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Exhibit 4.32    
    

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"). THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT OR UNDER STATE SECURITIES LAWS.
THIS WARRANT AND THE WARRANT SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE PLEDGED, SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO THE EXPRESS PROVISIONS OF THIS
WARRANT, AND NO SALE, ASSIGNMENT, TRANSFER, OR OTHER DISPOSITION OF THIS WARRANT SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH PROVISIONS SHALL HAVE BEEN COMPLIED WITH. 

	 	 	 	 	Date of Issuance: June 7, 2004    
	

 	
 	

 	
 	

 
	

VITAL LIVING, INC.

Series H Common Stock Purchase Warrant

(Void after June 6, 2010)

        Vital
Living, Inc., a Nevada corporation (the "Company"), for value received, hereby certifies and agrees
that                        or its registered assigns (the "Registered Holder"),
is entitled, subject to the terms set
forth below, to purchase from the Company, at any time or from time to time on or after the date hereof (the "Date of Issuance") and on or before June 6, 2010 at not later than 5:00 p.m.
New York time (such date and time, the "Expiration Time"),                        
(                        ) duly authorized, validly issued, fully paid and nonassessable shares of the Company's common stock,
$0.001
par value per share (the "Common Stock") at an initial exercise price equal to $0.25 per share, subject to adjustment in certain cases as described herein. The shares purchasable upon exercise of this
Warrant, and the purchase price per share, are hereinafter referred to as the "Warrant Shares" and the "Exercise Price," respectively. The term "Warrant" as used herein shall include this Warrant and
any other warrants delivered in substitution or exchange therefor, as provided herein. 

        This
Warrant is issued pursuant to that certain Securities Purchase Agreement of even date herewith by and among the Company and certain investors set forth therein (the "Securities
Purchase Agreement"). 

        The
Warrant Shares are entitled to the benefits of that certain registration rights agreement of even date herewith between the Company and certain investors named therein (the
"Registration Rights Agreement"). 

        1.    Exercise.    

        1.1    Method of Exercise    

        (a)   This
Warrant may be exercised by the Registered Holder, in whole or in part, by surrendering this Warrant, with a Notice of Exercise in the form of  Annex A hereto (the "Notice of Exercise") duly executed by
such Registered Holder or by such Registered Holder's duly authorized attorney, at the
principal office of the Company set forth in Section 12 hereof, or at such other office or agency as the Company may designate in writing pursuant to Section 12 hereof (the "Company's
Office"), accompanied by payment in full with good, cleared funds, in lawful money of the United States, of the Exercise Price payable in respect of the number of shares of Warrant Shares purchased
upon such exercise. 

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        (b)   Each
exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which the appropriate Annex form shall be
dated and directed to the Company (as evidenced by the applicable postmark or other evidence of transmittal) as provided in Section 1.1(a) hereof. At such time, the person or persons in whose
name or names any certificates for Warrant Shares shall be issuable upon such exercise as provided in Section 1.1(c) hereof shall be deemed to have become the holder or holders of record of the
Warrant Shares represented by such certificates. 

        (c)   As
soon as practicable after the exercise of this Warrant, in full or in part, and in any event within ten (10) days thereafter, the Company, at its expense, will
cause to be issued in the name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may direct: 

        (i)    a
certificate or certificates for the number of full Warrant Shares to which such Registered Holder shall be entitled upon such exercise plus, in lieu of any fractional
share to which such Registered Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3 hereof; and 

        (ii)   in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, representing in the aggregate on the face or faces thereof the
number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the
Registered Holder upon such exercise. 

        2.    Shares to be Fully Paid; Reservation of Shares.    The Company covenants that all shares of Common Stock which
may be issued upon the exercise of the rights represented by this Warrant will, upon issuance by the Company, be duly and validly issued, fully paid and nonassessable, and free from preemptive rights
and free from all taxes, liens, duties and charges with respect thereto and, in addition, the Company covenants that it will from time to time take all such action as may be requisite to assure that
the par value per share of the Common Stock is at all times equal to or less than the effective Exercise Price. The Company further covenants that, from and after the Date of Issuance and during the
period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved, free from preemptive rights, out of its authorized but unissued
shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this
Warrant. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of this Warrant, the Company shall take any and all corporate action
as is necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose. The Company will take all such action within its
control as may be necessary on its part to assure that all such shares of Common Stock may be so issued without violation of any applicable law or regulation, or of any requirements of any national
securities exchange upon which the Common Stock of the Company may be listed. 

        3.    Fractional Shares.    The Company shall not be required upon the exercise of this Warrant to issue any
fractional shares, but shall make an adjustment therefor in cash on the basis of the Market Value for each fractional share of the Company's Common Stock which would be issuable upon exercise of this
Warrant. 

        4.    Requirements for Transfer.    

        (a)    Warrant Register.    The Company will maintain a register (the "Warrant Register") containing the names and
addresses of the Registered Holder or Registered Holders. Any Registered Holder of this Warrant or any portion thereof may change its address as shown on the Warrant Register by written notice to the
Company requesting such change, and the Company 

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shall
promptly make such change. Until this Warrant is transferred on the Warrant Register of the Company, the Company may treat the Registered Holder as shown on the Warrant Register as the absolute
owner of this Warrant for all purposes, notwithstanding any notice to the contrary, provided, however, that if and when this Warrant is properly assigned in blank, the Company may, but shall not be
obligated to, treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 

        (b)    Warrant Agent.    The Company may, by written notice to the Registered Holder, appoint an agent for the purpose
of maintaining the Warrant Register referred to in Section 4(a) hereof, issuing the Common Stock issuable upon the exercise of this Warrant, exchanging this Warrant, replacing this Warrant or
any or all of the foregoing. Thereafter, any such registration, issuance, exchange, or replacement, as the case may be, may be made at the office of such agent. 

        (c)    Transfer.    Subject to the provisions of this Section 4, this Warrant and all rights hereunder are
transferable, in whole or in part, upon the surrender of this Warrant with a properly executed Assignment Form in substantially the form attached hereto as Annex
B (the "Assignment") at the principal office of the Company. 

        (d)    Exchange of Warrant Upon a Transfer.    On surrender of this Warrant for exchange, properly endorsed on the
Assignment and subject to the provisions of this Warrant and limitations on assignments and transfers as contained in this Section 4, the Company at its expense shall issue to or on the order
of the Registered Holder a new warrant or warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (on payment by the Registered Holder of any applicable transfer
taxes) may direct, for the number of shares issuable upon exercise hereof. 

        5.    Adjustment.    The number of Warrant Shares purchasable hereunder and Exercise Price shall be subject to
adjustment in accordance with the following provisions: 

        (a)    Computation of Adjusted Exercise Price.    Except as hereinafter provided, in case the Company shall at any
time after the date hereof issue or sell any shares of Common Stock, other than the issuances or sales referred to in Sections 5(b)-(e) and (j) hereof, for a consideration per share less than
the Exercise Price in effect immediately prior to the issuance or sale of such shares, or without consideration, then forthwith upon such issuance or sale, the Exercise Price shall (until another such
issuance or sale) be reduced to the price (calculated to the nearest full cent) equal to the quotient derived by dividing (A) an amount equal to the sum of (X) the product of
(a) the Exercise Price in effect immediately prior
to such issuance or sale, multiplied by (b) the total number of shares of Common Stock outstanding immediately prior to such issuance or sale, plus (Y) the aggregate of the amount of all
consideration, if any, received by the Company upon such issuance or sale, by (B) the total number of shares of Common Stock outstanding immediately after such issuance or sale; provided,
however, that in no event shall the Exercise Price be adjusted pursuant to this computation to an amount in excess of the Exercise Price in effect immediately prior to such computation. 

        For
the purposes of this Section 5 the term Exercise Price shall mean the Exercise Price per share set forth on the first page of this Warrant, as adjusted from time to time
pursuant to the provisions of this Section 5. 

        For
purposes of any computation to be made in accordance with this Section 5(a), the following provisions shall be applicable: 

        (i)    In
case of the issuance or sale of shares of Common Stock for a consideration part or all of which shall be cash, the amount of the cash consideration, shall be deemed
to be the amount of cash received by the Company for such shares (or, if shares of Common Stock are offered by the Company for subscription, the subscription price, or, if either of such securities
shall be sold to underwriters or dealers for public offering without a subscription price, the public offering price, 

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before
deducting therefrom any compensation paid or discount allowed in the sale, underwriting or purchase thereof by underwriters or dealers or other persons or entities performing similar services)
less any amounts payable to the security holders or their affiliates, including, without limitation, any employment agreement, royalty, consulting agreement, covenant not to compete, earnout or
contingent payment right or similar arrangement, agreement or understanding, whether oral or written; all such amounts shall be valued at the aggregate amount payable thereunder whether such payments
are absolute or contingent and irrespective of the period or uncertainty of payment, the rate of interest, if any, or the contingent nature thereof. 

        (ii)   In
case of the issuance or sale of shares of Common Stock for a consideration part or all of which shall be other than cash, the amount of the consideration therefor
other than cash shall be deemed to be the value of such consideration as determined in good faith by the Board of Directors of the Company, whose good faith determination shall be described in a
resolution of the Board of Directors. 

        (iii)  Shares
of Stock issuable by way of dividend or other distribution on any capital stock of the Company (other than Common Stock) shall be deemed to have been issued
immediately after the opening of business on the day following the record date for the determination of stockholders entitled to receive such dividend or other distribution and shall be deemed to have
been issued without consideration. 

        (iv)  The
reclassification of securities of the Company other than shares of Common Stock into securities including shares of Common Stock shall be deemed to involve the
issuance of such shares of Stock for consideration other than cash immediately prior to the close of business on the date fixed for the determination of security holders entitled to receive such
shares, and the value of the consideration allocable to such shares of Stock shall be determined as provided in Section 5(a)(ii). 

        (b)    Options, Rights, Warrants and Convertible and Exchangeable Securities.    In case the Company shall at any time
after the date hereof issue options, rights or warrants to subscribe for shares of Stock, or issue any securities convertible into or exchangeable for shares of Stock, for a consideration per share
less than the Exercise Price in effect immediately prior to the issuance of such options, rights, warrants or such convertible or exchangeable securities, or without consideration, the Exercise Price
in effect immediately prior to the issuance of such options, rights, warrants or such convertible or exchangeable securities, as the case may be, shall be reduced to a price determined by making a
computation in accordance with the provisions of Section 5(a) hereof, provided that the aggregate maximum number of shares of Stock, as the case may be, issuable under such options, rights or
warrants shall be deemed to be issued and outstanding at the time such options, rights or warrants were issued, for a consideration equal to the minimum purchase price per share provided for in such
options, rights or warrants at the time of issuance, plus the consideration (determined in the same manner as consideration received on the issue or sale of shares in accordance with the terms of the
Warrant), if any, received by the Company for such options, rights or warrants. The aggregate maximum number of shares of Stock issuable upon conversion or exchange of any convertible or exchangeable
securities shall be deemed to be issued and outstanding at the time of issuance of such securities, and for a consideration equal to the consideration (determined in the same manner as consideration
received on the issue or sale of shares of Stock in accordance with the terms of the Warrant) received by the Company for such securities, plus the minimum consideration, if any, receivable by the
Company upon the conversion or exchange thereof. If any change shall occur in the price per share provided for in any of the options, rights or warrants referred to in this subsection, or in the price
per share at which the securities referred to in this subsection are exchangeable, such options, rights or warrants or exchange rights, as the case may be, shall be deemed to have expired or
terminated on the date when such price change became effective in respect to shares not theretofore issued pursuant to 

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the
exercise or exchange thereof, and the Company shall be deemed to have issued upon such date new options, rights or warrants or exchangeable securities at the new price in respect of the number of
shares issuable upon the exercise of such options, rights or warrants or the conversion or exchange of such exchangeable securities. 

        (c)    Subdivision and Combination.    If the Company at any time subdivides (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the shares of Stock subject to acquisition hereunder into a greater number of shares, then, after the date of record for effecting such
subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Common Stock subject to acquisition upon exercise of this
Warrant will be proportionately increased. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Stock subject to
acquisition hereunder into a lesser number of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination will be
proportionately increased
and the number of shares of Common Stock subject to acquisition upon exercise of this Warrant will be proportionately decreased. 

        (d)    Merger or Consolidation.    In case of any consolidation of the Company with, or merger of the Company into any
other corporation, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, then as a
condition of such consolidation, merger or sale or conveyance, adequate provision will be made whereby the Registered Holder will have the right to acquire and receive upon exercise of this Warrant in
lieu of the shares of Common Stock immediately theretofore subject to acquisition upon the exercise of this Warrant, the greatest number or amount of shares of stock, securities or assets as may be
issued or payable with respect to or in exchange for the number of shares of Common Stock immediately theretofore subject to acquisition and receivable upon exercise of this Warrant had such
consolidation, merger or sale or conveyance not taken place. In any such case, the Company will make all necessary or appropriate lawful provisions to ensure that the provisions of this Warrant
including the Exercise Price will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter deliverable upon the exercise of this Warrant. The Company
will not effect any such consolidation, merger, amalgamation, reorganization or reclassification, conveyance, sale, transfer or lease, unless prior to the consummation thereof the successor
corporation (if other than the Company) resulting from such consolidation, merger or sale or conveyance, shall assume by written instrument executed and mailed or delivered to each Registered Holder
of the Warrants at the last address of such holder appearing on the books of the Company, the obligation to assume the Warrant and upon exercise deliver to such Registered Holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such Registered Holder may be entitled to receive. 

        (e)    Adjustment for Reorganization or Recapitalization.    If, while this Warrant remains outstanding and has not
been exercised, there shall be a reorganization or recapitalization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for in this Section 5), all
necessary or appropriate lawful provisions shall be made so that the Registered Holder shall thereafter be entitled to receive upon exercise of this Warrant, the greatest number of shares of stock or
other securities or property that a holder of the class of securities deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization or recapitalization if this
Warrant had been exercised immediately prior to such reorganization or recapitalization, all subject to further adjustment as provided in this Section 5. If the per share consideration payable
to the Registered Holder for such class of securities in connection with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be
determined in good faith by the Company's Board of Directors. The 

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foregoing
provisions of this paragraph shall similarly apply to successive reorganizations or recapitalizations and to the stock or securities of any other corporation that are at the time receivable
upon the exercise of this Warrant. Appropriate adjustment shall be made in the application of the provisions of this Warrant (including adjustment of the Exercise Price and number of shares into which
this Warrant is then exercisable pursuant to the terms and conditions of this Warrant) with respect to the rights and interests of the Registered Holder after the transaction, to the end that the
provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable or issuable after such transaction upon exercise
of this Warrant. 

        (f)    Notice of Adjustment.    Upon the occurrence of any event which requires any adjustment of the Exercise Price
or the number of shares for which this Warrant is exercisable, then and in each such case the Company shall give notice thereof to the Registered Holder, which notice shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. 

        (g)    Adjustment in Number of Securities and Exercise Price.    Upon each adjustment of the Exercise Price pursuant
to the provisions of this Section 5, the number of securities issuable upon the exercise of each Warrant shall be adjusted to the nearest full amount by multiplying a number equal to the
Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the product so
obtained by the adjusted Exercise Price. To the extent permitted by applicable law, the Company from time to time may decrease the Exercise Price or increase the number of shares for which this
Warrant shall be exercisable by any amount for any period of time if the Board of Directors shall have made a determination that such decrease or increase would be in the best interests of the
Company, which determination shall be conclusive. 

        (h)    Definition of Stock.    For the purpose of this Agreement, the term "Stock" shall mean (i) the class of
stock designated as Common Stock in the Amended and Restated Articles of Incorporation of the Company as may be amended as of the date hereof, or (ii) any other class of stock resulting from
successive changes or reclassifications of such Stock consisting solely of changes in par value, or from par value to no par value, or from no par value to par value. 

        (i)    Other Definitions.    For the purpose of any computation under this Section 5 the "Market Price" shall
be with respect to any day (i) the average of the closing bid and asked share prices quoted for the Common Stock on the NASD Over-the-Counter Bulletin Board for the ten
(10) Trading Days immediately preceding such date or (ii) if the Common Stock is then traded on a national securities exchange or The Nasdaq Stock Market or, the average of the high and
low sale prices of the Common Stock reported on The Nasdaq Stock Market or such national securities exchange for the ten (10) Trading Days immediately preceding such date. If the Market Price
cannot be calculated as of such date on either of the foregoing bases, the Market Price shall be the fair market value as determined on a reasonable basis and in good faith by the Board of Directors
of the Company. When used with respect to any issuance or distribution, the date of measurement of the Market Price shall be the first date on which the Common Stock trades in the applicable
securities market or on the applicable securities exchange without the right to receive such issuance or distribution. "Trading Day" shall mean a day during which trading in securities generally
occurs in the applicable securities market or on the principal securities exchange or bulletin board on which the Common Stock is then traded, listed or quoted. 

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        (j)    No Adjustment of Exercise Price in Certain Cases.    No adjustment of the Exercise Price shall be made: 

        (i)    Upon
issuance or sale of this Warrant or Warrant Shares, or the other Warrants and Warrant Shares issued in connection herewith, or shares of Common Stock issuable upon
exercise of other options, warrants and convertible securities outstanding as of the date hereof. 

        (ii)   Upon
the issuance or sale of any shares of capital stock, or the grant of options or warrants exercisable therefor, issued or issuable after the date of this Warrant,
to directors, officers, employees, advisers and consultants of the Company or any subsidiary pursuant to any incentive or non-qualified stock option plan or agreement, stock purchase plan
or agreement, stock restriction agreement or restricted stock plan, employee stock ownership plan, consulting agreement, stock appreciation right, bonus stock arrangement, or such other similar
compensatory options, issuances, arrangements, agreements or plans approved by the Board of Directors. 

        (iii)  Upon
the issuance of any shares of capital stock or the grant of warrants or options (or the exercise thereof) as consideration in a bona fide business acquisition or
strategic transaction by the Company, other than in connection with a financing transaction. 

        (iv)  Upon
the issuance of any shares of capital stock to satisfy (a) interest or dividend obligations on the Company's preferred stock existing on the date hereof; or
(b) obligations to pay penalties for failure to comply with registration requirements. 

        (k)    Minimum Adjustment.    If the amount of said adjustment shall be less than one cent ($0.01) per security
issuable upon exercise of this Warrant, provided, however, that in such case any adjustment that would otherwise be required then to be made shall be
carried forward and shall be made at the time of and together with the next subsequent adjustment which, together with any adjustment so carried forward, shall amount to at least one cent ($0.01) per
security issuable upon exercise of this Warrant. 

        (l)    Payment of Taxes.    The Company will pay all taxes (other than taxes based upon income or other taxes required
by law to be paid by the holder) and other governmental charges that may be imposed with respect to the issue or delivery of shares of Common Stock upon exercise of this Warrant, excluding any tax or
other charge imposed in connection with any transfer involved in the issue and delivery of shares of Common Stock in a name other than that in which this Warrant so exercised was registered. 

        6.    No Impairment.    The Company will not, by amendment of its Amended and Restated Articles of Incorporation or
through any reorganization, recapitalization, sale or transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant but will at all times in good faith carry out all such terms and take all such actions as may be reasonably necessary or appropriate in
order to protect the rights herein of the holder of this Warrant against dilution or other impairment. 

        7.    Liquidating Dividends and Other Distributions.    If the Company pays a dividend or makes a distribution on the
Common Stock payable otherwise than in cash out of earnings or earned surplus (determined in accordance with generally accepted accounting principles) except for a stock dividend payable in shares of
Common Stock (a "Liquidating Dividend") or otherwise distributes to its stockholders any assets, properties, rights, evidence of indebtedness, securities whether issued by the Company or by another,
or any other thing of value, then the Company will pay or distribute to the Registered Holder of this Warrant, upon the exercise hereof, in addition to the Warrant Shares purchased upon such exercise,
either or both of, as the case may be (i) the Liquidating Dividend that 

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would
have been paid to such Registered Holder if he had been the owner of record of such Warrant Shares immediately prior to the date on which a record is taken for such Liquidating Dividend or, if
no record is taken, the date as of which the record holders of Common Stock entitled to such dividends or distribution are to be determined and (ii) the same property, assets, rights, evidences
of indebtedness, securities or any other thing of value that the Registered Holder would have been entitled to receive at the time of such distribution as if the Warrant had been exercised immediately
prior to such distribution. 

        8.    Redemption.    Provided that the Warrant Shares are registered for resale under an effective Registration
Statement filed by the Company with the Securities and Exchange Commission, this Warrant may be redeemed by the Company, in whole but not in part, at its sole option, upon not less than twenty
(20) business days' prior written notice as provided in Section 12 hereof ("Redemption Notice") to the Registered Holder, at the redemption price of $0.01 per share for every share of
Common Stock purchasable upon exercise hereof at the time of such redemption, if the last sale price of a share of Common Stock is at least $0.50 as adjusted for stock splits, dividends and the like
for the 10 consecutive trading days ending on the day prior to the day on which notice of redemption is given to the Registered Holder. The sending of the Redemption Notice shall not affect the
Registered Holder's ability to exercise the Warrant at any time prior to the date of redemption. On and after the date of redemption, the holder shall only have the right to receive $0.01 per share of
Common Stock purchasable upon exercise hereof at the time of such redemption. 

        9.    Notices of Record Date, Etc.    In case: 

        (a)   the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise of this Warrant) for the
purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or
to receive any other right; or of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the surviving entity), or any transfer of all or substantially all of the assets of the Company; or of the voluntary or
involuntary dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder of this Warrant a
notice specifying, as the case may be,
(i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or
(ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place, and the time, if
any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange their
shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up. The Company will cause such notice to be mailed at least twenty (20) business days prior to the record date or effective date for the event specified in
such notice unless such prior notice is waived by the Registered Holder. 

        10.    No Rights of Stockholders.    Subject to other Sections of this Warrant, the Registered Holder shall not be
entitled to vote, to receive dividends or subscription rights, nor shall anything contained herein be construed to confer upon the Registered Holder, as such, any of the rights of a stockholder of the
Company, including without limitation any right to vote for the election of directors or upon any matter submitted to stockholders, to give or withhold consent to any corporate action (whether upon
any recapitalization, issuance of stock, reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance, or otherwise), to receive notices, or
otherwise, until the Warrant shall have been exercised as provided herein. 

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        11.    Replacement of Warrant.    Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement reasonably satisfactory to the Company, or (in the case of mutilation)
upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 

        12.    Mailing of Notices, Etc.    

        (i)    All
notices, requests, consents, and other communications in connection with this Warrant shall be in writing and shall be deemed delivered (i) three
(3) business days after being sent by registered or certified mail, return receipt requested, postage prepaid, (ii) one (1) business day after being sent via a reputable overnight
courier service guaranteeing next business day delivery in the Holder's country or region, or (iii) on actual receipt if delivered by telecopier, in each case delivery shall be made to the
intended recipient as set forth below: 

If
to the Company: 

Vital
Living, Inc.

5080 North 40th Street

Suite 105

Phoenix, AZ 85018

Telecopier No.: (602) 952-7129

Attention: Stuart A. Benson, CEO (e-mail: cafestu@aol.com) 

With
a copy to: 

Graubard
Miller

600 Third Avenue

New York, New York 10016

Telecopier No.: (212) 818-8881

Attention: David Alan Miller, Esq. (e-mail: dmiller@graubard.com) 

If
to the Registered Holder: 

To
the address set forth in the Warrant Register as described in Section 4 hereof 

        (ii)   All
notices and other communications from the Company to the Registered Holder of this Warrant shall be (x) mailed by first-class certified or registered mail,
postage prepaid, and (y) sent by telecopier delivery, to the address and telecopier number furnished to the Company in writing by the last Registered Holder of this Warrant who shall have
furnished an address to the Company in writing. In the case of a Redemption Notice pursuant to Section 8, such notice shall be provided by (x) telecopier delivery and (y) courier
or hand delivery, and not by first class certified or registered mail as prescribed above. All notices and other communications from the Registered Holder of this Warrant or in connection herewith to
the Company shall be mailed by first-class certified or registered mail, postage prepaid, to the Company's office set forth above. If the Company should at any time change the location of its
principal office to a place other than as set forth below, then it shall give prompt written notice to the Registered Holder of this Warrant and thereafter all references in this Warrant to the
location of its principal office at the particular time shall be as so specified in such notice. 

        13.    Change or Waiver.    Any term of this Warrant may be changed or waived only by an instrument in writing signed
by the party against which enforcement of the change or waiver is sought. 

        14.    Headings.    The headings in this Warrant are for purposes of reference only and shall not limit or otherwise
affect the meaning of any provision of this Warrant. 

9

 

        15.    Severability.    If any provision of this Warrant shall be held to be invalid and unenforceable, such
invalidity or unenforceability shall not affect any other provision of this Warrant. 

        16.    Governing Law and Submission to Jurisdiction.    This Warrant will be governed by and construed in accordance
with the laws of the State of New York without regard to principles of conflict or choice of laws of any jurisdiction. The parties hereby agree that any action, proceeding or claim against it arising
out of, or relating in any way to this Warrant shall be brought and enforced in the courts of the State of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. 

        17.    Certificate.    Upon request by the Registered Holder of this Warrant, the Company shall promptly deliver to
such holder a certificate executed by its President or Chief Financial Officer setting forth the total number of outstanding shares of capital stock, convertible debt instruments and options, rights,
warrants or other agreements relating to the purchase of such capital stock or convertible debt instruments, together with its calculation of the number of shares remaining available for issuance upon
exercise of this Warrant, and a certificate of the accuracy of the statements set forth therein. 

        18.    Supplements and Amendments.    The Company and the Registered Holder may from time to time supplement or amend
this Warrant in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any provision herein, or to make any other provisions
in regard to matters or questions arising hereunder which the Company and the Holder may deem necessary or desirable. 

        19.    Successors.    All the covenants and provisions of this Warrant shall be binding upon and inure to the benefit
of the Company and the Registered Holder and their respective successors and assigns hereunder. 

        20.    Benefits of this Warrant.    Nothing in this Warrant shall be construed to give to any person, entity or
corporation other than the Company and the Registered Holder of the Warrant Certificate any legal or equitable right, remedy or claim under this Warrant; and this Warrant shall be for the sole and
exclusive benefit of the Company and the Registered Holder of the Warrant Certificate. 

10

        IN
WITNESS WHEREOF, VITAL LIVING, INC. has caused this Warrant to be signed by its duly authorized officers under its corporate seal and to be dated on the day and year first
written above. 

	

 	
 	

VITAL LIVING, INC.
	

 	
 	

By:	

 
	 	 	 	 	

	 	 	Name: Stuart A. Benson

Title: Chief Executive Officer

 
 

ANNEX A
  
    NOTICE OF EXERCISE FORM    
    

	To:	 	Dated:                   

        In
accordance with the Warrant enclosed with this Form of Election to Purchase, the undersigned hereby irrevocably elects to
purchase                        shares of common
stock ("Common Stock"), $.001 par value per share, of Vital Living, Inc. ("Company") and encloses herewith $            in cash, certified or official bank check or checks or other
immediately available funds, which sum represents the aggregate Exercise Price (as defined in the Warrant) for the number of shares of Common Stock to which this Form of Election to Purchase relates,
together with any applicable taxes payable by the undersigned pursuant to the Warrant. 

or

        In
accordance with the Warrant enclosed with this Form of Election to Purchase, the undersigned hereby irrevocably elects to
purchase                        shares of common stock ("Common
Stock"), $.001 par value per share, of Vital Living, Inc. ("Company") by surrender of the unexercised portion of the attached Warrant (with a "Market Value" of $            ).

        The
undersigned hereby represents, warrants to, and agrees with, the Company that: 

        (i)    He
is acquiring the Warrant Shares for his own account and not with a view towards the distribution thereof; 

        (ii)   He
has received a copy of all reports and documents required to be filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended,
within the last 12 months and all reports issued by the Company to its stockholders; 

        (iii)  He
understands that he must bear the economic risk of the investment in the Warrant Shares, which cannot be sold unless they are registered under the Securities Act of
1933 (the "1933 Act") or an exemption therefrom is available thereunder and that the Company is under no obligation to register the Warrant Shares for sale under the 1933 Act; 

        (iv)  He
is aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Warrant Shares in the absence of registration under
the 1933 Act or an exemption therefrom as provided herein; 

	 	 	Signature:
	 	 	Address:

 
 

ANNEX B
  
    ASSIGNMENT FORM

        FOR
VALUE RECEIVED,                        hereby sells, assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of Common
Stock covered thereby set forth below, unto: 

	Name of Assignee
 
	 	Address
	 	No. of Shares

	 	 	 	 	 
	 	 	 	 	 

	 	 	Dated:
	

 	
 	

Signature:
	

 	
 	

Dated:
	

 	
 	

Witness:

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Exhibit 4.32

ANNEX A NOTICE OF EXERCISE FORM

ANNEX B ASSIGNMENT FORMQuickLinks
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Exhibit 4.33    
    

 
 

VITAL LIVING, INC.
  
    REGISTRATION RIGHTS AGREEMENT    
    

        This REGISTRATION RIGHTS AGREEMENT (the "Agreement"), dated as of June 7, 2004, is made by and between Vital Living, Inc., a Nevada corporation (the
"Company"), and the individuals and entities set forth on the signature page hereto as such page may be amended from time to time to include Additional Investors (as defined in Section 12)
(each an "Investor" and collectively, the "Investors"). 

        WHEREAS,
in connection with that certain Securities Purchase Agreement by and among the Company and the Investors of even date herewith (the "Securities Purchase Agreement"), the Company
desires to sell to the Investors, and the Investors desire to purchase from the Company, Units, each Unit consisting of (a) one share of the Company's common stock, $.001 par value per share
(the "Common Stock"), (b) three Series G warrants ("Series G Warrants") each to purchase one share of Common Stock and (c) one Series H Warrant ("Series H
Warrants" and together with the Series G Warrants, the "Warrants"), each to purchase one share of Common Stock; and 

        WHEREAS,
to induce the Investors to purchase the Units, the Company has agreed to register the shares of Common Stock and the shares of Common Stock issuable upon exercise of the
Warrants underlying the Units pursuant to the terms of this Agreement; 

        NOW,
THEREFORE, the Company and the Investors hereby covenant and agree as follows: 

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

        "Commission"
shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act. 

        "Common
Stock" shall mean the common stock, par value $0.001 per share, of the Company. 

        "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

        "Register,"
"registered" and "registration" each shall refer to a registration effected by preparing and filing a Registration Statement or statements or similar documents in compliance
with the Securities Act and the declaration or ordering of effectiveness of such Registration Statement or document by the Commission. 

        "Registrable
Securities" shall mean (i) the Common Stock included within the Units, (ii) the Common Stock issuable upon exercise of the Warrants, and (iii) any other
shares of Common Stock issued as a dividend, penalty payment or other distribution with respect to or in exchange for or in replacement of such Units, Common Stock or Warrants,  provided, however, that
shares of Common Stock which are Registrable Securities shall cease to be Registrable Securities (x) upon any sale
pursuant to a Registration Statement or Rule 144 under the Securities Act, (y) at such time, as they may be freely sold by the Investor pursuant to Rule 144(k) under the
Securities Act or (z) upon any sale in any manner to a person or entity which is not entitled, pursuant to Section 9, to the rights under this Agreement. 

        "Securities
Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the applicable time. 

        "Capitalized
terms" used but not defined herein shall have the meanings set forth in the Securities Purchase Agreement. 

 

        2.    Registration.    

        (a)   The
Company shall file with the Commission a Registration Statement on Form SB-2, S-1 or S-3 or such other appropriate form as
may be prescribed by the Securities Act, covering the Registrable Securities on or before July 22, 2004 (the "Target Registration Date"). 

        (b)   The
Company shall use reasonable best efforts to have such Registration Statement declared effective as promptly as practicable and no later than December 4, 2004
(the "Target Effective Date"), and to maintain the effectiveness and use of such Registration Statement until no earlier than (i) the date on which all of the Registrable Securities may be
resold by the Investors without restriction pursuant to Rule 144(k) under the Securities Act, or (ii) the date on which all of the Registrable Securities have been sold. If the
Registration Statement is (i) not declared effective by the SEC on or before the Target Effective Date or (ii) subject to customary blackout periods described below, such Registration
Statement does not remain effective and available for use, the Company will pay to each Investor that is then holding Registrable Securities, as liquidated damages, one share of Common Stock for each
Unit purchased by such Investor pursuant to the Securities Purchase Agreement ("Penalty Shares"). Receipt by each Investor of Penalty Shares shall be such Investor's sole and exclusive remedy
hereunder. In the event the Company would be required to amend the Registration Statement but such amendment would require disclosure of material non-public information and such disclosure
would have a material adverse effect on the Company taken as a whole, the Company shall furnish to each Investor a certificate signed by the Chief Executive Officer of the Company (each, a "Blackout
Notice") stating that in the good faith judgment of the Board of Directors of the Company it would be materially detrimental to the Company and its stockholders to amend the Registration Statement and
the Company shall be excused from amending such Registration Statement and from paying damages hereunder for a reasonable period of time not to exceed forty-five (45) days. 

        3.    Registration Procedures.    If and whenever the Company is required by the provisions of Section 2 hereof
to effect the registration of any Registrable Securities under the Securities Act, the Company will, as expeditiously as possible: 

        (a)   prepare
and file with the Commission the Registration Statement with respect to such securities, which Registration Statement shall comply in all material respects with
the requirements of the Commission, and use its reasonable best efforts to cause such Registration Statement to become effective not later than 180 days from the initial closing of the
offering; 

        (b)   prepare
and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and up-to-date and comply with the provisions of the Securities Act and the rules and regulations promulgated thereunder with
respect to the disposition of all Registrable Securities covered by such Registration Statement in accordance with the intended method of disposition set forth in such Registration Statement for such
period; 

        (c)   furnish
to each Investor proposing to sell Registrable Securities and to each underwriter such number of copies of the Registration Statement (including amendments and
supplements thereto and,
in each case, all exhibits) and the prospectus included therein (including each preliminary or summary prospectus) as such persons reasonably may request in order to facilitate the intended
disposition of the Registrable Securities covered by such Registration Statement; 

        (d)   use
its best efforts (i) to register or qualify the Registrable Securities covered by such Registration Statement under the securities or "blue sky" laws of such
jurisdictions as the Investors proposing to sell Registrable Securities or, in the case of an underwritten public offering, the managing underwriter, reasonably shall request, (ii) to prepare
and file in those jurisdictions such amendments (including post-effective amendments) and supplements, and take such other actions, as may be necessary to maintain such registration and
qualification in effect at all times for the 

3

 

period
of distribution contemplated thereby, and (iii) to take such further action as may be necessary or advisable to enable the disposition of the Registrable Securities in such
jurisdictions, provided, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation
in any jurisdiction where it is not so qualified or to consent to general service of process in any such jurisdiction; 

        (e)   use
its best efforts to list the Registrable Securities covered by such Registration Statement with any securities exchange on which the Common Stock of the Company is
then listed; 

        (f)    immediately
notify each Investor and each underwriter under such Registration Statement, at any time when a prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event, or the discovery thereof as a result of which the prospectus contained in such Registration Statement, as then in effect, includes any untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and
prepare and furnish to each Investor such number of copies of a supplement to, or an amendment of, such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
securities, such, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing; 

        (g)   promptly
notify each Investor of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for that purpose and make every reasonable effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible time; 

        (h)   in
connection with an underwritten offering, 

        (i)    enter
into an underwriting, agency, placement, subscription or other agreement with respect to the offer and sale of the Registrable Securities and perform its
obligations thereunder, in usual and customary form and substance, including, but not limited to, 

        (A)  usual
and customary indemnities; 

        (B)  the
provision by officers of the Company of customary certificates; 

        (C)  the
provision by independent counsel to the Company of customary opinions and letters (which counsel and opinions and letters shall be reasonably satisfactory to the
lead underwriters) addressed to the Investors and the underwriters, covering such matters as are customarily covered in opinions and letters requested in underwritten offerings of equity and
convertible debt securities and such other matters as may be reasonably requested by the Investors and the underwriters (it being agreed that the matters to be covered by such opinions and letters
shall include, without limitation, (1) the effectiveness of the Registration Statement, (2) the compliance of the Registration Statement and the prospectus, including any prospectus
supplement thereto, with the requirements of the Securities Act, and (3) the absence from the Registration Statement and the prospectus, including any documents incorporated by reference
therein and any prospectus supplement thereto, of an untrue statement of a material fact or the omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading); and 

        (D)  the
provision by the Company's independent public accountants of customary "comfort letters" addressed to the Investors and the underwriters, covering such matters as
are customarily covered in "comfort letters" requested in underwritten offerings of 

4

 

equity
and convertible debt securities and such other financial matters as may be reasonably requested by the Investors and the underwriters; and 

        (ii)   if
requested by the underwriters, participate, and use its best efforts to cause its executive officers to participate, in any "roadshow" or other marketing activities
intended to aid in the successful disposition of the Registrable Securities; 

        (i)    take
all actions reasonably necessary to facilitate the timely preparation and delivery of certificates (not bearing any legend restricting the sale or transfer of such
securities) representing the Registrable Securities to be sold pursuant to the Registration Statement and to enable such certificates to be in such denominations and registered in such names as the
Investors or any underwriters may reasonably request; and 

        (j)    take
all other reasonable actions necessary to expedite and facilitate the registration of the Registrable Securities pursuant to the Registration Statement. 

        4.    Obligations of Holders.    Each Investor shall furnish to the Company such information regarding such Investor,
the number of Registrable Securities owned and proposed to be sold by it, the intended method of disposition of such securities and any other information as shall be required to effect the
registration of the Registrable Securities, and cooperate with the Company in preparing the Registration Statement and in complying with the requirements of the Securities Act. 

        5.    Expenses.    All expenses incurred by the Company in complying with Sections 2 and 3 including, without
limitation, all registration and filing fees (including fees payable to the Commission and any other regulatory body with which the Company is required to file), printing expenses, fees and
disbursements of counsel and independent public accountants for the Company, fees and expenses (including counsel fees) incurred in connection with complying with state securities or "blue sky" laws,
fees of transfer agents and registrars, and reasonable fees and disbursements of one counsel for the holders of Registrable Securities, but excluding any Selling Expenses, are called "Registration
Expenses." All underwriting discounts and selling commissions applicable to the sale of Registrable Securities are called "Selling Expenses." 

        The
Company will pay all Registration Expenses and the Selling Expenses in connection with each sale shall be borne by the participating sellers in proportion to the number of
Registrable Securities sold by each or as they may otherwise agree. 

        6.    Indemnification and Contribution.    

        (a)   In
the event of a registration of any of the Registrable Securities under the Securities Act pursuant to the terms of this Agreement, the Company will indemnify and hold
harmless and pay and reimburse, each Investor selling Registrable Securities thereunder, including its directors, officers, employees, agents and representatives, each underwriter of such Registrable
Securities thereunder and each other person, if any, who controls any such person within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to
which such person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant
hereto or any preliminary prospectus or final prospectus contained therein, including any amendment thereto or supplement thereof or any documents incorporated therein, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation or alleged violation
of the Securities Act or any state securities or blue sky laws and will reimburse each such person for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, that the Company will not be 

5

 

liable
vis-a-vis a particular indemnified person if and to the extent such person's loss, claim, damage or liability arises out of or is based upon the Company's reliance on an
untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such person in writing specifically for use in such Registration
Statement or prospectus. 

        (b)   In
the event of a registration of any of the Registrable Securities under the Securities Act pursuant hereto each Investor selling Registrable Securities thereunder,
severally and not jointly, will indemnify and hold harmless the Company, each person, if any, who controls the Company within the meaning of the Securities Act, each officer of the Company who signs
the Registration Statement, each director of the Company, each underwriter and each person who controls any underwriter within the meaning of the Securities Act, against all losses, claims, damages or
liabilities, joint or several, to which the Company or such officer, director, underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon reliance on any untrue statement or alleged untrue statement of any material fact contained in the
Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant hereto or any preliminary prospectus or final prospectus contained therein, or any
amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse the Company and each such officer, director, underwriter and controlling person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action, provided, that such Investor will be liable hereunder in any such case only if and only to the extent that any such
loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information
pertaining to such Investor, as such, furnished in writing to the Company by such Investor specifically for use in such Registration Statement or prospectus, and provided, that the liability of each
Investor hereunder shall be limited to the proceeds received by such Investor from the sale of Registrable Securities covered by such Registration Statement. Notwithstanding the foregoing, any
indemnity provided by any indemnifying Investor in this Section 6(b) shall not apply to amounts
paid by the Company in settlement of any such loss, claim, damage, liability or expense if such settlement is effected without the consent of such indemnifying Investor. 

        (c)   Promptly
after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to
be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which
it may have to such indemnified party other than under this Section 6 and shall relieve it from any liability which it may have to such indemnified party under this Section 6 only if and
to the extent the indemnifying party is materially prejudiced by such omission. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be
liable to such indemnified party under this Section 6 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs
of investigation and of liaison with counsel so selected, provided, that if the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded based upon written advice of its counsel that there may be reasonable defenses available to it which are different from or
additional to those available to the indemnifying party or if the 

6

 

interests
of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, the indemnified party shall have the right to select a separate counsel and to
assume such legal defenses and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be
reimbursed by the indemnifying party as incurred. 

        (d)   If
the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any
loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by
such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of
the indemnified party on the other in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        7.    Changes in Capital Stock.    If, and as often as, there is any change in the capital stock of the Company by way
of a stock split, stock dividend, combination or reclassification, or through a merger,
consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby shall continue
as so changed. 

        8.    Representations and Warranties of the Company.    The Company represents and warrants to the Investor as
follows: 

        (a)   The
execution, delivery and performance of this Agreement by the Company have been duly authorized by all requisite corporate action and will not violate any provision
of law, any order of any court or other agency of government, the Charter or By-laws of the Company or any provision of any indenture, agreement or other instrument to which it or any or
its properties or assets is bound, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument or
result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Company or its subsidiaries. 

        (b)   This
Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with
its terms, subject to any applicable bankruptcy, insolvency or other laws affecting the rights of creditors generally and to general equitable principles and the availability of specific performance. 

        9.    Assignment of Registration Rights.    The rights to have the Company register Registrable Securities pursuant to
this Agreement may be assigned by the Investor to transferees or assignees of such securities; provided, that the Company is, within a reasonable time
after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned. The term
"Investor" as used in this Agreement shall include such permitted transferees or assignees. 

        10.    Rule 144 Requirements.    The Company agrees to: 

        (a)   make
and keep current public information about the Company available, as those terms are understood and defined in Rule 144; 

7

 

        (b)   use
its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
(at any time after it has become subject to such reporting requirements); and 

        (c)   furnish
to any holder of Registrable Securities upon request (i) a written statement by the Company as to its compliance with the reporting requirements of
Rule 144 and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly
report of the Company, and (iii) such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission
allowing it to sell any such securities without registration. 

        11.    Termination.    All of the Company's obligations to register Registrable Securities under Sections 2 and 3
hereto shall terminate upon the date on which no Investor holds any Registrable Securities. 

        12.    Miscellaneous.    

        (a)   All
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors
and assigns of the parties hereto (including without limitation transferees of any Registrable Securities), whether so expressed or not. 

        (b)   All
notices, requests, consents and other communications hereunder shall be in writing and shall be delivered in person, mailed by certified or registered mail, return
receipt requested, or sent by telecopier, addressed (i) if to the Company, at Vital Living, Inc., 5080 North 40th Street, Suite 105, Phoenix, AZ 85018, Telecopier No.:
(602) 952-7129, Attn: Stuart A. Benson, Chief Executive Officer (E-mail: cafestu@aol.com) or if to the Investor, at the address set forth beneath such Investor's name on
the signature page attached hereto; and (ii) if to any holder of Registrable Securities, to it at such address as may have been furnished to the Company in writing by such holder; or, in any
case, at such other address or addresses as shall have been furnished in writing to the Company (in the case of a holder of Registrable Securities) or to the holders of Registrable Securities (in the
case of the Company) in accordance with the provisions of this paragraph; and in either case, to Graubard Miller, 600 Third Avenue, 32nd Floor, New York, New York 10016, Attn: David Alan
Miller (E-Mail: dmiller@graubard.com). 

        (c)   This
Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements among New York residents entered into and to be
performed entirely within New York. The Company (1) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in New York
State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (2) waives any objection which the Company may have now or hereafter to
the venue of any such suit, action or proceeding, and (3) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District Court
for the Southern District of New York in any such suit, action or proceeding. The Company further agrees to accept and acknowledge service of any and all process which may be served in any such suit,
action or proceeding in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service of process upon the
Company mailed by certified mail to the Company's address shall be deemed in every respect effective service of process upon the Company, in any such suit, action or proceeding. THE PARTIES HERETO
AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. 

8

 

        (d)   This
Agreement may not be amended or modified without the written consent of the Company and the holders of at least a majority of the Registrable Securities. 

        (e)   Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof. No waiver shall be effective unless and until it is in writing and signed by the party granting the waiver. 

        (f)    This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering
this Agreement. 

        (g)   If
any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid
or unenforceable provision were not contained herein. 

        (h)   This
Agreement constitutes the entire contract among the Company and the Investors relative to the subject matter hereof and supersedes in its entirety any and all prior
agreements, understandings and discussions with respect thereto. 

        (i)    The
headings of the Sections of this Agreement are for convenience and shall not by themselves determine the interpretation of this Agreement. 

        (j)    In
the event that, at any time or from time to time, the Company holds a Closing subsequent to the Initial Closing (as such terms are defined in the Securities Purchase
Agreement) and issues additional Units to additional investors (collectively the "Additional Investors" and individually an "Additional Investor"), as a condition precedent to such Closing, the
Company shall countersign a copy of this Agreement with each Additional Investor and each such Additional Investor shall agree to sign a copy of this Agreement (for and on behalf of himself or itself,
his or its legal representatives and his or its transferees and assigns) thereby agreeing to be bound by all applicable provisions of this Agreement as a party hereto and in the capacity as an
Investor. Except as provided herein, upon any such Interim Closing, all references to the Investors or to any Investor shall thereafter be deemed to include such Additional Investor and all references
to the Units (and the Common Stock and Warrants included thereunder) shall be deemed to include the Units (and the Common Stock and Warrants included thereunder) purchased by such Additional
Investors. 

9

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above. 

	 	 	VITAL LIVING, INC.
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:

Title:

	

 	
 	
INVESTOR NAME
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:

Title:

	

 	
 	

Address:	

 

10

QuickLinks

Exhibit 4.33

VITAL LIVING, INC. REGISTRATION RIGHTS AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]