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EXHIBIT 4.5  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE LAWS, AND NO
INTEREST THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
COVERING ANY SUCH TRANSACTION OR SUCH TRANSACTION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND LAWS, SUCH COMPLIANCE, AT THE OPTION OF THE CORPORATION, TO BE EVIDENCED BY AN OPINION OF
WARRANTHOLDER'S COUNSEL, IN FORM ACCEPTABLE TO THE CORPORATION, THAT NO VIOLATION OF SUCH REGISTRATION PROVISIONS WOULD RESULT FROM ANY PROPOSED TRANSFER OR ASSIGNMENT. 

  SERIES "T" COMMON STOCK PURCHASE WARRANT
  Bioject Medical Technologies Inc.         

    THIS CERTIFIES that for good and valuable consideration received, H.C. Wainwright & Co., Inc., or registered assigns, is entitled, upon the terms
and subject to the conditions hereinafter set forth, to acquire from Bioject Medical Technologies Inc., an Oregon corporation (the "Corporation") up to 15,000 fully paid and nonassessable
shares of common stock, without par value, of the Corporation ("Warrant Stock") at a purchase price per share (the "Exercise Price") of $8.4375. 

1.  Term of Warrant  

    Subject to the terms and conditions set forth herein, this Warrant shall be exercisable, in whole or from time to time in part, at any time on or after the
date hereof (the "Initial Exercise Date") and at or prior to 11:59 p.m., Pacific Standard Time, on August 2, 2005 (the "Expiration Time"), unless otherwise extended by the Corporation. 

2.  Exercise of Warrant  

    The purchase rights represented by this Warrant are exercisable by the registered holder hereof, in whole or in part, at any time and from time to time at or
prior to the Expiration Time by the surrender of this Warrant and the Notice of Exercise form attached hereto duly executed to the office of the Corporation at 7620 S.W. Bridgeport Road, Portland,
Oregon 97224 (or such other office or agency of the Corporation as it may designate by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the
Corporation), and upon payment of the Exercise Price for the shares thereby purchased (by cash or by check or bank draft payable to the order of the Corporation or by cancellation of indebtedness of
the Corporation to the holder hereof, if any, at the time of exercise in an amount equal to the purchase price of the shares thereby purchased); whereupon the holder of this Warrant shall be entitled
to receive from the Corporation a stock certificate in proper form representing the number of shares of Warrant Stock so purchased. 

3.  Issuance of Shares; No Fractional Shares of Scrip  

    Certificates for shares purchased hereunder shall be delivered to the holder hereof by the Corporation's transfer agent at the Corporation's expense within a
reasonable time after the date on which this Warrant shall have been exercised in accordance with the terms hereof. Each certificate so delivered shall be in such denominations as may be requested by
the holder hereof and shall be registered in the name of such holder or, subject to applicable laws, other name as shall be requested by such holder. If, upon exercise of this Warrant, fewer than all
of the shares of Warrant Stock evidenced by this Warrant are 

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purchased prior to the Expiration Time, one or more new warrants substantially in the form of, and on the terms in, this Warrant will be issued for the remaining number of shares of Warrant Stock not
purchased upon exercise of this Warrant. The Corporation hereby represents and warrants that all shares of Warrant Stock which may be issued upon the exercise of this Warrant will, upon such exercise,
be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issuance thereof (other than liens or charges created by or imposed
upon the holder of the Warrant Stock). The Corporation agrees that the shares so issued shall be and be deemed to be issued to such holder as the record owner of such shares as of the close of
business on the date on which this Warrant shall have been surrendered for exercise in accordance with the terms hereof. No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the then current price at which
each share may be purchased hereunder shall be paid in cash to the holder of this Warrant. 

4.  Charges, Taxes and Expenses  

    Issuance of certificates for shares of Warrant Stock upon the exercise of this Warrant shall be made without charge to the holder hereof for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Corporation, and such certificates shall be issued in the
name of the holder of this Warrant or in such name or names as may be directed by the holder of this Warrant; provided, however, that in the event
certificates for shares of Warrant Stock are to be issued in a name other than the name of the holder of this Warrant, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the holder hereof. 

5.  No Rights as Shareholders  

    This Warrant does not entitle the holder hereof to any voting rights or other rights as a shareholder of the Corporation prior to the exercise hereof. 

6.  Registration Rights  

    This Warrant is a Series "T" Warrant identified in the Registration Rights Agreement dated as of August 2, 2000 between the Corporation and the parties
listed on the signature pages thereto. A transferee of this Warrant may become a "Holder" as defined in such agreement upon compliance with the requirements of such agreement. 

7.  Exchange and Registry of Warrant  

    This Warrant is exchangeable, upon the surrender hereof by the registered holder at the above-mentioned office or agency of the Corporation, for a new Warrant
of like tenor and dated as of such exchange. The Corporation shall maintain at the above-mentioned office or agency a registry showing the name and address of the registered holder of this Warrant.
This Warrant may be surrendered for exchange, transfer or exercise, in accordance with its terms, at such office or agency of the Corporation,
and the Corporation shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 

8.  Loss, Theft, Destruction or Mutilation of Warrant  

    Upon receipt by the Corporation of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss,
theft or destruction of indemnity or security reasonably satisfactory to it, and upon reimbursement to the Corporation of all reasonable expenses incidental thereto, and upon surrender and
cancellation of this Warrant, if mutilated, the Corporation will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 

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9.  Saturdays, Sundays and Holidays  

    If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be
a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 

10. Merger, Sale of Assets, Etc.  

    If at any time the Corporation proposes to merge or consolidate with or into any other corporation, effect any reorganization, or sell or convey all or
substantially all of its assets to any other entity, then, as a condition of such reorganization, consolidation, merger, sale or conveyance, the Corporation or its successor, as the case may be, shall
enter into a supplemental agreement to make lawful and adequate provision whereby the holder shall have the right to receive, upon exercise of the Warrant, the kind and amount of equity securities
which would have been received upon such reorganization, consolidation, merger, sale or conveyance by a holder of a number of shares of common stock equal to the number of shares issuable upon
exercise of the Warrant immediately prior to such reorganization, consolidation, merger, sale or conveyance. If the property to be received upon such reorganization, consolidation, merger, sale or
conveyance is not equity securities, the Corporation shall give the holder of this Warrant ten (10) business days prior written notice of the proposed effective date of such transaction,
and if this Warrant has not been exercised by or on the effective date of such transaction, it shall terminate. 

11. Certain Adjustments  

    11.1  Adjustment of Warrant Stock.  The number, class and Exercise Price per share of securities for
which this Warrant may be exercised are subject to adjustment from time to time upon the happening of certain events as hereinafter provided: 

    (a) Recapitalization.  If the outstanding shares of the Corporation's Common Stock are divided into a
greater number of shares or if the Corporation shall effect a stock dividend, the number of shares of Common Stock purchasable upon the exercise of this Warrant shall be proportionately increased and
the Exercise Price per share shall be proportionately reduced. Conversely, if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, the number of shares
of Common Stock purchasable upon the exercise of this Warrant shall be proportionately reduced and the Exercise Price per share shall be proportionately increased. The increases and reductions
provided for in this Section 11.1(a) shall be made with the intent and, as nearly as practicable, the effect that neither the percentage of the total equity of the Corporation obtainable on
exercise of this Warrant nor the aggregate price payable for such percentage shall be affected by any event described in this Section 11.1(a). 

    (b) Merger or Reorganization, Etc.  In the event of any change in the Common Stock through merger,
consolidation, reclassification, reorganization, partial or complete liquidation or other change in the capital structure of the Corporation (not including the issuance of additional shares of capital
stock other than by stock dividend or stock split), then, the Holder of this Warrant will have the right thereafter to receive upon the exercise of this Warrant the kind and amount of shares of stock
or other securities or property to which it would have been entitled if, immediately before the merger, consolidation, reclassification, reorganization, recapitalization or other change in the capital
structure, it had held the number of shares of Common Stock obtainable upon the exercise of this Warrant. In any such case, appropriate adjustment shall be made in the application of the provisions of
this Section 11 with respect to the rights of the Holder after the merger, consolidation, reclassification, reorganization, recapitalization or other change to the end that the provisions of
this Section 11 (including adjustment of the Exercise Price then in effect and the number of shares issuable upon exercise of this Warrant) shall be applicable after that event as nearly
equivalent as may be practicable. 

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    (c) Adjustment for Dividends or Distributions of Stock or Other Securities or Property.  In case the
Corporation shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Warrant Stock (or any
shares of stock or other securities at the time issuable upon exercise of the Warrant) payable in (i) securities of the Corporation (other than as provided for in Section 11.1(a) or
(b) above) or any other entity or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, upon exercise of this Warrant at any
time after the consummation, effective date or record date of such dividend or other distribution, the Holder shall receive, in addition to the Warrant Stock (or such other stock or securities)
issuable on such exercise prior to such date, and without the payment of additional consideration therefor, the securities or such other assets of the Corporation to which such Holder would have been
entitled upon such date if such Holder had exercised this Warrant on the Initial Exercise Date and had thereafter, during the period from the Initial Exercise Date to and including the date of such
exercise, retained such shares and/or all other additional stock or securities available by it as aforesaid during such period giving effect to all adjustments called for by this Section 11. 

    (d) Sale of Shares Below Exercise Price.

    (i)  If
the Corporation shall issue any Additional Stock (as defined below) without consideration or for a consideration per share less than $7.75 (adjusted
appropriately for stock dividends, splits, combinations and similar transactions) in effect immediately prior to the issuance of such Additional Stock in a transaction not subject to
Section 11.1(a), (b) or (c) above, the Exercise Price in effect immediately prior to issuance of such Additional Stock (except as otherwise provided in this
Section 11.1(d)) shall be adjusted down to a price equal to the quotient obtained by dividing the total computed under clause (x) below by the total computed under clause (y)
below as follows: 

    (x) an
amount equal to the sum of (1) the result obtained by multiplying the number of shares of Common Stock deemed outstanding immediately prior to such
issuance (which shall include the actual number of shares outstanding plus all shares issuable upon the conversion or exercise of all outstanding convertible securities, warrants and options other
than shares excluded from the definition of Additional Stock by Section 11.1(d)(vi)) by the Exercise Price then in effect, and (2) the aggregate consideration, if any, received by the
Corporation upon the issuance of such Additional Stock; 

    (y) the
number of shares of Common Stock of the Corporation outstanding immediately after such issuance (including the shares deemed outstanding as provided in
clause (x) above). 

    (ii) No
adjustment of the Exercise Price shall be made in an amount less than $0.01 per share; provided, however, that any adjustments which are not required to be made
by reason of this sentence shall be carried forward and shall be taken into account in any subsequent adjustment made to the Exercise Price. Except as provided in Sections 11.1(d)(v)(C) and (D)
below, no adjustment of the Exercise Price shall have the effect of increasing the Exercise Price above the Exercise Price in effect immediately prior to such adjustment. 

    (iii) In
the case of the issuance of Common Stock for cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting any discounts,
commissions or other expenses allowed, paid or incurred by the Corporation for any underwriting or otherwise in connection with the issuance and sale thereof. 

    (iv) In
the case of the issuance of Common Stock for a consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be the
fair value thereof as determined in good faith by the Board of Directors irrespective of any accounting treatment. 

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    (v) In the case of the issuance of options or warrants to purchase or rights to subscribe for Common Stock, securities by their terms convertible into or exchangeable
for Common Stock, or options or warrants to purchase or rights to subscribe for such convertible or exchangeable securities (which options, warrants, rights, convertible or exchangeable securities are
not excluded from the definition of Additional Stock except as provided in Section 11.1(d)(vi)(B)), the following provisions shall apply: 

    (A)  the
aggregate maximum number of shares of Common Stock deliverable upon exercise of such options or warrants to purchase or rights to subscribe for Common Stock
shall be deemed to have been issued at the time such options, warrants, or rights were issued for a consideration equal to the consideration (determined in the manner provided in
Sections 11.1(d)(iii) and (iv) above), if any, received by the Corporation upon the issuance of such options, warrants or rights plus the minimum purchase price provided in such options,
warrants or rights for the Common Stock covered thereby, but no further adjustment to the Exercise Price shall be made for the actual issuance of Common Stock upon the exercise of such options,
warrants or rights in accordance with their terms; 

    (B)  the
aggregate maximum number of shares of Common Stock deliverable upon conversion of or in exchange for any such convertible or exchangeable securities or upon
the exercise of options or warrants to purchase or rights to subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof shall be deemed to have been issued
at the time such securities were issued or such options, warrants or rights were issued for a consideration equal to the consideration received, if any, by the Corporation for any such securities and
any related options, warrants or rights, plus the minimum additional consideration, if any, to be received by the Corporation upon the conversion or exchange of such securities or the exercise of any
related options, warrants or rights (the consideration in each case to be determined in the manner provided in Sections 11.1(d)(iii) and (iv) above), but no further adjustment to the
Exercise Price shall be made for the actual issuance of Common Stock upon the conversion or exchange of such securities in accordance with their terms; 

    (C)  if
such options, warrants, rights or convertible or exchangeable securities by their terms provide, with the passage of time or otherwise, for any change in the
consideration payable to the Corporation or in the number of shares of Common Stock issuable upon the exercise, conversion or exchange thereof, including, without limitation, a change resulting from
the antidilution provisions thereof, the Exercise Price computed upon the original issue thereof, and any subsequent adjustments based thereon, shall, upon such change becoming effective, be
recomputed to reflect such change, but no further adjustment to the Exercise Price shall be made for the actual issuance of Common Stock upon the exercise of any such options, warrants or rights or
the conversion or exchange of such securities in accordance with their terms; and 

    (D)  upon
the expiration of any such options, warrants or rights, the termination of any such rights to convert or exchange or the expiration of any options, warrants
or rights related to such convertible or exchangeable securities, the Exercise Price shall forthwith be readjusted to such Exercise Price as would have been obtained had the adjustment which was made
upon the issuance of such options, warrants, rights or securities or options, warrants or rights related to such securities been made upon the basis of the issuance of only the number of shares of
Common Stock (and convertible or exchangeable securities which remain in effect) actually issued upon the exercise of such options, warrants or rights, upon the conversion or exchange of such
securities or upon the exercise of the options, warrants or rights related to such securities. 

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    (vi) "Additional
Stock" shall mean any shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock issued (or deemed
to have been issued pursuant to Section 11.1(d)(v) above) by the Corporation after the Initial Exercise Date other than: 

    (A)  Common
Stock issued in connection with a transaction described in Section 11.1(a), (b) or (c); 

    (B)  shares
of Common Stock (and options to purchase shares of Common Stock) issued or issuable to employees, officers or directors of, or consultants to, the
Corporation pursuant to a stock option, employee stock purchase or restricted stock plan approved by the Corporation's Board of Directors; 

    (C)  shares
of Common Stock (adjusted appropriately for stock dividends, splits, combinations and similar transactions) issued or issuable upon the exercise of warrants
outstanding on the Initial Exercise Date; 

    (D)  shares
of Common Stock, or securities convertible into or exchangeable or exercisable for shares of Common Stock, issued to financial institutions or equipment
lessors in connection with commercial credit arrangements, equipment financings or similar transactions not primarily for equity financing purposes and which have been approved by the Corporation's
Board of Directors; and 

    (E)  shares
of Common Stock, or securities convertible into or exchangeable or exercisable for shares of Common Stock, issued in connection with business combinations
or corporate partnering agreements approved by the Corporation's Board of Directors. 

    11.2  Notice of Adjustment.  Whenever an event occurs requiring any adjustment to be made pursuant to
Section 11.1, the Corporation shall promptly file with its Secretary or an assistant secretary at its principal office and with its stock transfer agent, if any, a certificate of its President
or Chief Financial Officer specifying such adjustment, setting forth in reasonable detail the acts requiring such adjustment, and stating such other facts as shall be necessary to show the manner and
figures used to compute such adjustment. Such certificate shall be made available at all reasonable times for inspection by the Holder. Promptly (but in no event more than 30 days) after each
such adjustment, the Corporation shall give a copy of such certificate by certified mail to the Holder. 

12. Transferability; Compliance with Securities Laws  

    12.1  This
Warrant may not be transferred or assigned in whole or in part without compliance with all applicable federal and state securities laws by the transferor and
transferee (including the delivery of investment representation letters and legal opinions reasonably satisfactory to the Corporation, if requested by the Corporation). Subject to such restrictions,
prior to the Expiration Time, this Warrant and all rights hereunder are transferable by the holder hereof, in whole or in part, to transferees, including without limitation entities controlling,
controlled by or under common control with H.C. Wainwright & Co., Inc. at the office or agency of the Corporation referred to in Section 1 hereof. Any such transfer shall be made
in person or by the holder's duly authorized attorney, upon surrender of this Warrant together with the Assignment Form attached hereto properly endorsed. 

    12.2  The
Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and the Warrant Stock issuable upon exercise hereof are being acquired solely for
the holder's own account and not as a nominee for any other party, and for investment, and that the holder will not offer, sell or otherwise dispose of this Warrant or any shares of Warrant Stock to
be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. Upon exercise of this Warrant,
the holder shall, if requested by the Corporation, confirm in writing, in a form satisfactory to the Corporation, that the shares of Warrant Stock so purchased 

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are being acquired solely for the holder's own account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale. 

    12.3  The
Warrant Stock has not been and will not be registered under the Securities Act of 1933, as amended, and this Warrant may not be exercised except by
(i) the original purchaser of this Warrant from the Corporation or (ii) an "accredited investor" as defined in Rule 501(a) under the Securities Act of 1933, as amended. Each
certificate representing the Warrant Stock or other securities issued in respect of the Warrant Stock upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event,
shall be stamped or otherwise imprinted with a legend substantially in the following form (in addition to any legend required under applicable securities laws): 

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER UNITED STATES FEDERAL OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED OR
ASSIGNED FOR VALUE, DIRECTLY OR INDIRECTLY, NOR MAY THE SECURITIES BE TRANSFERRED ON THE BOOKS OF THE CORPORATION, WITHOUT REGISTRATION OF SUCH SECURITIES UNDER ALL APPLICABLE UNITED STATES FEDERAL OR
STATE SECURITIES LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM, SUCH COMPLIANCE, AT THE OPTION OF THE CORPORATION, TO BE EVIDENCED BY AN OPINION OF SHAREHOLDER'S COUNSEL, IN FORM
ACCEPTABLE TO THE CORPORATION, THAT NO VIOLATION OF
SUCH REGISTRATION PROVISIONS WOULD RESULT FROM ANY PROPOSED TRANSFER OR ASSIGNMENT. 

13. Representations and Warranties  

    The Corporation hereby represents and warrants to the holder hereof that: 

    (a) during
the period this Warrant is outstanding, the Corporation will reserve from its authorized and unissued common stock a sufficient number of shares to provide
for the issuance of Warrant Stock upon the exercise of this Warrant; 

    (b) the
issuance of this Warrant shall constitute full authority to the Corporation's officers who are charged with the duty of executing stock certificates to execute
and issue the necessary certificates for the shares of Warrant Stock issuable upon exercise of this Warrant; 

    (c) the
Corporation has all requisite legal and corporate power to execute and deliver this Warrant, to issue the common stock issuable upon exercise of this Warrant
and to carry out and perform its obligations under the terms of this Warrant; 

    (d) all
corporate action on the part of the Corporation, its directors and shareholders necessary for the authorization, execution, delivery and performance of this
Warrant by the Corporation, the authorization, sale, issuance and delivery of the Warrant Stock, the grant of registration rights as provided herein and the performance of the Corporation's
obligations hereunder has been taken; 

    (e) the
Warrant Stock, when issued in compliance with the provisions of this Warrant and the Corporation's Articles of Incorporation (as they may be amended from time
to time (the "Articles")), will be validly issued, fully paid and nonassessable, and free of all taxes, liens or encumbrances with respect to the issue thereof, and will be issued in compliance with
all applicable federal and state securities laws; and 

    (f)  the
issuance of the Warrant Stock will not be subject to any preemptive rights, rights of first refusal or similar rights. 

14. Corporation  

    The Corporation will not, by amendment of its Articles or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed 

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hereunder by the Corporation, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of the Warrant against impairment. 

15. Governing Law  

    This Warrant shall be governed by and construed in accordance with the laws of the State of Oregon. 

    IN
WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its duly authorized officer. 

Dated:
August 2, 2000 

	 	 	BIOJECT MEDICAL TECHNOLOGIES INC.

	 

 	 
 	 

By:	 
 	 

 
	 	 	 	 	
 Name: James C. O'Shea

Title:  President and Chief Executive Officer

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  NOTICE OF EXERCISE         

To:
Bioject Medical Technologies Inc. 

    (1) The
undersigned hereby elects to purchase      shares of common stock of Bioject Medical Technologies Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price in full, together with all applicable transfer taxes, if any. 

    (2) In
exercising this Warrant, the undersigned hereby confirms and acknowledges that the shares of common stock to be issued upon exercise hereof are being acquired
solely for the account of the undersigned and not as a nominee for any other party, and for investment, and that the undersigned will not offer, sell or otherwise dispose of any such shares of common
stock except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. 

    (3) Please
issue a certificate or certificates representing said shares of common stock in the name of the undersigned or in such other name as is specified below: 

	 	 	
 (Name)	 	 
	 

 	 
 	 

 (Address)	 
 	 

 

    (3) The
undersigned represents that (a) he, she or it is the original purchaser from the Corporation of the attached Warrant or an "accredited investor" within
the meaning of Rule 501(a) under the Securities Act of 1933, as amended and (b) the aforesaid shares of common stock are being acquired for the account of the undersigned for investment
and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares. 

	
 (Date)	 	
 (Signature)

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  ASSIGNMENT FORM         

    (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

    FOR
VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned under the
within Warrant, with respect to the number of shares of common stock of Bioject Medical Technologies Inc. set forth below: 

	Name of Assignee
	 	Address
	 	No. of Shares

	         	 	 	 	 
	         	 	 	 	 
	         	 	 	 	 
	         	 	 	 	 
	         	 	 	 	 
	         	 	 	 	 

and
does hereby irrevocably constitute and appoint Attorney            to make such transfer on the books of Bioject Medical Technologies Inc., maintained for the purpose, with full power of
substitution in the premises. 

    The
undersigned also represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the shares of stock to be issued upon exercise hereof are being acquired
for investment and that the Assignee will not offer, sell or otherwise dispose of this Warrant or any shares of stock to be issued upon exercise hereof except under circumstances which will not result
in a violation of the Securities Act of 1933, as amended, or any state securities laws. Further, the Assignee shall, if requested by the Corporation, confirm in writing, in a form satisfactory to the
Corporation, that the shares of stock so purchased are being acquired for investment and not with a view toward distribution or resale. 

	 	 	Dated:

	 

 	 
 	 

Holder's Signature:

	 

 	 
 	 

Holder's Address:
	 

 	 
 	 

	 

 	 
 	 

Guaranteed
Signature: 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever, and must be guaranteed by
a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

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QuickLinks

SERIES "T" COMMON STOCK PURCHASE WARRANT Bioject Medical Technologies Inc.

NOTICE OF EXERCISE

ASSIGNMENT FORM<PAGE>

                                                                    Exhibit 10.4

                            FIRST AMENDMENT TO LEASE

         THIS FIRST AMENDMENT TO LEASE (this "First Amendment") is made as of
July 13th, 2000, by and among (i) Watson Wyatt & Company, a Delaware corporation
("Tenant"), and (ii) Marvin M. Robertson and Katheryn M. Robertson, Trustees
under Trust Indenture made by Mathilda M. Kirchner dated November 28, 1953,
Marvin M. Robertson and Katheryn M. Robertson, Trustees under Trust Indenture
made by Cecelia E. Goodman dated November 28, 1953, Marvin M. Robertson,
Katheryn M. Robertson and George W. Lemm, Trustees under the Will of Katheryn
Lemm (Trust Estates 2 through 4), Marvin M. Robertson, Katheryn M. Robertson and
George W. Lemm, Trustees under Trust Indenture made by John C. Goodman dated
August 14, 1959 (Trust Estates I through 4), Marvin M. Robertson, Katheryn M.
Robertson and George W. Lemm, Trustees under Trust Indenture made by Mathilda M.
Kirchner dated August 14, 1959 (Trust Estates 4, 5, and 6), Marvin M. Robertson,
Katheryn M. Robertson and George W. Lemm, Trustees under Trust Indenture made by
Cecelia E. Goodman dated August 14, 1959 (Trust Estates I through 6), Marvin M.
Robertson and Katheryn M. Robertson, as Trustees under the Trust Indenture made
by Henry J. Kirchner (Trust Estates I and 2) dated December 5, 1956, Marvin M.
Robertson, Michael A. Maiatico and Ann T. Maiatico, Trustees under Trust
Indenture No. I made by Walter M. Macnichol dated September 21, 1959 (Trust
Estates I through 8), Marvin M. Robertson, Katheryn M. Robertson and George W.
Lemm, Trustees under Trust Indenture No. II made by Walter M. Macnichol dated
September 21, 1959, and Marvin M. Robertson and George W. Lemm, Trustees under
Trust Indenture made by William F. Glockner dated May 7, 1965 (Trust Estates 3
through 9 and 11) (collectively, "Landlord").

                                    RECITALS:

         WHEREAS, Landlord and Tenant entered into that certain Office Lease
(the "Original Lease"), dated January 9, 1998, pursuant to which Landlord leased
to Tenant approximately eighty-seven thousand three hundred twenty-seven
(87,327) rentable square feet of space (the "Premises") on the 7th, 8th, and 9th
floors of the building located at 1717 H Street, N.W., Washington, D.C. (the
"Building");

         WHEREAS, pursuant to that letter dated February 24, 1999 from Tenant to
Landlord, Watson Wyatt exercised its option to lease the fifth floor of the
Building (the "Fifth Floor") and the sixth floor of the Building (the "Sixth
Floor") in accordance with Section 39 of the Original Lease;

         WHEREAS, the Federal Deposit and Insurance Corporation (the "FDIC") and
Landlord are parties to that Office Lease dated March 1, 1991, as amended by the
First Amendment dated September 27, 1995, the Second Amendment dated August 25,
1997, and the Third Amendment dated February 22, 2000 (the "FDIC Lease").
Pursuant to the FDIC Lease, the FDIC leases space in the Building, including the
Fifth and Sixth Floors. The FDIC has advised both the Landlord and Watson Wyatt
that it is willing to vacate the Fifth and Sixth Floors prior to the FDIC Lease

<PAGE>

expiration date for those floors, i.e. August 31, 2000, so that Watson Wyatt can
commence its leasing of those floors prior to the date set forth in the Original
Lease, and thereby proceed to perform its tenant improvements and occupy those
floors earlier than as contemplated under the Original Lease; and

         WHEREAS, Landlord and Tenant desire to amend the Original Lease for the
purpose of providing for the delivery to Tenant of the Fifth Floor and the Sixth
Floor earlier than anticipated by the Original Lease and to address other
related matters, as hereinafter provided.

         NOW THEREFORE, for and in consideration of Ten Dollars ($10.00), the
Recitals set forth above, the mutual covenants and agreements hereinafter set
forth and other good and valuable consideration, the receipt, adequacy and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby
mutually agree as follows:

         1. RECITALS INCORPORATED, CERTAIN DEFINED TERMS. The Recitals set forth
above are incorporated herein by this reference and shall be deemed terms and
provisions hereof with the same force and effect as if fully set forth in this
Section. Terms which are not otherwise defined herein shall be deemed to have
the same meanings herein as are ascribed to such terms in the Original Lease. As
used herein and in the Original Lease, the term "Lease" shall hereafter mean the
Original Lease, as amended by this First Amendment.

         2.       DELIVERY DATES FOR FIFTH FLOOR AND SIXTH FLOOR.

         (a) Provided that the FDIC terminates its leasing of the Fifth and
Sixth Floors prior to August 31, 2000, enters into a termination agreement with
Landlord to that effect, including the payment of a termination fee, and
delivers said floors to Landlord, then Landlord agrees that it will deliver the
Fifth and Sixth Floors to Tenant. Tenant agrees that it shall accept the Sixth
Floor if delivered on July 15, 2000, and Tenant agrees that it shall accept the
Fifth Floor if delivered to Tenant on July 28, 2000. In such event, the Original
Lease shall commence as to each of those floors on their respective delivery
dates. As consideration for Landlord's delivery of the Sixth Floor to Tenant
earlier than anticipated under the Original Lease, Tenant shall pay to Landlord,
within ten (10) days after the date upon which Landlord delivers the Sixth Floor
to Tenant, an amount equal to One Thousand Three Hundred and 10/100 Dollars
($1,300.10) multiplied by the number of days occurring during that period
beginning on July 15, 2000, if Landlord delivers the Sixth Floor to Tenant on
July 15, 2000, and ending on August 31, 2000. As consideration for Landlord's
delivery of the Fifth Floor to Tenant earlier than anticipated under the
Original Lease, Tenant shall pay to Landlord, within ten (10) days after
Landlord's delivery of the Fifth Floor to Tenant, an amount equal to One
Thousand Three Hundred and 10/100 Dollars ($1,300.10) multiplied by the number
of days occurring during that period beginning on July 15, 2000, if Landlord
delivers the Fifth Floor to Tenant on July 15, 2000, and ending on August 31,
2000.

         (b) In the event that the FDIC does not deliver the Fifth Floor by July
28, 2000 or the Sixth Floor by July 15, 2000, but is able to deliver said floors
on dates earlier than August 31, 2000, then Tenant shall have the right, but
have no obligation, to accept either floor on the date delivered. In such event,
the Original Lease shall commence as to each floor on the date of
                                       2

<PAGE>

delivery thereof, and the following rental shall be paid: for each floor, the
rental shall be computed by multiplying the number of days from the date of
delivery to August 31, 2000, by the sum of One Thousand Three Hundred and 10/100
Dollars ($1,300.10), payable within ten (10) days after the date of delivery of
the respective floor.

         (c) In the event that Tenant takes delivery of either the Fifth or
Sixth Floors as provided above, and if Tenant occupies and conducts its business
in all or a part of the Fifth Floor and/or the Sixth Floor for any period before
December 31, 2000, then Tenant shall reimburse Landlord, within ten (10) days of
Landlord's demand, for the costs of Tenant's occupancy, including all utilities
and janitorial services, attributable to Tenant's occupancy of the subject
portion(s) of the Fifth Floor and/or the Sixth Floor during the aforesaid
period(s).

         (d) Landlord shall have no liability whatsoever to Tenant for the
failure of the FDIC to deliver the Fifth or Sixth Floors as provided above.

         3. SECTION 39 OF ORIGINAL LEASE. In the event that Tenant takes
delivery of either the Sixth or Fifth Floors as provided above, then Section
39(a) of the Original Lease shall be amended to provide that, with respect to
the Fifth and Sixth Floors, Tenant shall commence paying, in full, Base Rent and
Additional Rent (in addition to the occupancy costs as provided in paragraph
2(c)), on and after January 1, 2001.

         4. EXTERIOR SIGNAGE/SECTION 45 OF ORIGINAL LEASE. Landlord hereby
agrees that Tenant shall have the right to place one exterior sign on the
Building facing H Street in accordance with Section 45 of the Original Lease
notwithstanding the fact that Tenant exercised the Expansion Option (as defined
in Section 39 of the Original Lease) with respect to less than three entire
additional floors of the Building.

         5. MEASUREMENT OF BUILDING. Landlord has remeasured the Building and
found that it contains 314,422 rentable square feet measured in accordance with
the standard identified in Section 1 (b) of the Original Lease, and Tenant's
Proportionate Share shall be computed based thereon.

         6. ENTIRE AGREEMENT. This First Amendment contains the entire
understanding of Landlord and Tenant with respect to the matters addressed
herein, and no prior agreements or understandings between Landlord and Tenant
relative to the matters addressed herein shall be effective after the execution
of this First Amendment.

         7. FULL FORCE AND EFFECT. This First Amendment amends the Original
Lease and the terms and provisions hereof shall supersede and govern over any
inconsistent terms or provisions contained in the Original Lease. All terms and
provisions of the Original Lease not expressly modified herein are hereby
confirmed and ratified and remain in full force and effect, and, as amended
hereby, constitute valid and binding obligations of Landlord and Tenant.

         8. AUTHORIZATION TO EXECUTE. Each individual executing this First
Amendment on behalf of Landlord or Tenant, respectively, represents and warrants
that he/she is duly authorized to execute this First Amendment on behalf of
Landlord or Tenant, respectively.

                                      3

<PAGE>

         9. COUNTERPARTS. This First Amendment may be executed in multiple
counterparts, each of which it shall be deemed an original, but all of which
shall constitute one and the same instrument. Signatures to this First Amendment
which are transmitted by facsimile shall have the same binding effect as
original signatures.

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
First Amendment as of the date first written above.

                                       4
<PAGE>

ATTEST:                             TENANT:

/s/ MICHAEL BRENDES                 WATSON WYATT & COMPANY,
-------------------
Michael Brendes                     a Delaware corporation

                                    By:      /s/      ERIC B. SCHWEIZER
                                             ---------------------------
                                    Print name:       ERIC B. SCHWEIZER
                                               -------------------------
                                    Its:              TREASURER
                                        --------------------------------

WITNESS:                            LANDLORD:

/s/ STEPHANIE COHUK                 /s/      MARVIN M. ROBERTSON
--------------------                ------------------------------------
Stephanie Cohuk                              Marvin M. Robertson, Trustee

/s/ STEPHANIE COHUK                 /s/      KATHERYN M. ROBERTSON
--------------------                ------------------------------------
Stephanie Cohuk                              Katheryn M. Robertson, Trustee

                                    Trustees under Trust Indenture made by
                                    Mathilda M. Kirchner dated November 28, 1953
                                    and Trustees under Trust Indenture made by
                                    Cecilia E. Goodman dated November 28, 1953

/s/ STEPHANIE COHUK                 /s/      MARVIN M. ROBERTSON
-------------------                 -------------------------------------
Stephanie Cohuk                              Marvin M. Robertson, Trustee

/s/ STEPHANIE COHUK                 /s/      KATHERYN M. ROBERTSON
-------------------                 -------------------------------------
Stephanie Cohuk                              Katheryn M. Robertson, Trustee

/s/ STEPHANIE COHUK                 /s/      GEORGE W. LEMM
-------------------                 -------------------------------------
Stephanie Cohuk                              George W. Lemm, Trustee

                                    Trustees under the Will of Katheryn Lemm
                                    (Trust Estates 2 through 4), Trustees under
                                    Trust Indenture made by John C. Goodman
                                    dated August 14, 1959 (Trust Estates 1
                                    through 4), Trustees under Trust Indenture
                                    made by Mathilda M. Kirchner dated August
                                    14, 1959 (Trust Estates 4, 5 and 6),
                                    Trustees under Trust Indenture made by
                                    Cecilia E. Goodman dated August 14, 1959
                                    (Trust Estates 1 through 6), Marvin M.
                                    Robertson and Katheryn M. Robertson, as
                                    Trustees under the Trust Indenture made by
                                    Henry J. Kirchner (Trust) Estates 1 and 2,
                                    dated December 5, 1956, Trustees under Trust
                                    Indenture No. II made by Walter M. Macnichol
                                    dated September 21, 1959.

                                       5
<PAGE>

/s/ STEPHANIE COHUK                 /s/      MARVIN M. ROBERTSON
-------------------                 -------------------------------------
Stephanie Cohuk                              Marvin M. Robertson, Trustee

/s/ JOHN A. RABIALTI                /s/      MICHAEL A. MAIATICO
-------------------                 -------------------------------------
John A. Rabialti                             Michael A. Maiatico, Trustee

/s/ STEPHANIE COHUK                 /s/      ANN T. MAIATICO
-------------------                 -------------------------------------
Stephanie Cohuk                              Ann T. Maiatico, Trustee

                                    Trustees under Trust Indenture No. I made by
                                    Walter M. Macnichol dated September 21, 1959
                                    (Trust Estate 1 through 8)

/s/ STEPHANIE COHUK                 /s/      MARVIN M. ROBERTSON
-------------------                 -------------------------------------
Stephanie Cohuk                              Marvin M. Robertson, Trustee

/s/ STEPHANIE COHUK                 /s/      GEORGE W. LEMM
-------------------                 -------------------------------------
Stephanie Cohuk                              George W. Lemm, Trustee

                                    Trustees under Trust Indenture made by
                                    William F. Glockner dated May 7, 1965 (Trust
                                    Estates 3 through 9 and 11)

                                       6

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