownership of the Common
        Stock underlying the New Notes, whether any such transaction or swap described
        in clause (i) or (ii) above is to be settled by delivery of Common Stock,
        in
        cash or otherwise. The foregoing shall in no way restrict the ability of
        the
        Holder to freely transfer the New Notes in accordance with applicable
        law.

       

      Notwithstanding
        the foregoing, each Holder may transfer the Common Stock underlying the New
        Notes (i) as a bona fide gift or gifts, (ii) to any trust for the direct
        or
        indirect benefit of the undersigned or the immediate family of the undersigned,
        (iii) by will or intestate succession, (iv) to any affiliate (as defined
        in
        Regulation C under the Securities Act) of the undersigned, (v) if such Holder
        is
        a corporation or similar entity, to any wholly-owned subsidiaries of such
        corporation or similar entity, (vi) if such Holder is a partnership, limited
        liability company or similar entity, to any partners or members of such
        partnership, limited liability company or similar entity provided, however,
        that
        it shall be a condition to such transfer that the transferee (or trustee
        in the
        case of clause (ii) above) execute an agreement stating that such transferee
        (or
        trustee) is receiving and holding such Common Stock subject to the provisions
        of
        this Section 5.2 and there shall be no further transfer of such Common Stock
        except in accordance with this Section 5.2, and provided further that any
        such
        transfer pursuant to clause (ii) and (iii) above shall not involve a disposition
        for value. For purposes of this Section 5.2, “immediate family” shall mean any
        relationship by blood, marriage or adoption, not more remote than first cousin.
        Notwithstanding anything to the contrary in this Agreement, any Holder who
        is a
        resident of Canada or otherwise subject to the provincial securities laws
        of
        Canada, acknowledges and agrees that it will transfer or resell the New Note
        issued to it and the underlying Common Stock only in accordance with the
        requirements of all applicable securities laws. This Section 5.2 shall in
        no way
        restrict the ability of each Holder to convert at any time the New Notes
        into
        Common Stock pursuant to Section 3 of the New Notes; provided,
        however,
        that
        such Common Stock issued upon conversion of the New Notes shall remain subject
        to the restrictions contained in this Section 5.2.

       

      In
        the
        event the securities held by the officers, directors and/or 1% or greater
        securityholders of the Company are released from the restrictions set forth
        in
        agreements similar to this Agreement, the same percentage of the securities
        held
        by the undersigned shall be immediately and fully released from any remaining
        restrictions under this Agreement concurrently therewith. In the event that
        the
        undersigned is released early pursuant to the terms of the this paragraph,
        the
        Company shall notify the undersigned concurrently with notification to such
        other released party.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      5.3 Registration
        Rights.
        The
        Company agrees that the Holders from time to time of Registrable Securities
        (as
        defined in the Registration Rights Agreement, dated the date hereof, by and
        among investor signatories thereto (the “Registration
        Rights Agreement”))
        are
        entitled to the benefits of the Registration Rights Agreement. Further, if
        (i)
        the Registration Statement (as defined in Registration Rights Agreement),
        covering all of the Registrable Securities required to be covered thereby
        is (A)
        not filed with the SEC on or before sixty (60) days after the Closing Date
        (as
        defined in Registration Rights Agreement) (a “Filing
        Failure”)
        or (B)
        not declared effective by the SEC on or before the date that is six (6) months
        after the Closing Date (an “Effectiveness
        Failure”)
        or
        (ii) after the effective date of such Registration Statement, after the second
        (2nd) consecutive Business Day (other than during an allowable blackout period
        pursuant to Section 3(g) of the Registration Rights Agreement (“Blackout
        Period”))
        on
        which sales of all of the Registrable Securities required to be included
        on such
        Shelf Registration Statement cannot be made pursuant to such Registration
        Statement or otherwise (including, without limitation, because of a failure
        to
        keep such Registration Statement effective, to disclose such information
        as is
        necessary for sales to be made pursuant to such Registration Statement or
        to
        maintain the listing of the Common Stock) (a “Maintenance
        Failure”),
        then,
        as relief for the damages to any Holder by reason of any such delay in or
        reduction of its ability to sell the Registrable Securities, the Company
        shall
        pay to each Holder of Registrable Securities relating to such Registration
        Statement an amount in cash equal to (A) one percent (1.0%) of the aggregate
        principal amount of such Holder’s Notes relating to the Registrable Securities
        included in such Registration Statement on each of the following dates: (i)
        the
        day of a Filing Failure; (ii) the day of an Effectiveness Failure; and (iii)
        the
        initial day of a Maintenance Failure, and (B) one percent (1.0%) of the
        aggregate principal amount of such Holder’s Notes relating to the Registrable
        Securities included in such Registration Statement on each of the following
        dates: (i) on every thirtieth (30th) day after the initial day of a Filing
        Failure and thereafter (prorated for periods totaling less than thirty (30)
        days) until such Filing Failure is cured; (ii) on every thirtieth (30th)
        day
        after the initial day of an Effectiveness Failure and thereafter (prorated
        for
        periods totaling less than thirty (30) days) until such Effectiveness Failure
        is
        cured; (iii) on every thirtieth (30th) day after the initial day of a
        Maintenance Failure and thereafter (prorated for periods totaling less than
        thirty (30) days) until such Maintenance Failure is cured. The payments to
        which
        a Holder shall be entitled pursuant to this Section 5.3 are referred to herein
        as “Registration
        Default Payments.”
        Registration Default Payments shall be paid on the earlier of (I) the last
        day
        of the calendar month during which such Registration Default Payments are
        incurred and (II) the third (3rd) Business Day after the event or failure
        giving
        rise to the Registration Default Payments is cured. In the event the Company
        fails to make Registration Default Payments in a timely manner, such
        Registration Default Payments shall bear interest at the rate of one and
        one-half percent (1.5%) per month (prorated for partial months) until paid
        in
        full. If the Company has declared a Blackout Period, a Maintenance Failure
        shall
        be deemed not to have occurred and be continuing in relation to the Registration
        Statement during the period specified in Section 3(g) of the Registration
        Rights
        Agreement. Registration Default Payments shall be payable from the first
        day any
        Blackout Period exceeds the period specified in Section 3(g) of the Registration
        Rights Agreement. Registration Default Payments shall cease to accrue at
        the end
        of the Effectiveness Period (as defined in Registration Rights Agreement);
        provided
        that the
        foregoing shall not affect the Company’s obligation to make Registration Default
        Payments for any period prior to such time. 

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      5.4 Reservation
        of Conversion Shares.
        The
        Company shall initially reserve out of its authorize and unissued shares
        of
        Common Stock a number of shares of Common Stock for each of the New Notes
        equal
        to 120% of the Conversion Rate with respect to the Conversion Amount of each
        such New Note as of the applicable Issuance Date. So long as any of the New
        Notes are outstanding, the Company shall take all action necessary to reserve
        and keep available out of its authorized and unissued shares of Common Stock,
        solely for the purpose of effecting the conversion of the New Notes, 120%
        of the
        number of shares of Common Stock as shall from time to time be necessary
        to
        effect the conversion of all of the New Notes then outstanding; provided
        that at
        no time shall the number of shares of Common Stock so reserved be less than
        the
        number of shares required to be reserved by the previous sentence (without
        regard to any limitations on conversions) (the “Required
        Reserve Amount”).
        The
        initial number of shares of Common Stock reserved for conversions of the
        New
        Notes and each increase in the number of shares so reserved shall be allocated
        pro rata among the holders of the New Notes based on the Principal amount
        of the
        New Notes held by each holder at the Closing (as defined in the Note Exchange
        Agreement) or increase in the number of reserved shares, as the case may
        be (the
“Authorized
        Share Allocation”).
        In
        the event that a Holder shall sell or otherwise transfer any of such Holder’s
        New Notes, each transferee shall be allocated a pro rata portion of such
        Holder’s Authorized Share Allocation. Any shares of Common Stock reserved and
        allocated to any Person which ceases to hold any New Notes shall be allocated
        to
        the remaining holders of New Notes, pro rata based on the outstanding Principal
        amount of the New Notes then held by such holders.

       

      5.5 Insufficient
        Authorized Shares.
        If at
        any time while any of the New Notes remain outstanding the Company does not
        have
        a sufficient number of authorized and unreserved shares of Common Stock to
        satisfy its obligation to reserve for issuance upon conversion of the New
        Notes
        at least a number of shares of Common Stock equal to the Required Reserve
        Amount
        (an “Authorized
        Share Failure”),
        then
        the Company shall take all action necessary to increase the Company’s authorized
        shares of Common Stock to an amount sufficient to allow the Company to reserve
        the Required Reserve Amount for the New Notes then outstanding. Without limiting
        the generality of the foregoing sentence, as soon as practicable after the
        date
        of the occurrence of an Authorized Share Failure, but in no event later than
        seventy-five (75) days after the occurrence of such Authorized Share Failure,
        the Company shall hold a meeting of its stockholders for the approval of
        an
        increase in the number of authorized shares of Common Stock. In connection
        with
        such meeting, the Company shall provide each stockholder with a proxy statement
        and shall use its commercially reasonable efforts to solicit its stockholders’
approval of such increase in authorized shares of Common Stock and to cause
        its
        board of directors to recommend to the stockholders that they approve such
        proposal.

       

      5.6 Listing.
        Immediately prior to or on the Closing Date, the Company shall secure the
        listing of all of the Registrable Securities (as defined in the Registration
        Rights Agreement) upon each national securities exchange and automated quotation
        system, if any, upon which the Common Stock is then listed (subject to official
        notice of issuance) and shall maintain such listing of all Registrable
        Securities from time to time issuable under the terms of the Transaction
        Documents. The Company shall maintain the Common Stock’s authorization for
        quotation on the principal exchange or market in which it is listed. Neither
        the
        Company nor any of its Subsidiaries shall take any action which would be
        reasonably expected to result in the delisting or suspension of the Common
        Stock
        on the principal market in which it is listed. The Company shall pay all
        fees
        and expenses in connection with satisfying its obligations under this Section
        4.6.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        6

       

      MISCELLANEOUS

       

      6.1 Expenses.
        

       

      (a) The
        Company will pay, and save the Holders harmless against all liability for
        the
        payment of the reasonable costs and expenses, including without limitation
        the
        reasonable fees and expenses of one counsel selected by the Required Holders,
        incurred by the Holders in connection with the ownership of the Notes including,
        without limitation, any amendment or waiver of, or enforcement of, any
        Transaction Document relating to the transactions contemplated hereby.

       

      (b) The
        Company further agrees that they will pay, and will save each Holder harmless
        from, any and all Liabilities with respect to any stamp or similar taxes
        which
        may be determined to be payable in connection with the execution and delivery
        and performance of the Transaction Documents or any modification, amendment
        or
        alteration of the terms or provisions of the Transaction Documents (excluding
        any taxes on the income or gain of the Holder).

       

      6.2 Further
        Assurances.

       

      The
        Company shall duly execute and deliver, or cause to be duly executed and
        delivered, at its own cost and expense, such further instruments and documents
        and to take all such action, in each case as may be necessary or proper in
        the
        reasonable judgment of the Holders to carry out the provisions and purposes
        of
        this Agreement and the other Transaction Documents.

       

      6.3 Remedies.

       

      In
        case
        any one or more of the representations, warranties, covenants and/or agreements
        set forth in this Agreement or any other Transaction Documents (as shall
        have
        been breached by a party, the other parties may proceed to protect and enforce
        its rights either by suit in equity and/or by action at law, including an
        action
        for damages as a result of any such breach and/or an action for specific
        performance of any such covenant or agreement contained in this Agreement
        or any
        of the other Transaction Documents, and may exercise all remedies under the
        New
        Notes.

       

      6.4 Survival.

       

      The
        representations, warranties, covenants and agreements made herein shall survive
        any investigation made by any party hereto, the execution and delivery of
        this
        Agreement and the closing of the transactions contemplated hereby.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      6.5 Successors
        and Assigns.

       

      This
        Agreement shall bind and inure to the benefit of the Company and the Holders
        and
        their respective successors and permitted assigns. Subject to applicable
        federal, state and provincial securities laws and regulations, the Holders
        may
        freely assign either this Agreement or any of their rights, interests, or
        obligations hereunder without the prior written approval of the other parties,
        except (x) to a Competitor as defined in the New Notes and (y) subject to
        the
        provisions set forth in Section 17 thereof, and (2) in the case of an assignment
        of an Old Canadian Note, such Old Canadian Note may not be assigned to a
        nonresident of Canada for purpose of the Income Tax Act (Canada) or to a
        partnership other than a Canadian partnership within the meaning of the Income
        Tax Act (Canada).

       

      6.6 Entire
        Agreement.

       

      This
        Agreement and the other writings referred to herein or delivered pursuant
        hereto
        (including the other Transaction Documents) which form a part hereof contain
        the
        entire agreement among the parties with respect to the subject matter hereof
        and
        thereof and supersede all prior and contemporaneous arrangements or
        understandings with respect thereto.

       

      6.7 Notices.

       

      All
        notices, requests, demands, claims, consents and other communications delivered
        hereunder (whether or not required to be delivered hereunder) shall be deemed
        to
        be sufficient and duly given if contained in a written instrument (a) personally
        delivered, (b) sent by fax, (c) sent by nationally-recognized overnight courier
        guaranteeing next business day delivery or (d) sent by first class registered
        or
        certified mail, postage prepaid, return receipt requested, in each case
        addressed as follows:

       

      (a) if
        to the
        Company, to:

       

      PharmAthene,
        Inc.

      175
        Admiral Cochrane Drive

      Suite
        101

      Annapolis,
        MD 21401

      Attention:
        David P. Wright

      Fax:
        (410) 571-8927

       

      with
        a
        copy to:

       

      Jeffrey
        A. Baumel, Esq.

      McCarter
        & English, LLP

      100
        Mulberry Street

      Newark,
        NJ 07102

      Fax:
        (973) 624-7070; and

       

      (b) if
        to a
        Holder, to him, her or it at his, her or its address set forth on such Holder’s
        signature block hereto

      
         

      

      with
        a
        copy to:

       

      James
        T.
        Barrett, Esq.

      Edwards
        Angell Palmer & Dodge LLP

      111
        Huntington Avenue

      Boston,
        MA 02199-7613

      Fax:
        (617) 227-4420

      
         

        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

         

      

      or
        to
        such other address as the party to whom such notice or other communication
        is to
        be given may have furnished to each other party in writing in accordance
        herewith. Any such notice or communication shall be deemed to have been received
        (i) when delivered, if personally delivered, (ii) when sent, if sent by telecopy
        on a business day (or, if not sent on a business day, on the next business
        day
        after the date sent by telecopy), (iii) on the next business day after dispatch,
        if sent by nationally recognized, overnight courier guaranteeing next business
        day delivery, and (iv) on the fifth business day following the date on which
        the
        piece of mail containing such communication is posted, if sent by
        mail.

       

      6.8 Amendments,
        Modifications and Waivers.
        

       

      The
        terms
        and provisions of this Agreement and the New Notes may not be modified or
        amended, nor may any of the provisions hereof be waived, temporarily or
        permanently, except pursuant to a written instrument executed by the Company
        and
        the Required Holders.

       

      6.9 Governing
        Law; Waiver of Jury Trial.

       

      (a) All
        questions concerning the construction, interpretation and validity of this
        Agreement shall be governed by and construed and enforced in accordance with
        the
        domestic laws of the the State of Delaware without giving effect to any choice
        or conflict of law provision or rule (whether in the State of Delaware or
        any
        other jurisdiction) that would cause the application of the laws of any
        jurisdiction other than the State of Delaware. In furtherance of the foregoing,
        the internal law of the State of Delaware will control the interpretation
        and
        construction of this Agreement, even if under such jurisdiction’s choice of law
        or conflict of law analysis, the substantive law of some other jurisdiction
        would ordinarily or necessarily apply.

       

      (b) BECAUSE
        DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
        QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND
        THE
        PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
        PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
        APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
        OF
        THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT
        TO
        TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
        ANY
        RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED
        HERETO.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      6.10 No
        Third Party Reliance.

       

      Anything
        contained herein to the contrary notwithstanding, the representations and
        warranties of the Company contained in this Agreement (a) are being given
        by the
        Company as an inducement to the Holders to enter into this Agreement and
        the
        other Transaction Documents (and the Company acknowledges that the Holders
        have
        expressly relied thereon) and (b) are solely for the benefit of the Holders.
        Accordingly, no third party (including, without limitation, any holder of
        capital stock of the Company) or anyone acting on behalf of any holder thereof
        other than the Holders, and each of them, shall be a third party or other
        beneficiary of such representations and warranties and no such third party
        shall
        have any rights of contribution against the Holders or the Company with respect
        to such representations or warranties or any matter subject to or resulting
        in
        indemnification under this Agreement or otherwise.

       

      6.11 Publicity.

       

      Neither
        the Holders nor the Company shall issue any press release or make any public
        disclosure regarding the transactions contemplated hereby unless such press
        release or public disclosure is approved by the Required Holders and those
        parties mentioned in such press release or public disclosure in advance.
        Notwithstanding the foregoing, each of the parties hereto may, in documents
        required to be filed by it with the Commission or other regulatory bodies,
        make
        such statements with respect to the transactions contemplated hereby as each
        may
        be advised by counsel is legally necessary or advisable.

       

      6.12 Severability.

       

      It
        is the
        desire and intent of the parties that the provisions of this Agreement be
        enforced to the fullest extent permissible under the law and public policies
        applied in each jurisdiction in which enforcement is sought. Accordingly,
        in the
        event that any provision of this Agreement would be held in any jurisdiction
        to
        be invalid, prohibited or unenforceable for any reason, such provision, as
        to
        such jurisdiction, shall be ineffective, without invalidating the remaining
        provisions of this Agreement or affecting the validity or enforceability
        of such
        provision in any jurisdiction. Notwithstanding the foregoing, if such provision
        could be more narrowly drawn so as to not be invalid, prohibited or
        unenforceable in such jurisdiction, it shall, as to such jurisdiction, be
        so
        narrowly drawn, without invalidating the remaining provisions of this Agreement
        or affecting the validity or enforceability of such provision in any other
        jurisdiction.

       

      6.13 Independence
        of Agreements, Covenants, Representations and Warranties.

       

      All
        agreements and covenants hereunder shall be given independent effect so that
        if
        a certain action or condition constitutes a default under a certain agreement
        or
        covenant, the fact that such action or condition is permitted by another
        agreement or covenant shall not affect the occurrence of such default, unless
        expressly permitted under an exception to such covenant. In addition, all
        representations and warranties hereunder shall be given independent effect
        so
        that if a particular representation or warranty proves to be incorrect or
        is
        breached, the fact that another representation or warranty concerning the
        same
        or similar subject matter is correct or is not breached will not affect the
        incorrectness of or a breach of a representation and warranty hereunder.
        The
        exhibits and schedules attached hereto are hereby made part of this Agreement
        in
        all respects.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      6.14 Counterparts;
        Facsimile Signatures.

       

      This
        Agreement may be executed in any number of counterparts, and each such
        counterpart hereof shall be deemed to be an original instrument, but all
        such
        counterparts together shall constitute but one agreement. Facsimile counterpart
        signatures to this Agreement shall be acceptable and binding.

       

      6.15 Headings.

       

      The
        section and paragraph headings contained in this Agreement are for reference
        purposes only and shall not affect in any way the meaning or interpretation
        of
        this Agreement.

       

      *
        * * *
        *

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF,
        each of
        the undersigned has duly executed this Note Exchange Agreement as of the
        date
        first written above.

       

      
        	 	 	
                PHARMATHENE,
                  INC.

              
	 	 	 	 
	 	 	By:	 
	
              	 	 	
                

              
	
              	 	Name:	 
	 	 	Title:	 

      

       

      
        
          	 	 	
                  
                    PHARMATHENE,
                      INC.

                  

                
	 	 	 	 
	 	 	By:	 
	
                	 	 	
                  

                
	
                	 	Name:	 
	 	 	Title:	 

        

         

      

      
        
          
            	 	 	
                    
                      
                        PHARMATHENE
                          CANADA, INC.

                      

                    

                  
	 	 	 	 
	 	 	By:	 
	
                  	 	 	
                    

                  
	
                  	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	HOLDERS
	 	 	 	 
	 	 	
                    [INSERT
                      NAMES OF NOTEHOLDERS]

                  

          

           

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ANNEX
        I

       

      [INSERT
        NAMES OF HOLDERS]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ANNEX
        II

       

      [INSERT
        LIST OF OLD U.S. NOTES AND HOLDERS]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ANNEX
        III

       

      [INSERT
        LIST OF NEWS NOTES AND HOLDERS]

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