Document:

Exhibit
10.3

 

MUTUAL
CONFIDENTIALITY AGREEMENT

 

This Mutual Confidentiality
Agreement (this “Agreement”),
dated as of July 16, 2010, is entered into by and among Financière Elitech
SAS, a société par actions simplifiée organized
under the laws of France (“Elitech”),
Wescor, Inc., a Utah corporation (“Wescor”),
Elitech UK Limited, a private limited company organized under the laws of the
United Kingdom (“Elitech UK”
and, collectively with Elitech and Wescor, the “Elitech
Group”), Corgenix Medical Corporation, a Nevada corporation (“Corgenix”), and Corgenix U.K. Ltd.,
a private limited company organized under the laws of the United Kingdom (“Corgenix U.K.” and, collectively
with Corgenix, the “Corgenix Group”).

 

PRELIMINARY
STATEMENTS

 

A.                                   The Elitech
Group and the Corgenix Group desire to enter into a commercial relationship
with each other, either directly or through their respective Affiliates (as
defined below), specifically: (1) that certain Common Stock Purchase
Agreement by and among Corgenix, Elitech and Wescor (the “SPA”);
(2) that certain Master Distribution Agreement by and between Corgenix and
Elitech UK (the “MDA”); and (3) that
certain Joint Product Development Agreement by and between Corgenix and Elitech
(the “JPDA” and, collectively with the
SPA and the MDA, the “Transaction  Agreements”).

 

B.                                     In order for
the Corgenix Group and the Elitech Group to enter into the proposed commercial
relationship, it is necessary for the parties to disclose certain valuable
proprietary information to each other and ensure that such proprietary
information will be treated as confidential.

 

C.                                     Each of
Corgenix, Corgenix U.K., Elitech, Wescor and Elitech UK, on behalf of itself
and its respective Affiliates, agrees and acknowledges that any Confidential
Information (as defined below) that it receives from a disclosing party must be
kept confidential in accordance with the terms and conditions of this
Agreement.

 

AGREEMENT

 

The parties, intending to be
legally bound, agree as follows:

 

1.                                      Definitions.  For purposes of this Agreement the following
terms shall have the meanings set forth below:

 

a.               The term “documents” means form or medium in
which Confidential Information may be produced, including, but not be limited
to, writings, spreadsheets, presentations, web pages, emails, voicemails,
drawings, graphs, charts, photographs, sound recordings, optical or magnetic
discs and data compilations in whatever form recorded or stored from which
information can be obtained and/or translated, if necessary, into reasonably
usable form, and any reproductions thereof.

 

1

 

b.              The term “Confidential Information” means any
and all information, tangible or intangible, in whatever form or medium
provided or obtained by any receiving party or such party’s representatives,
directly or indirectly, including all documents and information generated by a
disclosing party or its representatives that contains, reflects or is derived
from such information, whether orally, in writing, in documents, through or by
observation or otherwise, in any way relating to the Transaction Agreements and
the transactions contemplated in such Transaction Agreements, including, but
not limited to, information about existing or contemplated products, services,
client lists, marketing techniques, pricing policies, financial information,
research and development techniques and processes, manufacturing processes,
sales processes, bidding and tender processes, costs, profits, sales, markets
and all other data and intellectual property related thereto.

 

Notwithstanding the
foregoing, information shall not be considered Confidential Information for
purposes of this Agreement if: (a) a receiving party or its Affiliates
already possesses the information without an obligation of confidentiality at
the time of disclosure as verified by independent written files or records;
(b) the information is or becomes part of the public domain other than as
a result of unauthorized disclosure by a receiving party or its Affiliates of
such information; (c) the information has been or is made available to a
receiving party or its Affiliates by a third party that, to the receiving party’s
or its Affiliates’ best knowledge, is not under an obligation of
confidentiality to the disclosing party or its Affiliates; or (d) the
information is independently developed by a receiving party or its Affiliates
prior to such information being disclosed by a disclosing party, as verified by
independent written files or records.

 

c.               The term “Affiliate” means with respect to
any person, any other person that, directly or indirectly, controls, is
controlled by, or is under a common control with, such first person.  The term “control” including the terms “controlled
by” and “under a common control with” (as used in the preceding sentence) means
the possession, directly or indirectly, of the power to direct or cause the
direction of management and policies of the person, whether through the
ownership of securities, by contract or otherwise.

 

2.                                      Confidentiality.  With respect to the Confidential Information,
the Elitech Group and its Affiliates (on the one hand), and the Corgenix Group
and its Affiliates (on the other hand), shall: (a) restrict disclosure of
the Confidential Information solely to those of their respective employees,
Affiliates, advisors or representatives with a need to know; (b) advise
their respective employees, Affiliates, advisors or representatives who receive
the Confidential Information of the obligation of confidentiality hereunder; (c) use,
and advise their respective employees, Affiliates, advisors or representatives
to use, the same degree of care to protect the Confidential Information and to
prevent disclosure of the Confidential Information as is used with the party’s
own confidential information, which shall be at least the degree of care that a
reasonably prudent person would take to protect and prevent disclosure of
confidential 

 

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information; and (d) use the Confidential Information only for
purposes of carrying out their respective obligations under the Transaction
Agreements.

 

3.                                      Compliance
with Laws.  If any party
to this Agreement or its Affiliates, as the case may be, becomes legally
compelled (including pursuant to any rule or regulation promulgated by any
securities regulation authority or any securities exchange) to make any
disclosure that is prohibited or otherwise constrained by this Agreement, then
such party will give, or will cause its Affiliate to give, the other parties
immediate written notice of such requirement so that they may seek a protective
order or other appropriate relief, or waive compliance with the nondisclosure
provisions of this Agreement.  Subject to
the foregoing, the party that is legally compelled to disclose Confidential
Information may make only such disclosure that it is legally compelled or
otherwise required to make to avoid standing liable for contempt or suffering
other material censure or penalty; provided, however,
that such party and its Affiliates must use reasonable efforts to obtain
reliable assurance that confidential treatment will be accorded any
Confidential Information so disclosed.

 

4.                                      Return
of Documents.  Upon the
request of Corgenix, on the one hand, or Elitech, on the other hand, the other
party shall return, or shall cause its Affiliates to return, as the case may
be, all documents containing the requesting party’s Confidential Information,
without retaining any copies or other reproductions, in whole or in part,
except for one copy of such documents or records retained in confidence by the
other party’s counsel solely for the purpose of any dispute or anticipated
dispute arising out of the discussions or use of the Confidential Information.

 

5.                                      Breach.  If the Corgenix Group or its Affiliates, on
the one hand, or the Elitech Group or its Affiliates, on the other hand,
breaches its obligations under this Agreement, the other party shall have
available to it all its rights and remedies at law and in equity, including the
right to seek injunctive relief without being required to post a bond or
similar form of security, it being acknowledged and agreed by all parties that
a breach or threatened breach of the terms of this Agreement by one party or
its Affiliates may cause irreparable injury to the other party or its
Affiliates and that money damages will not provide an adequate remedy to such
other party or its Affiliates.

 

6.                                      Assignment.  This Agreement may not be assigned by any
party hereto without the prior written consent of the other parties.  This Agreement shall bind and accrue to the
benefit of the parties hereto and their respective successors and permitted
assigns.  Notwithstanding the foregoing,
this Agreement may be assigned by Elitech or Corgenix to any of their
respective Affiliates, provided such Affiliate existed as of the date of this
Agreement.

 

7.                                      Notices.  Except as may be otherwise provided herein,
all notices, requests, waivers and other communications made pursuant to this
Agreement will be in writing and will be conclusively deemed to have been duly
given (a) when hand delivered to the other parties; (b) when received
if sent by facsimile or electronic mail to the number or the email address set
forth below, provided that the sending party receives a confirmation of
delivery; (c) three (3) business days after deposit in the U.S.
mail with first class or certified mail receipt requested 

 

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postage prepaid and addressed to the other parties as set forth below;
or (d) forty-eight (48) hours after deposit with an internationally
recognized overnight delivery service, postage prepaid, addressed to the
parties as set forth below with next-business-day delivery guaranteed, provided
that the sending party receives a confirmation of delivery from the delivery
service provider.  Each person making a
communication hereunder by facsimile or electronic mail will promptly confirm
by telephone to the person to whom such communication was addressed each communication
made by it by facsimile or electronic mail, but the absence of such
confirmation will not affect the validity of any such communication.  A party may change or supplement the
addresses, facsimile numbers and email addresses provided in its signature
block below, or designate additional addresses, facsimile numbers or email
addresses, for purposes of this Section 7 by giving the other
parties written notice of the new address, facsimile numbers or email addresses
in the manner set forth above.

 

8.                                      Governing
Law.  This Agreement and any
controversy arising out of or relating to this Agreement will be governed by
and construed in accordance with the internal laws of the State of Colorado,
without regard to conflict of law principles that would result in the
application of any law other than the law of the State of Colorado.

 

9.                                      Venue.  Each of the parties consents and submits to
the jurisdiction of the federal courts located in the District of Colorado in
connection with any suits or other actions arising between the parties under
this Agreement, and consents and waives any objections to the venue of such
action or proceeding in the federal courts located in the District of Colorado.

 

10.                               Severability.  If any term, provision, covenant, or
condition of this Agreement, or its application to any person or circumstance,
will be held by a court of competent jurisdiction to be invalid, unenforceable,
or void, the remainder of this Agreement and such term, provision, covenant, or
condition as applied to other persons or circumstances will remain in full
force and effect.

 

11.                               Entire
Agreement; Amendments.  The
Transaction Agreements and this Agreement constitute the full and entire
understanding and agreement among the parties with respect to the subject
hereof and thereof.  The provisions of
this Agreement may be amended with the prior written consent of Corgenix and
Elitech.

 

12.                               Authorization.  Each of the undersigned representatives of
the parties warrants and represents that he or she is duly authorized to
execute and deliver this Agreement on behalf of the respective party for which
he or she signs, and that the organization on whose behalf he or she signs is
currently in good standing in the jurisdiction where organized.

 

13.                               Headings.  The headings of the sections of this
Agreement are inserted for convenience only and will not be deemed to
constitute a part of this Agreement.

 

14.                               Counterparts.  This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

 

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15.                               Delays,
Omission, and Waivers.  No
delay or omission to exercise any right, power or remedy accruing to any party
as a result of a breach or default of this Agreement will impair any such
right, power or remedy of the non-defaulting party, nor will it be construed to
be a waiver of any such breach or default or an acquiescence therein, nor will
any similar breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring; nor will any waiver of any single breach
or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring.  Any waiver,
permit, consent or approval of any kind or character on the part of any party
of any breach or default under this Agreement or any waiver on the part of any
party of any provisions or conditions of this Agreement must be in writing and
will be effective only to the extent specifically set forth in such writing.

 

16.                               Survival.  This Agreement shall become effective on the
date set forth above and shall continue for as long as any of the Transaction
Agreements are in effect, and shall survive the termination of any of the
Transaction Agreements for a term of twenty (20) years commencing on the
date that the last Transaction Agreement expires or is terminated.

 

[Remainder
of page intentionally left blank. 
Signature page follows.]

 

5

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement  to be
executed and delivered by their duly authorized representative as of the date
and year set forth above.

 

	
  CORGENIX MEDICAL CORPORATION

  	
   

  	
  FINANCIÈRE ELITECH SAS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Douglass T. Simpson

  	
   

  	
  By:

  	
  Pierre Debiais

  
	
  Title:

  	
  President and Chief
  Executive Officer

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
  Address for notices:

  	
   

  	
  Address for notices:

  
	
  Attention: President

  11575 Main Street, Suite 400

  Broomfield, Colorado 80020

  Facsimile: (303) 453-8896

  Email: Dsimpson@corgenix.com

  	
   

  	
  Attention: Pierre Debiais

  12-12 bis, rue Jean Jaurès

  92800 Puteaux

  France

  Facsimile: +33 (1) 41 45 07 19

  Email: p.debiais@elitechgroup.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CORGENIX U.K. LTD.

  	
   

  	
  WESCOR, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Douglass T. Simpson

  	
   

  	
  By:

  	
  Janice Wallentine

  
	
  Title:

  	
  Director

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  Address for notices:

  	
   

  	
  Address for notices:

  
	
  40 Commerce Road

  Lynch Wood

  Peterborough PE2 6LR

  United Kingdom

  Fax +44 (0) 1733 238412

  Email: Dsimpson@corgenix.com

  	
   

  	
  Attention: Michael Saunders

  370 West 1700 South

  Logan, Utah 84321

  Facsimile: (425) 752-4127

  Email: m.saunders@elitechgroup.com

  

 

Signature
Page — Mutual Confidentiality Agreement

 

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  ELITECH UK LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Tim Watson

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices:

  
	
   

  	
   

  	
  Attention: Tim Watson

  Unit 6, River Park Industrial Estate

  Billet Lane

  Berkhamsted HP4 1HL

  England

  Facsimile: +44 144 287 6774

  Email: tim@elitechuk.com

  

 

Signature
Page — Mutual Confidentiality Agreement

 

2Exhibit
10.4

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This
Assignment and Assumption Agreement (“Agreement”) is made as of
          
      , 2010, by and among Elitech UK Limited, a
private limited company organized under the laws of the United Kingdom (“Assignee”),
Corgenix Medical Corporation, a Nevada corporation (“Corgenix”), and Corgenix
U.K. Ltd., a private limited company organized under the laws of the United
Kingdom (“Corgenix U.K.” and, collectively with Corgenix, the “Assignors”).

 

PRELIMINARY STATEMENTS

 

Pursuant
to that certain Common Stock Purchase Agreement (the “Common Stock Purchase
Agreement”) entered into effective as of July 12, 2010, by and among
Corgenix, Financière Elitech SAS, a société par actions
simplifiée formed under the laws of France (“Elitech”), and
Wescor, Inc., a Utah corporation and majority-owned subsidiary of Elitech
(“Wescor”), Assignors agreed to transfer and assign unto Assignee all of
Assignors’ right, title and interest in and to certain contracts of
Assignors.  Capitalized terms used but
not otherwise defined in this Agreement have the respective meanings ascribed
to them in the Common Stock Purchase Agreement.

 

AGREEMENT

 

The
parties, intending to be legally bound, agree as follows:

 

1.                                      Assignment
of Distributorship Agreements.  For value received, the receipt and
sufficiency of which are hereby acknowledged, Assignors hereby transfer and
assign to Assignee all of their respective right, title, and interest in all of
any and all agreements, contracts, or other similar arrangements relating to
the distribution of Assignors’ products in any jurisdiction outside of North
America, which contracts are expressly limited to those identified on Schedule A
(collectively, the “Distributorship Agreements”).

 

2.                                      Assumption
of Distributorship Agreements.  Assignee hereby assumes and agrees to fully
pay, perform and discharge, as and when the same may become due and payable
and/or performable and in accordance with the respective terms thereof, all of
Assignors’ obligations and liabilities accruing and arising from and after the
date of this Agreement under each of the Distributorship Agreements, subject to
the terms and provisions of the Common Stock Purchase Agreement.

 

3.                                      Novation
of Assumed Liability

 

(a)                                  Reasonable
Commercial Efforts. Each of the Assignee (on the one hand) and the
Assignors (on the other hand), at the request of the other party, shall use
their reasonable commercial efforts to obtain, or cause to be obtained, any
consent, substitution, approval or amendment required to novate or assign all
rights and obligations under the Distributorship Agreements, or to obtain in
writing the unconditional release of all parties to such arrangements other
than Assignee, so that, in any such case, Assignee will be solely responsible for
the Distributorship Agreements.

 

1

 

(b)                                 Inability
to Obtain Novation. If Assignors and Assignee are unable to obtain, or
to cause to be obtained, any required consent, approval, release, substitution
or amendment allowing any Distributorship Agreement to be assigned or
transferred to, or managed by, Assignee, then Corgenix or Corgenix U.K., as the
case may be, will continue to be bound by such agreements and, unless otherwise
prohibited by law or the terms thereof, Assignee shall, as agent or
subcontractor for Corgenix or Corgenix U.K., as the case may be, pay, perform,
and discharge fully, or cause to be paid, transferred or discharged, all the
rights and obligations of the Distributorship Agreements from and after the
closing of the Second Tranche. If an agency or subcontractor management
relationship will not adequately address the needs of Corgenix, Corgenix U.K.,
and Assignee, then Corgenix, Corgenix U.K., and Elitech UK will in good faith
structure a mutually acceptable arrangement to accomplish the intent of this
Agreement and the Common Stock Purchase Agreement. Under the circumstances
contemplated by this Section 3(b), it is the intent of the parties
that the Assignors shall, without further consideration other than that
delivered at the closing of the Second Tranche, deliver to Assignee the value,
net of tax obligations of Corgenix and/or Corgenix U.K. on revenue generated
(and net of the balance of any applicable foreign tax credits), of all rights and
other consideration received by them in respect of operations under the
Distributorship Agreements. If and when any such consent, approval, release,
substitution or amendment shall be obtained or such Distributorship Agreements
shall otherwise become assignable or able to be novated, each of the Assignors
shall thereafter assign, or cause to be assigned, all its rights and
obligations thereunder to Assignee without the payment of any further
consideration, and Assignee shall, without any further consideration, assume
such rights and obligations, subject to Wescor’s and Elitech’s indemnification
obligations set forth in Section 7.3(A) of the Common Stock
Purchase Agreement.

 

4.                                      Representation
and Warranty.  Assignors
jointly and severally represent and warrant to Assignee that Assignors have the
right to transfer and assign each of the Distributorship Agreements to Assignee
by virtue of (a) the express provisions of the Distributorship Agreements;
(b) consents or notices obtained by Assignors and given to Assignee prior
to the closing of the Second Tranche; and/or (c) applicable law.

 

5.                                      Binding
Effect.  The assignment of the rights
and economic benefits under this Agreement, as well as the assumption of the
liabilities and obligations contained in this Agreement, shall bind and inure
to the benefit of Assignors and Assignee and their respective successors and
assigns.

 

6.                                      Governing
Law.  This Agreement will be governed
by and construed in accordance with the laws of the State of Colorado, without
regard to conflicts of laws principles that would require the application of
any other law other than the law of the State of Colorado.

 

7.                                      Subject
to Common Stock Purchase Agreement; Modification.  This Agreement is being executed pursuant to
the Common Stock Purchase Agreement and is subject to the terms and conditions
contained in the Common Stock Purchase Agreement.  This Agreement may not be changed, modified,
discharged or terminated in any manner other than by a written agreement signed
by the parties to this Agreement or their respective successors and assigns.

 

2

 

8.                                      Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument.

 

[Remainder of
page intentionally left blank. 
Signature page follows.]

 

3

 

The
parties have executed and delivered this Agreement as of the date indicated in
the first sentence of this Agreement.

 

	
   

  	
  ASSIGNORS:

  
	
   

  	
   

  
	
   

  	
  CORGENIX
  MEDICAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Douglass T. Simpson, President and Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CORGENIX
  U.K. LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Douglass T. Simpson, Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
  ELITECH
  UK LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Tim Watson, Managing Director

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