Document:

Exhibit
      10.46

    

    SPECIALIZED
      HEALTH PRODUCTS INTERNATIONAL, INC.

    

    STOCK
      UNIT AGREEMENT

    

    UNDER
      THE 2004 STOCK INCENTIVE PLAN

    

    THIS
      AGREEMENT (the “Agreement”) is made as of ________ __, 200__, between
      Specialized Health Products International, Inc., a Delaware corporation (the
      “Company”), and ________________ (“Holder”).

    

    THE
      PARTIES AGREE AS FOLLOWS:

    

    1.
       Grant
      of Stock Units.
      Subject
      to the terms and conditions of this Agreement and of the Plan, the Company
      hereby credits to a separate account maintained on the books of the Company
      (the
“Account”) _______ stock units (the “Stock Units”). A Stock Unit is an award of
      a right to receive, in cash or stock (as determined by the Committee) the market
      value of one Share on the date(s) that Stock Units vest. On any date, the value
      of each Stock Unit shall equal the fair market value of a share of the Company’s
      $.02 par value common stock (“Stock”). For purposes of this Agreement, “fair
      market value” shall be deemed to be the mean: 

    

    
      	 	 	
              (i)
                If the Stock was traded on a stock exchange on the date in question,
                then
                the fair market value will be equal to the closing price reported
                by the
                applicable composite transactions report for the day preceding such
                date;

            

    

     

      
        	
              	 	
                (ii)
                  If the Stock was traded over-the-counter on the date in question
                  and was
                  classified as a national market issue, then the fair market value
                  will be
                  equal to the last transaction price quoted by the NASDAQ system
                  for the
                  day preceding such date;

              

      

    

     

    
      	 	 	
              (iii)
                If the Stock was traded over-the-counter on the date in question
                but was
                not classified as a national market issue, then the fair market value
                will
                be equal to the average of the last reported representative bid and
                asked
                prices quoted by the NASDAQ system for the day preceding such date;
                and

            

    

    

    
      	 	 	
              (iv)
                If none of the foregoing provisions is applicable, then the fair
                market
                value will be determined by the Board of Directors in good faith
                on such
                basis as it deems appropriate.

            

    

    

    2.
       Stock
      Units Subject to the Plan.
      This
      Agreement, and the Stock Units, will be subject to the terms and conditions
      of
      the Company’s 2004 Stock Incentive Plan (the “Plan”), a copy of which is
      attached hereto and incorporated by reference. Where the provisions of this
      Agreement and of the Plan are inconsistent on any matter, this Agreement will
      govern; and where this Agreement is silent on a matter provided for in the
      Plan,
      the Plan will govern. Capitalized terms not specifically defined in this
      Agreement will have the meaning ascribed to them in the Plan. 

    

    The
      Plan
      was approved by the Company’s Board of Directors on September 15, 2004 and
      became effective on that date, provided that the Plan is approved by the
      stockholders of the Company (exclude the vote of Shares issued under the Plan)
      within six (6) months after September 15, 2004. Notwithstanding any other
      provision of this Agreement, if the Plan is not so approved by the stockholders
      of the Company, this Agreement will immediately be rescinded and will be void
      and any consideration given by the Holder in connection herewith shall be
      returned to the Holder.

    

    3.
       Restrictions
      as to the Stock Units.
      Holder
      understands that the Plan includes important terms and conditions that apply
      to
      this Agreement and to the Stock Units, including (without limitation) important
      restrictions on the ability of Holder to transfer the Stock Units. Holder
      acknowledges that he or she has read the Plan, agrees to be bound by its terms,
      and makes each of the representations required to be made by Holder under
      it.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    3.1
       Vesting.
      All of
      the Stock Units are unvested and will become vested for purposes of the Plan
      according to the following schedule: (1) no portion of the Stock Units will
      be
      deemed vested prior to the third anniversary of the date on which the Stock
      Units were issued to the Holder (the “Issue Date”); (2) the Stock Units will
      become vested in full on the third anniversary of the Issue Date.
      Notwithstanding the foregoing, the Stock Units shall immediately vest in full
      upon the happening either of the following events: (1) the Company receives
      at
      least three million five hundred thousand dollars ($3,500,000) in any single
      fiscal quarter in connection with a license agreement, sale of a product line
      and/or sale of technology which arrangements or agreements were not in effect
      as
      of the Issue Date or (2) there is a Change in Control.

    

    3.2 Effect
      of Prohibited Transfer.
      Any
      prohibited transfer of Stock Units is void and of no effect. Should such a
      transfer purport to occur, the Company may refuse to carry out the transfer
      on
      its books, attempt to set aside the transfer, enforce any undertaking or right
      under this Agreement or the Plan and/or exercise any other legal or equitable
      remedy. 

    

    3.3 Required
      Undertaking.
      Any
      transfer that would otherwise be permitted under the terms of this Plan is
      prohibited unless the transferee executes such documents as the Company may
      reasonably require to ensure that the Company’s rights under a Unit Stock
      Agreement and the Plan are adequately protected with respect to the Stock Units
      so transferred. Such documents may include, without limitation, an agreement
      by
      the transferee to be bound by all of the terms of the Plan and this Agreement,
      as if the transferee were the original holder of such Stock Units. 

    

    4.
       Employment
      Status.
      Nothing
      contained herein or in the Plan will confer upon Holder any right with respect
      to the continuation of Holder’s status as an employee, consultant, independent
      contractor or director of the Company (or its subsidiaries) or interfere with
      the right of the Company at any time to terminate Holder’s employment by or
      service to the Company or to alter Holder’s rate of compensation in effect as of
      the date of this Agreement.

     

    5.
       Miscellaneous.
      This
      Agreement (together with the Plan and any other agreement or other document
      evidencing and Award) sets forth the complete agreement of the parties
      concerning the subject matter hereof, superseding all prior agreements,
      negotiations and understandings. This Agreement will be governed by the
      substantive law of the State of Delaware and may be executed in
      counterparts.

     

    The
      parties hereby have entered into this Agreement as of the date set forth
      above.

     

    
      	
              SPECIALIZED
                HEALTH PRODUCTS INTERNATIONAL, INC.

            	 	 	
              HOLDER

            
	By:	 	 	
            
	
              
                

              

            	 	 	
              
                

              
 (signature)
	
              Its:

              
                

              

            	 	 	
              
                

              

               

              
                

              

               

              
                

              

              
                (address)

              

            

    

     

    
      
        
        

      

      
        2Exhibit
      10.47

    

    AMENDMENT
      NO. 1

    TO
      THE

    STOCK
      UNIT AGREEMENT 

    UNDER
      THE 2004 STOCK INCENTIVE PLAN

    

    THIS
      AMENDMENT NO. 1 TO THE STOCK UNIT AGREEMENT by and between Specialized Health
      Products International, Inc. and _______________ (the “Amendment”)
      is
      made and entered into as of this ____ day of _________, 2004, by and between
      the
      parties hereto. 

    

    RECITALS

    

    A. The
      parties entered into an agreement captioned “Stock Unit Agreement” on or about
      the ____ day of _______, 2004 the (the “Agreement”).

    

    B. All
      capitalized terms not otherwise defined herein, shall have the meaning set
      forth
      in the Agreement.

    

    C. The
      parties desire to amend the Agreement as set forth below.

    

    IN
      CONSIDERATION
      of the
      premises and of the mutual covenants and agreements hereinafter set forth and
      other good and valuable consideration, the receipt of which is hereby
      acknowledged, the parties hereby covenant and agree as follows:

     

    1. Without
      altering or amending any other part of the Agreement, Section 1 of the Agreement
      is hereby amended to read in its entirety as follows:

    

    
      
        1.
          Grant
          of Stock Units.
          Subject
          to the terms and conditions of this Agreement and of the Plan, the Company
          hereby credits to a separate account maintained on the books of the Company
          (the
“Account”) _______ stock units (the “Stock Units”). Under this Agreement, a
          Stock Unit is an award of a right to receive one share of the Company’s $.02 par
          value common stock (“Stock”). 

      

    

    

    2. Without
      altering or amending any other part of the Agreement, the following new Section
      6 is hereby added to the Agreement which reads in its entirety as
      follows:

    

    6.
       Right
      of First Refusal.
      For a
      period beginning on the first date that the Stock Units vest and terminating
      on
      the three month anniversary of the date that the Stock Units first vest the
      Holder shall not sell or transfer Stock acquired as a result of this Agreement
      or any interest or any part thereof, nor enter into any agreement as a result
      of
      which any person or entity may become interested therein unless the Holder
      shall
      have first made an offer to sell such Stock or interest therein to the Company,
      by giving written notice of the terms and conditions of such proposed sale
      or
      transfer and the name and address of the proposed bona fide purchaser or
      transferee. Such written offer shall contain: (A) the nature and size of the
      interest to be sold or transferred; (B) the name and address of the proposed
      bona fide purchaser, or, if the interest is being sold into the market a
      statement to that effect; and (C) the sales or transfer price (which may be
      stated as market price on the date of sale) and all terms of payment thereof.
      The Company shall have five (5) days after receipt of such notice to purchase
      the interest of the Holder on the terms and conditions stated. If such right
      to
      purchase is not exercised, the Holder shall have thirty (30) days following
      the
      initial five (5) day period to consummate the intended sale or transfer strictly
      in accordance with the terms and conditions set forth in the
      notice.

     

    3.
       The
      Agreement shall remain in full force and effect and shall remain unaltered,
      except to the extent specifically amended herein. 

    

    4. This
      Amendment may be signed in several counterparts, through the use of multiple
      signature pages appended to each original, and all such counterparts shall
      constitute one and the same instrument. Any counterpart to which is attached
      the
      signatures of all parties shall constitute an original of this
      Amendment.

    

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

     

    
      	
              SPECIALIZED
                HEALTH PRODUCTS INTERNATIONAL, INC.

            	 	 	
              HOLDER

            
	 	 	 	 
	By:	 	 	
            
	
              
                

              

            	 	 	
              

              (signature)

            
	
              Its: 

              
                

              

            	 	 	 

    

    
 

    
      
        
        

      

      
        1

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