Document:

EXCHANGE
AGREEMENT

     

    THIS EXCHANGE AGREEMENT, (this
“Agreement”) dated as of June 17, 2010, is entered into by and between Neah Power Systems, Inc., a
Nevada corporation (the “Company”) and Daisy Rodriguez, an
individual residing at Two Spur Lane Rolling
Hills Estates, California 90274 (“Rodriguez”).

    

    WITNESSETH:

     

    WHEREAS, the Company has
received One Hundred and Twenty Five Thousand Dollars ($125,000.00) from
Rodriguez in the amounts and on the dates presented herein as Exhibit A (the “Original Debt”);
and

    

    WHEREAS, Rodriguez and the
Company are willing to exchange the Original Debt for 3,333,333 shares of the
Company’s common stock; and

    

    NOW, THEREFORE, in
consideration for the foregoing, the parties hereto agree as
follows:

    

    
      	
              1.  

            	
              Rodriguez
      and the Company hereby agree to exchange the Original Debt for 3,333,333
      shares of the Company’s common stock. Thus, concurrently with the
      execution of this Agreement, the Company shall issue and deliver to
      Rodriguez 3,333,333 shares of the Company’s
  stock.

            

    

     

    
      	
              2.  

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

            

    

     

    
      	
            	
              a.  

            	
              Rodriguez
      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), and (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 (iv) able to afford the entire loss of its investment in
      the Company’s common shares.

            

    

     

    
      	
              3.  

            	
              This
      Agreement shall be governed by and interpreted in accordance with the laws
      of the State of Washington. A facsimile transmission of this signed
      Agreement shall be legal and binding on all parties hereto. This Agreement
      may be signed in one or more counterparts, each of which shall be deemed
      an original. The headings of this Agreement are for convenience of
      reference and shall not form part of, or affect the interpretation of,
      this Agreement. 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

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    any other
jurisdiction. This Agreement may be amended only by an instrument in writing
signed by the party to be charged with enforcement. This Agreement, and the
Convertible Note attached hereto, contains the entire agreement of the parties
with respect to the subject matter hereto, superseding all prior agreements,
understandings or discussions.

    

    {The
rest of this page is intentionally left blank}

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the Company and Rodriguez have caused this
Agreement to be executed by their duly authorized representatives on the date as
first written above.

    

    
      
        
          
            
              
                	 
      	
                        Neah
      Power Systems, Inc.

                      
	 
      	 
      
	 
      	
                        By:

                      	   
      	 
      
	 
      	
                        Name:
      Gerard C. D’Couto

                      
	 
      	
                        Title:
      President and Chief Executive
Officer

                      

              

            

          

        

      

    

     

    
      
        
          
            
              	
                    	
                      Daisy
      Rodriguez

                    
	 
      	 
      
	 
      	
                      By:

                    	  
      	 
      
	 
      	
                      Name:
      Daisy
Rodriguez

                    

            

          

        

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Exhibit
A

    

    Daisy
Rodriguez

    Two Spur
Lane

    Rolling
Hills Estates, CA 90274

    $125,000

    

    Schedule
of funds received

     

    Neah
Power Systems, Inc.

    

    
      
        
          
            
              
                	
                        09/03/09

                      	 	$	40,000	 
	
                        09/10/09

                      	 	 	10,000	 
	
                        09/16/09

                      	 	 	15,000	 
	
                        09/01/09

                      	 	 	10,000	 
	
                        09/30/09

                      	 	 	25,000	 
	
                        10/15/09

                      	 	 	10,000	 
	
                        10/30/09

                      	 	 	15,000	 
	 
      	 	$	125,000	 

              

            

          

        

      

    

     

    
      
         

      

      
        4Exhibit 4.5

     

    AMENDED AND RESTATED
SECURITY AGREEMENT

     

    AMENDED
AND RESTATED SECURITY AGREEMENT dated as of March 31, 2010 by and among
Millennium Biotechnologies, Inc., a Delaware corporation (“MBI”),
Inergetics, Inc. (formerly known as Millennium Biotechnologies Group, Inc.), a
Delaware corporation (“Inergetics”
and together with MBI the “Company”)
and Ken Sadowsky, Leon Frenkel and Seahorse Enterprises LLC, in their collective
capacity as the collateral agent for the secured parties referred to below
(together with their successors in such capacity, the “Collateral
Agent”).

     

    RECITALS:

     

    A.           Inergetics,
the parent of MBI, has issued a series of senior secured 12% thirty month
promissory notes (the “Unit
Notes”) to purchasers of such notes, which notes are guaranteed by MBI
and which notes represent, or will represent, an aggregate indebtedness of up to
$7,500,000;

     

    B.           Pursuant
to certain Subscription Agreements and Investment Letters, dated as of October
2, 2009, as amended on October 21, 2009 (collectively, the “October
Subscription Agreements”), Inergetics issued, among other things, Unit
Notes in the aggregate amount of $4,625,859.00;

     

    C.           In
connection with the closing of the October Subscription Agreements, the Company
and the Collateral Agent, entered into the Security Agreement, dated as of
November 10, 2009 (the “Existing
Security Agreement”);

     

    D.           Pursuant
to certain Subscription Agreements and Investment Letters, dated as of December
22, 2009, as amended (collectively, the “December
Subscription Agreements”) Inergetics issued, among other things, Unit
Notes in the aggregate amount of $585,000.00;

     

    E.           Inergetics
may after the date hereof, and from time to time, enter into further
Subscription Agreements and Investment Letters (“Future Subscription
Agreements” and together with the
October Subscription Agreements and the December Subscription Agreements, the
“Subscription
Agreements”), and
may issue additional Unit Notes in the aggregate up to an additional
$2,289,141.00; and

     

    F.           The
Company and the Collateral Agent desire to amend and restate the Existing
Security Agreement to (i) clarify that the obligations of the Company under the
Unit Notes issued pursuant to the December Subscription Agreements or to be
issued pursuant to the Future Subscription Agreements are, or will be, secured
by the security interest granted herein in accordance with this Security
Agreement; and (ii) to cure certain ambiguities, defects or inconsistencies
contained in the Existing Security Agreement.

     

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
1.  Grant Of Lien.  (a) To secure the prompt
and complete payment, performance and observance when due (whether at stated
maturity, by acceleration or otherwise) of all of its Secured Obligations, the
Company hereby, unconditionally and irrevocably, grants, assigns, conveys,
mortgages, pledges, hypothecates and transfers to the Collateral Agent, for
itself and the benefit of all other Secured Parties, a security interest in all
of its right, title and interest in, to and under all personal property and
other assets, whether now owned by or owing to, or hereafter acquired by or
arising in favor of the Company (including under any trade names, styles or
derivations thereof), and whether owned or consigned by or to, or leased from or
to, the Company, and regardless of where located (all of which being hereinafter
collectively referred to as the “Collateral”),
including:

     

        
 (i)        all Pledged Stock (other
than for Subsidiaries that have ceased operations and have no material
assets);

     

    
      
        	
                 
      

              	
                  
      (ii)

              	
                all
      Accounts;

              

      

       

      
        	
                 
      

              	
                  
      (iii)

              	
                all
      Chattel Paper;

              

      

       

      
        	
                 
      

              	
                 
      (iv)

              	
                all
      Documents;

              

      

       

      
        	
                 
      

              	
                  
      (v)

              	
                all
      General Intangibles (including payment intangibles and
      Software);

              

      

       

      
        	
                 
      

              	
                 
      (vi)

              	
                all
      Goods (including Inventory and
Equipment);

              

      

       

      
        	
                 
      

              	
                 (vii)

              	
                all
      Instruments;

              

      

       

      
        	
              	
                (viii)

              	
                all
      Investment Property;

              

      

       

      
        	
                 
      

              	
                  
      (ix)

              	
                all
      Deposit Accounts of the Company, including all deposits
      therein;

              

      

       

      
        	
                 
      

              	
                   
      (x)

              	
                all
      Intellectual Property;

              

      

       

      
        	
                 
      

              	
                   (xi)

              	
                all
      money, cash or cash equivalents of the
Company;

              

      

       

      
        	
                 
      

              	
                 
      (xii)

              	
                all
      Supporting Secured Obligations and Letter-of-Credit Rights of the
      Company;

              

      

       

      
        	
              	
                 (xiii)

              	
                all
      books and records pertaining to the
Collateral;

              

      

       

      
        	
              	
                 (xiv)

              	
                the
      Commercial Tort Claims; and

              

      

    

     

       
 (xv)      to the extent not otherwise included,
all Proceeds, tort claims, insurance claims and other rights to payments not
otherwise included in the foregoing and products of the foregoing and all
accessions to, substitutions and replacements for, and rents and profits of,
each of the foregoing.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (b)        In
addition, to secure the prompt and complete payment, performance and observance
of the Secured Obligations, the Company hereby grants to the Collateral Agent,
for itself and the benefit of the other Secured Parties, a right of setoff
against the property of the Company held by the Collateral Agent or any other
Secured Party (to the fullest extent permitted by law), consisting of property
described above in Section 1(a) now or
hereafter in the possession or custody of or in transit to the Collateral Agent
or any other Secured Party, for any purpose, including safekeeping, collection
or pledge, for the account of the Company, or as to which the Company may have
any right or power.

     

    Section
2.  Collateral Agent’s And
Secured Parties’ Rights: Limitations On The Collateral Agent’s And Secured
Parties’ Obligations.  (a) It is expressly agreed by the
Company that, anything herein to the contrary notwithstanding, the Company shall
remain liable under each of its Contracts and each of its Licenses to observe
and perform all the conditions and obligations to be observed and performed by
it thereunder.  Neither the Collateral Agent nor any other Secured
Party shall have any obligation or liability under any Contract or License by
reason of or arising out of this Security Agreement or the granting herein of a
Lien thereon or the receipt by the Collateral Agent or any other Secured Party
of any payment relating to any Contract or License pursuant
hereto.  Neither the Collateral Agent nor any other Secured Party
shall be required or obligated in any manner to perform or fulfill any of the
obligations of the Company under or pursuant to any Contract or License, or to
make any payment, or to make any inquiry as to the nature or the sufficiency of
any payment received by it or the sufficiency of any performance by any party
under any Contract or License, or to present or file any claims, or to take any
action to collect or enforce any performance or the payment of any amounts which
may have been assigned to it or to which it may be entitled at any time or
times.

     

    (b)        The
Collateral Agent may at any time after an Event of Default (as such term is
defined in the Unit Notes) has occurred and be continuing, without prior notice
to the Company, notify Account Debtors and other Persons obligated on the
Collateral that the Collateral Agent has a security interest therein, and that
payments shall be made directly to the Collateral Agent.  At any time
after an Event of Default has occurred and be continuing, upon the request of
the Collateral Agent, the Company shall so notify Account Debtors and other
Persons obligated on Collateral.  Once any such notice has been given
to any Account Debtor or other Person obligated on the Collateral, the Company
shall not give any contrary instructions to such Account Debtor or other Person
without the Collateral Agent’s prior written consent.

     

    (c)        The
Collateral Agent may at any time in the Collateral Agent’s own name, in the name
of a nominee of the Collateral Agent or in the name of the Company communicate
with Account Debtors, parties to Contracts and obligors in respect of
Instruments to verify with such Persons, to the Collateral Agent’s satisfaction,
the existence, amount and terms of, and any other matter relating to, Accounts,
payment intangibles, Instruments or Chattel Paper.

     

    Section
3.  Representations and
Warranties.  The Company
represents and warrants that:

     

    (a)        The
Company has rights in and the power to transfer, and is the sole beneficial
owner of, each item of the Collateral upon which it purports to grant a Lien
hereunder free and clear of any and all Liens (other than Permitted Liens
including as set forth on the attached Schedule VIII (A)),
and is fully authorized to grant the security interest in, and to pledge, the
Collateral.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b)        This
Security Agreement is effective to create a valid and continuing Lien on and,
upon the filing of appropriate financing statements in the state of the
Company’s incorporation, a perfected Lien in favor of the Collateral Agent, for
itself and the benefit of the other Secured Parties, on the Collateral with
respect to which a Lien may be perfected by filing pursuant to Article 9 of the
Code.  As of the date hereof, such Lien will be prior to all other
Liens that would be prior to the Liens in favor of the Collateral Agent as a
matter of law (other than Permitted Liens), and is enforceable as such as
against any and all creditors of and purchasers from the Company (other than
purchasers and lessees of Inventory in the ordinary course of business and
non-exclusive licensees of General Intangibles in the ordinary course of
business or as set forth on the attached Schedule VIII
(B)).

     

    (c)        The
Company’s name as it appears in official filings in the state of its
incorporation or other organization, the type of entity of the Company
(including corporation, partnership, limited partnership or limited liability
company), organizational identification number issued by the Company’s state of
incorporation or organization or a statement that no such number has been
issued, the Company’s state of organization or incorporation, the location of
the Company’ chief executive office, principal place of business, offices, all
warehouses and premises where Collateral is stored or located, and the locations
of its books and records concerning the Collateral are set forth on Schedule III
hereto.  Each of MBI and Inergetics has only one state of
incorporation or organization.  The Company has not, during the five
years prior to the date of this Security Agreement, been known by or used any
other corporate or fictitious name or been party to any merger or consolidation,
or acquired all or substantially all of the assets of any Person, or acquired
any of its property or assets out of the ordinary course of business, except for
its name change from Millennium Biotechnologies Group, Inc. to Inergetics, Inc.
in March 2010.  The Company has not (i) within the period of four
months prior to the date hereof, changed its location (as defined in Section
9-307 of the Code), except for moving from 665 Martinsville Road, Suite 219,
Basking Ridge, NJ 07920 to 205 Robin Road, Suite 222, Paramus, New Jersey,
07652; (ii) heretofore changed its name, except for Inergetics changing it
from Millennium Biotechnologies Group, Inc. to Inergetics, Inc. or
(iii) heretofore become a “new debtor” (as defined in Section 9-102(a)(56)
of the Code with respect to a currently effective security agreement previously
entered into by any other Person.

     

    (d)        With
respect to the Accounts, (i) they represent bona fide sales of Inventory or
rendering of services to Account Debtors in the ordinary course of the Company’
business and are not evidenced by a judgment, Instrument or Chattel Paper; (ii)
there are no setoffs, claims or disputes existing or asserted with respect
thereto and the Company has not made any agreement with any Account Debtor for
any extension of time for the payment thereof, any compromise or settlement for
less than the full amount thereof, any release of any Account Debtor from
liability therefor, or any deduction therefrom except a discount or allowance
allowed by the Company in the ordinary course of its business for prompt
payment; (iii) to the Company’s knowledge, there are no facts, events or
occurrences which in any way impair the validity or enforceability thereof or
could reasonably be expected to reduce the amount payable thereunder as shown on
the Company’s books and records and any invoices and statements delivered to the
Collateral Agent and Secured Parties with respect thereto; (iv) the Company has
not received any notice of proceedings or actions which are threatened or
pending against any Account Debtor which might result in any adverse change in
such Account Debtor’s financial condition; and (v) the Company has no knowledge
that any Account Debtor is unable generally to pay its debts as they become
due.  Further with respect to the Accounts (x) the amounts shown on
all invoices and statements which may be delivered to the Collateral Agent with
respect thereto are actually and absolutely owing to the Company as indicated
thereon and are not in any way contingent; and (y) to the Company’s knowledge,
all Account Debtors have the capacity to contract.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (e)        The
Company does not have any interest in, or title to, any Patent, Trademark or
Copyright except as set forth in Schedule IV
hereto.  Except pursuant to License Agreements entered into by the
Company in the ordinary course of business, the Company owns and possesses the
right to use, and has done nothing to authorize or enable any other Person to
use, any Copyright, Patent or Trademark listed on Schedule IV, and all
registrations listed on Schedule IV are valid
and in full force and effect; except as may be set forth in Schedule IV, the
Company owns and possesses the right to use all Copyrights, Patents and
Trademarks, to the Company’s knowledge there is no violation by others of any
right of the Company with respect to any Copyright, Patent or Trademark and the
Company is not infringing in any respect upon any Copyright, Patent or Trademark
of any other Person; and no proceedings have been instituted or are pending
against the Company or, to the Company’s knowledge, threatened and no claim
against the Company has been received by the Company, alleging any such
violation, except as may be set forth on Schedule
IV.  This Security Agreement is effective to create a valid and
continuing Lien on and, upon filing of appropriate financing statements with the
governmental offices listed on Schedule I hereto and
an applicable Intellectual Property Security Agreement with the United States
Copyright Office or the United States Patent and Trademark Office, as the case
may be, perfected Liens in favor of the Collateral Agent on the Company’s
Patents, Trademarks and Copyrights and such perfected Liens are enforceable as
such as against any and all creditors of and purchasers from the
Company.

     

    (f)        
Schedule V
hereto lists a complete and accurate list of the Company’s direct and indirect
Subsidiaries, showing the jurisdiction of their organization.

     

    (g)        All
Deposit Accounts of the Company which contained an average of $50,000 over any
30-day period in the 12-month period preceding November 10, 2009 are listed on
Schedule VI,
including, with respect to each depository, (i) the name and address of such
depository and (ii) the account numbers of the accounts maintained with
such depository.

     

    (h)        Schedule VII hereto
lists all material Software owned, developed, invented and/or created by or on
behalf of the Company, other than “shrink wraps” software.

     

    (i)        The
Company does not have any goods, documents of title or other Collateral in the
custody, control or possession of a third party as of the date hereof, except
for goods located in the United States in transit to a location of the Company
permitted herein in the ordinary course of business of the Company in the
possession of the carrier transporting such goods.  In the event that
any goods, documents of title or other Collateral are at any time after the date
hereof in the custody, control or possession of any other Person or such
carriers, the Company shall promptly notify the Collateral Agent thereof in
writing.  Promptly upon the Collateral Agent’s request, the Company
shall deliver to the Collateral Agent a collateral access agreement, in form and
substance satisfactory to the Collateral Agent, duly authorized, executed and
delivered by such person and the Company.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

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

     

    Section
4.  Covenants.  The Company
covenants and agrees with the Collateral Agent, for the benefit of the Secured
Parties, that from and after the date of this Security Agreement and until the
Termination Date:

     

    (a)        Further Assurances: Pledge
of Instruments; Chattel Paper.

     

    (i)        At
any time and from time to time (including upon any written request of the
Collateral Agent), at the sole expense of the Company, the Company shall
promptly and duly execute and deliver any and all such further instruments and
documents and take such further actions reasonably requested by the Collateral
Agent as may be necessary to obtain the full benefits of this Security Agreement
and of the rights and powers herein granted, including (A) using all
reasonable efforts to secure all consents and approvals necessary or appropriate
for the assignment to or for the benefit of the Collateral Agent of any License
or Contract held by the Company; (B) using all reasonable efforts to secure all
consents and approvals necessary or appropriate to enforce the security
interests granted hereunder; and (C) filing any financing or continuation
statements under the Code with respect to the Liens granted hereunder as to
those jurisdictions that are not Uniform Commercial Code
jurisdictions.

     

    (ii)       The
Company hereby irrevocably and unconditionally authorizes the Collateral Agent
at any time and from time to time to file in any filing office in any Uniform
Commercial Code jurisdiction any initial financing statements and amendments
thereto that (a) indicate the Collateral (i) as all assets of the Company or
words of similar effect, regardless of whether any particular asset comprised in
the Collateral falls within the scope of Article 9 of the Code or such
jurisdiction, or (ii) as being of an equal or lesser scope or with greater
detail, and (b) contain any other information required by part 5 of Article 9 of
the Code for the sufficiency or filing office acceptance of any financing
statement or amendment, including (i) whether the Company is an organization,
the type of organization and any organization identification number issued to
the Company, and (ii) in the case of a financing statement filed as a fixture
filing or indicating Collateral as as-extracted collateral or timber to be cut,
a sufficient description of real property to which the Collateral
relates.  The Company agrees to furnish any such information to the
Collateral Agent promptly upon request.  The Company also ratifies its
authorization for the Collateral Agent to have filed in any Uniform Commercial
Code jurisdiction any initial financing statements or amendments thereto if
filed prior to the date hereof and ratifies and confirms the authorization of
the Collateral Agent to file such financing statements (and amendments, if
any).  The Company hereby authorizes the Collateral Agent to adopt on
behalf of the Company any symbol required for authenticating any electronic
filing.  In the event that the description of the collateral in any
financing statement naming the Collateral Agent or its designee as the secured
party and the Company as debtor includes assets and properties of the Company
that do not at any time constitute Collateral, whether hereunder, under any of
the other Note Documents or otherwise, the filing of such financing statement
shall nonetheless be deemed authorized by the Company to the extent of the
Collateral included in such description and it shall not render the financing
statement ineffective as to any of the Collateral or otherwise affect the
financing statement as it applies to any of the Collateral.  In no
event shall the Company at any time file, or permit or cause to be filed, any
correction statement or termination statement with respect to any financing
statement (or amendment or continuation with respect thereto) naming the
Collateral Agent or its designee as secured party and the Company as
debtor.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (iii)      The
Company shall, upon the occurrence and during the continuance of any Event of
Default, upon request of the Collateral Agent, promptly notify (and the Company
hereby authorizes the Collateral Agent so to notify) each Account Debtor in
respect of any Accounts, Chattel Paper, Instruments of General Intangibles of
the Company that such Collateral has been assigned to the Collateral Agent
hereunder, and that any payments due or to become due in respect thereof are to
be made directly to the Collateral Agent.

     

    (b)        Maintenance of
Records.  The Company shall keep and maintain, at its own cost
and expense, satisfactory and complete records of the Collateral, including a
record of any and all payments received and any and all credits granted with
respect to the Collateral in the same manner such records are presently kept and
maintained.  If the Company retains possession of any Chattel Paper or
Instruments with the Collateral Agent’s consent, such Chattel Paper and
Instruments shall be marked with a legend the form, scope and substance of which
is acceptable to the Collateral Agent.

     

    (c)        Covenants Regarding Patent,
Trademark and Copyright Collateral.

     

    (i)        The
Company shall notify the Collateral Agent immediately if it knows or has reason
to know that any application or registration relating to any Patent, Trademark
or Copyright (now or hereafter existing) may become abandoned or dedicated, or
of any adverse determination or development (including the institution of, or
any such determination or development in, any proceeding in the United States
Patent and Trademark Office, the United States Copyright Office or any court)
regarding the Company’s ownership of any Patent, Trademark or Copyright, its
right to register the same, or to keep and maintain the same.

     

    (ii)       In
no event shall the Company, either itself or through any agent, employee,
licensee or designee, file an application for the registration of any Patent,
Trademark or Copyright with the United States Patent and Trademark Office, the
United States Copyright Office or any similar office or agency without giving
the Collateral Agent prior written notice thereof, and, upon request of the
Collateral Agent, the Company shall execute and deliver any and all applicable
Intellectual Property Security Agreements as the Collateral Agent may reasonably
request to evidence the Collateral Agent’s Lien on such Patent, Trademark or
Copyright, and the General Intangibles of the Company relating thereto or
represented thereby.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (iii)      The
Company shall take all actions necessary or requested by the Collateral Agent to
maintain and pursue each application, to obtain the relevant registration and to
maintain the registration of each of the Patents, Trademarks and Copyrights (now
or hereafter existing), including the filing of applications for renewal,
affidavits of use, affidavits of noncontestability and opposition and
interference and cancellation proceedings.

     

    (d)        Indemnification.  In
any suit, proceeding or action brought by the Collateral Agent or any other
Secured Party relating to any Collateral for any sum owing with respect thereto
or to enforce any rights or claims with respect thereto, the Company will save,
indemnify and keep the Collateral Agent and the other Secured Parties harmless
from and against all expense (including reasonable attorneys’ fees and
expenses), loss or damage suffered by reason of any defense, setoff,
counterclaim, recoupment or reduction of liability whatsoever of the Account
Debtor or other Person obligated on the Collateral, arising out of a breach by
the Company of any obligation thereunder or arising out of any other agreement,
indebtedness or liability at any time owing to, or in favor of, such obligor or
its successors from the Company, except in the case of the Collateral Agent or
any other Secured Party, to the extent such expense, loss, or damage is
attributable solely to the gross negligence or willful misconduct of or by the
Collateral Agent or such Secured Party as finally determined by a court of
competent jurisdiction. All such obligations of the Company shall be and remain
enforceable against and only against the Company and shall not be enforceable
against the Collateral Agent or any other Secured Party.

     

    (e)        Compliance with Terms of
Accounts, etc.  In all material respects, the Company will
perform and comply with all obligations in respect of the Collateral and all
other agreements to which it is a party or by which it is bound relating to the
Collateral.

     

    (f)        Limitation on Liens on
Collateral.  Except for Permitted Liens, the Company will not
create, permit or suffer to exist, and the Company will defend the Collateral
against, and take such other action as is necessary to remove, any Lien on the
Collateral, and will defend the right, title and interest of the Collateral
Agent and the other Secured Parties in and to any of the Company’s rights under
the Collateral against the claims and demands of all Persons
whomsoever.

     

    (g)        Limitations on
Disposition.  Except for actions consistent with past practice
or otherwise taken in the ordinary course of business, the Company will not
sell, license, lease, transfer or otherwise dispose of any of the Collateral, or
attempt or contract to do so, without the prior consent of the Required
Holders.

     

    (h)         Further Identification of
Collateral.  The Company will, if so requested by the
Collateral Agent, furnish to the Collateral Agent, as often as the Collateral
Agent reasonably requests, statements and schedules further identifying and
describing the Collateral and such other reports in connection with the
Collateral as the Collateral Agent may reasonably request, all in such detail as
the Collateral Agent may reasonably specify.

     

    
      
         

      

      
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    (i)        Notices.  The
Company will advise the Collateral Agent promptly, in reasonable detail, (i) of
any Lien (other than Permitted Liens) or written claim made or asserted against
any of the Collateral, and (ii) of the occurrence of any other event which could
have a material adverse effect on the aggregate value of the Collateral or on
the Liens created hereunder.

     

    (j)        No Reincorporation; No Name
Change.  The Company shall not reincorporate or reorganize
itself under the laws of any jurisdiction other than the jurisdiction in which
it is incorporated or organized as of the date hereof without the prior written
consent of the Collateral Agent, which consent shall not be unreasonably
withheld.  The Company shall not change its legal name without first
giving 30 days prior written notice of its intent to do so to the Collateral
Agent.

     

    (k)        Terminations; Amendments Not
Authorized.  The Company acknowledges that it is not authorized
to file any financing statement or amendment or termination statement with
respect to any financing statement without the prior written consent of the
Collateral Agent and agrees that it will not do so without the prior written
consent of the Collateral Agent, subject to the Company’s rights under Section
9-509(d)(2) of the Code.

     

    (l)        Maintenance of
Insurance.  The Company shall maintain in force one or more
policies of insurance on all Collateral against risks of fire (with customary
extended coverage), sprinkler leakage, theft, loss or damage and other risks as
the Collateral Agent may reasonably require and in any event, whether or not
Collateral Agent shall so require, against such other risks customarily insured
against by companies engaged in businesses similar to that of the Company in
such amounts containing such terms, in such form, for such periods, covering
such hazards and written by such financially sound companies selected by the
Company and as may be reasonably satisfactory to the Collateral Agent (it being
understood that the Collateral Agent shall not by such approval or disapproval
be liable to the Company or any other person in connection with the financial
condition of such insurer), such insurance to be payable to the Collateral Agent
as its interest may appear in the event of loss; if requested by the Collateral
Agent the policies for the same shall be deposited with the Collateral Agent; no
loss shall be adjusted thereunder without the Collateral Agent’s approval which
approval will not be unreasonably withheld; and the Company shall cause all such
policies to provide that they may not be modified or canceled without first
giving at least thirty (30) days written notice of such modification or
cancellation to the Collateral Agent.  In the event that the Company
fails to provide evidence of the maintenance of such insurance satisfactory to
the Collateral Agent, the Collateral Agent may, at its option, secure such
insurance and charge the cost thereof to the Company (as a Secured Obligation).
The Company shall also maintain casualty insurance coverage and other insurance
coverage on its properties and business including the Collateral naming the
Collateral Agent as loss payee with an endorsement reasonably satisfactory to
the Collateral Agent, in amounts and types and with provisions as are usually
carried by others engaged in similar businesses and in all events as may be
reasonably satisfactory to the Collateral Agent as to amounts, coverage and
insurance carriers.

     

    (m)      Technology Collateral Escrow
Agreement.  Intentionally Omitted.

     

    
      
         

      

      
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    (n)           Collateral Access
Agreement.  Within 45 days hereof, the Company shall undertake
best efforts to cause Source 4 or its authorized agents to deliver to the
Collateral Agent a collateral access agreement, upon terms reasonably acceptable
to the Collateral Agent, permitting the Collateral Agent access to the Company’s
assets located at Source 4 upon an Event of Default.

     

    Section
5.     Collateral Agent’s
Appointment As Attorney-in-Fact.  The Company shall execute and
deliver to the Collateral Agent a power of attorney (the “Power of
Attorney”) substantially in the form attached hereto as Exhibit
A.  The power of attorney granted pursuant to the Power of Attorney is
a power coupled with an interest and shall be irrevocable until the Termination
Date.  The powers conferred on the Collateral Agent, for the benefit
of the Collateral Agent and the Secured Parties, under the Power of Attorney are
solely to protect the Collateral Agent’s interests (for the benefit of the
Collateral Agent and the Secured Parties) in the Collateral and shall not impose
any duty upon the Collateral Agent or any Secured Parties to exercise any such
powers.  The Collateral Agent agrees that (a) except for the powers
granted in clause (h) of the Power of Attorney, it shall not exercise any power
or authority granted under the Power of Attorney unless an Event of Default has
occurred and is continuing, and (b) the Collateral Agent shall promptly account
for, and notify the Company of, any moneys received by the Collateral Agent in
respect of any foreclosure on or disposition of Collateral pursuant to the Power
of Attorney provided that none of the Collateral Agent or any other Secured
Party shall have any duty as to any Collateral, and the Collateral Agent and the
other Secured Parties shall be accountable only for amounts that they actually
receive as a result of the exercise of such powers.  NONE OF THE
COLLATERAL AGENT, THE SECURED PARTIES OR THEIR RESPECTIVE AFFILIATES, OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL BE RESPONSIBLE TO THE
COMPANY FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR OTHERWISE,
EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT
JURISDICTION.

     

    Section
6.  Remedies:  Rights
Upon Default.  (a) In addition to all
other rights and remedies granted to it under this Security Agreement, the Unit
Notes, the Subscription Agreements and under any other instrument or agreement
securing, evidencing or relating to any of the Secured Obligations, if any Event
of Default shall have occurred and be continuing, the Collateral Agent may (or,
if so directed by the Required Holders, shall) exercise all rights and remedies
of a secured party under the Code.  Without limiting the generality of
the foregoing, the Company expressly agrees that in any such event the
Collateral Agent, without demand of performance or other demand, advertisement
or notice of any kind (except the notice specified below of time and place of
public or private sale) to or upon the Company or any other Person (all and each
of which demands, advertisements and notices are hereby expressly waived to the
maximum extent permitted by the Code and other applicable law), may forthwith
enter upon the premises of the Company where any Collateral is located through
self-help, without judicial process, without first obtaining a final judgment or
giving the Company or any other Person notice and opportunity for a hearing on
the Collateral Agent’s claim or action and may collect, receive, assemble,
process, appropriate and realize upon the Collateral, or any part thereof, and
may forthwith sell, lease, license, assign, give an option or options to
purchase, or sell or otherwise dispose of and deliver said Collateral (or
contract to do so), or any part thereof, in one or more parcels at a public or
private sale or sales, at any exchange at such prices as it may deem acceptable,
for cash or on credit or for future delivery without assumption of any credit
risk.  The Collateral Agent or any other Secured Party shall have the
right upon any such public sale or sales and, to the extent permitted by law,
upon any such private sale or sales, to purchase for the benefit of the
Collateral Agent and the other Secured Parties, the whole or any part of said
Collateral so sold, free of any right or equity of redemption, which equity of
redemption the Company hereby releases.  Such sales may be adjourned
and continued from time to time with or without notice.  The
Collateral Agent shall have the right to conduct such sales on the Company’s
premises or elsewhere and shall have the right to use the Company’s premises
without charge for such time or times as the Collateral Agent deems necessary or
advisable.

     

    
      
         

      

      
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    If any
Event of Default shall have occurred and be continuing, the Company further
agrees, at the Collateral Agent’s request, to assemble the Collateral and make
it available to the Collateral Agent at a place or places designated by the
Collateral Agent which are reasonably convenient to the Collateral Agent and the
Company, whether at the Company’s premises or elsewhere.  Until the
Collateral Agent is able to effect a sale, lease, or other disposition of
Collateral, the Collateral Agent shall have the right to hold or use Collateral,
or any part thereof, to the extent that it deems appropriate for the purpose of
preserving Collateral or its value or for any other purpose deemed appropriate
by the Collateral Agent.  The Collateral Agent shall have no
obligation to the Company to maintain or preserve the rights of the Company as
against third parties with respect to Collateral while Collateral is in the
possession of the Collateral Agent.  The Collateral Agent may, if it
so elects, seek the appointment of a receiver or keeper to take possession of
Collateral and to enforce any of the Collateral Agent’s remedies (for the
benefit of the Collateral Agent and the other Secured Parties), with respect to
such appointment without prior notice or hearing as to such
appointment.  The Collateral Agent shall apply the net proceeds of any
such collection, recovery, receipt, appropriation, realization or sale to the
Secured Obligations as provided in the Note Documents, and only after so paying
over such net proceeds, and after the payment by the Collateral Agent of any
other amount required by any provision of law, need the Collateral Agent account
for the surplus, if any, to the Company.  To the maximum extent
permitted by applicable law, the Company waives all claims, damages, and demands
against the Collateral Agent or any other Secured Party arising out of the
repossession, retention or sale of the Collateral except such as arise solely
out of the gross negligence or willful misconduct of the Collateral Agent or
such other Secured Party as finally determined by a court of competent
jurisdiction.  The Company agrees that ten (10) days prior notice by
the Collateral Agent of the time and place of any public sale or of the time
after which a private sale may take place is reasonable notification of such
matters.  The Company shall remain liable for any deficiency if the
proceeds of any sale or disposition of the Collateral are insufficient to pay
all Secured Obligations, including any attorneys’ fees and other expenses
incurred by the Collateral Agent or any other Secured Party to collect such
deficiency.

     

    (b)        Except
as otherwise specifically provided herein, the Company hereby waives
presentment, demand, protest or any notice (to the maximum extent permitted by
applicable law) of any kind in connection with this Security Agreement or any
Collateral.

     

    
      
         

      

      
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    (c)        To
the extent that applicable law imposes duties on the Collateral Agent to
exercise remedies in a commercially reasonable manner, the Company acknowledges
and agrees that it is not commercially unreasonable for the Collateral Agent (i)
to fail to incur expenses reasonably deemed significant by the Collateral Agent
to prepare Collateral for disposition or otherwise to complete raw material or
work in process into finished goods or other finished products for disposition,
(ii) to fail to obtain third party consents for access to Collateral to be
disposed of, or to obtain or, if not required by other law, to fail to obtain
governmental or third party consents for the collection or disposition of
Collateral to be collected or disposed of, (iii) to fail to exercise collection
remedies against Account Debtors or other Persons obligated on Collateral or to
remove Liens on or any adverse claims against Collateral, (iv) to exercise
collection remedies against Account Debtors and other Persons obligated on
Collateral directly or through the use of collection agencies and other
collection specialists, (v) to advertise dispositions of Collateral through
publications or media of general circulation, whether or not the Collateral is
of a specialized nature, (vi) to contact other Persons, whether or not in the
same business as the Company, for expressions of interest in acquiring all or
any portion of such Collateral, (vii) to hire one or more professional
auctioneers to assist in the disposition of Collateral, whether or not the
Collateral is of a specialized nature, (viii) to dispose of Collateral by
utilizing internet sites that provide for the auction of assets of the types
included in the Collateral or that have the reasonable capacity of doing so, or
that match buyers and sellers of assets, (ix) to dispose of assets in wholesale
rather than retail markets, (x) to disclaim disposition warranties, such as
title, possession or quiet enjoyment, (xi) to purchase insurance or credit
enhancements to insure the Collateral Agent against risks of loss, collection or
disposition of Collateral or to provide to the Collateral Agent a guaranteed
return from the collection or disposition of Collateral, or (xii) to the extent
deemed appropriate by the Collateral Agent, to obtain the services of other
brokers, investment bankers, consultants and other professionals to assist the
Collateral Agent in the collection or disposition of any of the
Collateral.  The Company acknowledges that the purpose of this Section 6(c) is to
provide non-exhaustive indications of what actions or omissions by the
Collateral Agent would not be commercially unreasonable in the Collateral
Agent’s exercise of remedies against the Collateral and that other actions or
omissions by the Collateral Agent shall not be deemed commercially unreasonable
solely on account of not being indicated in this Section
6(c).  Without limitation upon the foregoing, nothing contained
in this Section
6(c) shall be construed to grant any rights to the Company or to impose
any duties on the Collateral Agent that would not have been granted or imposed
by this Security Agreement or by applicable law in the absence of this Section
6(c).

     

    (d)        Neither
the Collateral Agent nor the other Secured Parties shall be required to make any
demand upon, or pursue or exhaust any of their rights or remedies against, the
Company, any other obligor, guarantor, pledgor or any other Person with respect
to the payment of the Secured Obligations or to pursue or exhaust any of their
rights or remedies with respect to any Collateral therefor or any direct or
indirect guarantee thereof.  Neither the Collateral Agent nor the
other Secured Parties shall be required to marshal the Collateral or any
guarantee of the Secured Obligations or to resort to the Collateral or any such
guarantee in any particular order, and all of its and their rights hereunder or
under any other Note Document shall be cumulative.  To the extent it
may lawfully do so, the Company absolutely and irrevocably waives and
relinquishes the benefit and advantage of, and covenants not to assert against
the Collateral Agent or any other Secured Party, any valuation, stay,
appraisement, extension, redemption or similar laws and any and all rights or
defenses it may have as a surety now or hereafter existing which, but for this
provision, might be applicable to the sale of any Collateral made under the
judgment, order or decree of any court, or privately under the power of sale
conferred by this Security Agreement, or otherwise.

     

    
      
         

      

      
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    (e)        Without
limiting the foregoing, upon the occurrence and during the continuance of an
Event of Default and upon written notice thereof to the Company, all rights of
the Company to exercise any voting or consensual powers with respect to any
Equity Interests in which the Company has an interest and to receive and retain
the distributions which it would otherwise be entitled to receive and retain
shall terminate and all such powers and rights to receive and retain such
distributions shall immediately without further action become vested in the
Collateral Agent.

     

    Section
7. Grant Of License To Use
Intellectual Property Collateral.  For the purpose
of enabling the Collateral Agent to exercise rights and remedies under Section 6 hereof
(including, without limiting the terms of Section 6 hereof, in
order to take possession of, hold, preserve, process, assemble, prepare for
sale, market for sale, sell or otherwise dispose of Collateral) at such time as
the Collateral Agent shall be lawfully entitled to exercise such rights and
remedies, the Company hereby grants to the Collateral Agent, for the benefit of
the Collateral Agent and the other Secured Parties, an irrevocable, nonexclusive
license (exercisable without payment of royalty or other compensation to the
Company) to use, license or sublicense any Intellectual Property now owned or
hereafter acquired by the Company, and wherever the same may be located, and
including in such license access to all media in which any of the licensed items
may be recorded or stored and to all computer software and programs used for the
compilation or printout thereof.

    

    Section
8.  Indemnity; Expenses;
Limitation On Collateral Agent’s And Secured Parties’ Duty In Respect Of
Collateral.  (a) The Company shall
indemnify and hold the Collateral Agent, the Secured Parties, their respective
Affiliates, and each of their directors, officers, agents and employees
(collectively, the “Indemnified
Persons”) harmless from and against any and all liabilities, obligations,
losses, damages, penalties, claims, demands, actions, judgments, suits, costs,
charges, expenses and disbursements (including reasonable attorneys’ fees and
expenses) of any kind or nature whatsoever which may at any time (including at
any time following repayment of the Unit Notes and the termination, resignation
or replacement of the Collateral Agent or any assignment by any Secured Party)
be imposed on, incurred by or asserted against any such Indemnified Person in
any way relating to or arising out of or in connection with the execution,
delivery, enforcement, performance or administration of this Security Agreement,
the Unit Notes, the Subscription Agreements, the other Note Documents or any
other agreement, letter or instrument delivered in connection with the
transactions contemplated hereby or the consummation of the transactions
contemplated hereby or any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation or
proceeding) and regardless of whether any Indemnified Person is a party thereto
(all the foregoing, collectively, the “Indemnified
Liabilities”), in all cases, whether or not caused by or arising, in
whole or in part, out of the negligence of any Indemnified Person; provided that
such indemnity shall not, as to any Indemnified Person, be available to the
extent that such Indemnified Liabilities are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnified
Person.    In the case of an investigation, litigation or
other proceeding to which the indemnity in this Section 8 applies,
such indemnity shall be effective whether or not such investigation, litigation
or proceeding is brought by the Company, its directors, shareholders or
creditors or an Indemnified Party or any other Person, whether or not an
Indemnified Person is otherwise a party thereto and whether or not any of the
transactions contemplated hereunder or under any of the other Note Documents are
consummated.  All amounts due under this Section 8 shall be
payable within five Business Days after demand therefor.  The
agreements in this Section 8 shall
survive the resignation of the Collateral Agent, the assignment by any Secured
Party and the repayment, satisfaction or discharge of all the other Secured
Obligations.  In the event that any investigation, litigation or
proceeding is asserted or threatened in writing or instituted against any
Indemnified Person, or any remedial, removal or response action which is
requested of it or any other Indemnified Person, for which such Indemnified
Person may desire indemnity or defense hereunder, such Indemnified Person shall
notify the Company in writing of such event; provided that failure to so notify
the Company shall not affect the right of any Indemnified Person to seek
indemnification under this Section
8.

     

    
      
         

      

      
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    (b)           The
Company will pay to the Collateral Agent within five Business Days after demand
the amount of any and all reasonable, documented expenses, including, without
limitation, the fees and expenses of its counsel and of any experts and agents,
that the Collateral Agent may incur in connection with (i) the administration of
this Security Agreement, (ii) the custody, preservation, use or operation of, or
the sale of, collection from or other realization upon, any of the Collateral of
the Company, (iii) the exercise or enforcement of any of the rights of the
Collateral Agent or the Secured Parties hereunder, or (iv) the failure by the
Company to perform or observe any of the provisions hereof.

     

    (c)           The
Collateral Agent and each Secured Party shall use reasonable care with respect
to the Collateral in its possession or under its control.  Neither the
Collateral Agent nor any Secured Party shall have any other duty as to any
Collateral in its possession or control or in the possession or control of any
agent or nominee of the Collateral Agent or such Secured Party, or any income
thereon or as to the preservation of rights against prior parties or any other
rights pertaining thereto.

     

    Section
9.       
Reinstatement.  This Security
Agreement shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Company for liquidation or
reorganization, should the Company become insolvent or make an assignment for
the benefit of any creditor or creditors or should a receiver or trustee be
appointed for all or any significant part of the Company’s assets, and shall
continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the Secured Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee of the Secured Obligations, whether as a
“voidable preference,” “fraudulent conveyance,” or otherwise, all as though such
payment or performance had not been made.  In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the
Secured Obligations shall be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

     

    Section
10.   
  Notices.  Except as
otherwise provided herein, whenever it is provided herein that any notice,
demand, request, consent, approval, declaration or other communication shall or
may be given to or served upon any of the parties by any other party, or
whenever any of the parties desires to give and serve upon any other party any
communication with respect to this Security Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in
writing and shall in the case of the Company, be given in the manner, and deemed
received, as provided for in the Unit Notes.

     

    
      
         

      

      
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    Section
11.       Severability.  Whenever
possible, each provision of this Security Agreement shall be interpreted in a
manner as to be effective and valid under applicable law, but if any provision
of this Security Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or
invalidity without invalidating the remainder of such provision or the remaining
provisions of this Security Agreement.  This Security Agreement is to
be read, construed and applied together with the Note Documents, which, taken
together, set forth the complete understanding and agreement of the Collateral
Agent, the Secured Parties and the Company with respect to the matters referred
to herein and therein.

     

    Section
12.       No Waiver; Cumulative
Remedies; Amendments.  Neither the
Collateral Agent nor any other Secured Party shall by any act, delay, omission
or otherwise be deemed to have waived any of its rights or remedies hereunder,
and no waiver shall be valid unless in writing, signed by the Collateral Agent
and then only to the extent therein set forth.  A waiver by the
Collateral Agent of any right or remedy hereunder on any one occasion shall not
be construed as a bar to any right or remedy which the Collateral Agent would
otherwise have had on any future occasion.  No failure to exercise nor
any delay in exercising on the part of the Collateral Agent or any other Secured
Party, any right, power or privilege hereunder, shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or future exercise thereof or the
exercise of any other right, power or privilege.  The rights and
remedies hereunder provided are cumulative and may be exercised singly or
concurrently, and are not exclusive of any rights and remedies provided by
law.  None of the terms or provisions of this Security Agreement may
be waived, altered, modified or amended except by an instrument in writing, duly
executed by the Collateral Agent and the Company.  The Company and the
Collateral Agent may amend, modify, waive or supplement provisions of this
Security Agreement (a) to cure any ambiguity, defect or inconsistency contained
herein, (b) to make any change that would provide any additional rights or
benefits to the holders of the Unit Notes or that does affect the legal rights
of any such holder under this Security Agreement, or (c) upon the written
consent of the Required Holders.

     

    Section
13.       Limitation By
Law.  All rights,
remedies and powers provided in this Security Agreement may be exercised only to
the extent that the exercise thereof does not violate any applicable provision
of law, and all the provisions of this Security Agreement are intended to be
subject to all applicable mandatory provisions of law that may be controlling
and to be limited to the extent necessary so that they shall not render this
Security Agreement invalid, or unenforceable, in whole or in part, or not
entitled to be recorded, registered or filed under the provisions of any
applicable law.

     

    Section
14.        Termination Of This Security
Agreement.  Subject to Section 9 hereof,
this Security Agreement shall terminate upon the Termination Date.

     

    
      
         

      

      
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    Section
15.       Successors And
Assigns.  This Security
Agreement and all obligations of the Company hereunder shall be binding upon the
successors and assigns of the Company (including any debtor-in-possession on
behalf of the Company) and shall, together with the rights and remedies of the
Collateral Agent, for the benefit of the Collateral Agent and the other Secured
Parties, hereunder, inure to the benefit of the Collateral Agent and the other
Secured Parties, all future holders of any instrument evidencing any of the
Secured Obligations and their respective successors and assigns.  No
sales of participations, other sales, assignments, transfers or other
dispositions of any agreement governing or instrument evidencing the Secured
Obligations or any portion thereof or interest therein shall in any manner
impair the Lien granted to the Collateral Agent, for the benefit of the
Collateral Agent and the other Secured Parties, hereunder.  the
Company may not assign, sell, hypothecate or otherwise transfer any interest in
or obligation under this Security Agreement.

     

    Section
16.       Counterparts.  This Security
Agreement may be executed in any number of separate counterparts, each of which
shall collectively and separately constitute one agreement.  This
Security Agreement may be executed by manual signature, facsimile or, if
approved in writing by the Collateral Agent, electronic means, all of which
shall be equally valid.

     

    Section
17.      Governing Law.  IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY
AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE, AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.  THE COMPANY HEREBY CONSENTS AND
AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE SOUTHERN DISTRICT OF NEW
YORK, STATE OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE
ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY, THE COLLATERAL AGENT AND THE SECURED
PARTIES PERTAINING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER NOTE DOCUMENTS
OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OF
THE OTHER NOTE DOCUMENTS, PROVIDED, NOTHING IN
THIS SECURITY AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE COLLATERAL
AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO
ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE COLLATERAL
AGENT.  THE COMPANY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO THE
JURISDICTION OF THE STATE COURTS OR THE FEDERAL COURTS LOCATED IN THE SOUTHERN
DISTRICT OF NEW YORK, STATE OF NEW YORK, IN ANY ACTION OR SUIT COMMENCED IN ANY
SUCH COURT, AND THE COMPANY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED
UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT.  THE COMPANY HEREBY WAIVES PERSONAL SERVICE
OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT
AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE COMPANY AT THE ADDRESS
PROVIDED THEREFOR IN THE UNIT NOTES, AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER
DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    Section
18.       Waiver Of Jury
Trial.  BECAUSE DISPUTES
ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH
APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE THAT DISPUTES
ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS.  THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE
BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG THE COLLATERAL
AGENT, THE SECURED PARTIES, AND THE COMPANY ARISING OUT OF, CONNECTED WITH,
RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH,
THIS SECURITY AGREEMENT OR ANY OF THE OTHER NOTE DOCUMENTS OR THE TRANSACTIONS
RELATED HERETO OR THERETO.

     

    Section
19.       Expenses.  The Company
agrees to reimburse each of the Collateral Agent and the other Secured Parties
for all reasonable, documented costs and expenses incurred by them (including,
without limitation, the reasonable, documented fees and expenses of one legal
counsel) in connection with (i) any Event of Default and any enforcement or
collection proceeding resulting therefrom, including, without limitation, all
manner of participation in or other involvement with (w) performance by the
Collateral Agent of any obligations of the Company in respect of the Collateral
that the Company has failed or refused to perform, (x) bankruptcy, insolvency,
receivership, foreclosure, winding up or liquidation proceedings, or any actual
or attempted sale, or any exchange, enforcement, collection, compromise or
settlement in respect of any of the Collateral, and for the care of the
Collateral and defending or asserting rights and claims of the Collateral Agent
in respect thereof, by litigation or otherwise, including expenses of insurance,
(y) judicial or regulatory proceedings and (z) workout, restructuring or other
negotiations or proceedings (whether or not the workout, restructuring or
transaction contemplated thereby is consummated) and (ii) the enforcement of
this Section
19, and all such costs and expenses shall be Secured Obligations entitled
to the benefits of the collateral security provided pursuant to Section
2.

     

    Section
20.       Section Titles.  The Section
titles contained in this Security Agreement are and shall be without substantive
meaning or content of any kind whatsoever and are not a part of the agreement
among the parties hereto.

     

    Section
21.       No Strict
Construction.  The parties
hereto have participated jointly in the negotiation and drafting of this
Security Agreement.  In the event an ambiguity or question of intent
or interpretation arises, this Security Agreement shall be construed as if
drafted jointly by the parties hereto and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any
provisions of this Security Agreement.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    Section
22.       Advice Of
Counsel.  Each of the
parties represents to each other party hereto that it has discussed this
Security Agreement and, specifically, the provisions of Section 17 and Section 18, with its
counsel.

     

    Section
23.       Benefit Of Secured
Parties. All Liens granted or contemplated hereby shall be for the
benefit of the Collateral Agent, individually, and the Secured Parties, and all
proceeds or payments realized from Collateral in accordance herewith shall be
applied to the Secured Obligations in the manner determined by the Collateral
Agent in its sole discretion.

     

    [Signature Page
Follows]

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement
to be executed and delivered by its duly authorized officer as of the date first
set forth above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	
                                        Millennium
      Biotechnologies, Inc.

                                      	 
	 
      	 
      	 
      	 
	 
      	
                                        By:

                                      	
                                         
        

                                      	 
       
	 
      	
                                        Name:

                                      	 
	 
      	
                                        Title:

                                      	 
	 	 	 
	 
      	
                                        Inergetics,
      Inc.

                                      	 
	 
      	 
      	 
      	 
	 
      	
                                        By:

                                      	
                                         
          

                                      	 
       
	 
      	
                                        Name:

                                      	 
	 
      	
                                        Title:

                                      	 
	 
      	 
      	 
      	 
	 
      	
                                          
        

                                      	 
       
	 
      	
                                        Ken
      Sadowsky as Collateral Agent

                                      	 
	 
      	 
      	 
      	 
	 
      	
                                         
      

                                      	 
	 
      	
                                        Leon
      Frenkel as Collateral Agent

                                      	 
	 
      	 
      	 
      	 
	 
      	Seahorse
      Enterprises LLC as Collateral Agent	 
	 
      	 
      	 
      	 
	 
      	
                                        By:

                                      	
                                          
        

                                      	 
       
	 
      	
                                        Name:

                                      	 
	 
      	
                                        Title:

                                      	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ANNEX A

    to

     

    SECURITY
AGREEMENT

     

    DEFINITIONS

     

    Capitalized
terms used in the Security Agreement shall have the following respective
meanings, and all references to Sections, Exhibits, Schedules or Annexes in the
following definitions shall refer to Sections, Exhibits, Schedules or Annexes of
or to the Security Agreement:

     

    “Account Debtor” means
any Person who may become obligated to the Company under, with respect to, or on
account of, an Account, Chattel Paper or General Intangibles (including a
payment intangible).

     

    “Accounts” means all
“accounts,” as such term is defined in the Code, now owned or hereafter acquired
by the Company, including (as the context may reasonably permit) (a) all
accounts receivable, other receivables, book debts and other forms of
obligations (other than forms of obligations evidenced by Chattel Paper, or
Instruments), (including any such obligations that may be characterized as an
account or contract right under the Code), (b) all of the Company’s rights
in, to and under all purchase orders or receipts for goods or services,
(c) all of the Company’s rights to any goods represented by any of the
foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation
and stoppage in transit and rights to returned, reclaimed or repossessed goods),
(d) all rights to payment due to the Company for property sold, leased,
licensed, assigned or otherwise disposed of, for a policy of insurance issued or
to be issued, for a secondary obligation incurred or to be incurred, for energy
provided or to be provided, for the use or hire of a vessel under a charter or
other contract, arising out of the use of a credit card or charge card, or for
services rendered or to be rendered by the Company or in connection with any
other transaction (whether or not yet earned by performance on the part of the
Company), (e) all health care insurance receivables and (f) all
collateral security of any kind, given by any Account Debtor or any other Person
with respect to any of the foregoing.

     

    “Affiliate” means,
with respect to any specified Person, any other Person who directly or
indirectly through one or more intermediaries controls, or is controlled by, or
is under common control with, such specified Person.  The term
“control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a Person; and the terms
“controlling” and “controlled” have meanings correlative of the
foregoing.

     

    “Bankruptcy Code”
means the provisions of Title 11 of the United States Code, 11 U.S.C.
§§ 101 et
seq.

     

    “Business Day” means
any day that is not a Saturday, a Sunday or a day on which banks are required or
permitted to be closed in the City of New York.

     

    “Chattel Paper” means
any “chattel paper,” as such term is defined in the Code, including electronic
chattel paper, now owned or hereafter acquired by the Company.

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    “Code” means the
Uniform Commercial Code as the same may, from time to time, be enacted and in
effect in the State of New York; provided, that to the
extent that the Code is used to define any term herein and such term is defined
differently in different Articles of the Code, the definition of such term
contained in Article 9 of the Code shall govern; provided further, that in the
event that, by reason of mandatory provisions of law, any or all of the
attachment, perfection or priority of, or remedies with respect to, the Lien on
any Collateral under the Security Agreement is governed by the Uniform
Commercial Code as enacted and in effect in a jurisdiction other than the State
of New York, the term “Code” shall mean the
Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment,
perfection, priority or remedies and for purposes of definitions related to such
provisions.

     

    “Collateral” has the
meaning ascribed to it in Section 2(a).

     

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

     

    “Contracts” means all
“contracts,” as such term is defined in the Code, now owned or hereafter
acquired by the Company, in any event, including all contracts, undertakings, or
agreements (other than rights evidenced by Chattel Paper, Documents or
Instruments) in or under which the Company may now or hereafter have any right,
title or interest.

     

    “Copyright License”
means any and all rights now owned or hereafter acquired by the Company under
any written agreement granting any right to use any Copyright or Copyright
registration.

     

    “Copyrights” means all
of the following now owned or hereafter adopted or acquired by the
Company:  (a) all copyrights, all General Intangibles of like
nature (whether registered or unregistered), all registrations and recordings
thereof, and all applications in connection therewith, including all
registrations, recordings and applications in the United States Copyright Office
or in any similar office or agency of the United States, any state or territory
thereof, or any other country or any political subdivision thereof, (b) all
reissues, extensions or renewals thereof, (c) the right to recover for all past,
present and future infringements thereof and (d) all other rights of any kind
whatsoever accruing thereunder as pertaining thereto.

     

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

     

    “Documents” means all
“documents,” as such term is defined in the Code, now owned or hereafter
acquired by the Company, wherever located.

     

    “Dollars” or “$”  means
lawful currency of the United States of America.

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    “Equipment” means all
“equipment,” as such term is defined in the Code, now owned or hereafter
acquired by the Company, wherever located and, in any event, including all of
the Company’s machinery and equipment, including processing equipment,
conveyors, machine tools, data processing and computer equipment, including
embedded software and peripheral equipment and all engineering, processing and
manufacturing equipment, office machinery, furniture, materials handling
equipment, tools, attachments, accessories, automotive equipment, trailers,
trucks, forklifts, molds, dies, stamps, motor vehicles, rolling stock and other
equipment of every kind and nature, trade fixtures and fixtures not forming a
part of real property, together with all additions and accessions thereto,
replacements therefor, all parts therefor, all substitutes for any of the
foregoing, fuel therefor, and all manuals, drawings, instructions, warranties
and rights with respect thereto, and all products and proceeds thereof and
condemnation awards and insurance proceeds with respect thereto.

     

    “Equity Interest”
means the interest of (a) a shareholder in a corporation; (b) a partner (whether
general or limited) in a partnership (whether general, limited or limited
liability); (c) a member in a limited liability company; or (d) any other Person
having any other form of equity security or ownership interest.

     

     “General Intangibles”
means all “general intangibles,” as such term is defined in the Code, now owned
or hereafter acquired by the Company, including (as the context may reasonably
permit) all right, title and interest that the Company may now or hereafter have
in or under any Contract, all payment intangibles, customer lists, Licenses,
Copyrights, Trademarks, Patents, and all applications therefor and reissues,
extensions or renewals thereof, rights in Intellectual Property, interests in
partnerships, joint ventures and other business associations, licenses, permits,
copyrights, trade secrets, proprietary or confidential information, inventions
(whether or not patented or patentable), technical information, procedures,
designs, knowledge, know-how, software, data bases, data, skill, expertise,
experience, processes, models, drawings, materials and records, goodwill
(including the goodwill associated with any Trademark or Trademark License), all
rights and claims in or under insurance policies (including insurance for fire,
damage, loss and casualty, whether covering personal property, real property,
tangible rights or intangible rights, all liability, life, key man and business
interruption insurance, and all unearned premiums), choses in action, rights to
receive tax refunds and other payments, rights to receive dividends,
distributions, cash, Instruments and other property in respect of or in exchange
for any pledged Investment Property, rights of indemnification, all books and
records, correspondence, credit files, invoices and other papers, including
without limitation all tapes, cards, computer runs and other papers and
documents in the possession or under the control of the Company or any computer
bureau or service company from time to time acting for the Company.

     

    “Goods” means all
“goods” as defined in the Code, now owned or hereafter acquired by the Company,
wherever located, including embedded software to the extent included in “goods”
as defined in the Code.

     

    “Instruments” means
all “instruments,” as such term is defined in the Code, now owned or hereafter
acquired by the Company, wherever located, and, in any event, including all
certificates of deposit, and all promissory notes and other evidences of
indebtedness, other than instruments that constitute, or are a part of a group
of writings that constitute, Chattel Paper.

     

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

     

    “Intellectual
Property” means collectively, all Copyrights, all Patents and all
Trademarks, together with (a) all inventions, processes, production methods,
proprietary information, know-how and trade secrets; (b) all Copyright Licenses,
Patent Licenses and Trademark Licenses; (c) all information, customer
lists, identification of suppliers, data, plans, blueprints, specifications,
designs, drawings, recorded knowledge, surveys, engineering reports, test
reports, manuals, materials standards, processing standards, performance
standards, catalogs, computer and automatic machinery software and programs; (d)
all field repair data, sales data and other information relating to sales or
service of products now or hereafter manufactured; (e) all accounting
information and all media in which or on which any information or knowledge or
data or records may be recorded or stored and all computer programs used for the
compilation or printout of such information, knowledge, records or data; (f) all
licenses, consents, permits, variances, certifications and approvals of
governmental agencies now or hereafter held by the Company; and (g) all causes
of action, claims, and warranties now or hereafter owned or acquired by the
Company in respect of any of the items listed above.

     

    “Intellectual Property
Security Agreement” means, with respect to Patents and Trademarks, the
Notice of Security Interest in Patents and Trademarks substantially in the form
of Exhibit I-A
attached hereto and shall include any amendments, restatements, supplements, or
other modifications thereto, and with respect to Copyrights, the Notice of
Security Interest in Copyrights substantially in the form of Exhibit I-B attached
hereto and shall include any amendments, restatements, supplements, or other
modifications thereto.

     

    “Inventory” means all
“inventory,” as such term is defined in the Code, now owned or hereafter
acquired by the Company, wherever located, and in any event including (as the
context may reasonably permit) inventory, merchandise, goods and other personal
property that are held by or on behalf of the Company for sale or lease or are
furnished or are to be furnished under a contract of service, or that constitute
raw materials, work in process, finished goods, returned goods, or materials or
supplies of any kind, nature or description used or consumed or to be used or
consumed in the Company’s business or in the processing, production, packaging,
promotion, delivery or shipping of the same, including all supplies and embedded
software.

     

    “Investment Property”
means all “investment property” as such term is defined in the Code now owned or
hereafter acquired by the Company, wherever located, including (as the context
may reasonably permit) (i) all securities, whether certificated or
uncertificated, including stocks, bonds, interests in limited liability
companies, partnership interests, treasuries, certificates of deposit, and
mutual fund shares; (ii) all securities entitlements of the Company,
including the rights of the Company to any securities account and the financial
assets held by a securities intermediary in such securities account and any free
credit balance or other money owing by any securities intermediary with respect
to that account; (iii) all securities accounts of the Company;
(iv) all commodity contracts of the Company; and (v) all commodity
accounts held by the Company.

     

    “Letter-of-Credit
Rights” means “letter-of-credit rights” as such term is defined in the
Code, now owned or hereafter acquired by the Company, including (as the context
may reasonably permit) rights to payment or performance under a letter of
credit, whether or not the Company, as beneficiary, has demanded or is entitled
to demand payment or performance.

     

    “License” means any
Copyright License, Patent License, Trademark License or other license of rights
or interests now held or hereafter acquired by the Company.

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

     

    “Lien” means any
mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, lien, charge, claim, security interest, easement or encumbrance, or
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including any lease or title retention agreement,
any financing lease having substantially the same economic effect as any of the
foregoing, and the filing of, or agreement to give, any financing statement
perfecting a security interest under the Code or comparable law of any
jurisdiction).

     

    “Note Documents” mean
the Unit Notes, this Security Agreement and any other agreements entered into,
or may enter into in the future, by the Company in connection with this Security
Agreement or the Existing Security Agreement.

     

    “Patent License” means
rights under any written agreement now owned or hereafter acquired by the
Company granting any right with respect to any invention on which a Patent is in
existence.

     

    “Patents” means all of
the following in which the Company now holds or hereafter acquires any
interest:  (a) all letters patent of the United States or of any other
country, all registrations and recordings thereof, and all applications for
letters patent of the United States or of any other country, including
registrations, recordings and applications in the United States Patent and
Trademark Office or in any similar office or agency of the United States, any
State, or any other country, (b) all reissues, continuations,
continuations-in-part or extensions thereof, (c) all income, royalties,
damages and payments now or hereafter due and/or payable under and with respect
thereto, including, without limitation, damages and payments for past or future
infringements thereof, (d) the right to sue for past, present and future
infringements thereof, and (e) all rights corresponding thereto throughout
the world.

     

    “Permitted Liens”
means the following:

     

    1.           Any
liens arising under this Security Agreement or any other Note Documents or as
set forth on Schedule
VIII (A);

     

    2.           Liens
for taxes or other governmental charges not at the time delinquent or thereafter
payable without penalty or being contested in good faith, provided provision is
made to the reasonable satisfaction of Collateral Agent for the eventual payment
thereof if subsequently found payable;

     

    3.           Liens
(i) on equipment acquired or held by the Company incurred in connection with the
financing of the equipment, or (ii) existing on equipment when acquired, if the
lien is confined to the property and improvements and the proceeds of the
equipment;

     

    4.           Leases
or subleases and licenses or sublicenses granted in the ordinary course of the
Company’s business not interfering in any material respect with the business of
the Company;

     

    5.           Materialmen’s,
mechanics’, warehousemen’s, carriers’, repairmen’s, artisans’ landlords’ or
other similar liens arising in the ordinary course of business or by operation
of law;

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

     

    6.           Liens
incurred in the extension, renewal or refinancing of the indebtedness secured by
liens described in clauses (1) through (5) above, but any extension, renewal or
replacement lien must be limited to the property encumbered by the existing lien
and the principal amount of the indebtedness may not increase;

     

    7.           Easements,
reservations, rights-of-way, restrictions, minor defects or irregularities in
title and other similar charges or encumbrances affecting real property not
having a material adverse effect on the Company’s business or
assets;

     

    8.           Liens
arising from judgments, decrees or attachments in circumstances not constituting
an Event of Default;

     

    9.           Liens
to secure payment of worker’s compensation, unemployment insurance, old age
pensions or other social security obligations of the Company in the ordinary
course of business; and

     

    10.         Liens
in favor of other financial institutions arising in connection with the
Company’s Deposit Accounts held at such institutions, provided that the
Purchasers have a perfected security interest in the amounts held in such
Deposit Accounts.

     

    “Person” means an
individual, partnership, corporation, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or political
subdivision thereof.

     

    “Pledged Stock” means,
with respect to each direct and indirect Subsidiary of the Company, all of the
authorized outstanding shares of each class of capital stock or other Equity
Interests of such Subsidiary owned by the Company.  Pledged Stock shall
include all shares, securities, moneys or property representing a dividend on
any of the aforesaid capital stock and Equity Interests, or representing a
distribution or return of capital upon or in respect thereof, or resulting from
a split-up, revision, reclassification or other like change thereof or otherwise
received in exchange therefor, and any subscription, warrants, rights or options
issued to the holders of, otherwise in respect of, the aforesaid capital stock
and Equity Interests and without affecting the obligations of the Company under
any provision prohibiting such action hereunder or under the Note Documents, in
the event of any consolidation or merger in which an issuer of the aforesaid
capital stock and Equity Interests is not the surviving corporation, all shares
of each class of the capital stock of the successor corporation (unless such
successor corporation is the Company itself) formed by or resulting from such
consolidation or merger.

     

    “Proceeds” means
“proceeds,” as such term is defined in the Code, including (as the context may
reasonably permit) (a) any and all proceeds of any insurance, indemnity,
warranty or guaranty payable to the Company from time to time with respect to
any of the Collateral, (b) any and all payments (in any form whatsoever)
made or due and payable to the Company from time to time in connection with any
requisition, confiscation, condemnation, seizure or forfeiture of all or any
part of the Collateral by any governmental authority (or any Person acting under
color of governmental authority), (c) any claim of the Company against
third parties (i) for past, present or future infringement of any Patent or
Patent License, or (ii) for past, present or future infringement or
dilution of any Copyright, Copyright License, Trademark or Trademark License, or
for injury to the goodwill associated with any Trademark or Trademark License,
(d) any recoveries by the Company against third parties with respect to any
litigation or dispute concerning any of the Collateral including claims arising
out of the loss or nonconformity of, interference with the use of, defects in,
or infringement of rights in, or damage to, Collateral, (e) all amounts
collected on, or distributed on account of, other Collateral, including
dividends, interest, distributions and Instruments with respect to Investment
Property, and (f) any and all other amounts, rights to payment or other
property acquired upon the sale, lease, license, exchange or other disposition
of Collateral and all rights arising out of Collateral.

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

     

    “Required Holders”
means the holders of the Unit Notes representing the majority in dollar amount
of the outstanding principal balance of all of the then outstanding Unit
Notes.

     

    “Secured Obligations”
means all principal of all Unit Notes outstanding from time to time, including
Unit Notes to be issued, all interest (including all interest that accrues after
the commencement of any case or proceeding in bankruptcy, insolvency or similar
proceeding, whether or not allowed or allowable in such case or proceeding) on
such Unit Notes and all other amounts now or hereafter payable by the Company
pursuant to any of the Note Documents provided, however, that “Secured Obligations”
shall not include any obligations of the Company to any respective Secured Party
as equity holder of any of the Company’s capital stock.

     

    “Secured Parties”
means the holders from time to time of the Secured Obligations.

     

    “Security Agreement”
or “Agreement”
means this Security Agreement, as the same may be amended, supplemented,
restated or otherwise modified from time to time.

     

    “Software” means all
“software” as such term is defined in the Code, now owned or hereafter acquired
by the Company, other than software embedded in any category of Goods, including
all computer programs and all supporting information provided in connection with
a transaction related to any program.

     

    “Subsidiary” means,
with respect to any Person, any corporation, limited liability company, limited
liability partnership or other limited or general partnership, trust,
association or other business entity of which an aggregate of at least a
majority of the outstanding capital stock or other interests entitled to vote in
the election of the board of directors of such corporation (irrespective of
whether, at the time, capital stock of any other class or classes of such
corporation shall have or might have voting power by reason of the happening of
any contingency), managers, trustees or other controlling persons, or an
equivalent controlling interest therein, of such Person is, at the time,
directly or indirectly, owned by such Person and/or one or more subsidiaries of
such Person.

     

    “Supporting Secured
Obligations” means all “supporting obligations” as such term is defined
in the Code, including letters of credit and guaranties issued in support of
Accounts, Chattel Paper, Documents, General Intangibles, Instruments, or
Investment Property.

     

    “Termination Date”
means the date on which all obligations of the Company to the Secured Parties or
their assigns under the Unit Notes, the Purchase Agreement, this Security
Agreement and each other Note Document have been indefeasibly
satisfied.

    
      
         

      

      
        A-7

        
          

        

      

      
         

      

    

     

    “Trademark License”
means rights under any written agreement now owned or hereafter acquired by the
Company granting any right to use any Trademark.

     

    “Trademarks” means all
of the following now owned or hereafter existing or adopted or acquired by the
Company:  (a) all trademarks, trade names, corporate names, business
names, trade styles, service marks, logos, other source or business identifiers,
prints and labels on which any of the foregoing have appeared or appear, designs
and General Intangibles of like nature (whether registered or unregistered), all
registrations and recordings thereof, and all applications in connection
therewith, including registrations, recordings and applications in the United
States Patent and Trademark Office or in any similar office or agency of the
United States, any state or territory thereof, or any other country or any
political subdivision thereof, (b) all reissues, extensions or renewals
thereof, (c) all rights corresponding thereto throughout the world
(d) the right to recover for all past, present and future infringements
thereof and (e) all other rights of any kind whatsoever accruing thereunder or
pertaining thereto, together, in each case, with the product lines and goodwill
of the business connected with the use of, and symbolized by, any of the
foregoing.

     

    The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
the Security Agreement as a whole, including all Annexes, Exhibits and
Schedules, as the same may from time to time be amended, restated, modified or
supplemented, and not to any particular section, subsection or clause contained
in the Security Agreement or any such Annex, Exhibit or Schedule.

     

    Wherever
from the context it appears appropriate, each term stated in either the singular
or plural shall include the singular and the plural, and pronouns stated in the
masculine, feminine or neuter gender shall include the masculine, feminine and
neuter genders.  The words “including”, “includes” and “include” shall be
deemed to be followed by the words “without limitation”; the word “or” is not
exclusive; references to Persons include their respective successors and assigns
or, in the case of governmental Persons, Persons succeeding to the relevant
functions of such Persons; and all references to statutes and related
regulations shall include any amendments of the same and any successor statutes
and regulations.  Whenever any provision in this Security Agreement refers
to the knowledge (or an analogous phrase) of the Company, such words are
intended to signify that the Company has actual knowledge or awareness of a
particular fact or circumstance or that the Company, if it had exercised
reasonable diligence, would have known or been aware of such fact or
circumstance.

    
      
         

      

      
        A-8

        
          

        

      

      
         

      

    

    SCHEDULE
I

    to

    SECURITY
AGREEMENT

     

    FILING
JURISDICTIONS

     

    Delaware
Secretary of State

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
II

    to

    SECURITY
AGREEMENT

     

    [Intentionally
Omitted]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
III

    to

    SECURITY
AGREEMENT

     

    SCHEDULE
OF OFFICES, LOCATIONS OF COLLATERAL

    AND
RECORDS CONCERNING COMPANY’S COLLATERAL

     

    
      	
              I.

            	
              Companies’
      official names:

            	
              Millennium
      Biotechnologies, Inc.

            

    

    Inergetics, Inc.

    

    
      	
              II.

            	
              State
      or Incorporation or Organization of the Company:
  Delaware

            

    

     

    
      	
              III.

            	
              Chief
      Executive Office and principal place of business of the
      Company:

            

    

     

    
      	
               
      

            	
              205
      Robin Road, Suite 222

            

    

     

    Paramus,
NJ 07652

     

    
      	
              IV.

            	
              Type
      of Entity: Corporation

            

    

     

    
      	
              V.

            	
              Organizational
      Identification Number: None

            

    

     

    
      	
              VI.

            	
              Premises
      at which Collateral is Stored or
Located:

            

    

     

    
      	
            	
              (1)

            	
              205
      Robin Road, Suite 222

            

    

     

    Paramus,
NJ 07652

     

    
      Landlord: 
Paul Central Corp.

    

     

    
      	
            	
              (2)

            	
              Source
      4

            

    

     

    
      180
Passaic Avenue

    

     

    Fairfield,
NJ 07004

     

    
      Landlord:
SK Realty

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
IV

    to

    SECURITY
AGREEMENT

     

    (A)
PATENTS, TRADEMARKS AND COPYRIGHTS

     

    
      The
Company owns Patents and Trademarks in the United States as scheduled
below:

       

      Patents

       

      
        	
                Patent
      No. 6,503,506

              	
                Issued: 
      January 7, 2003

              	
                Nutrient
      Therapy for Immuno-Compromised
Patients

              

      

       

      Registered
Trademarks

       

      
        	
                Resurgex®

              	
                Trademark
      Number:  2,609,741

              	
                Issue
      Date:  August 20, 2002

              

      

       

      
        	
                Resurgex
      Plus®

              	
                Trademark
      Number:  2,985,078

              	
                Issue
      Date:  August 16, 2005

              

      

       

      
        	
                Defenzyme®

              	
                Trademark
      Number:  2,921,800

              	
                Issue
      Date:  January 25, 2005

              

      

       

      Trademark
Applications

       

      
        	
                Resurgex
      SelectTM

              	
                Application
      Number:  78/701,171

              

      

       

      
        	
                Resurgex
      FusionTM

              	
                Application
      Number:  78/817,285

              

      

       

      
        	
                SurgexTM

              	
                Application
      Number:  78/967,890

              

      

    

     

    (B)
LICENSE AGREEMENTS

     

    NONE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
V

    to

    SECURITY
AGREEMENT

     

    SUBSIDIARIES

     

    Millennium
Biotechnologies, Inc., a Delaware corporation

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
VI

    to

    SECURITY
AGREEMENT

     

    DEPOSIT
ACCOUNTS

     

    
      	
              Institution:

            	
              Peapack-Gladstone
      Bank

            

    

     

    36
Morristown Road

     

    Bernardsville, NJ 07924

    

    Account
numbers:

    

    5577547

    5583912

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
VII

    to

    SECURITY
AGREEMENT

     

    LIST
OF SOFTWARE

     

    NONE

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
VIII

    to

    SECURITY
AGREEMENT

     

    (A)

     

    
      	
              (B)

            	
              NONE

            

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    FORM
OF

     

    POWER
OF ATTORNEY

     

    This Power of Attorney is executed and
delivered by Millennium Biotechnologies, Inc. and Inergetics, Inc., each a
Delaware corporation (the “Grantor”)
to Ken Sadowsky, Leon Frenkel and Seahorse Enterprises, LLC (hereinafter
referred to as collectively the “Attorney”),
as the Collateral Agent for the benefit of the Collateral Agent and the holders
of a series of 12% 30 month notes (the “Notes”)
issued by Inergetics, Inc. and guaranteed by Millennium Biotechnologies,
Inc.  No person to whom this Power of Attorney is presented, as authority
for the Attorney to take any action or actions contemplated hereby, shall be
required to inquire into or seek confirmation from the Grantor as to the
authority of the Attorney to take any action described below, or as to the
existence of or fulfillment of any condition to this Power of Attorney, which is
intended to grant to the Attorney unconditionally the authority to take and
perform the actions contemplated herein.  The power of attorney granted
hereby is coupled with an interest, and may not be revoked or canceled by the
Grantor without the Attorney’ s written consent.

     

    All
capitalized terms not otherwise defined herein shall have the meaning set forth
in that certain Amended and Restated Security Agreement, dated the date hereof
(the “Security
Agreement”), among the Grantor and the Attorney.

     

    The
Grantor hereby irrevocably constitutes and appoints the Attorney (and all
officers, employees or agents designated by the Attorney), with full power of
substitution, as the Grantor’s true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of the Grantor and in the
name of the Grantor or in its own name, from time to time in the Attorney’s
discretion, without notice to or assent by the Grantor, and at any time in the
case of clause (h) below and at any time an Event of Default (as defined in the
Notes) has occurred and is continuing in the case of (a), (b), (c), (d), (e),
(f), (g), (i) and (j) below, to do the following: (a) change the mailing address
of the Grantor, open a post office box on behalf of the Grantor, open mail for
the Grantor, and ask, demand, collect, give acquittances and receipts for, take
possession of, endorse any invoices, freight or express bills, bills of lading,
storage or warehouse receipts, drafts against debtors, assignments,
verifications, and notices in connection with any property of the Grantor
constituting Collateral; (b) effect any repairs to any asset of the Grantor, or
continue or obtain any insurance and pay all or any part of the premiums
therefor and costs thereof, and make, settle and adjust all claims under such
policies of insurance, and make all determinations and decisions with respect to
such policies; (c) pay or discharge any taxes, liens, security interests, or
other encumbrances levied or placed on or threatened against the Grantor or its
property constituting Collateral; (d) defend any suit, action or proceeding
brought against the Grantor if the Grantor does not defend such suit, action or
proceeding or if the Attorney believes that the Grantor is not pursuing such
defense in a manner that will maximize the recovery to the Attorney, and settle,
compromise or adjust any suit, action, or proceeding described above and, in
connection therewith, give such discharges or releases as the Attorney may deem
appropriate; (e) file or prosecute any claim, litigation, suit or proceeding in
any court of competent jurisdiction or before any arbitrator, or take any other
action otherwise deemed appropriate by the Attorney for the purpose of
collecting any and all such moneys due to the Grantor whenever payable and to
enforce any other right in respect of the Grantor’s property constituting
Collateral; (f) cause the certified public accountants then engaged by the
Grantor to prepare and deliver to the Attorney at any time and from time to
time, promptly upon the Attorney’s request, the following reports: (1) a
reconciliation of all accounts, (2) an aging of all accounts, (3) trial
balances, (4) test verifications of such accounts as the Attorney may request,
and (5) the results of each physical verification of inventory; (g) communicate
in its own name with any party to any contract with regard to the assignment of
the right, title and interest of such Grantor in and under the contracts and
other matters relating thereto; (h) file such financing statements with respect
to the aforesaid Security Agreement, with or without Grantor’s signature, or to
file a photocopy of such Security Agreement in substitution for a financing
statement, as the Collateral Agent may deem appropriate and to execute in the
Grantor’s name such financing statements and amendments thereto and continuation
statements which may require the Grantor’s signature; (i) execute, in connection
with any sale provided for in any Note Document, any endorsements, assignments
or other instruments of conveyance or transfer with respect to the Collateral
and to otherwise direct such sale or resale, all as though the Attorney were the
absolute owner of the property of the Grantor for all purposes, and (j) at the
Attorney’s option and the Grantor’s expense, at any time or from time to time,
all acts and other things that the Attorney reasonably deems necessary to
perfect, preserve, or realize upon the Grantor’s property or assets and the
Collateral Agent’s Liens thereon, all as fully and effectively as the Grantor
might do.  The Grantor hereby ratifies, to the extent permitted by law, all
that said Attorney shall lawfully do or cause to be done by virtue
hereof.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, this Power of Attorney is executed by the Grantor, and the
Grantor has caused its seal to be affixed pursuant to the authority of its board
of directors as of this 31st day of
March, 2010.

     

    
      
        
          
            
              	 
      	
                      Millennium
      Biotechnologies, Inc.

                    
	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Title:

                    	 
      

            

          

        

      

    

     

    
      
        
          
            
              	 
      	
                      Inergetics,
      Inc.

                    
	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Title:

                    	 
      

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    NOTARY PUBLIC
CERTIFICATE

     

    On this
_____ day of ______________, 200_, ___________________ [name] who is personally
known to me appeared before me in his/her capacity as the
_________________[title] of Millennium Biotechnologies, Inc. and Inergetics,
Inc. (“Grantor”) and executed on behalf of the Grantor the Power of Attorney in
favor of Ken Sadowsky, Leon Frenkel and Seahorse Enterprises, LLC to which this
Certificate is attached.

     

    
      
        
          	 
      	 
      
	 
      	
                  Notary
      Public

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT I
-A

     

    FORM
OF

    NOTICE
OF SECURITY INTEREST

    IN

    PATENTS
AND TRADEMARKS

     

    NOTICE IS HEREBY GIVEN that Millennium
Biotechnologies, Inc. and Inergetics, Inc., each a Delaware corporation
(collectively, the “Grantor”)
with an office located at 205 Robin Road, Suite 222, Paramus, NJ 07652, and Ken
Sadowsky, Leon Frenkel and Seahorse Enterprises, LLC (collectively, the “Collateral
Agent”), with offices located at at 450 Alton Rd. #1601, Miami Beach, FL
33139,  1600 Flat Rock Road, Penn Valley, PA 19072 and 1 Powder Hill Way,
Westborough, MA 01581, atten: John Israelian, respectively, on behalf of
themselves and certain other creditors of the Grantor (collectively, the “Secured
Parties”), have entered into an Amended and Restated Security Agreement,
dated as of March 31, 2010 (the “Security
Agreement”; terms defined in the Security Agreement and not otherwise
defined herein are used herein as therein defined).

     

    Pursuant to the Security Agreement, the
Grantor has conveyed, pledged, assigned and transferred to the Collateral Agent,
for the equal and ratable benefit of the Secured Parties, and has granted to the
Collateral Agent, for the equal and ratable benefit of the Secured Parties, a
security interest in the Patents listed in Schedule A hereto and
in Trademarks and Trademark Licenses listed in Schedule B hereto,
together with the goodwill of the business symbolized thereby, in each case to
secure the prompt payment, performance and observance of the Secured Obligations
of such Grantor.

     

    Dated:
________________

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            Millennium
      Biotechnologies, Inc.

                          
	 
      	 
      
	 
      	
                            By:

                          	 
      
	 
      	
                            Name:

                          	 
      
	 
      	
                            Title:

                          	 
      
	 
      	 
      	 
      
	 
      	
                            Inergetics,
      Inc.

                          
	 
      	 
      
	 
      	
                            By:

                          	 
      
	 
      	
                            Name:

                          	 
      
	 
      	
                            Title:

                          	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    TO

     

    NOTICE
OF SECURITY INTEREST

     

    IN

     

    PATENTS

     

    Patents

    

    Patent
No. 6,503,506            Issued:  January 7,
2003        Nutrient Therapy for Immuno-Compromised
Patients

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
B

     

    TO

     

    NOTICE
OF SECURITY INTEREST

     

    IN

     

    TRADEMARKS
AND TRADEMARK LICENSES

    

    Registered
Trademarks

     

    
      
        	
                Resurgex®

              	
                Trademark
      Number:  2,609,741

              	
                Issue
      Date:  August 20, 2002

              

      

       

      
        	
                Resurgex
      Plus®

              	
                Trademark
      Number:  2,985,078

              	
                Issue
      Date:  August 16, 2005

              

      

       

      
        	
                Defenzyme®

              	
                Trademark
      Number:  2,921,800

              	
                Issue
      Date:  January 25, 2005

              

      

       

      
        	
                Resurgex
      Select®

              	
                Trademark
      Number:  3,197,640

              	
                Issue
      Date:  January 9,
2007

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT I
-B

     

    FORM
OF

     

    NOTICE
OF SECURITY INTEREST

     

    IN

     

    COPYRIGHTS

     

    NOTICE IS HEREBY GIVEN that Millennium
Biotechnologies, Inc. and Inergetics, Inc., each a Delaware Corporation
(collectively, the “Grantor”)
both with an office located at 205 Robin Road, Suite 222, Paramus, NJ 07652 and
Ken Sadowsky, Leon Frenkel and Seahorse Enterprises, LLC, as Collateral Agent
(collectively, the “Collateral
Agent”), with offices located at 450 Alton Rd. #1601, Miami Beach, FL
33139,  1600 Flat Rock Road, Penn Valley, PA 19072 and 1 Powder Hill Way,
Westborough, MA 01581, atten: John Israelian, respectively, on behalf of
themselves and certain other creditors of the Grantors (collectively, the “Secured
Parties”), have entered into an Amended and Restated Security Agreement
dated as of March 31, 2010 (the “Security
Agreement”; terms defined in the Security Agreement and not otherwise
defined herein are used herein as therein defined).

    

    Pursuant to the Security Agreement, the
Grantor has conveyed, pledged, assigned and transferred to the Collateral Agent,
for the equal and ratable benefit of the Secured Parties, and has granted to the
Collateral Agent, for the equal and ratable benefit of the Secured Parties, a
security interest in, the Copyrights and Copyright Licenses listed on Schedule A hereto to
secure the prompt payment, performance and observance of the Secured Obligations
of the Grantor.

     

    Dated:
________________

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            Millennium
      Biotechnologies, Inc.

                          
	 
      	 
      
	 
      	
                            By:

                          	 
      
	 
      	
                            Name:

                          	 
      
	 
      	
                            Title:

                          	 
      
	 
      	 
      	 
      
	 
      	
                            Inergetics,
      Inc.

                          
	 
      	 
      
	 
      	
                            By:

                          	 
      
	 
      	
                            Name:

                          	 
      
	 
      	
                            Title:

                          	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    SCHEDULE
A

     

    TO

     

    NOTICE
OF SECURITY INTEREST

     

    IN

     

    COPYRIGHTS

     

    FROM

     

    MILLENNIUM
BIOTECHNOLOGIES, INC.

     

    AND

     

    INERGETICS,
INC.

     

    COPYRIGHTS

    

    
      
        
          
            
              	
                      Copyright

                    	 
      	
                      Registration
      No.

                    	 
      	
                      Registration
      Date

                    
	
                      NONE

                    	 
      	 
      	 
      	 
      
	 
      	
                       
      

                    	 
      	
                        

                    	 
      

            

          

        

      

    

     

    COPYRIGHT
APPLICATIONS

    

    
      
        
          
            
              	
                      Copyright

                    	 
      	
                      Serial
      No.

                    	 
      	
                      Registration
      Date

                    
	
                      NONE

                    	 
      	 
      	 
      	 
      
	 
      	
                        

                    	 
      	
                        

                    	 
      

            

          

        

      

    

     

    
      	
              COPYRIGHT
      LICENSES

            

    

    

    
      
        
          
            
              
                	
                        Copyright
      License

                      	 
      	
                        Description

                      	 
	
                        NONE

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