Document:

Exhibit
4.18

FORM
OF WARRANT

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.

WARRANT

FOR

SHARES OF COMMON STOCK

OF

PROUROCARE MEDICAL INC.

	
  Warrant No.

  	
   

  	
  Plymouth, Minnesota

  
	
   

  	
   

  	
   (Date)

  

 

FOR VALUE RECEIVED,                                                                 ,
or his 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, $.00001 par
value per share (the “Common Stock”), at the price of $0.50 per share,
subject to adjustments as noted in section 3 below (the “Warrant Exercise
Price”).

This warrant may be
exercised by Holder at any time or from time to time on or prior to the third
anniversary of the date hereof.

This warrant is subject
to the following provisions, terms and conditions:

1.             Exercise of Warrant.  The rights represented by this warrant may be
exercised by the Holder, in whole or in part, by written notice of exercise
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 and upon payment to it by cash,
certified check or bank draft of the purchase price for such shares. 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 Exercise Price. 
Certificates for the shares of stock so purchased, bearing the
restrictive legend set forth in Section 5 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.

2.             Certain Covenants of the Company.  The Company covenants and agrees that all
shares that may be issued upon the exercise of the rights represented by this
warrant shall, upon issuance, be duly authorized and issued, fully paid and
non-assessable shares.  The Company
further covenants and agrees that during the period within which the rights
represented by this warrant may be exercised, the Company will at all times
have authorized, and reserved for the purpose of issue or transfer upon
exercise of the subscription rights evidenced by this warrant, a sufficient
number of shares of Common Stock to provide for the exercise of the rights
represented by this warrant.

3.             Adjustment of Exercise Price and Number of Shares.  The number of shares the Holder may purchase
and the Warrant Exercise Price shall be subject to adjustment from time to time
as hereinafter provided in this section 3.

(a)           Stock Dividend, Stock Split or
Stock Combination.  If the Company at
any time divides the outstanding shares of its Common Stock into a greater
number of shares (whether pursuant to a stock split, stock dividend or
otherwise), and conversely, if the outstanding shares of its Common Stock are
combined into a smaller number of shares, the Warrant Exercise Price in effect
immediately prior to such division or combination shall be proportionately
adjusted to reflect the reduction or increase in the value of each such Common
Stock.

(b)           Effect of Reorganization,
Reclassification or Merger.  If any
capital reorganization or reclassification of the capital stock of the Company,
or consolidation or merger of the Company with 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 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 reorganization, reclassification,
consolidation, merger or sale, the Holder shall have the right to purchase and
receive upon the basis and upon the terms and conditions specified in this
warrant and in lieu of the shares of the Common Stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented hereby,
such shares of stock, other securities or assets as would have been issued or
delivered to the Holder if it had exercised this warrant and had received such
shares of Common Stock prior to such reorganization, reclassification,
consolidation, merger or sale.

(c)           Notice of Adjustment.  Upon any adjustment of the Warrant Exercise
Price, the Company shall give written notice thereof, by first class mail,
postage prepaid, addressed to the registered Holder of this warrant at the
address of such Holder as shown on the books of the Company, which notice shall
state the Warrant Exercise 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.

4.             No rights as Shareholder.  This warrant shall not entitle the Holder to
any voting rights or other rights as a shareholder of the Company.

5.             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 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)           In no event shall the Holder(s) sell
any shares of Common Stock that are issued upon the exercise of the rights represented
by this warrant within 180 days following the effective date of an initial
public offering of the Common Stock of the Company.

(c)           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, AND THE
SECURITIES ISSUABLE IN CONNECTION WITH THE CONVERSION OF SUCH SECURITIES WILL
BE 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 OR THE SECURITIES ISSUABLE IN CONNECTION WITH THE
CONVERSION OF SUCH SECURTITIES 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.”

6.                                       Piggyback
Registration.  

(a)           If, at any time within two years from the date hereof, the
Company seeks to register any of its securities under the Securities Act
(except by registration statement on a form that does not permit the inclusion
of shares by its security holders), the Company will provide written notice of
its intentions to Subscribers. Upon written request of each such Subscriber
given within 10 business days after receipt of such notice, the Company subject
to approval by the Company’s then-

existing broker-dealer or underwriter shall use its best efforts to
cause all Shares, when issued, sold and
delivered in accordance with this Agreement, and upon the exercise of the
Warrants in the manner contemplated in the Warrant, the shares of common stock
issued upon exercise of the Warrant, to be included in such proposed
registration statement.  The Subscriber’s
written request shall specify the number of shares of the Company’s common
stock intended to be sold by the Subscriber, and describe the nature of any
proposed sale thereof.  All registration
expenses shall be borne by the Company.  In the event any underwriter underwriting the
sale of securities registered by such registration statement shall limit the
number of securities includable in such registration by shareholders of the
Company, the number of such securities shall be allocated pro rata among the
Holders and the holders of other securities entitled to piggyback registration
rights.

(b)           Notwithstanding the provisions of
this Section 6, the Company shall have the right at any time after it shall
have given written notice pursuant to this Section (irrespective of whether a
written request for inclusion of any such securities shall have been made) to
elect not to file any such proposed registration statement, or to withdraw the
same after the filing but prior to the effective date thereof.

(c)           Notwithstanding anything contained
herein to the contrary, the registration rights granted to each Holder by this
Section 6 shall automatically terminate on, and be of no further force or
effect from and after, the date on which such Holder can sell all of the
Securities held by such Holder without registration pursuant to Rule 144(k)
promulgated under the Securities Act of 1933, as amended (or similar exception
from registration).

7.             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.

8.             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.

9.             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.

10.           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.

11.           Notices.  All notices or communications hereunder,
except as herein otherwise specifically provided, shall be in writing.  Notices sent to the Holder shall be mailed,
hand delivered or faxed and confirmed 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 and
confirmed to ProUroCare Medical Inc., One Carlson Parkway, Suite 124, Plymouth,
Minnesota 55447, or to such other address as the Company or the Holder shall
notify the other as provided in this Section.

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

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PROUROCARE MEDICAL INC.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Richard C. Carlson

  
	
   

  	
  Title:

  	
  Chief Executive OfficerExhibit
4.23

FORM OF AMENDED 10% UNSECURED CONVERTIBLE SUBORDINATED DEBENTURE

THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, OR APPLICABLE STATE SECURITIES LAW. 
THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE
OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ASSIGNED OR OTHERWISE
DISPOSED OF, AND NO TRANSFER OF THE SECURITIES WILL BE MADE BY THE COMPANY OR
ITS TRANSFER AGENT, IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

PROUROCARE
MEDICAL
INC.

10%
UNSECURED CONVERTIBLE SUBORDINATED DEBENTURE

	
  Principal: 
  $ 

  	
   

  	
  March 21, 2007

  
	
  Debenture Number—

  	
   

  	
  Plymouth, Minnesota

  

 

For Value Received,
the undersigned, ProUroCare
Medical Inc., organized and validly existing under the
laws of the State of Nevada, whose mailing address is One Carlson Parkway,
Suite 124, Plymouth, Minnesota 55447, and its successors and assigns (the “Maker”), hereby unconditionally
promises to pay to the order of                               ,
a resident of the State of                             ,
having a mailing address of                                                                    
and his successors and assigns (the “Holder”),
at such place as may be designated from time to time by the Holder, the
principal sum of $133,334.00, the original principal balance hereof, together
with all accrued and unpaid interest thereon in accordance with the terms of
this 10% Unsecured Convertible Subordinated Debenture (this “Debenture”).   This Debenture has been issued upon
surrender of the 10% Unsecured Convertible Subordinated Debenture (the “Original Debenture”) dated February            ,
2006 (the “Original Issuance Date”)
issued by Maker to Holder and reflects the agreement between Maker and Holder
to amend and restate certain terms of the Original Debenture.

The parties acknowledge that the Original Debenture
was issued as one in a series of Original Debentures in connection with a
$2,000,000 private placement of Original Debentures (subject to possible
increase in the sole discretion of the Maker without notice) conducted by the
Maker (the “Placement”).  The Original Debentures issued in the
Placement were issued pursuant to the Holders’ personal guarantees providing
credit enhancement to and support for up to a $6,000,000 senior credit facility
of Maker (the “Senior Credit Facility”).  The Debenture and all other Debentures issued
upon surrender of Original Debentures issued in the Placement have identical
terms and provisions (except for the specific sums at issue) and are due and
payable in full in thirty six (36) months from the Original Issuance Date of
the Original

Debenture.  This Debenture is
being issued pursuant to and is subject to the terms and provisions of a
Subscription and Representation Agreement between the Maker and Holder (the “Subscription Agreement”). The
provisions of the Holder’s Subscription Agreement are incorporated herein by
reference with the same force and effect as if fully set forth herein.

Acceptance of this Debenture by the Holder shall be deemed agreement by
the Holder of the terms included or incorporated in this Debenture.  All payments under this Debenture shall be
made in U.S. dollars and by check mailed by the Maker to the address of the
Holder set forth above.

1.  Interest Payment;
Maturity; Subordination.

(a)          Initial
Period.  From the Original Interest Date to May 31,
2006 (the “Initial
Period”), this Debenture
accrued interest on the outstanding principal balance at an annual rate of 10%
and interest was paid to Holder monthly on the first business day of each
calendar month.  Holder hereby
acknowledges receipt of full payment of all interest accrued during the Initial
Period.

(b)         From June
1, 2006 to January 31, 2007 (the “Second
Period”), this Debenture
accrued interest on the outstanding principal balance at an annual rate of
10%.  Interest accrued on the unpaid
principal balance of the Debenture during the Second Period shall be paid in
Units of the Maker (each Unit comprised of one share of Maker’s common stock,
par value $0.00001 per share (the “Common
Stock”) and one-half
warrant in the form attached hereto as Exhibit A; each full warrant representing the right to purchase one share of
Common Stock at an exercise price of $0.50 per share at any time prior to January
31, 2010) valued at a rate of $0.40 per Unit.

(c)          From
February 1, 2007 to the Maturity Date (the “Third Period”),
this Debenture shall accrue interest on the outstanding principal balance at an
annual rate of 10%.  Interest accrued on
the unpaid principal balance of the Debenture during the Third Period shall be
paid on the Maturity Date.  Interest
accrued on the unpaid principal balance of the Debenture during the Third
Period shall be paid, at the election of Maker, either in cash or in shares of
Common Stock valued at a rate of $0.50 per share of Common Stock.

(d)         Maturity
Date.  The entire principal amount of this Debenture
shall be due and payable in full at 5:00 p.m. in the Central Time Zone on February
27, 2009, unless otherwise previously converted into Maker’s common stock in
accordance herewith. (the “Maturity
Date”).

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(e)          Subordination
By Holder.  The
Holder, by acceptance of this Debenture, covenants and agrees that the payment
of principal and interest under this Debenture is hereby expressly subordinated
to any and all existing Maker Senior Debt (as defined below).  The Holder acknowledges and agrees
that all Debentures, loan agreements and other documents and instruments
related to Senior Debt (the “Senior Debt Documents”) may limit the actions that
may be taken by the Holder hereunder and, in such event, the Holder agrees to
take only such action and to such extent as may then be allowed by the Senior
Debt Documents.  “Senior Debt” shall mean all principal of (and premium of, if
any) and unpaid interest on all
indebtedness of the Maker created, incurred, assumed, or guaranteed by the
Maker, or for which the Maker is otherwise directly or indirectly liable, for
money borrowed: (i) from any banks, finance companies, trust companies, pension
trusts, insurance companies, or other financial institutions unless the
instrument under which such debt is created, incurred, assumed or guaranteed by
the Maker expressly provide that such debt is not senior or superior in right
of payment to this Debenture; and (ii) from any other third parties where any
of the instruments under which such other third party debt is created,
incurred, assumed or guaranteed by the Maker expressly provides that such debt
is senior or superior in right of payment to this Debenture.

Upon (i) the maturity of Senior Debt, including by
acceleration or otherwise, or (ii) any distribution of the assets of the Maker
upon dissolution, winding up, liquidation or reorganization of the Maker, the
holders of such Senior Debt are entitled to receive payment in full before the
Holder of this Debenture is entitled to receive any payment.  With the exception of the foregoing, this
Debenture shall rank equally with the Maker’s other unsecured debt (including,
without limitation, all other Debentures) to the extent such other unsecured
debt, by its express terms, is not superior in right of payment to this
Debenture with respect to receiving payments or other distributions.

2.          Compliance with Securities Laws and Other
Transfer Restrictions.

(a)          Investment
Intent.  The Holder of this Debenture, by acceptance
hereof, agrees, represents and warrants that this Debenture and any Units or
shares of Common Stock of Maker issued as interest on this Debenture
(collectively, the “Securities”) are being acquired for investment
purposes, that the Holder has no present intention to resell or otherwise
dispose of all or any part of the Securities.

(b)         Transfer.  In
the event the Holder of the Securities desires to transfer any of the
Securities, the Holder shall provide the Maker with a Form of Assignment, in
the form attached hereto describing the manner of such transfer, and an opinion
of counsel ( acceptable to the Maker and its

 3
 

counsel)
that the proposed transfer may be effected without registration or
qualification under applicable securities laws, whereupon such Holder shall be
entitled to transfer such Securities in accordance with the notice delivered by
such Holder to the Maker.  If, in the
opinion of the counsel referred to in this Subsection, the proposed transfer or
disposition described in the written notice given may not be effected without
registration or qualification of such Securities, the Maker shall give written
notice thereof to the Holder hereof, and such Holder will limit his/her
activities in respect to such proposed transfer or disposition as, in the
opinion of such counsel, are permitted by law. 

(c)          Restrictive
Legend.  The Maker shall place one or more restrictive
legends on the Securities, which legends set forth the restrictions contained
herein, and may further place a “stop transfer” restriction in the Maker’s
books and records with respect to the Securities.  The restrictions set forth in this Debenture shall
be binding upon any holder, donee, assignee or transferee of the Securities.

3.               No Rights as Shareholder.  This
Debenture shall not entitle the Holder to any right to vote or receive
distributions or any other rights as a shareholder or owner of the Maker,
unless and until any portion of this Debenture is converted into Common Stock,
as permitted or required herein.

4.               Events of Default.  The occurrence of any one or more of the
following events (whether such occurrence shall be voluntary or involuntary or
occur or be effected by operation of law or otherwise) shall constitute an
event of default hereunder:

(a)            if the Maker fails to pay when due any
monthly interest payment due hereunder, or any other amount payable to Holder
under the terms of this Debenture, and such failure to pay is not cured by
Maker within 45 calendar days after written notice thereof is delivered by
Holder to Maker;

(b)           if the Maker makes an assignment for the
benefit of creditors;

(c)            if any order, judgment, or decree is entered
adjudicating the Maker bankrupt; or

(d)           if the Maker petitions or applies to any
tribunal for the appointment of a trustee or receiver or commences any
proceeding under any bankruptcy, reorganization, insolvency, dissolution or
liquidation law of any jurisdiction.

 4
 

5.               Unsecured Maker Debenture. 
Holder acknowledges and agrees that the indebtedness represented by this
Debenture is unsecured, and thus, is not secured by any assets or properties of
Maker, or subject to any credit enhancement or guaranty of any type.

6.     Conversion of Indebtedness
into Maker’s Common Stock;  “Piggy-Back”
and Demand Registration Rights for Common Stock Acquired Upon Conversion.  

(a)          Conversion of Indebtedness into Maker’s
Common Stock. While this
indebtedness in favor of Holder remains outstanding, Holder shall be entitled
to convert, at Holders’ sole option, the entire principal balance of this
Debenture, or any part hereof, into Maker’s common stock at a price of $.50 per
share. However, if Maker’s existing Senior Debt Facility is not repaid, and
Holder’s guarantee not released by August 31, 2007 (or subsequently, by October
31, 2007), then, in such instances, the conversion ratio set forth above shall
be immediately be modified and altered on such dates, such that the principal
balance of this Debenture, or any part hereof, shall be convertible into Maker’s
common stock at a price of $.40 per share, and subsequently, $.30 per share,
respectively.  Holder shall provide Maker
and its counsel with ten (10)  business
days advance written notice of Holder’s intent to convert all, or any part, of
this Debenture in accordance with this section. 
In connection with such conversion, Maker shall remit and pay to Holder
all accrued and unpaid interest due hereon. 
All common stock of Maker so acquired by Holder in accordance with such
conversion shall be entitled to “piggy back” and/or demand registration rights
described below.

(b)         Piggy-back
Registration Rights.  If, at any time prior to payment in full of
this Debenture, or any conversion hereof, Maker proposes to claim an exemption
under Section 3(b) of the Securities Act of 1933, as amended (the “Act”), for a
public Placement of any of its securities, or seeks to register any of its
securities under the Act (except by registration statement on a form that does
not permit the inclusion of shares by its security holders), Maker will provide
written notice of its intentions to Holders. Upon written request of each such
Holder given within 10 business days after receipt of such notice, Maker shall
use its best efforts to cause all common shares acquired by the Holder’s
conversion of indebtedness to equity hereunder to be included in such proposed
notification or registration statement, subject to approval by Maker’s
then-existing broker-dealer or underwriter. 
The Holder’s written request shall specify the number of shares of Maker’s
common stock intended to be sold or disposed of by the

 5
 

Holder,
and describe the nature of any proposed sale or other disposition thereof.  All notification or registration expenses
shall be borne by Maker.

(c)          Demand
Registration Rights.   If, at any time prior to payment in full of
this Debenture, or any conversion hereof, Holders of at least 60% or more of
the value of the Debentures issued in the Placement elect to convert their
Debentures into Maker’s common stock and demand registration of their shares
for resale, Maker shall use its reasonable efforts to register the shares and
to cause such registration to become effective within 90 calendar days of such
demand.

(d)         One
Registration.  Upon completing a registration of the Maker’s
common stock pursuant to paragraph (b) or (c) of this Section, the Maker shall
have no further obligation to register shares hereunder.  If a Holder does not elect to participate in
such registration, he shall have no future right to demand a registration of
his/her shares or participate in another registration through piggy-back
rights.

7.          Mandatory Conversion by Maker.  Upon 20 day calendar notice by Maker upon
retirement and payment in full of Maker’s Senior Debt Facility with its senior
lender, Maker shall then henceforth, in its sole discretion, have the right and
ability to call the Debentures and either pay such Debentures in full or
require their immediate conversion into Maker’s common stock.

8.          Miscellaneous.

(a)
Wavier.  No waiver hereunder or
amendment of this Debenture shall be effective unless it is in writing and
signed by the Maker, Holder and all the Holders of the Debentures issued
pursuant to this Placement.  The
acceptance by the Holder of any payment hereunder that is less than payment in
full of all amounts due and payable at the time of such payment shall not
constitute a waiver of the right to exercise any of the options hereunder at
that time or at any subsequent time.

(b)
Right to Grant Extension.  Except
as provided in Section 1 of this Debenture, Maker hereby agrees that the Holder
has the right (but not the obligation) to grant any extension of time for
payment of any indebtedness evidenced by this Debenture.

(c)
Successors.  The terms and
provisions hereof shall inure to the benefit of, and be binding upon, the
respective successors and assigns of the Maker and Holder. This Debenture shall
be governed by and construed and enforced in

 6
 

accordance
with the laws of the State of Minnesota without giving effect to such state’s
choice of law principles.

(d)
No Recourse.  No recourse for the
payment of the principal of or any interest on this Debenture, or for any claim
based hereon or otherwise in respect hereof, and no recourse under or upon any
obligation, covenant or agreement of the Maker in any Debenture, or because of
the creation of any indebtedness represented thereby, shall be against any
organizer, member, officer, director, shareholder, or manager as such, past,
present or future, of the Maker or of any successor entity either directly or
through the Maker or any successor entity, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issue hereof, expressly waived and released.

(e)          Replacement.  Upon
receipt by the Maker of evidence reasonably satisfactory to it and its counsel,
of the loss, theft, destruction or mutilation of this Debenture, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to
it, and upon reimbursement to the Maker of all legal and out of pocket expenses
incidental thereto, and upon surrender and cancellation of this Debenture, if
mutilated, the Maker will make and deliver a new Debenture of like tenor and
dated as of the initial Debenture, in lieu of this Debenture.

(f)              Integration.
This Debenture embodies the entire agreement and understanding between the
parties relating to the subject matter hereof and supersedes all prior oral or
written agreements and understandings relating to such subject matter.

(g)           Governing
Law. This Debenture shall be construed and interpreted pursuant to and in
accordance with the laws of the State of Minnesota.

(h)           Binding
Effect.  This Debenture shall be
binding upon, and inure to the benefit of, the parties hereto and their
respective heirs, executors, administrators, successors, and assigns.

(i)       Notices. All notices or other communications required
or permitted hereunder shall be in writing. 
A written notice or other communication shall be deemed to have been
sufficiently given: (i) if delivered by hand, when such notice is received from
the notifying party; (ii) if transmitted by facsimile or timely delivered to a
reputable express courier, on the next business day following the day so
transmitted or delivered; or (iii) if delivered by mail, on the fifth day 

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following the date such notice or other communication is deposited in
the U.S. Mail for delivery by certified or registered mail addressed to the
other party, or when actually received, whichever occurs earlier.

 8
 

IN WITNESS WHEREOF, the
Maker has caused this Debenture to be executed by its authorized
representative, who certifies that he has all necessary authority on behalf of
the Maker to execute this Debenture and bind the Maker to the terms hereof.

	
  

  	
  PROUROCARE MEDICAL INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Richard C. Carlson

  
	
   

  	
   

  	
   

  
	
   

  	
  Its: Chief Executive Officer

  

 

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]