Document:

Exhibit
4.1

     

     

    The
Warrant and the securities issuable upon exercise of this Warrant (COLLECTIVELY,
the “Securities”) have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or under any state securities or Blue Sky laws
(“Blue Sky Laws”).  No transfer, sale, assignment, pledge,
hypothecation or other disposition of this Warrant or the Securities or any
interest therein may be made except (a) pursuant to an effective registration
statement under the Securities Act and any applicable Blue Sky Laws or (b) if
the Company has been furnished with both an opinion of counsel for the holder,
which opinion and counsel shall be satisfactory to the Company, to the effect
that no registration is required because of the availability of an exemption
from registration under the Securities Act and applicable Blue Sky Laws, and
assurances that the transfer, sale, assignment, pledge, hypothecation or other
disposition will be made only in compliance with the conditions of any such
registration or exemption.

     

    

    Form
of Warrant

    for

    Shares
of Common Stock

    of

    ProUroCare
Medical Inc.

    
    

     

    
      	Warrant No.
      10-__ 	

              Eden
      Prairie, Minnesota

               ___________,
      2010

            

    

     

     

    FOR VALUE
RECEIVED, _________________________, or its
successors or assigns (“Holder”), is entitled
to subscribe for and purchase from ProUroCare Medical Inc., a Nevada corporation
(the “Company”), up to
___________ fully paid and non-assessable shares of the Company’s common stock,
$0.00001 par value per share (the “Common Stock”), is
subject to the following provisions, terms and conditions:

     

    1.    Terms and Exercise of
Warrants.

    

    (a)    Warrant
Price.  This warrant shall entitle the Holder thereof, subject
to the provisions of this warrant agreement, to purchase from the Company the
number of shares of Common Stock stated therein, at the price of $1.30 per whole share, subject
to the adjustments provided in Section 2 hereof.  The term “Warrant Price” as
used in this warrant agreement refers to the price per share at which Common
Stock may be purchased at the time a warrant is exercised.

    

    (b)    Duration of
Warrants.  This warrant may be exercised only until 5:00 p.m.,
Minneapolis, Minnesota time on the earlier to occur of (i) [Warrant
date plus 3 years] or (ii) the date fixed
for redemption of the warrants as provided in Section 4 of this warrant
agreement (the “Expiration Date”).
Except with respect to the right to receive the Redemption Price (as set forth
in Section 4 hereunder), each warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect
thereof under this warrant agreement shall cease at 5:00 p.m., Minneapolis,
Minnesota time on the Expiration Date.

    

    (c)    Exercise of
Warrant.  The rights represented by this warrant may be
exercised by the Holder, in whole or in part, by a duly executed copy of the
form of Notice of Exercise attached hereto delivered to the Company at least
three days prior to the intended date of exercise and by the surrender of this
warrant (properly endorsed if required) at the principal office of the Company,
upon payment to the Company by cash, certified check or bank draft of the
purchase price for such shares and the delivery of a subscription agreement, an
investment letter or similar document acceptable to the Company demonstrating
that the sale of shares to be purchased is exempt from registration under the
Securities Act and any applicable state securities laws (unless a registration
statement covering the shares being purchased shall have been declared effective
by the Securities and Exchange Commission). The shares so purchased shall be
deemed to be issued as of the close of business on the date on which this
warrant has been exercised by its surrender and payment to the Company of the
Warrant Price multiplied by the number of shares of Common Stock to be
purchased.  Certificates for the shares of stock so purchased, bearing
the restrictive legend set forth in Section 3(b) of this warrant, shall be
delivered to the Holder within 15 days after the rights represented by this
warrant shall have been so exercised, and, unless this warrant has expired, a
new warrant representing the number of shares, if any, with respect to which
this warrant has not been exercised shall also be delivered to the Holder within
such time.  No fractional shares shall be issued upon the exercise of
this warrant.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
          Exhibit
4.1

        

      

    

     

    2.    Adjustments.

     

    (a)    The
number of and kind of securities purchasable upon exercise of the warrants and
the Warrant Price shall be subject to adjustment from time to time as
follows:

    

    (i)    Subdivisions, Combinations
and Other Issuances.  If the Company shall at any time prior to
the expiration of the warrants subdivide its Common Stock, by split-up or
otherwise, or combine its Common Stock, or issue additional shares of its Common
Stock as a dividend with respect to any shares of its Common Stock, the number
of shares of Common Stock issuable on the exercise of the warrants shall be
proportionately increased in the case of a subdivision or stock dividend, or
proportionately decreased in the case of a combination.  Appropriate
adjustments shall also be made to the Warrant Price, but the aggregate purchase
price payable for the total number of shares of Common Stock purchasable under
the warrants (as adjusted) shall remain the same.  Any adjustment
under this Section 2(a)(i) shall become effective at the close of business on
the date the subdivision or combination becomes effective, or as of the record
date of such dividend, or in the event that no record date is fixed, upon the
making of such dividend.

    

    (ii)    Reclassification,
Reorganization, Consolidation, Merger and Other Changes.  In
case of any reclassification, capital reorganization or change in the Common
Stock of the Company (other than as a result of a subdivision, combination, or
stock dividend provided for in Section 2(a)(i) above), or consolidation or
merger of the Company with or into another corporation, or the sale of all or
substantially all of its assets to another corporation shall be effected in such
a way that holders of the Company’s Common Stock shall be entitled to receive
stock, securities or assets with respect to or in exchange for such Common
Stock, then, as a
condition of such reclassification, reorganization, change, consolidation,
merger or sale, lawful provision shall be made, and duly executed documents
evidencing the same from the Company or its successor shall be delivered to the
Holder of the warrant, so that the Holder shall have the right at any time prior
to the expiration of the warrant to purchase, at a total price equal to that
payable upon the exercise of the warrant, the kind and amount of shares of stock
and other securities and property receivable in connection with such
reclassification, reorganization, change, consolidation, merger or sale by a
holder of the same number of shares of Common Stock as were purchasable by the
Holder immediately prior to such reclassification, reorganization, change,
consolidation, merger or sale.  In any such case appropriate
provisions shall be made with respect to the rights and interest of the Holder
so that the provisions hereof shall thereafter be applicable with respect to any
shares of stock or other securities and property deliverable upon exercise
hereof, and appropriate adjustments shall be made to the purchase price per
share payable hereunder, provided the aggregate purchase price shall remain the
same.

    
       

      
        
          
          

        

        
          2

          
            

          

        

        
          
            Exhibit
4.1

          

        

      

       

    

    (b)    Minimum
Adjustment.  Notwithstanding anything herein to the contrary,
no adjustment under this Section 2 need be made to the Warrant Price unless such
adjustment would require an increase or decrease of at least 1% of the Warrant
Price then in effect.  Any lesser adjustment shall be carried forward
and shall be made at the time of and together with the next subsequent
adjustment, which, together with any adjustment or adjustments so carried
forward, shall amount to an increase or decrease of at least 1% of such Warrant
Price.  Any adjustment to the Warrant Price carried forward and not
theretofore made shall be made prior to the conversion of the warrant pursuant
thereto.

    

    (c)    Other
Adjustment.  If the Company at any time or from time to time
shall take any other action, or if any other event occurs, affecting the shares
of Common Stock or its other equity interests, if any, other than an action
described in this Section 2, then, and in each such case, the Warrant Price
shall be adjusted in such manner and at such time as the Board of Directors of
the Company in good faith determines to be equitable in the circumstances (such
determination to be evidenced in a resolution, a certified copy of which shall
be mailed to the Holder).

    

    (d)    Notice of
Adjustment.  Upon any adjustment of the Warrant Price, the
Company shall give written notice thereof, by first class mail, postage prepaid,
addressed to the Holder of this warrant at the address of such Holder as shown
on the books of the Company, which notice shall state the Warrant Price
resulting from such adjustment and the increase or decrease, if any, in the
number of shares purchasable at such price upon the exercise of this warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

    

    (e)    No Fractional
Shares.  Notwithstanding any provision contained in this
warrant agreement to the contrary, the Company shall not issue fractional shares
upon exercise of warrants. If, by reason of any adjustment made pursuant to this
Section 2, the Holder would be entitled, upon the exercise of the warrant, to
receive a fractional interest in a share, the Company shall, upon such exercise,
round up to the nearest whole number the number of the shares of Common Stock to
be issued to the warrant holder.

    

    (f)    Form of
Warrant.  The form of warrant need not be changed because of
any adjustment pursuant to this Section 2. However, the Company may at any time
in its sole discretion make any change in the form of warrant that the Company
may deem appropriate and that does not affect the substance thereof, and any
warrant thereafter issued or countersigned, whether in exchange or substitution
for an outstanding warrant or otherwise, may be in the form as so
changed.

    
       

      
        
          
          

        

        
          3

          
            

          

        

        
          
            Exhibit
4.1

          

        

      

       

    

    
      3.    Application of Restrictions
of Transfer.

    

     

    (a)    No transfer
of this warrant may be completed unless and until (i) the Company has received
an opinion of counsel for the Company that such securities may be sold pursuant
to an exemption from registration under the Securities Act of 1933, as amended
(the “Securities
Act”), or (ii) a registration statement relating to this warrant has been
filed by the Company and declared effective by the Securities and Exchange
Commission.  Subject to the foregoing, this warrant and all rights
hereunder are transferable, in whole or in part, at the principal office of the
Company by the Holder in person or by duly authorized attorney, upon surrender
of this warrant properly endorsed to any person or entity who represents in
writing that he/she/it is acquiring the warrant for investment and without any
view to the sale or other distribution thereof.  Each Holder of this
warrant, by taking or holding the same, consents and agrees that the bearer of
this warrant, when endorsed, may be treated by the Company and all other persons
dealing with this warrant as the absolute owner hereof for any purpose and as
the person entitled to exercise the rights represented by this warrant or
perform the obligations required hereby, or to the transfer hereof on the books
of the Company, any notice to the contrary notwithstanding; but until such
transfer on such books, the Company may treat the registered owner hereof as the
owner for all purposes.

     

    (b)    Each
certificate for shares issued upon the exercise of the rights represented by
this warrant shall bear a legend as follows unless, in the opinion of counsel to
the Company, such legend is not required in order to ensure compliance with the
Securities Act:

     

    "THE SECURITIES EVIDENCED
BY THIS CERTIFICATE WERE
ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
APPLICABLE STATE SECURITIES LAWS, AND IN RELIANCE UPON THE HOLDER’S
REPRESENTATION THAT SUCH SECURITIES WERE BEING ACQUIRED FOR INVESTMENT AND NOT
FOR RESALE.  NO TRANSFER OF THE SECURITIES MAY BE MADE ON THE BOOKS OF
THE COMPANY UNLESS (i) SUCH TRANSFER IS MADE PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
APPLICABLE STATE SECURITIES LAWS OR (ii) UNLESS THE HOLDER SHALL HAVE PROVIDED
THE COMPANY WITH AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY TO
THE EFFECT THAT NO SUCH REGISTRATION IS REQUIRED."

     

    4.    Redemption.

    

    (a)    Redemption.  Subject
to Section 4(d) hereof, not less than all of the outstanding warrants may be
redeemed, at the option of the Company, at any time after they become
exercisable and prior to their expiration, upon the notice referred to in
Section 4(b), at the price of $0.01 per warrant (the “Redemption Price”),
provided that
the last sales price of the Common Stock has been equal to or greater than $4.00
per share for 10 consecutive trading days.

    
       

      
        
          
          

        

        
          4

          
            

          

        

        
          
            Exhibit
4.1

          

        

         

      

    

    (b)    Date Fixed for, and Notice
of, Redemption.  In the event the Company shall elect to redeem
the warrants, the Company shall fix a date for the redemption. Notice of
redemption shall be mailed to the Holder by first class mail, postage prepaid,
by the Company not less than 30 days prior to the date fixed for redemption. Any
notice mailed in the manner herein provided shall be conclusively presumed to
have been duly given whether or not the Holder received such
notice.

    

    (c)    Exercise After Notice of
Redemption.  The warrants may be exercised for cash in
accordance with Section 1 of this warrant agreement at any time after notice of
redemption shall have been given by the Company pursuant to Section 4(b) hereof
and prior to the time and date fixed for redemption. On and after the redemption
date, the Holder of the warrants shall have no further rights except to receive,
upon surrender of the warrants, the Redemption Price.

    

    (d)    Outstanding Warrants
Only.  The redemption rights provided for by this Section 4
apply only to outstanding warrants.

    

    5.    Other Provisions Relating to
Rights of Holders of Warrants.

    

    (a)    No Rights as
Stockholder.  A warrant does not entitle the Holder thereof to
any of the rights of a stockholder of the Company, including, without
limitation, the right to receive dividends or other distributions, exercise any
preemptive rights to vote or to consent or to receive notice as stockholders in
respect of the meetings of stockholders or the election of directors of the
Company or any other matter.

    

    (b)    Lost, Stolen, Mutilated, or
Destroyed Warrants.  If any warrant is lost, stolen, mutilated,
or destroyed, the Company may on such terms as to indemnity or otherwise (which
shall, in the case of a mutilated warrant, include the surrender thereof), issue
a new warrant of like denomination, tenor, and date as the warrant so lost,
stolen, mutilated, or destroyed. Any such new warrant shall constitute a
substitute contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed warrant shall be at any time enforceable
by anyone, and the allegedly lost, stolen, mutilated, or destroyed warrant shall
thereupon become void.

    

    (c)    Reservation of Common
Stock.  The Company shall at all times reserve and keep
available a number of its authorized but unissued shares of Common Stock that
will be sufficient to permit the exercise in full of this warrant.

    

    6.    Governing
Law.

     

    This
warrant shall be governed by and construed in accordance with the laws of the
State of Minnesota without regard to its conflicts-of-law
provisions.

     

    7.    Amendments and
Waivers.

     

    The
provisions of this warrant may not be amended, modified or supplemented, and
waiver or consents to departures from the provisions hereof may not be given,
unless the Company agrees in writing and has obtained the written consent of the
Holder.

    
       

      
        
          
          

        

        
          5

          
            

          

        

        
          
            Exhibit
4.1

          

        

         

      

    

    8.           Successors and
Assigns.

     

    All the
terms and conditions of this warrant shall be binding upon and inure to the
benefit of the permitted successors and assigns of the Company and the
Holder.

     

    9.           Headings and
References.

     

    The
headings of this warrant are for convenience only and shall not affect the
interpretation of this warrant.  Unless the context indicates
otherwise, all references herein to Sections are references to Sections of this
warrant.

     

    10.           Notices.

     

    All
notices or communications hereunder, except as herein otherwise specifically
provided, shall be in writing and shall be deemed to have been given or made for
all purposes (i) upon personal delivery, (ii) upon confirmation
receipt that the communication was successfully sent to the applicable number if
sent by facsimile; (iii) one day after being sent, when sent by
professional overnight courier service, or (iv) five days after posting
when sent by registered or certified mail.  Notices sent to the Holder
shall be mailed, hand delivered or faxed to the Holder at his, her or its
address set forth in the Company’s records.  Notices sent to the
Company shall be mailed, hand delivered or faxed to ProUroCare Medical Inc.,
6440 Flying Cloud Dr., Suite 101, Eden Prairie, MN  55344, or to such
other address as the Company or the Holder shall notify the other as provided in
this Section.

    
       

      
        
          
          

        

        
          6

          
            

          

        

        
          
            Exhibit
4.1

          

        

      

       

    

    IN
WITNESS WHEREOF, the Company has caused this warrant to be signed and delivered
by its duly authorized officer.

     

    

     

    Dated:
_____________, 2010.

     

    ProUroCare Medical Inc.:

     

    

     

    By:        __________________________                                                        

    Name:   Richard C.
Carlson

    Title:     Chief
Executive Officer

    
       

       

       

       

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
            Exhibit
4.1

          

        

      

       

    NOTICE OF EXERCISE
(CASH/CHECK)

     

    (To be
signed only upon exercise of warrant for cash/check)

     

    The
undersigned, the holder of the foregoing warrant, hereby irrevocably elects to
exercise the purchase right represented by such warrant for, and to purchase
thereunder of the shares of Common Stock of ProUroCare Medical Inc. to which
such warrant relates and herewith makes payment of $ therefor in cash or by
check and requests that the certificates for such shares be issued in the name
of, and be delivered to , whose address is set forth below the signature of the
undersigned.

     

    The
undersigned hereby represents and warrants that the undersigned is acquiring
such shares for its own account for investment purposes only, and not for resale
or with a view to distribution of such shares or any part thereof.

     

    

     

    
      	
              Dated:
      ___/___/20___

            	
              Name
      of Warrant Holder

            
	 	 
	 	

              By:
      _________________________

            
	 	

              Name:
      _______________________

            
	 	

              Title: ________________________

            
	
            	
            
	
               

            	
              Address:

            
	 
      	 
      
	 	____________________________
	 	____________________________
	 	____________________________

    

     

     

     

    
 

     

    INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

    

    
    

     

    
      	Name and
      Address:  	________________________________________________	 
	 	________________________________________________	 
	 	________________________________________________	 
	 	(please typewrite or print in
      block letters)	 

    

     

     

    ____________

     

    
       

      
        
          
          

        

        
          8

          
            

          

        

        
          
            Exhibit
4.1

          

        

      

       

    

    

    WARRANT
ASSIGNMENT

     

    (To be
signed only upon transfer of warrant)

     

    FOR VALUE
RECEIVED,           ________________________________    
hereby sells, assigns and transfers unto:

     

     

    
      
        	Name and
      Address:  	___________________________________________________________________________	 
	 	___________________________________________________________________________	 
	 	___________________________________________________________________________	 
	 	(please typewrite or print in
      block letters)	 

      

       

    

     

    the right
to purchase __________ shares of Common Stock as represented by this warrant to
the extent of ____________ shares of Common Stock and as to which such right is
exercisable and does hereby irrevocably constitute and appoint
_________________________ attorney, to transfer the same on the books of the
Company with full power of substitution in the premises.

     

     

    
      	
              Dated: __________________

            	________________________________________
	 	(Signature)

      
         

        
          
            
            

          

          
            9Exhibit 10.1

     

    FORM
OF UNSECURED PROMISSORY NOTE

    

     

    THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
THE PROVISIONS OF ANY APPLICABLE STATE SECURITIES LAWS.  THIS NOTE MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

    

    EFFECTIVE DATE AND
PARTIES.  This Unsecured Promissory Note (the “Note”) is made
effective as of _____________, 2010.  The parties and their addresses
are:

    

     

    
      	
              LENDER 

            	
              (“You” and
      “Your”):

            

    

     

    
      	
               
      

            	
              Name

            

    

     

    
      	
               
      

            	
              Address

            

    

     

    

    
       

      
        	
                BORROWER

              	(“we,’ ‘us,’ and
“our”)

      

    

    

    PROUROCARE
INC

    a
Minnesota Corporation

    6440
Flying Cloud Dr., STE 101

    Eden
Prairie, MN  55344

    

    1. PROMISE TO PAY.  For
value received, we promise to pay you or your order, at your address, the
principal amount of $_____________ (“Principal”),
plus interest from the date of this Note, on December 1, 2010 (the “Maturity
Date”).

     

    2. INTEREST.  Interest
will accrue on the unpaid Principal balance of this Note as
follows:

     

    
      	
              A.  

            	
              Warrant-based Interest
      Payment.  During the first thirty (30) days of the term
      of this Note, for every $13,000 original principal amount of Notes, you
      shall receive as interest warrants to purchase 333.333 shares of
      ProUroCare Medical Inc. $0.00001 par value common stock substantially in
      the form of Exhibit B (the “Warrants”) for each day that the Principal
      remains unpaid.  Warrants
      earned will be prorated based on the principal amount of the Note for
      amounts that are not a multiple of $13,000, and fractional warrants will
      be rounded up to the next whole number.  The maximum number of
      warrants issued will be 10,000 warrants per each $13,000 of
      principal.

            

    

     

    
      	
              B.  

            	
              Cash Interest –
      Following the first thirty (30) days of the term of this Note until the
      earliest to occur of the prepayment of the Principal, the conversion of
      this Note or the Maturity Date, interest will
      accrue on the unpaid Principal at a fixed rate per annum equal to six
      percent (6.0%) (the “Interest Rate”).  The Interest Rate shall
      be computed on the basis of actual days elapsed and a year of 360
      days.

            

    

     

    
      	
              C.  

            	
              Payment of
      Interest.  Within ten (10) days of the earliest to occur
      of (i) the prepayment or conversion of the unpaid Principal or (ii) June
      27, 2010, the Company shall record in its books and records that the
      undersigned is entitled to that number of Warrants earned pursuant to
      Section 2.A. above, and deliver to you a certificate representing the
      earned Warrants.  Cash interest earned pursuant to Section 2.B.
      above shall be accrued and paid upon the earliest to occur of (i) the
      prepayment or conversion of the principal amount of the Note or (ii) the
      Maturity Date.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    3. PREPAYMENT.  We may
prepay the unpaid Principal, in full or in part at any time, together with any
cash interest or warrant-based interest payment accrued thereon to the date of
prepayment.  Any partial prepayment will not excuse any later
scheduled payments until we pay in full.

     

    4. CONVERSION
PRIVILEGE.  The Principal and cash interest accrued thereon may
be used to pay for the exercise of any warrants to purchase ProUroCare Medical
Inc.’s common stock held by you or applied toward the subscription to any equity
security offering of the Company, at the stated exercise or offering prices, to
the extent permitted under the terms of such offering.

     

    5. SUBORDINATION.  This
Note shall be subordinated in all respects (including right of payment) to all
other indebtedness of the Company, now existing or hereafter owing, to banks and
other such financial institutions, as well as $543,000 of other
loans.

     

    6. DEFAULT.  The
following shall be considered a default under this Note:

     

    
      	
              A.  

            	
              Payments.  We
      fail to make a payment in full when due, and fail to make such payment
      within five (5) days’ of your giving us notice of such failure to make the
      payment.

            

    

     

    
      	
              B.  

            	
              Insolvency or
      Bankruptcy.  The death, dissolution or insolvency of
      appointment of a receiver by or on behalf of, application of any debtor
      relief law, the assignment for the benefit of creditors by or on behalf
      of, the voluntary or involuntary termination of existence by, or the
      commencement of any proceeding under any present or future federal or
      state insolvency, bankruptcy, reorganization, composition or debtor relief
      law by or against us.

            

    

     

    
      	
              C.  

            	
              Business
      Termination.  We merge, dissolve, reorganize, or end our
      business or existence.

            

    

     

    
      	
              D.  

            	
              Failure to
      Perform.  We fail to perform any condition or to keep any
      promise or covenant of this Note and fail to cure this lack of performance
      within fifteen (15) days of your giving us notice
  thereof.

            

    

     

    
      	
              E.  

            	
              Judgment.  We
      fail to satisfy or appeal any judgment against
  us.

            

    

     

    7. WAIVERS AND
CONSENT.  To the extent not prohibited by law, we waive
protest, presentment for payment, demand, notice of acceleration, notice of
intent to accelerate and notice of dishonor.  You may renew or extend
payments on this Note, regardless of the number of such renewals or
extensions.  You may invoke your right of set-off.  Your
course of dealing, or your forbearance from, or delay in, the exercise of any of
your rights, remedies, privileges or right to insist upon our strict performance
of any provisions contained in this Note shall not be construed as a waiver by
you, unless any such waiver is in writing and is signed by you.

     

    8. REMEDIES.  After we
default pursuant to Section 6 hereof, and after you give any legally required
notice and opportunity to cure the default, you may at your option do any one or
more of the following,

     

    
      	
              A.  

            	
              Acceleration.  You
      may make all or any part of the amount owing by the terms of this Note
      immediately due.

            

    

     

    
      	
              B.  

            	
              Sources.  You
      may use any and all legal remedies you have under state or federal
      law.

            

    

     

    
      	
              C.  

            	
              Set-Off.  You
      may use the right of set-off.  This means you may set-off any
      amount due and payable under the terms of this Note against any right we
      have to receive money from you.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	
              D.  

            	
              Waiver.  Except
      as otherwise required by law, by choosing any one or more of these
      remedies you do not give up your right to use any other
      remedy.  You do not waive a default if you choose not to use a
      remedy.  By electing not to use any remedy, you do not waive
      your right to later consider the event a default and to use any remedies
      if the default continues or occurs
again.

            

    

     

    9. COLLECTION EXPENSES AND ATTORNEYS’
FEES.  On or after default pursuant to Section 6 hereof, to the
extent permitted by law, we agree to pay all expenses of collection, enforcement
or protection of your rights and remedies under this Note.  Expenses
include, but are not limited to, attorneys’ fees, court costs and other legal
expenses.  In addition, to the extent permitted by the United States
Bankruptcy Code, we agree to pay the reasonable attorneys’ fees incurred by you
to protect your rights and interests in connection with any bankruptcy
proceedings initiated by or against us.

     

    10. WARRANTIES AND
REPRESENTATIONS.  We make to you the following warranties and
representations which will continue as long as this Note is in
effect:

     

    A. Power.  We are duly
organized, and validly existing and in good standing in all jurisdictions in
which we operate.  We have the power and authority to enter into this
transaction and to carry on our business or activity as it is now being
conducted and, as applicable, are qualified to do so in each jurisdiction in
which we operate.

     

    B. Authority.  The
execution, delivery and performance of this Note and the obligation evidenced by
this Note are within our powers, have been duly authorized, will not violate any
provision of applicable law, or order of court or governmental agency, and will
not violate any agreement to which we are a party or to which we are or any of
our property is subject, unless consent with respect thereto has been
obtained.

     

    11. LOST,
STOLEN, MUTILATED, OR DESTROYED NOTES.  If this Note is lost,
stolen, mutilated, or destroyed, the Company may on such terms as to indemnity
or otherwise (which shall, in the case of a mutilated Note, include the
surrender thereof), issue a new Note of like denomination, tenor, and date as
the Note so lost, stolen, mutilated, or destroyed. Any such new Note shall
constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Note shall be at any time
enforceable by anyone, and the allegedly lost, stolen, mutilated, or destroyed
Note shall thereupon become void.

     

    12. APPLICABLE
LAW.  This Note is governed by the laws of Minnesota, without
regards to its conflicts of law provisions.  In the event of a
dispute, the exclusive forum, venue and place of jurisdiction will be in
Minnesota, unless otherwise required by law.

     

    13. SUCCESSORS.  This
Note shall inure to the benefit of and be enforceable by you and your successors
and assigns and shall be binding upon and enforceable against us and our
successors and assigns.

     

    14. AMENDMENT, INTEGRATION AND
SEVERABILITY.  This Note may not be amended or modified by oral
agreement.  No amendment or modification of this Note is effective
unless made in writing and executed by you and us.  This Note is the
complete and final expression of the agreement.  If any provision of
this Note is unenforceable, then the unenforceable provision will be severed and
the remaining provisions will still be enforceable.

     

    15. INTERPRETATION.  Whenever
used, the singular includes the plural and the plural includes the
singular.  The section headings are for convenience only and are not
to be used to interpret or define the terms of this Note.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    16. NOTICE.  All notices
or communications hereunder, except as herein otherwise specifically provided,
shall be in writing and shall be deemed to have been given or made for all
purposes (i) upon personal delivery, (ii) upon confirmation receipt
that the communication was successfully sent to the applicable number if sent by
facsimile; (iii) one day after being sent, when sent by professional
overnight courier service, or (iv) five days after posting when sent by
registered or certified mail.  Notices sent to the Lender shall be
mailed, hand delivered or faxed to the Lender at his, her or its address set
forth in the Subscription Agreement executed by Lender.  Notices sent
to the Company shall be mailed, hand delivered or faxed to ProUroCare Medical
Inc., 6440 Flying Cloud Dr., Suite 101, Eden Prairie, MN  55344, or to
such other address as the Company or the Lender shall notify the other as
provided in this Section.

     

    17. SIGNATURES.  By
signing, we agree to the terms contained in this Note.  We also
acknowledge receipt of a copy of this Note.

     

    BORROWER:

     

    PROUROCARE
INC.

    
 

     

    
      	
              By
      __________________________

            	 
      	
              __________________________

            
	
              Richard
      C. Carlson

            	 
      	
              Date

            
	 	 	 
	
              Its:
      Chief Executive Officer

            	 
      	 
      

    

    

     

    

    
      
        
        

      

      
        4

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