Document:

Exhibit
      10.1

    

    LOAN
      AGREEMENT

    

    THIS
      LOAN AGREEMENT,
      dated
      as of November 30, 2007, is entered into by and between MILLENNIUM
      BIOTECHNOLOGIES GROUP, INC.,
      a
      Delaware corporation with headquarters located at 665 Martinsville Road, Suite
      219, Basking Ridge, NJ 07920 (the “Company”), and HARBORVIEW
      MASTER FUND L.P., c/o Beacon Capital Management, Harbor House, Roadtown,
      Tortola, BVI (the
      “Buyer”).

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      the
      Company and the Buyer are executing and delivering this Agreement in accordance
      with and in reliance upon the exemption from securities registration for offers
      and sales to accredited investors afforded, inter alia,
      by Rule
      506 under Regulation D (“Regulation D”) as promulgated by the United States
      Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933,
      as amended (the “1933 Act”); and

    

    WHEREAS,
      the
      Buyer wishes to lend funds to the Company, subject to and upon the terms and
      conditions of this Agreement and acceptance of this Agreement by the Company,
      the repayment of which will be represented by a 6% Secured Convertible Note
      of
      the Company (the “Note”), on the terms and conditions referred to herein;
      and

    

    WHEREAS,
      in
      connection with the loan to be made by the Buyer, the Company has agreed to
      issue an aggregate of 2,750,000 shares of its Common Stock (the “Shares”) to the
      Buyer; 

    

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

    

    1. AGREEMENT
      TO PURCHASE; PURCHASE PRICE.

    

    a. Purchase.

    

    (i) Subject
      to the terms and conditions of this Agreement and the other Transaction
      Agreements, the Buyer hereby agrees to loan to the Company an aggregate of
      Five
      Hundred Fifty Thousand Dollars ($550,000) (the “Loan Amount”).

    

    (ii) The
      obligation to repay the loan from the Buyer shall be evidenced by the Company’s
      issuance of the Note, which shall be in the form of Annex
      I annexed
      hereto.

    

    (iii) In
      consideration of the loan to be made by the Buyer, the Company agrees to issue
      to the Buyer the Shares on the Closing Date. Additional provisions relating
      to
      the Shares are provided below.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (iv) The
      loan
      to be made by the Buyer and the issuance of the Note and the Shares to the
      Buyer
      are sometimes referred to herein as the purchase and sale of the Securities
      (as
      defined below), and are referred to collectively as the
“Transactions.”

    

    b. Certain
      Definitions. As
      used
      herein, each of the following terms has the meaning set forth below, unless
      the
      context otherwise requires

    

    “Affiliate”
      means, with respect to a specific Person referred to in the relevant provision,
      another Person who or which controls or is controlled by or is under common
      control with such specified Person. 

    

    “Buyer
      Control Person” means each director, executive officer, promoter, and such other
      Persons as may be deemed in control of the Buyer pursuant to Rule 405 under
      the
      1933 Act or Section 20 of the 1934 Act.

    

    “Certificates”
      means the original ink-signed Note and the Share Certificate, each duly executed
      by the Company and issued on the Closing Date in the name of the
      Buyer.

    

    “Closing
      Date” means the date of the closing of the Transactions, as provided
      herein.

    

    “Escrow
      Agent” means Krieger & Prager LLP, the escrow agent identified in the Joint
      Escrow Instructions attached hereto as Annex
      II
      (the
“Joint Escrow Instructions”).

    

    “Escrow
      Funds” means the Loan Amount delivered to the Escrow Agent as contemplated by
      Sections 1(c) and (d) hereof. 

    

    “Escrow
      Property” means the Escrow Funds and the Certificates delivered to the Escrow
      Agent as contemplated by Section 1(c) hereof.

    

    “Holder”
      means the Person holding the relevant Securities at the relevant
      time.

    

    “Material
      Adverse Effect” means an event or combination of events, which individually or
      in the aggregate, would reasonably be expected to (w) adversely affect the
      legality, validity or enforceability of the Securities or any of the Transaction
      Agreements, (x) have or result in a material adverse effect on the results
      of
      operations, assets, prospects, or condition (financial or otherwise) of the
      Company and its subsidiaries, taken as a whole, (y) adversely impair the
      Company's ability to perform fully on a timely basis its obligations under
      any
      of the Transaction Agreements or the transactions contemplated thereby, or
      (z)
      materially and adversely affect the value of the rights granted to the Buyer
      in
      the Transaction Agreements.

    

    “Person”
      means any living person or any entity, such as, but not necessarily limited
      to,
      a corporation, partnership or trust.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    “Principal
      Trading Market” means the Over the Counter Bulletin Board or such other market
      on which the Common Stock is principally traded at the relevant time, but shall
      not included the “pink sheets.”

    

    “Securities”
      means the Note and the Shares. 

    

    “Share
      Certificate” means the stock certificate issued by the Company in the name of
      the Buyer representing the Shares.

    

    “State
      of
      Incorporation” means Delaware.

    

    “Subsidiary”
      means any subsidiary of the Company (whether included in the Company’s SEC
      Documents, as defined below, or otherwise, now existing or hereafter acquired
      or
      created).

    

    “Trading
      Day” means any day during which the Principal Trading Market shall be open for
      business.

    

    “Transfer
      Agent” means, at any time, the transfer agent for the Company’s Common
      Stock.

     

    “Transaction
      Agreements” means this Loan Agreement and the Note.

    

    c. Form
      of Payment; Delivery of Certificates. 

    

    (i) The
      Buyer
      shall pay the Loan Amount by delivering immediately available good funds in
      United States Dollars to the Escrow Agent no later than the date prior to the
      Closing Date. 

    

    (ii) No
      later
      than the Closing Date, but in any event promptly following payment by the Buyer
      to the Escrow Agent of the Loan Amount, the Company shall deliver the
      Certificates, each duly executed on behalf of the Company and issued in the
      name
      of the Buyer, to the Escrow Agent.

    

    (iii) By
      signing this Agreement, each of the Buyer and the Company, subject to acceptance
      by the Escrow Agent, agrees to all of the terms and conditions of, and becomes
      a
      party to, the Joint Escrow Instructions, all of the provisions of which are
      incorporated herein by this reference as if set forth in full.

    

    d. Method
      of Payment.
      Payment
      into escrow of the Loan Amount shall be made by wire transfer of funds
      to:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Bank
      of
      New York

    350
      Fifth
      Avenue

    New
      York,
      New York 10001

    

    ABA#
      021000018

    For
      credit to the account of Krieger & Prager LLP  

    Account
      No.: [To
      be
      provided to the Buyer by Krieger & Prager LLP]

    Re: MILLENNIUM
      BIOTECHNOLOGIES GROUP Nov 07

                                             
      Transaction.

    

    2.
      BUYER REPRESENTATIONS, WARRANTIES, ETC.

    

    The
      Buyer
      represents and warrants to, and covenants and agrees with, the Company as
      follows:

    

    a. Without
      limiting Buyer's right to sell the Securities pursuant to an effective
      registration statement or otherwise in compliance with the 1933 Act, the Buyer
      is purchasing the Securities for its own account for investment only and not
      with a view towards the public sale or distribution thereof and not with a
      view
      to or for sale in connection with any distribution thereof.

    

    b. The
      Buyer
      is (i) an “accredited investor” as that term is defined in Rule 501 of the
      General Rules and Regulations under the 1933 Act by reason of Rule 501(a)(3),
      (ii) experienced in making investments of the kind described in this Agreement
      and the related documents, (iii) able, by reason of the business and financial
      experience of its officers (if an entity) and professional advisors (who are
      not
      affiliated with or compensated in any way by the Company or any of its
      Affiliates or selling agents), to protect its own interests in connection with
      the transactions described in this Agreement, and the related documents, and
      to
      evaluate the merits and risks of an investment in the Securities, and (iv)
      able
      to afford the entire loss of its investment in the Securities.

    

    c. All
      subsequent offers and sales of the Securities by the Buyer shall be made
      pursuant to registration of the relevant Securities under the 1933 Act or
      pursuant to an exemption from registration.

    

    d. The
      Buyer
      understands that the Securities are being offered and sold to it in reliance
      on
      specific exemptions from the registration requirements of the 1933 Act and
      state
      securities laws and that the Company is relying upon the truth and accuracy
      of,
      and the Buyer's compliance with, the representations, warranties, agreements,
      acknowledgments and understandings of the Buyer set forth herein in order to
      determine the availability of such exemptions and the eligibility of the Buyer
      to acquire the Securities.

    

    e. The
      Buyer
      and its advisors, if any, have been furnished with or have been given access
      to
      all materials relating to the business, finances and operations of the Company
      and materials
      relating to the offer and sale of the Securities which have been requested
      by
      the Buyer. The Buyer and its advisors, if any, have been afforded the
      opportunity to ask questions of the Company and its management and have received
      complete and satisfactory answers to any such inquiries. Without limiting the
      generality of the foregoing, the Buyer has also had the opportunity to obtain
      and to review the Company's filings on EDGAR (collectively,
      the “Company's SEC Documents”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    f. The
      Buyer
      understands that its investment in the Securities involves a high degree of
      risk.

    

    g. The
      Buyer
      hereby represents that, in connection with its purchase of the Securities,
      it
      has not relied on any statement or representation by the Company or any of
      its
      officers, directors and employees or any of their respective attorneys or
      agents, except as specifically set forth herein. 

    

    h. The
      Buyer
      understands that no United States federal or state agency or any other
      government or governmental agency has passed on or made any recommendation
      or
      endorsement of the Securities.

    

    i. This
      Agreement and the other Transaction Agreements to which the Buyer is a party,
      and the transactions contemplated thereby, have been duly and validly
      authorized, executed and delivered on behalf of the Buyer and are valid and
      binding agreements of the Buyer enforceable in accordance with their respective
      terms, subject as to enforceability to general principles of equity and to
      bankruptcy, insolvency, moratorium and other similar laws affecting the
      enforcement of creditors' rights generally.

    

    3. COMPANY
      REPRESENTATIONS, ETC. The
      Company represents and warrants to the Buyer as of the date hereof and as of
      the
      Closing Date that, except as otherwise provided in the Company’s SEC
      Documents:

    

    a. Corporate
      Status.
      The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Incorporation and has the requisite corporate
      power to own its properties and to carry on its business as now being conducted.
      The Company is duly qualified as a foreign corporation to do business and is
      in
      good standing in each jurisdiction where the nature of the business conducted
      or
      property owned by it makes such qualification necessary, other than those
      jurisdictions in which the failure to so qualify would not have or result in
      a
      Material Adverse Effect. The Company has registered its stock and is obligated
      to file reports pursuant to Section 12 or Section 15(d) of the Securities and
      Exchange Act of 1934, as amended (the “1934 Act”). 

    

    b. The
      Shares. 

     

    (i) The
      Company has sufficient authorized and unissued shares of Common Stock as may
      be
      necessary to effect the issuance of the Shares on the Closing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (ii) As
      of the
      Closing Date, the Shares shall have been duly authorized by all necessary
      corporate action on the part of the Company, and, when issued on the Closing
      Date or pursuant to other relevant provisions of the Transaction Agreements,
      in
      each case in accordance with their respective terms, will be duly and validly
      issued, fully paid and non-assessable and will not subject the Holder thereof
      to
      personal liability by reason of being such Holder.

    

    c. Transaction
      Agreements.
      This
      Agreement and the other Transaction Agreement, and the transactions contemplated
      thereby, have been duly and validly authorized by the Company, this Agreement
      has been duly executed and delivered by the Company and this Agreement is,
      and
      the Note, when executed and delivered by the Company, will be, valid and binding
      agreements of the Company enforceable in accordance with their respective terms,
      subject as to enforceability to general principles of equity and to bankruptcy,
      insolvency, moratorium, and other similar laws affecting the enforcement of
      creditors' rights generally.

     

    d. Filings.
      None of
      the Company’s SEC Documents contained, at the time they were filed, any untrue
      statement of a material fact or omitted to state any material fact required
      to
      be stated therein or necessary to make the statements made therein in light
      of
      the circumstances under which they were made, not misleading. Since November
      1,
      2006, the Company has timely filed all requisite forms, reports and exhibits
      thereto required to be filed by the Company with the SEC.

     

    e. No
      Integrated Offering.
      Neither
      the Company nor any of its Affiliates nor any Person acting on its or their
      behalf has, directly or indirectly, at any time since May 1, 2007, made any
      offer or sales of any security or solicited any offers to buy any security
      under
      circumstances that would eliminate the availability of the exemption from
      registration under Regulation D in connection with the offer and sale of the
      Securities as contemplated hereby.

    

    f. Dilution.
      The
      Shares may have a dilutive effect on the ownership interests of the other
      shareholders (and Persons having the right to become shareholders) of the
      Company. The Company's executive officers and directors have studied and fully
      understand the nature of the Securities being sold hereby and recognize that
      they have such a potential dilutive effect. The board of directors of the
      Company has concluded, in its good faith business judgment, that such issuance
      is in the best interests of the Company.

    

    g. Fees
      to Brokers, Finders and Others.
      The
      Company has taken no action which would give rise to any claim by any Person
      for
      brokerage commission, finder's fees or similar payments by Buyer relating to
      this Agreement or the transactions contemplated hereby. Notwithstanding the
      foregoing, the Company acknowledges that it has agreed to pay Due Diligence
      Fees
      (as defined in the Joint Escrow Instructions) for due diligence conducted in
      connection with the transactions contemplated hereby. Buyer shall have no
      obligation with respect to such fees or with respect to any claims made by
      or on
      behalf of other Persons for fees of a type contemplated in this paragraph that
      may be due in connection with the transactions contemplated hereby. The Company
      shall indemnify and hold harmless the Buyer, its employees,
      officers, directors, agents, and partners, and their respective Affiliates,
      from
      and against all claims, losses, damages, costs (including the costs of
      preparation and attorney's fees) and expenses suffered in respect of any such
      claimed or existing fees, as and when incurred.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. CERTAIN
      COVENANTS AND ACKNOWLEDGMENTS.

    

    a. Transfer
      Restrictions.
      The
      Buyer acknowledges that (1) the Securities have not been and are not being
      registered under the provisions of the 1933 Act and, the Shares have not been
      and are not being registered under the 1933 Act, and may not be transferred
      unless (A) subsequently registered thereunder or (B) the Buyer shall have
      delivered to the Company an opinion of counsel, reasonably satisfactory in
      form,
      scope and substance to the Company, to the effect that the Securities to be
      sold
      or transferred may be sold or transferred pursuant to an exemption from such
      registration; (2) any sale of the Securities made in reliance on Rule 144
      promulgated under the 1933 Act (“Rule 144") may be made only in accordance with
      the terms of said Rule and further, if said Rule is not applicable, any resale
      of such Securities under circumstances in which the seller, or the Person
      through whom the sale is made, may be deemed to be an underwriter, as that
      term
      is used in the 1933 Act, may require compliance with some other exemption under
      the 1933 Act or the rules and regulations of the SEC thereunder; and (3) neither
      the Company nor any other Person is under any obligation to register the
      Securities under the 1933 Act or to comply with the terms and conditions of
      any
      exemption thereunder.

    

    b. Restrictive
      Legend.
      The
      Buyer acknowledges and agrees that, unless and until such time as the relevant
      Shares have been registered under the 1933 Act and sold in accordance with
      an
      effective registration statement, the certificates and other instruments
      representing any of the Securities shall bear a restrictive legend in
      substantially the following form (and a stop-transfer order may be placed
      against transfer of any such Securities):

    

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED
      FOR
      SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
      OR
      AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED.

    

    c. Filings.
      The
      Company undertakes and agrees to make all necessary filings in connection with
      the sale of the Securities to the Buyer under any United States laws and
      regulations applicable to the Company, or by any domestic securities exchange
      or
      trading market, and to provide a copy thereof to the Buyer promptly after such
      filing.

    

    d. Reporting
      Status.
      So long
      as the Buyer beneficially owns any of the Shares, the Company shall file all
      reports required to be filed with the SEC pursuant to Section 13 or 15(d) of
      the
      1934 Act, shall take all reasonable action under its control to ensure that
      adequate current public information with respect to the Company, as required
      in
      accordance with Rule 144(c)(2) of the 1933 Act, is publicly available, and
      shall
      not terminate its status as an issuer
      required to file reports under the 1934 Act even if the 1934 Act or the rules
      and regulations thereunder would permit such termination. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    e. Use
      of Proceeds.
      The
      Company will use the proceeds received hereunder (excluding amounts paid by
      the
      Company for legal, due diligence and escrow fees in connection with the sale
      of
      the Securities) for general corporate purposes.

    

    f. Shares.
      The
      Company agrees to issue the Shares to the Buyer on the Closing Date.

    

    g. Publicity,
      Filings, Releases, Etc.
      Each of
      the parties agrees that it will not disseminate any information relating to
      the
      Transaction Agreements or the transactions contemplated thereby, including
      issuing any press releases, holding any press conferences or other forums,
      or
      filing any reports (collectively, “Publicity”), without giving the other party
      reasonable advance notice and an opportunity to comment on the contents thereof.
      Neither party will include in any such Publicity any statement or statements
      or
      other material to which the other party reasonably objects, unless in the
      reasonable opinion of counsel to the party proposing such statement, such
      statement is legally required to be included. In furtherance of the foregoing,
      the Company will provide to the Buyer drafts of the applicable text of the
      first
      filing of a Current Report on Form 8-K or a Quarterly or Annual Report on Form
      10-Q or 10-K intended to be made with the SEC which refers to the Transaction
      Agreements or the transactions contemplated thereby as soon as practicable
      and
      will not include in such filing any statement or statements or other material
      to
      which the other party reasonably objects, unless in the reasonable opinion
      of
      counsel to the party proposing such statement, such statement is legally
      required to be included. Notwithstanding the foregoing, each of the parties
      hereby consents to the inclusion of the text of the Transaction Agreements
      in
      filings made with the SEC as well as any descriptive text accompanying or part
      of such filing which is accurate and reasonably determined by the Company’s
      counsel to be legally required.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5. TRANSFER
      AGENT INSTRUCTIONS.

    

    a. The
      Company warrants that, with respect to the Securities, other than the stop
      transfer instructions to give effect to Section 4(b) hereof, it will give its
      transfer agent no instructions inconsistent with instructions to issue Common
      Stock to the Holder as contemplated in the Transaction Agreements. Except as
      so
      provided, the Shares shall otherwise be freely transferable on the books and
      records of the Company as and to the extent provided in this Agreement. Nothing
      in this Section shall affect in any way the Buyer's obligations and agreement
      to
      comply with all applicable securities laws upon resale of the Securities. If
      the
      Buyer provides the Company with documentation reasonably satisfactory to the
      Company that registration of a resale by the Buyer of any of the Securities
      in
      accordance with clause (1)(B) of Section 4(a) of this Agreement is not required
      under the 1933 Act, the Company shall, at its expense (except as provided in
      clause (2) of Section 4(a) of this Agreement) cause its counsel to issue and
      opinion to permit the transfer or reissue of the Shares represented by one
      or
      more certificates for Common Stock without legend (or where applicable, by
      electronic registration) in such name and in such denominations as specified
      by
      the Buyer. If the Company does not promptly provide an opinion from Company
      counsel, the Company agrees to accept an opinion of Krieger & Prager LLP or
      such other counsel chosen by the Buyer reasonably acceptable to the Company,
      which opinion will be at the Company’s expense.

    

    b. The
      Company will authorize the Transfer Agent to give information relating to the
      Company directly to the Holder or the Holder’s representatives upon the request
      of the Holder or any such representative, to the extent such information relates
      to (i) the status of shares of Common Stock issued or claimed to be issued
      to
      the Holder in connection with a Notice of Exercise to the Holder, or (ii) the
      aggregate number of outstanding shares of Common Stock of all shareholders
      (as a
      group, and not individually) as of a current or other specified date. At the
      request of the Holder, the Company will provide the Holder with a copy of the
      authorization so given to the Transfer Agent.

    

    6. CLOSING
      DATE.

    

    a.
       The
      Closing Date shall occur on the date which is the first Trading Day after each
      of the conditions contemplated by Sections 7 and 8 hereof shall have either
      been
      satisfied or been waived by the party in whose favor such conditions
      run.

    

    b. The
      closing of the Transactions shall occur on the Closing Date at the offices
      of
      the Escrow Agent and shall take place no later than 3:00 P.M., New York time,
      on
      such day or such other time as is mutually agreed upon by the Company and the
      Buyer.

    

    c. Notwithstanding
      anything to the contrary contained herein, the Escrow Agent will be authorized
      to release the Escrow Funds to the Company and to others and to release the
      other Escrow Property on the Closing Date upon satisfaction of the conditions
      set forth in Sections 7 and 8 hereof and as provided in the Joint Escrow
      Instructions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    7. CONDITIONS
      TO THE COMPANY'S OBLIGATION TO SELL.

    

    The
      Buyer
      understands that the Company's obligation to sell the Notes and the Shares
      to
      the Buyer pursuant to this Agreement on the Closing Date is conditioned
      upon:

    

    a. The
      execution and delivery of this Agreement by the Buyer;

    

    b. Delivery
      by the Buyer to the Escrow Agent of good funds as payment in full of an amount
      equal to the Loan Amount in accordance with this Agreement;

    

    c. The
      accuracy on such Closing Date of the representations and warranties of the
      Buyer
      contained in this Agreement, each as if made on such date, and the performance
      by the Buyer on or before such date of all covenants and agreements of the
      Buyer
      required to be performed on or before such date; and

    

    d. There
      shall not be in effect any law, rule or regulation prohibiting or restricting
      the transactions contemplated hereby, or requiring any consent or approval
      which
      shall not have been obtained.

    

    8. CONDITIONS
      TO THE BUYER'S OBLIGATION TO PURCHASE.

    

    The
      Company understands that the Buyer's obligation to purchase the Notes and the
      Shares on the Closing Date is conditioned upon:

    

    a. The
      execution and delivery of this Agreement and the other Transaction Agreements
      by
      the Company;

    

    b. Delivery
      by the Company to the Escrow Agent of the Certificates in accordance with this
      Agreement;

    

    c. An
      opinion of counsel for the Company, dated the Closing Date, in form, scope
      and
      substance reasonably satisfactory to the Buyer;

    

    d. The
      accuracy in all material respects on the Closing Date of the representations
      and
      warranties of the Company contained in this Agreement, each as if made on such
      date, and the performance by the Company on or before such date of all covenants
      and agreements of the Company required to be performed on or before such date;
      and

    

    e. There
      shall not be in effect any law, rule or regulation prohibiting or restricting
      the transactions contemplated hereby, or requiring any consent or approval
      which
      shall not have been obtained.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    9. INDEMNIFICATION
      AND REIMBURSEMENT.

    

    a.
       (i)
      The
      Company agrees to indemnify and hold harmless the Buyer and its officers,
      directors, employees, and agents, and each Buyer Control Person from and against
      any losses, claims, damages, liabilities or expenses incurred (collectively,
      “Damages”), joint or several, and any action in respect thereof to which the
      Buyer, its partners, Affiliates, officers, directors, employees, and duly
      authorized agents, and any such Buyer Control Person becomes subject to,
      resulting from, arising out of or relating to any misrepresentation, breach
      of
      warranty or nonfulfillment of or failure to perform any covenant or agreement
      on
      the part of Company contained in this Agreement, as such Damages are incurred,
      except to the extent such Damages result primarily from Buyer's failure to
      perform any covenant or agreement contained in this Agreement or the Buyer's
      or
      its officer’s, director’s, employee’s, agent’s or Buyer Control Person’s gross
      negligence, recklessness or bad faith in performing its obligations under this
      Agreement.

    

    (ii) The
      Company hereby agrees that, if the Buyer, other than by reason of its gross
      negligence, illegal or willful misconduct (in each case, as determined by a
      non-appealable judgment to such effect), (x) becomes involved in any capacity
      in
      any action, proceeding or investigation brought by any shareholder of the
      Company, in connection with or as a result of the consummation of the
      transactions contemplated by this Agreement or the other Transaction Agreements,
      or if the Buyer is impleaded in any such action, proceeding or investigation
      by
      any Person, or (y) becomes involved in any capacity in any action, proceeding
      or
      investigation brought by the SEC, any self-regulatory organization or other
      body
      having jurisdiction, against or involving the Company or in connection with
      or
      as a result of the consummation of the transactions contemplated by this
      Agreement or the other Transaction Agreements, or (z) is impleaded in any such
      action, proceeding or investigation by any Person, then in any such case, the
      Company shall indemnify, defend and hold harmless the Buyer from and against
      and
      in respect of all losses, claims, liabilities, damages or expenses resulting
      from, imposed upon or incurred by the Buyer, directly or indirectly, and
      reimburse such Buyer for its reasonable legal and other expenses (including
      the
      cost of any investigation and preparation) incurred in connection therewith,
      as
      such expenses are incurred. The indemnification and reimbursement obligations
      of
      the Company under this paragraph shall be in addition to any liability which
      the
      Company may otherwise have, shall extend upon the same terms and conditions
      to
      any Affiliates of the Buyer who are actually named in such action, proceeding
      or
      investigation, and partners, directors, agents, employees and Buyer Control
      Persons (if any), as the case may be, of the Buyer and any such Affiliate,
      and
      shall be binding upon and inure to the benefit of any successors, assigns,
      heirs
      and personal representatives of the Company, the Buyer, any such Affiliate
      and
      any such Person. The Company also agrees that neither the Buyer nor any such
      Affiliate, partner, director, agent, employee or Buyer Control Person shall
      have
      any liability to the Company or any Person asserting claims on behalf of or
      in
      right of the Company in connection with or as a result of the consummation
      of
      this Agreement or the other Transaction Agreements,
      except as may be expressly and specifically provided in or contemplated by
      this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    b. All
      claims for indemnification by any Indemnified Party (as defined below) under
      this Section shall be asserted and resolved as follows:

    

    (i) 
      In the
      event any claim or demand in respect of which any Person claiming
      indemnification under any provision of this Section (an "Indemnified Party")
      might seek indemnity under paragraph (a) of this Section is asserted against
      or
      sought to be collected from such Indemnified Party by a Person other than a
      party hereto or an Affiliate thereof (a "Third Party Claim"), the Indemnified
      Party shall deliver a written notification, enclosing a copy of all papers
      served, if any, and specifying the nature of and basis for such Third Party
      Claim and for the Indemnified Party's claim for indemnification that is being
      asserted under any provision of this Section against any Person (the
      "Indemnifying Party"), together with the amount or, if not then reasonably
      ascertainable, the estimated amount, determined in good faith, of such Third
      Party Claim (a "Claim Notice") with reasonable promptness to the Indemnifying
      Party. If the Indemnified Party fails to provide the Claim Notice with
      reasonable promptness after the Indemnified Party receives notice of such Third
      Party Claim, the Indemnifying Party shall not be obligated to indemnify the
      Indemnified Party with respect to such Third Party Claim to the extent that
      the
      Indemnifying Party's ability to defend has been prejudiced by such failure
      of
      the Indemnified Party. The Indemnifying Party shall notify the Indemnified
      Party
      as soon as practicable within the period ending thirty (30) calendar days
      following receipt by the Indemnifying Party of either a Claim Notice or an
      Indemnity Notice (as defined below) (the "Dispute Period") whether the
      Indemnifying Party disputes its liability or the amount of its liability to
      the
      Indemnified Party under this Section and whether the Indemnifying Party desires,
      at its sole cost and expense, to defend the Indemnified Party against such
      Third
      Party Claim. The following provisions shall also apply.

    

    (x)
      If
      the Indemnifying Party notifies the Indemnified Party within the Dispute Period
      that the Indemnifying Party desires to defend the Indemnified Party with respect
      to the Third Party Claim pursuant to this paragraph (b) of this Section, then
      the Indemnifying Party shall have the right to defend, with counsel reasonably
      satisfactory to the Indemnified Party, at the sole cost and expense of the
      Indemnifying Party, such Third Party Claim by all appropriate proceedings,
      which
      proceedings shall be vigorously and diligently prosecuted by the Indemnifying
      Party to a final conclusion or will be settled at the discretion of the
      Indemnifying Party (but only with the consent of the Indemnified Party in the
      case of any settlement that provides for any relief other than the payment
      of
      monetary damages or that provides for the payment of monetary damages as to
      which the Indemnified Party shall not be indemnified in full pursuant to
      paragraph (a) of this Section). The Indemnifying Party shall have full control
      of such defense and proceedings, including any compromise or settlement thereof;
      provided, however, that the Indemnified Party may, at the sole cost and expense
      of the Indemnified Party, at any time prior to the Indemnifying Party's delivery
      of the notice referred to in the first sentence of this subparagraph (x), file
      any motion, answer or other pleadings or take any other action that the
      Indemnified Party reasonably believes to be necessary or appropriate protect
      its
      interests; and provided further, that if requested by the Indemnifying Party,
      the Indemnified Party will, at the sole cost and expense of the Indemnifying
      Party, provide reasonable cooperation to the Indemnifying Party in contesting
      any Third Party Claim that the Indemnifying Party elects to contest. The
      Indemnified Party may participate in, but not control, any defense or settlement
      of any Third Party Claim controlled by the Indemnifying Party pursuant to this
      subparagraph (x), and except as provided in the preceding sentence, the
      Indemnified Party shall bear its own costs and expenses with respect to such
      participation. Notwithstanding the foregoing, the Indemnified Party may take
      over the control of the defense or settlement of a Third Party Claim at any
      time
      if it irrevocably waives its right to indemnity under paragraph (a) of this
      Section with respect to such Third Party Claim. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (y)
      If
      the Indemnifying Party fails to notify the Indemnified Party within the Dispute
      Period that the Indemnifying Party desires to defend the Third Party Claim
      pursuant to paragraph (b) of this Section, or if the Indemnifying Party gives
      such notice but fails to prosecute vigorously and diligently or settle the
      Third
      Party Claim, or if the Indemnifying Party fails to give any notice whatsoever
      within the Dispute Period, then the Indemnified Party shall have the right
      to
      defend, at the sole cost and expense of the Indemnifying Party, the Third Party
      Claim by all appropriate proceedings, which proceedings shall be prosecuted
      by
      the Indemnified Party in a reasonable manner and in good faith or will be
      settled at the discretion of the Indemnified Party (with the consent of the
      Indemnifying Party, which consent will not be unreasonably withheld). The
      Indemnified Party will have full control of such defense and proceedings,
      including any compromise or settlement thereof; provided, however, that if
      requested by the Indemnified Party, the Indemnifying Party will, at the sole
      cost and expense of the Indemnifying Party, provide reasonable cooperation
      to
      the Indemnified Party and its counsel in contesting any Third Party Claim which
      the Indemnified Party is contesting. Notwithstanding the foregoing provisions
      of
      this subparagraph (y), if the Indemnifying Party has notified the Indemnified
      Party within the Dispute Period that the Indemnifying Party disputes its
      liability or the amount of its liability hereunder to the Indemnified Party
      with
      respect to such Third Party Claim and if such dispute is resolved in favor
      of
      the Indemnifying Party in the manner provided in subparagraph(z) below, the
      Indemnifying Party will not be required to bear the costs and expenses of the
      Indemnified Party's defense pursuant to this subparagraph (y) or of the
      Indemnifying Party's participation therein at the Indemnified Party's request,
      and the Indemnified Party shall reimburse the Indemnifying Party in full for
      all
      reasonable costs and expenses incurred by the Indemnifying Party in connection
      with such litigation. The Indemnifying Party may participate in, but not
      control, any defense or settlement controlled by the Indemnified Party pursuant
      to this subparagraph (y), and the Indemnifying Party shall bear its own costs
      and expenses with respect to such participation. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (z)
      If
      the Indemnifying Party notifies the Indemnified Party that it does not dispute
      its liability or the amount of its liability to the Indemnified Party with
      respect to the Third Party
      Claim under paragraph (a) of this Section or fails to notify the Indemnified
      Party within the Dispute Period whether the Indemnifying Party disputes its
      liability or the amount of its liability to the Indemnified Party with respect
      to such Third Party Claim, the amount of Damages specified in the Claim Notice
      shall be conclusively deemed a liability of the Indemnifying Party under
      paragraph (a) of this Section and the Indemnifying Party shall pay the amount
      of
      such Damages to the Indemnified Party on demand. If the Indemnifying Party
      has
      timely disputed its liability or the amount of its liability with respect to
      such claim, the Indemnifying Party and the Indemnified Party shall proceed
      in
      good faith to negotiate a resolution of such dispute; provided, however, that
      if
      the dispute is not resolved within thirty (30) days after the Claim Notice,
      the
      Indemnifying Party shall be entitled to institute such legal action as it deems
      appropriate. 

    

    (ii) In
      the
      event any Indemnified Party should have a claim under paragraph (a) of this
      Section against the Indemnifying Party that does not involve a Third Party
      Claim, the Indemnified Party shall deliver a written notification of a claim
      for
      indemnity under paragraph (a) of this Section specifying the nature of and
      basis
      for such claim, together with the amount or, if not then reasonably
      ascertainable, the estimated amount, determined in good faith, of such claim
      (an
      "Indemnity Notice") with reasonable promptness to the Indemnifying Party. The
      failure by any Indemnified Party to give the Indemnity Notice shall not impair
      such party's rights hereunder except to the extent that the Indemnifying Party
      demonstrates that it has been irreparably prejudiced thereby. If the
      Indemnifying Party notifies the Indemnified Party that it does not dispute
      the
      claim or the amount of the claim described in such Indemnity Notice or fails
      to
      notify the Indemnified Party within the Dispute Period whether the Indemnifying
      Party disputes the claim or the amount of the claim described in such Indemnity
      Notice, the amount of Damages specified in the Indemnity Notice will be
      conclusively deemed a liability of the Indemnifying Party under paragraph (a)
      of
      this Section and the Indemnifying Party shall pay the amount of such Damages
      to
      the Indemnified Party on demand. If the Indemnifying Party has timely disputed
      its liability or the amount of its liability with respect to such claim, the
      Indemnifying Party and the Indemnified Party shall proceed in good faith to
      negotiate a resolution of such dispute; provided, however, that it the dispute
      is not resolved within thirty (30) days after the Claim Notice, the Indemnifying
      Party shall be entitled to institute such legal action as it deems
      appropriate.

    

    c. The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of
      action or similar rights of the indemnified party against the indemnifying
      party
      or others, and (ii) any liabilities the indemnifying party may be subject
      to.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    10. JURY
      TRIAL WAIVER. The
      Company and the Buyer hereby waive a trial by jury in any action, proceeding
      or
      counterclaim brought by either of the Parties hereto against the other in
      respect of any matter arising out or in connection with the Transaction
      Agreements.

    

    11. GOVERNING
      LAW: MISCELLANEOUS.

    a. (i)
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of New York for contracts to be wholly performed in such state and
      without giving effect to the principles thereof regarding the conflict of laws.
      Each of the parties consents to the exclusive jurisdiction of the federal courts
      whose districts encompass any part of the County of New York or the state courts
      of the State of New York sitting in the County of New York in connection with
      any dispute arising under this Agreement or any of the other Transaction
      Agreements and hereby waives, to the maximum extent permitted by law, any
      objection, including any objection based on
      forum non conveniens,
      to the
      bringing of any such proceeding in such jurisdictions or to any claim that
      such
      venue of the suit, action or proceeding is improper. To the extent determined
      by
      such court, the Company shall reimburse the Buyer for any reasonable legal
      fees
      and disbursements incurred by the Buyer in enforcement of or protection of
      any
      of its rights under any of the Transaction Agreements. Nothing in this Section
      shall affect or limit any right to serve process in any other manner permitted
      by law.

    

    (ii)
      The
      Company and the Buyer acknowledge and agree that irreparable damage would occur
      in the event that any of the provisions of this Agreement or the other
      Transaction Agreements were not performed in accordance with their specific
      terms or were otherwise breached. It is accordingly agreed that the parties
      shall be entitled to an injunction or injunctions to prevent or cure breaches
      of
      the provisions of this Agreement and the other Transaction Agreements and to
      enforce specifically the terms and provisions hereof and thereof, this being
      in
      addition to any other remedy to which any of them may be entitled by law or
      equity.

    

    b. Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

    

    c. This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      assigns of each of the parties hereto.

    

    d. All
      pronouns and any variations thereof refer to the masculine, feminine or neuter,
      singular or plural, as the context may require.

    

    e. A
      facsimile transmission of this signed Agreement shall be legal and binding
      on
      all parties hereto. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    f. This
      Agreement may be signed in one or more counterparts, each of which shall be
      deemed an original. 

    

    g. The
      headings of this Agreement are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Agreement. 

    

    h. If
      any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the
      remainder of this Agreement or the validity or enforceability of this Agreement
      in any other jurisdiction. 

    

    i. This
      Agreement may be amended only by an instrument in writing signed by the party
      to
      be charged with enforcement thereof. 

    

    j. This
      Agreement supersedes all prior agreements and understandings among the parties
      hereto with respect to the subject matter hereof.

    

    12. NOTICES.
      Any
      notice required or permitted hereunder shall be given in writing (unless
      otherwise specified herein) and shall be deemed effectively given on the
      earliest of 

    

    (a)
      the
      date delivered, if delivered by personal delivery as against written receipt
      therefor or by confirmed facsimile transmission,

    

    (b)
      the
      fifth Trading Day after deposit, postage prepaid, in the United States Postal
      Service by registered or certified mail, or 

    

    (c)
      the
      third Trading Day after mailing by domestic or international express courier,
      with delivery costs and fees prepaid, 

    

    in
      each
      case, addressed to each of the other parties thereunto entitled at the following
      addresses (or at such other addresses as such party may designate by ten (10)
      days’ advance written notice similarly given to each of the other parties
      hereto):

     

    
      
        	
                COMPANY:

              	
                At
                  the address set forth at the head of this Agreement.

              
	 	
                Attn:
                  President

              
	 	
                Telephone
                  No.: (908) 604-2500

              
	 	
                Telecopier
                  No.: (908) 604-2545

              

      

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 	
                with
                  a copy to:

              
	 	 
	 	
                Silverman
                  Sclar Shin & Byrne PLLC

              
	 	
                381
                  Park Avenue South, Suite 1601

              
	 	
                New
                  York, NY 10016

              
	 	
                Attn:
                  Peter Silverman, Esq.

              
	 	
                Telephone
                  No.: (212) 779-8600

              
	 	
                Telecopier
                  No.: (212) 779-8858

              
	 	 
	
                BUYER: 

              	
                At
                  the address set forth on the signature page of this
                  Agreement.

              
	 	 
	 	
                with
                  a copy to:

              
	 	 
	 	
                Krieger
                  & Prager LLP,
                  Esqs.

              
	 	
                39
                  Broadway 

              
	 	
                Suite
                  920

              
	 	
                New
                  York, NY 10006

              
	 	
                Attn:
                  Samuel M. Krieger, Esq.

              
	 	
                Telephone
                  No.: (212) 363-2900

              
	 	
                Telecopier
                  No. (212) 363-2999

              
	 	 
	
                ESCROW
                  AGENT: 

              	
                Krieger
                  & Prager LLP,
                  Esqs.

              
	 	
                39
                  Broadway 

              
	 	
                Suite
                  920

              
	 	
                New
                  York, NY 10006

              
	 	
                Attn:
                  Samuel Krieger, Esq.

              
	 	
                Telephone
                  No.: (212) 363-2900

              
	 	
                Telecopier
                  No. (212) 363-2999

              

      

    

    

    13. SURVIVAL
      OF REPRESENTATIONS AND WARRANTIES.
      The
      Company’s and the Buyer’s representations and warranties herein shall survive
      the execution and delivery of this Agreement and the delivery of the
      Certificates and the payment of the Loan Amount, and shall inure to the benefit
      of the Buyer and the Company and their respective successors and
      assigns.

    

    [Balance
      of page intentionally left blank]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      with
      respect to the Loan Amount specified below, this Agreement has been duly
      executed by the Buyer and the Company as of the date set first above
      written.

     

    

      
        	
                LOAN
                  AMOUNT:

              	
                                                
                  $550,000.00

              
	
                 

              	
                 

              
	
                 

              	
                Buyer:

              
	
                 

              	
                 

              
	
                Harbour
                  House, 2d Floor

              	
                 

              
	
                Road
                  Town, Tortola

              	
                HARBORVIEW
                  MASTER FUND LP

              
	
                British
                  Virgin Islands

              	
                Printed
                  Name of Buyer

              
	
                 

              	
                 

              
	
                Telephone
                  No.

              	 	
                 

              	
                By:

              	
                s/

              	
                 

              
	
                Telecopier
                  No. 

              	 	
                 

              	
                (Signature
                  of Authorized Person)

              
	
                 

              	
                 

              
	
                 

              	
                             Navigator
                  Management Ltd. 

              
	
                 

              	
                            
                  Authorized Signatory

              	
                 

              
	
                BVI
                  

              	
                 

              	
                Printed
                  Name and Title

              

      

    

    
      Jurisdiction
        of Incorporation

    

    or
      Organization

    

    COMPANY

     

    MILLENNIUM
      BIOTECHNOLOGIES GROUP, INC.

     

    By:
      /s/
      Frank Guarino

    (Signature
      of Authorized Person)

    

    Frank
      Guarino, CFO

    Printed
      Name and TitleExhibit
      10.2

    

    THIS
      NOTE
      AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE AND THE
      COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE SOLD, OFFERED
      FOR
      SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY TO MILLENNIUM BIOTECHNOLOGIES GROUP, INC. THAT SUCH REGISTRATION
      IS
      NOT REQUIRED.

    

    
      	
              Principal
                Amount: $550,000

            	
              Issue
                Date: November 30, 2007

            

    

    

    SECURED
      CONVERTIBLE NOTE

    

    FOR
      VALUE
      RECEIVED, MILLENNIUM BIOTECHNOLOGIES GROUP, INC., a Delaware corporation
      (hereinafter called "Borrower"), hereby promises to pay to HARBORVIEW MASTER
      FUND L.P., c/o Beacon Capital Management, Harbor House, Roadtown, Tortolla,
      BVI
      (the "Holder") or assignee, without demand, the sum of Five Hundred and Fifty
      Thousand Dollars ($550,000), with simple and unpaid interest thereon, on
      November 30, 2008 (the "Maturity Date"), if not paid sooner.

    

    The
      following terms shall apply to this Note:

    

    ARTICLE
      I

    

    GENERAL
      PROVISIONS

    

    1.1 Payment
      Grace Period.
      The
      Borrower shall have a ten (10) business day grace period to pay any monetary
      amounts due under this Note, after which grace period and during the pendency
      of
      an Event of Default (as defined in Article III) a default interest rate of
      eighteen percent (18%) per annum shall apply to the amounts owed
      hereunder.

    

    1.2.  Interest
      Rate.
      Simple
      interest payable on this Note shall accrue at the annual rate of six percent
      (6%). Interest will be payable on December 31, 2007 and on the last business
      day
      of each calendar quarter thereafter and on the Maturity Date, accelerated or
      otherwise, when the principal and remaining accrued but unpaid interest shall
      be
      due and payable, or sooner as described below. Interest will be payable in
      cash,
      or at the election of the Holder, provided an Event of Default or an event
      which
      with the passage of time or the giving of notice could become an Event of
      Default, is not pending, by the Borrower’s delivery of a Note in the principal
      amount of such interest payment (“Interest Note”), which Note shall be identical
      to this Note, including the maturity date, except that interest on such Interest
      Note must be paid in cash.

    

    1.3. Conversion
      Privileges.
      The
      Conversion Privileges set forth in Article II shall remain in full force and
      effect immediately from the date hereof and until the Note is paid in full
      regardless of the occurrence of an Event of Default. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      II

    

    CONVERSION
      RIGHTS

    

    The
      Holder shall have the right to convert the principal due under this Note into
      Shares of Common Stock, $0.001 par value per share (“Common Stock”) of the
      Borrower as set forth below.

    

    2.1. Conversion
      into Common Stock.

    

    (a) The
      Holder shall have the right from and after the Issue Date of the issuance of
      this Note and then at any time until this Note is fully paid, to convert any
      outstanding and unpaid principal portion of this Note, and accrued interest
      if
      any, at the election of the Holder (the date of giving of such notice of
      conversion being a "Conversion Date") into fully paid and nonassessable shares
      of Common Stock as such stock exists on the date of issuance of this Note,
      or
      any shares of capital stock into which such Common Stock shall hereafter be
      changed or reclassified, at the conversion price as defined in Section 2.1(b)
      hereof (the "Conversion Price"), determined as provided herein. Upon delivery
      to
      the Borrower of a completed Notice of Conversion, a form of which is annexed
      hereto, the Borrower shall issue and deliver to the Holder within three (3)
      business days after the Conversion Date (such third day being the “Delivery
      Date”) that number of shares of Common Stock for the portion of the Note
      converted in accordance with the foregoing (“Conversion Shares”). At the
      election of the Holder, the Borrower will deliver accrued but unpaid interest
      on
      the Note in the manner provided in Section 1.2 through the Conversion Date
      directly to the Holder on or before the Conversion Date. The number of shares
      of
      Common Stock to be issued upon each conversion of this Note shall be determined
      by dividing that portion of the principal of the Note and interest to be
      converted, by the Conversion Price.

    

    (b) Subject
      to adjustment as provided in Section 2.1(c) hereof, the Conversion Price per
      share shall be $.14.

    

    (c) 
      The
      Conversion Price and number and kind of shares or other securities to be issued
      upon conversion determined pursuant to Section 2.1(a), shall be subject to
      adjustment from time to time upon the happening of certain events while this
      conversion right remains outstanding, as follows:

    

    A. Merger,
      Sale of Assets, etc. If the Borrower at any time shall consolidate with or
      merge
      into or sell or convey all or substantially all its assets to any other
      corporation, this Note, as to the unpaid principal portion thereof and accrued
      interest thereon, shall thereafter be deemed to evidence the right to purchase
      such number and kind of shares or other securities and property as would have
      been issuable or distributable on account of such consolidation, merger, sale
      or
      conveyance, upon or with respect to the securities subject to the conversion
      or
      purchase right immediately prior to such consolidation, merger, sale or
      conveyance. The foregoing provision shall similarly apply to successive
      transactions of a similar nature by any such successor or purchaser. Without
      limiting the generality of the foregoing, the anti-dilution provisions of this
      Section shall apply to such securities of such successor or purchaser after
      any
      such consolidation, merger, sale or conveyance.

    

    B. Reclassification,
      etc. If the Borrower at any time shall, by reclassification or otherwise, change
      the Common Stock into the same or a different number of securities of any class
      or classes that may be issued or outstanding, this Note, as to the unpaid
      principal portion thereof and accrued interest thereon, shall thereafter be
      deemed to evidence the right to purchase an adjusted number of such securities
      and kind of securities as would have been issuable as the result of such change
      with respect to the Common Stock immediately prior to such reclassification
      or
      other change.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    C. Stock
      Splits, Combinations and Dividends. If the shares of Common Stock are subdivided
      or combined into a greater or smaller number of shares of Common Stock, or
      if a
      dividend is paid on the Common Stock in shares of Common Stock, the Conversion
      Price shall be proportionately reduced in case of subdivision of shares or
      stock
      dividend or proportionately increased in the case of combination of shares,
      in
      each such case by the ratio which the total number of shares of Common Stock
      outstanding immediately after such event bears to the total number of shares
      of
      Common Stock outstanding immediately prior to such event.

     

    D. Share
      Issuance. So long as this Note is outstanding, if the Borrower shall issue
      any
      shares of Common Stock for a consideration less than the Conversion Price in
      effect at the time of such issue, then, and thereafter successively upon each
      such issue, the Conversion Price shall be reduced to such other lower issue
      price. For purposes of this adjustment, the issuance of any security carrying
      the right to convert such security into shares of Common Stock or of any
      warrant, right or option to purchase Common Stock shall result in an adjustment
      to the Conversion Price upon the issuance of the above-described security and
      again upon the issuance of shares of Common Stock upon exercise of such
      conversion or purchase rights if such issuance is at a price lower than the
      then
      applicable Conversion Price. The reduction of the Conversion Price described
      in
      this paragraph is in addition to other rights of the Holder described in this
      Note.

     

    (d) Whenever
      the Conversion Price is adjusted pursuant to Section 2.1(c) above, the Borrower
      shall promptly mail to the Holder a notice setting forth the Conversion Price
      after such adjustment and setting forth a statement of the facts requiring
      such
      adjustment.

    

    (e) The
      Borrower will reserve from its authorized and unissued Common Stock 4,165,000
      shares of Common Stock. The Borrower represents that upon issuance, such shares
      will be duly and validly issued, fully paid and non-assessable. The Borrower
      agrees that issuance of this Note by the Borrower shall constitute full
      authority to the Borrower officers, agents, and transfer agents who are charged
      with the duty of executing and issuing stock certificates to execute and issue
      the necessary certificates for shares of Common Stock upon the conversion of
      this Note.

    

    (f) A. The
      Borrower understands that a delay in the delivery of certificates for or
      electronic issuance of Conversion Shares on the relevant Delivery Date could
      result in economic loss to the Holder. As compensation to the Holder for such
      loss, in addition to any other available remedies at law, the Borrower agrees
      to
      pay late payments to the Holder for late issuance of the Conversion Shares
      in
      accordance with the following schedule (where “No. Business Days Late” is
      defined as the number of business days beyond two (2) business days after the
      Delivery Date):

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              No.
                Business Days Late

            	 	
              Late Payment For Each $10,000 

              of Principal or Interest Being Converted

            	 
	
              1

            	 	
              $

            	
              100

            	 
	
              2

            	 	
              $

            	
              200

            	 
	
              3

            	 	
              $

            	
              300

            	 
	
              4

            	 	
              $

            	
              400

            	 
	
              5

            	 	
              $

            	
              500

            	 
	
              6

            	 	
              $

            	
              600

            	 
	
              7

            	 	
              $

            	
              700

            	 
	
              8

            	 	
              $

            	
              800

            	 
	
              9

            	 	
              $

            	
              900

            	 
	
              10

            	 	
              $

            	
              1,000

            	 
	
              >10

            	 	
              $

            	
              1,000
                + $200 for each Business Day Late beyond 10 days

            	 

    

     

    The
      Borrower shall pay any payments incurred under this Section in immediately
      available funds upon demand. Nothing herein shall limit the Holder’s right to
      pursue actual damages for the Borrower’s failure to issue and deliver the
      Conversion Shares to the Holder within a reasonable time. Furthermore, in
      addition to any other remedies which may be available to a Holder, in the event
      that the Borrower fails for any reason to effect delivery of such Conversion
      Shares within two (2) business days after the Delivery Date, the Converting
      Holder will be entitled to revoke the relevant Notice of Conversion by
      delivering a notice to such effect to the Borrower prior to the Holder’s receipt
      of the relevant Conversion Shares, whereupon the Borrower and the Holder shall
      each be restored to their respective positions immediately prior to delivery
      of
      such Notice of Conversion.

    

    B. If,
      by
      the tenth business day after the relevant Delivery Date, the Borrower fails
      for
      any reason to deliver the Conversion Shares, but at any time after the Delivery
      Date, the Holder purchases, in an arm’s-length open market transaction or
      otherwise, shares of Common Stock (the “Covering Shares”) in order to make
      delivery in satisfaction of a sale of Common Stock by the Holder (the “Sold
      Shares”), which delivery the Holder anticipated to make using the shares to be
      issued upon such conversion (a “Buy-In”), the Holder shall have the right to
      require the Borrower to pay to the Holder, in addition to and not in lieu of
      the
      amounts contemplated in other provisions of the Transaction Agreements (as
      that
      term is defined in the Loan Agreement, dated as of November 30, 2007, to which
      the Borrower and the Holder, or the Holder’s predecessor in interest, are
      parties), including, but not limited to, the provisions of this Section 2.1(f),
      the Buy-In Adjustment Amount (as defined below). The “Buy-In Adjustment Amount”
is the amount equal to the number of Sold Shares multiplied by the excess,
      if
      any, of (x) the Holder's total purchase price per share (including brokerage
      commissions, if any) for the Covering Shares over (y) the net proceeds per
      share
      (after brokerage commissions, if any) received by the Holder from the sale
      of
      the Sold Shares. The Borrower shall pay the Buy-In Adjustment Amount to the
      Holder in immediately available funds immediately upon demand by the Holder.
      By
      way of illustration and not in limitation of the foregoing, if the Holder
      purchases shares of Common Stock having a total purchase price (including
      brokerage commissions) of $11,000 to cover a Buy-In with respect to shares
      of
      Common Stock it sold for net proceeds of $10,000, the Buy-In Adjustment Amount
      which the Borrower will be required to pay to the Holder will be
      $1,000.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    2.2 Method
      of Conversion.
      This
      Note may be converted by the Holder in whole or in part as described in Section
      2.1(a) hereof. Upon partial conversion of this Note, a new Note containing
      the
      same date and provisions of this Note shall, at the request of the Holder upon
      delivery of the Note to the Borrower, be issued by the Borrower to the Holder
      for the principal balance of this Note and interest which shall not have been
      converted or paid.

    

    2.3
       Maximum
      Conversion.
      The
      Holder shall not be entitled to convert on a Conversion Date that amount of
      the
      Note in connection with that number of shares of Common Stock which would be
      in
      excess of the sum of (i) the number of shares of Common Stock beneficially
      owned
      by the Holder and its affiliates on a Conversion Date, (ii) any Common Stock
      issuable in connection with the unconverted portion of this and any other Notes
      beneficially owned by Holder of Borrower, and (iii) the number of shares of
      Common Stock issuable upon the conversion of the Note with respect to which
      the
      determination of this provision is being made on a Conversion Date, which would
      result in beneficial ownership by the Holder and its affiliates of more than
      4.99% of the outstanding shares of Common Stock of the Borrower on such
      Conversion Date. For the purposes of the provision to the immediately preceding
      sentence, beneficial ownership shall be determined in accordance with Section
      13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3
      thereunder. Subject to the foregoing, the Holder shall not be limited to
      aggregate conversions of only 4.99% and aggregate conversion by the Holder
      may
      exceed 4.99%. The Holder shall have the authority and obligation to determine
      whether the restriction contained in this Section 2.3 will limit any conversion
      hereunder and to the extent that the Holder determines that the limitation
      contained in this Section applies, the determination of which portion of the
      Notes are convertible shall be the responsibility and obligation of the Holder.
      The
      Holder may increase the permitted beneficial ownership amount up to 9.99% upon
      and effective after 61 days prior written notice to the Company.
      The
      Holder may allocate which of the equity of the Borrower deemed beneficially
      owned by the Holder shall be included in the 4.99% amount described above and
      which shall be allocated to the excess above 4.99%.

     

    2.4
       Reports
      under Securities Act and Exchange Act.
      With a
      view to making available to the Holder the benefits of Rule 144 promulgated
      under the Securities Act or any other similar rule or regulation of the SEC
      that
      may at any time permit the Holder and any transferee to sell Conversion Shares
      to the public without Registration (“Rule 144”), the Borrower
      agrees
      to:

     

    (a) make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144;

     

    (b) file
      with
      the SEC in a timely manner all reports and other documents required of the
      Borrower
      under
      the
      Securities Act and the Exchange Act; and

     

    (c) furnish
      to the Holder or any transferee so long as the Holder or any transferee owns
      any
      Common Stock, promptly upon request, (i) a written statement by the Borrower
      that
      it
      has complied with the reporting requirements of the Securities Act and the
      Exchange Act, (ii) a copy of the most recent annual or quarterly report of
      the
Borrower
      and such
      other reports and documents so filed by the Borrower
      and
      (iii) such other information as may be reasonably requested to permit the Holder
      to sell such securities pursuant to Rule 144 without registration.

     

    (d) The
      Borrower will, at the request of any Holder or
      any
      transferee,
      in
      connection with the sale of some or all of the Common Stock pursuant to Rule
      144
      upon receipt from such Holder or
      any
      transferee or
      any
      transferee
      of a
      certificate certifying (i) that such Holder and its transferor have held such
      Shares for a period of not less than two (2) years, (ii) that such Holder
or
      any
      transferee
      has not
      been an affiliate (as defined in Rule 144) of the Borrower for more than the
      ninety (90) preceding days, and (iii) as to such other matters as may be
      appropriate in accordance with such Rule, will at Borrower’s cost and expense
      cause to be removed from the stock certificate representing such Common Stock
      that portion of any restrictive legend which relates to the registration
      provisions of the Securities Act. 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      III

    

    EVENT
      OF DEFAULT

    

    The
      occurrence of any of the following events of default ("Event of Default") shall,
      at the option of the Holder hereof, make all sums of principal and interest
      then
      remaining unpaid hereon and all other amounts payable hereunder immediately
      due
      and payable, upon demand, without presentment, or grace period, all of which
      hereby are expressly waived, except as set forth below:

    

    3.1 Failure
      to Pay Principal or Interest.
      The
      Borrower fails to pay any installment of principal, interest or other sum due
      under this Note when due and such failure continues for a period of ten (10)
      business days after the due date. The ten (10) day period described in this
      Section 3.1 is the same ten (10)) business day period described in Section
      1.1
      hereof.

    

    3.2 Breach
      of Covenant.
      The
      Borrower breaches any material covenant or other material term or condition
      of
      this Note in any material respect and such breach, if subject to cure, continues
      for a period of fifteen (15) business days after written notice to the Borrower
      from the Holder.

    

    3.3 Receiver
      or Trustee.
      The
      Borrower shall make an assignment for the benefit of creditors, or apply for
      or
      consent to the appointment of a receiver or trustee for it or for a substantial
      part of its property or business; or such a receiver or trustee shall otherwise
      be appointed without the consent of the Borrower is not dismissed within sixty
      (60) days of appointment.

    

    3.4 Judgments.
      Any
      money judgment, writ or similar final process shall be entered or filed against
      Borrower or any of its property or other assets for more than $250,000, and
      shall remain unpaid, unvacated, unbonded or unstayed for a period of forty-five
      (45) days.

    

    3.5 Bankruptcy.
      Bankruptcy, insolvency, reorganization or liquidation proceedings or other
      proceedings or relief under any bankruptcy law or any law, or the issuance
      of
      any notice in relation to such event, for the relief of debtors shall be
      instituted by or against the Borrower and if instituted against Borrower are
      not
      dismissed within sixty (60) days of initiation.

    

    3.6 Delisting.
      Failure
      of the Common Stock to be listed for trading or quotation on a Principal Market
      (which includes the Bulletin Board) for five or more consecutive trading
      days.

    

    3.7 Non-Payment.
      A
      default by the Borrower under any one or more obligations in an aggregate
      monetary amount in excess of $250,000 for more than thirty days after the due
      date, unless the Borrower is contesting the validity of such obligation in
      good
      faith and has segregated cash funds equal to not less than one-half of the
      disputed amount.

    

    3.8 Stop
      Trade.
      An SEC
      or judicial stop trade order or Principal Market trading suspension that lasts
      for ten or more consecutive trading days.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    3.9 Failure
      to Deliver Common Stock or Replacement Note.
      Borrower's failure to deliver Common Stock to the Holder pursuant to and in
      the
      form required by this Note, or, if required, a replacement Note more than seven
      (7) Business Days after the required delivery date of such Common Stock or
      Note. 

    

    3.10 Reservation
      Default.
      Failure
      by the Borrower to have reserved for issuance upon conversion of the Note the
      amount of Common stock as set forth in this Note.

    

    3.11 Cross
      Default.
      A
      default by the Borrower of a material term, covenant, warranty or undertaking
      of
      any other agreement to which the Borrower and the Holder are parties, or the
      occurrence of a material event of default under any such other agreement which
      is not cured after any required notice and/or cure period.

    

    ARTICLE
      IV

    

    SECURITY
      INTEREST

     

    4.1 To
      secure
      fulfillment of all of Borrower’s obligations under this Note and under any other
      subsequent advances made by the Holder to the Borrower, the Borrower hereby
      grants to Holder a security interest in the Collateral (as defined below; the
      security interest in the Collateral is referred to as the “Security Interest”).
      Should Borrower default on this Note, Holder will be entitled to the Security
      Interest in favor of Borrower on the following property and fixtures of the
      Borrower wherever located and whether now owned or in existence or hereafter
      acquired or created, of every kind and description, tangible or intangible,
      including, without limitation, all inventory, goods, equipment, patents, patents
      pending, trademarks, trademark applications, documents, instruments, chattle
      paper, bank accounts, cash, contract rights and general intangibles, such terms
      as defined by the Uniform Commercial Code, and more particulary all of which
      are
      presently located at 665 Martinsville Road, Suite 219, Basking Ridge, New Jersy
      07920. The Borrower agrees that within three (3) business days after the
      issuance of this Note or any subsequent advance made by the Holder to the
      Borrower, as the case may be, the Borrower will, at its sole cost and expense,
      file financing statements or amendments to existing financing statements in
      the
      office of the Secretary of State of Delaware (or other appropriate office)
      and
      make appropriate filings in the Patent Office and the Trademark Office,
      respectively, of the United States Patent and Trademark Office to reflect the
      Security Interest in favor of the Holder. The security interest set forth in
      this section 4.1 is hereinafter referred to as the “Borrower’s Security Interest
      Provisions.”

    

    4.2 Payment
      of this Note is also secured pursuant to the Security Interest Agreement, of
      even date (the “Grantor Subsidiary’s Security Interest Agreement” or a “Security
      Interest Agreement”), executed by the Grantor Subsidiary (as defined below), as
      debtor, in favor of the Holder, as secured party, the terms of which are
      incorporated herein by reference. 

    

    ARTICLE
      V

    

    GUARANTEE

    

    5.1 Millennium
      Biotechnologies, Inc., a subsidiary of the Borrower (the “Grantor Subsidiary”)
      is personally guarantying to the Holder the timely and full fulfillment of
      all
      of the obligations of the Borrower under this Note on the terms provided above
      and in (and as limited by) the Grantor Subsidiary Guarantee, which has been
      executed by the Grantor Subsidiary in favor of, and delivered to, the Holder.
      Such guaranty is referred to as the “Grantor Subsidiary’s
      Guarantee.”

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    5.2 The
      obligations of the Borrower under this Note and of the Grantor Subsidiary under
      the Grantor Subsidiary Guarantee are secured under the terms of the Grantor
      Subsidiary’s Security Interest Agreement, as referred to in Section 4.2
      hereof.

    

    5.3 Subject
      to the terms of the Loan Agreement, no provision of this Note shall alter or
      impair the obligation of the Borrower, which is absolute and unconditional,
      to
      pay the principal of, and interest on, this Note at the time, place, and rate,
      and in the coin or currency, as herein prescribed. This Note is direct
      obligations of the Borrower.

    

    5.4 Any
      payments received by the Holder with respect to this Note or on account of
      any
      rights taken with respect to the Borrower’s Security Interest Provisions, the
      Grantor Subsidiary’s Guarantee, or the Grantor Subsidiary’s Security Interest
      Agreement, shall be applied in the following order of priority: (i) first,
      to
      any amounts due to the Holder under any of the Transaction Agreements (other
      than interest and principal on the Note) or to costs of collection, (ii) then,
      to accrued but unpaid interest on the Note, and (iii) then, to principal on
      the
      Note.

    

    ARTICLE
      VI

    

    MISCELLANEOUS

    

    6.1 Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of the Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    6.2 Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice. Any notice or other communication required or permitted
      to be
      given hereunder shall be deemed effective (a) upon hand delivery or delivery
      by
      facsimile, with accurate confirmation generated by the transmitting facsimile
      machine, at the address or number designated below (if delivered on a business
      day during normal business hours where such notice is to be received), or the
      first business day following such delivery (if delivered other than on a
      business day during normal business hours where such notice is to be received)
      or (b) on the second business day following the date of mailing by express
      courier service, fully prepaid, addressed to such address, or upon actual
      receipt of such mailing, whichever shall first occur.
      The
      addresses for such communications shall be: (i) if to the Borrower to:
      Millennium Biotechnologies, Inc., Attn: Frank Guarino, 665 Martinsville Road,
      Suite 219, Basking Ridge, NJ 07920, with a copy by telecopier only to: Silverman
      Sclar Shin & Byrne PLLC, Attn: Peter Silverman, Esq., telecopier: (212)
      779-8858; and (ii) if to the Holder, to the name, address and telecopy number
      set forth on the front page of this Note, with a copy by telecopier only to
      Samuel M. Krieger, Esq., Krieger & Prager, LLP, 39 Broadway, Suite 920, New
      York, New York 10006, telecopier number: (212) 363-2999.

    

    6.3 Amendment
      Provision.
      The
      term "Note" and all reference thereto, as used throughout this instrument,
      shall
      mean this instrument as originally executed, or if later amended or
      supplemented, then as so amended or supplemented. The Holder by acceptance
      hereof confirms such Holder’s agreement to the terms and conditions set forth
      herein.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    6.4 Assignability.
      This
      Note shall be binding upon the Borrower and its successors and assigns, and
      shall inure to the benefit of the Holder and its successors and assigns;
      provided, however, that by acceptance of this Note, Holder agrees that it may
      not and will not assign any portion of this Note to any competitor of Borrower
      that is engaged in the business of selling and/or distributing neutricuetical
      products. 

    

    6.5 Cost
      of Collection.
      If
      default is made in the payment of this Note, Borrower shall pay the Holder
      hereof reasonable costs of collection, including reasonable attorneys'
      fees.

    

    6.6 Governing
      Law.
      This
      Note shall be governed by and construed in accordance with the laws of the
      State
      of New York, without regard to conflicts
      of laws
      principles that would result in the application of the substantive laws of
      another jurisdiction. Any
      action brought by either party against the other concerning the transactions
      contemplated by this Note shall be brought only in the state courts of New
      York
      or in the federal courts located in the state of New York. Both parties and
      the
      individual signing this Note on behalf of the Borrower agree to submit to the
      jurisdiction of such courts. The prevailing party shall be entitled to recover
      from the other party its reasonable attorney’s fees and costs. In the event that
      any provision of this Note is invalid or unenforceable under any applicable
      statute or rule of law, then such provision shall be deemed inoperative to
      the
      extent that it may conflict therewith and shall be deemed modified to conform
      with such statute or rule of law. Any such provision which may prove invalid
      or
      unenforceable under any law shall not affect the validity or unenforceability
      of
      any other provision of this Note. Nothing contained herein shall be deemed
      or
      operate to preclude the Holder from bringing suit or taking other legal action
      against the Borrower in any other jurisdiction to collect on the Borrower’s
      obligations to Holder, to realize on any collateral or any other security for
      such obligations, or to enforce a judgment or other court in favor of the
      Holder.

    

    6.7 Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum permitted by such law, any payments in excess
      of
      such maximum shall be credited against amounts owed by the Borrower to the
      Holder and thus refunded to the Borrower.

    

    6.8.  Construction.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against
      the other.

    

    6.9 Shareholder
      Status.
      The
      Holder shall not have rights as a shareholder of the Borrower
      with
      respect to unconverted portions of this Note. However, the Holder will have
      the
      rights of a shareholder of the Borrower
      with
      respect to the Shares of Common Stock to be received after delivery by the
      Holder of a Conversion Notice to the Borrower.

    

    6.10 Remedies.
      This
      Note shall be deemed an unconditional obligation of the Borrower for the payment
      of money and, without limitation, to any other remedies available to Holder.
      This Note may be enforced against the Borrower by summary proceeding pursuant
      to
      N.Y. Civil Procedure Law and Rules Sect. 3213 or any similar rule or statute
      in
      the jurisdiction where enforcement is sought.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    6.11 Non-Business
      Days.
      Whenever any payment to be made shall be due on a Saturday, Sunday or a public
      holiday under the laws of the State of New York, such payment may be due on
      the
      next succeeding business day and such next succeeding day shall be included
      in
      the calculation of the amount of accrued interest payable on such
      date.

    

    IN
      WITNESS WHEREOF,
      Borrower has caused this Note to be signed in its name by an authorized officer
      as of the 30th
      day of
      November, 2007.

    

    
      	MILLENNIUM
              BIOTECHNOLOGIES GROUP, INC.
	 	 
	
              By:
                

            	
              s/Frank
                Guarino

            
	 	
              Name:
                Frank Guarino

            
	 	
              Title:  
                CFO

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    NOTICE
      OF CONVERSION

    

    (To
      be
      executed by the Registered Holder in order to convert the Note)

    

    The
      undersigned hereby elects to convert $  
      of the
      principal and $  
      of the
      interest due on the Note issued by Millennium Biotechnologies Group, Inc. on
      November 30, 2007 into Shares of Common Stock. according to the conditions
      set
      forth in such Note, as of the date written below.

    

    
      	
              Date
                of Conversion:

            	 	 
	 	 	 
	
              Conversion
                Price:

            	 	 
	 	 	 
	
              Shares
                To

            	 	 
	
              Be
                Delivered: 

            	 	 
	 	 	 

    

    
      	
              Signature:

            	 	 
	 	 	 
	
              Print
                Name:

            	 	
            
	 	 	 
	
              Address:

            	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        11

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