AMENDMENT TO 2007 WARRANT

Exhibit 10.4

AMENDMENT TO 2007 WARRANT

This AMENDMENT TO 2007 WARRANT is dated as of March 22, 2011, by and between Dais Analytic Corporation, a New York corporation (the “Company”), and Platinum-Montaur Life Sciences, LLC (“Platinum”), a Delaware limited liability company.

WHEREAS, the Company issued to Platinum the Stock Purchase Warrant, dated as of December 31, 2007 (the “2007 Warrant”), on or about December 31, 2007; and

WHEREAS, the parties desire to amend the 2007 Warrant as is set forth herein.

NOW, THEREFORE, the parties hereto agree as follows:

1. Amendment to Term. Section 3 of the 2007 Warrant (captioned “Period of Exercise”) is hereby amended to read in its entirety as follows:

This Warrant is exercisable, subject to the following limitations, at any time or from time to time during the period beginning on the Issuance Date and ending on March 22, 2016.

2. Amendment to Exercise Provisions. The 2007 Warrant shall be deemed amended to add the following as Section 14:

14. Cashless Exercise. Notwithstanding any provisions herein to the contrary if (i) the Per Share Market Value (as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below) and (ii) a registration statement under the Securities Act providing for the resale of the Warrant Shares is not then in effect, in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise and shall receive the number of shares of Common Stock equal to an amount (as determined below) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Agreement in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula:

For purposes hereof, “Per Share Market Value” means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or another registered national stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if the Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the “Pink Sheet” quotes for the applicable trading days preceding such date of

determination, or (d) if the Common Stock is not then publicly traded the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company.

3. Termination of Price Based Anti-Dilution Provisions. The Warrant shall be deemed amended such that the provisions of Sections 5(b), 5(c) and 5(d) shall not be effective after December 28, 2012 (provided, that, it is understood that any adjustment to the Exercise Price or number of Warrant Shares triggered on or prior to such date shall be given effect for periods following such date).

4. Limitations on Call. In no event may the Company require that the Holder exercise this Warrant and/or Call this Warrant pursuant to Section 8 hereof if the Holder shall not then be permitted to exercise this Warrant in full pursuant to the beneficial ownership limitations of Section 13 of the Warrant.

5. Continuing Effect. Except as otherwise set forth herein, and in the Amendment to Warrants dated as of December 2009, between the parties hereto, the 2007 Warrant remains un-amended and in full force and effect.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to 2007 Warrant as of the date first above written.

[Amendment to 2007 Warrant]