THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “ SECURITIES ACT ”), OR ANY APPLICABLE STATE LAW, AND MAY
NOT BE SOLD, OFFERED FOR SALE, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR
OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND APPLICABLE STATE, OR FOREIGN SECURITIES LAWS
COVERING ANY SUCH TRANSACTION OR (B) SUCH TRANSACTION IS EXEMPT FROM
SECURED PROMISSORY NOTE
FOR VALUE RECEIVED, DOCUMENT SECURITY SYSTEMS, INC. (the “Borrower”), promises
to pay to PATRICK WHITE (the “Lender”), or to its order, the principal sum of ____________ U.S.
DOLLARS ($______________) (the “Principal Amount”), together with interest in arrears on the unpaid
principal balance from time to time outstanding from the date hereof until the entire principal amount due
hereunder is paid in full at the rate(s) provided below.
This Secured Promissory Note (this “Note”) is one of a series of Secured Promissory Notes in the
aggregate principal of up to $600,000 containing substantially identical terms and conditions (the “Notes”) issued
by the Borrower to the Lender on behalf of the Lenders. The Notes are pari passu such that all Notes are
ranked equally, and no payments shall be made by the Borrower under any of the Notes unless a pro rata
payment is simultaneously made under all other Notes. Terms not defined herein shall have the meaning ascribed
to them in that certain Credit Agreement, dated January 4, 2008, between the Lender and the Borrower.
Subject to applicable law, the Notes will be senior in all respects (including the right of payment) to all
other indebtedness of the Borrower now existing or hereafter incurred.
Maturity . The aggregate Principal Amount, together with all accrued interest thereon and
expenses incurred by the Lender in connection herewith (cumulatively, the “ Outstanding Amount ”), shall be due
and payable in full on the earliest to occur of (the e