Document:

EXHIBIT 10.14
(Form of Loan Agreement)

                                 LOAN AGREEMENT

         This Loan Agreement ("Agreement") is entered into this date by and
between Specialized Health Product International, Inc., a Delaware corporation
("Borrower") and ___________________ ("Lender").

         WHEREAS, this Agreement is one of several agreements between Borrower
and various lenders on substantially the same terms; and

         WHEREAS, Borrower wishes to borrow funds and Lender desires to lend
funds on the terms and conditions set forth herein.

         NOW, THEREFORE, IT IS AGREED AS FOLLOWS:

Section 1. Loan. Lender hereby agrees to loan to Borrower in an aggregate
principal amount of _______________ DOLLARS ($________). The Loan proceeds shall
be transferred via wire transfer to the "Disbursement Account," as defined
below, on the date hereof. The amounts lent hereunder shall be evidenced by a
twelve percent (12%) convertible promissory note in substantially the same form
as attached hereto as Exhibit "A" (the "Note") and secured under the Master
Security Agreement attached hereto as Exhibit "B" (the "Security Agreement").
Borrower shall deliver to Lender the Note upon transfer of the loan proceeds to
the Disbursement Account.

Section 2. Finance Charges. Principal and any interest not paid when due shall
bear interest at the rate of eighteen percent (18%) per annum.

         Section 3. Payments. All principal and interest outstanding on the Note
shall be due and payable by Borrower to Lender in a single balloon payment on
the earlier of (i) September 20, 2001 or (ii) the date the Company receives an
equity investment of at least $4,000,000 (the "Due Date"). The Due Date may be
extended from time to time, however, by the Agent (as defined in the Security
Agreement), in the Agent's sole and absolute discretion, to a date no later than
June 30, 2002. Borrower may, from time to time, in Borrower's discretion, make
one or more periodic payments to Lender. Such payments shall be credited to
Borrower's account on the date that such payment is physically received by
Lender. Such payments shall be applied first to the interest accrued to the date
of payment, and then to the principal outstanding.

Section 4. Lender Representations. Lender hereby represents and warrants that:

         (a) Lender's representations in this Agreement are complete and
accurate to the best of Lender's knowledge, and Borrower and any sales agent may
rely upon them. Lender will notify Borrower and any such agent immediately if
any material change occurs in any of this information before the sale of the
Notes.

         (b) Lender is able to bear the economic risk of an investment in the
Notes for an indefinite period of time, can afford the loss of the entire
investment in the Notes, and will, after making an investment in the securities,
have sufficient means of providing for Lender's current needs and possible
future contingencies. Additionally, Lender's overall commitment to investments
that are not readily marketable is not disproportionate to Lender's net worth
and this Subscription will not cause such overall commitment to become
excessive.

         (c) The Notes will not be sold by Lender without registration under
applicable securities acts or a proper exemption from such registration.

         (d) The Notes are being acquired for Lender's own account and risk, for
investment purposes, and not on behalf of any other person or with a view to, or

<PAGE>

for resale in connection with, any distribution thereof within the meaning of
the Securities Act of 1933. Lender is aware that there are substantial
restrictions on the transferability of the Notes.

         (e) Lender has had access to any and all information concerning
Borrower that Lender and Lender's financial, tax and legal advisors required or
considered necessary to make a proper evaluation of this investment.
Specifically, Lender represents that it has had access to Borrower's annual
report on Form 10-KSB for the period ended December 31, 2000, Form 10-QSB for
the period ended March 31, 2001 and all other filings by Borrower with the SEC
during 2001 (collectively, the "SEC Documents"). Borrower has advised Lender
that Borrower has information that supplements and updates the SEC Documents and
which information may be material to Lender's investment decision. Lender has
requested, however, that Borrower not supply Lender with any information
regarding Borrower in connection with this transaction. It is understood that
the Borrower is in negotiations with the Subsequent Unit Holders and certain of
the Series G Warrant Holders regarding a modification or termination of the
Subsequent Units and some or all of the Series G Warrants and that the
consideration required to modify and/or extinguish those rights may be
substantial. In making the decision to purchase the Notes, Lender and his or her
advisers have relied solely upon their own independent investigations, and fully
understand that there are no guarantees, assurances or promises in connection
with any investment hereunder and understand that the particular tax
consequences arising from this investment in Borrower will depend upon the
individual circumstances of Lender. Lender further understands that no opinion
is being given as to any securities or tax matters involving the offering.

         (f) All of the representations and warranties of Lender contained
herein and all information furnished by Lender to Borrower are true, correct and
complete in all respects, and Lender agrees to notify Borrower immediately of
any change in any representation, warranty or other information set forth
herein.

         (g) Lender also understands and agrees that stop transfer instructions
relating to the Notes will be placed in Borrower's stock transfer ledger, and
that the Notes sold will bear legends in substantially the following form:

         The securities represented by this certificate have not been registered
         under the Securities Act of 1933 (the "Act") and are "restricted
         securities" as that term is defined in Rule 144 under the Act. The
         securities may not be offered for sale, sold or otherwise transferred
         except pursuant to an effective registration statement under the Act or
         pursuant to an exemption from registration under the Act, the
         availability of which is to be established to the satisfaction of
         Borrower.

         (h) Lender knows that the Notes are offered and sold pursuant to
exemptions from registration under the Securities Act of 1933, and state
securities law based, in part, on these warranties and representations, which
are the very essence of this Agreement, and constitute a material part of the
bargained-for consideration without which this Agreement would not have been
executed.

         (i) Lender has the capacity to protect Lender's own interest in
connection with this transaction or has a pre-existing personal or business
relationship with Borrower or one or more of its officers, directors or
controlling persons consisting of personal or business contacts of a nature and
duration such as would enable a reasonably prudent purchaser to be aware of the
character, business acumen and general business and financial circumstances of
such person with whom such relationship exists.

         (j) This Agreement when fully executed and delivered by Borrower will
constitute a valid and legally binding obligation of Lender, enforceable in
accordance with its terms. Lender, if it is a partnership, joint venture,
corporation, trust or other entity, was not formed or organized for the specific
purpose of acquiring the Notes. The purchase of the Notes by Lender, if it is an
entity investor, is a permissible investment in accordance with Lender's
Articles of Incorporation, by-laws, partnership agreement, declaration of trust
or other similar charter document, and has been duly approved by all requisite
action by the entity's owners, directors, officers or other authorized managers.

                                       2
<PAGE>

The person signing this document and all documents necessary to consummate the
purchase of the Notes has all requisite authority to sign such documents on
behalf of Lender, if it is an entity investor.

         (k) The Notes offered hereby were not offered to Lender by way of
general solicitation or general advertising and at no time was Lender presented
with or solicited by means of any leaflet, public promotional meeting, circular,
newspaper or magazine article, radio or television advertisement.

         (l) If initialed below, Lender represents that Lender is an "accredited
investor" as defined under Rule 501 of Regulation D by reason of:

FOR INDIVIDUALS ONLY (INITIAL IF APPLICABLE):

------   1. I had individual income (exclusive of any income attributable to my
Initial  spouse) in excess of $200,000 in each of the most recent two years and
Here     I reasonably expect to have an individual income in excess of $200,000
         for the current year, or I had joint income with my spouse in excess of
         $300,000 in each of those years and I reasonably expect to have a joint
         income with my spouse in excess of $300,000 for the current year.

------   2. I have an individual net worth, or my spouse and I have a combined
Initial  individual net worth, in excess of $1,000,000. For purposes of this
Here     Agreement, "individual net worth" means the excess of total assets at
         fair market value, including home and personal property, over total
         liabilities.

------   3. I am qualified as an "accredited investor" pursuant to Rule 501(a)
Initial  of Regulation D of the 1933 Act for the following reason:
Here     ---------------------------------------------------------------------

         ---------------------------------------------------------------------

FOR CORPORATIONS AND PARTNERSHIPS ONLY (INITIAL IF APPLICABLE):

------   1. The undersigned hereby certifies that the Partnership or Corporation
Initial  that he/she represents possesses total assets in excess of $5,000,000
Here     and was not formed for the specific purpose of acquiring the securities
         offered by Borrower.

------   2. The undersigned hereby certifies personally, and on behalf of the
Initial  Partnership or Corporation that he/she represents, that all of the
Here     beneficial owners of equity qualify individually as accredited
         investors under the individual accredited investor test set forth
         above.

FOR TRUSTS ONLY (INITIAL IF APPLICABLE):

------   1. The undersigned hereby certifies that the trust which he/she
Initial  represents possesses total assets in excess of $5,000,000 and was not
Here     formed for the specific purpose of acquiring the securities offered by
         Borrower, and that the purchase of the securities is directed by a
         sophisticated person as described in Rule 506(b)(2)(ii) of the Act.

                                       3
<PAGE>

------   2. The undersigned hereby certifies personally, and on behalf of the
Initial  trust that he/she represents, that such trust is a revocable trust that
Here     may be amended or revoked at any time by the grantors, and all the
         grantors are accredited individual investors under the individual
         accredited investor test set forth above.

FOR TRUSTEES AND AGENTS (READ AND INITIAL BOTH STATEMENTS):

------   1. The undersigned hereby acknowledges that he/she is acting as an
Initial  agent or trustee for the following person or entity:
Here

------   2. The undersigned hereby agrees to provide to Borrower, upon
Initial  Borrower's request, the following documents:
Here
                  (a) a copy of the trust agreement, power of attorney or other
         instrument granting the power and authority to execute and deliver the
         Agreement, or

                  (b) an opinion of counsel verifying the undersigned's power
         and authority to execute and deliver the Agreement.

Section 5. Deposit and Use of Funds. The loan proceeds shall be deposited in a
deposit account with U.S. Bank held in the name of Agent, but as nominee for
Borrower, subject to the terms of this Loan Agreement (the "Disbursement
Account"). Agent shall have sole authority to disburse or transfer funds from
the Disbursement Account, subject to the terms of this Loan Agreement. U.S. Bank
shall be instructed that Agent is the bank's customer with respect to the
Disbursement Account, and that Agent's instructions with respect to the account
shall be honored by the bank. If required by the bank or if requested by
Lenders, Agent, or Borrower, the parties shall execute a further instrument with
the bank providing that the bank will comply with instructions originated by
Agent (on behalf of the Lenders) directing disposition of funds in the
Disbursement Account without further consent of the Borrower. Agent shall
disburse funds from the Disbursement Account from time to time to pay expenses
that have been agreed upon in writing by Borrower and Agent. Funds from the
Account shall not be used for any purpose other than to pay the expenses that
have been mutually agreed upon by Agent and Borrower.

Section 6. Release. Lender (including its agents, servants, employees,
directors, successors and assigns) hereby releases and forever discharges
Borrower, its agents, servants, employees, directors, successors and assigns,
and any and all persons, firms and corporations from any and all claims,
demands, damages, actions, causes of action or suits of whatever kind or nature
which now exist or which may hereafter accrue, because of, for, arising out of
or in any way connected with the Borrower's fundings that took place between
November 2000 and May 2001, as more fully described in the Borrower's private
placement memorandums dated November 21, 2000, February 19, 2001 and April 20,
2001. It is understood and agreed that nothing contained herein or contained in
any previous communication between the parties to this Agreement shall be
construed as an admission of any type on the part of any party to this
Agreement, and that no party to this Agreement admits, in any manner, any
liability to any person or entity with respect to the matters raised by or
forming the basis of the dispute between the parties hereto. This shall
constitute an offer of compromise under Federal Rule of Evidence 408 and Utah
Rule of Evidence 408.

         It is further acknowledged and agreed that Lender (including its
agents, servants, employees, directors, successors and assigns) does not have
any antidilutive rights or any similar rights relating to the Borrower or its
securities.

                                       4
<PAGE>

Section 7. Notices; Addresses. Any notices required or permitted hereunder shall
be in writing and shall be given by personal delivery; by deposit in the United
States mail, certified mail, return receipt requested, postage prepaid; or by
established express delivery service, freight prepaid. Notices shall be
delivered, addressed, or transmitted to the parties at the following addresses,
which may be changed by a notice given to the other party in accordance with
this Section. The date notice is deemed to have been given, received and become
effective shall be the date on which the notice is delivered, if notice is given
by personal delivery, two (2) days following the date of deposit in the mail, if
the notice is sent through the United States mail, or the date of actual
receipt, if the notice is sent by express delivery service.

                Borrower's address is:

                585 West 500 South,
                Bountiful, Utah 84010

                Lender's address, and the address from which information
respecting this security interest may be requested, is:

The address set forth beneath Lender's signature

Section 8. Form of Ownership. Please indicate the form of ownership which Lender
desires for the Notes:

                       ____     Individual

                       ____     Joint Tenants with Right of Survivorship

                       ____     Tenants in Common

                       ____     Community Property

                       ____     Trust

                       ____     Corporation

                       ____     Partnership

                       ____     Other:

Section 9. Miscellaneous.

         97.1 This Agreement, including the exhibits hereto, constitutes the
entire agreement between the parties pertaining to the subject matter contained
in this Agreement. By signing this Agreement the Lender is agreeing to be bound
by terms of the Security Agreement that is attached hereto as Exhibit "B." All
prior and contemporaneous agreements, representations and understandings of the
parties, oral or written, are superseded by and merged in this Agreement. No
supplement, modification or amendment of this Agreement shall be binding unless
in writing and executed by Borrower and Lender.

         9.2 The provisions of this Agreement shall be binding upon Borrower,
its legal representatives, successors or assigns, and shall be for the benefit
of Lender and its respective successors and assigns.

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<PAGE>

         9.3 The headings of this Agreement are for purposes of reference only
and shall not limit or define the meaning of any provision of this Agreement.
This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which shall constitute one and the same
instrument.

         9.4 If any action is brought by either party in respect to its rights
under this Agreement, or to obtain an interpretation thereof, the prevailing
party shall be entitled to reasonable attorneys' fees and court costs as
determined by the court.

         9.5 No waiver of any of the provisions of this Agreement shall
constitute a waiver of any other provision, whether or not similar, nor shall
any waiver be a continuing waiver. Except as expressly provided in this
Agreement, no waiver shall be binding unless executed in writing by the party
making the waiver. Either party may waive any provision of this Agreement
intended for its benefit; provided, however, such waiver shall in no way excuse
the other party from the performance of any of its other obligations under this
Agreement.

         9.6 This Agreement shall be governed by the laws of the State of Utah.
Any legal action to enforce or obtain an interpretation of this Agreement may be
filed in the Second Judicial District Court of Davis County, the Third Judicial
District Court of Salt Lake County or the United States District Court in Salt
Lake City, Utah, and the parties consent to the exercise of personal
jurisdiction over them by said courts.

         9.7 Borrower and Lender acknowledge that Eric L. Robinson and the law
firm of Blackburn & Stoll, LC, may have represented, and may currently be
representing, the Lender and/or a principal or affiiate thereof in respect to
other legal matters not involving Borrower. To the extent that such
representation has occurred or is presently occurring, the Lender, for itself
and its principal and affiliate, hereby gives its informed consent to Blackburn
& Stoll, LC, and Eric L. Robinson to represent Borrower in connection with this
Agreement and other matters. Lender acknowledges: (a) that this representation
presents a potential conflict of interest to the extent of such representation
has occurred; (b) that neither Blackburn & Stoll, LC, nor Eric L. Robinson are
acting as legal counsel for Lender in connection with this transaction; and (c)
that Blackburn & Stoll, LC, and Eric L. Robinson have recommended to Lender that
it seek and obtain independent legal advice regarding this matter. Lender
acknowledges that it has read the foregoing consent carefully, that it fully
understands the representation of Borrower by the Eric L. Robinson and Blackburn
& Stoll, LC is potentially adverse to Lender and Lender nevertheless knowingly
and voluntarily consents to such representation by Eric L. Robinson and
Blackburn & Stoll, LC. Borrower acknowledges that it has been informed of such
other representation of the Lender by Eric L. Robinson and Blackburn & Stoll,
LC, and that it likewise consents to the representation of Borrower.

         9.8 Borrower and Lender represent and warrant to each other that they
have employed no broker or finder, including, but not limited to U.S. Ventures,
LC and Rubicon International Limited, in connection with this Agreement.
Borrower and Lender each agree that, to the extent a brokerage or finder's fee
shall have been earned or claimed in connection with this Agreement, the payment
of such fees and the defense of any action in connection therewith shall be the
exclusive obligation of the party who requested the services of the broker or
finder. In the event that any claim, demand or cause of action for brokerage or
finder's fees is asserted against a party to this Agreement who did not request
such services, the party through whom the broker or finder is making the claim
shall indemnify, defend (with an attorney of indemnitee's choice) and hold
harmless the other party from and against any such claims, demands and causes of
action.

         9.9 This Agreement is one of a series of agreements entered into by the
Borrower in a total aggregate amount of not more than ONE MILLION FIVE HUNDRED
THOUSAND DOLLARS (U.S.) ($1,500,000). The obligations of the Borrower under this
Agreement and the related agreements are evidenced by Notes and are secured by
the Security Agreement, and the rights and duties of the Borrower and Lender are
subject to the terms of the Security Agreement. Lender agrees to be bound by the
terms of the Security Agreement.

                                       6
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement to be
effective as of the ___ day of July, 2001.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       7
<PAGE>

                        [Signature Page For Individual]

                           "LENDER"

                           _________________________________
                           (Signature)

                           _________________________________
                           (Name - Please Print)

                           _________________________________
                           (Primary Place of Residence)

                           _________________________________
                           (City, State and ZIP Code)

                           _________________________________
                           (Telephone Number - Residence)

                           _________________________________
                           (Telephone Number - Business)

                           _________________________________
                           (Social Security or Taxpayer I.D. No.)

                                    "BORROWER"

                                    SPECIALIZED HEALTH PRODUCTS
                                    INTERNATIONAL, INC.
                                    a Delaware corporation
                                    Federal Empl. ID No. 93-0945003

                                    By____________________________
                                    David A. Robinson, President

                                       8
<PAGE>

                [Signature Page For Corporation or Other Entity]

                           "LENDER"

                           _________________________________
                           (Name of Entity)

                           _________________________________
                           (Signature of Authorized Person)

                           _________________________________
                           (Name and Title - Please Print)

                           _________________________________
                           (Business Address)

                           _________________________________
                           (City, State and ZIP Code)

                           _________________________________
                           (Telephone Number - Business)

                           _________________________________
                           (Taxpayer I.D. No.)

                                    "BORROWER"

                                    SPECIALIZED HEALTH PRODUCTS
                                    INTERNATIONAL, INC.
                                    a Delaware corporation
                                    Federal Empl. ID No. 93-0945003

                                    By ____________________________
                                       David A. Robinson, President

                                       9EXHIBIT 10.15
(Collateral Patent Assignment)

                          COLLATERAL PATENT ASSIGNMENT

         THIS COLLATERAL PATENT ASSIGNMENT (this "Assignment"), made as of the
2nd day of July 2001, by and between SPECIALIZED HEALTH PRODUCTS, INC.
("Assignor"), a Utah corporation and subsidiary of SPECIALIZED HEALTH PRODUCTS
INTERNATIONAL, INC., a Delaware corporation ("SHPI"), in favor of AXIS CAPITAL
PARTNERS, LC("Assignee"), a Utah limited liability company. Assignee is acting
as agent for holders of the Assignor's 12% Secured Convertible Promissory Notes
(the "Holders").

                                  WITNESSETH:

         WHEREAS, SHPI and Holders are parties to a certain Loan Agreement and
Assignor, SHPI and Holders are parties to a Master Security Agreement, both of
which are dated July 2, 2001 (together with any and all amendments now or
hereafter made thereto, hereinafter individually and collectively called the
"Loan Agreement"), which provides for (1) Holders from time to time to extend
credit to or for the account of Assignor and (2) the grant by Assignor to
Assignee, for the benefit of Holders, of a security interest in certain of
Assignor's assets, including, without limitation, a U.S. patent; and

         WHEREAS, Holders have required, as a condition to advancing loans to
SHPI under the Loan Agreement, that Assignor execute and deliver to Assignee
this Assignment;

         NOW, THEREFORE, in consideration of the premises set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Assignor agrees as follows:

         1. Incorporation of Loan Agreement. The Loan Agreement and the terms
and provisions thereof are hereby incorporated herein in their entirety by this
reference. Terms used herein that are not defined in this Agreement shall have
the meanings ascribed to them in the Loan Agreement.

         2. Collateral Assignment of Patents. To secure the complete and timely
satisfaction of all of the indebtedness (as defined in the Master Security
Agreement and hereinafter called the "Indebtedness"), Assignor hereby grants,
conveys, and assigns to Assignee, as and by way of a first mortgage and security
interest having priority over all other security interests, with power of sale,
to the extent permitted by law, upon the occurrence and during the continuation
of an Event of Default (as defined in the Loan Agreement and hereinafter called
an "Event of Default") all of Assignor's right, title, and interest in and to
all of its now owned or existing and filed and hereafter acquired or arising and
filed:

         A. The patent application entitled, SAFETY SHIELD FOR MEDICAL NEEDLES,
designated as SHP026 within SHPI's reference system, including, without
limitation, the inventions and improvements described and claims therein
(hereinafter called "Patent Application");

         B. The reissues, divisions, continuations, renewals, extensions,
continuations-in-part, and improvements thereof;

<PAGE>

         C. All income, royalties, damages, and payments now and hereafter due
and/or payable under and with respect thereto, including (without limitation)
damages and payments for past or future infringements thereof;

         D. The right to sue and recover for past, present, and future
infringements thereof;

         E. All rights corresponding thereto and throughout the world; and

         F. All other proceeds and products of the foregoing, including (without
limitation) any rights pursuant to its agreements with any other party relating
thereto.

The items referred to in items 1 through 6 are hereinafter called the "Patent
Rights."

         3. Restrictions on Future Agreements. Assignor agrees that, until the
Indebtedness is satisfied in full and the Loan Agreement is terminated, and
except as may otherwise be provided in the Loan Agreement or agreed to in
writing by the Assignor and the Assignee, Assignor shall not, without Assignee's
prior written consent:

         A. Enter into any agreement (for example, a license agreement) that is
inconsistent with Assignor's obligations under this Assignment; or

         B. Take any action, or permit any action to be taken by others subject
to its control, including licensees, or fail to take any action (excluding
nonpayment of U.S. maintenance fees on patents which are not necessary or useful
in the operation of Assignor's business or operations) if doing so or not doing
so would impair the validity or enforcement of the Patent Rights; or

         C. Enter into any agreement granting rights to the Patent Application
that are not on commercially reasonable terms. Commercially reasonable terms
shall be determined by Assignor's Board of Directors acting in good faith.
Assignee agrees to execute all necessary documents that may be required for
Assignor to grant intellectual property rights relating to the Patent
Application.

         4. Covenants and Warranties. Assignor represents, warrants, and
covenants that:

         A. The Patent Application is subsisting, has not been adjudged invalid
or unenforceable in whole or in part, and is not currently being challenged in
any way;

         B. The Patent Application has not lapsed or expired;

         C. Assignor owns the entire right, title, and interest in the Patent
Application free and clear of any liens and encumbrances of every kind and
nature, except for the rights granted by Assignor pursuant to this Agreement;
and

                                       2
<PAGE>

         D. Assignor shall continue to use, until the obligations shall have
been satisfied in full and the Loan Agreement shall have been terminated, proper
statutory notice in connection with its exercise of the Patents.

         5. New Patents and Licenses. If, before the Indebtedness is satisfied
in full, Assignor obtains rights to any reissue, division, continuation,
renewal, extension, or continuation-in-part of the Patent Application or any
improvement on the Patent Application, the provisions of Section 2 above shall
automatically apply thereto and Assignor shall give to Assignee written notice
thereof. Assignor hereby authorizes Assignee to modify this Assignment by
amending Schedule A to include such rights.

         6. Royalties; Terms. Assignor hereby agrees that the use by Assignee of
the Patent Rights shall be worldwide and without any liability for royalties or
other related charges from Assignee to Assignor. The term of the assignments
granted herein shall extend until the earlier of (1) the expiration of all
Patent Rights or (2) payment in full of the Indebtedness and termination of the
Loan Agreement.

         7. Assignee's Right to Inspect. Subject to existing agreements with
respect to the confidentiality of certain aspects of the Patent Rights, Assignee
shall have the right, at any reasonable time and from time to time, to inspect
Assignor's premises and to examine Assignor's books, records, and operations.

         8. Termination of Assignee's Security Interest. This Assignment is made
for collateral purposes only. Upon payment in full of the Indebtedness and
termination of the Loan Agreement, all remaining right, title, and interest in
and to the Patent Rights shall automatically revert to Assignor. In such event,
Assignee shall execute and deliver to Assignor all termination statements and
other instruments as may be necessary or proper to terminate Assignee's security
interest in and to revest in Assignor all right, title, and interest in and to
the Patent Rights, subject to any prior disposition thereof that may have been
made by Assignee pursuant hereto or pursuant to the Loan Agreement.

         9. Duties of Assignor. Until the Indebtedness is satisfied in full and
the Loan Agreement is terminated, Assignor shall

         A. Prosecute diligently any patent application included in the Patent
Rights pending as of the date hereof or hereafter filed; and

         B. Preserve, maintain, and enforce against infringement all Patent
Rights (other than nonpayment of maintenance fees on patents which are not
necessary or useful in the conduct of Assignor's business or operations).

Any expenses incurred in connection with such applications shall be borne by
Assignor. Assignor shall not abandon any pending patent application or patent
without the written consent of Assignee, which consent shall not be unreasonably
withheld.

                                       3
<PAGE>

         10. Assignee's Right to Sue. After the occurrence of an Event of
Default and so long as such Event of Default has not been waived, and after the
provision by Assignee of written notice to Assignor of Assignee's intention to
enforce its rights and claims in the Patent Rights, Assignee shall have the
right, but shall in no way be obligated, to bring suit and take other action in
its own name to enforce or otherwise protect, preserve, or realize upon the
Patent Rights. If Assignee shall commence any such suit or take any such action,
Assignor shall, at the request of Assignee, do any and all lawful acts and
execute any and all proper documents required by Assignee in aid of such action.
Assignor shall, upon demand, reimburse and indemnify Assignee for all costs and
expenses incurred by Assignee in the exercise of its rights under this Section
10.

         11. Waivers. No course of dealing between Assignor and Assignee, nor
any failure to exercise or delay in exercising, on the part of the Assignee, any
right, power, or privilege hereunder or under the Loan Agreement shall operate
as a waiver thereof. No single or partial exercise of any right, power, or
privilege hereunder or under the Loan Agreement shall preclude any other or
further exercise thereof or the exercise of any other right, power, or
privilege.

         12. Severability. The provisions of this Assignment are severable, and
if any clause or provision shall be held invalid or unenforceable in whole or in
part in any jurisdiction, then such invalidity or unenforceability shall affect
only such clause or provision, or part thereof, in such jurisdiction, and shall
not in any manner affect such clause or provision in any other jurisdiction, or
any other clause or provision of this Assignment.

         13. Modification. This Assignment cannot be altered, amended, or
modified in any way, except as specifically provided with respect to the
additions referred to in Section 5 hereof or by a writing signed by the parties
hereto.

         14. Cumulative Remedies. All of Assignee's rights and remedies with
respect to the Patent Rights, whether established hereby or by the Loan
Agreement, or by any other agreements or by law, shall be cumulative and may be
exercised individually or concurrently. Assignee shall have, in addition to all
other rights and remedies given it by the terms of this Assignment, all rights
and remedies allowed by law and the rights and remedies of a secured party under
the Uniform Commercial Code as enacted in any jurisdiction in which the Patent
Rights may be enforced.

         15. Power of Attorney. Assignor hereby authorizes Assignee to:

         A. Make, constitute, and appoint any representative of Assignee as
Assignee may select, in its sole discretion, as Assignor's true and lawful
attorney-in-fact, with power to endorse Assignor's name on all applications,
documents, papers, and instruments necessary or desirable for Assignee to give
effect to the provisions of this Assignment and the intent of the parties
hereto;

         B. Take any other actions with respect to the Patent Rights, consistent
with this Assignment, as Assignee deems in the best interest of Assignee;

         C. Following the occurrence of an Event of Default, grant or issue any
exclusive or nonexclusive license under the Patent Rights to anyone; or

                                       4
<PAGE>

         D. Following the occurrence of an Event of Default, subject to the
terms of any existing license agreement, assign, pledge, convey, or otherwise
transfer title in or dispose of the Patent Rights to anyone.

Assignee hereby ratifies all that such attorney shall lawfully do or cause to be
done by virtue hereof. This power of attorney shall be irrevocable until the
Indebtedness are satisfied in full and the Loan Agreement is terminated.

         16. Effect on Loan Agreement. Assignor acknowledges and agrees that
this Assignment is not intended to limit or restrict in any way the rights and
remedies of Assignee under the Loan Agreement but rather is intended to
facilitate the exercise of such rights and remedies.

         17. Binding Effect; Benefits. This Assignment shall be binding upon
Assignor and its respective successors and assigns and shall inure to the
benefit of Assignee, its nominees, successors, and assigns.

         18. Governing Law. This Assignment shall be deemed to have been
executed and delivered in Utah, and shall be governed by and construed in
accordance with the internal laws (as opposed to conflicts of law provisions) of
Utah.

         WITNESS the due execution hereof as of the date first above written.

                                            "ASSIGNEE"

                                            AXIS FUNDING, LC, on behalf of the
                                            "HOLDERS"

                                            By _______________________________
                                            Its:

                                            "ASSIGNOR"

                                            SPECIALIZED HEALTH PRODUCTS, INC.
                                            a Utah corporation

                                            By________________________________

                                            Its ______________________________

                                       5
<PAGE>

STATE OF UTAH           )
                        )  ss:
COUNTY OF DAVIS         )

        On this 2nd day of July, 2001, before me appeared Paul Evans and Mark
Peterson, to me personally known, who being duly sworn did say that he/she is
the Vice President of Specialized Health Products, Inc., the within named
corporation, and that the instrument was signed in behalf of said corporation
and acknowledged the instrument to be the free act and deed of the corporation.

                                                ______________________________
                                                NOTARY PUBLIC
My Commission Expires:                  Residing at: _________________________

                                       6

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