Document:

EX-10.28

Exhibit 10.28

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.

_______________, 2008 (the “Effective Date”)

BIOHEART, INC.

(Incorporated under the laws of the State of Florida)

Warrant for the Purchase of Shares of Common Stock

     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) (the
“Subject Shares”) fully paid and non-assessable shares of the Common Stock (defined below)
at a price of [$___] 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 ____________, 2008, 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 number of Subject
Shares shall be adjusted from time to time as set forth herein. 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.

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     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 Subject Shares 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 reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant and,
from time to time, if necessary, will use its reasonable best efforts to amend its Articles of
Incorporation to provide sufficient reserves of shares of Common Stock issuable upon exercise of
the 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

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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 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.

          5.1     Adjustment 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.

          5.2     Adjustment 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 5.2 shall 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.

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          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 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.

          5.4     No 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.

          5.5     Certificate 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.

          5.6     Notices 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

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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 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.

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          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.

          12.     Waiver 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.

          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.

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     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:  	 	 
	 	 	Title:  	 	 
	 

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EXHIBIT A

WARRANT EXERCISE FORM

To: Bioheart, Inc.

ELECTION TO EXERCISE

     The
undersigned hereby exercises its rights to purchase __________________ shares of the Subject
Shares 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 Subject Shares covered by the within Warrant,
that a new Warrant for the balance of the Subject Shares 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) 	 
	 	 	 
	 

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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: ________,200__

9EX-10.29

Exhibit 10.29

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into by and
among BIOHEART, INC., a Florida corporation (the “Company” or “Bioheart”), and the
persons who have signed a signature page(s) hereto (each, an “Investor” and collectively,
the “Investors”).

     WHEREAS, pursuant to and in accordance with the terms of those certain Subscription
Agreements, by and between the Company and each Investor (collectively, the “Subscription
Agreements”), each of the Investors have expressed a desire to purchase from the Company, upon
the terms and subject to the conditions set forth in the subject Subscription Agreement, that
number of Units (the “Units”) set forth opposite such Investor’s name on the signature page
to the subject Subscription Agreement, which Units are offered to the Investors pursuant to the
offering (the “Offering”) contemplated by the Term Sheet, attached as Exhibit A to
the Subscription Agreements;

     WHEREAS, each Unit consists of ten (10) shares (the “Shares”) of the Common Stock (as
defined below) and one (1) warrant to purchase three (3) shares of the Common Stock (the
“Warrant”); and

     WHEREAS, the Company and the Investors desire to enter into an agreement granting the
Investors certain registration rights in connection with their ownership of the Shares and Warrants
(including the shares of the Common Stock into which such Warrants are exercisable).

     NOW, THEREFORE, in consideration of the promises and mutual agreements set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

1.     Certain Definitions. As used in this Agreement, the following terms shall have the
following respective meanings:

     “Blackout Period” means, with respect to a registration, a period, in each case
commencing on the day immediately after the Company notifies the Investors that they are required,
because of the occurrence of an event of the kind described in Section 4(f) hereof, to suspend
offers and sales of Registrable Securities during which the Company, in the good faith judgment of
its Board of Directors, determines (because of the existence of, or in anticipation of, any
acquisition, financing activity, or other transaction involving the Company, or the unavailability
for reasons beyond the Company’s control of any required financial statements, disclosure of
information which is in its best interest not to publicly disclose, or any other event or condition
of similar significance to the Company) that the registration and distribution of the Registrable
Securities to be covered by such Registration Statement, if any, would be seriously detrimental to
the Company and its stockholders and ending on the earlier of (1) the date upon which the material
non-public information commencing the Blackout Period is disclosed to the public or ceases to be
material and (2) such time as the Company notifies the selling Holders that sales pursuant to such
Registration Statement or a new or amended Registration Statement may resume.

     “Business Day” means any day of the year, other than a Saturday, Sunday, or other day
on which the Commission is required or authorized to close.

     “Commission” means the U. S. Securities and Exchange Commission or any other federal
agency at the time administering the Securities Act.

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     “Common Stock” means the common stock, par value $0.001 per share, of the Company and
any and all shares of capital stock or other equity securities of: (i) the Company which are added
to or exchanged or substituted for the Common Stock by reason of the declaration of any stock
dividend or stock split, the issuance of any distribution or the reclassification, readjustment,
recapitalization or other such modification of the capital structure of the Company; and (ii) any
other corporation, now or hereafter organized under the laws of any state or other governmental
authority, with which the Company is merged, which results from any consolidation or reorganization
to which the Company is a party, or to which is sold all or substantially all of the shares or
assets of the Company, if immediately after such merger, consolidation, reorganization or sale, the
Company or the stockholders of the Company own equity securities having in the aggregate more than
50% of the total voting power of such other corporation.

     “Effective Date” means the date of the final closing of the Offering.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder.

     “Family Member” means (a) with respect to any individual, such individual’s spouse,
any descendants (whether natural or adopted), any trust all of the beneficial interests of which
are owned by any of such individuals or by any of such individuals together with any organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any
such individual, and any corporation, association, partnership or limited liability company, all of
the equity interests of which are owned by those above described individuals, trusts or
organizations and (b) with respect to any trust, the owners of the beneficial interests of such
trust.

     “Holder” means each Investor or any such Investor’s successors and Permitted Assignees
who acquire rights in accordance with this Agreement with respect to any Registrable Securities
directly or indirectly from an Investor or from any Permitted Assignee.

     “Majority of the Holders” means at any time Holders representing a majority of the
Registrable Securities.

     “Permitted Assignee” means (a) with respect to a partnership, its partners or former
partners in accordance with their partnership interests, (b) with respect to a corporation, its
shareholders in accordance with their interest in the corporation, (c) with respect to a limited
liability company, its members or former members in accordance with their interest in the limited
liability company, (d) with respect to an individual, any Family Member of such party or (e) an
entity that is controlled by, controls, or is under common control with a transferor.

     “Piggyback Registration” means, in any registration of Common Stock referenced in
Section 3(a) of this Agreement, the right of each Holder to include the Registrable Securities of
such Holder in such registration.

     The terms “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the
Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.

     “Registrable Common Shares” means the Shares (and not including the Registrable
Warrant Shares) but excluding (i) any Shares that have been publicly sold or are eligible be sold
under the Securities Act pursuant to Rule 144 of the Securities Act during any ninety (90) day
period; (ii) any Shares sold by a person in a transaction pursuant to a registration statement
filed under the Securities Act, or (iii) any Shares that are at the time subject to an effective
registration statement under the Securities Act.

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     “Registrable Securities” means the Registrable Common Shares together with the
Registrable Warrant Shares.

     “Registrable Warrant Shares” means the shares of Common Stock issued or issuable to
each Investor upon exercise of the Warrants (the “Warrant Shares”) but excluding (i) any Warrant
Shares that have been publicly sold or are eligible to be sold under the Securities Act pursuant to
Rule 144 of the Securities Act during any ninety (90) day period; (ii) any Warrant Shares sold by a
person in a transaction pursuant to a registration statement filed under the Securities Act, or
(iii) any Warrant Shares that are at the time subject to an effective registration statement under
the Securities Act.

     “Registration Statement” has the meaning ascribed to such term in Section 3(a) hereof.

     “Rule 145” means Rule 145 promulgated by the Commission under the Securities Act, as
such rule may be amended or supplemented from time to time, or any similar successor rule that may
be promulgated by the Commission.

     “Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, as
such rule may be amended or supplemented from time to time, or any similar successor rule that may
be promulgated by the Commission.

     “Rule 415” means Rule 415 promulgated by the Commission under the Securities Act, as
such rule may be amended or supplemented from time to time, or any similar successor rule that may
be promulgated by the Commission.

     “Securities Act” means the Securities Act of 1933, as amended, or any similar federal
statute promulgated in replacement thereof, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

     “Shares” has the meaning ascribed to such term in the recitals of this Agreement.

     “Term” has the meaning ascribed to such term in Section 2 hereof.

     “Warrants” has the meaning ascribed to such term in the recitals of this Agreement.

2.     Term. The term (the “Term”) of this Agreement shall commence on the Effective
Date and terminate on the earlier of: (i) the date that the Warrants are no longer exercisable and
(ii) the date on which all shares of Registrable Securities held or entitled to be held upon
exercise of the Warrants by the Holders are eligible to be sold under Rule 144.

3.     Registration.

     (a) Piggyback Registration. If at any time during the Term of this Agreement, the
Company proposes to register for sale for cash any of its Common Stock, for its own account or for
the account of others (other than the Holders), under the Securities Act on any form for
registration thereunder (the “Registration Statement”), other than (i) a registration
relating solely to employee benefit plans or securities issued or issuable to employees,
consultants (to the extent the securities owned or to be owned by such consultants could be
registered on Form S-8) or any of their Family Members (including a registration on Form S-8) or
(ii) a registration relating solely to a Securities Act Rule 145 transaction or a registration on
Form S-4 in connection with a merger, acquisition, divestiture, reorganization or similar event,
the Company shall promptly (and in no event less than twenty (20) calendar days prior to the filing

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of such Registration Statement) give written notice thereof to the Holders (the “Company
Notice”). If a Holder wishes to include any Registrable Securities as a Piggyback Registration
in the subject Registration Statement, such Holder shall provide written notice to the Company
specifying the number of Registrable Securities desired to be included (an “Inclusion
Notice”) within ten (10) calendar days of the date of the Company Notice (the “Inclusion
Period”). Provided that, during the Inclusion Period, the Company receives Inclusion Notices
requesting the Piggyback Registration of at least a majority of the Registrable Securities, the
Company shall include as a Piggyback Registration all of the Registrable Securities specified in
the Inclusion Notices. Notwithstanding the foregoing, the Company may, without the consent of any
of the Holders, withdraw such Registration Statement prior to its becoming effective if the Company
or such other shareholders have elected to abandon the proposal to register the securities proposed
to be registered thereby. The Company shall be obligated to file and cause the effectiveness of
only one (1) Piggyback Registration.

     (b) Underwriting. If a Piggyback Registration is for a registered public offering
that is to be made by an underwriting, the Company shall, in the Company Notice, so advise the
Holders of the Registrable Securities eligible for inclusion in such Registration Statement
pursuant to Section 3(a). In such event, in addition to the conditions set forth in Section 3(a),
the right of any Holder to Piggyback Registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to sell any of their Registrable
Securities through such underwriting shall (together with the Company and any other shareholders of
the Company selling their securities through such underwriting) enter into an underwriting
agreement in customary form with the underwriter selected for such underwriting by the Company or
the selling shareholders, as applicable. Notwithstanding any other provision of this Section 3, if
the underwriter or the Company determines that marketing factors require a limitation on the number
of shares of Common Stock or the amount of other securities to be underwritten, the underwriter may
exclude some or all of the Registrable Securities from such registration and underwriting. The
Company shall so advise all Holders (except those Holders who failed to timely elect to include
their Registrable Securities through such underwriting or have indicated to the Company their
decision not to do so), and indicate to each such Holder the number of shares of Registrable
Securities that may be included in the registration and underwriting, if any. The number of shares
that may be included in the registration and underwriting shall be allocated first to the Company
and then, subject to obligations and commitments existing as of the date hereof, to all selling
shareholders, including the Holders, who have requested to sell in the registration on a pro rata
basis according to the number of shares requested to be included therein. In the event that the
underwriter or Company determines to exclude more than 50.0% of the Registrable Securities from the
registration and underwriting in accordance with this Section 3(b), such registration and
underwriting shall not be deemed to be a Piggyback Registration for purposes of the last sentence
of Section 3(a) above.

     No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing
limitation shall be included in such registration. If any Holder disapproves of the terms of any
such underwriting, such Holder may elect to withdraw such Holder’s Registrable Securities therefrom
by delivering a written notice to the Company and the underwriter. The Registrable Securities so
withdrawn from such underwriting shall also be withdrawn from such registration; provided,
however, that, if by the withdrawal of such Registrable Securities, a greater number of
Registrable Securities held by other Holders may be included in such registration (up to the
maximum of any limitation imposed by the underwriters), then the Company shall offer to all Holders
who have included Registrable Securities in the registration the right to include additional
Registrable Securities pursuant to the terms and limitations set forth herein in the same
proportion used above in determining the underwriter limitation.

4

 

4.     Registration Procedures The Company will keep each Holder who has delivered an
Inclusion Notice reasonably advised as to the filing and effectiveness of the Registration
Statement. At its expense
with respect to the Registration Statement, the Company will:

     (a) use its commercially reasonable efforts to cause such Registration Statement to become
effective and remain effective for a period of six (6) months or for such shorter period ending on
the earlier to occur of (i) the sale of all Registrable Common Shares and (ii) the availability
under Rule 144 for the Holders to sell all of the Registrable Common Shares in any ninety (90) day
period (the “Effectiveness Period”). Each Holder agrees to furnish to the Company a
completed questionnaire in the form provided by the Company (a “Selling Shareholder
Questionnaire”) not later than three (3) Business Days following the date on which such Holder
receives draft materials of such Registration Statement;

     (b) if the Registration Statement is subject to review by the Commission, promptly respond to
all comments and diligently pursue resolution of any comments to the satisfaction of the
Commission;

     (c) prepare and file with the Commission such amendments and supplements to such Registration
Statement as may be necessary to keep such Registration Statement effective during the
Effectiveness Period;

     (d) furnish, without charge, to each Holder of Registrable Common Shares covered by such
Registration Statement (i) such number of copies of such Registration Statement (including any
exhibits thereto other than exhibits incorporated by reference) and each amendment and supplement
thereto, as such Holder may reasonably request, (ii) such number of copies of the prospectus
included in such Registration Statement (including each preliminary prospectus and any other
prospectus filed under Rule 424 of the Securities Act) as such Holder may reasonably request, in
conformity with the requirements of the Securities Act, and (iii) such other documents as such
Holder may require to consummate the disposition of the Registrable Common Shares owned by such
Holder, but only during the Effectiveness Period;

     (e) use its commercially reasonable efforts to register or qualify such registration under
such other applicable securities laws of such jurisdictions as any Holder of Registrable Common
Shares covered by such Registration Statement reasonably requests and as may be necessary for the
marketability of the Registrable Common Shares (such request to be made by the time the applicable
Registration Statement is deemed effective by the Commission) and do any and all other acts and
things necessary to enable such Holder to consummate the disposition in such jurisdictions of the
Registrable Common Shares owned by such Holder; provided, that the Company shall not be
required to (i) qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this paragraph, (ii) subject itself to taxation in any such
jurisdiction, or (iii) consent to general service of process in any such jurisdiction;

     (f) at any time during the period commencing on the filing of the Registration Statement and
ending on the last day of the Effectiveness Period, notify each Holder of Registrable Common Shares
covered by such Registration Statement, as promptly as practicable after becoming aware of such
event, of the happening of any event, which comes to the Company’s attention, that will after the
occurrence of such event cause the prospectus included in such Registration Statement, if not
amended or supplemented, to contain an untrue statement of a material fact or an omission to state
a material fact required to be stated therein or necessary to make the statements therein not
misleading. In such event, the Company shall promptly thereafter prepare and furnish to such
Holder a supplement or amendment to such prospectus (or prepare and file appropriate reports under
the Exchange Act) so that, as thereafter delivered to the purchasers of such Registrable Common
Shares, such prospectus shall not contain an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not
misleading, unless suspension of the use of such prospectus otherwise is authorized herein or in
the event of a Blackout Period, in which case no supplement or amendment need
be furnished (or Exchange Act filing made) until the termination of such suspension or Blackout
Period;

5

 

     (g) use its reasonable best efforts to comply, and continue to comply during the Effectiveness
Period, in all material respects with the Securities Act and the Exchange Act and with all
applicable rules and regulations of the Commission with respect to the disposition of all
securities covered by such Registration Statement;

     (h) as promptly as practicable after becoming aware of such event, notify each Holder of
Registrable Common Shares being offered or sold pursuant to the Registration Statement of the
issuance by the Commission of any stop order or other suspension of effectiveness of the
Registration Statement;

     (i) use its commercially reasonable efforts to cause all the Registrable Common Shares covered
by the Registration Statement to be quoted on the NASDAQ Capital Market or such other principal
securities market on which securities of the same class or series issued by the Company are then
listed or traded;

     (j) provide a transfer agent and registrar, which may be a single entity, for the shares of
Common Stock at all times;

     (k) cooperate with the Holders of Registrable Common Shares being offered pursuant to the
Registration Statement to issue and deliver, or cause its transfer agent to issue and deliver,
certificates representing Registrable Common Shares to be offered pursuant to the Registration
Statement within a reasonable time after the delivery of certificates representing the Registrable
Common Shares to the transfer agent or the Company, as applicable, and enable such certificates to
be in such denominations or amounts as the Holders may reasonably request and registered in such
names as the Holders may request; and

     (l) during the Effectiveness Period, refrain from bidding for or purchasing any Common Stock
or any right to purchase Common Stock or attempting to induce any person to purchase any such
security or right if such bid, purchase or attempt would in any way limit the right of the Holders
to sell Registrable Common Shares by reason of the limitations set forth in Regulation M of the
Exchange Act.

5.     Suspension of Offers and Sales. Each Holder agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section 4(f) hereof or of
the commencement of a Blackout Period, such Holder shall discontinue the disposition of Registrable
Common Shares included in the Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 4(f) hereof or notice of the end of
the Blackout Period, and, if so directed by the Company, such Holder shall deliver to the Company
(at the Company’s expense) all copies (including, without limitation, any and all drafts), other
than permanent file copies, then in such Holder’s possession, of the prospectus covering such
Registrable Common Shares current at the time of receipt of such notice.

6.     Registration Expenses. The Company shall pay all expenses in connection with any
registration obligation provided herein, including, without limitation, all registration, filing,
stock exchange fees, printing expenses, all fees and expenses of complying with applicable
securities laws, and the fees and disbursements of counsel for the Company and of its independent
accountants; provided, that, in any underwritten registration, each party shall pay for its
own underwriting discounts and commissions and transfer taxes. Except as provided in this Section
and Section 9, the Company shall not be responsible for the expenses of any attorney or other
advisor employed by a Holder.

6

 

7.     Assignment of Rights. No Holder may assign its rights under this Agreement to any party
without
the prior written consent of the Company; provided, however, that any Holder may
assign its rights under this Agreement without such consent to a Permitted Assignee as long as (a)
such transfer or assignment is effected in accordance with applicable securities laws; (b) such
transferee or assignee agrees in writing to become subject to the terms of this Agreement; (c) such
transfer or assignment is effected in accordance with the Warrant Agreement evidencing the
Warrants; and (d) such Holder notifies the Company in writing of such transfer or assignment,
stating the name and address of the transferee or assignee and identifying the Registrable
Securities with respect to which such rights are being transferred or assigned.

8.     Information by Holder. Holders included in any registration shall furnish to the Company
such information as the Company may reasonably request in writing regarding such Holders and the
distribution proposed by such Holders including an updated Selling Shareholder Questionnaire if
requested by the Company.

9.     Indemnification.

     (a) In the event of the offer and sale of Registrable Securities under the Securities Act, the
Company shall, and hereby does, indemnify and hold harmless, to the fullest extent permitted by
law, each Holder, its directors, officers, partners, each other person who participates as an
underwriter in the offering or sale of such securities, and each other person, if any, who controls
or is under common control with such Holder or any such underwriter within the meaning of Section
15 of the Securities Act, against any losses, claims, damages or liabilities, joint or several, and
expenses to which the Holder or any such director, officer, partner or underwriter or controlling
person may become subject under the Securities Act or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement of any material fact contained
in any registration statement prepared and filed by the Company under which Registrable Securities
were registered under the Securities Act, any preliminary prospectus, final prospectus or summary
prospectus contained therein, or any amendment or supplement thereto, or any omission to state
therein a material fact required to be stated or necessary to make the statements therein in light
of the circumstances in which they were made not misleading, and the Company shall reimburse the
Holder, and each such director, officer, partner, underwriter and controlling person for any legal
or any other expenses reasonably incurred by them in connection with investigating, defending or
settling any such loss, claim, damage, liability, action or proceeding; provided, that such
indemnity agreement found in this Section 9(a) shall in no event exceed the net proceeds from the
Offering, received by the Company; and provided further, that the Company shall not be
liable in any such case (i) to the extent that any such loss, claim, damage, liability (or action
or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement in
or omission from such registration statement, any such preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement in reliance upon and in conformity with written
information furnished to the Company by a Holder for use in the preparation thereof or (ii) if the
person asserting any such loss, claim, damage, liability (or action or proceeding in respect
thereof) who purchased the Registrable Securities that are the subject thereof did not receive a
copy of an amended preliminary prospectus or the final prospectus (or the final prospectus as
amended or supplemented) at or prior to the written confirmation of the sale of such Registrable
Securities to such person because of the failure of such Holder or underwriter to so provide such
amended preliminary or final prospectus and the untrue statement or omission of a material fact
made in such preliminary prospectus was corrected in the amended preliminary or final prospectus
(or the final prospectus as amended or supplemented). Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Holders, or any such director,
officer, partner, underwriter or controlling person and shall survive the transfer of such shares
by the Holder.

7

 

     (b) As a condition to including Registrable Securities in any registration statement filed
pursuant to this Agreement, each Holder agrees to be bound by the terms of this Section 9 and to
indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of its
directors, officers, partners, legal counsel and accountants and each underwriter, if any, and each
other person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act, against any losses, claims, damages or liabilities, joint or several, to which the Company or
any such director or officer or controlling person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) that arises out of or is based upon an untrue
statement in or omission from such registration statement, any such preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with
written information furnished by the Holder for use in the preparation thereof, and such Holder
shall reimburse the Company, and such Holders, directors, officers, partners, legal counsel and
accountants, persons, underwriters, or control persons, each such director, officer, and
controlling person for any legal or other expenses reasonably incurred by them in connection with
investigating, defending, or settling any such loss, claim, damage, liability, action, or
proceeding; provided, however, that such indemnity agreement found in this Section
9(b) shall in no event exceed the net proceeds received by such Holder as a result of the sale of
Registrable Securities pursuant to such registration statement, except in the case of fraud or
willful misconduct. Such indemnity shall remain in full force and effect, regardless of any
investigation made by or on behalf of the Company or any such director, officer or controlling
person and shall survive the transfer by any Holder of such shares.

     (c) Promptly after receipt by an indemnified party of notice of the commencement of any action
or proceeding involving a claim referred to in this Section (including any governmental action),
such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying
party, give written notice to the indemnifying party of the commencement of such action;
provided, that the failure of any indemnified party to give notice as provided herein shall
not relieve the indemnifying party of its obligations under this Section, except to the extent that
the indemnifying party is actually prejudiced by such failure to give notice. In case any such
action is brought against an indemnified party, unless in the reasonable judgment of counsel to
such indemnified party a conflict of interest between such indemnified and indemnifying parties may
exist or the indemnified party may have defenses not available to the indemnifying party in respect
of such claim, the indemnifying party shall be entitled to participate in and to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party and, after notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof, the
indemnifying party shall not be liable to such indemnified party for any legal or other expenses
subsequently incurred by the latter in connection with the defense thereof, unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties arises in respect of such claim after the assumption of the defenses thereof
or the indemnifying party fails to defend such claim in a diligent manner, other than reasonable
costs of investigation. Neither an indemnified nor an indemnifying party shall be liable for any
settlement of any action or proceeding effected without its consent. No indemnifying party shall,
without the consent of the indemnified party, consent to entry of any judgment or enter into any
settlement, which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect of such claim or
litigation. Notwithstanding anything to the contrary set forth herein, and without limiting any of
the rights set forth above, in any event any party shall have the right to retain, at its own
expense, counsel with respect to the defense of a claim. Each indemnified party shall furnish such
information regarding itself or the claim in question as an indemnifying party may reasonably
request in writing and as shall be reasonably required in connection with defense of such claim and
litigation resulting therefrom.

8

 

     (d) If an indemnifying party does or is not permitted to assume the defense of an action
pursuant to Sections 9(c) or in the case of the expense reimbursement obligation set forth in
Sections 9(a) and (b), the indemnification required by Sections 9(a) and 9(b) shall be made by
periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills received or
expenses, losses, damages, or liabilities are incurred.

     (e) If the indemnification provided for in Section 9(a) or 9(b) is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss,
liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall (i) contribute to the amount paid or payable
by such indemnified party as a result of such loss, liability, claim, damage or expense as is
appropriate to reflect the proportionate relative fault of the indemnifying party on the one hand
and the indemnified party on the other (determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission relates to information supplied
by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission), or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law or provides
a lesser sum to the indemnified party than the amount hereinafter calculated, not only the
proportionate relative fault of the indemnifying party and the indemnified party, but also the
relative benefits received by the indemnifying party on the one hand and the indemnified party on
the other, as well as any other relevant equitable considerations. No indemnified party guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any indemnifying party who was not guilty of such fraudulent
misrepresentation.

     (f) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with an
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control.

     (g) Indemnification similar to that specified in this Section (with appropriate modifications)
shall be given by the Company and each Holder of Registrable Securities with respect to any
required registration or other qualification of securities under any federal or state law or
regulation or governmental authority other than the Securities Act.

10.     Independent Nature of Each Investor’s Obligations and Rights. The obligations of
each Investor under this Agreement are several and not joint with the obligations of any other
Investor, and each Investor shall not be responsible in any way for the performance of the
obligations of any other Investor under this Agreement. Nothing contained herein and no action
taken by any Investor pursuant hereto, shall be deemed to constitute such Investors as a
partnership, an association, a joint venture, or any other kind of entity, or create a presumption
that the Investors are in any way acting in concert or as a group with respect to such obligations
or the transactions contemplated by this Agreement. Each Investor shall be entitled to
independently protect and enforce its rights, including without limitation the rights arising out
of this Agreement, and it shall not be necessary for any other Investor to be joined as an
additional party in any proceeding for such purpose.

11.     Miscellaneous.

     (a) 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

9

 

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 Section 10(a).

     (b) Remedies. In the event of a breach by the Company or by a Holder of any of their
respective obligations under this Agreement, each Holder or the Company, as the case may be, in
addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. The Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for specific performance in
respect of such breach, it shall not assert or shall waive the defense that a remedy at law would
be adequate.

     (c) Successors and Assigns. Except as otherwise provided herein, the provisions hereof
shall inure to the benefit of, and be binding upon, the successors, Permitted Assignees, executors
and administrators of the parties hereto.

     (d) No Inconsistent Agreements. The Company has not entered, as of the date hereof,
and shall not enter, on or after the date of this Agreement, into any agreement with respect to its
securities that would have the effect of impairing the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof.

     (e) Entire Agreement. This Agreement constitutes the full and entire understanding and
agreement between the parties with regard to the subjects hereof.

     (f) Notices, etc. 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: Chief Financial Officer

Fax: (954) 835-1500

Phone: (954) 845-9976

10

 

     With a copy to:

David E. Wells

Hunton & Williams

1111 Brickell Avenue

Suite 2500

Miami, Florida 33131

Fax: (305) 810-2460

Phone (305) 810-2591

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

     (g) Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any Holder, upon any breach or default of the Company under this Agreement, shall
impair any such right, power or remedy of such Holder nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of any similar breach or default
thereunder occurring; nor shall any waiver of any single breach or default be deemed a waiver of
any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any Holder of any breach or default under this
Agreement, or any waiver on the part of any Holder of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent specifically set forth in
such writing. All remedies, either under this Agreement, or by law or otherwise afforded to any
holder, shall be cumulative and not alternative.

     (h) Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be enforceable against the parties actually executing such counterparts, and all of
which together shall constitute one instrument. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile signature page were an original thereof.

     (i) Severability. In the case any provision of this Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

     (j) Amendments. The provisions of this Agreement may be amended at any time and from
time to time, and particular provisions of this Agreement may be waived, with and only with an
agreement or consent in writing signed by the Company and the Majority of the Holders. The
Investors acknowledge that by the operation of this Section, the Majority Holders may have the
right and power to diminish or eliminate all rights of the Investors under this Agreement.

     (k) Waiver of Jury Trial. EACH 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 SUCH
INVESTOR AND THE COMPANY.

[SIGNATURE PAGES FOLLOW]

11

 

     This Registration Rights Agreement is hereby executed as of the date first above written.

	 	 	 	 	 
	 	THE COMPANY

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE OF INVESTOR FOLLOWS]

12

 

     This Registration Rights Agreement is hereby executed as of the date first above written.

 

INVESTOR (Individual)

 

(Print Name)

 

INVESTOR(Entity)

 

By:

 

(Print Name)

 

(Print Title)

 

Address for notices:

 

					
	City
	 	State
	 	Zip Code

13

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