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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001188112-07-002477.txt : 20070813
<SEC-HEADER>0001188112-07-002477.hdr.sgml : 20070813
<ACCEPTANCE-DATETIME>20070813164821
ACCESSION NUMBER:		0001188112-07-002477
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070808
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070813
DATE AS OF CHANGE:		20070813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APPLIED DNA SCIENCES INC
		CENTRAL INDEX KEY:			0000744452
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				592262718
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	002-90539
		FILM NUMBER:		071049619

	BUSINESS ADDRESS:	
		STREET 1:		25 HEALTH SCIENCES DRIVE
		STREET 2:		SUITE 113
		CITY:			STONY BROOK
		STATE:			NY
		ZIP:			11790
		BUSINESS PHONE:		631 444 6861

	MAIL ADDRESS:	
		STREET 1:		25 HEALTH SCIENCES DRIVE
		STREET 2:		SUITE 113
		CITY:			STONY BROOK
		STATE:			NY
		ZIP:			11790

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROHEALTH MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20010504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DCC ACQUISITION CORP
		DATE OF NAME CHANGE:	19990211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DATALINK CAPITAL CORP/TX/
		DATE OF NAME CHANGE:	19980306
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      Form 8-K
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        the
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        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2 below):</font></div>
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                  CFR
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                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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                  communications pursuant to Rule 13e-4(c) under the Exchange Act
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        2.03 Creation of a Direct Financial Obligation.</strong></font></div>
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        3.02 Unregistered Sales of Equity Securities.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        August
        8, 2007, we issued and sold a $100,000 principal amount secured promissory
        note
        bearing interest at a rate of 10% per annum and a warrant to purchase 200,000
        shares of our common stock to Glenn A. Little.</font></div>
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        promissory note and accrued but unpaid interest thereon are convertible into
        shares of our common stock at a price of $0.50 per share by the holder of
        the
        promissory note at any time from August&#160;8, 2007, through August&#160;7,
        2008, and shall automatically convert on August&#160;8, 2008 at a conversion
        price of $0.096274883 per share, which is equal to a 20% discount to the
        average
        volume, weighted average price of our common stock for the ten trading days
        prior to issuance. At any time prior to conversion, we have the right to
        prepay
        the promissory note and accrued but unpaid interest thereon upon 3 days prior
        written notice (during which period the holder can elect to convert the note).
        Until the principal and interest under the promissory note is paid in full,
        or
        converted into our common stock, the promissory note will be secured by a
        security interest in all of our assets. This security interest is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>pari
        passu</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        with the
        security interest granted to the holders of $150,000 of $50,000 principal
        amount
        secured convertible promissory notes issued on June&#160;27, 2007, with the
        security interest granted to James A. Hayward, a director, the Chairman of
        the
        Board of Directors, our President and Chief Executive Officer, for an aggregate
        principal amount of $550,000 in secured convertible promissory notes issued
        on
        April&#160;23, 2007, June&#160;30, 2007 and July&#160;30, 2007, and with the
        security interest granted to the holders of $1,500,000 of $50,000 principal
        amount secured convertible promissory notes issued as part of an offering
        completed on March 8, 2006.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        warrant is exercisable for a four-year period commencing on August 8, 2008,
        and
        expiring on August 7, 2012, at a price of $0.50 per share. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        warrant may be redeemed at our option at a redemption price of $0.01 upon
        the
        earlier of (i) August 7, 2010, and (ii) the date our common stock has traded
        on
        The Over the Counter Bulletin Board at or above $1.00 per share for 20
        consecutive trading days.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Financial Statements and Exhibits</strong></font></div>
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            <tr>
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                  </font></div>
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                  10.1</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Note of Applied DNA Sciences,
                  Inc</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
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                  DNA Sciences, Inc.</strong></font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
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            </tr>
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              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
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              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
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              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td colspan="2" width="50%"><font size="2">By: <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                James A.
                Hayward&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></font></td>
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              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
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                  A. Hayward</font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                  Executive Officer</font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
        August 13, 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
  <head>
    <title>
      Exhibit 10.1
</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      10.1</font></div>
    <div><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>APPLIED
      DNA SCIENCES, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Applied
      DNA Sciences, Inc., a Nevada corporation (the &#8220;Company&#8221;), hereby certifies that,
      for value received, __________________ (the &#8220;Warrant Holder,&#8221; which term
      includes its successors and registered assigns) is entitled to purchase an
      aggregate of ________ shares of common stock, par value $0.001 per share, of
      the
      Company (the &#8220;Common Stock&#8221;) at an exercise price of $0.50 per share (the
&#8220;Exercise Price&#8221;) per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Warrant is one of a series of warrants (the &#8220;Bridge Warrants&#8221;) exercisable for
      an aggregate of 4,000,000 shares of common stock of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exercise
      of Warrant</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Warrant may be exercised in whole or in part at any time or from time to time
      during the four year period commencing on August __ 2008 and expiring at 5:00
      p.m., New York City time, on August __, 2012 (the &#8220;Exercise Term&#8221;), or if such
      day is a day on which banking institutions in the State of New York are
      authorized by law to close, then on the next succeeding day which shall not
      be
      such a day, as follows:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">by
      presentation and surrender of this Warrant evidencing the Warrant to be
      exercised to the Company at its principal office or at the office of its stock
      transfer agent, if any, with the Exercise Form annexed hereto duly executed,
      and
      payment of the Exercise Price; or </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">by
      presentation and surrender of this Warrant evidencing the Warrant to be
      exercised to the Company at its principal office or at the office of its stock
      transfer agent, if any, with the Exercise Form annexed hereto duly executed,
      in
      which event the Company shall issue to the Warrant Holder the number of shares
      of Common Stock underlying this Warrant (the &#8220;Warrant Shares&#8221;) determined based
      on the following formula: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">X
      =
      Y*(A-B)/A</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">where:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">X
      means
      the number of Warrant Shares to be issued to the Warrant Holder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Y
      means
      the number of Warrant Shares with respect to which this Warrant is being
      exercised.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      means
      the fair market value of one share of Common Stock as determined in accordance
      with the provisions of this Section.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B
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&#8220;fair
      market value&#8221; of one share of Common Stock means the average of the closing bid
      prices of the Common Stock on The Over The Counter Bulletin Board or any
      national securities exchange on trading days during the 12 months immediately
      preceding the effective date of exercise of the Warrant and, if there is no
      active public market for the Common Stock, the fair market value shall be the
      price determined in good faith by the Board of Directors of the Company.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      any
      Warrant should be exercised in part only, the Company shall, upon surrender
      of
      this Warrant for cancellation and presentment of the Exercise Form, execute
      and
      deliver new a Warrant or Warrants, as the case may be, evidencing the rights
      of
      the Warrant Holder thereof to purchase the balance of the shares purchasable
      thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      receipt by the Company of this Warrant at its office, or by the stock transfer
      agent of the Company at its office, in proper form for exercise together with
      the payment of the Exercise Price, unless this Warrant is being exercised
      pursuant to the cashless exercise option, in which case no payment is required,
      the Warrant Holder shall be deemed to be the holder of record of the Warrant
      Shares, notwithstanding that the stock transfer books of the Company shall
      then
      be closed or that certificates representing such Warrant Shares shall not then
      be actually delivered to the Warrant Holder. Certificates for the Warrant Shares
      shall be delivered to the Warrant Holder within a reasonable time following
      the
      exercise of this Warrant in accordance with the foregoing. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Alternative
      Exercise Provisions</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Anything contained herein to the contrary notwithstanding, subject to compliance
      by the Warrant Holder with the restrictions on offer and sale referred to in
      Section 11 hereof, the Warrant Holder, at its option, may exercise this Warrant,
      in whole or in part, during the Exercise Term by delivering to the Company
      a
      confirmation slip issued by a brokerage firm that is a member of the National
      Association of Securities Dealers, Inc. or the equivalent governing body for
      broker-dealers in other nations, with respect to the sale of those number of
      Warrant Shares for which this Warrant is being exercised, together with the
      payment of the Exercise Price, unless this Warrant is being exercised pursuant
      to the cashless exercise option, in which case no payment is required, and,
      in
      such case, the Company shall deliver certificates representing such Warrant
      Shares on settlement date at the office of the Company&#8217;s stock transfer agent.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Reservation
      and Listing of Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Company hereby agrees that at all times there shall be reserved for issuance
      and
      delivery upon exercise of this Warrant, such number of shares of its Common
      Stock as shall be required for issuance and delivery upon exercise of this
      Warrant. As long as this Warrant is outstanding, the Company shall use its
      best
      efforts to cause all shares of Common Stock issuable upon the exercise of this
      Warrant to be listed on The Over The Counter Bulletin Board or on NASDAQ or
      a
      national securities exchange, if such shares of Common Stock, as a class, are
      theretofore so listed. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Fractional
      Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. Any fraction of a share called for upon any
      exercise hereof shall be canceled. The Warrant Holder, by his acceptance hereof,
      expressly waives any right to receive any fractional share of stock or
      fractional Warrant upon exercise of this Warrant. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exchange,
      Transfer, Assignment or Loss of Warrant</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Warrant is exchangeable, without expense, at the option of the Warrant Holder,
      upon presentation and surrender of this Warrant evidencing such Warrants to
      the
      Company at its office or at the office of its stock transfer agent, if any,
      for
      other Warrants of different denominations entitling the Warrant Holder thereof
      to purchase in the aggregate the same number of shares of Common Stock as are
      purchasable thereunder at the same respective Exercise Price. Subject to Section
      11 hereof, upon surrender of this Warrant to the Company at its principal office
      or at the office of its stock transfer agent, if any, with a duly executed
      assignment form and funds sufficient to pay the applicable transfer tax, if
      any,
      the Company shall, without charge, execute and deliver new Warrant(s) in the
      name of the assignee named in such instrument of assignment and the original
      Warrant shall promptly be canceled. This Warrant may be divided or combined
      with
      other Warrants which carry the same rights upon presentation of this Warrant
      at
      the office of the Company or at the office of its stock transfer agent, if
      any,
      together with a written notice signed by the Warrant Holder hereof specifying
      the names and denominations in which new Warrants are to be issued. Upon receipt
      by the Company of evidence satisfactory to it of the loss, theft, destruction
      or
      mutilation of this Warrant, and, in the case of loss, theft or destruction,
      of
      reasonably satisfactory indemnification, and upon surrender and cancellation
      of
      this Warrant, if mutilated, the Company will execute and deliver new Warrants
      of
      like tenor and date. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Rights
      of the Warrant Holder</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Warrant Holder shall not, by virtue hereof, be entitled to any rights of a
      share
      holder of the Company until exercise of any Warrants. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Adjustments
      of Purchase Price and Number of Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Subdivision
      and Combination</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      If the
      Company shall at any time subdivide or combine the outstanding shares of Common
      Stock by way of stock split, reverse stock split or the like, the Exercise
      Price
      shall forthwith be proportionately increased or decreased. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Adjustment
      in Number of Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Upon
      each adjustment of the Exercise Price pursuant to the provisions of paragraph
      7(a), the number of shares of Common Stock issuable upon the exercise of this
      Warrant shall be adjusted to the nearest full share of Common Stock by
      multiplying a number equal to the Exercise Price in effect immediately prior
      to
      such adjustment by the number of shares of Common Stock issuable upon exercise
      of this Warrant immediately prior to such adjustment and dividing the product
      so
      obtained by the adjusted Exercise Price. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Reclassification,
      Consolidation, Merger, etc</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In case
      of any reclassification or change of the outstanding shares of Common Stock
      (other than a change in par value to no par value, or from no par value to
      par
      value, or as a result of a subdivision or combination), or in the case of any
      consolidation of the Company with, or merger of the Company into, another
      corporation (other than a consolidation or merger in which the Company is the
      surviving corporation and which does not result in any reclassification or
      change of the outstanding shares of Common Stock, except a change as a result
      of
      a subdivision or combination of such shares or a change in par value, as
      aforesaid), or in the case of a sale or conveyance to another corporation of
      all
      or a substantial part of the property of the Company, the Warrant Holder shall
      thereafter have the right to purchase the kind and number of shares of stock
      and
      other securities and property receivable upon such reclassification, change,
      consolidation, merger, sale or conveyance as if the Warrant Holder were the
      owner of the shares of Common Stock underlying this Warrant immediately prior
      to
      any such events at a price equal to the product of (x) the number of shares
      issuable upon exercise of this Warrant and (y) the Exercise Price in effect
      immediately prior to the record date for such reclassification, change,
      consolidation, merger, sale or conveyance as if such Warrant Holder had
      exercised this Warrant. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Dividends
      and Other Distributions with Respect to Outstanding Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In the
      event that the Company shall at any time prior to the exercise of all Warrants
      declare a dividend (other than a dividend consisting solely of shares of Common
      Stock or a cash dividend or distribution payable out of current or retained
      earnings) or otherwise distribute to the holders of its Common Stock any monies,
      assets, property, rights, evidences of indebtedness, securities (other than
      shares of Common Stock), whether issued by the Company or by another person
      or
      entity, or any other thing of value, the Warrant Holder of the unexercised
      Warrants shall thereafter be entitled, in addition to the shares of Common
      Stock
      or other securities receivable upon the exercise thereof, to receive, upon
      the
      exercise of such Warrants, the same monies, property, assets, rights, evidences
      of indebtedness, securities or any other thing of value that they would have
      been entitled to receive at the time of such dividend or distribution. At the
      time of any such dividend or distribution, the Company shall make appropriate
      reserves to ensure the timely performance of the provisions of this Subsection
      7(e). </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Warrant
      After Adjustment</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Irrespective of any change pursuant to this Section 7 in the Exercise Price
      or
      in the number, kind or class of shares or other securities or other property
      obtainable upon exercise of this Warrant, this Warrant may continue to express
      as the Exercise Price and as the number of shares obtainable upon exercise,
      the
      same price and number of shares as are stated herein. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Statement
      of Calculation</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Whenever the Exercise Price shall be adjusted pursuant to the provisions of
      this
      Section 7, the Company shall forthwith file at its principal office, a statement
      signed by an executive officer of the Company specifying the adjusted Exercise
      Price determined as above provided in such section. Such statement shall show
      in
      reasonable detail the method of calculation of such adjustment and the facts
      requiring the adjustment and upon which the calculation is based. The Company
      shall forthwith cause a notice setting forth the adjusted Exercise Price to
      be
      sent by certified mail, return receipt requested, postage prepaid, to the
      Warrant Holder. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Redemption
      Rights</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Warrant may be redeemed at the option of the Company at a redemption price
      equal
      to $0.01 at any time subsequent to the earlier of (i) the date three years
      from
      the date of the first issuance and sale of a Bridge Warrant and (ii) the date
      that the Common Stock has traded on The Over the Counter Bulletin Board at
      or
      above $1.00 per share for 20 consecutive trading days. The Company may exercise
      this right of redemption by written notice to the Warrant Holder together with
      payment of the redemption price. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Definition
      of &#8220;Common Stock&#8221;</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      For the
      purpose of this Warrant, the term &#8220;Common Stock&#8221; shall mean, in addition to the
      class of stock designated as the Common Stock, $.001 par value, of the Company
      on the date hereof, any class of stock resulting from successive changes or
      reclassifications of the Common Stock consisting solely of changes in par value,
      or from par value to no par value, or from no par value to par value. If at
      any
      time, as a result of an adjustment made pursuant to one or more of the
      provisions of Section 7 hereof, the shares of stock or other securities or
      property obtainable upon exercise of this Warrant shall include securities
      of
      the Company other than shares of Common Stock or securities of another
      corporation, then thereafter the amount of such other securities so obtainable
      shall be subject to adjustment from time to time in a manner and upon terms
      as
      nearly equivalent as practicable to the provisions with respect to Common Stock
      contained in Section 7 hereof and all other provisions of this Warrant with
      respect to Common Stock shall apply on like terms to any such other shares
      or
      other securities. </font></div>
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        </div>
      </div>
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Reserved</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Restrictions
      on Offer and Sale</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      THE
      OFFER AND SALE OF THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
      WITH OR APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE
      COMMISSION OR ANY SECURITIES COMMISSION OR REGULATORY AUTHORITY AND ARE BEING
      OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      SALE,
      ASSIGNMENT, CONVEYANCE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
      REPRESENTED BY THIS WARRANT IS PROHIBITED EXCEPT (1) PURSUANT TO REGISTRATION
      UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER
      THE ACT, AND ANY CERTIFICATE REPRESENTING WARRANT SHARES SHALL BEAR A LEGEND
      TO
      SUCH EFFECT. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Notices
      to Warrant Holders</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Nothing
      contained in this Warrant shall be construed as conferring upon the Warrant
      Holder the right to vote or to consent or to receive notice as a share holder
      in
      respect of any meetings of share holders for the election of directors or any
      other matter, or as having any rights whatsoever as a share holder of the
      Company. If, however, at any time prior to the expiration of this Warrant and
      its exercise, any of the following events shall occur: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company shall take a record of the holders of its shares of Common Stock for
      the
      purpose of entitling them to receive a dividend or distribution payable
      otherwise than in cash, or a cash dividend or distribution payable otherwise
      than out of current or retained earnings, as indicated by the accounting
      treatment of such dividend or distribution on the books of the Company; or
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company shall offer to all the holders of its Common Stock any additional shares
      of capital stock of the Company or securities convertible into or exchangeable
      for shares of capital stock of the Company, or any warrant, right or option
      to
      subscribe therefor; or </font></div>
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      then, in anyone or more of said events, the Company shall give written notice
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      or the date of closing the transfer books for the determination of the share
      holders entitled to such dividend, distribution, convertible or exchangeable
      securities or subscription rights, warrants or options, or entitled to vote
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      specify such record date or the date of closing the transfer books, as the
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      to be given three days after so mailed, when telecopied shall be deemed to
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      agreements and understandings of any and every nature among them. This Warrant
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      take any action herein required to be performed by it, and any breach of any
      covenant, agreement, warranty or representation may be waived, only if the
      Company has obtained the written consent or waiver of the Warrant Holder. No
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
  <head>
    <title>
      Exhibit 10.2
</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      10.2</font></div>
    <div><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THIS
      NOTE
      AND THE COMMON STOCK REFERENCED HEREIN HAVE NOT BEEN REGISTERED WITH OR APPROVED
      OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY
      STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY AND ARE BEING OFFERED
      PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE UNITED STATES SECURITIES
      ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      SALE,
      ASSIGNMENT, CONVEYANCE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
      REPRESENTED BY THIS NOTE OR THE UNDERLYING COMMON STOCK TO U.S. PERSONS, AS
      DEFINED IN RULE 902(k) PROMULGATED UNDER THE SECURITIES ACT, IS PROHIBITED
      EXCEPT (1) PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT
      TO
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="ex102_txt"/><a name="fis_exhibit_10_2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      note
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      principal amount of $2,000,000.</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>APPLIED
      DNA SCIENCES, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>August
                ___, 2007</strong></font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">$________________</font></strong></div>
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      SECUR</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ED
      CONVERTIBLE PROMISSORY NOTE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Applied
      DNA Sciences, Inc., a Nevada corporation (the &#8220;Company&#8221;), for value received,
      hereby promises to pay to ______________________________ (the &#8220;Holder,&#8221;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">which
      term shall in every instance refer to any owner or holder of this Note) at
      ________________________________ or at any other place that the Holder may
      designate in writing to the Company,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      on
      August __, 2008 (the &#8220;Maturity Date&#8221;), the principal sum of
      _____________________ </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THOUSAND
      AND NO/100 DOLLARS</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      ($______) in such coin or currency of the United States of America as at the
      time of payment shall be legal tender for the payment of public and private
      debts, and to pay interest on the outstanding principal sum hereof at the rate
      of ten percent (10%) per annum. Payment of principal and accrued and unpaid
      interest, if any, shall be payable on the Maturity Date in like coin or currency
      to the Holder hereof at the address of the Holder on file with the Company
      or at
      such other place as the Holder shall have notified the Company in writing at
      least five (5) days before the Maturity Date, provided that any payment
      otherwise due on a Saturday, Sunday or legal bank holiday may be paid on the
      following business day.</font></div>
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      in Section 4 hereof (the &#8220;Security Agreement&#8221;). Reference herein to the Security
      Agreement shall in no way impair the absolute and unconditional obligation
      of
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      rights and remedies of the Holder hereunder are subject to the terms and
      conditions of the Security Agreement and the provisions of the Uniform
      Commercial Code as enacted in the State of Nevada including, without limitation,
      powers with respect to the enforceability and collectibility of all amounts
      due
      hereunder. Reference to the Uniform Commercial Code of the State of Nevada
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      HOLDER AGREES THAT THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION
      OF
      THE NOTE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE
      DISPOSED OF EXCEPT (1) PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OR
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      principal amount of this Note may be prepaid by the Company, in whole or in
      part, on three days prior written notice without premium or penalty, at any
      time. Upon any prepayment of the entire principal amount of this Note, all
      accrued, but unpaid, interest shall be paid to the Holder on the date of
      prepayment. The date upon which the Company prepays the principal plus all
      accrued and unpaid interest due on this Note shall be hereinafter referred
      to as
      the &#8220;Prepayment Date.&#8221; Notwithstanding the foregoing right of payment, upon
      receipt of the three days notice, the Holder shall have the conversion rights
      set forth under Section 3(b) hereof, regardless of when such three days prior
      written notice is given.</font></div>
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      Note
      shall be paid in full, without premium, in the event the Company consolidates
      or
      merges with another corporation, unless (i) the Company shall be the surviving
      corporation in such consolidation or merger or (ii) the other corporation
      controls, is under common control with or is controlled by the Company
      immediately prior to the consolidation or merger whether or not the Company
      shall be the surviving corporation in such consolidation or merger, in which
      event this Note shall remain outstanding as an obligation of the consolidated
      or
      surviving corporation.</font></div>
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      of Note</u></font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Note
      and any accrued and unpaid interest hereon shall automatically convert on the
      first anniversary of the date hereof into fully paid and non-assessable shares
      of Common Stock of the Company, par value $0.001 per share (the &#8220;Common Stock&#8221;),
      at a 20% discount to the average volume, weighted average price of the Common
      Stock for the ten trading days prior to the date hereof.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Holder shall have the right from time to time, and at any time on or prior
      to
      the first anniversary of the date hereof, to convert all or any part of the
      entirety of the principal and accrued but unpaid interest then outstanding
      under
      this Note into that number of fully paid and non-assessable shares of Common
      Stock, equal to the principal and accrued but unpaid interest under this note
      divided by $0.50, rounded up to the nearest whole share, on the first
      anniversary of the date hereof.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Security
      Agreement</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In
      order to secure the obligations of the Company under this Note and the Bridge
      Notes, the Company hereby grants a security interest in all of the assets of
      the
      Company, which security interest is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>pari
      passu</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      with the
      security interest granted to the holders of $150,000 of $50,000 principal amount
      secured convertible promissory notes of the Company issued on June 27, 2007;
      with the security interest granted to James A. Hayward, a director, the Chairman
      of the Board of Directors, our President and Chief Executive Officer, for an
      aggregate principal amount of $550,000 in secured convertible promissory notes
      of the Company bearing interest at 10% per annum issued on April 23, 2007,
      June
      30, 2007 and July 30, 2007; and with the security interest granted to the
      holders of $1,500,000 of $50,000 principal amount secured convertible promissory
      notes of the Company issued as part of an offering completed on March 8, 2006.
      The Company reserves the right to issue $20,000,000 of debt in addition to
      amounts sold in the offering, of which the Bridge Notes are a part, secured
      by a
      security interest in all of the Company&#8217;s assets, which security interest would
      be </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>pari
      passu</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      to the
      security interest granted to the holders of the Bridge Notes and the preceding
      promissory notes.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Events
      of Default and Remedies</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      one
      or more of the following events (each an &#8220;Event of Default&#8221;) which shall have
      occurred and be continuing shall constitute an event of default:</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      default
      in the payment of the principal or accrued interest on this Note or upon any
      other indebtedness of the Company after the date hereof that is greater than
      $100,000, as and when the same shall become due, whether by default or
      otherwise, which default shall have continued for a period of five (5) business
      days; or</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      representation or warranty made by the Company or any officer of the Company
      in
      the Notes, or in any agreement, report, certificate or other document delivered
      to the Holder pursuant to the Notes shall have been incorrect in any material
      respect when made which shall not have been remedied ten (10) days after written
      notice thereof shall have been given by the Holder; or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company or any subsidiary (A) shall institute any proceeding or voluntary case
      seeking to adjudicate it bankrupt or insolvent, or seeking dissolution,
      liquidation, winding up, reorganization, arrangement, adjustment, protection,
      relief or composition of it or its debts under any law relating to bankruptcy,
      insolvency or reorganization or relief of debtors, or seeking the entry of
      any
      order for relief or the appointment of a receiver, trustee, custodian or other
      similar official for such the Company or any subsidiary or for any substantial
      part of its property, or shall consent to the commencement against it of such
      a
      proceeding or case, or shall file an answer in any such case or proceeding
      commenced against it consenting to or acquiescing in the commencement of such
      case or proceeding, or shall consent to or acquiesce in the appointment of
      such
      a receiver, trustee, custodian or similar official; (B) shall be unable to
      pay
      its debts as such debts become due, or shall admit in writing its inability
      to
      apply its debts generally; (C) shall make a general assignment for the benefit
      of creditors; or (D) shall take any action to authorize or effect any of the
      actions set forth above in this subsection 5(a)(iii); or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      proceeding shall be instituted against the Company seeking to adjudicate it
      a
      bankrupt or insolvent, or seeking dissolution, liquidation, winding up,
      reorganization, arrangement, adjustment, protection, relief of debtors, or
      seeking the entry of an order for relief or the appointment of a receiver,
      trustee, custodian or other similar official for the Company or for any
      substantial part of its property, and either such proceeding shall not have
      been
      dismissed or shall not have been stayed for a period of sixty (60) days or
      any
      of the actions sought in such proceeding (including, without limitation, the
      entry of any order for relief against it or the appointment of a receiver,
      trustee, custodian or other similar official for it or for any substantial
      part
      of its property) shall occur; or</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
      or
      more final judgments, arbitration awards or orders for the payment of money
      in
      excess of $1,000,000 in the aggregate shall be rendered against the Company,
      which judgment remains unsatisfied for thirty (30) days after the date of such
      entry.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delisting
      of the Common Stock from the principal market or exchange on which the Common
      Stock is listed for trading; the Company&#8217;s failure to comply with the conditions
      for listing; or notification that the Company is not in compliance with the
      conditions for such continued listing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      issuance of an SEC stop trade order or an order suspending trading of the Common
      Stock from the principal market or exchange on which the Common Stock is listed
      for trading for longer than five (5) trading days.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      failure by the Company to issue shares of Common Stock to the Holder upon
      exercise by the Holder of the conversion rights of the Holder in accordance
      with
      the terms of this Note, or the failure to transfer or cause its transfer agent
      to transfer (electronically or in certificated form) any certificate for shares
      of Common Stock issued to the Holder upon conversion of or otherwise pursuant
      to
      this Note as and when required by this Note, or the failure to remove any
      restrictive legend (or to withdraw any stop transfer instructions in respect
      thereof) on any certificate for any shares of Common Stock issued to the Holder
      upon conversion of or otherwise pursuant to this Note as and when required
      by
      this Note, and any such failure shall continue uncured for ten (10) days after
      the Company shall have been notified thereof in writing by the
      Holder;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      permitted herein, the Company shall encumber or hypothecate the collateral
      subject to the Security Agreement to any party;</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event of and immediately upon the occurrence of an Event of Default, the Note
      shall become immediately due and payable without any action by the Holder and
      the Note shall bear interest until paid at the rate of ten percent (10%) per
      annum. If an Event of Default occurs and is continuing, Holder may pursue any
      available remedy to collect the payment of all amounts due under the Note or
      to
      enforce the performance of any provision of the Note. No waiver of any default
      under the Note shall be construed as a waiver of any subsequent default, and
      the
      failure to exercise any right or remedy thereunder shall not waive the right
      to
      exercise such right or remedy thereafter.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company covenants that in case the principal of, and accrued interest on, the
      Note becomes due and payable by declaration or otherwise, then the Company
      will
      pay in cash to the Holder of this Note, the whole amount that then shall have
      become due and payable on this Note for principal or interest, as the case
      may
      be, and in addition thereto, such further amount as shall be sufficient to
      cover
      the costs and expenses of collection, including reasonable fees and
      disbursements of the Holder&#8217;s legal counsel. In case the Company shall fail
      forthwith to pay such amount, the Holder may commence an action or proceeding
      at
      law or in equity for the collection of the sums so due and unpaid, and may
      prosecute any such action or proceeding to judgment or final decree against
      Company or other obligor upon this Note, wherever situated, the monies
      adjudicated or decreed to be payable.</font></div>
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      Company agrees that it shall give notice to the Holder at its registered address
      by facsimile, confirmed by certified mail, of the occurrence of any Event of
      Default within ten (10) days after such Event of Default shall have
      occurred.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Unconditional
      Obligation; Fees, Waivers, Other</u></font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      obligations to make the payments provided for in this Note are absolute and
      unconditional and not subject to any defense, set-off, counterclaim, rescission,
      recoupment or adjustment whatsoever.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If,
      following the occurrence of an Event of Default, Holder shall seek to enforce
      the collection of any amount of principal of and/or interest on this Note,
      there
      shall be immediately due and payable from the Company, in addition to the then
      unpaid principal of, and accrued unpaid interest on, this Note, all costs and
      expenses incurred by Holder in connection therewith, including, without
      limitation, reasonable attorneys&#8217; fees and disbursements.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      forbearance, indulgence, delay or failure to exercise any right or remedy with
      respect to this Note shall operate as a waiver or as an acquiescence in any
      default, nor shall any single or partial exercise of any right or remedy
      preclude any other or further exercise thereof or the exercise of any other
      right or remedy.</font></div>
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      and diligence in taking any action to collect amounts called for hereunder,
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      be owing hereon, regardless of and without any notice, diligence, act or
      omission with respect to the collection of any amount called for hereunder
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      Directors of the Company.</font></div>
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      shall be deemed to have been duly given when personally delivered or sent by
      registered or certified mail (return receipt requested, postage prepaid),
      facsimile transmission or overnight courier to the Holder at the address in
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      records of the Company, to the Company at 25 Health Sciences Dr., Stony Brook,
      New York 11790 or at such other address as the intended recipient shall have
      hereafter given to the other party hereto pursuant to the provisions of this
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      registered as the absolute owner thereof for all purposes whatsoever (whether
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      notice to the contrary. Subject to the limitations herein stated, the registered
      owner of this Note shall have the right to transfer this Note by assignment,
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      the transferee thereof shall, upon his registration as owner of this Note,
      become vested with all the powers and rights of the transferor. Registration
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      any new owners shall take place upon presentation of this Note to the Company
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      its principal offices, together with a duly authenticated assignment. In case
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      transfer by operation of law, the transferee agrees to notify the Company of
      such transfer and of his address, and to submit appropriate evidence regarding
      the transfer so that this Note may be registered in the name of the transferee.
      This Note is transferable only on the books of the Company by the holder hereof,
      in person or by attorney, on the surrender hereof, duly endorsed. Communications
      sent to any registered owner shall be effective as against all holders or
      transferees of the Note not registered at the time of sending the
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      such suit, action or proceeding. The Holder and the Company further agree to
      accept and acknowledge service of any and all process which may be served in
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      mail to the Company&#8217;s address, will be deemed in every respect effective service
      of process, in any suit, action or proceeding. FURTHER, THE HOLDER AND THE
      COMPANY HEREBY WAIVE TRIAL BY JURY IN ANY ACTION TO ENFORCE THIS NOTE AND IN
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      director, agent or attorney of the Company, or of any successor corporation,
      either directly or through the Company or any successor corporation, otherwise,
      all such liability of the incorporators, stockholders, officers, directors,
      attorneys and agents being waived, released and surrendered by the Holder hereof
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                DNA SCIENCES, INC.</font></div>
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