Document:

EXHIBIT 10.1 SUBSCRIPTION AGREEMENT

 

 

    	
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SUBSCRIPTION AGREEMENT

 

THIS SUBSCRIPTION
AGREEMENT (this “Agreement”) is made and entered into by and between BIOHEART, INC., a Florida corporation
(the “Company” or “Bioheart”), and the undersigned Investor (individually, the "Investor”
and collectively, the “Investors”).

WHEREAS,
each of the Investors desires to purchase from the Company, upon the terms and subject to the conditions set forth herein, that
number of Units (the "Units") set forth opposite the Investor’s name on the signature page hereto, at a
purchase price per Unit set forth on the signature page hereto (the “Per Unit Purchase Price”);

WHEREAS,
each Unit consists of ten (10) shares (each such share, a “Share”) of the Company's common stock, par value
$0.001 per share (the "Common Stock") and one (1) warrant to purchase five (5) shares of the Common Stock (the
“Warrant” and, collectively with the Units and Shares, the “Securities”)

WHEREAS,
each Warrant, to be evidenced by the form of Warrant Agreement attached hereto as Exhibit A (the “Warrant Agreement”),
will have an exercise price of $0.18 and will be exercisable during the period commencing on the date that is six months and one
day following the Closing Date (defined below) and ending on the three year anniversary of the Closing Date; and

WHEREAS,each
of the Investors confirms that the Investor is an “Accredited Investor” as indicated in Section 4.2(i) hereof, and
each of the Investors hereby executes this Agreement in accordance with and subject to the terms and conditions set forth herein
for the purpose of purchasing the Units;

NOW, THEREFORE,
for and in consideration of the premises and mutual covenants, representations, warranties and agreements set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, do hereby agree as follows:

Article
I

OFFERING MATERIAL

 

The Investors hereby
represent and warrant that they are holders of promissory notes made by the Company, having an aggregate current principal balance
of $1,225,954(the “Promissory Notes”) and, prior to signing this Agreement, has carefully read and understood
the following items (collectively, the “Offering Materials”):

(a)     This Agreement;

(b)     The Warrant
Agreement;

(c)     The Registration
Rights Agreement, attached hereto as Exhibit B (the “Registration Rights Agreement”);

(e)     The Company’s
Annual Report on Form 10-K, as amended by Amendment No. 1 on Form 10-K/A for the each of the years ended December 31 2008 and December
31, 2009 (the “Annual Reports”);

(f)     The Company’s
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 (the “Quarterly
Reports”);

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(g)     The Company’s
Current Reports on Form 8-K, or Form 8-K/A filed with the Securities and Exchange Commission after January 1, 2010, and prior to
the date hereof (the “Current Reports”).

Article
II

SUBSCRIPTION
AND PAYMENT; CERTAIN TERMS AND PROCEDURES

 

Section
2.1     (a)     Each of the Investors hereby subscribes for and agrees to purchase from the Company, and the Company
agrees to sell to the Investors at the Closing (as defined below), the number of Units set forth opposite each of the Investors’
names on the signature pages hereto (the “Purchased Units”) at the Per Unit Purchase Price. The Investors have
enclosed herewith or previously delivered a check or money order payable to the order of the Company, or has made payment by wire
transfer of funds in accordance with instructions from the Company, or given to the Company written confirmation of the reduction
of the principal amount of the Promissory Note(s) it holds (any of the foreging being hereinafter referred to as the “Consideration”),
in the full amount of the product of (i) the number of Purchased Units and (ii) the Per Unit Purchase Price (the “Purchase
Price”).

(b)     The Closing
of the sale of Units (the “Closing”), shall take place at the Company’s principal executive offices (unless
the parties agree otherwise) at 5:00 PM., Eastern Standard Time, on November __, 2010 (the “Closing Date”),
or such other time(s) and place(s) as the Company and the Investors shall agree. All payments received by the Company prior to
the Closing shall be held by the Company for the benefit of the Investor providing such payment pending the Closing.

(c)     Upon Closing
of this Subscription Agreement by the Company and subject to the Company’s actual receipt of (x) the Consideration, and (y)
the Registration Rights Agreement, executed by the Investor, the Company shall issue and deliver to the Investor that number of
Shares and a Warrant to purchase that number of Shares determined as provided in the foregoing paragraph (a). In the event that
the Company issues Securities to the Investor but the Investor fails to deliver payment to the Company (whether due to a check
returned for insufficient funds or otherwise), then, to the extent that such Securities are not paid for, such Securities (and
any certificates therefore) shall for all purposes be deemed unissued, cancelled and void, and upon the Company’s request
the Investor shall promptly return and deliver to the Company any stock certificates for such unissued Shares and the original
copy of the Warrant Agreement. The Investor hereby agrees to be bound by this Agreement upon the Investor's execution and delivery
to the Company of this Agreement. The Investor's subscription for the Securities may be accepted or rejected in whole or part at
the sole discretion of the Company. In the case of the Company’s rejection of any subscription (or portion thereof), the
Investor's subscription payment, or applicable portion thereof, will be returned by the Company to the Investor promptly, without
interest. If this Subscription Agreement is not accepted and closed by the Company within three (3) days after the date this Subscription
Agreement is received by the Company, it will be deemed rejected by the Company and the Investor's payment will be returned by
the Company to the Investor unless the Investor subsequently agrees to reaffirm this Subscription Agreement to the Company, in
which case such three (3) day period will re-commence at such time.

Article
III

REPRESENTATIONS,
WARRANTIES AND AGREEMENTS OF THE COMPANY

 

Section     3.1     The
Company hereby represents and warrants to the Investor as of the date hereof and as of the Closing (except as set forth herein)
as follows:

(a)               
Organization, Good Standing and Qualification. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Florida and has all

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requisite corporate power and authority
to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted, as
contemplated by the Offering Materials. 

 

(b)               
Capitalization and Voting Rights. As of the date hereof, the authorized capital of
the Company consisted of (i) 5,000,000 shares of preferred stock, par value $0.001 (the "Preferred Stock"), none of which
are outstanding and (ii) 75,000,000 shares of Common Stock, of which 29,366,985 shares of Common Stock were issued and outstanding
as of September 30, 2010. As of September 30, 2010, there were outstanding options to purchase 2,299,313
shares of Common Stock at a weighted average exercise price of $2.84 per share and outstanding warrants to purchase 9,946,944
shares of Common Stock at a weighted average exercise price of $2.70 per share. 

 

(c)               
Authorization. All corporate action on the part of the Company, its officers, directors
and shareholders necessary for the authorization, execution and delivery of this Agreement and the Registration Rights Agreement,
the performance of all obligations of the Company hereunder and thereunder, and the authorization, issuance, sale and delivery
of the Securities being sold has been taken or will be taken prior to the acceptance and Closing of this Agreement, and this Agreement
and the Registration Rights Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance
with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other
laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) to the extent any indemnification
provisions or agreements therein may be limited by applicable United States federal or state securities laws.

 

(d)               
Valid Issuance. The Shares when issued and paid for in compliance with the provisions
of this Agreement will be duly authorized and validly issued, fully paid, non-assessable, and, assuming that the representations
and warranties of the Investor made herein are true, complete and correct at the time of issuance, issued in compliance with United
States federal securities laws. The shares underlying the Warrant when issued and paid for in compliance with the provisions of
this Agreement and the Warrant Agreement will be duly authorized and validly issued, fully paid, non-assessable, and, assuming
that the representations and warranties of the Investor made herein are true, complete and correct at the time of issuance, issued
in compliance with federal securities laws. 

 

(e)               
Compliance with Charter Documents. Neither the execution and delivery of, nor the consummation
of any transaction or execution of any instrument contemplated by, this Agreement, nor the issuance of the Securities has constituted
or resulted in, or will constitute or result in, a default under or breach or violation of any term or provision of the Company’s
Articles of Incorporation, as amended to date, or Bylaws, as amended to date.

 

Article
IV

REPRESENTATIONS,
WARRANTIES AND COVENANTS OF THE INVESTOR

 

As an inducement
to the Company to enter into this Agreement, the Investor hereby represents and warrants to and agrees with the Company as of the
date hereof and as of the Closing (except as set forth herein) as follows:

Section 4.1     Authorization; Validity;
No Conflict; Binding Effect. 

(a)     The Investor
has the full power and authority to execute and deliver this Agreement and the Registration Rights Agreement, to perform all of
its obligations hereunder and thereunder, and to purchase, acquire and accept delivery of the Securities purchased hereunder.

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(b)     The execution
and delivery by the Investor of this Agreement and the Registration Rights Agreement, the performance by the Investor of its obligations
hereunder and thereunder, and the purchase, acquisition and acceptance of delivery of the Securities by the Investor have been
duly and validly authorized by all requisite corporate or other action on the part of the Investor.

(c)     Each of this
Agreement and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes the legal,
valid and binding obligation of the Investor, enforceable in accordance with its terms except (i) as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting creditors' rights generally,
(ii) as may be limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, and (iii) to the extent any indemnification provisions or agreements therein may be limited by applicable United
States federal or state securities laws.

Section
4.2     Investment Representations, Warranties and Covenants.      

(a)     The Investor
is familiar with and understands (i) the current and proposed business of the Company and (ii) that the Company is a development
stage corporation with no profitability to date. The Investor has carefully considered and has, to the extent the Investor believes
such discussion necessary, discussed with the Investor’s professional legal, tax, accounting and financial advisers the suitability
of an investment in the Securities for the Investor’s particular tax and financial situation and has determined that the
Shares being subscribed for are a suitable investment for the Investor.

(b)     The Investor
acknowledges that (i) the Investor and the Investor’s attorney, accountant or other advisor(s) have had the right to request
copies of any documents, records and books pertaining to this investment and (ii) such documents, records, and books which the
Investor or such other persons have requested have been made available for inspection by such persons.

(c)     The Investor
has had a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of the Company
concerning the Securities and all such questions have been answered to the Investor’s full satisfaction.

(d)     The
Investor believes that he, she or it has received all the information that he, she or it considers necessary or appropriate for
making an investment decision with respect to the Securities, and that such Investor has had an opportunity to ask questions and
receive answers from the Company and its management regarding, the terms and conditions of this Agreement, and the business, industry,
management, technology, properties, financial condition, results of operations and prospects of the Company and to obtain additional
information necessary to verify the accuracy of any information furnished to such Investor or to which such Investor had access.
Other than for the representations and warranties made by the Company in this Agreement, the Investor is not relying upon any other
information, representation or warranty by the Company or any of its agents, including any brokers and finders, in determining
to invest in the Securities and is relying on the Investor’s own examination of the Company, including the merits and risks
involved, in making its investment decision.

(e)     The Investor
is not subscribing for the Securities as a result of or subsequent to any advertisement, article, notice, registration statement
or other communication published in any newspaper, magazine or similar media, filed with the Securities and Exchange Commission
or broadcast over television or radio or presented at any seminar or meeting to which the public was invited.

(f)     The Investor
acknowledges that the Investor has such knowledge and experience in business, financial, investment and banking matters (including,
but not limited to, investments in non-listed, restricted and non-registered securities of closely held, non-public companies)
such that (i) the 

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Investor is capable of evaluating the merits, risks and advisability of an investment in the Securities,
and (ii) the Investor recognizes and appreciates the highly speculative nature of an investment in the Securities.

(g)     The Investor
represents and warrants that he or she is a sophisticated investor, has had prior experience with investments of a similar nature
and that the Investor’s knowledge and experience in business and financial matters are such that Investor is capable of evaluating
the risk of investment in the Securities and determining the suitability of the Investor’s investment in the Securities.
The Investor represents that the Investor (i) is not disproportionately invested in illiquid investments and will not become so
by reason of this investment, (ii) has adequate means of providing for the Investor’s current financial needs and contingencies
and as such, does not require the funds invested in the Securities for the Investor’s normal expenses, (iii) is able to bear
the substantial economic risks of an investment in the Securities for an indefinite period of time, (iv) has no need for liquidity
in such investment, (v) at the present time, the Investor could afford a complete loss of such investment in the Securities, and
(vi) the Investor's investment in the Securities represents less than ten percent (10%) of the portion of the Investor's assets
that are available for use in making investments in equity securities.

(h)     The Investor
understands that the Securities are being offered and sold to it, him or her in reliance upon specific exemptions from the registration
requirements of the Securities Act and applicable state exemption(s) and that the Company is relying upon the truth and accuracy
of, and the Investor's compliance with, the Investor's representations, warranties, covenants, agreements, acknowledgments and
understandings set forth herein in order to determine the availability of such exemptions and his, her or its eligibility to acquire
the Securities.

(i)     The Investor
is an “Accredited Investor” as defined in Rule 501(d) of Regulation D, promulgated by the Securities and Exchange Commission
(the "SEC") under the Securities Act, and such qualification is based on the fact that either (i) if the Investor
is an individual, the Investor (a) as of the date of this Agreement (either individually or jointly with his or her spouse) has
a net worth in excess of $1,000,000 (exclusive of the value of the primary residence); or (b) the Investor had an individual income
in excess of $200,000 (or joint income in excess of $300,000 with his or her spouse) for each of the two most recent years and
reasonably expects an income in excess of $200,000 (or joint income in excess of $300,000 with his or her spouse) for the current
year; or (ii) if the Investor is not an individual, the Investor (a) is a corporation, Massachusetts or similar business trust,
or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000,
or (b) is an entity in which all of the equity owners are accredited investors.

(j)     The Investor
acknowledges that the Shares herein subscribed for have not been registered under the Securities Act, or under the securities laws
of any state and, therefore, cannot be sold, transferred or otherwise disposed of unless they are either registered under the Securities
Act and any applicable state securities laws or unless exemptions from such registration are available, provided that the Investor
delivers to the Company an opinion of counsel reasonably satisfactory to the Company confirming the availability of such exemption.
The Investor acknowledges that the Warrant herein subscribed for and the shares underlying the Warrant have not been registered
under the Securities Act, or under the securities laws of any state and, therefore, cannot be sold, transferred or otherwise disposed
of unless (x) they are either registered under the Securities Act and any applicable state securities laws or unless exemptions
from such registration are available, provided that the Investor delivers to the Company an opinion of counsel reasonably satisfactory
to the Company confirming the availability of such exemption, and (ii) the transfer is permitted by and conducted in accordance
with the Warrant Agreement. The Investor represents that the Investor is purchasing Securities for the Investor’s own account,
for investment and neither as a nominee, nor with a view to the resale or distribution thereof except in compliance with the Securities
Act and the restrictions contained in the immediately preceding 

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sentence. The Investor has not offered or sold any portion of the
Securities being acquired nor does the Investor have any present intention, agreement, understanding or arrangement to subdivide,
sell, distribute, assign, transfer or otherwise dispose of all or any portion of the Securities to any other person either currently
or after the passage of a fixed or determinable period of time or upon the occurrence or nonoccurrence of any predetermined event
or circumstance in violation of the Securities Act. The Investor further recognizes that, except to the extent set forth in the
Registration Rights Agreement, the Company is not assuming any obligation to register the Securities or the shares underlying the
Warrant.

(k)     The Investor
further covenants that it will not make any sale, transfer or other disposition of the Securities in violation of the Securities
Act, the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), the rules and regulations of
the SEC promulgated thereunder or any applicable state securities laws.

(l)     The Investor
has had the opportunity to review with its own tax advisors the federal, state and local tax consequences of the purchase of the
Securities. The Investor understands that the Investor (and not the Company) shall be responsible for his, her or its own tax liability
that may arise as a result of the purchase or sale of the Securities.

(m)     The
Investor acknowledges that it has had the opportunity to review the Offering Materials and the transactions contemplated thereby
with its own legal counsel. The Investor is not relying on the Company or any of the Company’s agents for legal advice with
respect to its investment in the Securities.

(n)     If this Subscription
Agreement is executed and delivered on behalf of a natural person, such person is at least 21 years of age and is purchasing the
Securities solely for such person’s own account and not for the account of any other person.

(o)     The Investor recognizes
that its investment in the Securities involves substantial risks, including loss of the entire amount of such investment, and has
taken full cognizance of and understands all of the risks related to a purchase of the Securities, including, without limitation,
the risk of losing the entire investment.

 

(p)     The Investor
has carefully reviewed and considered the risk factors included in the Company’s Annual Reports and Quarterly Reports (collectively,
the “Risk Factors”). THE INVESTOR HEREBY ACKNOWLEDGES AND CONFIRMS THAT THE INVESTOR HAS CAREFULLY REVIEWED
AND CONSIDERED THE RISKS AND UNCERTAINTIES DESCRIBED IN THE RISK FACTORS BEFORE MAKING AN INVESTMENT DECISION TO PURCHASE THE SECURITIES.

(q)     The
Investor acknowledges and agrees that the Per Unit Purchase Price at which it is purchasing Units under this Agreement may be higher
or lower from the Per Unit Purchase Price at which other investors acquire COMMON STOCK OR OTHER SECURITIES OF THE COMPANY, THAT
OTHER INVESTORS MAY RECEIVE ADDITIONAL WARRANTS IN CONNECTION WITH thePURCHASE OF COMMON STOCK OR OTHER SECURITIES OF THE COMPANY
AND THAT THE EXERCISE PRICE UNDER the WARRANTS OTHER INVESTORS RECEIVE MAY BE LESS THAT THE EXERCISE PRICE UNDER THE WARRANTS ISSUED
AS A PART OF THE UNITS.

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Section 4.1     Legends
on Stock Certificates and Warrant.

(d)     The Investor
acknowledges and understands that the certificates representing the Shares to be purchased by such Investor and the shares issuable
upon exercise of the Warrant (the “Warrant Shares”) will bear, by imprint or endorsement, appropriate legends
reflecting the status of the Shares and the Warrant Shares under the Securities Act and applicable state securities laws. The Investor
understands that the Shares and Warrant Shares shall bear a restrictive legend in, or substantially in, the form set forth below:

THE SECURITIES EVIDENCED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER
ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, CONVEYED, PLEDGED, GIFTED, ASSIGNED, ENCUMBERED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM
REGISTRATION FROM THE SECURITIES ACT AND THE RULES PROMULGATED THEREUNDER AND UNDER APPLICABLE STATE SECURITIES LAWS, PROVIDED
THAT THE INVESTOR DELIVERS TO THE COMPANY AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY CONFIRMING THE AVAILABILITY
OF SUCH EXEMPTION. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME.

(b)     The Investor
agrees, that so long as the restrictive legends described herein in this Agreement remain on the certificates representing the
Shares and the Warrant Shares, the Company may maintain appropriate "stop transfer" orders with respect to the Shares
and the Warrant Shares, or any portion thereof, on its stock books and ledger and with its registrar and transfer agent, if any.

Section 4.2     No
Brokers or Finders. No person has or will have, as a result of this Agreement or the transactions contemplated by this
Agreement, any right, interest or valid claim against or upon the Company for any commission, fee or other compensation as finder
or broker arising out of the transactions contemplated by this Agreement as a result of any agreement or arrangement made by or
on behalf of the Investor or by any agent or affiliate of the Investor.

Article
v

UNDERSTANDINGS
AND NOTICE TO THE INVESTOR

 

The Investor understands and acknowledges as follows:

Section 5.1     The
Securities have not been registered under the Securities Act or the securities laws of any state and are intended to be offered
and sold in in reliance on exemption from the registration requirements of the Securities Act by virtue of Regulation D and/or
other exemptions thereunder, which is in part dependent upon the truth, completeness and accuracy of the statements made by the
undersigned herein.

Section 5.2     There
is no public or other market for the Securities and no such public or other market may ever develop. The Securities purchased by
the Investor will constitute "restricted securities" as defined in Rule 144. There can be no assurance that the
undersigned will be able to sell or dispose of the Securities. It is understood that in order not to jeopardize the exemption for
the sale of the Securities, 

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any transferee may, at a minimum, be required to fulfill the investor suitability requirements thereunder,
in addition to other requirements under the Shareholders Agreement.

Section 5.3     The
Investor hereby acknowledges and agrees that the Investor’s subscription and agreement to purchase the Securities hereunder
is irrevocable by the Investor, and that, except as required by applicable law (if any) with respect to investors that are residents
of certain states, the Investor is not entitled to cancel, terminate or revoke this Agreement or any agreements of the undersigned
hereunder and that this Agreement shall survive the death or disability of the undersigned and shall be binding upon and inure
to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns.
The Investor hereby confirms that the Investor’s state of residence is the state set forth on the Investor’s signature
below. If the Investor is more than one person, the obligations of the Investor parties hereunder shall be joint and several and
the agreements, representations, warranties, covenants and acknowledgments herein contained shall be deemed to be made by and be
binding upon each such person and his/her heirs, executors, administrators, successors, legal representatives and permitted assigns.

Section 5.4     The
Securities are subject to restrictions on transferability and resale under applicable law and may not be transferred or resold
except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom
and, with respect to the Warrant and Warrant Shares, only as permitted under the Warrant Agreement. Investors should be aware that
they may be required to bear the financial risks of this investment for an indefinite period of time.

Section 5.5     The
Investor acknowledges that any information provided to the Investor and/or the Investor's legal and financial advisors with respect
to the Securities, including the information contained in the Offering Materials and all additional information furnished by the
Company to the Investor and/or his advisors in connection with the Securities, is confidential and nonpublic and agrees that all
such information shall be kept in confidence by the Investor and his advisors and neither used by the Investor nor his advisors
for the Investor’s or other person’s personal benefit (other than in connection with this Subscription Agreement),
nor disclosed to any other third party for any reason; provided, however, that this obligation shall not apply to any such information
that (i) is part of the public knowledge or literature and readily accessible at the date hereof, or (ii) becomes part of the public
knowledge or literature and readily accessible by publication (except as a result of breach of this provision).

Section 5.6     The
representations, warranties, covenants and agreements of the Investor contained herein shall be true and correct in all material
respects on and as of the date of the Closing of the sale of Securities to the Investor hereunder as if made on an as of such date
and shall survive the execution and delivery of this Agreement and the Investor's purchase of the Securities.

Section 5.7     IN
MAKING AN INVESTMENT DECISION, THE INVESTOR MUST RELY ON THE INVESTOR’S OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE
SALE OF THE SECURITIES, INCLUDING THE MERITS AND RISKS INVOLVED.

Section 5.8     The
offering and sale of the Securities are intended to be exempt from registration under the securities law of certain states in the
United States. Persons subscribing for the Securities must note that there are restrictions on the transfer of the Securities as
stipulated herein. The Investor hereby acknowledges that he or she has read the following notices and has taken full cognizance
of and understands the notices applicable to such Investor and the restrictions on the transfer of the Securities.

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RESIDENTS OF ALL U.S.
STATES:

THE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY
THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING
AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS SALE OF SECURITIES. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

      

THE SECURITIES ARE SUBJECT
TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT
AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM, AND ONLY IF PERMITTED UNDER THE STOCKHOLDER
AGREEMENT. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME.

RESIDENTS OF FLORIDA

The
SECURITIES offered hereby have not been registered under the Florida Securities Act. Each offeree who is a Florida resident should
be aware that section 517.061(11)(a)(5) of the Florida Securities and Investor Protection Act provides, in RELEVANT
part, as follows: “when sales are made to five or more persons in THIS STATE, any sale in THIS STATE made pursuant to THIS
SUBSECTION is voidable by the purchaser in such sale either within 3 days after the first tender of consideration is made by SUCH
purchaser to the issuer, an agent of the issuer or an escrow agent or within 3 days after the availability of that privilege is
communicated to such purchaser, whichever occurs later.

Article
VI

CONDITIONS TO OBLIGATIONS

Section     6.3     Conditions
to Obligations of the Company. The obligation of the Company to sell and issue the Securities to the Investor at the Closing
is subject to, among other things, the fulfillment on or prior to the Closing Date of the following conditions, any of which may
be waived by the Company:

   (a)     each
of the representations and warranties of the Investor contained in this Agreement shall be true and correct in all material respects
on and as of the Closing Date as if made by such Investor on and as of such date, and each of the covenants and agreements of each
Investor contained in this Agreement to be performed on or before the Closing Date shall have been duly and fully performed on
or before such date, and, if requested by the Company, the Investor shall have delivered a certificate to the Company as to the
truth and accuracy of the statements in this paragraph;

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   (b)     no order
shall have been entered (or be in effect) by a court of competent jurisdiction which enjoins, prohibits or materially restrains
the transactions contemplated by this Agreement;

   (c)     the Investor
shall have delivered to the Company a check or money order of federal funds wire transfer (as directed and requested by the Company
prior to the Closing Date), in the amount of and in payment in full of the Purchase Price for the Securities to be purchased by
such Investor as provided hereunder;

   (d)     the Investor
shall have executed and delivered to the Company the Registration Rights Agreement.

Section     6.2     Conditions
to Obligations of the Investors. The obligation of the Investor to purchase the Securities at the Closing is subject to
the fulfillment on or prior to the Closing Date of the following conditions, any of which may be waived by such Investor:

 

   (a)     each
of the representations and warranties of the Company contained in this Agreement shall be true and correct in all material respects
on and as of the Closing Date as if made by the Company on and as of such date, and each of the covenants and agreements of the
Company contained in this Agreement to be performed on or before the Closing Date shall have been duly and fully performed on or
before such date; and

 

  (b)     the
Company shall have obtained any and all consents (including all governmental or regulatory consents, approvals or authorizations
required in connection with the valid execution and delivery of this Agreement), permits and waivers necessary or appropriate for
consummation of the transactions contemplated by this Agreement.

 

Article
VII

ADDITIONAL
AGREEMENTS AND PROVISIONS

 

Section 7.1     Assignment. Neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto without
the prior written consent of the other party.

Section 7.2     Expenses. 
Any legal or other fees, costs or expenses incurred in connection with the consideration, preparation, and/or consummation of this
Agreement and the transactions contemplated hereby and thereby shall be borne and paid solely by the party incurring such fees,
costs and expenses.

Section 7.3     Pronouns
and Plurals; "Person". Whenever the context may require, any pronouns and any variations thereof used herein
shall be deemed to refer to the masculine, feminine, impersonal, singular or plural, as the identity of the person or persons may
require. As used in this Subscription Agreement, the term "person" shall mean and include an individual, entity, corporation,
trust, partnership, limited liability company or partnership, joint venture, unincorporated organization, association, governmental
authority or any agency or political subdivision thereof.

Section 7.4     Headings.
 The article, section, subsection, captions, headings and other titles preceding the text of each section, subsection or paragraph
hereof are for convenience of reference only and shall not effect the construction, meaning or interpretation of this Agreement
(or of any provision hereof).

    11

     

    

Section 7.5     Construction. 
The parties acknowledge that each party has reviewed this Agreement and that any rule of construction to the effect that ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement (or of any provision
hereof).

Section 7.6     Waiver
of Compliance; Consents.      Any failure of any party hereto to comply with any obligation, covenant, agreement or condition
herein may be waived by the other parties hereto solely by a written instrument executed by such other parties; any such written
and signed waiver, and any failure by any party to insist upon strict compliance with any obligation, covenant, agreement or condition
herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Whenever this Agreement
requires or permits consent by or on behalf of any party hereto, such consent shall be given in writing. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar),
nor shall any such waiver constitute a continuing waiver unless otherwise expressly so provided.

Section 7.7     Amendment
and Modification.      Except as set forth elsewhere in this Agreement, neither this Agreement nor any provision hereof shall
be amended waived, modified, supplemented, changed, discharged, terminated, revoked or canceled, except by a written instrument
mutually agreed upon and executed by all parties hereto.

Section 7.8     Notices.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have
been duly given on the date of service if served personally on the party to whom notice is to be given, on the date of transmittal
of services via facsimile or telecopy to the party to whom notice is to be given (if receipt is orally confirmed by phone and a
confirming copy delivered thereafter in accordance with this Section), or on the fifth day after mailing if mailed to the party
to whom notice is to be given, by first class mail, registered or certified, postage prepaid, or via a nationally recognized overnight
courier providing a receipt for delivery and properly addressed to the applicable address as set forth below. Any party may change
its address for purposes of this paragraph by giving notice of the new address to each of the other parties in the manner set forth
above.

 

(a)      If
to the Company to:

Bioheart, Inc.

13794 NW 4th Street

Suite 212

Sunrise, Florida 33325

 

Attention: Catherine Sulawske-Guck

COO and Corporate Secretary

Fax:     (954) 845-9976

Phone: (954) 835-1500

 

With a copy to:

Gregory Sichenzia

Sichenzia Ross Friedman Ference
LLP

61 Broadway

32nd Floor

New York, NY 10006

Fax: ( (212) 930-9725

Phone: (212) 930-9700

 

    12

     

    

(b)     If to the Investor, to the Investor’s address
set forth on the signature page hereto.

 

Section 7.9     Binding
Effect. This Agreement and all the terms and provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, estate, legal representatives, successors and permitted assigns and are not intended and shall
not be construed so as to confer any rights or benefits upon any other person or party.

Section 7.10     Dealings
in Good Faith; Best Efforts. Each party hereto agrees to act in good faith with respect to the other party or parties hereto
in exercising its rights and discharging its obligations under this Agreement. Each party further agrees to use its reasonable
best efforts to ensure that the purposes of this Agreement (and the related documents and agreements referred to herein) are realized
and to take such further actions or steps, and execute and deliver (and, as appropriate, file) such further documents, certificates,
instruments and agreements, as are reasonably necessary to implement the provisions of this Agreement and to consummate the Closing,
upon the terms and as contemplated by this Agreement.

Section 7.11     Governing
Law; Jurisdiction. The validity and effect of this Agreement, and the rights and obligations of the parties hereto, shall
be enforced, governed by, and construed in all respect in accordance with the internal laws of the State of Florida (without reference
to conflict of laws provisions). Each Party hereby irrevocably and unconditionally (a) agrees that any Action or Proceeding, at
Law or equity, arising out of or relating to this Agreement and any other agreements or the transactions contemplated hereby and
thereby shall only be brought in the state or federal courts located in Miami-Dade County, Florida, (b) expressly submits to the
personal jurisdiction and venue of such courts for the purposes thereof and (c) waives and agrees not to raise (by way of motion,
as a defense or otherwise) any and all jurisdictional, venue and convenience objections or defenses that such party may have in
such action or proceeding. Each party hereby irrevocably and unconditionally consents to the service of process of any of the aforementioned
courts. Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law
or commence legal proceedings or otherwise proceed against any other party in any other jurisdiction to enforce judgments obtained
in any action or proceeding brought pursuant to this Paragraph 7.11.

Section
7.12     Severability. It is the desire and intention of the parties hereto that, whenever possible, each provision
of this Subscription Agreement be interpreted in such a manner as to be effective and valid under applicable law; if, however,
any provision of this Subscription Agreement is found or held to be invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed to be
modified to conform with such statute or rule of law. Any provision hereof that may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

Section 7.13 Entire
Agreement. This Subscription Agreement, the Shareholders Agreement and the Warrant Agreement constitute the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof, and supersedes all prior discussions, understandings,
negotiations, agreements, representations, warranties, promises, assurances, covenants, arrangements and communications, both written
and oral, express or implied, of any and every nature between or among the parties hereto.

 

Section 7.14     Counterparts.
 This Subscription Agreement may be executed through the use of one or more counterparts, all of which together shall be considered
one and the same agreement, binding on all parties hereto, notwithstanding that all parties are not signatories to the same counterpart.

 

    13

     

    

Section 7.15     Specific
Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this
Agreement, each party shall be entitled to specific performance of the agreements and obligations of the other party hereunder
and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction.

 

Section 7.16     Waiver
of Jury Trial. THE INVESTOR AND THE COMPANY HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS LETTER AGREEMENT. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY
MADE BY THE INVESTOR AND THE COMPANY.

 

 

    14

     

    

SUBSCRIPTION AGREEMENT SIGNATURE PAGE

     IN WITNESS WHEREOF,
the parties hereto have executed this Subscription Agreement as of the date this agreement is accepted, if eve, by the Company
as set forth below.

TO BE COMPLETED BY INVESTOR(s)

 

	Units subscribed:  ____________	Per Unit Purchase Price:  ____________
	 	 
	 	 
	 By: _______________________	 
	(Signature)	 
	 	 
	 By: _______________________	 
	(Signature)	 
	 	 
	 	 
	Name:   _____________________	Date:   ___________________________
	(Print Name of Individual or Entity)	 
	 	 
	 Title: _______________________	 
	Address:	 
	 	 
	 ___________________________	 
	 	 
	 ___________________________	 
	 	 
	 ___________________________	 
	 	 
	Telephone No.:  ___________________________________
	 	 
	E-mail address:  ___________________________________
	 	 
	Tax ID: _______________________	 
	 	 
	COMPANY	 
	 	 
	BIOHEART, INC	 
	 	 
	 	 
	By :  _________________________	Date Subscription Accepted:  _______________
	Name:	 
	Title:   	 
	Address:           Bioheart, Inc	 
	13794 NW 4th Street, Suite 212	 
	Sunrise, Florida 33325	 

 

15EXHIBIT 10.2 WARRANT AGREEMENT

 

 

 

 

1

 

     

     

    

 

Warrant Agreement No. ________

 

NEITHER THIS WARRANT NOR THE COMMON STOCK
WHICH MAY BE ACQUIRED UPON EXERCISE HEREOF HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT THERETO UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE
COMPANY RECEIVES AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED. 

 

 

_______________, _____ (the “Effective
Date”)

 

 

BIOHEART, INC.

 

(Incorporated under the laws of the State
of Florida)

 

Common Stock Purchase Warrants

 

 

FOR VALUE RECEIVED,
BIOHEART, INC., a Florida corporation (the “Company”), hereby certifies that _______________________ (the
“Initial Holder”), or his/her/its assigns (the “Holder”) is entitled, subject to the provisions
of this Warrant, to purchase from the Company, up to __________________ (subject to adjustment in accordance with Section 5 below)
fully paid and non-assessable shares of the Common Stock (defined below) at a price of $0.18 per share, subject to adjustment in
accordance with Section 5 below (the “Exercise Price”). This Warrant is being issued pursuant to that certain
Subscription Agreement, dated as of the date hereof, by and between the Company and the Initial Holder (the “Subscription
Agreement”).

 

The term “Common
Stock” means the Common Stock, par value $.001 per share, of the Company as constituted on the Effective Date (the “Base
Date”). The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter
referred to as “Warrant Stock.” The term “Other Securities” means any other equity or debt
securities that may be issued by the Company in addition thereto or in substitution for the Warrant Stock. The term “Company”
means and includes the corporation named above as well as (i) any immediate or more remote successor entity resulting from the
merger or consolidation of such entity (or any immediate or more remote successor corporation of such entity) with another entity,
or (ii) any entity to which such entity (or any immediate or more remote successor corporation of such corporation) has transferred
all or substantially all of its property or assets.

 

Upon receipt by the Company
of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss,
theft or destruction) of indemnification reasonably satisfactory to the Company, and upon surrender and cancellation of this Warrant,
if mutilated, the Company shall execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered
shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen,
destroyed or mutilated shall be at any time enforceable by the Holder.

    2

     

    

 

The Holder agrees with
the Company that this Warrant is issued, and all the rights hereunder shall be held subject to, all of the conditions, limitations
and provisions set forth herein.

 

1.Exercise of Warrant.

 

(a)In
accordance with the procedures set forth in Section 1(b) below, this Warrant will become exercisable with respect to all of the
Warrant Stock on the date that is six months and one day following the Effective Date (the “First Exercise Date”).
Subject to the foregoing exercise schedule, the Holder may exercise this Warrant, at any time, or from time to time, until the
third year anniversary of the Effective Date (the “Expiration Date”).

 

(b)During
the period that this Warrant is exercisable in accordance with Sections 1(a), the Holder may exercise this Warrant, in whole or
in part, by presentation and surrender of this Warrant to the Company at its principal office, or at the office of its stock transfer
agent, if any, together with the Warrant Exercise Form, attached hereto as Exhibit A, duly executed, accompanied by payment
(either in cash or by certified or official bank check, payable to the order of the Company) of the Exercise Price for the number
of shares specified in such form and instruments of transfer, if appropriate, duly executed by the Holder or his, her or its duly
authorized attorney. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation,
execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable
hereunder. Upon receipt by the Company of this Warrant, together with a duly executed Warrant Exercise Form and the Exercise Price,
at its office, or by the stock transfer agent of the Company at its office, in proper form for exercise, the Holder shall, subject
to compliance with any applicable securities laws, be deemed to be the holder of record of the shares of Common Stock issuable
upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing
such shares of Common Stock shall not then be actually delivered to the Holder.

 

2.Reservation of
Shares. The Company covenants that during the term this Warrant is exercisable, the Company will have available for issuance
a sufficient number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant.

 

3.Fractional Shares.
No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but the Company
shall issue one additional share of its Common Stock or Other Securities (as applicable) in lieu of each fraction of a share otherwise
called for upon exercise of this Warrant.

 

4.Transfer of Warrant.

 

(a)Subject
to compliance with any applicable federal and state securities laws and the conditions set forth in Sections 4(b) below, this Warrant
may be transferred by the Holder with respect to any or all of the shares purchasable hereunder at any time after the First Exercise
Date. No transfer of this Warrant shall be permitted on or before the First Exercise Date. Upon surrender of this Warrant to the
Company or at the office of its stock transfer agent, if any, together with the Assignment Form, attached hereto as Exhibit
B duly executed, the Transferor Representation Letter (as defined below) duly executed, the Transferee Representation Letter
(as defined below) duly executed and funds sufficient to pay any transfer tax, the Company shall execute and deliver a new Warrant
or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in the Assignment Form
and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned. Thereafter, this Warrant
shall promptly be cancelled. This Warrant may be divided or combined with other Warrants that carry the same rights upon presentation
hereof at the office of the Company or at the

    3

     
 

office of its stock transfer agent, if any, together with a written notice specifying
the names and denominations in which new Warrants are to be issued and signed by the Holder hereof. Notwithstanding the foregoing,
the Company shall not be required to issue a Warrant covering less than 1,000 shares of Common Stock.

 

(b)Notwithstanding anything to the
contrary set forth herein, no transfer of all or any portion of this Warrant shall be made except for transfers to the Company,
unless the Holder and the proposed transferee each truthfully certify and provide to the Company a written representation letter
(the “Transferor Representation Letter” and the “Transferee Representation Letter”, respectively)
that such transfer is to a person that is an “accredited investor” within the meaning of Regulation D under the Securities
Act.

 

5.Anti-Dilution
Provisions.

 

5.1Adjustment
for Dividends in Other Securities, Property, Etc. In case at any time or from time to time after the Base Date the shareholders
of the Company shall have received, or on or after the record date fixed for the determination of eligible shareholders, shall
have become entitled to receive without payment therefor: (a) other or additional securities or property (other than cash) by way
of dividend, (b) any cash paid or payable or (c) other or additional (or less) securities or property (including cash) by way of
stock-split, spin-off, split-up, reclassification, combination of shares or similar corporate rearrangement, then, and in each
such case, the Holder of this Warrant, upon the exercise thereof as provided in Section 1, shall be entitled to receive the amount
of securities and property (including cash in the cases referred to in clauses (b) and (c) above) which such Holder would hold
on the date of such exercise if on the Base Date it had been the holder of record of the number of shares of Common Stock or Other
Securities (as applicable) as constituted on the Base Date subscribed for upon such exercise as provided in Section 1 and had thereafter,
during the period from the Base Date to and including the date of such exercise, retained such shares and/or all other additional
(or less) securities and property (including cash in the cases referred to in clauses (b) and (c) above) receivable by it as aforesaid
during such period, giving effect to all adjustments called for during such period by this Section 5.1 and Sections 5.2 and 5.3
below.

 

5.2Adjustment for
Recapitalization. If the Company shall at any time subdivide its outstanding shares of Common Stock (or Other Securities at
the time receivable upon the exercise of the Warrant), or if the Company shall declare a stock dividend or distribute shares of
Common Stock (or Other Securities) to its shareholders, the number of shares of Common Stock (or Other Securities, as the case
may be) subject to this Warrant immediately prior to such subdivision shall be proportionately increased and the Exercise Price
shall be proportionately decreased, and if the Company shall at any time combine the outstanding shares of Common Stock, the number
of shares of Common Stock or Other Securities subject to this Warrant immediately prior to such combination shall be proportionately
decreased and the Exercise Price shall be proportionately increased. Any such adjustments pursuant to this Section 5.2shall be
effective at the close of business on the effective date of such subdivision or combination or if any adjustment is the result
of a stock dividend or distribution then the effective date for such adjustment based thereon shall be the record date therefor.

 

5.3 Adjustment
for Reorganization, Consolidation, Merger, Etc. In case of any reorganization of the Company (or any other entity, the securities
of which are at the time receivable on the exercise of this Warrant) after the Base Date or in case after such date the Company
(or any such other entity) shall consolidate with or merge into another corporation or convey all or substantially all of its assets
to another corporation, then, and in each such case, the Holder of this Warrant upon the exercise thereof as provided in Section
1 at any time after the consummation of such reorganization, consolidation, merger or conveyance, shall be entitled to receive,
in lieu of the securities and property receivable upon

    4

     
 

the exercise of this Warrant prior to such consummation, the securities
or property to which such Holder would have been entitled upon such consummation if such Holder had exercised this Warrant immediately
prior thereto; in each such case, the terms of this Warrant shall be applicable to the securities or property receivable upon the
exercise of this Warrant after such consummation.

 

5.4No Impairment.
The Company will not, by amendment of its Articles of Incorporation or through reorganization, consolidation, merger, dissolution,
issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against
impairment. Without limiting the generality of the foregoing, while this Warrant is outstanding, the Company will take all such
action as may be necessary or appropriate in order that the Company may validly and legally issue or sell fully paid and non-assessable
shares of capital stock upon the exercise of this Warrant.

 

5.5Certificate
as to Adjustments. In each case of an adjustment in the number of shares of Warrant Stock or Other Securities receivable on
the exercise of this Warrant, the Company at its expense will promptly compute such adjustment in accordance with the terms of
this Warrant and prepare a certificate executed by an executive officer of the Company setting forth such adjustment and showing
in detail the facts upon which such adjustment is based. The Company will forthwith mail a copy of each such certificate to the
Holder.

 

5.6Notices
of Record Date, Etc.In case:

 

(a)the Company shall
take a record of the holders of its Common Stock (or Other Securities at the time receivable upon the exercise of the Warrant)
for the purpose of entitling them to receive any dividend (other than a cash dividend at the same rate as the rate of the last
cash dividend theretofore paid) or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares
of stock of any class or any other securities, or to receive any other right; or

 

(b)of any capital
reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company
with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to another corporation;
or

 

(c)of any voluntary
or involuntary dissolution, liquidation or winding up of the Company,

 

then, and in each such case, the Company shall
mail or cause to be mailed to the Holder of the Warrant at the time outstanding a notice specifying, as the case may be, (i) the
date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding up is to take place, and the time, if any, which is to be fixed, as to which the
holders of record of Common Stock (or such other securities at the time receivable upon the exercise of the Warrant) shall be entitled
to exchange their shares of Common Stock (or such other securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding up. Such notice shall be mailed at least
twenty (20) days prior to the date therein specified and the Warrant may be exercised prior to said date during the term of the
Warrant.

 

6.Legend.
Unless the shares of Warrant Stock or Other Securities have been registered under the Securities Act, upon exercise of any of the
Warrants and the issuance of any of the shares of 

    5

     
 

Warrant Stock or Other Securities, all certificates representing such securities
shall bear on the face thereof substantially the following legend:

 

“THE SECURITIES EVIDENCED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER
ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, CONVEYED, PLEDGED, GIFTED, ASSIGNED, ENCUMBERED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM
REGISTRATION FROM THE SECURITIES ACT AND THE RULES PROMULGATED THEREUNDER AND UNDER APPLICABLE STATE SECURITIES LAWS, PROVIDED
THAT THE INVESTOR DELIVERS TO THE COMPANY AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY CONFIRMING THE AVAILABILITY
OF SUCH EXEMPTION. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME.”

7.No Voting Rights
as a Shareholder. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company.

 

8.Notices. All
notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given on the date of service if served personally on the party to whom notice is to be given, on the date of transmittal of
services via facsimile or telecopy to the party to whom notice is to be given (if receipt is orally confirmed by phone and a confirming
copy delivered thereafter in accordance with this Section), or on the fifth day after mailing if mailed to the party to whom notice
is to be given, by first class mail, registered or certified, postage prepaid, or via a nationally recognized overnight courier
providing a receipt for delivery and properly addressed to the applicable address as set forth in Section 7.8 of the Subscription
Agreement.

 

9.Applicable Law.
The Warrant is issued under and shall for all purposes be governed by and construed in accordance with the laws of the State of
Florida, without giving effect to the choice of law rules thereof.

 

10.Modification
of the Terms. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the Holder and the Company.

 

11.Venue.The parties irrevocably
submit to the exclusive jurisdiction of the courts of State of Florida located in Miami-Dade County and federal courts of the United
States for the Southern District of Florida in respect of the interpretation and of the provisions of this Agreement and in respect
of the transactions contemplated hereby.

 

12Waiver
of Jury Trial. THE COMPANY AND THE HOLDER HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT. THIS WAIVER
IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY THE HOLDER AND THE COMPANY.

    6

     

 

13.Payment of Certain Taxes and
Charges.  The Company shall not be required to issue or deliver any certificate for shares of Common Stock or other securities
upon the exercise of this Warrant or to register any transfer of this Warrant until any applicable transfer tax and any other taxes
or governmental charges that the Company may be required by law to collect in respect of such exercise or transfer shall have been
paid, such tax being payable by Holder at the time of surrender for the exercise or transfer. 

 

14.Register.The Company or its
stock transfer agent, if any, will maintain a register containing the name and address of the Holder of this Warrant and of the
holders of other warrants of like tenor issued simultaneously hereunder. Any Holder may change its, his or her address as shown
on the warrant register by written notice to the Company requesting such change. The Company may treat the Holder of this Warrant
as the absolute owner hereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in
this Warrant on the part of any other person.

 

15.Specific Performance. The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Warrant
were not performed in accordance with their specific terms or were otherwise breached.  Accordingly, it is agreed that they
shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Warrant and to enforce specifically
the terms and provisions hereof in any court of competent jurisdiction in the United States or any state thereof, in addition to
any other remedy to which they may be entitled at law or equity.

 

 

 

 

 

 

 

Remainder of Page Intentionally Left
Blank

     

7

     

    

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed on its behalf, in its corporate name, by its duly authorized officer, all as of
the day and year first above written.

 

 

BIOHEART, INC.

 

 

By:____________________________________

Name: Catherine Sulawske-Guck

Title: Chief Operating Officer and

Corporate Secretary

 
 

    8

     

    

EXHIBIT A

WARRANT EXERCISE FORM

 

To:Bioheart, Inc.

 

 

 

ELECTION TO EXERCISE

The undersigned
hereby exercises its rights to purchase ______________ shares of the Warrant Stock covered by the within Warrant and tenders payment
herewith in the amount of $_____________ in accordance with the terms thereof, and requests that certificates for such securities
be issued in the name of, and delivered to:

 

 

 

 

(Print Name, Address and Social Security

or Tax Identification Number)

and, if such number of shares shall
not be all the Warrant Stock covered by the within Warrant, that a new Warrant for the balance of the Warrant Stock covered by
the within Warrant be registered in the name of, and delivered to, the undersigned at the address stated below.

Dated:_________________________Name
______________________________________________

(Print)

Address: ____________________________________________________________________________

___________________________________

(Signature)

 

    9

     

    

EXHIBIT B

 

ASSIGNMENT FORM

 

 

 

 

FOR VALUE RECEIVED, ______________________________________________________________

 

hereby sells, assigns and transfers unto

 

Name ______________________________________________________________________________

(Please typewrite or print in block letters)

 

the right to purchase up to ____________ shares
of Common Stock of BIOHEART, INC., a Florida corporation, pursuant to Section 4 of this Warrant, to the extent of shares as to
which such right is exercisable and does hereby irrevocably constitute and appoint Attorney, to transfer the same on the books
of the Company with full power of substitution in the premises.

 

 

 

DATED: ________,_____

 

 

 

10

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