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                                                                  EXHIBIT 10.105

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of January
13, 2000, by and among BioShield Technologies, Inc., a Georgia corporation, with
headquarters at 5655 Peachtree Parkway, Atlanta, Georgia 30092 (the "COMPANY"),
and the undersigned buyer (the "BUYER" OR "BUYERS").

         WHEREAS:

         A.       In connection with the Securities Purchase Agreement by and
among the parties of even date herewith (the "SECURITIES PURCHASE AGREEMENT"),
the Company has agreed, upon the terms and subject to the conditions of the
Securities Purchase Agreement, to issue and sell to the Buyer 200 shares of the
Company's Series A Convertible Preferred Stock (the "PREFERRED STOCK"), which
will be convertible into shares of the Company's common stock, no par value per
share (the "COMMON STOCK") (as converted, the "CONVERSION SHARES") in accordance
with the terms of (i) the Company's Amendments to its Articles of Incorporation
(the "ARTICLES"); and

         B.       To induce the Buyers to execute and deliver the Securities
Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the
"1933 ACT"), and applicable state securities laws:

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

         1.       DEFINITIONS.

         As used in this Agreement, the following terms shall have the following
meanings:

                  a. "INVESTOR" means the Buyer and any transferee or assignee
         thereof to whom the Buyer assigns its rights under this Agreement and
         who agrees to become bound by the provisions of this Agreement in
         accordance with Section 9.

                  b. "PERSON" means a corporation, a limited liability company,
         an association, a partnership, an organization, a business, an
         individual, a governmental or political subdivision thereof or a
         governmental agency.

                  c. "REGISTER," "REGISTERED," and "REGISTRATION" refer to a
         registration effected by preparing and filing one or more Registration
         Statements in compliance with the 1933 Act and pursuant to Rule 415
         under the 1933 Act or any successor rule providing for offering
         securities on a continuous basis ("RULE 415"), and the declaration or
         ordering of

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         effectiveness of such Registration Statement(s) by the United States
         Securities and Exchange Commission (the "SEC").

                  d. REGISTRABLE SECURITIES" means the Conversion Shares issued
         or issuable upon conversion of the Preferred Stock, and any shares of
         capital stock issued or issuable with respect to the Conversion Shares
         or the Preferred Stock as a result of any stock split, stock dividend,
         recapitalization, exchange or similar event, excluding any dividend or
         distribution of the securities of Electronic Medical Distribution, Inc.

                  e. "REGISTRATION STATEMENT" means a registration statement of
         the Company filed under the 1933 Act.

         Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set for-the in the Securities Purchase Agreement.

         2.       REGISTRATION.

                  a. Mandatory Registration. The Company shall prepare, and, on
         or prior to February 13, 2000 file (the "FILING DEADLINE") with the SEC
         a Registration Statement or Registration Statements (as is necessary)
         on Form S-3 or SB-2 (or, if such form is unavailable for such a
         registration, on such other form as is available for such a
         registration, subject to the consent of each Buyer and the provisions
         of Section 2(e), which consent will not be unreasonably withheld),
         covering the resale of all of the Registrable Securities, which
         Registration Statement(s) shall state that, in accordance with Rule 416
         promulgated under the 1933 Act, such Registration Statement(s) also
         covers such indeterminate number of additional shares of Common Stock
         as may become issuable upon conversion of the Preferred Stock to
         prevent dilution resulting from stock splits, stock dividends or
         similar transactions. Such Registration Statement shall initially
         register for resale at least 1,000,000 shares of Common Stock, subject
         to adjustment as provided in Section 3(b), and such registered shares
         of Common Stock shall be allocated among the Investors pro rata based
         on the total number of Registrable Securities issued or issuable as of
         each date that a Registration Statement, as amended, relating to the
         resale of the Registrable Securities is declared effective by the SEC.
         The Company shall use its best efforts to have the Registration
         Statement declared effective by the SEC within one hundred (100) days
         after the issuance of the Preferred Stock (the "REGISTRATION
         DEADLINE"). The Company shall permit the registration statement to
         become effective within five (5) business days after receipt of a "no
         review" notice from the SEC. If the Registration Statement has not been
         declared effective by the Registration Deadline, under the Pledge
         Agreement dated as of even date herewith between certain shareholders
         of the Company and the Buyer, the Buyer has certain rights to convert
         some or all of the Preferred Stock and foreclose upon shares of Common
         Stock of the Company pledged pursuant to that Pledge Agreement.

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                  b. Underwritten Offering. If any offering pursuant to a
         Registration Statement pursuant to Section 2(a) involves an
         underwritten offering, the Buyers shall have the right to select one
         legal counsel and an investment banker or bankers and manager or
         managers to administer their interest in the offering, which investment
         banker or bankers or manager or managers shall be reasonably
         satisfactory to the Company.

                  c. Piggy-Back Registrations. If at any time prior to the
         expiration of the Registration Period (as hereinafter defined) the
         Company proposes to file with the SEC a Registration Statement relating
         to an offering for its own account or the account of others under the
         1933 Act of any of its securities (other than on Form S-4 or Form S-8
         or their then equivalents relating to securities to be issued solely in
         connection with any acquisition of any entity or business or equity
         securities issuable in connection with stock option or other employee
         benefit plans) the Company shall promptly send to each Investor who is
         entitled to registration rights under this Section 2(c) written notice
         of the Company's intention to file a Registration Statement and of such
         Investor's rights under this Section 2(c) and, if within twenty (20)
         days after receipt of such notice, such Investor shall so request in
         writing, the Company shall include in such Registration Statement all
         or any part of the Registrable Securities such Investor requests to be
         registered, subject to the priorities set forth in Section 2(d) below.
         No right to registration of Registrable Securities under this Section
         2(c) shall be construed to limit any registration required under
         Section 2(a). The obligations of the Company under this Section 2(c)
         may be waived by Investors holding a majority of the Registrable
         Securities. If an offering in connection with which an Investor is
         entitled to registration under this Section 2(c) is an underwritten
         offering, then each Investor whose Registrable Securities are included
         in such Registration Statement shall, unless otherwise agreed by the
         Company, offer and sell such Registrable Securities in an underwritten
         offering using the same underwriter or underwriters and, subject to the
         provisions of this Agreement, on the same terms and conditions as other
         shares of Common Stock included in such underwritten offering.

                  d. Priority in Piggy-Back Registration Rights in connection
         with Registrations or Company Account. If the registration referred to
         in Section 2(c) is to be an underwritten public offering for the
         account of the Company and the managing underwriter(s) advise the
         Company in writing, that in their reasonable good faith opinion,
         marketing or other factors dictate that a limitation on the number of
         shares of Common Stock which may be included in the Registration
         Statement is necessary to facilitate and not adversely affect the
         proposed offering, then the Company shall include in such registration:
         (1) first, all securities the Company proposes to sell for its own
         account, (2) second, up to the full number of securities proposed to be
         registered for the account of the holders of securities entitled to
         inclusion of their securities in the Registration Statement by reason
         of demand registration rights, and (3) third, the securities requested
         to be registered by the Investors and other holders of securities
         entitled to participate in the registration, drawn from them pro rata
         based on the number each has requested to be included in such
         registration.

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         3.      RELATED OBLIGATIONS.

         Whenever an Investor has requested that any Registrable Securities be
registered pursuant to Section 2(c) or at such time as the Company is obligated
to file a Registration Statement with the SEC pursuant to Section 2(a), the
Company will use its best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and,
pursuant thereto, the Company shall have the following obligations:

                  a. The Company shall promptly prepare and file with the SEC a
         Registration Statement with respect to the Registrable Securities (on
         or prior to the thirtieth (30th) day following the date of issuance of
         any Preferred Stock, for the registration of Registrable Securities
         pursuant to Section 2(a)) and use its best efforts to cause such
         Registration Statement(s) relating to Registrable Securities to become
         effective as soon as possible after such filing (by the one hundredth
         (100th) day following the issuance of the relevant Preferred Stock for
         the registration of Registrable Securities pursuant to Section 2(a),
         and keep the Registration Statement(s) effective pursuant to Rule 415
         at all times until the earlier of (i) the date as of which the
         Investors may sell all of the Registrable Securities without
         restriction pursuant to Rule 144(k) promulgated under the 1933 Act (or
         successor thereto) or (ii) the date on which (A) the Investors shall
         have sold all the Registrable Securities and (B) none of the Preferred
         Stock is outstanding the period ending on such earlier date being
         referred to herein as (the "REGISTRATION PERIOD"), which Registration
         Statement(s) (including any amendments or supplements thereto and
         prospectuses contained therein) shall not contain any untrue statement
         of a material fact or omit to state a material fact required to be
         stated therein, or necessary to make the statements therein, in light
         of the circumstances in which they were made, not misleading.

                  b. The Company shall prepare and file with the SEC such
         amendments (including post-effective amendments) and supplements to the
         Registration Statement(s) and the prospectus(es) used in connection
         with the Registration Statement(s), which prospectus(es) are to be
         filed pursuant to Rule 424 promulgated under the 1933 Act, as may be
         necessary to keep the Registration Statement(s) effective at all times
         during the Registration Period, and, during such period, comply with
         the provisions of the 1933 Act with respect to the disposition of all
         Registrable Securities of the Company covered by the Registration
         Statement(s) until such time as all of such Registrable Securities
         shall have been disposed of in accordance with the intended methods of
         disposition by the seller or sellers thereof as set forth in the
         Registration Statement(s). In the event the number of shares available
         under a Registration Statement filed pursuant to this Agreement is
         insufficient to cover all of the Registrable Securities, the Company
         shall amend the Registration Statement, or file a new Registration
         Statement (on the short form available therefor, if applicable), or
         both, so as to cover all of the Registrable Securities, in each case,
         as soon as practicable, but in any event within fifteen (15) days after
         the necessity therefor arises (based on the market price of the Common
         Stock and other relevant factors on which the Company reasonably elects
         to rely). The Company shall use its best efforts to cause such
         amendment and/or new

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         Registration Statement to become effective as soon as practicable
         following the filing thereof. For purposes of the foregoing provision,
         the number of shares available under a Registration Statement shall be
         deemed "insufficient to cover all of the Registrable Securities" if at
         any time the number of Registrable Securities issued or issuable upon
         conversion of the Preferred Stock is greater than the quotient
         determined by dividing (i) the number of shares of Common Stock
         available for resale under such Registration Statement by (ii) 1.0. For
         purposes of the calculation set forth in the foregoing sentence, any
         restrictions on the convertibility of the Preferred Stock shall be
         disregarded and such calculation shall assume that the Preferred Stock
         are then convertible into shares of Common Stock at the then prevailing
         Conversion Rate (as defined in the Preferred Stock).

                  c. The Company shall furnish to each Investor whose
         Registrable Securities are included in the Registration Statement(s)
         and its legal counsel without charge (i) promptly after the same is
         prepared and filed with the SEC at least one copy of the Registration
         Statement and any amendment thereto, including financial statements and
         schedules, all documents incorporated therein by reference and all
         exhibits, the prospectus(es) included in such Registration Statement(s)
         (including each preliminary prospectus ) and, with regards to the
         Registration Statement, any correspondence by or on behalf of the
         Company to the SEC or the staff of the SEC and any correspondence from
         the SEC or the staff of the SEC to the Company or its representatives,
         (ii) upon the effectiveness of any Registration Statement, ten (10)
         copies of the prospectus included in such Registration Statement and
         all amendments and supplements thereto (or such other number of copies
         as such Investor may reasonably request) and (iii) such other
         documents, including any preliminary prospectus, as such Investor may
         reasonably request in order to facilitate the disposition of the
         Registrable Securities owned by such Investor.

                  d. The Company shall use reasonable efforts to (i) register
         and qualify the Registrable Securities covered by the Registration
         Statement(s) under such other securities or "blue sky" laws of such
         jurisdictions in the United States as any Investor reasonably requests,
         (ii) prepare and file in those jurisdictions, such amendments
         (including post-effective amendments) and supplements to such
         registrations and qualifications as may be necessary to maintain the
         effectiveness thereof during the Registration Period, (iii) take such
         other actions as may be necessary to maintain such registrations and
         qualifications in effect at all times during the Registration Period,
         and (iv) take all other actions reasonably necessary or advisable to
         quality the Registrable Securities for sale in such jurisdictions;
         provided, however, that the Company shall not be required in connection
         therewith or as a condition thereto to (a) qualify to do business in
         any jurisdiction where it would not otherwise be required to qualify
         but for this Section 3(d), (b) subject itself to general taxation in
         any such jurisdiction, or (c) file a general consent to service of
         process in any such jurisdiction. The Company shall promptly notify
         each Investor who holds Registrable Securities of the receipt by the
         Company of any notification with respect to the suspension of the
         registration or qualification of any of the Registrable Securities for
         sale under the

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         securities or "blue sky" laws of any jurisdiction in the United States
         or its receipt of actual notice of the initiation or threatening of any
         proceeding for such purpose.

                  e. In the event Investors who hold a majority of the
         Registrable Securities being offered in the offering select
         underwriters for the offering, the Company shall enter into and perform
         its obligations under an underwriting agreement, in usual and customary
         form, including, without limitation, customary indemnification and
         contribution obligations, with the underwriters of such offering.

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                  f. As promptly as practicable after becoming aware of such
         event, the Company shall notify each Investor in writing of the
         happening of any event, of which the Company has knowledge, as a result
         of which the prospectus included in a Registration Statement, as then
         in effect, includes an untrue statement of a material fact or omission
         to state a material fact required to be stated therein or necessary to
         make the statements therein, in light of the circumstances under which
         they were made, not misleading, and promptly prepare a supplement or
         amendment to the Registration Statement to correct such untrue
         statement or omission, and deliver ten (10) copies of such supplement
         or amendment to each Investor (or such other number of copies as such
         Investor may reasonably request). The Company shall also promptly
         notify each Investor in writing (i) when a prospectus or any prospectus
         supplement or post-effective amendment has been filed, and when a
         Registration Statement or any post-effective amendment has become
         effective (notification of such effectiveness shall be delivered to
         each Investor by facsimile on the same day of such effectiveness and by
         overnight mail) (ii) of any request by the SEC for amendments or
         supplements to a Registration Statement or related prospectus or
         related information, (iii) of the Company's reasonable determination
         that a post-effective amendment to a Registration Statement would be
         appropriate.

                  g. The Company shall use its best efforts to prevent the
         issuance of any stop order or other suspension of effectiveness of a
         Registration Statement, or the suspension of the qualification of any
         of the Registrable Securities for sale in any jurisdiction and, if such
         an order or suspension is issued, to obtain the withdrawal of such
         order or suspension at the earliest possible moment and to notify each
         Investor who holds Registrable Securities being sold (and, in the event
         of an underwritten offering, the managing underwriters) of the issuance
         of such order and the resolution thereof or its receipt of actual
         notice of the initiation or threat of any proceeding for such purpose.

                  h. The Company shall permit each Investor a single firm of
         counsel or such other counsel as thereafter designated as selling
         stockholders' counsel by the Investors who hold a majority of the
         Registrable Securities being sold, to review and comment upon the
         Registration Statement(s) and all amendments and supplements thereto at
         least five (5) days prior to their filing with the SEC, and not file
         any document in a form to which such counsel reasonably objects. The
         Company shall not submit a request for acceleration of the
         effectiveness of a Registration Statement(s) or any amendment or
         supplement thereto without the prior approval of such counsel, which
         consent shall not be unreasonably withheld.

                  i. At the request of the Investors who hold a majority of the
         Registrable Securities being sold, the Company shall furnish, on the
         date that Registrable Securities are delivered to an underwriter, if
         any, for sale in connection with the Registration Statement (i) if
         required by an underwriter, a letter, dated such date, from the
         Company's independent certified public accountants in form and
         substance as is customarily given by independent certified public
         accountants to underwriters in an underwritten public offering,
         addressed to the underwriters, and (ii) an opinion, dated as of such
         date, of counsel representing the Company for purposes of such
         Registration Statement, in form, scope and substance as is

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         customarily given in an underwritten public offering, addressed to the
         underwriters and the Investors.

                  j. The Company shall make available for inspection by (i) any
         Investor, (ii) any underwriter participating in any disposition
         pursuant to a Registration Statement, (iii) one firm of attorneys and
         one firm of accountants or other agents retained by the Investors, and
         (iv) one firm of attorneys retained by all such underwriters
         (collectively, the "INSPECTORS") all pertinent financial and other
         records, and pertinent corporate documents and properties of the
         Company (collectively, the "RECORDS"), as shall be reasonably deemed
         necessary by each Inspector to enable each Inspector to exercise its
         due diligence responsibility, and cause the Company's officers,
         directors and employees to supply all information which any Inspector
         may reasonably request for purposes of such due diligence provided,
         however, that each Inspector shall hold in strict confidence and shall
         not make any disclosure (except to an Investor) or use of any Record or
         other information which the Company determines in good faith to be
         confidential, and of which determination the Inspectors are so
         notified, unless (a) the disclosure of such Records is necessary to
         avoid or correct a misstatement or omission in any Registration
         Statement or is otherwise required under the 1933 Act, (b) the release
         of such Records is ordered pursuant to a final, non-appealable subpoena
         or order from a court or government body of competent jurisdiction, or
         (c) the information in such Records has been made generally available
         to the public other than by disclosure in violation of this or any
         other agreement. Each Investor agrees that it shall, upon learning that
         disclosure of such Records is sought in or by a court or governmental
         body of competent jurisdiction or through other means, give prompt
         notice to the Company and allow the Company, at its expense, to
         undertake appropriate action to prevent disclosure of, or to obtain a
         protective order for, the Records deemed confidential.

                  k. The Company shall hold in confidence and not make any
         disclosure of information concerning an Investor provided to the
         Company unless (i) disclosure of such information is necessary to
         comply with federal or state securities laws, (ii) the disclosure of
         such information is necessary to avoid or correct a misstatement or
         omission in any Registration Statement, (iii) the release of such
         information is ordered pursuant to a subpoena or other final,
         non-appealable order from a court or governmental body of competent
         jurisdiction, or (iv) such information has been made generally
         available to the public other than by disclosure in violation of this
         or any other agreement. The Company agrees that it shall, upon learning
         that disclosure of such information concerning an Investor is sought in
         or by a court or governmental body of competent jurisdiction or through
         other means, give prompt written notice to such Investor and allow such
         Investor, at the Investor's expense, to undertake appropriate action to
         prevent disclosure of, or to obtain a protective order for, such
         information.

                  l. The Company shall use its best efforts either to (i) cause
         all the Registrable Securities covered by a Registration Statement to
         be listed on each national securities exchange on which securities of
         the same class or series issued by the Company are then listed, if any,
         if the listing of such Registrable Securities is then permitted under
         the rules of such exchange, (ii) to secure designation and quotation of
         all the Registrable Securities

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         covered by the Registration Statement on the Nasdaq National Market
         System, (iii) if, despite the Company's best efforts to satisfy the
         preceding clause (i) or (ii), the Company is unsuccessful in satisfying
         the preceding clause (i) or (ii) to secure the inclusion for quotation
         on the Nasdaq SmallCap Market for such Registrable Securities or, (iv)
         if, despite the Company's best efforts to satisfy the preceding clause
         (iii), the Company is unsuccessful in satisfying the preceding clause
         (iii), to secure the inclusion for quotation on the over-the-counter
         market for such Registrable Securities, and, without limiting the
         generality of the foregoing, in the case of clause (iii) or (iv), to
         arrange for at least two market makers to register with the National
         Association of Securities Dealers, Inc. ("NASD") as such with respect
         to such Registrable Securities. The Company shall pay all fees and
         expenses in connection with satisfying its obligation under this
         Section 3(l).

                  m. The Company shall cooperate with the Investors who hold
         Registrable Securities being offered and, to the extent applicable, any
         managing underwriter or underwriters, to facilitate the timely
         preparation and delivery of certificates (not bearing any restrictive
         legend) representing the Registrable Securities to be offered pursuant
         to a Registration Statement and enable such certificates to be in such
         denominations or amounts, as the case may be, as the managing
         underwriter or underwriters, if any, or, if there is no managing
         underwriter or underwriters, the Investors may reasonably request and
         registered in such names as the managing underwriter or underwriters,
         if any, or the Investors may request. Not later than the date on which
         any Registration Statement registering the resale of Registrable
         Securities is declared effective, the Company shall deliver to its
         transfer agent instructions, accompanied by any reasonably required
         opinion of counsel, that permit sales of unlegended securities in a
         timely fashion that complies with then mandated securities settlement
         procedures for regular way market transactions.

                  n. The Company shall take all other reasonable actions
         necessary to expedite and facilitate disposition by the Investors of
         Registrable Securities pursuant to a Registration Statement.

                  o. The Company shall provide a transfer agent and registrar of
         all such Registrable Securities not later than the effective date of
         such Registration Statement.

                  p. If requested by the managing underwriters or an Investor,
         the Company shall immediately incorporate in a prospectus supplement or
         post-effective amendment such information as the managing underwriters
         and the Investors agree should be included therein relating to the sale
         and distribution of Registrable Securities, including, without
         limitation, information with respect to the number of Registrable
         Securities being sold to such underwriters, the purchase price being
         paid therefor by such underwriters and with respect to any other terms
         of the underwritten (or best efforts underwritten) offering of the
         Registrable Securities to be sold in such offering; make all required
         filings of such prospectus supplement or post-effective amendment as
         soon as notified of the matters to be incorporated in such prospectus
         supplement or post-effective amendment; and supplement or make
         amendments to any Registration Statement if requested by a shareholder
         or any underwriter of such Registrable Securities.

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                  q. The Company shall use its best efforts to cause the
         Registrable Securities covered by the applicable Registration Statement
         to be registered with or approved by such other governmental agencies
         or authorities as may be necessary to consummate the disposition of
         such Registrable Securities.

                  r. The Company shall otherwise use its best efforts to comply
         with all applicable rules and regulations of the SEC in connection with
         any registration hereunder.

         4.       OBLIGATIONS OF THE INVESTORS.

                  a. At least five (5) days prior to the first anticipated
         filing date of the Registration Statement, the Company shall notify
         each Investor in writing of the information the Company requires from
         each such Investor if such Investor elects to have any of such
         Investor's Registrable Securities included in the Registration
         Statement. It shall be a condition precedent to the obligations of the
         Company to complete the registration pursuant to this Agreement with
         respect to the Registrable Securities of a particular Investor that
         such Investor shall furnish to the Company such information regarding
         itself, the Registrable Securities held by it and the intended method
         of disposition of the Registrable Securities held by it as shall be
         reasonably required to effect the registration of such Registrable
         Securities and shall execute such documents in connection with such
         registration as the Company may reasonably request.

                  b. Each Investor by such Investor's acceptance of the
         Registrable Securities agrees to cooperate with the Company as
         reasonably requested by the Company in connection with the preparation
         and filing of the Registration Statement(s) hereunder, unless such
         Investor has notified the Company in writing of such Investor's
         election to exclude all of such Investor's Registrable Securities from
         the Registration Statement.

                  c. In the event Investors holding a majority of the
         Registrable Securities being registered determine to engage the
         services of an underwriter, each Investor agrees to enter into and
         perform such Investor's obligations under an underwriting agreement, in
         usual and customary form, including, without limitation, customary
         indemnification and contribution obligations, with the managing
         underwriter of such offering and take such other actions as are
         reasonably required in order to expedite or facilitate the disposition
         of the Registrable Securities, unless such Investor notifies the
         Company in writing of such Investor's election to exclude all of such
         Investor's Registrable Securities from the Registration Statement(s).

                  d. Each Investor agrees that, upon receipt of any notice from
         the Company of the happening of any event of the kind described in
         Section 3(g) or the first sentence of 3(f), such Investor will
         immediately discontinue disposition of Registrable Securities pursuant
         to the Registration Statement(s) covering such Registrable Securities
         until such Investor's receipt of the copies of the supplemented or
         amended prospectus contemplated by Section 3(g) or the first sentence
         of 3(f) and, if so directed by the Company, such Investor shall deliver
         to the Company (at the expense of the Company) or destroy all copies in
         such

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         Investor's possession, of the prospectus covering such Registrable
         Securities current at the time of receipt of such notice.

                  e. No Investor may participate in any underwritten
         registration hereunder unless such Investor (i) agrees to sell such
         Investor's Registrable Securities on the basis provided in any
         underwriting arrangements approved by the Investors entitled hereunder
         to approve such arrangements, (ii) completes and executes all
         questionnaires, powers of attorney, indemnities, underwriting
         agreements and other documents reasonably required under the terms of
         such underwriting arrangements, and (iii) agrees to pay its pro rata
         share of all underwriting discounts and commissions.

         5.       EXPENSES OF REGISTRATION.

         All reasonable expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees, and
fees and disbursements of counsel for the Company shall be borne by the Company.
The Investors shall bear the fees and disbursements of their counsel.

         6.       INDEMNIFICATION

         In the event any Registrable Securities are included in a Registration
Statement under this Agreement:

                  a. To the fullest extent permitted by law, the Company will,
         and hereby does, indemnify, hold harmless and defend each Investor who
         holds such Registrable Securities, the directors, officers, partners,
         employees, agents and each Person, if any, who controls any Investor
         within the meaning of the 1933 Act or the Securities Exchange Act of
         1934, as amended (the "1934 ACT"), and any underwriter (as defined in
         the 1933 Act) for the Investors, and the directors and officers of, and
         each Person, if any, who controls, any such underwriter within the
         meaning of the 1933 Act or the 1934 Act (each, an "INDEMNIFIED
         PERSON"), against any losses, claims, damages, liabilities, judgments,
         fines, penalties, charges, costs, attorneys' fees, amounts paid in
         settlement or expenses, joint or several, (collectively, "CLAIMS")
         incurred in investigating, preparing or defending any action, claim,
         suit, inquiry, proceeding, investigation or appeal taken from the
         foregoing by or before any court or governmental, administrative or
         other regulatory agency, body or the SEC, whether pending or
         threatened, whether or not an indemnified party is or may be a party
         thereto ("INDEMNIFIED DAMAGES"), to which any of them may become
         subject insofar as such Claims (or actions or proceedings, whether
         commenced or threatened, in respect thereof) arise out of or are based
         upon: (i) any untrue statement or alleged untrue statement of a
         material fact in a Registration Statement or any post-effective
         amendment thereto or in any filing made in connection with the
         qualification of the offering under the securities or other "blue sky"
         laws of any jurisdiction in which Registrable Securities are offered
         ("BLUE SKY FILING"), or the omission or alleged omission to state a
         material fact required to be stated therein or necessary to make the
         statements therein, in light of the circumstances under which

                                       11
<PAGE>   12

         the statements therein were made, not misleading, (ii) any untrue
         statement or alleged untrue statement of a material fact contained in
         any preliminary prospectus if used prior to the effective date of such
         Registration Statement, or contained in the final prospectus (as
         amended or supplemented, if the Company files any amendment thereof or
         supplement thereto with the SEC) or the omission or alleged omission to
         state therein any material fact necessary to make the statements made
         therein, in light of the circumstances under which the statements
         therein were made, not misleading, or (iii) any violation or alleged
         violation by the Company of the 1933 Act, the 1934 Act, any other law,
         including, without limitation, any state securities law, or any rule or
         regulation thereunder relating to the offer or sale of the Registrable
         Securities pursuant to a Registration Statement (the matters in the
         foregoing clauses (i) through (iii) being, collectively, "VIOLATIONS").
         Subject to the restrictions set forth in Section 6(d) with respect to
         the number of legal counsel, the Company shall reimburse the Investors
         and each such underwriter or controlling person, promptly as such
         expenses are incurred and are due and payable, for any legal fees or
         other reasonable expenses incurred by them in connection with
         investigating or defending any such Claim. Notwithstanding anything to
         the contrary contained herein, the indemnification agreement contained
         in this Section 6(a): (i) shall not apply to a Claim arising out of or
         based upon a Violation which occurs in reliance upon and in conformity
         with information furnished in writing to the Company by any Indemnified
         Person or underwriter for such Indemnified Person expressly for use in
         connection with the preparation of the Registration Statement or any
         such amendment thereof or supplement thereto, if such prospectus was
         timely made available by the Company pursuant to Section 3(c); (ii)
         with respect to any preliminary prospectus, shall not inure to the
         benefit of any such person from whom the person asserting any such
         Claim purchased the Registrable Securities that are the subject thereof
         (or to the benefit of any person controlling such person) if the untrue
         statement or mission of material fact contained in the preliminary
         prospectus was corrected in the prospectus, as then amended or
         supplemented, if such prospectus was timely made available by the
         Company pursuant to Section 3(c), and the Indemnified Person was
         promptly advised in writing not to use the incorrect prospectus prior
         to the use giving rise to a violation and such Indemnified Person,
         notwithstanding such advice, used it; (iii) shall not be available to
         the extent such Claim is based on a failure of the Investor to deliver
         or to cause to be delivered the prospectus made available by the
         Company (i) and (iv) shall not apply to amounts paid in settlement of
         any Claim if such settlement is effected without the prior written
         consent of the Company, which consent shall not be unreasonably
         withheld. Such indemnity shall remain in full force and effect
         regardless of any investigation made by or on behalf of the Indemnified
         Person and shall survive the transfer of the Registrable Securities by
         the Investors pursuant to Section 9.

                  b. In connection with any Registration Statement in which an
         Investor is participating, each such Investor agrees to severally and
         not jointly indemnify, hold harmless and defend, to the same extent and
         in the same manner as is set forth in Section 6(a), the Company, each
         of its directors, each of its officers who signs the Registration
         Statement, each Person, if any, who controls the Company within the
         meaning of the 1933 Act or the 1934 Act (collectively and together with
         an Indemnified Person, an "INDEMNIFIED PARTY"), against any Claim or
         Indemnified Damages to which any of them may become subject, under

                                       12
<PAGE>   13

         the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or
         Indemnified Damages arise out of or are based upon any Violation, in
         each case to the extent, and only to the extent, that such Violation
         occurs in reliance upon and in conformity with written information
         furnished to the Company by such Investor expressly for use in
         connection with such Registration Statement; and, subject to Section
         6(d), such Investor will reimburse any legal or other expenses
         reasonably incurred by them in connection with investigating or
         defending any such Claim; provided, however, that the indemnity
         agreement contained in this Section 6(b) and Section 7 shall not apply
         to amounts paid in settlement of any Claim if such settlement is
         effected without the prior written consent of such Investor, which
         consent shall not be unreasonably withheld. Such indemnity shall remain
         in full force and effect regardless of any investigation made by or on
         behalf of such Indemnified Party and shall survive the transfer of the
         Registrable Securities by the Investors pursuant to Section 9.
         Notwithstanding anything to the contrary contained herein, the
         indemnification agreement contained in this Section 6(b) with respect
         to any preliminary prospectus shall not inure to the benefit of any
         Indemnified Party if the untrue statement or omission of material fact
         contained in the preliminary prospectus was corrected on a timely
         basis in the prospectus, as then amended or supplemented.

                  c. The Company shall be entitled to receive indemnities from
         underwriters, selling brokers, dealer managers and similar securities
         industry professionals participating in any distribution, to the same
         extent as provided above, with respect to information such persons so
         furnished in writing expressly for inclusion in the Registration
         Statement.

                  d. Promptly after receipt by an Indemnified Person or
         Indemnified Party under this Section 6 of notice of the commencement of
         any action or proceeding (including any governmental action or
         proceeding) involving a Claim such Indemnified Person or Indemnified
         Party shall, if a Claim in respect thereof is to be made against any
         indemnifying party under this Section 6, deliver to the indemnifying
         party a written notice of the commencement thereof, and the
         indemnifying party shall have the right to participate in, and, to the
         extent the indemnifying party so desires, jointly with any other
         indemnifying party similarly noticed, to assume control of the defense
         thereof with counsel mutually satisfactory to the indemnifying party
         and the Indemnified Person or the Indemnified Party, as the case may
         be; provided, however, that an Indemnified Person or Indemnified Party
         shall have the right to retain its own counsel with the fees and
         expenses to be paid by the indemnifying party, if, in the reasonable
         opinion of counsel retained by the indemnifying party, the
         representation by such counsel of the Indemnified Person or Indemnified
         Party and the indemnifying party would be inappropriate due to actual
         or potential differing interests between such Indemnified Person or
         Indemnified Party and any other party represented by such counsel in
         such proceeding. The Company shall pay reasonable fees for only one
         separate legal counsel for the Investors, which counsel shall be
         acceptable to the Company and such legal counsel shall be selected by
         the Investors holding a majority in interest of the Registrable
         Securities included in the Registration Statement to which the Claim
         relates. The Indemnified Party or Indemnified Person shall cooperate
         fully with the indemnifying party in connection with any negotiation or
         defense of any such action or claim by the indemnifying party and shall
         furnish to the indemnifying party all information reasonably

                                       13
<PAGE>   14

         available to the Indemnified Party or Indemnified Person which relates
         to such action or claim. The indemnifying party shall keep the
         Indemnified Party or Indemnified Person fully apprised at all times as
         to the status of the defense or any settlement negotiations with
         respect thereto. No indemnifying party shall be liable for any
         settlement of any action, claim or proceeding effected without its
         written consent, provided, however, that the indemnifying party shall
         not unreasonably withhold, delay or condition its consent. No
         indemnifying party shall, without the consent of the Indemnified Party
         or Indemnified Person, consent to entry of any judgment or enter into
         any settlement or other compromise which does not include as an
         unconditional term thereof the giving by the claimant or plaintiff to
         such Indemnified Party or Indemnified Person of a release from all
         liability in respect to such claim or litigation. Following
         indemnification as provided for hereunder, the indemnifying party shall
         be subrogated to all rights of the Indemnified Party or Indemnified
         Person with respect to all third parties, firms or corporations
         relating to the matter for which indemnification has been made. The
         failure to deliver written notice to the indemnifying party within a
         reasonable time of the commencement of any such action shall relieve
         such indemnifying party of any liability to the Indemnified Person or
         Indemnified Party under this Section 6.

                  e. The indemnity agreements contained herein shall be in
         addition to (i) any cause of action or similar right of the Indemnified
         Party or Indemnified Person against the indemnifying party or others,
         and (ii) any liabilities the indemnifying party may be subject to
         pursuant to the law.

         7.       CONTRIBUTION.

         To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no contribution shall be made under circumstances where the maker would not
have been liable for indemnification under the fault standards set forth in
Section 6; (ii) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled to contribution from any seller of Registrable Securities who was not
guilty of fraudulent misrepresentation; and (iii) contribution by any seller of
Registrable Securities shall be limited in amount to the net amount of proceeds
received by such seller from the sale of such Registrable Securities.

         8.       REPORTS UNDER THE 1934 ACT.

         With a view to making available to the Investors the benefits of Rule
144 promulgated under the 1933 Act or any other similar rule or regulation of
the SEC that may at any time permit the investors to sell securities of the
Company to the public without registration ("RULE 144"), the Company agrees to:

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

                                       14
<PAGE>   15

                  b. file with the SEC in a timely manner all reports and other
         documents required of the Company under the 1933 Act and the 1934 Act
         so long as the Company remains subject to such requirements (it being
         understood that nothing herein shall limit the Company's obligations
         under Section 4(c) of the Securities Purchase Agreement) and the filing
         of such reports and other documents is required for the applicable
         provisions of Rule 144; and

                  c. furnish to each Investor so long as such Investor owns
         Registrable Securities, promptly upon request, (i) a written statement
         by the Company that it has complied with the reporting requirements of
         Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent
         annual or quarterly report of the Company and such other reports and
         documents so filed by the Company, and (iii) such other information as
         may be reasonably requested to permit the investors to sell such
         securities pursuant to Rule 144 without registration.

         9.       ASSIGNMENT OF REGISTRATION RIGHTS.

         The rights to have the Company register Registrable Securities pursuant
to this Agreement shall be automatically assignable by the Investors to any
transferee of all or any portion of Registrable Securities if: (i) the Investor
agrees in writing with the transferee or assignee to assign such rights, and a
copy of such agreement is furnished to the Company within a reasonable time
after such assignment; (ii) the Company is, within a reasonable time after such
transfer or assignment, furnished with written notice of (a) the name and
address of such transferee or assignee, and (b) the securities with respect to
which such registration rights are being transferred or assigned; (iii)
immediately following such transfer or assignment the further disposition of
such securities by the transferee or assignee is restricted under the 1933 Act
and applicable state securities laws; (iv) at or before the time the Company
receives the written notice contemplated by clause (ii) of this sentence the
transferee or assignee agrees in writing with the Company to be bound by all of
the provisions contained herein; (v) such transfer shall have been made in
accordance with the applicable requirements of the Securities Purchase
Agreement; (vi) such transferee shall be an "ACCREDITED INVESTOR" as that term
is defined in Rule 501 of Regulation D promulgated under the 1933 Act; and (vii)
in the event the assignment occurs subsequent to the date of effectiveness of
the Registration Statement required to be filed pursuant to Section 2(a), the
transferee agrees to pay all reasonable expenses of amending or supplementing
such Registration Statement to reflect such assignment.

         10.      AMENDMENT OF REGISTRATION RIGHTS.

         Provisions of this Agreement may be amended and the observance thereof
may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and Investors who hold a majority of the Registrable Securities. Any amendment
or waiver effected in accordance with this Section 10 shall be binding upon each
Investor and the Company.

         11.      MISCELLANEOUS.

                                       15
<PAGE>   16

                  a. A person or entity is deemed to be a holder of Registrable
         Securities whenever such person or entity owns of record such
         Registrable Securities. If the Company receives conflicting
         instructions, notices or elections from two or more persons or entities
         with respect to the same Registrable Securities, the Company shall act
         upon the basis of instructions, notice or election received from the
         registered owner of such Registrable Securities.

                  b. Any notices consents, waivers or other communications
         required or permitted to be given under the terms of this Agreement
         must be in writing and will be deemed to have been delivered (i) upon
         receipt, when delivered personally; (ii) upon receipt, when sent by
         facsimile, provided a copy is mailed by U.S. certified mail, return
         receipt requested; (iii) three (3) days after being sent by U.S.
         certified mail, return receipt requested, or (d) one (1) day after
         deposit with a nationally recognized overnight delivery service, in
         each case properly addressed to the party to receive the same. The
         addresses and facsimile numbers for such communications shall be:

                                       16
<PAGE>   17

         If to the Company:         BioShield Technologies, Inc.
                                    5655 Peachtree Parkway
                                    Atlanta, Georgia  30092
                                    Facsimile: (770) 368-0784
                                    Attention: Chief Financial Officer

         With a copy to:            Raymond L. Moss, Esq.
                                    Sims Moss Kline & Davis LLP
                                    400 Northpark Town Center, Suite 310
                                    1000 Abernathy Road, N.E.
                                    Atlanta, Georgia 30328
                                    Facsimile: (770) 481-7210

         If to a Buyer, to its address and facsimile number on the Schedule of
Buyers, with copies to such Buyer's counsel as set forth on the Schedule of
Buyers. Each party shall provide five (5) days' prior written notice to the
other party of any change in address or facsimile number.

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

                  d. This Agreement shall be governed by and interpreted in
         accordance with the laws of the State of Georgia without regard to the
         principles of conflict of laws. 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 in that jurisdiction or the validity or
         enforceability of any provision of this Agreement in any other
         jurisdiction.

                  e. This Agreement and the Securities Purchase Agreement
         constitute the entire agreement among the parties hereto with respect
         to the subject matter hereof and thereof. There are no restrictions,
         promises, warranties or undertakings, other than those set forth or
         referred to herein and therein. This Agreement and the Securities
         Purchase Agreement supersede all prior agreements and understandings
         among the parties hereto with respect to the subject matter hereof and
         thereof.

                  f. Subject to the requirements of Section 9, this Agreement
         shall inure to the benefit and of and be binding upon the permitted
         successors and assigns of each of the parties hereto.

                  g. The headings in this Agreement are for convenience of
         reference only and shall not limit or otherwise affect the meaning
         hereof.

                  h. This Agreement may be executed in two or more identical
         counterparts, each of which shall be deemed an original but all of
         which shall constitute one and the same agreement. This Agreement, once
         executed by a party, may be delivered to the other party

                                       17
<PAGE>   18

         hereto by facsimile transmission of a copy of this Agreement bearing
         the signature of the party so delivering this Agreement.

                  i. Each party shall do and perform, or cause to be done and
         performed, all such further acts and things, and shall execute and
         deliver all such other agreements, certificates, instruments and
         documents, as the other party may reasonably request in order to carry
         out the intent and accomplish the purposes of this Agreement and the
         consummation of the transactions contemplated hereby.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       18
<PAGE>   19

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

         COMPANY:                               BUYER:

         BIOSHIELD TECHNOLOGIES, INC.           WILSON LLC

         By: /s/ Timothy C. Moses               By:  Navigator Management Ltd.
            ------------------------------         ----------------------------
         Name: Timothy C. Moses                 Name: By: David K. Sims
         Its: Chairman of the Board and              --------------------------
                  Chief Executive Officer       Its:  Director
                                                    ---------------------------

         By: /s/ Jacques Elfersy
            ------------------------------
         Name: Jacques Elfersy
         Its:  Executive Vice President

                                       19
<PAGE>   20

                               SCHEDULE OF BUYERS

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------
                                                           NUMBER OF SERIES A
                                                           PREFERRED
BUYER'S NAME      ADDRESS/FACSIMILE NUMBER OF BUYER        SHARES
-------------------------------------------------------------------------------
<S>               <C>                                      <C>
WILSON LLC        c/o Citco Trustees (Cayman) Ltd.         200
                  Attn: David Sims
                  Corporate Centre, Windwood One
                  West Bay Road
                  P.O. Box 31106 SMB
                  Grand Cayman, Cayman Islands
                  284-494-4771
-------------------------------------------------------------------------------
</TABLE>

                                       20<PAGE>   1
                                                                  EXHIBIT 10.106

                                PLEDGE AGREEMENT

         This PLEDGE AGREEMENT is by and among Timothy S. Moses and Jacques
Elfersy (the "PLEDGORS") and WILSON, LLC (the "PLEDGEE").

         The Pledgee and Bioshield Technologies, Inc., a Georgia corporation
("BSTI") have entered into a series of agreements (the "SERIES A PURCHASE
AGREEMENTS") pursuant to which BSTI has agreed to sell to Pledgee, and Pledgee
has agreed to purchase, $4,000,000 of Series A Preferred Stock of BSTI (the
"SERIES A PREFERRED STOCK"), which is convertible into shares of common stock of
BSTI, no par value ("COMMON STOCK"). Pursuant to the Series A Purchase
Agreements, BSTI is required to have a registration statement covering the
Common Stock issuable upon conversion of the Series A Preferred Stock (the
"REGISTRATION STATEMENT") declared effective by the Securities and Exchange
Commission (the "SEC") by the date 100 days from the closing under the Series A
Purchase Agreements (the "DEFAULT DATE"). The Pledgee and BSTI have also entered
into a Private Equity Credit Agreement dated as of June 30, 1999, as amended
(the "EQUITY LINE AGREEMENT") and a related Registration Rights Agreement (the
"EQUITY REGISTRATION RIGHTS AGREEMENT"). Pursuant to the Equity Registration
Rights Agreement, BSTI is required to file a registration statement covering the
shares of Common Stock that may be issued pursuant to the Equity Line Agreement
(the "EQUITY LINE REGISTRATION STATEMENT"). As an inducement to the Pledgee to
purchase the Series A Preferred Stock, the Pledgors have agreed to deposit into
escrow shares of Common Stock owned by them, to serve as collateral for BSTI's
obligation to issue shares pursuant to the conversion rights of the Series A
Preferred Stock if neither the Registration Statement nor the Equity Line
Registration Statement has been declared effective by the SEC on or prior to the
Default Date (the "REGISTRATION OBLIGATION").

         Accordingly, the Pledgors hereby agree with the Pledgee as follows:

         SECTION 1. Pledge. As collateral security for performance of the
Registration Obligation, the Pledgors hereby pledge, hypothecate, assign,
transfer, set over and deliver unto the Pledgee, and grant to the Pledgee a
security interest in (i) an aggregate of 500,000 shares of Common Stock, (ii)
any additional Common Stock hereafter at any time delivered to the Pledgee,
including under Section 3 hereof, and (iii) any cash, additional shares or
securities or other property at any time and from time to time receivable or
otherwise distributable in respect of, in exchange for, or in substitution of,
any and all such stock, together with the proceeds thereof (all such shares,
capital stock, securities, cash, property and other proceeds thereof being
hereinafter collectively called the "PLEDGED COLLATERAL"). Upon delivery to the
Pledgee, (a) any securities now or hereafter included in the Pledged Collateral
(hereinafter called the "PLEDGED SECURITIES") shall be accompanied by duly
executed stock powers in blank and by such other instruments or documents as the
Pledgee or its counsel may reasonably request, and (b) all other property
comprising part of the Pledged Collateral shall be accompanied by proper
instruments of assignment duly executed by the Pledgors and by such other
instruments or documents as the Pledgee or its counsel may reasonably request.
Each delivery of certificates for such Pledged Securities shall be accompanied
by a schedule showing the

                                       1
<PAGE>   2

number of shares and the numbers of the certificates therefor, theretofore and
then being pledged hereunder, which schedules shall be attached hereto as
Schedule I and made a part hereof. Each schedule so delivered shall supersede
any prior schedules so delivered. The Pledged Collateral is pledged,
hypothecated, assigned, transferred, sets over, and delivered to the Pledgee,
and the Pledgee is granted a security interest therein, together with all
rights, titles, interests, powers, privileges and preferences pertaining or
incidental thereto, subject only to the terms, covenants and conditions
hereinafter set forth.

         SECTION 2. Termination of Pledge. This Pledge Agreement shall
terminate, and all Pledged Collateral remaining in pledge hereunder shall be
returned to the Pledgors, immediately upon the effectiveness under the
Securities Act of 1933, as amended, of either (a) the Registration Statement, as
required pursuant to the Series A Purchase Agreements, or (b) the Equity Line
Registration Statement, as required pursuant to the Equity Registration Rights
Agreement.

         SECTION 3. Additional or Excess Collateral. On the Default Date, and
provided that this Agreement shall not have theretofore terminated pursuant to
Section 2 hereof, the Pledgee may, by written notice to each Pledgor, require
that the Pledgors immediately pledge hereunder additional shares of Common Stock
so that the total number of shares held in pledge hereunder shall be equal to
(i) the sum of $4,000,000 divided by (ii) the average of the Closing Bid Prices,
as hereinafter defined, for a share of Common Stock for the twenty consecutive
trading days ending on and including the trading day immediately prior to the
Default Date (such number of shares if Common Stock being referred to herein as
the "REQUIRED COLLATERAL"). "CLOSING BID PRICE" means, for any date, the last
closing bid price on the Nasdaq SmallCap Market(TM) (tHe "NASDAQ-SM") as
reported by Bloomberg Financial Markets ("BLOOMBERG"), or, if the Nasdaq-SM is
not the principal trading market for such security, the last closing bid price
of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg (the "TRADING
MARKET"), or if the foregoing do not apply, the last closing bid price of such
security in the over-the-counter market on the pink sheets or bulletin board for
such security as reported by Bloomberg, or, if no closing bid price is reported
for such security by Bloomberg, the last closing trade price of such security as
reported by Bloomberg. If the Closing Bid Price cannot be calculated for such
security on such date on any of the foregoing bases, the Closing Bid Price of
such security on such date shall be the fair market value as reasonably
determined in good faith by the Board of Directors of BSTI (all as appropriately
adjusted for any stock dividend, stock split or other similar transaction during
such period). On the Default Date, if the number of shares of Common Stock held
in pledge hereunder shall exceed the Required Collateral, the Pledgee shall
immediately cause the excess number of shares of Common Stock to be released to
the Pledgors, including, without limitation, instructing the Escrow Agent
referred to in Section 9 hereof to effect such release. From time to time
following the Default Date, and provided that this Pledge Agreement shall not
have theretofore terminated, if the Pledgee shall duly execute and deliver a
valid notice of exercise of conversion of some or all the shares of Series A
Preferred Stock, and there shall be insufficient shares of Common Stock in the
Pledged Collateral to deliver all the shares of Common Stock deliverable
pursuant to such notice of conversion, the Pledgee may, at its option, by
written notice require the Pledgors to deposit additional shares of Common Stock
so that there are sufficient

                                       2
<PAGE>   3

number of shares of Common Stock in the Pledged Collateral as are equal to the
number of shares of Common Stock deliverable pursuant to such valid notice of
conversion.

         SECTION 4. Representations and Warranties. The Pledgors hereby
represent and warrant that, (i) except for the security interest granted to the
Pledgee, the Pledgors are the legal and equitable owner of the Pledged
Collateral and hold the same free and clear of all liens, charges, encumbrances
and security interests of every kind and nature; (ii) the Pledgors will make no
voluntary assignment, pledge, mortgage, hypothecation or transfer of the Pledged
Collateral so long as the Pledged Collateral is subject to this Pledge
Agreement; (iii) the Pledgors have good right and legal authority to pledge the
Pledged Collateral as provided herein; (iv) the Pledgors will defend their title
to the Pledged Collateral against the claims of all persons whomsoever except
those claiming hereunder; (v) no consent or approval of any governmental body or
regulatory authority, or of any securities exchange, was or is necessary to the
validity of the pledge provided herein which has not been obtained; (vi) the
pledge of the Pledged Collateral provided herein is effective to vest in the
Pledgee a valid, binding security interest in the Pledged Collateral as set
forth herein; and (vii) the capital stock of BSTI, including all of the Pledged
Collateral, has been duly and validly issued and is fully paid and
nonassessable.

         SECTION 5.  Voting Rights; Dividends, etc:

         (A) The Pledgors shall be entitled to exercise any and all voting
and/or consensual rights and powers accruing to an owner of the Pledged
Securities or any part thereof for any purpose not inconsistent with the terms
of this Pledge Agreement.

         (B) The Pledgors shall be entitled to retain and use any and all cash
dividends paid on Pledged Securities, but any and all stock and/or liquidating
dividends, other distributions in property, return of capital or other
distributions made on or in respect of Pledged Securities, whether resulting
from a subdivision, combination or reclassification of outstanding capital stock
of any corporation the capital stock of which is pledged hereunder or received
in exchange for Pledged Securities or any part thereof or as a result of any
merger, consolidation, acquisition or other exchange of assets or on the
liquidation, whether voluntary or involuntary, of any issuer of the Pledged
Securities, or otherwise, shall be and become part of the Pledged Collateral
pledged hereunder and, if received by the Pledgors, shall forthwith be delivered
to the Escrow Agent, as provided in Section 9 hereof to be held as collateral
subject to the terms of this Pledge Agreement.

         (C) The Pledgee shall execute and deliver to the Pledgors, or cause to
be executed and delivered to the Pledgors, as appropriate, all such proxies,
powers of attorney, dividend orders and other instruments as the Pledgors may
reasonably request for the purpose of enabling the Pledgors to exercise the
voting and/or consensual rights and powers which the Pledgors are entitled to
exercise pursuant to paragraph (i) above and/or to receive the dividends which
the Pledgors are authorized to retain pursuant to paragraph (ii) above.

                                       3
<PAGE>   4

         SECTION 6. Remedies upon Default. If an Event of Default shall occur
and be continuing, and if the Pledgee shall duly execute and deliver a valid
notice of exercise of conversion of some or all the shares of Series A Preferred
Stock, the Pledgee may, at its option, in lieu of requiring BSTI to deliver
shares of Common Stock in connection with such notice of conversion, take
possession of the number of shares of Common Stock from the Pledged Collateral
as are equal to the number of shares of Common Stock deliverable pursuant to
such valid notice of conversion. If the Pledgee shall so opt to take possession
of a portion of the Pledged Collateral, the Pledgee may deliver such Pledged
Collateral at public or private sale or on any securities exchange, for cash,
upon credit or for other property, for immediate or future delivery, and for
such price or prices and on such terms as the Pledgee in its sole discretion
shall deem appropriate. Each such purchaser at any such sale shall hold the
property sold absolutely free from any claim or right on the part of the
Pledgors, and the Pledgors hereby waive (to the extent permitted by law) all
rights of redemption, stay and/or appraisal which the Pledgors now have or may
at any time in the future have under any rule of law or statute now existing or
hereafter enacted. The Pledgee shall give the Pledgors five days' written notice
(which the Pledgors agree is reasonable notification within the meaning of
Section 9-504(3) of the Uniform Commercial Code as in effect in the State of
Georgia) of the Pledgee's intention to make any such public or private sale or
sale on any such securities exchange. Such notice, in case of public sale, shall
state the time and place for such sale, and, in the case of sale on a securities
exchange, shall state the exchange at which such sale is to be made and the day
on which the Pledged Collateral, or portion thereof, will first be offered for
sale at such exchange. Any such public sale shall be held at such time or times
within ordinary business hours and at such place or places as the Pledgee may
fix and shall state in the notice or publication (if any) of such sale. At any
such sale, the Pledged Collateral, or portion thereof to be sold, may be sold in
one lot as an entirety or in separate parts, as the Pledgee may (in its sole and
absolute discretion) determine. The Pledgee shall not be obligated to make any
sale of the Pledged Collateral if it shall determine not to do so, regardless of
the fact that notice of sale of the Pledged Collateral may have been given. The
Pledgee may, without notice or publication, adjourn any public or private sale
or cause the same to be adjourned from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice, be made at
the time and place to which the same was so adjourned without further notice. In
case sale of all or any part of the Pledged Collateral is made on credit or for
future delivery, the Pledged Collateral so sold may be retained by the Pledgee
until the sale price is paid by the purchaser or purchasers thereof, but the
Pledgee shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Pledged Collateral so sold and, in case of
any such failure, such Pledged Collateral may be sold again upon like notice. At
any public sale made pursuant to this Pledge Agreement, the Pledgee may bid for
or purchase, free from any right of redemption, stay and/or appraisal on the
part of the Pledgors (all said rights being also hereby waived and released to
the extent permitted by law), any part of or all the Pledged Collateral offered
for sale, and thereafter, the Pledgee may, upon compliance with the terms of
sale, hold, retain and dispose of such property without further accountability
to the Pledgors therefor.

         SECTION 7. Pledgee Appointed Attorney-in-Fact. The Pledgors hereby
constitute and appoint the Pledgee as their due and lawful attorney-in-fact for
the purpose of (i) carrying out the provisions of this Pledge Agreement and all
of the rights and powers granted to the secured party

                                       4
<PAGE>   5

hereunder and (ii) taking any action and executing any instrument which the
Pledgee may deem necessary or appropriate to accomplish the purposes hereof
and\or carry out the rights and powers of the secured party hereunder. The
appointment of the Pledgee as attorney-in-fact of the Pledgors is irrevocable
and is coupled with an interest. Without limiting the generality of the
foregoing, the Pledgee shall have the right, after the occurrence of an Event of
Default, with full power of substitution either in the Pledgee's name or in the
name of the Pledgors, to (i) ask for, demand, sue for, collect, receive, receipt
and give acquittance for any and all moneys due or to become due under and by
virtue of any Pledged Collateral, (ii) endorse checks, drafts, orders and other
instruments for the payment of money payable to the Pledgors, representing any
interest or dividend or other distribution payable in respect of the Pledged
Collateral or any part thereof or on account thereof, (iii) give full discharge
for the same, to settle, compromise, prosecute, or defend any action, claim or
proceeding with respect to the Pledged Collateral and to execute any release,
settlement agreement, or other document or instrument reasonably necessary or
appropriate in connection therewith, (iv) sell, assign, endorse, pledge,
transfer and make any agreement respecting, or otherwise deal with, the Pledged
Collateral and to execute any agreement, bill of sale, stock power, stock
transfer or other document or instrument reasonably necessary or appropriate in
connection therewith, (v) execute any Uniform Commercial Code financing
statement (UCC-1) and continuation statement to perfect and continue the
perfection of any security interest granted hereunder, and (vi) give any
instructions, advice, certificates, affidavits or the like to the Escrow Agent.
Notwithstanding anything contained in the foregoing to the contrary, the Pledgee
shall have no obligation to take any action, make any commitment or make any
inquiry with respect to the Pledged Collateral or any rights, dividends or
distributions with respect thereto, including without limitation any inquiry as
to the nature or sufficiency of any payment received by it, or to present or
file any claim or notice, or to take any action to assert or perfect a claim
with respect to the Pledged Collateral or any part thereof or any monies due or
to become due in respect thereof or any property included therein, and no action
taken by the Pledgee or omitted to be taken with respect to the Pledged
Collateral or any part thereof shall give rise to any defense, counterclaim or
offset in favor of the Pledgors or to any claim or action against the Pledgee.

         SECTION 8. Event of Default Defined. For purposes of this Pledge
Agreement, an "Event of Default" shall exist hereunder upon the happening of any
of the following events:

                  (a) The SEC shall not have declared either the Registration
         Statement or the Equity Registration Rights Agreement effective by the
         Default Date;

                  (b) any written representation or warranty made in connection
         with this Pledge Agreement shall prove false and misleading in any
         material respect;

                  (c) the Pledgors shall fail to deliver to Pledgee any
         dividend, distribution or property with respect to the Pledged
         Collateral which the Pledgors are obligated to so deliver under the
         terms hereof; or

                  (d) the Pledgors shall fail to comply with any provision of
         this Pledge Agreement.

                                       5
<PAGE>   6

         SECTION 9. Escrow Agreement. An escrow agent (the "ESCROW AGENT") shall
hold the Pledged Collateral pursuant to the terms of an Escrow Agreement of even
date herewith between the Escrow Agent, the Pledgors, and the Pledgee. The
Pledgee shall deliver the Pledged Collateral to the escrow agent simultaneously
with the execution of this document. The Escrow Agreement shall be in the form
annexed hereto as Exhibit "A" and incorporated herein by this reference.

         SECTION 10. Notice. All notices or other communications which are
required or permitted hereunder shall be in writing and sufficient if delivered
by hand, by facsimile transmission, by registered or certified mail, postage
prepaid, or by courier or overnight carrier, to the persons at the addresses set
forth below (or at such other address as may be provided hereunder), and shall
be deemed to have been delivered on the date receipt is confirmed by telefax
confirmation, return receipt, or otherwise, or if delivered by regular mail
three (3) days after mailing:

            As to Pledgee:                Sovereign Partners, L.P.
                                          Executive Pavilion
                                          90 Grove Street
                                          Ridgefield, Connecticut 06877
                                          Attn: Steve Hicks

            As to Pledgors:               Bioshield Technologies, Inc.
                                          5655 Peachtree Parkway
                                          Norcross, Georgia 30092

            Copy to Pledgor's Counsel:    Sims Moss Kline & Davis LLP
                                          400 Northpark Town Center, Suite 310
                                          1000 Abernathy Road, N.E.
                                          Atlanta, Georgia  30328
                                          ATTN: Raymond L. Moss, Esq.

Rejection or other refusal of delivery to a party or to any officer, partner,
agent, or employee of such party at its address herein shall constitute receipt.
Rejection or other refusal to accept or inability to deliver because of a
changed address for which no notice has been properly given also shall
constitute receipt. Notwithstanding the foregoing, no notice of change of
address shall be effective until ten (10) days after the date of receipt
thereof.

         SECTION 11. Further Assurances. The Pledgors agree that they will join
with the Pledgee in executing and will file or record such notices, financing
statements or other documents as may be necessary to the perfection of the
security interest of the Pledgee hereunder, and as the Pledgee or its counsel
may reasonably request, such instruments to be in form and substance
satisfactory to the Pledgee and its counsel, and that Pledgors will do such
further acts and things and execute and

                                       6
<PAGE>   7

deliver to the Pledgee such additional conveyances, assignments, agreements and
instruments as the Pledgee may at any time reasonably request in connection with
the administration and enforcement of this Pledge Agreement or relative to the
Pledged Collateral or any part thereof or in order to assure and confirm unto
the Pledgee its rights, powers and remedies hereunder.

         SECTION 12. No Waiver. No failure on the part of the Pledgee to
exercise, and no delay on its part in exercising any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power, or remedy preclude any other or the further
exercise thereof or the exercise of any other right, power or remedy. All
remedies hereunder are cumulative and are not exclusive of any other remedies
provided by law.

         SECTION 13. Governing Law; Amendments. This Pledge Agreement has been
executed and delivered in the State of Georgia and shall in all respects be
construed in accordance with and governed by the laws of said State. Venue shall
lie in the state or federal courts located in Fulton County, Georgia. This
Pledge Agreement may not be amended or modified nor may any of the Pledged
Collateral be released or the security interest granted hereby extended, except
in writing signed by the parties hereto.

         SECTION 14. Binding Agreement; Assignment. This Pledge Agreement, and
the terms, covenants and conditions hereof, shall be binding upon and inure to
the benefit of the Pledgee and to all holders of the indebtedness secured hereby
and their respective successors and assigns and to the Pledgors and their
successors, legal representatives and assigns, except that the Pledgors shall
not be permitted to assign this Pledge Agreement or any interest herein or in
the Pledged Collateral, or any part thereof, or any cash or property held by the
Pledgee as collateral under this Pledge Agreement.

         SECTION 15. Headings. Section headings used herein are for convenience
only and are not to affect the construction of or be taken into consideration in
interpreting this Pledge Agreement.

         SECTION 16. Counterparts. This Pledge Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which when taken together shall constitute but one and the same instrument.

                                       7
<PAGE>   8

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>   9

         IN WITNESS WHEREOF, the parties hereto have caused this Pledge
Agreement to be executed as of this 13th day of January, 2000.

                             TIMOTHY C. MOSES ("Pledgor")
                                    /s/ Timothy C. Moses
                             --------------------------------------------

                             JACQUES ELFERSY ("Pledgor")

                                    /s/ Jacques Elfersy
                             --------------------------------------------

                             WILSON LLC ("Pledgee")

                             By:     Navigator Management Ltd.
                                 ---------------------------------------------
                             Name:   By: David K. Sims
                                  --------------------------------------------
                             Title:  Director
                                   -------------------------------------------

                                       9
<PAGE>   10

                                   SCHEDULE I
                               TO PLEDGE AGREEMENT

<TABLE>
<CAPTION>
             NUMBER OF SHARES                          CERTIFICATE NUMBERS

             <S>                                       <C>
                  250,000                                   0306

                  250,000                                   0309
</TABLE>

                                       10

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