Document:

Warrant to Purchase

 Exhibit 4.1 
  

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “1933 ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF
THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  

			
	 No. D-1
	  	Date of Issuance: January 24, 2005

  
 WARRANT TO PURCHASE
COMMON STOCK 
  
 OF 
  
 BIOLASE TECHNOLOGY, INC. 
  
 This certifies that, for value received, Diodem, LLC, or its registered
assigns (the “Holder”), is entitled, subject to the terms and conditions set forth below, to purchase from BIOLASE TECHNOLOGY, INC., a Delaware corporation (the “Company”), in whole or in part, Eighty-One
Thousand Thirty-Seven (81,037) fully paid and nonassessable shares (the “Warrant Shares”) of the Company’s Common Stock (“Stock”). This Warrant shall be exercisable at a per share exercise price
initially equal to $11.06, although such price may be adjusted as provided in Section 11 below (the “Exercise Price”). 
  
 The number and character of, and the Exercise Price for, the Warrant Shares are subject to adjustment as provided herein and all references to “the
Warrant Shares” and “the Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. The term “Warrant” as used herein shall mean this Warrant and any warrants
delivered in substitution or exchange for this Warrant as provided herein. 
  
 1.
Term of Warrant. Subject to the terms and conditions set forth herein, this Warrant shall be exercisable, in whole or in part, during the term (the “Exercise Period”) commencing upon January 24, 2005, and shall no longer be
exercisable and shall terminate upon January 24, 2010, and shall be void thereafter. 
  
 2. Exercise of Warrant. This Warrant may be exercised by the Holder, in whole or in part, during the Exercise Period by (i) the surrender of this Warrant to the Company, with the Notice of Exercise annexed hereto as Attachment
A (the “Exercise Form”) duly completed and executed on behalf of the Holder, at the office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of
the Holder appearing on the books of the Company) and (ii) the delivery of payment to the Company, for the account of the Company, by cash, wire transfer of immediately available funds to a bank account specified by the Company or by certified or
bank cashier’s check, of the Exercise Price for the number of Warrant Shares specified in the Exercise Form in lawful money of the United States of America. The Company agrees that such Warrant Shares shall be deemed to be issued 

 
to the Holder as the record holder of such Warrant Shares as of the close of business on the date on which this Warrant shall have been surrendered and
payment made for the Warrant Shares as aforesaid. A stock certificate or certificates for the Warrant Shares specified in the Exercise Form shall be delivered to the Holder as promptly as practicable, and in any event within thirty
(30) days thereafter. If this Warrant shall have been exercised only in part, the Company shall, at the time of delivery of the stock certificate or certificates, deliver to the Holder a new Warrant evidencing the right to purchase the
remaining Warrant Shares, which new Warrant shall in all other respects be identical with this Warrant. Except as provided in Section 11 below, no adjustments shall be made on the Warrant Shares issuable on the exercise of this Warrant for
any dividends or distributions paid or payable to holders of record of Stock prior to the date as of which the Holder shall be deemed to be the record holder of such Warrant Shares. In addition, in the event that the Holder desires to arrange for a
cashless exercise of this Warrant with a registered broker/dealer, the Company shall use its commercially reasonable efforts to cooperate in facilitating such cashless exercise. 
  
 3. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the fair market value of a share of Stock multiplied by such fraction. 
  
 4. Replacement of Warrant. On 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, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation,
on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 
  
 5. Rights of Stockholders. Except as provided in Section 11 below, the Holder shall not be entitled to vote or receive
dividends or be deemed the holder of any capital stock of the Company for any purpose, and nothing contained herein shall be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the
election of directors or upon any matter submitted to stockholders at any meeting thereof, or 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 or from no par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends, subscription rights or otherwise, until this Warrant shall have been exercised as provided herein.

  

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 6. Recordkeeping. 
  
 (a) Warrant Register. The Company will maintain a register (the “Warrant Register”) containing the name and address of the Holder.
The Holder of this Warrant or any portion hereof may change the Holder’s address as shown on the Warrant Register by written notice to the Company requesting such change. Any notice or written communication required or permitted to be given to
the Holder may be delivered or given by mail to the Holder as shown on the Warrant Register and at the address shown on the Warrant Register. Until this Warrant is transferred on the Warrant Register of the Company, the Company may treat the Holder
as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary. 
  
 (b) Warrant Agent. The Company may, by written notice to the Holder, appoint an agent for the purpose of maintaining the Warrant Register referred
to in Section 6(a) above, issuing the Warrant Shares or other securities then 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, shall be made at the office of such agent. 
  
 (c) Transferability and Nonnegotiability of Warrant. This Warrant may not be transferred or assigned in whole or in part without compliance with
all applicable federal and state securities laws by the transferor and the transferee (including the delivery of legal opinions reasonably satisfactory to the Company, if such are requested by the Company. Notwithstanding the foregoing, the Holder
shall have the right, at is sole and absolute discretion, to transfer this Warrant, in whole or in part, to any of the following: (i) Colette Cozean, PhD, an individual, (ii) Patrick Day, an individual, (iii) Lares Research, Inc., a California
corporation or (iv) the law firm of Dovel & Luner, LLP (collectively, the “Permitted Transferees”); provided, however, that any transferee of any part of this Warrant may only transfer at least the lesser of (x)
all of the Warrant such holder owns or (y) the Warrant to purchase at least 7,500 Warrant Shares; and provided, further, that as a condition to any such transfer, any transferee of any part of this Warrant shall make the
representations and warranties to the Company set forth on Attachment B hereto. The Holder shall not sell Biolase shares on any one trading day more than twenty percent (20%) of the average daily volume of the Company’s
Stock on the Nasdaq National Market for the immediately preceding thirty (30) days (the “Volume Restriction”); provided, however, that the Volume Restriction shall not apply to the transfer by the Holder of the Stock
to any of the Permitted Transferees, provided, however, that as a condition to any such transfer, such transferee shall (i) make the representations and warranties to the Company set forth on Attachment B hereto and (ii) agree
that they will not, together with the Holder and the other Permitted Transferees, exceed the Volume Restriction; and provided, further, that the Volume Restriction shall not apply to transfers by the Holder or a Permitted Transferee to
a block purchaser in a negotiated transaction so long as such purchaser agrees to be subject to the terms of Attachment B hereto and the Holder, the Permitted Transferees and such purchaser agree that they will not collectively exceed the
Volume Restriction. 
  

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 (d) Exchange of Warrant Upon a Transfer. On surrender of this Warrant for exchange, properly
endorsed on the Assignment Form and subject to the provisions of this Warrant with respect to compliance with the 1933 Act and with the limitations on assignments and transfers and contained in this Section 6, the Company at its expense shall
issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise
hereof. 
  
 7. Holder’s Representations, Warranties and Covenants. The
Holder hereby makes the representations, warranties and covenants set forth on the Representation Statement annexed hereto as Attachment B, as of the date hereof and as of the date of any exercise of this Warrant, as though such
representations, warranties and covenants were fully set forth herein. 
  
 8.
Reservation of Stock. The Company covenants that during the Exercise Period the Company will reserve from its authorized and unissued Stock a sufficient number of shares to provide for the issuance of Stock upon the exercise of this Warrant
and, from time to time, will take all steps necessary to amend the Company’s Certificate of Incorporation to provide a sufficient reserve of shares of Stock for issuance upon exercise of this Warrant. The Company further covenants that all
shares that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, liens and charges caused or created solely by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). 
  
 9. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given at the earlier of (i)
the time of actual delivery; (ii) the next business day after deposit with a nationally recognized overnight courier specifying next day delivery, with written verification of receipt; (iii) when sent by facsimile, if receipt is confirmed; or (iv)
on the fifth (5th) business day following the
date deposited with the United States Postal Service, postage prepaid, certified with return receipt requested. 
  
 10. Amendments. This Warrant and any term hereof may be changed, waived, discharged or terminated by an instrument in writing signed by the party against which
enforcement of such change, waiver, discharge or termination is sought. 
  
 11.
Adjustments. The Exercise Price and the number of shares purchasable hereunder are subject to adjustment from time to time as follows: 
  
 (a) Reclassification, etc. If, at any time while this Warrant or any portion hereof remains unexpired, Stock, by conversion, reclassification of
securities or otherwise, shall change into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the
result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such conversion, reclassification or other change and the Exercise Price therefor shall be appropriately modified
in the good faith discretion of the Board, all subject to further adjustment as provided in this Section 11. 
  

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 (b) Split, Subdivision or Combination of Shares. If the Company, at any time while this Warrant or
any portion hereof remains unexpired, shall split, subdivide or combine the outstanding shares of Stock into a different number of shares of Stock, then (i) in the case of a split or subdivision, the Exercise Price shall be proportionately decreased
and the Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased, and (ii) in the case of a combination, the Exercise Price shall be proportionately increased and the Warrant Shares issuable upon exercise of this
Warrant shall be proportionately decreased. 
  
 (c) Adjustments
for Dividends in Stock or Other Securities or Property. If, while this Warrant or any portion hereof remains unexpired, the holders of Stock shall receive, or, on or after the record date fixed for the determination of eligible stockholders,
shall become entitled to receive, without payment therefor, additional shares of Stock by way of a dividend (“Additional Shares”), then and in each case, this Warrant shall represent the right to acquire, in addition to the number
of Warrant Shares receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the amount of such Additional Shares that the Holder would hold on the date of such exercise had it been the holder of record
of that number of Warrant Shares receivable upon exercise of this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such Warrant Shares and/or all other
Additional Shares available to it as aforesaid during such period, giving effect to all adjustments called for during such period by the provisions of this Section 11. 
  
 (d) Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section
11, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate signed by an executive officer setting forth the event requiring the adjustment or
readjustment and showing in reasonable detail the facts upon which such adjustment or readjustment is based, the method by which such adjustment was calculated and the Exercise Price and number of Warrant Shares purchasable hereunder after giving
effect to such adjustment. The Company shall, upon the written request, at any time, of the Holder, furnish or cause to be furnished to the Holder a like certificate setting forth: (i) such adjustments and readjustments; (ii) the Exercise Price at
the time in effect; and (iii) the number of Warrant Shares that at the time would be received upon the exercise of the Warrant. 
  
 12. Miscellaneous. 
  
 (a) This Warrant shall be governed by the laws of the State of California as applied to agreements entered into in the State of California by and among
residents of the State of California. 
  
 (b) This Warrant shall
be exercisable as provided for herein, except that in the event that the expiration date of this Warrant shall fall on a Saturday, Sunday or United States federally recognized holiday, the expiration date for this Warrant shall be extended to 5:00
p.m. Pacific Time on the business day following such Saturday, Sunday or United States federally recognized holiday. 
  
 (c) In the event that the Warrant Shares cannot be sold pursuant to an effective registration statement on the date that is one (1) year after the
issuance thereof, the Company 

  

 5 

 
shall cause its counsel to provide an instruction letter to the Company’s transfer agent pursuant to Rule 144 of the 1933 Act to permit the transfer and
sale of the Warrant Shares, provided that Rule 144 is otherwise available for the sale of such Warrant Shares. 
  
 (d) This Warrant may be executed in counterparts which, together, shall constitute but one original. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, BIOLASE TECHNOLOGY, INC. has caused this Warrant to be executed by its officer
thereunto duly authorized. 
  
 Dated: January 24, 2005 

 

					
	COMPANY:
	
	BIOLASE TECHNOLOGY, INC.
	a Delaware corporation
		
	By:	 	 /s/ Robert E. Grant

	 	 	 Name:
	 	 Robert E. Grant

	 	 	 Title:
	 	 President & CEO

  

					
	ACKNOWLEDGED AND AGREED TO:
	
	HOLDER:
	
	DIODEM, LLC
	 a California limited liability company

		
	By:	 	 /s/ Colette Cozean

	 	 	 Name:
	 	 Managing Director

	 	 	 Title:
	 	 Colette Cozean, Ph.D.

  

 7 

  
 ATTACHMENT A TO WARRANT

  
 NOTICE OF EXERCISE 
  

	To:	BIOLASE TECHNOLOGY, INC. 

  

	1.	The undersigned hereby elects to purchase __________________ shares of Stock of BIOLASE TECHNOLOGY, INC. pursuant to the terms of the attached Warrant, and tenders herewith payment
of the purchase price for such shares in full. 

  

	2.	In exercising the attached Warrant, the undersigned hereby confirms and acknowledges the provisions of Attachment B (i.e., the Representation Statement) to such
Warrant, which are incorporated herein by reference. 

  

					
	DIODEM, LLC
	 a California limited liability company

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 Dated:                                 ,
20     

  
 ATTACHMENT B TO WARRANT

  
 REPRESENTATION STATEMENT 
  
 The undersigned Holder represents, covenants and agrees as follows: 
  
 (i) Purchase for Own Account The Warrant (the
“Warrant”) issued by BIOLASE TECHNOLOGY, INC., a Delaware corporation (the “Company”) to the Holder (the “Holder”) and the shares of common stock of the Company issued upon exercise of the Warrant
(the “Shares”) (collectively, the “Securities”) will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within
the meaning of the Securities Act of 1933 (the “1933 Act”), and the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. The Holder also represents that the Holder has not
been formed for the specific purpose of acquiring the Securities. 
  
 (ii) Disclosure of Information The Holder believes it has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the Securities to be
received by the Holder under the Warrant. The Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the investment in the Securities and to obtain additional information (to
the extent the Company possesses such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to the Holder or to which the Holder had access. 
  
 (iii) Investment Experience The Holder understands that the investment
in the Securities involves substantial risk. The Holder has experience as an investor in securities of companies in the development stage and acknowledges that the Holder is able to fend for itself, can bear the economic risk of the Holder’s
investment in the Securities and has such knowledge and experience in financial or business matters that the Holder is capable of evaluating the merits and risks of this investment in the Securities and protecting its own interests in connection
with this investment. 
  
 (iv) Accredited Investor Status
The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the 1933 Act. 
  
 (v) Restricted Securities The Holder understands that the Securities will be characterized as “restricted securities” under the
1933 Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under the 1933 Act and applicable regulations thereunder, such securities may be resold without registration under the 1933 Act
only in certain limited circumstances. In this connection, the Holder represents that the Holder is familiar with Rule 144 promulgated by the U.S. Securities and Exchange Commission, as presently in effect, and understands the resale limitations
imposed thereby and by the 1933 Act. 

 (vi) Legend It is understood that the certificate or certificates evidencing the Securities will
bear the legend set forth below: 
  
 THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UNDER THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT
THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  
 The legend set forth above shall be removed by the Company from any certificate evidencing the Securities upon delivery to the Company of an opinion by counsel,
reasonably satisfactory to the Company, that a registration statement under the 1933 Act is at that time in effect with respect to the legended security or that such security can be freely transferred in a public sale without such a registration
statement being in effect. 
  
 (vii) “Market
Stand-Off” Agreement In respect of any underwritten public offering by the Company, the Holder hereby agrees that the Holder shall not sell or otherwise transfer or dispose of any Common Stock (or other securities) of the Company
held by the Holder (other than those included in the registration) during a reasonable and customary period of time as agreed to by the Company and the underwriters, not to exceed one hundred eighty (180) days following the effective
date of the registration statement of the Company filed under the Securities Act in respect of such offering, provided that (i) all officers and directors of the Company enter into similar agreements; and (ii) Holder is provided an
opportunity to include the Warrant Shares in such underwritten offering. 
  

					
	DIODEM, LLC
	 a California limited liability company

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 Dated:                                 ,
20Registration Rights Agreement

 Exhibit 4.2 
  

REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of January 24, 2005, by and between Biolase Technology, Inc.,
a Delaware corporation (“Biolase”), and Diodem, LLC, a California limited liability company (the “Holder”). 
  
 RECITALS 
  
 A. This Agreement is entered into pursuant to that certain Definitive Agreement dated as of January 24, 2005 (the “Definitive Agreement”), by
and among Biolase, BL Acquisition II, Inc., a Delaware corporation, and the Holder. 
  
 B. As an inducement for the Holder to enter into the Definitive Agreement, Biolase desires to grant the registration rights to the Holder as contained herein. 
  
 NOW, THEREFORE, in consideration of the foregoing recitals
and the mutual promises hereinafter set forth, the parties hereto agree as follows: 
  
 1. Definitions and References. 
  
 Unless otherwise defined herein, the capitalized terms in this Agreement have the same meanings given to them in the Definitive Agreement. For purposes of this Agreement, in addition to the definitions set forth
elsewhere herein, the following terms shall have the following respective meanings: 
  
 “Register,” “registered” and “registration” shall refer to a registration effected by preparing and filing a
registration statement or similar document in compliance with the Securities Act of 1933, as amended (the “1933 Act”), and the declaration or ordering of effectiveness of such registration statement or document by the United States
Securities and Exchange Commission (the “SEC”). 
  
 “Registrable Stock” shall mean (a) any Biolase Common Stock issued to the Holder pursuant to the Definitive Agreement; (b) any Biolase Common Stock issued or issuable upon the exercise of any warrants issued
to the Holder pursuant to the Definitive Agreement; and (c) any Biolase Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, option or other convertible security which is issued as) a dividend or other
distribution with respect to, or in exchange for, or in replacement of, such Biolase Common Stock described in clause (a) or (b) above. For purposes of this Agreement, any Registrable Stock shall cease to be Registrable Stock upon the earliest to
occur of the following: (a) at such time as a Registration Statement covering such Registrable Stock has been declared effective and such Registrable Stock has been disposed of pursuant to such effective Registration Statement, or (b) at such time
as such Registrable Stock may be sold by a person in a transaction that is exempt from registration pursuant to Rule 144 promulgated under the 1933 Act (or any similar provision then in force) (“Rule 144”) within a period of three months
pursuant to Rule 144. 

 2. “Shelf” Registration. Biolase shall file with the SEC a “shelf’
registration statement on Form S-3 for the public resale by the Holder of the Registrable Stock on a continuous or delayed basis pursuant to Rule 415(a)(1) under the 1933 Act (the “Registration Statement”) as soon as reasonably practicable
following the Closing Date but in no event later than within ninety (90) days following the Closing Date. The plan of distribution indicated in the Registration Statement will be substantially in the form attached as Annex A hereto. Biolase shall
use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the 1933 Act as promptly as possible after the filing thereof but in no event later than within one (1) year thereafter, and shall use its
commercially reasonable efforts to keep the Registration Statement continuously effective under the 1933 Act until the date when all Registrable Stock covered by such Registration Statement have been sold or may be sold within a period of three
months pursuant to Rule 144. 
  
 3. Obligations of Biolase.
Biolase shall: 
  
 (a) prepare and file with the
SEC such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective and to comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Stock covered by the Registration Statement for the period required to effect the distribution of the Registrable Stock as set forth in Section 2 hereof; 
  
 (b) use its commercially reasonable efforts to register or qualify the Registrable Stock covered by the
Registration Statement under the securities or blue sky laws of such jurisdiction within the United States as shall be reasonably requested by the Holder for the distribution of the Registrable Stock covered by the Registration Statement; provided,
however, that Biolase shall not be required in connection therewith or as a condition thereto to qualify to do business in or to file a general consent to service of process in any jurisdiction wherein it would not but for the requirements of this
paragraph (b) be obligated to do so; and provided, further, that Biolase shall not be required to qualify such Registrable Stock in any jurisdiction in which the securities regulatory authority requires that the Holder subject any of their
Registrable Stock to the terms, provisions and restrictions of any escrow, lockup or similar agreement(s) before such authority will consent to the sale of Registrable Stock in such jurisdiction, unless the Holder agree to do so; 
  
 (c) use its commercially reasonable efforts to furnish to
the Holder such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the 1933 Act, and such other documents as they may reasonably request in order to facilitate the disposition of the
Registrable Stock owned by them that is covered by the Registration Statement; and 
  
 (d) use its commercially reasonable efforts to promptly notify the Holder at any time when a prospectus relating thereto is required to be
delivered under the 1933 Act of the happening of any event as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to
be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made, and promptly prepare and furnish to the Holder a reasonable number of copies of a supplement to or an amendment of
such 

  

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prospectus, or a revised prospectus, as may be necessary so that, as thereafter delivered to the purchasers of such securities, 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 under which they were made; provided, that in the
event of a material development or transaction affecting Biolase that has not yet been publicly disclosed, if Biolase shall determine in good faith that it would be adversely affected by such disclosure, Biolase may so notify the Holder and shall
deliver to the Holder a certificate signed by an officer of Biolase affirming that Biolase would be adversely affected by such disclosure (such notice being referred to herein as a “Deferral Notice”), and shall thereafter be entitled to
defer preparing and furnishing such supplement or amendment until such time as it would not be so adversely affected, but in any event for a period of no more than ninety (90) days following delivery of the Deferral Notice to the Holder, at which
time it shall so notify the Holder and shall prepare and furnish to the Holder any such supplement or amendment as may then be required. Following receipt of a Deferral Notice, the Holder shall not make any further sales of Registrable Stock
pursuant to the Registration Statement until the Holder receives such notice, and any such amendment or supplement, from Biolase. Following receipt of any supplement or amendment to any prospectus, the Holder shall deliver such amended, supplemental
or revised prospectus in connection with any offers or sales of Registrable Stock, and shall not deliver or use any prospectus not so supplemented, amended or revised. If Biolase issues a Deferral Notice, Biolase will extend the period of
effectiveness of the Registration Statement for an amount of time equal to the length of the deferral period. Notwithstanding any other provision of this Agreement, Biolase may not issue a Deferral Notice more than twice in any twelve (12) month
period. 
  
 (e) in the event that the Registrable
Stock cannot be sold pursuant to an effective registration statement on the date that is one (1) year after the issuance thereof, Biolase shall cause its counsel to provide an instruction letter to Biolase’s transfer agent
pursuant to Rule 144 of the 1933 Act to permit the transfer and sale of the Registrable Stock, provided that Rule 144 is otherwise available for the sale of such Registrable Stock by the Holder. 
  
 4. Furnish Information. It shall be a condition precedent to the
obligations of Biolase hereunder to take any action pursuant to this Agreement that the Holder shall furnish to Biolase such information regarding itself, the Registrable Stock held by it, and the intended method of disposition of such securities as
Biolase shall reasonably request and as shall be required in connection with the actions to be taken by Biolase hereunder. 
  
 5. Expenses. All expenses incurred in connection with the registration pursuant to this Agreement, excluding underwriters’ or brokers’
discounts and commissions and the fees and expenses of counsel to the Holder, but including without limitation all registration, filing and qualification fees, word processing, duplicating, printers’ and accounting fees, listing fees, messenger
and delivery expenses, all fees and expenses of complying with state securities or blue sky laws, and the fees and disbursements of counsel for Biolase, shall be paid by Biolase. The Holder shall bear and pay the underwriting commissions and
discounts and brokerage fees applicable to securities offered for his or her account in connection with any registrations, filings and qualifications made pursuant to this Agreement and the fees and expenses of its counsel. 
  

 - 3 - 

 6. Transfer of Registration Rights. The registration rights of the Holder under this Agreement
with respect to any Registrable Stock may be transferred or assigned to (a) any transferee or assignee of such Registrable Stock, or (b) an Affiliate of such Holder; provided, however, that (i) such Holder shall give Biolase written notice prior to
the time of such transfer stating the name and address of the transferee and identifying the securities with respect to which the rights under this Agreement are being transferred; (ii) such transferee shall agree in writing, in form and substance
reasonably satisfactory to Biolase, to be bound as the Holder by the provisions of this Agreement; and (iii) immediately following such transfer the further disposition of such securities by such transferee shall be restricted under the 1933 Act.

  
 7. Indemnification. In the event any Registrable Stock
is included in a Registration Statement under this Agreement: 
  
 (a) Biolase shall indemnify and hold harmless the Holder, such Holder’s directors and officers, each person who participates in the offering of such Registrable Stock, including underwriters (as defined in the
1933 Act), and each person, if any, who controls such Holder or participating person within the meaning of the 1933 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or
otherwise, insofar as such losses, claims, damages or liabilities (or proceedings in respect thereof) arise out of or are based on any untrue or alleged untrue statement of any material fact contained in the Registration Statement on the effective
date thereof (including any prospectus filed under Rule 424 under the 1933 Act or any amendments or supplements thereto) 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 arise out of any violation by Biolase of any rule or regulation promulgated under the 1933 Act in connection with such registration, and shall reimburse each such Holder, director
or officer of such Holder, and such participating person or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage or liability; provided, however,
that the indemnity agreement contained in this Section 7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage or liability if such settlement is effected without the consent of Biolase (which consent shall not be
unreasonably withheld); provided, further, that Biolase shall not be liable to the Holder, director or officer of such Holder, participating person or controlling person in any such case for any such loss, claim, damage or liability to the extent
that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with the Registration Statement, preliminary prospectus, final prospectus or amendments or supplements thereto,
in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, director or officer of such Holder, participating person or controlling person or arises out of any
violation by Holder of any rule or regulation promulgated under the 1933 Act in connection with such registration; and provided, further, that Biolase shall not be liable to the Holder, director or officer of such Holder, participating person or
controlling person in any such case for any such loss, claim, damage or liability to the extent that it arises out of an offer or sale by such Holder in violation of any of such Holder’s obligations under Section 3(d). Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of any such Holder, director or officer of such Holder, participating person or controlling person, and shall survive the transfer of such securities by such
Holder, and any termination of this Agreement. 
  

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 (b) The Holder shall indemnify and hold harmless Biolase, each of its directors and
officers, each person, if any, who controls Biolase within the meaning of the 1933 Act, and each agent and any underwriter for Biolase (within the meaning of the 1933 Act) against any losses, claims, damages or liabilities, joint or several, to
which Biolase or any such director, officer, controlling person, agent or underwriter may become subject, under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or proceedings in respect thereof) arise solely out of
or are based solely upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement (including any prospectus filed under Rule 424 under the 1933 Act or any amendments or supplements thereto) 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 (in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, preliminary or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information
furnished by or on behalf of such Holder expressly for use in connection with such registration) or arise out of any violation by Holder of any rule or regulation promulgated under the 1933 Act in connection with such registration; and each such
Holder shall reimburse any legal or other expenses reasonably incurred by Biolase or any such director, officer, controlling person, agent or underwriter in connection with investigating or defending any such loss, claim, damage or liability;
provided, however, that the indemnity agreement contained in this Section 7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage or liability if such settlement is effected without the consent of such Holder (which
consent shall not be unreasonably withheld); and provided, further, that the liability of the Holder hereunder shall be limited to the net proceeds received by such Holder from the sale of Registrable Stock covered by such Registration Statement.

  
 (c) Promptly after receipt by an indemnified
party under this Section of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party under this Section, notify the indemnifying party in writing of the
commencement thereof and the indemnifying party shall have the right to participate in and assume the defense thereof with counsel selected by the indemnifying party and reasonably satisfactory to the indemnified party; provided, however, that an
indemnified party shall have the right to retain its own counsel, with all fees and expenses thereof to be paid by such indemnified party, and to be apprised of all progress in any proceeding the defense of which has been assumed by the indemnifying
party. The failure of any indemnified party to notify an indemnifying party promptly of the commencement of any such action, if and to the extent such failure materially adversely affects such indemnifying party’s ability to defend such action,
shall relieve such indemnifying party of any liability to the indemnified party under this Section 7, but the omission so to notify the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than
under this Section 7. No indemnifying party shall, in the defense of any such claim, except with the consent of the indemnified party (not be unreasonably withheld), consent to the entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff therein, to such indemnified party, of a release from all liability with respect to such claim. 
  
 (d) To the extent any indemnification by an indemnifying party is prohibited or limited by law, the
indemnifying party, in lieu of indemnifying such indemnified party, shall 

  

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contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and indemnified party in connection with the actions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The
relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action. The amount paid or payable by a party as a result of the losses, claims, damages or liabilities referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding. 
  
 The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

  
 8. Rule 144 Reporting. With a view to making available
to the Holder the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Stock to the public without registration, Biolase agrees to use its commercially reasonable efforts, until the second anniversary of
the Closing Date to file with the SEC in a timely manner all reports required of Biolase under Section 13 of the 1934 Act. 
  
 9. Representations and Warranties of Biolase. Biolase hereby represents and warrants to the Holder that, as of the Effective Date and as of the
Closing Date: 
  
 (a) Except as contemplated by
the Definitive Agreement, since November 9, 2004, no events or series of events has occurred that create an obligation on behalf of the Company to file a Form 8-K under the 1933 Act which was not so filed; and 
  
 (b) Biolase has filed with the SEC all required forms,
reports, registration statements and documents required to be filed by it with the SEC since January 1, 2004 (collectively, all such forms, reports, registration statements and documents filed after January 1, 2004 are referred to herein as the
“Biolase SEC Reports”), all of which complied as to form when filed (or, if amended or superseded by filing prior to the date of this Agreement, then on such date of such amended or superseding filing) in all material respects with the
applicable provisions of the 1933 Act and the 1934 Act, as the case may be. The Biolase SEC Reports (including all exhibits and schedules thereto and documents incorporated by reference therein) did not, at the time they were filed (or, if amended
or superseded by filing prior to the date of this Agreement, then on the date of such amended or superseding filing), contain any 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, in light of the circumstances under which they were made, not misleading. 
  

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 10. “Market Stand-Off” Agreement. In respect of any underwritten public offering by the
Company, the Holder hereby agrees that the Holder shall not sell or otherwise transfer or dispose of any Common Stock (or other securities) of the Company held by the Holder (other than those included in the registration) during a reasonable and
customary period of time as agreed to by the Company and the underwriters, not to exceed one hundred eighty (180) days following the effective date of the registration statement of the Company filed under the Securities Act in respect
of such offering, provided that (i) all officers and directors of the Company enter into similar agreements; and (ii) Holder is provided an opportunity to include all of the Registrable Stock in such underwritten offering. 
  
 11. General Provisions. 
  
 (a) Notices. Any notice or other communication required or
permitted to be given under this Agreement will be in writing, will be delivered personally or by facsimile (evidenced by confirmation showing successful transmission) or by mail or express delivery, postage prepaid, and will be deemed given upon
actual delivery or, if mailed by registered or certified mail, on the fifth business day following deposit in the U.S. mails, addressed as follows: 
  

			
	 If to Biolase:
	  	 Biolase Technology, Inc.

	 	  	 981 Calle Amanecer

	 	  	 San Clemente, CA 92673

	 	  	 Attn: Chief Financial Officer

		
	 If to Holder:
	  	 Diodem, LLC

	 	  	 21581 Midcrest Drive

	 	  	 Lake Forest, CA 92630

	 	  	 Attn: Colette Cozean

  
 or to such other address as a party
designates in a writing delivered to each of the other parties hereto. 
  
 (b) Entire Agreement: Independence of Obligations. This Agreement constitutes and contains the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all
prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof. In the event of any conflict between this Agreement and the Definitive Agreement, the terms of this
Agreement shall control. 
  
 (c) Governing Law.
This Agreement shall be governed by and construed in accordance with the internal laws of the State of California without regard to conflicts of law principles. 
  
 (d) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable
law, then such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 
  

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 (e) Third Parties. Nothing in this Agreement, express or implied, is intended to confer
upon any person, other than the parties hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement. 
  
 (f) Successors and Assigns. Subject to the provisions of Section 6, the provisions of this Agreement shall inure to the benefit of, and
shall be binding upon, the successors and permitted assigns of the parties hereto. 
  
 (g) Captions. The captions to sections of this Agreement have been inserted for identification and reference purposes only and shall not
be used to construe or interpret this Agreement. 
  
 (h) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one instrument. 
  
 (i) Costs and Attorneys’ Fees. Each party hereby agrees
that in the event of a dispute arising between the parties with respect to this Agreement or the subject matter hereof, the prevailing party in such dispute shall be entitled to recover its reasonable costs and expenses, including attorneys’
fees, in connection with such dispute. 
  
 [Remainder of Page
Intentionally Left Blank] 
  

 - 8 - 

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 
  
 IN WITNESS WHEREOF, the parties
hereto have executed and mutually delivered this Agreement as of the date first written above. 
  

			
	 Biolase Technology, Inc.,
 a Delaware corporation

		
	By:	 	 /s/ Robert E. Grant

	 Name:
	 	 Robert E. Grant

	 Title:
	 	 President & CEO

	
	 Diodem, LLC,
 a California limited liability company

		
	By:	 	 /s/ Colette Cozean

	 Name:
	 	 Colette Cozean, Ph.D.

	 Title:
	 	 Managing Director

  

 - 9 - 

  
 ANNEX A 
  
 PLAN OF DISTRIBUTION 
  
 The selling securityholders, or their pledgees, donees, transferees, or any
of their successors in interest selling shares received from a named selling securityholder as a gift, partnership distribution or other non-sale-related transfer after the date of this prospectus (all of whom may be selling securityholders), may
sell the securities from time to time on any stock exchange or automated interdealer quotation system on which the securities are listed, in the over-the-counter market, in privately negotiated transactions or otherwise, at fixed prices that may be
changed, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at prices otherwise negotiated. The selling securityholders may sell the securities by one or more of the following methods, without
limitation: 
  
 (a) block trades in which the broker or dealer so
engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; 
  
 (b) purchases by a broker or dealer as principal and resale by the broker or dealer for its own account pursuant to this prospectus; 
  
 (c) an exchange distribution in accordance with the rules of any stock
exchange on which the securities are listed; 
  
 (d) ordinary
brokerage transactions and transactions in which the broker solicits purchases; 
  
 (e) privately negotiated transactions; 
  
 (f) short sales; 
  
 (g) through the writing of options
on the securities, whether or not the options are listed on an options exchange; 
  
 (h) through the distribution of the securities by any selling securityholder to its partners, members or stockholders; 
  
 (i) one or more underwritten offerings on a firm commitment or best efforts basis; 
  
 (j) any combination of any of these methods of sale; and 
  
 (k) any other method permitted pursuant to applicable law. 
  
 The selling securityholders may also transfer the securities by gift. We do not know of any arrangements by the selling
securityholders for the sale of any of the securities. 
  

 - 10 - 

 The selling securityholders may engage brokers and dealers, and any brokers or dealers may arrange for
other brokers or dealers to participate in effecting sales of the securities. These brokers, dealers or underwriters may act as principals, or as an agent of a selling securityholder. Broker-dealers may agree with a selling securityholder to sell a
specified number of the securities at a stipulated price per security. If the broker-dealer is unable to sell securities acting as agent for a selling securityholder, it may purchase as principal any unsold securities at the stipulated price.
Broker-dealers who acquire securities as principals may thereafter resell the securities from time to time in transactions in any stock exchange or automated interdealer quotation system on which the securities are then listed, at prices and on
terms then prevailing at the time of sale, at prices related to the then-current market price or in negotiated transactions. Broker-dealers may use block transactions and sales to and through broker-dealers, including transactions of the nature
described above. The selling securityholders may also sell the securities in accordance with Rule 144 under the Securities Act of 1933, as amended, rather than pursuant to this prospectus, regardless of whether the securities are covered by this
prospectus. 
  
 From time to time, one or more of the selling
securityholders may pledge, hypothecate or grant a security interest in some or all of the securities owned by them. The pledgees, secured parties or persons to whom the securities have been hypothecated will, upon foreclosure in the event of
default, be deemed to be selling securityholders. As and when a selling securityholder takes such actions, the number of securities offered under this prospectus on behalf of such selling securityholder will decrease. The plan of distribution for
that selling securityholder’s securities will otherwise remain unchanged. In addition, a selling securityholder may, from time to time, sell the securities short, and, in those instances, this prospectus may be delivered in connection with the
short sales and the securities offered under this prospectus may be used to cover short sales. 
  
 To the extent required under the Securities Act of 1933, the aggregate amount of selling securityholders’ securities being offered and the terms of the offering, the names of any agents, brokers, dealers or
underwriters and any applicable commission with respect to a particular offer will be set forth in an accompanying prospectus supplement. Any underwriters, dealers, brokers or agents participating in the distribution of the securities may receive
compensation in the form of underwriting discounts, concessions, commissions or fees from a selling securityholder and/or purchasers of selling securityholders’ securities of securities, for whom they may act (which compensation as to a
particular broker-dealer might be in excess of customary commissions). 
  
 The selling securityholders and any underwriters, brokers, dealers or agents that participate in the distribution of the securities may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, and any
discounts, concessions, commissions or fees received by them and any profit on the resale of the securities sold by them may be deemed to be underwriting discounts and commissions. 
  
 A selling securityholder may enter into hedging transactions with broker-dealers and the broker-dealers may engage in short
sales of the securities in the course of hedging the positions they assume with that selling securityholder, including, without limitation, in connection with distributions of the securities by those broker-dealers. A selling securityholder may
enter into option or other transactions with broker-dealers that involve the delivery of the 

  

 - 11 - 

 
securities offered hereby to the broker-dealers, who may then resell or otherwise transfer those securities. A selling securityholder may also loan or pledge
the securities offered hereby to a broker-dealer and the broker-dealer may sell the securities offered hereby so loaned or upon a default may sell or otherwise transfer the pledged securities offered hereby. 
  
 The selling securityholders and other persons participating in the sale or
distribution of the securities will be subject to applicable provisions of the Exchange Act of 1934, as amended, and the rules and regulations thereunder, including Regulation M. This regulation may limit the timing of purchases and sales of any of
the securities by the selling securityholders and any other person. The anti-manipulation rules under the Securities Exchange Act of 1934 may apply to sales of securities in the market and to the activities of the selling securityholders and their
affiliates. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of the securities to engage in market-making activities with respect to the particular securities being distributed for a period of up to five
business days before the distribution. These restrictions may affect the marketability of the securities and the ability of any person or entity to engage in market-making activities with respect to the securities. 
  
 We have agreed to indemnify in certain circumstances the selling
securityholders and any brokers, dealers and agents who may be deemed to be underwriters, if any, of the securities covered by the registration statement, against certain liabilities, including liabilities under the Securities Act of 1933. The
selling securityholders have agreed to indemnify us in certain circumstances against certain liabilities, including liabilities under the Securities Act of 1933, as amended. 
  
 The securities offered hereby were originally issued to the selling securityholders pursuant to an exemption from the
registration requirements of the Securities Act of 1933, as amended. We agreed to register the securities under the Securities Act of 1933, and to keep the registration statement of which this prospectus is a part effective until the date on which
the selling securityholders have sold all of the securities. We have agreed to pay all expenses in connection with this offering, excluding the fees and expenses of counsel or other advisors to the selling securityholders and underwriting discounts,
concessions, commissions or fees of the selling securityholders. 
  
 We will not receive any proceeds from sales of any securities by the selling securityholders. 
  
 We cannot assure you that the selling securityholders will sell all or any portion of the securities offered hereby. 
  

 - 12 -

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