Document:

Exhibit 10.47

AGREEMENT
CONCERNING

SECURED CONVERTIBLE TERM NOTES

This Agreement Concerning Secured Convertible Term
Notes (this “Agreement”) is entered into by and between Corgenix Medical
Corporation, a Nevada Corporation (the “Company); Truk Opportunity Fund,
LLC, a Delaware company (“Truk Opportunity”); Truk International Fund,
LP, a Cayman Islands company (“Truk International”); and CAMOFI Master
LDC, a Cayman Islands company, formerly named DCOFI Master LDC (“CAMOFI”)
on the 30th day of November, 2006 (the “Effective Date”),
amending certain provisions of those certain Secured Convertible Term Notes
dated May 19, 2005 and December 28, 2005 (each, a “Term Note”).  All capitalized terms used, but not defined
herein, shall have the meanings given to them in the Term Notes.

RECITALS

A.            WHEREAS, the parties to this Agreement are parties to
that certain Securities Purchase Agreement dated as of May 19, 2005 and to that
certain Securities Purchase Agreement dated as of December 28, 2005, pursuant
to which Truk Opportunity, Truk International, and CAMOFI (collectively, the “Investors”)
each purchased Term Notes from the Company; and

B.            WHEREAS, the Company and the Investors desire to
restructure the debt evidenced by the Term Notes as described in this Agreement;
and

C.            WHEREAS, the Company has offered, in consideration for
said restructuring, to pay a forbearance fee of the $250,000 now residing in
the Restricted Account, payable to each of the Investors pro rata; and

D.            WHEREAS, the Company and the Investors have consented to
the proposed restructuring and principal forbearance fee; and

E.             WHEREAS, the Company and the Investors hereby desire to
amend the principal payment provisions of the Term Notes as provided in this
Amendment.

AGREEMENT

1.             Amendment of Term Notes.

(a)           The payments of the Monthly Principal
Amounts will be deferred for 12 months, beginning with the December 1, 2006
Repayment Date, through to and including the November 1, 2007 Repayment
Date.  The next Repayment Date will be
December 1, 2007, at which time the remaining principal will be amortized over
the following twenty-four month period, with each Term Note maturing November 1, 2009.

(b)           Each Term Note will be amended as set
forth in Exhibits A-D, and except as so amended, the Term Notes shall remain in
full force and effect.

2.             Consideration.

(a)           As consideration for the Investors’
agreement in Section 1, the Company will pay to the Investors a total of
$250,000, which amount shall be drawn from funds currently residing in the Restricted
Account as the Restricted Non-Amortizing Principal Amount under each May 2005
Term Note.  The parties acknowledge and
agree that the Restricted Non-Amortizing Principal Amount would otherwise have
become due on May 19, 2008, and that interest will no longer accrue in favor of
the Investors with respect to the Restricted Non-Amortizing Principal Amount
under either May 2005 Term Note.

(b)           The Restricted Account Agreement
dated May 19, 2005 shall be terminated as promptly as reasonably possible following
the execution of this Agreement, by delivery of a joint Release Notice (as
defined in the Restricted Account Agreement) from the Investors to North Fork
Bank as contemplated by Section 1 of the Restricted Account Agreement.  In that Release Notice, the Investors will
instruct the bank to close the Restricted Account and will instruct the Bank to
disburse $250,000, plus all accrued interest thereon, to the Investors as
follows:

(i)            Truk Opportunity: $80,111.50

(ii)           Truk International: $5,113.50

(iii)          CAMOFI: $164,775

(c)           The letter agreement dated May 19,
2005 with respect to the Restricted Account is hereby terminated.

2

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date noted above.

	
  COMPANY:

  	
   

  	
  TRUK OPPORTUNITY FUND, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CORGENIX MEDICAL CORPORATION

  	
   

  	
  By:

  	
  Atoll Asset Management, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ William H.
  Critchfield

  	
   

  	
   

  	
  By:

  	
  /s/ Stephen Salztsein

  
	
  Name:

  	
  William H. Critchfield

  	
   

  	
   

  	
  Name:

  	
  Stephen Salztsein

  
	
  Title:

  	
  SVP/CFO

  	
   

  	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  INVESTORS:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TRUK INTERNATIONAL FUND, LLC

  	
   

  	
  CAMOFI MASTER LDC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Atoll Asset Management, LLC

  	
   

  	
  By:

  	
  /s/ Jeffery M. Haas

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Jeffery M. Haas

  
	
   

  	
  By:

  	
  /s/ Stephen Salztsein

  	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Name:

  	
  Stephen Salztsein

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Principal

  	
   

  	
   

  	
   

  	
   

  

 

3

 

  
 705277.2  ATEVAN  12/8/06 8:45 PM 

 

EXHIBIT A

FIRST MODIFICATION OF SECURED CONVERTIBLE TERM
NOTE

THIS FIRST MODIFICATION
OF SECURED CONVERTIBLE TERM NOTE (this “Amendment”) is
entered into as of the 30th day of November, 2006, by and among
Corgenix Medical Corporation, a Nevada corporation (the “Borrower”)
on the one hand, and Truk Opportunity Fund, LLC, a Delaware company, and Truk
International Fund, LP, a Cayman Islands 
company (together, the “Holder”), on
the other hand, and amends certain provisions of that certain Secured
Convertible Term Note dated May 19, 2005.

1.             The term “Maturity
Date” is hereby redefined to mean November 1,
2009.

2.             Section 1.2 is
amended to read as follows:

                Amortizing
payments of the Amortizing Principal Amount shall be suspended from the date
hereof until December 1, 2007, at which time such payments will become due and
shall recur on each succeeding Repayment Date until November 1, 2009, at which time
the Amortizing Principal Amount must be repaid in full, whether by the payment
of cash or by the conversion of such principal into Common Stock pursuant to
the terms hereof.  Subject to Section 2.l
and Article III below, on each Repayment Date, the Borrower shall make payments
to the Holders in the amount of $13,441.88 (the “Monthly
Principal Amount”), together with any accrued and unpaid interest
then due on the Amortizing Principal Amount and the Non-Restricted
Non-Amortizing Principal Amount, plus any and all other amounts which are then
owing under this Term Note that have not been paid (the Monthly Principal
Amount, together with such accrued and unpaid interest and such other amounts,
collectively, the “Monthly Amount”).  Any Principal Amount that remains outstanding
on the Maturity Date shall be due and payable on the Maturity Date.

3.             Each clause in the
Term Note that includes the term “Restricted Non-Amortizing Principal Amount”
shall be read as if such term were not present.

	
   

  	
  BORROWER:

  
	
   

  	
  Corgenix Medical
  Corporation, Inc.

  
	
   

  	
  a Nevada Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  William H. Critchfield

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

 

EXHIBIT B

FIRST MODIFICATION OF SECURED CONVERTIBLE TERM
NOTE

THIS FIRST MODIFICATION
OF SECURED CONVERTIBLE TERM NOTE (this “Amendment”) is
entered into as of the 30th day of November, 2006, by and among
Corgenix Medical Corporation, a Nevada corporation (the “Borrower”),
and CAMOFI Master LDC, a Cayman Islands company (the “Holder”),
and amends certain provisions of that certain Secured Convertible Term Note
dated May 19, 2005.

1.             The term “Maturity
Date” is hereby redefined to mean November 1,
2009.

2.             Section 1.2 is
amended to read as follows:

                Amortizing
payments of the Amortizing Principal Amount shall be suspended from the date
hereof until December 1, 2007, at which time such payments will become due and
shall recur on each succeeding Repayment Date until November 1, 2009, at which time
the Amortizing Principal Amount must be repaid in full, whether by the payment
of cash or by the conversion of such principal into Common Stock pursuant to
the terms hereof.  Subject to Section 2.l
and Article III below, on each Repayment Date, the Borrower shall make payments
to the Holders in the amount of $25,988.68 (the “Monthly
Principal Amount”), together with any accrued and unpaid interest
then due on the Amortizing Principal Amount and the Non-Restricted
Non-Amortizing Principal Amount, plus any and all other amounts which are then
owing under this Term Note that have not been paid (the Monthly Principal
Amount, together with such accrued and unpaid interest and such other amounts,
collectively, the “Monthly Amount”).  Any Principal Amount that remains outstanding
on the Maturity Date shall be due and payable on the Maturity Date.

3.             Each clause in the
Term Note that includes the term “Restricted Non-Amortizing Principal Amount”
shall be read as if such term were not present.

	
   

  	
  BORROWER:

  
	
   

  	
  Corgenix Medical
  Corporation, Inc.

  
	
   

  	
  a Nevada Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  William H. Critchfield

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

 

EXHIBIT C

FIRST MODIFICATION OF SECURED CONVERTIBLE TERM
NOTE

THIS FIRST MODIFICATION
OF SECURED CONVERTIBLE TERM NOTE (this “Amendment”) is
entered into as of the 30th day of November, 2006, by and among
Corgenix Medical Corporation, a Nevada corporation (the “Borrower”),
on the one hand, and Truk Opportunity Fund, LLC, a Delaware company, and Truk
International Fund, LP, a Cayman Islands 
company (together, the “Holder”), on
the other hand, and amends certain provisions of that certain Secured
Convertible Term Note dated December 28, 2005.

4.             The term “Maturity
Date” is hereby redefined to mean November 1, 2009.

5.             Section 1.2 of the
Term Note is amended to read as follows:

                Payments
of the Principal Amount shall be suspended from the date hereof until December
1, 2007, at which time such payments will become due and shall recur on each
succeeding Repayment Date thereafter until the Principal Amount has been repaid
in full, whether by the payment of cash or by the conversion of such principal
into Common Stock pursuant to the terms hereof. 
Subject to Section 2.1 and Article III below, on each Repayment Date,
the Borrower shall make payments to the Holder in the amount of $17,045 (the “Monthly Principal Amount”), together with any accrued and
unpaid interest then due on the Principal Amount plus any and all other amounts
which are then owing under this Term Note that have not been paid (the Monthly
Principal Amount, together with such accrued and unpaid interest and such other
amounts, collectively, the “Monthly Amount”).  Any Principal Amount that remains outstanding
on the Maturity Date shall be due and payable on the Maturity Date.

	
   

  	
  BORROWER:

  
	
   

  	
  Corgenix Medical
  Corporation, Inc.

  
	
   

  	
  a Nevada Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  William H. Critchfield

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

 

EXHIBIT D

FIRST MODIFICATION OF SECURED CONVERTIBLE TERM
NOTE

THIS FIRST MODIFICATION
OF SECURED CONVERTIBLE TERM NOTE (this “Amendment”) is
entered into as of the 30th day of November, 2006, by and among
Corgenix Medical Corporation, a Nevada corporation (the “Borrower”),
and CAMOFI Master LDC, a Cayman Islands company (the “Holder”),
and amends certain provisions of that certain Secured Convertible Term Note
dated December 28, 2005.

6.             The term “Maturity
Date” is hereby redefined to mean November 1, 2009.

7.             Section 1.2 of the
Term Note is amended to read as follows:

                Payments
of the Principal Amount shall be suspended from the date hereof until December
1, 2007, at which time such payments will become due and shall recur on each
succeeding Repayment Date thereafter until the Principal Amount has been repaid
in full, whether by the payment of cash or by the conversion of such principal
into Common Stock pursuant to the terms hereof. 
Subject to Section 2.1 and Article III below, on each Repayment Date,
the Borrower shall make payments to the Holder in the amount of $32,955 (the “Monthly Principal Amount”), together with any accrued and
unpaid interest then due on the Principal Amount plus any and all other amounts
which are then owing under this Term Note that have not been paid (the Monthly
Principal Amount, together with such accrued and unpaid interest and such other
amounts, collectively, the “Monthly Amount”).  Any Principal Amount that remains outstanding
on the Maturity Date shall be due and payable on the Maturity Date.

	
   

  	
  BORROWER:

  
	
   

  	
  Corgenix Medical
  Corporation, Inc.

  
	
   

  	
  a Nevada Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  William H. Critchfield

  
	
   

  	
   

  	
  Chief Financial OfficerExhibit
10.41

	
  Title:

  	
   

  	
  Executive Incentive Plan (2007)

  
	
  Effective
  Date:

  	
   

  	
  October 30, 2006

  

 

	
  Document Owner:

  	
   

  	
  Human Resources Compensation

  
	
   

  	
   

  	
   

  
	
  Approvals:

  	
   

  	
  Jan Collinson

  
	
   

  	
   

  	
  Senior Vice President – HR/FAC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chi-Foon Chan

  
	
   

  	
   

  	
  President and COO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Aart de Geus

  
	
   

  	
   

  	
  Chairman and CEO

  

 

	
  Date

  	
   

  	
  Author

  	
   

  	
  Revision History

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  March 15, 2005

  	
   

  	
  J. Cleveland

  	
   

  	
  2005 Initial Plan

  
	
  March 20, 2006

  	
   

  	
  J. Collinson

  	
   

  	
  2006 Plan Updates

  
	
  October 30, 2006

  	
   

  	
  S. Watanabe

  	
   

  	
  2007 Plan Updates

  

 

 1
 

 

PLAN
OBJECTIVES:

This Synopsys
Executive Incentive Plan (“EIP” or the “Plan”) provides members of the Company’s
senior management the potential to earn variable compensation linked directly
to individual contribution toward:

1.               Driving the strategic direction of the
Company.

2.               Driving attainment of revenue and expense
targets.

3.               Reinforcing a culture of accountability
and performance excellence.

ELIGIBILITY:

Subject to pool
funding as described below, an employee is eligible to receive an EIP award if
he or she is:

·                  a
Corporate Staff Member and Section 16(b) officer

·                  grade
[*] or above

·                  a
regular employee scheduled to work at least 20 hours per week

·                  employed
by Synopsys as of the first working work day of the fourth quarter of the
fiscal year

·                  actively
employed through the day the incentive checks are distributed (or on an
approved leave of absence)

and

·                  does not participate in a commission or other
incentive plan (including, but not limited to Sales, Applications Consultants,
or incentive plans relating to an acquisition)

INCENTIVE
TARGET:

The
individual incentive target is stated as a percentage of annual base salary as
determined by the Compensation Committee of the Board of Directors.  Stock-based and other variable compensation
are not included in the target calculation.

INDIVIDUAL
BONUS AWARDS:

Individual bonus awards are determined by
the executive’s management and the Compensation Committee of the Board of
Directors.  Criteria taken into
consideration include corporate, business group and individual performance.

PAYMENT
SCHEDULE:

Actual
incentive bonuses are paid on an annual basis approximately 45-60 days from the
end of the fiscal year.

 2
 

 

INCENTIVE POOL FUNDING:

Under this Plan
the incentive pool available for distribution will fund in relation to attainment of the Company’s
financial and business objectives for the fiscal year.  Plan targets and their relative weighting are
as follows:

	
  [*]%

  
	
   

  
	
  [*]%

  
	
   

  
	
  [*]%

  
	
   

  
	
  [*]%

  
	
   

  
	
  [*]%

  

 

The Company must
achieve at least 90% in aggregate of its financial and business targets to fund
a minimum of [*]% of the target bonus amount. In addition, for any
overachievement to be funded, the company must meet a minimum threshold for
fiscal year EPS performance.  The upside payment potential, if funded, is [*]% of the targeted incentive pool and the
Company has the option to fund the overachievement pool with either cash or
Restricted Stock Units (RSU’s).  The
detailed Pool Funding Schedule is attached hereto as Exhibit A.

PRODUCT BUSINESS GROUP
PERFORMANCE:

For executives
leading either product or field business groups, [*]% of incentive pool funds
are based upon the Company’s overall performance and [*]% based upon the
business group performance.  For all
other participants, the incentive pool will fund [*]% based upon the Company’s
aggregate achievement of its financial and business targets.

Business
Group Performance ([*]%):

	
  [*]%

  
	
   

  
	
  [*]%

  

 

OR

 

Business Group Performance ([*]):

	
  [*]%

  
	
   

  
	
  [*]%

  

 

 3
 

 

IMPORTANT NOTES ABOUT THE PLAN: 
This Plan supersedes and replaces all prior executive incentive plans
with the exception of the Operating Incentive Plan.  The Company reserves the right to terminate
and or make changes to the Plan at any time, with or without notice.  The Company may likewise terminate an
individual’s participation in the Plan at any time, with or without
notice.  Nothing in this Plan shall be
construed to be a guarantee that any participant will receive all or part of an
incentive award or to imply a contract between the Company and any participant.   The Compensation Committee of the Board of
Directors may alter the incentive payout based on achievement of publicly
announced targets, product milestones, strategic goals, cross-functional
teamwork and collaboration, and unforeseen changes in the economy and/or
geopolitical climate.  Eligibility for
and determination of incentive awards under the Plan are within the sole
discretion of the Company and its Board of Directors, and prior to actual
distribution, incentive awards may be increased, reduced or eliminated.

Approvals:

	
  

  	
   

  	
   

  	
   

  
	
  Jan Collinson

  	
   

  	
  Date

  	
   

  
	
  Senior Vice President – Human Resources

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Chi-Foon Chan

  	
   

  	
  Date

  	
   

  
	
  President and COO

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Aart de Geus

  	
   

  	
  Date

  	
   

  
	
  Chairman and CEO

  	
   

  	
   

  	
   

  

 

 4
 

 

Executive Incentive Plan
(2007)

Exhibit A – Pool Funding
Schedule

 

Corporate or Business Group Pool Funding Schedule

	
  % Performance to Plan

  	
   

  	
  Performance Factor %

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Below 90%

  	
   

  	
  0.0%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  [*]%

  	
   

  	
  [*]%

  	
   

  
	
  Over [*]%

  	
   

  	
  [*]%

  	
   

  

 

*     Represents specific
quantitative or qualitative performance-related factors, or factors or criteria
involving confidential commercial or business information, the disclosure of
which would have an adverse effect on the Registrant.

 5

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