Document:

Exhibit 4.6

BALLISTIC
RECOVERY SYSTEMS, INC. 

SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT (the
“Agreement”) is made effective as of the date of acceptance set forth on the
signature page below, by and between Ballistic Recovery Systems, Inc., a
Minnesota corporation (the ”Company”), and ___________ (a ______ of the
Company) (referred to throughout the remainder of this Agreement as the “undersigned”)
in connection with the private placement offering (the “Offering”) of shares of
the Company’s common stock at $1.36 per share (the “Common Shares”) together
with one three year warrant (“Warrant”) to purchase 6,296 shares of Common
Stock (25% of the Common Shares purchased hereunder) at an exercise price of
$2.00 per share (the “Warrant Shares”). 
Throughout this Agreement, the Common Shares, the Warrants and the
Warrant Shares are collectively referred to as the “Securities.”

1.             Subscription
for Securities.  Subject to the terms
hereinafter set forth, the undersigned hereby irrevocably subscribes for and
agrees to purchase from the Company _________ Common Shares and one Warrant for
_____ Warrant Shares for a total of $_______.

Upon acceptance of this subscription and the closing
of the Offering (or any part of the Offering to which this subscription
relates), the Company will record the undersigned as an owner of the Common
Shares subscribed, and cause a certificate representing the Common Shares
together with the Warrant to be delivered to the undersigned within 20 days of
the Company’s acceptance of this subscription. 
All Common Shares will be duly authorized, validly issued, fully paid
and non-assessable shares of the Company’s common stock.  The undersigned hereby authorizes the Company
to issues a certificate representing the Common Shares in the name and to the
address set forth below:

	
  

  
	
  Print name(s) of investor(s)

  	
   

  	
   

  
	
   

  
	
  SSN(s) or
  Federal TIN

  	
   

  	
   

  
	
   

  
	
  Mailing address

  	
   

  	
   

  
	
   

  
	
  City

  	
  State

  	
  Zip code

  
	
   

  
	
  Telephone no.

  	
  Fax no.

  	
   

  
	
   

  
	
  E-mail address

  	
   

  	
   

  

2.             Investor
Representations and Warranties.  By
executing and delivering this Agreement, the undersigned acknowledges, warrants
and represents to the Company as follows:

(a)   The
undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation
D promulgated under the Securities Act of 1933, as amended (the “Securities Act”).  This representation is based on the fact that
the undersigned is a director of the Company.

(b)   The
undersigned acknowledges that no federal or state agency, including the SEC or
the securities commission or authority of any state, has approved or
disapproved the Securities, passed upon or endorsed the merits of the Offering
of the Securities.

(c)   The
undersigned is not relying upon the Company with respect to the economic
considerations involved to make an investment decision in the Securities.

3.             Investment
Purpose.  The undersigned represents
and warrants that it is the undersigned’s intention to acquire the Securities
for the account of the undersigned, for investment purposes and not with a view
to the resale thereof in connection with any distribution.  To assure the Company that the undersigned
has no present intention to resell or dispose of the Securities acquired in the
Offering, the undersigned further represents and warrants to the Company as
follows:

(a)   The
undersigned intends to receive and hold the Securities for the undersigned’s
personal account.

(b)   The
undersigned has no contract, undertaking, agreement or arrangement with any
person or entity to sell or otherwise transfer the Securities to any such
person or entity or to have any such person or entity sell the Securities on
the undersigned’s behalf.

(c)   The
undersigned has no need for immediate liquidity with respect to his, her or its
investment and has sufficient income to meet the undersigned’s current and
anticipated obligations.  The loss of the
undersigned’s entire investment in the Securities would not cause financial
hardship to the undersigned and would not adversely affect the undersigned’s
current standard of living.  In addition,
the overall commitment of the undersigned to investments that are not readily
marketable is not disproportionate to the undersigned’s net worth and the
undersigned’s investment in the Securities will not cause such overall
commitment to become excessive.

(d)   The
undersigned is not aware of any occurrence, event or circumstance upon the
happening of which the undersigned intends to transfer or sell the Securities
and the undersigned does not have any present intention to transfer or sell the
Securities after a lapse of any particular period of time.

4.             Registration
Status; Restrictions on Transferability. 
With respect to the registration status and transferability of the
Securities (in addition to Section 3 above), the undersigned understands,
acknowledges and agrees that:

(a)   Neither
the offer nor the sale of the Securities to be issued in connection with this
subscription and the Offering have been registered under the Securities Act or
under applicable state securities laws on the grounds that they are being
issued in a transaction (i) involving a limited group of knowledgeable
investors fully familiar with the proposed operations of the Company and (ii)
not involving a public offering and that, consequently, such transaction is
exempt from registration under the Securities Act and applicable state
securities laws.  The Company will rely
on the undersigned’s representations herein as a basis for the exemption from
the Securities Act’s registration requirements.

(b)   The
Securities may not be sold, transferred or otherwise disposed of except
pursuant to an effective registration statement or appropriate exemption from
registration under applicable state law and, as a result, the undersigned may
be required to hold the Securities for an indefinite period of time.

(c)   Certificates
representing the Securities will bear a legend substantially in the following
form:

The securities
represented by this certificate have not been registered under the Securities
Act of 1933, as amended, or the securities law of any state.  Such securities have been acquired for
investment and without a view to their distribution and may not be sold or
otherwise disposed of in the absence of any effective registration statement
for such securities under the Securities Act of 1933, as amended, and under
applicable state securities laws, unless an exemption from registration is
available under applicable securities laws.

5.             Incidental/Registration Rights.  If at any time the Company shall determine to
prepare and file with the SEC a registration statement relating to an
offering for its own account or the account of others under the Securities Act
of any of its equity securities, other than on Form S-4 or Form S-8 (each as
promulgated under the Securities Act) or their then equivalents relating to
equity securities to be issued solely in connection with any acquisition of any
entity or business or equity securities issuable in connection with stock
option or other employee benefit plans, then the Company shall include in such
registration statement all Common Shares and Warrant Shares and provide the
undersigned with immediate notice thereof; provided, however, that (i) if, at
any time after giving written notice of is intention to register any securities
and prior to the effective date of the registration statement filed in
connection with such registration, the Company determines for any reason not to
proceed with such registration, the Company will be relieved of its obligation
to register any Common Shares or Warrant Shares in connection with such
registration, and (ii) in case of a determination by the Company to delay
registration of its securities, the Company will be permitted to delay the
registration of Common Shares or Warrant Shares for the same period as the
delay in registering such other securities.

6.             Amendment.  This Agreement may be modified or amended
only by a written instrument signed by both the Company and the undersigned.

7.             Binding
Effect.  Upon acceptance by the
Company, this Agreement shall be binding upon and shall inure to the benefit of
the Company and the undersigned and to the successors and assigns of the
Company and to the personal and legal representatives, heirs, guardians,
successors and permitted assignees of the undersigned.

8.             Governing
Law; Venue.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Minnesota
without regard to the conflicts-of-law principles thereof.  The venue for any action hereunder shall be
in the State of Minnesota, whether or not such venue is or subsequently becomes
inconvenient, and the parties consent to the jurisdiction of the courts of the
State of Minnesota, County of Ramsey, and the U.S. District Court, District of
Minnesota.

9.             Entire
Agreement.  This Agreement
constitutes the entire agreement among the parties with respect to the Company
(except for the terms of the Company’s articles of incorporation, as the same
may be amended from time to time).  It
supersedes any prior agreement or understanding among them, and it may not be
modified or amended in any manner other than as set forth herein.

10.           Further
Acts and Assurances.  Upon request,
the undersigned agrees to furnish to the Company such additional information as
may be deemed necessary to determine the undersigned’s suitability as an
investor.

11.           Counterparts.  This Agreement may be executed in
counterparts, which taken together shall constitute one agreement binding on
the parties hereto.  Facsimile and electronically
transmitted signatures shall be valid and binding to the same extent as
original signatures.  A party shall
become bound by this Agreement immediately upon signing and delivering any
counterpart, independently of the signature of the other party.  Nevertheless, in making proof of this
Agreement, it will be necessary to produce only one copy signed by the party to
be charged.

IN WITNESS WHEREOF, the
undersigned has executed this Subscription Agreement as of June ____, 2006.

 

	
  Individuals:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   Signature of
  Investor

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   Signature of
  Joint Investor

  	
   

  

 

	
  ACKNOWLEDGED AND ACCEPTED:

  
	
   

  
	
  BALLISTIC RECOVERY SYSTEMS, INC.:

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Larry Williams

  	
   

  	
  Dated

  
	
  Title: 

  	
  Chief Executive OfficerExhibit 4.7

Darrel Brandt

BALLISTIC
RECOVERY SYSTEMS, INC. 

SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT (the
“Agreement”) is made effective as of the date of acceptance set forth on the
signature page below, by and between Ballistic Recovery Systems, Inc., a
Minnesota corporation (the ”Company”), and Darrel Brandt (a director of
the Company) (referred to throughout the remainder of this Agreement as the “undersigned”)
in connection with the private placement offering (the “Offering”) of shares of
the Company’s common stock at $1.36 per share (the “Common Shares”).

1.             Subscription
for Securities.  Subject to the terms
hereinafter set forth, the undersigned hereby irrevocably subscribes for and
agrees to purchase from the Company 257,353 Common Shares at a per-share price
of $1.36 per Share, or a total of $350,000.

Upon acceptance of this subscription and the closing
of the Offering (or any part of the Offering to which this subscription
relates), the Company will record the undersigned as an owner of the Common
Shares subscribed, and cause a certificate representing the Common Shares to be
delivered to the undersigned within 20 days of the Company’s acceptance of this
subscription.  All Common Shares will be
duly authorized, validly issued, fully paid and non-assessable shares of the
Company’s common stock.  The undersigned
hereby authorizes the Company to issues a certificate representing the Common
Shares in the name and to the address set forth below:

	
  Darrel Brandt

  
	
  Print name(s) of
  investor(s)

  
	
   

  
	
  SSN(s) or
  Federal TIN

  
	
   

  
	
  Mailing address

  
	
   

  
	
  City

  	
  State

  	
  Zip code

  
	
   

  
	
  Telephone no.

  	
  Fax no.

  
	
   

  
	
  E-mail address

  
				

 

2.             Investor
Representations and Warranties.  By
executing and delivering this Agreement, the undersigned acknowledges, warrants
and represents to the Company as follows:

(a)   The
undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation
D promulgated under the Securities Act of 1933, as amended (the “Securities Act”).  This representation is based on the fact that
the undersigned is a director of the Company.

(b)   The
undersigned acknowledges that no federal or state agency, including the SEC or
the securities commission or authority of any state, has approved or
disapproved the Common Shares, passed upon or endorsed the merits of the
Offering of the Common Shares.

(c)   The
undersigned is not relying upon the Company with respect to the economic
considerations involved to make an investment decision in the Common Shares.

3.             Investment
Purpose.  The undersigned represents
and warrants that it is the undersigned’s intention to acquire the Common
Shares for the account of the undersigned, for investment purposes and not with
a view to the resale thereof in connection with any distribution.  To assure the Company that the undersigned has
no present intention to resell or dispose of the Common Shares acquired in the
Offering, the undersigned further represents and warrants to the Company as
follows:

(a)   The
undersigned intends to receive and hold the Common Shares for the undersigned’s
personal account.

(b)   The
undersigned has no contract, undertaking, agreement or arrangement with any
person or entity to sell or otherwise transfer the Common Shares to any such
person or entity or to have any such person or entity sell the Common Shares on
the undersigned’s behalf.

(c)   The
undersigned has no need for immediate liquidity with respect to his, her or its
investment and has sufficient income to meet the undersigned’s current and
anticipated obligations.  The loss of the
undersigned’s entire investment in the Common Shares would not cause financial
hardship to the undersigned and would not adversely affect the undersigned’s
current standard of living.  In addition,
the overall commitment of the undersigned to investments that are not readily
marketable is not disproportionate to the undersigned’s net worth and the
undersigned’s investment in the Common Shares will not cause such overall
commitment to become excessive.

(d)   The
undersigned is not aware of any occurrence, event or circumstance upon the
happening of which the undersigned intends to transfer or sell the Common
Shares and the undersigned does not have any present intention to transfer or
sell the Common Shares after a lapse of any particular period of time.

4.             Registration
Status; Restrictions on Transferability. 
With respect to the registration status and transferability of the
Common Shares (in addition to Section 3 above), the undersigned understands,
acknowledges and agrees that:

(a)   Neither
the offer nor the sale of the Common Shares to be issued in connection with
this subscription and the Offering have been registered under the Securities
Act or under applicable state securities laws on the grounds that they are
being issued in a transaction (i) involving a limited group of knowledgeable
investors fully familiar with the proposed operations of the Company and (ii)
not involving a public offering and that, consequently, such transaction is
exempt from registration under the Securities

Act and applicable state securities laws.  The Company will rely on the undersigned’s
representations herein as a basis for the exemption from the Securities Act’s
registration requirements.

(b)   The
Common Shares may not be sold, transferred or otherwise disposed of except
pursuant to an effective registration statement or appropriate exemption from
registration under applicable state law and, as a result, the undersigned may
be required to hold the Common Shares for an indefinite period of time.

(c)   Certificates
representing the Common Shares will bear a legend substantially in the
following form:

The securities
represented by this certificate have not been registered under the Securities
Act of 1933, as amended, or the securities law of any state.  Such securities have been acquired for
investment and without a view to their distribution and may not be sold or
otherwise disposed of in the absence of any effective registration statement
for such securities under the Securities Act of 1933, as amended, and under
applicable state securities laws, unless an exemption from registration is
available under applicable securities laws.

5.             Piggyback
Registration Rights.  If at any time
the Company shall determine to prepare and file with the SEC a registration
statement relating to an offering for its own account or the account of others
under the Securities Act of any of its equity securities, other than on Form
S-4 or Form S-8 (each as promulgated under the Securities Act) or their then
equivalents relating to equity securities to be issued solely in connection
with any acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans, then the Company
shall include in such registration statement all Common Shares and provide the
undersigned with immediate notice thereof; provided, however, that (i) if, at
any time after giving written notice of is intention to register any securities
and prior to the effective date of the registration statement filed in connection
with such registration, the Company determines for any reason not to proceed
with such registration, the Company will be relieved of its obligation to
register any Common Shares in connection with such registration, and (ii) in
case of a determination by the Company to delay registration of its securities,
the Company will be permitted to delay the registration of Common Shares for
the same period as the delay in registering such other securities.

6.             Elimination
of Company’s Purchase Discount.  In
consideration for the undersigned’s subscription for the Common Shares, the
Company agrees to amend certain loan and note documents by and between the
Company and the undersigned to eliminate entirely the Company’s purchase  or right of first refusal discount and
restriction on transfer that provides that in the event the undersigned desires
to sell 1,000,000 shares of Company Common Stock issued in 1993, issued
pursuant to such loan agreement, the undersigned must first offer such shares
to the Company at a 25% discount of the proposed sales price.

7.             Amendment.  This Agreement may be modified or amended
only by a written instrument signed by both the Company and the undersigned.

8.             Binding
Effect.  Upon acceptance by the
Company, this Agreement shall be binding upon and shall inure to the benefit of
the Company and the undersigned and to the successors and assigns of the
Company and to the personal and legal representatives, heirs, guardians,
successors and permitted assignees of the undersigned.

9.             Governing
Law; Venue.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Minnesota
without regard to the conflicts-of-law principles thereof.  The venue for

any action hereunder
shall be in the State of Minnesota, whether or not such venue is or
subsequently becomes inconvenient, and the parties consent to the jurisdiction
of the courts of the State of Minnesota, County of Ramsey, and the U.S.
District Court, District of Minnesota.

10.           Entire
Agreement.  This Agreement
constitutes the entire agreement among the parties with respect to the Company
(except for the terms of the Company’s articles of incorporation, as the same
may be amended from time to time).  It
supersedes any prior agreement or understanding among them, and it may not be
modified or amended in any manner other than as set forth herein.

11.           Further
Acts and Assurances.  Upon request,
the undersigned agrees to furnish to the Company such additional information as
may be deemed necessary to determine the undersigned’s suitability as an
investor.

12.           Counterparts.  This Agreement may be executed in
counterparts, which taken together shall constitute one agreement binding on
the parties hereto.  Facsimile and
electronically transmitted signatures shall be valid and binding to the same
extent as original signatures.  A party
shall become bound by this Agreement immediately upon signing and delivering
any counterpart, independently of the signature of the other party.  Nevertheless, in making proof of this Agreement,
it will be necessary to produce only one copy signed by the party to be
charged.

IN WITNESS WHEREOF, the
undersigned has executed this Subscription Agreement as of June ____, 2006.

 

	
  Individuals:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature of
  Investor

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature of
  Joint Investor

  	
   

  
	
   

  	
   

  

 

	
  ACKNOWLEDGED AND ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BALLISTIC
  RECOVERY SYSTEMS, INC.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Larry Williams

  	
   

  	
  Dated

  
	
  Title:

  	
  Chief Executive
  Officer

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