<SUBMISSION>
<ACCESSION-NUMBER>0001467809-10-000109
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20091113
<ITEMS>1.01
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20100510
<DATE-OF-FILING-DATE-CHANGE>20100510
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>HEPALIFE TECHNOLOGIES INC
<CIK>0001054274
<ASSIGNED-SIC>3841
<IRS-NUMBER>582349413
<STATE-OF-INCORPORATION>FL
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-29819
<FILM-NUMBER>10817781
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>60 STATE STREET
<STREET2>SUITE 700
<CITY>BOSTON
<STATE>MA
<ZIP>02109
<PHONE>800-518-4879
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>60 STATE STREET
<STREET2>SUITE 700
<CITY>BOSTON
<STATE>MA
<ZIP>02109
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ZETA CORP
<DATE-CHANGED>20030219
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ZETA CORP /CA
<DATE-CHANGED>20000303
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8krearticlesofamendandby.htm
<TEXT>

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   <TITLE>form8krearticlesofamendandby.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=black face="Times New Roman,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Washington, D.C. &nbsp;20549</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">FORM 8-K</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">CURRENT REPORT</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">November 13, 2009</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">Date of Report (Date of earliest event reported)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 16pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(Exact name of registrant as specified in its charter)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Florida</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(State or other jurisdiction of incorporation)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">000-29819</FONT></U></B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif"> </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(Commission File Number)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">58-2349413</FONT></U></B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif"> </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(I.R.S. Employer Identification No.)</FONT></P>
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</FONT></B><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">60 State Street, Suite 700, Boston, MA</FONT></U></B><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> &nbsp;02109</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(Address of principal executive offices)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(800) 518-4879</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;(Registrant&#146;s telephone number, including area code)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 1. Registrant's Business and Operations</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Item 1.01(a)&nbsp;&nbsp;&nbsp; Entry into Material Definitive Agreement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On May 7, 2010 the Company's&nbsp;Board of Directors approved an amendment to the stock option Agreement dated October 13, 2009 between&nbsp;the Company&nbsp;and Mr. Amit S. Dang,&nbsp;<FONT style="FONT-SIZE: 12pt" face="Times New Roman">the&nbsp;Company's</FONT>&nbsp;President and Chief Executive Officer<FONT style="FONT-SIZE: 12pt" face="Times New Roman">,</FONT> to extend the term during which vested options can be exercised following Mr. Dang&#146;s resignation or removal from 90 days to twelve months.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 2. &nbsp;Financial Information</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">None.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 3. &nbsp;Securities and Trading Markets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">None. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 4. &nbsp;Matters Related to Accountants and Financial Statements</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">None.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 5. &nbsp;Corporate Governance and Management</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -1in; MARGIN: 0in 0in 0pt 1in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Item 5.02 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">On November 13, 2009 Donna Lopolito resigned as&nbsp;Chief Financial Officer. The resignation was not due to any disagreements between&nbsp;<FONT style="FONT-SIZE: 12pt" face="Times New Roman">the Company</FONT>&nbsp;and Ms. Lopolito.&nbsp; As previously reported Mr. Amit S. Dang was appointed to the position of Interim Chief Financial Officer on November 16, 2009 by the Board of Directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -13.2pt; MARGIN: 6.6pt 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">On May 4, 2010&nbsp;<FONT style="FONT-SIZE: 12pt" face="Times New Roman">the Company's</FONT>&nbsp;Board of Directors subject to the consent approval by our shareholders, approved:</FONT></P>
<P style="TEXT-INDENT: -13.2pt; MARGIN: 6.6pt 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">an amendment to the Company&#146;s Articles of Incorporation in the form attached hereto as</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">(the &#147;</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> Articles of Amendment</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> &#148;) to (i) increase the number of shares of Common Stock, $0.001 par value per share (the &#147;</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> Common Stock</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> &#148;) which the Company is authorized to issue from 300,000,000 shares to 500,000,000 shares; (ii) change the par value of&nbsp;the Company's&nbsp;authorized Preferred Stock from $0.10 to $0.001 per share; and (iii) provide for the classification of the Company&#146;s Board of Directors and to further provide for staggered terms of service for each class of directors; and</FONT></P>
<P style="TEXT-INDENT: -13.2pt; MARGIN: 6.6pt 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">the Amended and Restated By-laws of the Company, as attached hereto</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></P>
<P style="TEXT-INDENT: -13.2pt; MARGIN: 6.6pt 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -13.2pt; MARGIN: 6.6pt 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">The Articles of Amendment and the Amended and Restated By-laws were approved on May 7, 2010 by written consent of shareholders (the &#147;</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Consenting Shareholders</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148;) owning approximately 53% of&nbsp;<FONT style="FONT-SIZE: 11pt" face="Times New Roman">the&nbsp;Company's&nbsp;</FONT>&nbsp;issued and outstanding common stock as of May 7, 2010.&nbsp;<FONT style="FONT-SIZE: 11pt" face="Times New Roman">The&nbsp;Company</FONT>&nbsp;filed an Information Statement on Schedule 14C (the &#147;</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Information Statement</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148;) describing the actions taken by our Board of Directors and the Consenting Shareholders.</FONT></P>
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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">The Articles of Amendment will become effective upon filing with the Secretary of State of the State of Florida; the filing is not expected to occur until at least 20 days following the distribution of the Information Statement to&nbsp;<FONT style="FONT-SIZE: 12pt" face="Times New Roman">the Company's</FONT>&nbsp;shareholders of record as of May 7, 2010; the Amended and Restated By-laws will also become effective 20 days following the mailing of the Information Statement.&nbsp; <FONT style="FONT-SIZE: 12pt" face="Times New Roman">The Company expects </FONT>to mail the Information Statement on or about May 17, 2010.</FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Prior thereto, on September 30, 2008 and August 19, 2008,&nbsp;<FONT style="FONT-SIZE: 12pt" face="Times New Roman">the Company's</FONT>&nbsp;Board of Directors amended the Company&#146;s By-Laws to, respectively (i) modify the description of officers (and their respective functions) which the Board of Directors could appoint and (ii) conform the notice requirements for a special meeting of the shareholders to the requirements of the Florida Business Corporation&#146;s law. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 6. [Reserved]</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">N/A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 7. &nbsp;Regulation FD</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">None.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 8. &nbsp;Other Events</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">None. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECTION 9. &nbsp;Financial Statements and Exhibits</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Item 9.01 Financial Statements and Exhibits</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman,serif">Form of Articles of Amended as adopted by the Board of Directors and Approved on May 7, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman,serif">Amended and Restated Bylaws Approved on May 7, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman,serif">Stock Option Agreement dated October 13, 2009 between Amit S. Dang and HepaLife Technologies, Inc., as amended</FONT></P>
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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 2.5in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SIGNATURES</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">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></P>
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<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 3in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 3in; MARGIN: 0in 0in 0pt"><STRONG></STRONG>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 3in; MARGIN: 0in 0in 0pt"><U>/s/Amit S. Dang</U></P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 3in; MARGIN: 0in 0in 0pt">Amit S. Dang</P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 3in; MARGIN: 0in 0in 0pt">President and CEO</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Date: May 10, 2010</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Exhibit 3.1</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Form of </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Articles of Amendment</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">To The Articles of Incorporation</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;Hepalife Technologies, Inc. Adopted</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Pursuant to Section 607.1003 of the</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;Florida Business Corporation Act</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp; ------------------------------------------------</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the provisions of Section 607.1006 of the Florida Business Corporation Act, Hepalife Technologies, Inc. (the &#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Corporation</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&#148;), a corporation organized and existing under and by virtue of the Florida Business Corporation Act, does hereby certify that it has adopted the following Articles of Amendment to its Articles of Incorporation:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">FIRST: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment(s) adopted: &nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&#147;Article IV. Board of Directors&#148; is hereby amended to read in its entirety as follows:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;The affairs of the Corporation shall be managed by a Board of Directors determined as follows:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A. NUMBER OF DIRECTORS. Subject to the rights if &nbsp;any, of the holders of any series of&nbsp; Preferred&nbsp; Stock to elect additional directors under specified&nbsp; circumstances, the number of&nbsp; directors&nbsp; shall be fixed from time to time&nbsp; exclusively&nbsp; by&nbsp; the&nbsp; Board&nbsp; of&nbsp; Directors&nbsp; pursuant&nbsp; to&nbsp; resolution&nbsp; adopted by a majority&nbsp; of the total&nbsp; number of directors which the&nbsp; Corporation&nbsp; would have if there were no vacancies (the "</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Whole Board</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">").</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp; ELECTION AND TERMS OF DIRECTORS.&nbsp; Directors&nbsp; shall be elected by a majority of the votes cast, and the directors of&nbsp; this Corporation shall be divided into three classes (Class I, Class II and Class III), with respect to the time that they&nbsp; severally&nbsp; hold office,&nbsp; as&nbsp; nearly equal in number as possible,&nbsp; with the initial term of office of the Class I directors to expire at the 2010 annual meeting of shareholders of the Corporation and until&nbsp; their&nbsp;&nbsp; respective&nbsp;&nbsp; successors&nbsp;&nbsp; are&nbsp; elected&nbsp; and qualified,&nbsp; the initial term of office of the Class II&nbsp; directors&nbsp; to expire&nbsp; at the 2011&nbsp; annual&nbsp; meeting&nbsp; of shareholders of the Corporation and until their respective successors&nbsp; are elected and qualified and the initial term of office of the Class III directors to expire at the 2012 annual meeting of shareholders of the Corporation and until&nbsp; their&nbsp;&nbsp; respective&nbsp;&nbsp; successors&nbsp;&nbsp; are&nbsp; elected&nbsp; and qualified.&nbsp; Commencing&nbsp; with the 2010&nbsp; annual&nbsp; meeting&nbsp; of shareholders&nbsp; of the&nbsp; Corporation,&nbsp; directors&nbsp; elected&nbsp; to succeed those directors whose terms have thereupon expire shall be&nbsp; elected&nbsp; for a term of&nbsp; office&nbsp; to expire at the third&nbsp; succeeding&nbsp; annual meeting of&nbsp; shareholders&nbsp; of the Corporation&nbsp;&nbsp; after&nbsp;&nbsp; their&nbsp;&nbsp; election&nbsp;&nbsp; and&nbsp; until&nbsp; their respective successors are elected and qualified</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C. NEWLY CREATED DIRECTORSHIPS AND VACANCIES.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) If the number of directors is changed, any increase or decrease may be&nbsp; apportioned&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">among the classes so as to maintain or attain, if possible, the equality&nbsp; of the number of&nbsp; directors&nbsp; in each class, but in no&nbsp; case&nbsp; will a&nbsp; decrease&nbsp; in the&nbsp; number&nbsp; of directors shorten the term of any incumbent director.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(2)&nbsp; Subject to the&nbsp; rights of the&nbsp; holders of any&nbsp; series&nbsp; of&nbsp; Preferred&nbsp;&nbsp; Stock,&nbsp;&nbsp; newly&nbsp;&nbsp; created directorships&nbsp; resulting&nbsp; from&nbsp; any&nbsp; increase&nbsp; in the authorized&nbsp; number of directors&nbsp; or any&nbsp; vacancies on the&nbsp; Board&nbsp; of&nbsp;&nbsp; Directors&nbsp;&nbsp; resulting&nbsp;&nbsp; from&nbsp; death, resignation,&nbsp; retirement,&nbsp; disqualification,&nbsp; removal from&nbsp; office&nbsp; or other&nbsp; cause&nbsp; (other&nbsp; than a vacancy&nbsp; resulting from removal by the shareholders,&nbsp; in which case&nbsp;&nbsp; such&nbsp;&nbsp; vacancy&nbsp;&nbsp; shall&nbsp;&nbsp; be&nbsp;&nbsp; filled&nbsp;&nbsp; by&nbsp; the shareholders) shall be filled only by a majority vote of the directors&nbsp; then in office,&nbsp; though less than a quorum,&nbsp; and a director &nbsp;so chosen&nbsp; shall hold office for the unexpired portion of the term of the class in which such director was chosen to serve and until his&nbsp; successor&nbsp; is elected and&nbsp; qualified.&nbsp; No decrease in the number of authorized directors constituting the entire Board of Directors&nbsp;shall shorten the term of any incumbent director.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.&nbsp; AMENDMENTS TO THIS ARTICLE IV.&nbsp; The&nbsp; affirmative vote of the&nbsp; holders&nbsp; of sixty-six and two thirds percent&nbsp; (66 2/3%) of the voting&nbsp; power of all of the then&nbsp; outstanding&nbsp; shares of the capital stock of&nbsp; the&nbsp; Corporation&nbsp; entitled to vote&nbsp; generally&nbsp; in the election of directors&nbsp; (the "</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Voting&nbsp; Stock</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> "),&nbsp; voting together&nbsp; as a single&nbsp; class,&nbsp; shall be&nbsp; required&nbsp; to amend&nbsp; or&nbsp;&nbsp; repeal,&nbsp;&nbsp; or&nbsp; to&nbsp; adopt&nbsp;&nbsp; any&nbsp;&nbsp; provision inconsistent&nbsp; with this Article.&#148;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;Article V. Capital Stock&#148; is hereby amended to read in its entirety as follows:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;The Corporation shall have the authority to issue 500,000,000 shares of Common Stock, par value $0.001 per share.&nbsp; The Corporation shall have the authority to issue 1,000,000 shares of Preferred Stock, par value $0.001 per share, which may be divided into series and with the preferences, limitations and relative rights determined by the Board of Directors.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SECOND: The date of each amendment&#146;s adoption by the Corporation&#146;s shareholders was May 5, 2010.&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">THIRD:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Amendment&nbsp; to&nbsp; the&nbsp; Articles of&nbsp; Incorporation of&nbsp; the&nbsp; Corporation&nbsp; effected by these Articles of Amendment was duly authorized by the Board of Directors of the&nbsp; Corporation&nbsp; in&nbsp; accordance&nbsp; with the&nbsp; provisions&nbsp; of &nbsp;Section 607.1003 of the Florida Business Corporation Act (the &#147;FBCA&#148;),&nbsp; and by the affirmative vote of the holders of a majority of the&nbsp; Corporation's outstanding&nbsp; capital stock entitled to vote thereon by written&nbsp; consent in accordance&nbsp; with the provisions of Section 607.1003 of the FBCA.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> IN WITNESS WHEREOF</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">, the Corporation has caused this Articles &nbsp;of Amendment to be signed and acknowledged by its President and on this &lt;&gt; day of May, 2010.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Hepalife Technologies, Inc.</FONT></U></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Exhibit 3.2</FONT></U></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Amended and Revised</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Bylaws</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">of</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">HepaLife Technologies, Inc.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">(formerly Zeta Corporation)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE I.&nbsp; DIRECTORS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;1.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Power; Number; Classification; Term of Office; Election Procedures</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The following provisions are inserted for the management of the business and for the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and shareholders:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Subject to the Corporation&#146;s Articles of Incorporation, as amended, the number, classification, and terms of the Board of Directors of the Corporation and the procedures to elect directors, to remove directors, and to fill vacancies in the Board of Directors shall be as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">(a) Unless otherwise provided in the Charter, the number of directors that shall constitute the whole Board of Directors shall from time to time be fixed exclusively by the Board of Directors by a resolution adopted by a majority of the whole Board of Directors serving at the time of that vote. Except in the event of a vacancy contemplated by</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Section&nbsp;1(c)</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> of this</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Article I,</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> in no event shall the number of directors that constitute the whole Board of Directors be fewer than three. No decrease in the number of directors shall have the effect of shortening the term of any incumbent director. Directors of the Corporation need not be elected by written ballot unless the Bylaws of the Corporation otherwise provide. Unless otherwise provided in the Charter, directors need not be shareholders of the Corporation or residents of the State of Florida.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">(b) The Board of Directors of the Corporation shall be divided into three classes designated Class I, Class II, and Class III, respectively, all as nearly equal in number as possible, with each director then in office receiving the classification that at least a majority of the Board of Directors designates. The initial term of office of directors of Class I shall expire at the annual meeting of shareholders of the Corporation in 2010, of Class II shall expire at the annual meeting of shareholders of the Corporation in 2011, and of Class III shall expire at the annual meeting of shareholders of the Corporation in 2012, and in all cases as to each director until his successor is elected and qualified or until his earlier death, resignation or removal. At each annual meeting of shareholders beginning with the annual meeting of shareholders in 2010, each director elected to succeed a director whose term is then expiring shall hold his office until the second annual meeting of shareholders after his election and until his successor is elected and qualified or until his earlier death, resignation or removal. If the number of directors that constitutes the whole Board of Directors is changed as permitted by this Article I, the majority of the whole Board of Directors that adopts the change shall also fix and determine the number of directors comprising each class; provided, however, that any increase or decrease in the number of directors shall be apportioned among the classes as equally as possible.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">(c) Vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification or removal from office may be filled by no less than a majority vote of the remaining directors (or, if only one director remains, the vote of such director) then in office, though less than a quorum. Each director so chosen shall represent the same class or classes of shareholders that such vacant directorship had represented, and each director so chosen shall also receive the classification of such vacant directorship to which he has been appointed.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">(d) A directorship to be filled by reason of an increase in the number of directors may be filled by (i)&nbsp;the affirmative vote of the holders of a majority of the outstanding shares entitled to vote thereon at an annual or special meeting of shareholders called for that purpose or (ii)&nbsp;the Board of Directors for a term of office continuing only until the next election of one or more directors by the shareholders; provided, that the Board of Directors may not fill more than two such directorships during the period between any two successive annual meetings of shareholders. Any newly created directorship shall receive the classification that at least a majority of the Board of Directors designates.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">(e) A director of any class of directors of the Corporation may be removed before the expiration date of that director&#146;s term of office, by an affirmative vote of the holders of not less than a majority of the votes of the outstanding shares of the class or classes or series of stock then entitled to be voted at an election of directors of that class or series, voting together as a single class, cast at the annual meeting of shareholders or at any special meeting of shareholders called by a majority of the whole Board of Directors for this purpose.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;2. Quorum; Required Vote for Director Action</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. Unless otherwise required by law or provided in the Charter or these Bylaws, a majority of the total number of directors shall constitute a quorum for the transaction of business of the Board of Directors, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;3.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Meetings;Order of Business</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Meetings of the Board of Directors may be held at such place or places as shall be determined from time to time by resolution of the Board of Directors. At all meetings of the Board of Directors business shall be transacted in such order as shall from time to time be determined by the Chairman of the Board (if any), or in his absence by the Chief Executive Officer (if he is a director), or in the absence of the Chairman of the Board and the Chief Executive Officer, by the President (if the President is director), or by resolution of the Board of Directors.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;4.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">First Meeting</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> In connection with any annual meeting of shareholders at which directors were elected, the Board of Directors may, if a quorum is present, hold its first meeting for the transaction of business immediately after and at the same place as such annual meeting of the shareholders. Notice of such meeting at such time and place shall not be required.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;5. Regular Meetings.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Regular meetings of the Board of Directors shall be held at such times and places as shall be designated from time to time by resolution of the Board of Directors. Notice of such regular meetings shall not be required.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;6.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Special Meetings</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Special meetings of the Board of Directors may be called by the Chairman of the Board (if any), the Chief Executive Officer, the President or, on the written request of any one director, by the Secretary, in each case on at least 24 hours personal, written, facsimile or electronic notice to each director. Such notice, or any waiver thereof pursuant to need not state the purpose or purposes of such meeting, except as may otherwise be required by law or provided for by the Charter or these Bylaws. Notice of a meeting of the Board of Directors need not be given to a director who signs a waiver of notice either before or after the meeting. Attendance of a director at a meeting constitutes a waiver of notice of that meeting and waiver of all objections to the place of the meeting, the time of the meeting, and the manner in which it has been called or convened, unless a director objects to the transaction of business (promptly upon arrival at the meeting) because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors must be specified in the notice or waiver of notice of the meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 25.3pt; MARGIN: 9.9pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">A majority of the directors present, whether or not a quorum exists, may adjourn any meeting of the Board of Directors to another time and place. Notice of an adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time and place of the adjourned meeting are announced at the time of the adjournment to the other directors. Meetings of the Board of Directors may be called by the president or the Chairman of the Board of Directors. Members of the Board of Directors and any committee of the Board may participate in a meeting by telephone conference or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation by these means constitutes presence in person at a meeting</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;7. Compensation.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Unless restricted by the Charter, the Board of Directors shall have the authority to fix the compensation, if any, of directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;8. Presumption of Assent.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> A director who is present at a meeting of the Board of Directors at which action on any corporate matter is taken shall be presumed to have assented to the action unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the Secretary immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section&nbsp;9.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Approval or Ratification of Acts or Contracts by Shareholders</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The Board of Directors in its discretion may submit any act or contract for approval or ratification at any annual meeting of the shareholders, or at any special meeting of the shareholders called for the purpose of considering any such act or contract, and any act or contract that shall be approved or be ratified by the vote of the shareholders holding a majority of the issued and outstanding shares of stock of the Corporation entitled to vote and present in person or by proxy at such meeting (provided that a quorum is present), shall be as valid and as binding upon the Corporation and upon all the shareholders as if it shall have been approved or ratified by every shareholder of the </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Corporation.&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 10.&nbsp; Place of Meeting.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Regular and special meetings of the Board of Directors shall be held at the principal place of business of the Corporation or at another place designated by the person or persons giving notice or otherwise calling the meeting.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 12.&nbsp; Action By Written Consent.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Any action required or permitted to be taken at a meeting of directors may be taken without a meeting if a consent in writing setting forth the action to be taken and signed by all of the directors is filed in the minutes of the proceedings of the Board. The action taken</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">shall be deemed effective when the last director signs the consent, unless the consent specifies otherwise.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE II.&nbsp; MEETINGS OF SHAREHOLDERS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 1.&nbsp; Annual Meeting.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The annual meeting of the shareholders of the Corporation for the election of officers and for such other business as may properly come before the meeting shall be held at such time and place as designated by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 2.&nbsp; Special Meeting.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Special meetings of the shareholders shall be held when directed by the President and Chief Executive Officer or when requested in writing by shareholders holding at least 10% of the Corporation&#146;s stock having the right and entitled to vote at such meeting. A meeting requested by shareholders shall be called by the President and Chief Executive Officer for a date not less than 10 nor more than 60 days after the request is made. Only business within the purposes described in the meeting notice may be conducted at a special shareholders&#146; meeting.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 3.&nbsp; Place.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Meetings of the shareholders will be held at the principal place of business of the Corporation or at such other place as is designated by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 4.&nbsp; Notice.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> A written notice of each meeting of shareholders shall be mailed to each shareholder having the right and entitled to vote at the meeting at the address as it appears on the records of the Corporation. The meeting notice shall be mailed not less than 10 nor more than 60 days before the date set for the meeting. The record date for determining shareholders entitled to vote at the meeting will be the close of business on the day before the notice is sent. The notice shall state the time and place the meeting is to be held. A notice of a special meeting shall also state the purposes of the meeting. A notice of meeting shall be sufficient for that meeting and any adjournment of it. If a shareholder transfers any shares after the notice is sent, it shall not be necessary to notify the transferee. All shareholders may waive notice of a meeting at any time.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 5.&nbsp; Shareholder Quorum.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> A minimum of 15% of the shares entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders. Any number of shareholders, even if less than a quorum, may adjourn the meeting without further notice until a quorum is obtained.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 6.&nbsp; Shareholder Voting.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> If a quorum is present, the affirmative vote of a majority of the shares represented at the meeting and entitled to vote on the subject matter shall be the act of the shareholders. Each outstanding share shall be entitled to one vote on each matter submitted to a </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">vote at a meeting of shareholders. An alphabetical list of all shareholders who are entitled to notice of a shareholders&#146; meeting along with their addresses and the number of shares held by each shall be produced at a shareholders&#146; meeting upon the request of any shareholder.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 7. &nbsp;Proxies.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> A shareholder entitled to vote at any meeting of shareholders or any adjournment thereof may vote in person or by proxy executed in writing and signed by the shareholder or his attorney-in-fact. The appointment of proxy will be effective when received by the Corporation&#146;s officer or agent authorized to tabulate votes. No proxy shall be valid more than 11 months after the date of its execution unless a longer term is expressly stated in the proxy.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 8.&nbsp; Validation</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. If shareholders who hold a majority of the voting stock entitled to vote at a meeting are present at the meeting, and sign a written consent to the meeting on the record, the acts of the meeting shall be valid, even if the meeting was not legally called and noticed.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 9.&nbsp; Conduct of Business By Written Consent.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Any action of the shareholders may be taken without a meeting if written consents, setting forth the action taken, are signed by at least a majority of shares entitled to vote and are delivered to the officer or agent of the Corporation having custody of the Corporation&#146;s records within 60 days after the date that the earliest written consent was delivered. Within 10 days after obtaining an authorization of an action by written consent, notice shall be given to those shareholders who have not consented in writing or who are not entitled to vote on the action. The notice shall fairly summarize the material features of the authorized action. If the action creates dissenters&#146; rights, the notice shall contain a clear statement of the right of dissenting shareholders to be paid the fair value of their shares upon compliance with and as provided for by the state law governing corporations.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE III.&nbsp; OFFICERS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 1.&nbsp; Elected Officers</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The elected officers of the Corporation shall be, at the discretion of the Board of Directors, a Chairman</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> ,</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp; Chief Executive Officer, a President, a Secretary, a Treasurer and such other officers (including, without limitation, one or more Vice Presidents, a Chief Operating Officer and a Chief Financial Officer) as the Board of Directors from time to time may deem proper. All officers elected by the Board of Directors shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this Article&nbsp;III. Such officers shall also have such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof. The Board of Directors, or any committee thereof, may from time to time elect, or the Chief Executive Officer may appoint, such other officers (including a Chief Medical Officer, a Chief Technology Officer, and one or more Assistant Vice Presidents, Assistant Secretaries, Assistant Treasurers and Assistant Controllers) and such agents, as may be necessary or desirable for the conduct of the business of the Corporation. Such other officers and agents shall have such duties and shall hold their offices for such terms as shall be provided in these Bylaws or as may be prescribed by the Board of Directors, or any committee thereof, or by the Chief Executive Officer, as the case may be. Any person may hold any one or more executive positions.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 2.&nbsp; Election and Term of Office</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The elected officers of the Corporation shall be elected annually by the Board of Directors at the regular meeting of the Board of Directors held after the annual meeting of the shareholders. If the election of officers shall not be held at such </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">meeting, such election shall be held as soon thereafter as convenient. Each officer shall hold office until his or her successor shall have been duly elected and shall have qualified or until his or her death or until he or she shall resign, but any officer may be removed from office at any time by the affirmative vote of a majority of the members of the Board of Directors or, except in the case of an officer or agent elected by the Board or by the Chief Executive Officer. Such removal shall be without prejudice to the contractual rights, if any, of the person so removed.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 3.&nbsp; Chairman/Vice Chairman</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The full Board of Directors may elect a Chairman of the Board and a Vice Chairman of the Board of Directors (the &#147;Vice Chairman of the Board&#148;) from among the directors. The Chairman of the Board and the Vice Chairman of the Board may be removed from such capacity, but not in his or her capacity as a director, by a majority vote of the full Board of Directors. The Chairman of the Board shall preside at all meetings of the shareholders and of the Board of Directors. The Chairman of the Board shall have such other powers and duties as may from time to time be prescribed by the Board of Directors, upon written directions given to him pursuant to resolutions duly adopted by the Board of Directors. The Vice Chairman of the Board, in the absence of the Chairman of the Board, shall preside at all meetings of the shareholders and of the Board of Directors. (In the absence or inability to act of the Chairman of the Board, the Vice Chairman of the Board and the Chief Executive Officer, the Board of Directors shall elect a chairman of the meeting.) The Vice Chairman of the Board shall have such other powers and duties as may from time to time be prescribed by the Board of Directors, upon written directions given to him pursuant to resolutions duly adopted by the Board of Directors, or by the Chairman of the Board.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 4.&nbsp; Chief Executive Officer</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The Chief Executive Officer, subject to the control of the Board of Directors, shall act in a general executive capacity and shall control the business and affairs of the Corporation. In the absence of the Chairman of the Board and the Vice Chairman of the Board or if a Chairman of the Board and a Vice Chairman of the Board are not elected by the Board of Directors, the Chief Executive Officer shall preside at all meetings of the shareholders and, if the Chief Executive Officer is a director, at all meetings of the Board of Directors. He or she may also preside at any such meeting attended by the Chairman of the Board if he or she is so designated by the Chairman of the Board. In the absence of the Chairman of the Board, he or she may also preside at any such meeting attended by the Vice Chairman of the Board if he or she is so designated by the Vice Chairman of the Board. The Chief Executive Officer shall have the power to appoint and remove subordinate officers, agents and employees, except those elected by the Board of Directors. The Chief Executive Officer shall keep the Board of Directors fully informed and shall consult with them concerning the business of the Corporation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 5.&nbsp; President</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The President shall have general supervision over strategic planning and implementation, administration and the accounting and finance operations of the Corporation, and shall see that all resolutions of the Board of Directors are carried into effect. The President shall have such other duties as may be determined from time to time by resolution of the Board of Directors not inconsistent with these Bylaws. The President, in the absence or incapacity of the Chief Executive Officer, shall also perform the duties of that office. He or she may sign with the Secretary or any other officer of the Corporation thereunto authorized by the Board of Directors, certificates for shares of the Corporation and any deeds, bonds, mortgages, contracts, checks, notes, drafts or other instruments that the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof has been expressly delegated </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">by these Bylaws or by the Board of Directors to some other officer or agent of the Corporation, or shall be required by law to be otherwise executed. He or she shall vote, or give a proxy to any other officer of the Corporation to vote, all shares of stock of any other Corporation standing in the name of the Corporation and in general he or she shall perform all other duties normally incident to the office of President and such other duties as may be prescribed by the Board of Directors from time to time.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 5.&nbsp; Vice Presidents</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. Each Vice President shall have such powers and shall perform such duties as shall be assigned to him by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 6.&nbsp; Chief Operating Officer</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The Chief Operating Officer, if one is elected, shall report to the Chief Executive Officer, in the event that he or she is also the President, or to the Chief Executive Officer and the President, in the event that he or she is not also the President, and shall have general supervision of the day-to-day operation of the activities of the Corporation and shall perform such duties, and shall have such other authority and powers as the President (in the event that he or she is not also the Chief Executive Officer), the Chief Executive Officer or the Board of Directors may from time to time prescribe. The Chief Operating Officer, with the approval of either the Chief Executive Officer or the President, shall have authority to execute instruments, documents, agreements and contracts, in the name of the Corporation, to the same extent as the President or any Vice President.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 7.&nbsp; Chief Financial Officer</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The Chief Financial Officer, if any, shall act in an executive financial capacity. He or she shall assist the Chief Executive Officer in the general supervision of the Corporation&#146;s financial policies and affairs.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 8.&nbsp; Principal Accounting Officer.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The Principal Accounting Officer shall be responsible for the Preparation of annual financial statements, including footnote disclosures and 10-K, the coordination of annual audit by external auditors, the preparation of quarterly financial statements, including footnote disclosures and 10-Q, and the coordination of quarterly reviews by external auditors, and, generally ensuring compliance with regulatory financial disclosure requirements.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 9.&nbsp; Treasurer</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The Treasurer shall exercise general supervision over the receipt, custody and disbursement of corporate funds. The Treasurer shall cause the funds of the Corporation to be deposited in such banks as may be authorized by the Board of Directors, or in such banks as may be designated as depositaries in the manner provided by resolution of the Board of Directors. He or she shall have such further powers and duties and shall be subject to such directions as may be granted or imposed upon him from time to time by the Board of Directors or the Chief Executive Officer.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 10.&nbsp; Secretary and Assistant Secretary</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. The Secretary shall keep, or cause to be kept, in one or more books provided for that purpose, the minutes of all meetings of the Board of Directors, the committees of the Board of Directors and the shareholders; he or she shall see that all notices are duly given in accordance with the provisions of the Articles of Incorporation, these Bylaws and as required by law; he or she shall be custodian of the records and the seal of the Corporation; and he or she shall see that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly kept and filed; and in </FONT> </P>
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<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">general, he or she shall perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board of Directors or the Chief Executive Officer. The Secretary, or any Assistant Secretary, shall have authority to affix and attest the seal to all stock certificates of the Corporation (unless the seal of the Corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be executed on behalf of the Corporation under its seal.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 11.&nbsp; Removal</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. Any officer elected, or agent appointed, by the Board of Directors may be removed by the affirmative vote of a majority of the entire Board of Directors whenever, in their judgment, the best interests of the Corporation would be served thereby. Any officer or agent appointed by the Chief Executive Officer may be removed by him whenever, in his or her judgment, the best interests of the Corporation would be served thereby. No elected officer shall have any contractual rights against the Corporation for compensation by virtue of such election beyond the date of the election of his or her successor or his or her death, resignation or removal, whichever event shall first occur, except as otherwise provided in an employment contract or under an employee deferred compensation plan.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 12.&nbsp; Vacancies</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. Any newly created elected office and any vacancy in any elected office because of death, resignation or removal may be filled by the Board of Directors for the unexpired portion of the term at any meeting of the Board of Directors. Any vacancy in an office appointed by the Chief Executive Officer because of death, resignation or removal may be filled by the Chief Executive Officer.&#148;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE IV.&nbsp; DISTRIBUTIONS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">The Board of Directors may, from time to time, declare distributions to its shareholders in cash, property, or its own shares, unless the distribution would cause (i) the Corporation to be unable to pay its debts as they become due in the usual course of business, or (ii) the Corporation&#146;s assets to be less than its liabilities plus the amount necessary, if the Corporation were dissolved at the time of the distribution, to satisfy the preferential rights of shareholders whose rights are superior to those receiving the distribution. The shareholders and the Corporation may enter into an agreement requiring the distribution of corporate profits, subject to the provisions of law.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE V.&nbsp; CORPORATE RECORDS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 1. Corporate Records.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The Corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time. The Corporation shall keep as permanent records minutes of all meetings of its shareholders and Board of Directors, a record of all actions taken by the shareholders or Board of Directors without a meeting, and a record of all actions taken by a committee of the Board of Directors on behalf of the Corporation. The Corporation shall maintain accurate accounting records and a record of its shareholders in a form that permits preparation of a list of the names and addresses of all shareholders in alphabetical order by class of shares showing and the number and series of shares held by each.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">The Corporation shall keep a copy of its articles or restated articles of incorporation and all amendments to them currently in effect; these Bylaws or restated Bylaws and all amendments currently in effect; resolutions adopted by the Board of Directors creating one or more classes or </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">series of shares and fixing their relative rights, preferences, and limitations, if shares issued pursuant to those resolutions are outstanding; the minutes of all shareholders&#146; meetings and records of all actions taken by shareholders without a meeting for the past three years; written communications to all shareholders generally or all shareholders of a class of series within the past three years, including the financial statements furnished for the last three years; a list of names and business street addresses of its current directors and officers; and its most recent annual report delivered to the Department of State of the State of Florida.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 2.&nbsp; Shareholders&#146; Inspection Rights.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> A shareholder is entitled to inspect and copy, during regular business hours at a reasonable location specified by the Corporation, any books and records of the Corporation. The shareholder must give the Corporation written notice of this demand at least five business days before the date on which he wishes to inspect and copy the record(s). The demand must be made in good faith and for a proper purpose. The shareholder must describe with reasonable particularity the purpose and the records he desires to inspect, and the records must be directly connected with this purpose. This Section does not affect the right of a shareholder to inspect and copy the shareholders&#146; list described in this Article if the shareholder is in litigation with the Corporation. In such a case, the shareholder shall have the same rights as any other litigant to compel the production of corporate records for examination.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">The Corporation may deny any demand for inspection if the demand was made for an improper purpose, or if the demanding shareholder has within the two years preceding his demand, sold or offered for sale any list of shareholders of the Corporation or of any other Corporation, has aided or abetted any person in procuring any list of shareholders for that purpose, or has improperly used any information secured through any prior examination of the records of this Corporation or any other corporation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 3.&nbsp; Financial Statements for Shareholders.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Unless modified by resolution of the shareholders within 120 days after the close of each fiscal year, the Corporation shall furnish its shareholders with annual financial statements which may be consolidated or combined statements of the Corporation and one or more of its subsidiaries, as appropriate, that include a balance sheet as of the end of the fiscal year, an income statement for that year, and a statement of cash flows for that year. If financial statements are prepared for the Corporation on the basis of generally accepted accounting principles, the annual financial statements must also be prepared on that basis.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">If the annual financial statements are reported upon by a public accountant, his report must accompany them. If not, the statements must be accompanied by a statement of the President or the person responsible for the Corporation&#146;s accounting records stating his reasonable belief whether the statements were prepared on the basis of generally accepted accounting principles and, if not, describing the basis of preparation and describing any respects in which the statements were not prepared on a basis of accounting consistent with the statements prepared for the preceding year. The Corporation shall mail the annual financial statements to each shareholder within 120 days after the close of each fiscal year or within such additional time thereafter as is reasonably necessary to enable the Corporation to prepare its financial statements. Thereafter, on written request from a shareholder who was not mailed the statements, the Corporation shall mail him the latest annual financial statements.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 4.&nbsp; Other Reports to Shareholders.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> If the Corporation indemnifies or advances expenses to any director, officer, employee or agent otherwise than by court order or action by the shareholders or by an insurance carrier pursuant to insurance maintained by the Corporation, the Corporation shall report the indemnification or advance in writing to the shareholders with or before the notice of the next annual shareholders&#146; meeting, or prior to the meeting if the indemnification or advance occurs after the giving of the notice but prior to the time the annual meeting is held. This report shall include a statement specifying the persons paid, the amounts paid, and the nature and status at the time of such payment of the litigation or threatened litigation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">If the Corporation issues or authorizes the issuance of shares for promises to render services in the future, the Corporation shall report in writing to the shareholders the number of shares authorized or issued, and the consideration received by the Corporation, with or before the notice of the next shareholders&#146; meeting.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE VI.&nbsp; STOCK CERTIFICATES</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 1.&nbsp; Issuance.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The Board of Directors may authorize the issuance of some or all of the shares of any or all of its classes or series without certificates. Each certificate issued shall be signed by the President and the Secretary (or the Treasurer). The rights and obligations of shareholders are identical whether or not their shares are represented by certificates.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 2.&nbsp; Registered Shareholders.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> No certificate shall be issued for any share until the share is fully paid. The Corporation shall be entitled to treat the holder of record of shares as the holder in fact and, except as otherwise provided by law, shall not be bound to recognize any equitable or other claim to or interest in the shares.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 3.&nbsp; Transfer of Shares</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. Shares of the Corporation shall be transferred on its books only after the surrender to the Corporation of the share certificates duly endorsed by the holder of record or attorney-in-fact. If the surrendered certificates are canceled, new certificates shall be issued to the person entitled to them, and the transaction recorded on the books of the Corporation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 4.&nbsp; Lost, Stolen or Destroyed Certificates</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">. If a shareholder claims to have lost or destroyed a certificate of shares issued by the Corporation, a new certificate shall be issued upon the delivery to the Corporation of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed, and, at the discretion of the Board of Directors, upon the deposit of a bond or other indemnity as the Board reasonably requires.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE VII.&nbsp; INDENNIFICATION</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 1.&nbsp; Right to Indemnification.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> The Corporation hereby indemnifies each person (including the heirs, executors, administrators, or estate of such person) who is or was a director or officer of the Corporation to the fullest extent permitted or authorized by current or future legislation or judicial or administrative decision against all fines, liabilities, costs and expenses, including attorneys&#146; fees, arising out of his or her status as a director, officer, agent, employee or </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">representative. The foregoing right of indemnification shall not be exclusive of other rights to which those seeking an indemnification may be entitled. The Corporation may maintain insurance, at its expense, to protect itself and all officers and directors against fines, liabilities, costs and expenses, whether or not the Corporation would have the legal power to indemnify them directly against such liability.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 2.&nbsp; Advances.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> Costs, charges and expenses (including attorneys&#146; fees) incurred by a person referred to in Section 1 of this Article in defending a civil or criminal proceeding shall be paid by the Corporation in advance of the final disposition thereof upon receipt of an undertaking to repay all amounts advanced if it is ultimately determined that the person is not entitled to be indemnified by the Corporation as authorized by this Article, and upon satisfaction of other conditions required by current or future legislation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Section 3.&nbsp; Savings Clause.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> If this Article or any portion of it is invalidated on any ground by a court of competent jurisdiction1 the Corporation nevertheless indemnifies each person described in Section 1 of this Article to the fullest extent permitted by all portions of this Article that have not been invalidated and to the fullest extent permitted by law.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">ARTICLE VIII. &nbsp;Amendment</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">These Bylaws (other than Article I, Section 1(b)) may be altered, amended or repealed, and new Bylaws adopted, by a majority vote of the directors, in accordance with the provisions of the Florida Business Corporations Act, or by a vote of the shareholders holding a majority of the Corporation&#146;s then issued and outstanding shares provided that any amendment to Article I Section 1(b) shall require the affirmative vote of holders of sixty-six and two thirds percent (66 2/3%) of the Corporation&#146;s then issued and outstanding shares.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Exhibit 10.1</FONT></B></FONT></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: 115%" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Stock Option Agreement dated October 13, 2009<BR>
Between<BR>
&nbsp;Amit S. Dang and Hepalife Technologies, Inc., as amended</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Form Of Nonstatutory Stock Option Agreement </FONT></B></FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS NONSTATUTORY STOCK OPTION AGREEMENT (&#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Agreement</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;) is made and entered into as of October 13, 2009, by and between HepaLife Technologies, Inc. a Florida corporation having an address at 60 State Street, Boston, Massachusetts (the &#147;Company&#148;) and Amit S. Dang, having an address at 2000 Town Center, Suite 1900 Southfield MI 48075 (&#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Optionee</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;):</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In consideration of the covenants herein set forth, the parties hereto agree as follows:</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Grant</FONT></B></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Grant Authorized:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 13, 2009&nbsp; </FONT></P>
<P style="LINE-HEIGHT: normal; MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Shares:&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100,000</FONT></P>
<P style="LINE-HEIGHT: normal; MARGIN: 0in 0.5in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.32 (Share price as of market close October 13, 2009)</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acknowledgements.</FONT></B></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optionee is the Interim Chief Executive Officer and President (the &#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Optionee&#146;s Relationship</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;) of the Company.</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors (the &#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Board</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148; which term shall include an authorized committee of the Board of Directors) have this day approved the granting of this Option subject to the execution of this Agreement; and</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board has authorized the granting to Optionee of a nonstatutory stock option (&#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Option</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;) to purchase shares of common stock of the Company (&#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Stock</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;) upon the terms and conditions hereinafter stated and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the &#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Securities Act</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares; Price.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT></P>
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<P style="LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">The Company hereby grants to Optionee the right to purchase, upon and subject to the terms and conditions herein stated, the number of shares of Stock set forth in Section 1above (the &#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Shares</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;) for cash (or other consideration as is authorized under the Plan and acceptable to the Board, in their sole and absolute discretion) at the price per Share set forth in Section 1above (the </FONT> </P>
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<P style="LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Exercise Price</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;), such price being not less than [e.g., 100%] of the fair market value per share of the Shares covered by this Option as of the date hereof.</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term of Option; Continuation of Service</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">. </FONT></P>
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<P style="LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Subject to the early termination provisions set forth in </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Sections 7 and 8</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> hereof, this Option shall expire, and all rights hereunder to purchase the Shares shall terminate 5 years from the date hereof. Nothing contained herein shall be construed to interfere in any way with the right of the Company or its shareholders to remove or not elect Optionee as an officer of the Company, or to increase or decrease the compensation of Directors from the rate in effect at the date hereof.</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vesting of Option.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">This Option shall vest and become exercisable, subject to the terms of the Stock Option Agreement, including but not limited to the provisions of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Sections 7 and 8</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> hereof, only when: (a) With your support and contribution, the Company is able to successfully consummate a strategic transaction, or other such commercial transaction which the Board deems sufficiently substantial, or if (b) the Board, in its sole discretion, elects to accelerate the vesting of the Option.</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All determinations and calculations with respect hereto shall be made by the Board or any committee thereof to which the Board has delegated such authority, in good faith in accordance with applicable law, the Articles of Incorporation and By-laws of the Company, in its sole discretion, and shall be final, conclusive and binding on all persons, including the Optionee and the personal representative of the Optionee&#146;s estate.</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp; Exercise.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT></P>
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<P style="LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">This Option shall be exercised, as to the vested shares, by delivery to the Company of (a) written notice of exercise stating the number of Shares being purchased (in whole shares only) and such other information set forth on the form of Notice of Exercise attached hereto as Exhibit A hereto, (b) a check or cash in the amount of the Exercise Price of the Shares covered by the notice (or such other consideration as has been approved by the Board of Directors consistent with the Plan) and (c) a written investment representation as provided for in Section 13 hereof. This Option shall not be assignable or transferable, except by will or by the laws of descent and distribution, and shall be exercisable only by Optionee during his or her lifetime.</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of Service.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT></P>
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<P style="LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">If the &nbsp;Optionee&#146;s Relationship ceases or is terminated, effective as of the date that it ceases or is terminated (the &#147;Termination Date &#147;) no further installments shall vest pursuant to </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Section 5</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">, and the maximum number of Shares that Optionee may purchase pursuant hereto shall be limited to the number of Shares that were vested as of the Termination Date. Thereupon, Optionee shall have the right at any time within twelve (12) months following the Termination Date (the &#147;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Termination Exercise Period</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#148;) to exercise this Option to the extent vested and </FONT> </P>
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<p style='line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Calibri,sans-serif" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
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<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>purchase Shares, to the extent, but only to the extent, that Optionee could have exercised this Option as of the Termination Date; following the expiration of the Termination Exercise Period, this Agreement shall terminate in its entirety and be of no further force or effect.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></b></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;8. &#160;&#160;&#160;&#160;&#160; Death of Optionee.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>If the Optionee shall die during the term of the Employment Agreement, Optionee&#8217;s personal representative or the person entitled to Optionee&#8217;s rights hereunder may at any time within 180 following the date of Optionee&#8217;s death, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee&#8217;s death; following the expiration of the aforesaid 180 day exercise period, this Agreement shall terminate in its entirety and be of no further force or effect.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>9. &#160;&#160;&#160;&#160;&#160;&#160;&#160; No Rights as Shareholder</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>. </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Optionee shall have no rights as a shareholder with respect to the Shares covered by any installment of this Option until the effective date of issuance of the Shares following exercise of this Option, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such stock certificate or certificates.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>10. &#160;&#160;&#160;&#160;&#160; Recapitalization.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Subject to any required action by the shareholders of the Company, the number of Shares covered by this Option, and the Exercise Price thereof, shall be proportionately adjusted for any increase or decrease in the number of issued shares resulting from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company; provided however that the conversion of any convertible securities of the Company shall not be deemed having been &#8220;effected without receipt of consideration by the Company.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving entity, or a sale of all or substantially all of the assets or capital stock of the Company (collectively, a &#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Reorganization</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#8221;), this Option shall terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Board; provided, however, if Optionee&#8217;s Relationship shall be in effect at the time such Reorganization is approved by the stockholders, Optionee shall have the right to exercise this Option to the extent vested, for a period beginning 30 days prior to the consummation of such Reorganization and ending as of the Reorganization or the expiration of this Option, whichever is earlier, subject to the consummation of the Reorganization. In any event, the Company shall notify Optionee, at least 30 days prior to the consummation of such Reorganization, of his exercise rights, if any, and that the Option shall terminate upon the consummation of the Reorganization.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; Subject to any required action by the shareholders of the Company, if the Company shall be the surviving entity in any merger or consolidation, this Option thereafter shall pertain to and apply to the securities to which a holder of Shares equal to the Shares subject to this Option </font></p>
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<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>would have been entitled by reason of such merger or consolidation, and the installment provisions of </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Section 5</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> shall continue to apply.</font></p>
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<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; In the event of a change in the shares of the Company as presently constituted, which is limited to a change of all of its authorized Stock without par value into the same number of shares of Stock with a par value, the shares resulting from any such change shall be deemed to be the Shares within the meaning of this Option.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; To the extent that the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as hereinbefore expressly provided, Optionee shall have no rights by reason of any subdivision or consolidation of shares of Stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class, and the number and price of Shares subject to this Option shall not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation, merger, consolidation or sale of assets or capital stock, or any issue by the Company of shares of stock of any class or securities convertible into shares of stock of any class.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; The grant of this Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes in its capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or any part of its business or assets.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11. &#160;&#160;&#160;&#160;&#160; Taxation upon Exercise of Option.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Optionee understands that, upon exercise of this Option, Optionee will recognize income, for Federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Shares, determined as of the date of exercise, exceeds the Exercise Price. The acceptance of the Shares by Optionee shall constitute an agreement by Optionee to report such income in accordance with then applicable law and to cooperate with Company in establishing the amount of such income and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes will be made, if and as required by law, from Optionee&#8217;s then current compensation, or, if such current compensation is insufficient to satisfy withholding tax liability, the Company may require Optionee to make a cash payment to cover such liability as a condition of the exercise of this Option.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>12. &#160;&#160;&#160;&#160;&#160; Modification, Extension and Renewal of Options.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>The Board or a duly appointed committee thereof, may modify, extend or renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Code and applicable securities laws. Notwithstanding the foregoing provisions of this </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Section 12</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>, no modification shall, without the consent of the Optionee, alter to the Optionee&#8217;s detriment or impair any rights of Optionee hereunder.</font></p>
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<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></p>
<p style='line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" style='line-height:115%;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13. &#160;&#160;&#160;&#160;&#160; Investment Intent; Restrictions on Transfer.</font></b></font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; &#160;(a) &#160;&#160;&#160;&#160;&#160; Optionee represents and agrees that if Optionee exercises this Option in whole or in part, Optionee will in each case acquire the Shares upon such exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof; and that upon such exercise of this Option in whole or in part Optionee (or any person or persons entitled to exercise this Option under the provisions of </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Sections 7 and 8</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> hereof) shall furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. If the Shares represented this Option are registered under the Securities Act, either before or after the exercise this Option in whole or in part, the Optionee shall be relieved of the foregoing investment representation and agreement and shall not be required to furnish the Company with the foregoing written statement.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b) &#160;&#160;&#160;&#160;&#160;&#160; Optionee further represents that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity to ask questions of the Company concerning its business, operations and financial condition, and to obtain additional information reasonably necessary to verify the accuracy of such information.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;(c) &#160;&#160;&#160;&#160;&#160; Unless and until the Shares represented by this Option are registered under the Securities Act, all certificates representing the Shares and any certificates subsequently issued in substitution therefor and any certificate for any securities issued pursuant to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following form:</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE &#8216;SECURITIES ACT&#8217;) OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THAT CERTAIN NONSTATUTORY STOCK OPTION AGREEMENT DATED OCTOBER 13, 2009 BETWEEN THE COMPANY AND THE ISSUEE WHICH RESTRICTS THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO REPURCHASE BY THE COMPANY UNDER CERTAIN CONDITIONS.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>and/or such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Shares have been placed with the Company&#8217;s transfer agent.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; &#160;14. &#160;&#160;&#160;&#160; Stand-off Agreement</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>.&#160; Optionee agrees that, in connection with any registration of the Company&#8217;s securities under the Securities Act, and upon the request of the Company or any underwriter managing an underwritten offering of the Company&#8217;s securities, Optionee shall </font></p>
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<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>not sell, short any sale of, loan, grant an option for, or otherwise dispose of any of the Shares (other than Shares included in the offering) without the prior written consent of the Company or such managing underwriter, as applicable, for a period of up to one year following the effective date of registration of such offering.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; 15. &#160;&#160;&#160;&#160;&#160; Restriction Upon Transfer.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160; This Option is not transferable by the Optionee, except as contemplated by Section 8 hereof.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>16. &#160;&#160;&#160;&#160;&#160; Notices.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160; Any notice required to be given pursuant to this Option or the Plan shall be in writing and shall be deemed to be delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to Optionee at the address last provided by Optionee for use in Company records related to Optionee.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></b></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; 17.&#160;&#160;&#160;&#160;&#160;&#160; Agreement Subject to Plan; Applicable Law.</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> This Option is made pursuant to the Plan and shall be interpreted to comply therewith. A copy of such Plan is available to Optionee, at no charge, at the principal office of the Company. Any provision of this Option inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Option has been granted, executed and delivered in the State of Nevada, and the interpretation and enforcement shall be governed by the laws thereof and subject to the exclusive jurisdiction of the courts therein.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IN WITNESS WHEREOF</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'> the parties hereto have executed this Option Agreement as of the date first above written.</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;HepaLife Technologies, Inc.&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;By: ___________________________________________&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title: &#160;&#160; Authorized Signatory</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ________________________________________________&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Signature of Optionee)</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Optionee&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;(One of the following, as appropriate, shall be signed):&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>I certify that as of October 13, 2009 I am not married</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>__________________________________&#160;&#160;&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Optionee&#160; &#160;&#160;&#160;&#160;&#160;&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>[If married please have spouse sign below]</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
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<p style='line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Calibri,sans-serif" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
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<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By his or her signature, the undersigned spouse of the Optionee named herein hereby agrees&#160;&#160; to be bound by the provisions of&#160;&#160; the foregoing NONSTATUTORY STOCK OPTION AGREEMENT&#160; </font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>__________________________________&#160;&#160;&#160; Dated: October 13, 2009</font></p>
<p style='line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Spouse of Optionee&#160; </font></p>
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<p style='line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" style='line-height:115%;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></b></font></p>
<p align=center style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Exhibit&#160; A</font></b></p>
<p align=center style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></b></p>
<p align=center style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>NOTICE OF EXERCISE</font></b></p>
<p align=center style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>(Stock Option)</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;text-transform:uppercase;'>To:</font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;text-transform:uppercase;'>&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;text-transform:uppercase;'>HEPAlIFE Technologies, Inc.</font></b></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;text-transform:uppercase;'>Attention:</font></b></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;text-transform:uppercase;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>The undersigned hereby elects to purchase ______________ shares (the &#8220;Purchased Shares&#8221;) of the Company pursuant to the terms of the Stock Option Agreement Dated October 13, 2009 between the undersigned and HepaLife Technologies, Inc and the undersigned, herewith tenders&#160; $_______________________ in payment of exercise price in full, together with all applicable transfer taxes, if any, for the Purchased Shares, by:</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a) Check (subject to collection); or</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b) Wire transfer in accordance with wiring instructions provided by the Company.</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please issue a certificate or certificates representing said Shares in the name of the undersigned as is specified below and forward the same to the address set forth below.</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>__________________________________</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Signature of Optionee </font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Print Name of Optionee: _______________________________________</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>Address For Delivery of Shares:</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>___________________________________</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>___________________________________</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>___________________________________</font></p>
<p style='line-height:normal;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman,serif" lang=EN-US style='font-size:12.0pt;'>___________________________________</font></p>
<p style='line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Calibri,sans-serif" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
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