Document:

EXHIBIT
10.15

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 “EE-2” COMMON STOCK
PURCHASE WARRANT

Bioject Medical Technologies Inc.

THIS CERTIFIES
that for good and valuable consideration received, RCC Ventures, LLC, 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 19,299 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 $1.14.

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 part, at any time on or after the date hereof and at
or prior to 11:59 p.m., Eastern Standard Time, on July 25, 2010 (the “Expiration
Time”).

2.                                      Exercise
of Warrant

(a)  This Warrant may be exercised or converted,
in whole or in part, upon surrender to the Corporation at its then principal
offices in the United States of this Warrant to be exercised, together with the
form of election to exercise attached hereto duly completed and executed, and
upon payment to the Corporation of the Exercise Price for the number of shares
of Warrant Stock in respect of which this Warrant is then being exercised.

(b)  Payment of the aggregate Exercise Price may be made (i) in cash or by cashier’s or bank check or (ii) by converting this Warrant through a Cashless Exercise (as defined herein).  Upon a “Cashless Exercise” the holder shall receive Warrant Stock on a net basis such that, without the payment of any funds, the holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula:

	
  

  	
   

  	
  Y * (A-B)

  	
   

  
	
  X

  	
  =

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
               A

  	
   

  
	
  Where

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
  =

  	
   

  	
  the number of shares of Warrant Stock to be issued
  to registered holder hereof.

  
	
   

  	
  Y

  	
  =

  	
   

  	
  the number of shares of Warrant Stock to be
  exercised under this Warrant

  
	
   

  	
  A

  	
  =

  	
   

  	
  the Fair Market Value of one share of Warrant Stock.

  
	
   

  	
  B

  	
  =

  	
   

  	
  the Exercise Price (as adjusted to the date of such
  calculations).

  

 

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(c)  For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Corporation’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or the Nasdaq SmallCap Market, the product of (A) the average closing sale price reported on such exchange or market for the 10-day period prior to the earlier of the day holder delivers its Election of Exercise to the Corporation or the date of determination of Fair Market Value and (B) the number of shares of Common Stock into which a share of Warrant Stock is convertible at the time of such exercise, or (ii) if the Common Stock is traded over-the-counter, the product of (A) the average closing bid price for the Common Stock over the 10-day period immediately prior to the earlier of the day holder delivers its Election of Exercise to the Corporation or the date of determination of Fair Market Value and (B) the number of shares of Common Stock into which one share of Warrant Stock is convertible at the time of such exercise.  If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Corporation’s Warrant Stock shall be the price per share which the Corporation could obtain from a willing buyer for shares of Warrant Stock sold by the Corporation from its authorized but unissued shares, as the Board of Directors of the Corporation shall determine in its reasonable good faith judgment.  In the event that holder elects to convert the Warrant Stock through Cashless Exercise in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, holder may effect a Cashless Exercise directly into such other security.  Notwithstanding the right of the holder to effect a Cashless Exercise, the Corporation may require holder to exercise this Warrant for cash if the Warrant Stock is registered under the Securities Act of 1933, may be traded by holder without restriction under SEC rules and regulations and applicable law and such freely-tradable Common Stock issuable upon exercise of this Warrant is delivered within three (3) Business Days of holder’s exercise.

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 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.

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6.                                      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.

7.                                      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.

8.                                      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.

9.                                      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.

10.                               Subdivision,
Combination, Reclassification, Conversion, Etc.

If the Corporation
at any time shall, by subdivision, combination, reclassification of securities
or otherwise, change the Warrant Stock into the same or a different number of
securities of any class or classes, this Warrant shall thereafter entitle the
holder to acquire such number and kind of securities as would have been
issuable in respect of the Warrant Stock (or other securities which were
subject to the purchase rights under this Warrant immediately prior to such
subdivision, combination, reclassification or other change) as the result of
such change if this Warrant had been exercised in full for cash immediately
prior to such change.  The Exercise Price
hereunder shall be adjusted if and to the extent necessary to reflect such
change.  If the Warrant Stock or other
securities issuable upon exercise hereof are subdivided or combined into a
greater or smaller number of shares of such security, the number of shares
issuable hereunder shall be proportionately increased or decreased, as the case
may be, and the Exercise Price shall be proportionately reduced or increased,
as the case may be, in both cases according to the ratio which the total number
of shares of such security to be outstanding immediately after such even bears
to the total number of shares of such security outstanding immediately prior to
such event.  The Corporation shall give
the holder prompt written notice of any change in the type of securities
issuable hereunder, any adjustment of the Exercise Price for the securities issuable
hereunder, and any increase or decrease in the number of shares issuable
hereunder.

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11.                               Transferability;
Compliance with Securities Laws

(a)                                  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
such restrictions, prior to the Expiration Time, this Warrant and all rights
hereunder are transferable by the holder hereof, in whole or in part, 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.

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

(c)                                  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 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.

12.                               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 sell and issue the Warrant Stock hereunder, to issue the
common stock issuable upon exercise of the Warrant Stock 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 

 4
 

authorization,
execution, delivery and performance of this Warrant by the Corporation, the
authorization, sale, issuance and delivery of the Warrant Stock 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.

13.                               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
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.

14.                               Notices
of Record Date, etc.

In the event:

(a)                                  the
Corporation shall take a record of the holders of its Common Stock (or other
stock or securities at the time deliverable upon the exercise of this Warrant)
for the purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares
of stock of any class or any other securities, or to receive any other right;
or

(b)                                 of
any capital reorganization of the Corporation, any reclassification of the
Common Stock of the Corporation, any consolidation or merger of the Corporation
with or into another corporation, or any transfer of all or substantially all
of the assets of the Corporation; or

(c)                                  of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Corporation,

then, and in each such
case, the Corporation will send or cause to be sent to the registered holder a
notice specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon the exercise of this Warrant) shall be entitled to
exchange their shares of Common Stock (or such other stock or securities) for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up.  To the extent reasonably
practicable, such notice shall be sent at least 10 days prior to the record
date or effective date for the event specified in such notice.

15.                               Automatic
Exercise upon Expiration.

In the event that,
upon the Expiration Time, the fair market value of one share of Warrant Stock
(or other security issuable upon the exercise hereof) as determined in
accordance with Section 2(c) above is greater than the Exercise Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such
date to be exercised pursuant to Section 2 above as to all Warrant Stock (or
such other securities) for which it shall not previously have been exercised or
converted, and the Corporation shall promptly deliver a certificate
representing the Warrant Stock (or such other securities) issued upon such
conversion to the holder.

 5
 

16.                               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 officers.

	
  Dated: July 26, 2005

  
	
   

  
	
   

  
	
  BIOJECT MEDICAL
  TECHNOLOGIES INC.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Christine M.
  Farrell

  	
   

  
	
  Name: Christine
  M. Farrell

  
	
  Title:
  Controller & Secretary

  

 

 6
 

NOTICE OF
EXERCISE

To:                              Bioject Medical Technologies Inc.

(1)                                  The undersigned hereby exercises its right to subscribe for and purchase                               fully paid, validly issued and nonassessable shares of common stock of Bioject Medical Technologies Inc. covered by the attached Warrant and tenders payment herewith in the amount of $                                in accordance with the terms thereof.

(1)                                  The
undersigned hereby elects to convert the attached Warrant into fully paid,
validly issued and nonassessable shares of common stock of Bioject Medical
Technologies Inc. by Cashless Exercise in the manner specified in
Section 2 of the attached Warrant. 
This conversion is exercised with respect to                           
of shares.

[Strike the
paragraph above that does not apply.]

(2)                                  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 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)

  

 

 7
 

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 action in a fiduciary or other
representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

 8EXHIBIT 10.16

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 “EE-3” COMMON STOCK
PURCHASE WARRANT

Bioject Medical Technologies Inc.

THIS CERTIFIES
that for good and valuable consideration received, RCC Ventures, LLC, 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 13,847 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 $1.32.

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 part, at any time on or after the date hereof and at
or prior to 11:59 p.m., Eastern Standard Time, on July 31, 2011 (the “Expiration
Time”).

2.                                      Exercise
of Warrant

(a)  This Warrant may be exercised or converted,
in whole or in part, upon surrender to the Corporation at its then principal
offices in the United States of this Warrant to be exercised, together with the
form of election to exercise attached hereto duly completed and executed, and
upon payment to the Corporation of the Exercise Price for the number of shares
of Warrant Stock in respect of which this Warrant is then being exercised.

(b)  Payment of the aggregate Exercise Price may be made (i) in cash or by cashier’s or bank check or (ii) by converting this Warrant through a Cashless Exercise (as defined herein).  Upon a “Cashless Exercise” the holder shall receive Warrant Stock on a net basis such that, without the payment of any funds, the holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula:

	
  

  	
   

  	
  Y * (A-B)

  	
   

  
	
  X

  	
  =

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
             A

  	
   

  
	
  Where

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
  =

  	
   

  	
  the number of shares of Warrant Stock to be issued
  to registered holder hereof.

  
	
  Y

  	
   

  	
  =

  	
   

  	
  the number of shares of Warrant Stock to be
  exercised under this Warrant

  
	
  A

  	
   

  	
  =

  	
   

  	
  the Fair Market Value of one share of Warrant Stock.

  
	
  B

  	
   

  	
  =

  	
   

  	
  the Exercise Price (as adjusted to the date of such
  calculations).

  

 

 1
 

(c)  For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Corporation’s common stock (the “Common Stock”) is or becomes listed on a national stock exchange or the Nasdaq SmallCap Market, the product of (A) the average closing sale price reported on such exchange or market for the 10-day period prior to the earlier of the day holder delivers its Election of Exercise to the Corporation or the date of determination of Fair Market Value and (B) the number of shares of Common Stock into which a share of Warrant Stock is convertible at the time of such exercise, or (ii) if the Common Stock is traded over-the-counter, the product of (A) the average closing bid price for the Common Stock over the 10-day period immediately prior to the earlier of the day holder delivers its Election of Exercise to the Corporation or the date of determination of Fair Market Value and (B) the number of shares of Common Stock into which one share of Warrant Stock is convertible at the time of such exercise.  If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Corporation’s Warrant Stock shall be the price per share which the Corporation could obtain from a willing buyer for shares of Warrant Stock sold by the Corporation from its authorized but unissued shares, as the Board of Directors of the Corporation shall determine in its reasonable good faith judgment.  In the event that holder elects to convert the Warrant Stock through Cashless Exercise in connection with a transaction in which the Warrant Stock is converted into or exchanged for another security, holder may effect a Cashless Exercise directly into such other security.  Notwithstanding the right of the holder to effect a Cashless Exercise, the Corporation may require holder to exercise this Warrant for cash if the Warrant Stock is registered under the Securities Act of 1933, may be traded by holder without restriction under SEC rules and regulations and applicable law and such freely-tradable Common Stock issuable upon exercise of this Warrant is delivered within three (3) Business Days of holder’s exercise.

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 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.

 2
 

6.                                      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.

7.                                      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.

8.                                      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.

9.                                      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.

10.                               Subdivision,
Combination, Reclassification, Conversion, Etc.

If the Corporation
at any time shall, by subdivision, combination, reclassification of securities
or otherwise, change the Warrant Stock into the same or a different number of
securities of any class or classes, this Warrant shall thereafter entitle the
holder to acquire such number and kind of securities as would have been
issuable in respect of the Warrant Stock (or other securities which were
subject to the purchase rights under this Warrant immediately prior to such
subdivision, combination, reclassification or other change) as the result of
such change if this Warrant had been exercised in full for cash immediately
prior to such change.  The Exercise Price
hereunder shall be adjusted if and to the extent necessary to reflect such
change.  If the Warrant Stock or other
securities issuable upon exercise hereof are subdivided or combined into a
greater or smaller number of shares of such security, the number of shares
issuable hereunder shall be proportionately increased or decreased, as the case
may be, and the Exercise Price shall be proportionately reduced or increased,
as the case may be, in both cases according to the ratio which the total number
of shares of such security to be outstanding immediately after such even bears
to the total number of shares of such security outstanding immediately prior to
such event.  The Corporation shall give
the holder prompt written notice of any change in the type of securities
issuable hereunder, any adjustment of the Exercise Price for the securities
issuable hereunder, and any increase or decrease in the number of shares
issuable hereunder.

 3
 

11.                               Transferability;
Compliance with Securities Laws

(a)                                  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
such restrictions, prior to the Expiration Time, this Warrant and all rights
hereunder are transferable by the holder hereof, in whole or in part, 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.

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

(c)                                  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 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.

12.                               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 sell and issue the Warrant Stock hereunder, to issue the
common stock issuable upon exercise of the Warrant Stock 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 

 4
 

authorization,
execution, delivery and performance of this Warrant by the Corporation, the
authorization, sale, issuance and delivery of the Warrant Stock 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.

13.                               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
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.

14.                               Notices
of Record Date, etc.

In the event:

(a)                                  the
Corporation shall take a record of the holders of its Common Stock (or other
stock or securities at the time deliverable upon the exercise of this Warrant)
for the purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares
of stock of any class or any other securities, or to receive any other right;
or

(b)                                 of
any capital reorganization of the Corporation, any reclassification of the
Common Stock of the Corporation, any consolidation or merger of the Corporation
with or into another corporation, or any transfer of all or substantially all
of the assets of the Corporation; or

(c)                                  of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Corporation,

then, and in each such
case, the Corporation will send or cause to be sent to the registered holder a
notice specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon the exercise of this Warrant) shall be entitled to
exchange their shares of Common Stock (or such other stock or securities) for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up.  To the extent reasonably
practicable, such notice shall be sent at least 10 days prior to the record
date or effective date for the event specified in such notice.

15.                               Automatic
Exercise upon Expiration.

In the event that,
upon the Expiration Time, the fair market value of one share of Warrant Stock
(or other security issuable upon the exercise hereof) as determined in
accordance with Section 2(c) above is greater than the Exercise Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such
date to be exercised pursuant to Section 2 above as to all Warrant Stock (or
such other securities) for which it shall not previously have been exercised or
converted, and the Corporation shall promptly deliver a certificate
representing the Warrant Stock (or such other securities) issued upon such
conversion to the holder.

 5
 

16.                               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 officers.

	
  Dated: July 31, 2006

  
	
   

  
	
   

  
	
  BIOJECT MEDICAL
  TECHNOLOGIES INC.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Christine M.
  Farrell

  	
   

  
	
  Name: Christine
  M. Farrell

  
	
  Title: Vice
  President of Finance

  

 

 6
 

NOTICE OF
EXERCISE

To:                              Bioject Medical Technologies Inc.

(1)                                  The undersigned hereby exercises its right to subscribe for and purchase                                fully paid, validly issued and nonassessable shares of common stock of Bioject Medical Technologies Inc. covered by the attached Warrant and tenders payment herewith in the amount of $                             in accordance with the terms thereof.

(1)                                  The
undersigned hereby elects to convert the attached Warrant into fully paid,
validly issued and nonassessable shares of common stock of Bioject Medical
Technologies Inc. by Cashless Exercise in the manner specified in
Section 2 of the attached Warrant. 
This conversion is exercised with respect to                     
of shares.

[Strike the
paragraph above that does not apply.]

(2)                                  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 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)

  
				

 

 7
 

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 action in a fiduciary or other
representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

 8

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