Document:

EXHIBIT 10.37

          JANUARY BRIDGE NOTE CONVERSION AND WARRANT PURCHASE AGREEMENT
          -------------------------------------------------------------

         THIS JANUARY  BRIDGE NOTE  CONVERSION  AND WARRANT  PURCHASE  AGREEMENT
("Agreement")  is made as of the 17th day of August,  2007 by and among  INTRAOP
MEDICAL CORPORATION, a Nevada corporation (the "Company") and the persons listed
on Exhibit A attached hereto (each a "Holder" and collectively the "Holders").

                                    Recitals

         A. The Holders hold 8% debentures  issued by the Company on January 10,
2007 in an aggregate principal amount of $771,430.37.

         B. The  Company and the Holders  desire to retire  such  debentures  in
exchange  for an  aggregate  cash  payment  of  four  hundred  thousand  dollars
($400,000)  and warrants to purchase an  aggregate  of  5,000,000  shares of the
Company's Common Stock.

         C. This  Agreement  is being  delivered in  connection  with the Common
Stock and Warrant  Purchase  Agreement  dated as of August 17, 2007 by and among
the  Company  and the other  persons  set forth on the  schedule  of  purchasers
attached thereto.

         D. This  Agreement  shall be binding  upon the  Company and the Holders
only  upon  delivery  of the  signatures  pages  hereto by the  Company  and the
Holders.

                                    Agreement

         In  consideration of the mutual promises made herein and for other good
and  valuable  consideration,  the receipt and  sufficiency  of which are hereby
acknowledged, the parties hereto agree as follows:

         1. Definitions.  In addition to those terms defined above and elsewhere
in this Agreement, for the purposes of this Agreement, the following terms shall
have the meanings set forth below:

                  "First  Closing"  shall  have  the  meaning  set  forth in the
Purchase Agreement.

                  "January  Bridge Notes" means the 8% debentures  dated January
10, 2007 listed on Exhibit A attached hereto in the aggregate  principal  amount
of $771,430.37.

                  "January Bridge Note Warrants" means warrants in substantially
the form attached hereto as Exhibit B.

                  "January  Bridge Note Warrant  Shares" means the shares of the
Company's  Common  Stock  issuable  upon  exercise  of the  January  Bridge Note
Warrants.

<PAGE>

                  "January  Securities  Purchase Agreement" means the Securities
Purchase Agreement dated as of January 10, 2007 by and among the Company and the
Holders.

                  "Purchase  Agreement"  means  the  Common  Stock  and  Warrant
Purchase Agreement dated as of August ___, 2007 by and among the Company and the
other persons set forth on the schedule of purchasers attached thereto.

                  "Second  Closing"  shall  have the  meaning  set  forth in the
Purchase Agreement.

                  "Securities"  means the January  Bridge Note  Warrants and the
January Bridge Note Warrant Shares.

                  "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

         2. Surrender and Cancellation of the January Bridge Notes.

                  2.1 Surrender and  Cancellation  of the January  Bridge Notes.
Upon the terms and subject to the conditions set forth in this Agreement, at the
First  Closing,  each Holder shall  surrender to the Company the January  Bridge
Note  held by such  Holder  marked  "paid in full"  in  exchange  for (i) a cash
payment equal to the  outstanding  principal  amount of the January  Bridge Note
held by such  Holder  multiplied  by  0.518517  and (ii) a January  Bridge  Note
Warrant to  purchase  that number of January  Bridge  Note  Shares  equal to the
outstanding  principal  amount of the  January  Bridge  Note held by such Holder
multiplied by 6.481473,  in complete  satisfaction  of all principal and accrued
interest under such January Bridge Note. Fractional shares shall be rounded down
to the nearest whole share. Upon such conversion, the January Bridge Notes shall
cease to represent  indebtedness  of the Company as stated  therein and the sole
right of the Holder  thereof  shall be to receive  the cash  payment and January
Bridge  Note  Warrant to which such Holder has become  entitled  pursuant to the
terms hereof.

                  2.2 Exercise of January Bridge Note Warrants. At or within ten
(10) days after the Second Closing, each Holder of a January Bridge Note Warrant
shall exercise the remaining balance of such warrant in full.

                  2.3  Release  of  Liabilities.  Except  with  respect  to  the
obligations  set forth in this  Agreement,  upon the First  Closing  each Holder
shall,  for itself and its legal  successors  and  assigns  release  and forever
discharge  the  Company and its  stockholders,  partners,  directors,  officers,
employees,  agents, attorneys,  legal successors and assigns of and from any and
all  claims,  demands,  damages,  debts,  liabilities,   accounts,   reckonings,
obligations,  costs, expenses, liens, actions and causes of action of every kind
and nature  whether  now known or unknown,  suspected  or  unsuspected  which it
either now has, owns or holds or at any time before ever owned or held or could,
shall  or may in the  future  have,  own or hold  against  the  Company  or such
stockholders, partners, directors, officers, employees, agents, attorneys, legal
successors  and assigns  based upon or arising out of any matter,  cause,  fact,
thing,  act,  or omission  related to the  January  Bridge  Notes  occurring  or
existing at any time up to and including the  effective  date of this  Agreement
(collectively  the  "Released  Matters").  It is the intention of each Holder in
executing  this Agreement and in receiving the cash payment and a January Bridge
Note Warrant  provided  hereby that this Agreement  shall be effective as a full
and final accord and  satisfaction  and general release of and from all Released
Matters.  In furtherance of the  intentions  set forth in this  Agreement,  each
Holder  acknowledges that it is familiar with California Civil Code Section 1542
which provides as follows:

                                       2
<PAGE>

                  GENERAL  RELEASE  DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
                  DOES NOT KNOW OR  SUSPECT  TO EXIST IN HIS OR HER FAVOR AT THE
                  TIME OF EXECUTING  THE  RELEASE,  WHICH IF KNOWN BY HIM OR HER
                  MUST HAVE  MATERIALLY  AFFECTED HIS OR HER SETTLEMENT WITH THE
                  DEBTOR.

         Each Holder waives and relinquishes any rights or benefits which it has
or may have under Section 1542 or any similar  provision of the law of any other
jurisdiction  to the full  extent  that it may  lawfully  waive its  rights  and
benefits pertaining to the Released Matters.

         3. Waiver of Default under the January Bridge Notes. Each Holder hereby
waives any Event of Default  arising  under  Section  2.(a)(vi) of such Holder's
January Bridge Note to the extent the transactions  contemplated by the Purchase
Agreement  are  deemed to be a "Change  of  Control  Transaction"  as defined in
Section  2.(a)(vi) of the January Bridge Notes.  This waiver shall not be deemed
to be a  continuing  waiver in the  future  or a waiver of any other  provision,
condition or requirement of the January Bridge Notes.

         4.  Waiver of  Participation  Right.  Each  Holder  hereby  waives  the
provisions of Section 4.13  (Participation  in Future  Financing) of the January
Securities  Purchase Agreement with respect to the transactions  contemplated by
the  Purchase  Agreement.  This  waiver  shall not be deemed to be a  continuing
waiver  in  the  future  or a  waiver  of  any  other  provision,  condition  or
requirement of the January Securities Purchase Agreement.

         5.  Representations  and Warranties of the Company.  The Company hereby
represents and warrants to the Holders that:

                  5.1  Organization   and  Good  Standing.   The  Company  is  a
corporation duly organized, validly existing and in good standing under the laws
of the State of Nevada and has all  requisite  corporate  power and authority to
carry on its business as now conducted and to own its properties.

                  5.2  Authorization.  The Company has full corporate  power and
authority  and has taken all  requisite  action on the part of the Company,  its
officers,  directors  and  stockholders  necessary  for (i)  the  authorization,
execution  and  delivery  of  this  Agreement,  (ii)  the  authorization  of the
performance  of  all  obligations  of  the  Company   hereunder  and  (iii)  the
authorization,  issuance,  sale and delivery of the Securities  subject,  in the
case of the January  Bridge Note Warrant  Shares,  to  stockholder  approval and
filing of an  amendment  to the  Company's  Amended  and  Restated  Articles  of
Incorporation  authorizing  an increase in the number of shares of Common  Stock
issuable  by  the  Company  to  500,000,000   (as  adjusted  for  stock  splits,
combinations  or other similar  transactions).  This Agreement  constitutes  the
legal,  valid and binding  obligation  of the Company,  enforceable  against the
Company  in  accordance  with its  terms,  subject  to  bankruptcy,  insolvency,
fraudulent  transfer,  reorganization,  moratorium  and similar  laws of general
applicability relating to or affecting creditors' rights generally.

                                       3
<PAGE>

                  5.3 Valid Issuance.  The Securities have been duly and validly
authorized.  The January  Bridge Note  Warrant  Shares  have been  reserved  for
issuance,  subject to  stockholder  approval  and filing of an  amendment to the
Company's Amended and Restated Articles of Incorporation authorizing an increase
in the number of shares of Common Stock  issuable by the Company to  500,000,000
(as adjusted for stock splits, combinations or other similar transactions), and,
upon issuance  pursuant to the January  Bridge Note  Warrants,  will be duly and
validly issued and fully paid and nonassessable.

                  5.4 Consents.  The execution,  delivery and performance by the
Company of this  Agreement  and the offer,  issuance and sale of the  Securities
requires no consent of, action by or in respect of, or filing with,  any person,
governmental  body,  agency,  or official other than filings that have been made
pursuant to applicable state  securities laws and post-sale  filings pursuant to
applicable  state and federal  securities  laws which the Company  undertakes to
file within the applicable time periods.

                  5.5  Private  Placement.  Subject  to  the  accuracy  of  each
Holder's  representations  in  Section  6  hereof,  the  offer  and  sale of the
Securities to the Holders as contemplated hereby is exempt from the registration
requirements of the Securities Act.

         6.  Representations and Warranties of the Holders.  Each of the Holders
hereby, severally and not jointly, represents and warrants to the Company that:

                  6.1  Organization  and  Existence.  Such  Holder  is a validly
existing  corporation,  limited partnership or limited liability company and has
all requisite  corporate,  partnership  or limited  liability  company power and
authority to invest in the Securities pursuant to this Agreement.

                  6.2 Authorization.  The execution, delivery and performance by
such Holder of this  Agreement  have been duly  authorized,  and this  Agreement
constitutes  the  valid  and  legally   binding   obligations  of  such  Holder,
enforceable  against  such  Holder in  accordance  with its  terms,  subject  to
bankruptcy,  insolvency,  fraudulent  transfer,  reorganization,  moratorium and
similar  laws of general  applicability,  relating  to or  affecting  creditors'
rights generally.

                  6.3 Purchase  Entirely for Own Account.  The  Securities to be
received  by such  Holder  hereunder  will be  acquired  for such  Holder's  own
account,  not as  nominee  or  agent,  and  not  with a view  to the  resale  or
distribution  of any part thereof in violation of the  Securities  Act, and such
Holder has no present  intention of selling,  granting any  participation in, or
otherwise distributing the same in violation of the Securities Act.

                  6.4 Investment  Experience.  Such Holder  acknowledges that it
can bear the economic risk and complete loss of its investment in the Securities
and has such knowledge and  experience in financial or business  matters that it
is  capable  of  evaluating  the  merits  and  risks  of the  investment  in the
Securities contemplated hereby.

                                       4
<PAGE>

                  6.5  Disclosure  of  Information.   Such  Holder  has  had  an
opportunity to receive all  information  related to the Company  requested by it
and to ask  questions  of and receive  answers  from the Company  regarding  the
Company,  its  business  and the terms and  conditions  of the  offering  of the
Securities.

                  6.6 Restricted  Securities.  Such Holder  understands that the
Securities are  characterized as "restricted  securities" under the U.S. federal
securities  laws  inasmuch  as they are being  acquired  from the  Company  in a
transaction  not  involving  a public  offering  and that  under  such  laws and
applicable  regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances.

                  6.7 Legends.  It is understood that, except as provided below,
certificates  evidencing  the  Securities  may bear the following or any similar
legend:

                           (a)  "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"),
OR ANY STATE  SECURITIES  LAWS.  THE  SECURITIES  REPRESENTED  HEREBY MAY NOT BE
TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO
THE SECURITIES ACT, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144(K), OR
(III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY  SATISFACTORY TO
IT THAT SUCH  TRANSFER  MAY  LAWFULLY  BE MADE  WITHOUT  REGISTRATION  UNDER THE
SECURITIES ACT OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS."

                           (b) If required by the  authorities of any  state  in
connection with the issuance of sale of the  Securities,  the legend required by
such state authority.

                  6.8  Accredited  Investor.   Such  Holder  is  an  "accredited
investor" as defined in Rule 501(a) of Regulation D under the Securities Act.

                  6.9 No General Solicitation.  Such Holder did not learn of the
investment in the  Securities as a result of any public  advertising  or general
solicitation.

         7. Miscellaneous.

                  7.1 Successors and Assigns. This Agreement may not be assigned
by a party hereto without the prior written  consent of (i) the Company and (ii)
the  Holders  holding a majority  of the  Securities  held by all  Holders.  The
provisions of this  Agreement  shall inure to the benefit of and be binding upon
the respective permitted successors and assigns of the parties.  Nothing in this
Agreement,  express or implied,  is intended to confer upon any party other than
the  parties  hereto or their  respective  successors  and  assigns  any rights,
remedies,  obligations,  or  liabilities  under or by reason of this  Agreement,
except as expressly provided in this Agreement.

                  7.2 Counterparts; Faxes. This Agreement may be executed in two
or more  counterparts,  each of which  shall be deemed an  original,  but all of
which together shall constitute one and the same instrument.  This Agreement may
also be executed via facsimile or PDF, which shall be deemed an original.

                                       5
<PAGE>

                  7.3 Titles and  Subtitles.  The titles and  subtitles  used in
this  Agreement  are used for  convenience  only and are not to be considered in
construing or interpreting this Agreement.

                  7.4 Notices. Unless otherwise provided, any notice required or
permitted  under this  Agreement  shall be given in writing  and shall be deemed
effectively  given as hereinafter  described (i) if given by personal  delivery,
then such  notice  shall be deemed  given upon such  delivery,  (ii) if given by
facsimile  or  electronic  mail,  then such  notice  shall be deemed  given upon
receipt of  confirmation of complete  transmittal,  (iii) if given by mail, then
such notice shall be deemed given upon the earlier of (A) receipt of such notice
by the  recipient  or (B) three (3) days after such notice is deposited in first
class mail, postage prepaid, and (iv) if given by an internationally  recognized
overnight  air courier,  then such notice shall be deemed given one (1) Business
Day after delivery to such carrier.  All notices shall be addressed to the party
to be notified at the address as follows, or at such other address as such party
may designate by ten (10) days' advance written notice to the other party:

                           If to the Company:

                                   Intraop Medical Corporation
                                   570 Del Rey Avenue
                                   Sunnyvale, CA 94085
                                   Attention: Chief Financial Officer
                                   Facsimile:  (734) 503-6529

                           With a copy to:

                                   Hanson, Bridgett, Marcus, Vlahos & Rudy, LLC
                                   425 Market Street, 26th Floor
                                   San Francisco, CA  94105
                                   Attention:  David M. Pike
                                   Facsimile: (415) 541-9366

                           If to the Holders,  to the addresses on file with the
Company.

                  7.5 Expenses. The parties hereto shall pay their own costs and
expenses in connection herewith.

                  7.6 Amendments and Waivers.  Any term of this Agreement may be
amended and the  observance of any term of this  Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively)
only with the written  consent of (i) the Company and (ii) the Holders holding a
majority of the Securities held by all Holders. Any amendment or waiver effected
in  accordance  with this  paragraph  shall be binding  upon each  holder of any
Securities  purchased under this Agreement at the time outstanding,  each future
holder of all such Securities and the Company.

                  7.7  Severability.  Any  provision of this  Agreement  that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating the remaining  provisions  hereof but shall be interpreted as if it
were  written  so as to be  enforceable  to  the  maximum  extent  permitted  by
applicable law, and any such prohibition or unenforceability in any jurisdiction
shall  not  invalidate  or  render  unenforceable  such  provision  in any other
jurisdiction.  To the extent  permitted by  applicable  law, the parties  hereby
waive any  provision of law which  renders any  provision  hereof  prohibited or
unenforceable in any respect.

                                       6
<PAGE>

                  7.8 Entire Agreement. This Agreement,  including the exhibits,
constitute  the entire  agreement  among the parties  hereof with respect to the
subject  matter  hereof and  thereof  and  supersede  all prior  agreements  and
understandings,  both oral and written,  between the parties with respect to the
subject matter hereof and thereof.

                  7.9 Further Assurances.  The parties shall execute and deliver
all such further  instruments  and  documents and take all such other actions as
may reasonably be required to carry out the transactions contemplated hereby and
to evidence the fulfillment of the agreements herein contained.

                  7.10 Governing Law;  Consent to  Jurisdiction;  Waiver of Jury
Trial.  This Agreement  shall be governed by, and construed in accordance  with,
the internal laws of the State of Delaware  without  regard to the choice of law
principles  thereof.  Each of the  parties  hereto  irrevocably  submits  to the
exclusive jurisdiction of the courts of the State of California located in Santa
Clara County and the United States  District Court for the Northern  District of
California for the purpose of any suit, action,  proceeding or judgment relating
to or arising out of this Agreement and the  transactions  contemplated  hereby.
Service of process in connection with any such suit, action or proceeding may be
served on each party  hereto  anywhere  in the world by the same  methods as are
specified  for the giving of notices under this  Agreement.  Each of the parties
hereto  irrevocably  consents to the  jurisdiction of any such court in any such
suit,  action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit,
action or  proceeding  brought in such courts and  irrevocably  waives any claim
that any such  suit,  action or  proceeding  brought  in any such court has been
brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO
REQUEST A TRIAL BY JURY IN ANY  LITIGATION  WITH RESPECT TO THIS  AGREEMENT  AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

                            (Signature page follows)

                                       7
<PAGE>

                  IN WITNESS  WHEREOF,  the parties have  executed  this January
Bridge Note Conversion and Warrant Purchase Agreement as of the date first above
written.

The Company:                           INTRAOP MEDICAL CORPORATION

                                       By: /s/ Donald A. Goer
                                           -------------------------------------
                                           Name: Donald A. Goer
                                           Title: President and CEO

<PAGE>

         IN WITNESS WHEREOF,  the parties have executed this January Bridge Note
Conversion and Warrant Purchase Agreement.

Holders:   Name of Holder:                     Bushido Capital Master Fund L.P.

           Signature of Authorized Signer:     /s/ Ronald S. Dagar
                                               ---------------------------------

           Print Name of Authorized Signer:    Ronald S. Dagar
                                               ---------------------------------

           Print Title of Authorized Signer
           (if applicable):                    Director
                                               ---------------------------------

           Name of Holder:                     Gamma Opportunity Capital
                                               Partners LP Class A

           Signature of Authorized Signer:     /s/ Jonathan P. Knight
                                               ---------------------------------

           Print Name of Authorized Signer:    Jonathan P. Knight
                                               ---------------------------------

           Print Title of Authorized Signer
           (if applicable):                    As Agent
                                               ---------------------------------

           Name of Holder:                     Gamma Opportunity Capital
                                               Partners LP Class C

           Signature of Authorized Signer:     /s/ Jonathan P. Knight
                                               ---------------------------------

           Print Name of Authorized Signer:    Jonathan P. Knight
                                               ---------------------------------

           Print Title of Authorized Signer
           (if applicable):                    As Agent
                                               ---------------------------------

           Name of Holder:                     Crestview Capital Master, LLC

           Signature of Authorized Signer:     /s/ Robert Hoyt
                                               ---------------------------------

           Print Name of Authorized Signer:    Robert Hoyt
                                               ---------------------------------

           Print Title of Authorized Signer
           (if applicable):                    Manager
                                               ---------------------------------

<PAGE>

           Name of Holder:                     Dolphin Offshore Partners, L.P.

           Signature of Authorized Signer:     /s/ Peter E. Salas
                                               ---------------------------------

           Print Name of Authorized Signer:    Peter Salas
                                               ---------------------------------

           Print Title of Authorized Signer
           (if applicable):                    General Partner
                                               ---------------------------------

           Name of Holder:                     Alpha Capital Anstaht.

           Signature of Authorized Signer:     /s/ Konrad Ackerman
                                               ---------------------------------

           Print Name of Authorized Signer:    Konrad Ackerman
                                               ---------------------------------

           Print Title of Authorized Signer
           (if applicable):                    Director
                                               ---------------------------------

<PAGE>

                                    EXHIBIT A
                                    ---------

                                                      Principal Amount of
                                                      -------------------
Holder                                                January Bridge Note
------                                                -------------------

Bushido Capital Master Fund L.P.                              $171,429.57
Gamma Opportunity Capital
Partners LP Class A                                            $85,714.50
Gamma Opportunity Capital
Partners LP Class C                                            $85,714.50
Crestview Capital Master, LLC                                 $214,286.80
Dolphin Offshore Partners, L. P.                              $128,571.00
Alpha Capital Anstaht                                          $85,714.00

TOTAL:                                                        $771,430.37

<PAGE>

                                    EXHIBIT B
                                    ---------

                       Form of January Bridge Note Warrant
                       -----------------------------------EXHIBIT 10.38

                       COMPANY WARRANT REPRICING AGREEMENT
                       -----------------------------------

         THIS COMPANY WARRANT  REPRICING  AGREEMENT  ("Agreement") is made as of
the 17th day of August, 2007 by and among INTRAOP MEDICAL CORPORATION,  a Nevada
corporation  (the  "Company"),  and the other  persons  set  forth on  Exhibit A
attached hereto (each an "Holder" and collectively the "Holders").

                                    Recitals

                  A. The Holders  hold  warrants to  purchase  an  aggregate  of
1,578,410  shares of the  Company's  Common  Stock,  as set  forth on  Exhibit A
attached hereto.

                  B. The Company and the Holders have agreed that, in connection
with the transactions  contemplated by the Purchase Agreement,  the Holders will
agree to certain  amendments to the warrants held by them and will waive certain
provisions in such warrants, in consideration of which the exercise price of the
warrants  listed on Exhibit A shall be reduced to $0.08 per share,  effective as
of the First Closing (as defined below).

                  C. This  Agreement  shall be binding  upon the Company and the
Holders only upon delivery of the signatures pages hereto by the Company and the
Holders.

                                    Agreement

                  In  consideration  of the mutual  promises made herein and for
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

         1. Definitions.  In addition to those terms defined above and elsewhere
in this Agreement, for the purposes of this Agreement, the following terms shall
have the meanings set forth below:

                  "First  Closing"  shall  have  the  meaning  set  forth in the
Purchase Agreement.

                  "Company   Warrants"   means  the  warrants  to  purchase  the
Company's Common Stock listed on Exhibit A attached hereto.

                  "Purchase  Agreement"  means  the  Common  Stock  and  Warrant
Purchase  Agreement dated as of August 17, 2007 by and among the Company and the
other persons set forth on the schedule of purchasers attached thereto.

                  "Second  Closing"  shall  have the  meaning  set  forth in the
Purchase Agreement.

<PAGE>

                  "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

         2. Repricing the Company Warrants and other Amendments.

                  2.1 Exercise Price of the Company Warrants. Upon the terms and
subject to the conditions set forth in this Agreement, at the First Closing, the
Company  Warrants,  without  any further  action by the Company or the  Holders,
shall be amended such that the Warrant  Price or the Exercise  Price (as defined
in the applicable  Company Warrant) of the Company Warrants shall be eight cents
($0.08) per share. The Company shall record such change in the exercise price of
the Company Warrants in the ownership ledger for such warrants.

                  2.2  Certain  Adjustments.  Upon the terms and  subject to the
conditions set forth in this Agreement,  effective as of the First Closing,  the
Company  Warrants  dated  January 10,  2007,  without any further  action by the
Company  or the  Holders  thereof,  shall be  amended  to delete  Sections  3.b)
(Subsequent Equity Sales), 3.c) (Subsequent Rights Offerings) and 3.d) (Pro Rata
Distributions)  in their entirety.  For the avoidance of doubt, the Holders also
hereby  waive  in  all  respects  the   application  of  such  Sections  to  the
transactions contemplated by the Purchase Agreement.

                  2.3 Automatic Termination.  The Company, E.U. Capital Venture,
Inc.,  M. Dean  Whitney,  Mestman  Family Trust dated  August 30,  2005,  Wilder
Solovei Revocable Trust,  Admedico Aps. and Scott Parris hereby waive the notice
and  automatic  termination  provisions  set forth in  Section 8 of the  Company
Warrants held by such holders only with respect to the transactions contemplated
by the  Purchase  Agreement.  This waiver shall not be deemed to be a continuing
waiver  in  the  future  or a  waiver  of  any  other  provision,  condition  or
requirement of the Company Warrants.

                  2.4 Effect of Amendments. Except as set forth in Sections 2.1,
2.2 and 2.3 above,  all other terms and conditions of the Company Warrants shall
remain unchanged. The Company Warrants, as amended, shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed.

                  2.5 Agreement Not to Exercise.  Notwithstanding  any provision
to the contrary contained in any Company Warrant,  each Holder hereby (i) agrees
that it will not exercise any Company  Warrant  prior to the Second  Closing and
(ii)  acknowledges  that the  Company  will  not  recognize  any such  attempted
exercise of a Company  Warrant prior to the Second Closing or accept the payment
of the Warrant Price or Exercise Price, as applicable, in connection therewith.

         3.  Representations  and Warranties of the Company.  The Company hereby
represents and warrants to the Holders that:

                  3.1  Organization   and  Good  Standing.   The  Company  is  a
corporation duly organized, validly existing and in good standing under the laws
of the State of Nevada and has all  requisite  corporate  power and authority to
carry on its business as now conducted and to own its properties.

                                       2
<PAGE>

                  3.2  Authorization.  The Company has full corporate  power and
authority  and has taken all  requisite  action on the part of the Company,  its
officers,  directors  and  stockholders  necessary  for (i)  the  authorization,
execution  and  delivery of this  Agreement  and (ii) the  authorization  of the
performance  of  all  obligations  of  the  Company  hereunder.  This  Agreement
constitutes the legal, valid and binding obligation of the Company,  enforceable
against  the  Company  in  accordance  with its terms,  subject  to  bankruptcy,
insolvency, fraudulent transfer, reorganization,  moratorium and similar laws of
general applicability relating to or affecting creditors' rights generally.

         4.  Representations and Warranties of the Holders.  Each of the Holders
hereby, severally and not jointly, represents and warrants to the Company that:

                  4.1 Organization and Existence.  Such Holder is an individual,
trust,  validly existing  corporation,  limited partnership or limited liability
company and has,  to the extent  applicable,  all  requisite  trust,  corporate,
partnership  or limited  liability  company power and authority to invest in the
Securities pursuant to this Agreement.

                  4.2 Company  Warrant.  Such Holder is the beneficial owner and
has valid and legal title to the Company  Warrant  listed next to such  Holder's
name on Exhibit A attached hereto.

                  4.3 Authorization.  The execution, delivery and performance by
such Holder of this  Agreement  have been duly  authorized,  and this  Agreement
constitutes the valid and legally binding obligation of such Holder, enforceable
against  such  Holder in  accordance  with its  terms,  subject  to  bankruptcy,
insolvency, fraudulent transfer, reorganization,  moratorium and similar laws of
general applicability, relating to or affecting creditors' rights generally.

         5. Miscellaneous.

                  5.1 Successors and Assigns. This Agreement may not be assigned
by a party  hereto  without  the prior  written  consent  of the  Company or the
Holders  holding  a  majority  of  the  Company  Warrants,  as  applicable.  The
provisions of this  Agreement  shall inure to the benefit of and be binding upon
the respective permitted successors and assigns of the parties.  Nothing in this
Agreement,  express or implied,  is intended to confer upon any party other than
the  parties  hereto or their  respective  successors  and  assigns  any rights,
remedies,  obligations,  or  liabilities  under or by reason of this  Agreement,
except as expressly provided in this Agreement.

                  5.2 Counterparts; Faxes. This Agreement may be executed in two
or more  counterparts,  each of which  shall be deemed an  original,  but all of
which together shall constitute one and the same instrument.  This Agreement may
also be executed via facsimile or PDF, which shall be deemed an original.

                  5.3 Titles and  Subtitles.  The titles and  subtitles  used in
this  Agreement  are used for  convenience  only and are not to be considered in
construing or interpreting this Agreement.

                                       3
<PAGE>

                  5.4 Notices. Unless otherwise provided, any notice required or
permitted  under this  Agreement  shall be given in writing  and shall be deemed
effectively  given as hereinafter  described (i) if given by personal  delivery,
then such  notice  shall be deemed  given upon such  delivery,  (ii) if given by
facsimile  or  electronic  mail,  then such  notice  shall be deemed  given upon
receipt of  confirmation of complete  transmittal,  (iii) if given by mail, then
such notice shall be deemed given upon the earlier of (A) receipt of such notice
by the  recipient  or (B) three (3) days after such notice is deposited in first
class mail, postage prepaid, and (iv) if given by an internationally  recognized
overnight  air courier,  then such notice shall be deemed given one (1) Business
Day after delivery to such carrier.  All notices shall be addressed to the party
to be notified at the address as follows, or at such other address as such party
may designate by ten (10) days' advance written notice to the other party:

                           If to the Company:

                                   Intraop Medical Corporation
                                   570 Del Rey Avenue
                                   Sunnyvale, CA 94085
                                   Attention:  Chief Financial Officer
                                   Facsimile:  (734) 503-6529

                           With a copy to:

                                   Hanson, Bridgett, Marcus, Vlahos & Rudy, LLC
                                   425 Market Street, 26th Floor
                                   San Francisco, CA  94105
                                   Attention:  David M. Pike
                                   Facsimile: (415) 541-9366

                           If to the Holders,  to the addresses on file with the
Company.

                  5.5 Expenses. The parties hereto shall pay their own costs and
expenses in connection herewith.

                  5.6 Amendments and Waivers.  Any term of this Agreement may be
amended and the  observance of any term of this  Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively)
only with the  written  consent of the  Company and the Holders of a majority of
the Company Warrants.

                  5.7  Severability.  Any  provision of this  Agreement  that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating the remaining  provisions  hereof but shall be interpreted as if it
were  written  so as to be  enforceable  to  the  maximum  extent  permitted  by
applicable law, and any such prohibition or unenforceability in any jurisdiction
shall  not  invalidate  or  render  unenforceable  such  provision  in any other
jurisdiction.  To the extent  permitted by  applicable  law, the parties  hereby
waive any  provision of law which  renders any  provision  hereof  prohibited or
unenforceable in any respect.

                  5.8 Entire  Agreement.  This Agreement  constitutes the entire
agreement among the parties hereof with respect to the subject matter hereof and
thereof and supersede all prior  agreements  and  understandings,  both oral and
written,  between the parties  with  respect to the  subject  matter  hereof and
thereof.

                                       4
<PAGE>

                  5.9 Further Assurances.  The parties shall execute and deliver
all such further  instruments  and  documents and take all such other actions as
may reasonably be required to carry out the transactions contemplated hereby and
to evidence the fulfillment of the agreements herein contained.

                  5.10 Governing Law;  Consent to  Jurisdiction;  Waiver of Jury
Trial.  This Agreement  shall be governed by, and construed in accordance  with,
the internal laws of the State of Delaware  without  regard to the choice of law
principles  thereof.  Each of the  parties  hereto  irrevocably  submits  to the
exclusive jurisdiction of the courts of the State of California located in Santa
Clara County and the United States  District Court for the Northern  District of
California for the purpose of any suit, action,  proceeding or judgment relating
to or arising out of this Agreement and the  transactions  contemplated  hereby.
Service of process in connection with any such suit, action or proceeding may be
served on each party  hereto  anywhere  in the world by the same  methods as are
specified  for the giving of notices under this  Agreement.  Each of the parties
hereto  irrevocably  consents to the  jurisdiction of any such court in any such
suit,  action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit,
action or  proceeding  brought in such courts and  irrevocably  waives any claim
that any such  suit,  action or  proceeding  brought  in any such court has been
brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO
REQUEST A TRIAL BY JURY IN ANY  LITIGATION  WITH RESPECT TO THIS  AGREEMENT  AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

                            (Signature page follows)

                                       5
<PAGE>

                  IN WITNESS  WHEREOF,  the parties have  executed  this Company
Warrant Repricing Agreement as of the date first above written.

The Company:                           INTRAOP MEDICAL CORPORATION

                                       By: /s/ Donald A. Goer
                                           -------------------------------------
                                           Name: Donald A. Goer
                                           Title: President and CEO

<PAGE>

         IN WITNESS  WHEREOF,  the parties have  executed  this Company  Warrant
Repricing Agreement as of the date first above written.

The Holders:   Name of Holder:                   M. Dean Whitney
                                                 -------------------------------

               Signature of Authorized Signer:   /s/ M. Dean Whitney
                                                 -------------------------------

               Print Name of Authorized Signer:
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):
                                                 -------------------------------

               Name of Holder:                   Mestman Family Trust Dated
                                                 August 30, 2005

               Signature of Authorized Signer:   /s/ Scott J. Mestman
                                                 -------------------------------

               Print Name of Authorized Signer:  Scott J. Mestman
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):                  Trustee, Mestman Family Trust
                                                 -------------------------------

               Name of Holder:                   Wilder Solovei Revocable Trust

               Signature of Authorized Signer:   /s/ Howard Solovei
                                                 -------------------------------

               Print Name of Authorized Signer:  Howard Solovei
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):                  Trustee
                                                 -------------------------------

               Name of Holder:                   Admedico Aps.
                                                 -------------------------------

               Signature of Authorized Signer:   /s/ Hans Chr. Koaergaard-Hansen
                                                 -------------------------------

               Print Name of Authorized Signer:  Hans Chr. Koaergaard-Hansen
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):                  CEO
                                                 -------------------------------

               Name of Holder:                   E.U. Capital Venture, Inc.
                                                 ------------------------------

               Signature of Authorized Signer:   /s/ Hans Morkner
                                                 -------------------------------

               Print Name of Authorized Signer:  Hans Morkner
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):                  Managing Director
                                                 -------------------------------

<PAGE>

               Name of Holder:                   Donald A. Goer & Henci L. Goer
                                                 -------------------------------
                                                 1989 Family Trust
                                                 -------------------------------

               Signature of Authorized Signer:   /s/ Donald A. Goer
                                                 -------------------------------

               Print Name of Authorized Signer:  Donald A. Goer
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):                  Trustee
                                                 -------------------------------

               Name of Holder:                   Donald A. Goer
                                                 -------------------------------

               Signature of Authorized Signer:   /s/ Donald A. Goer
                                                 -------------------------------

               Print Name of Authorized Signer:
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):
                                                 -------------------------------

               Name of Holder:                   Tomovation GMBH
                                                 -------------------------------

               Signature of Authorized Signer:   /s/ Michael Friebe
                                                 -------------------------------

               Print Name of Authorized Signer:  Michael Friebe
                                                 -------------------------------

               Print Title of Authorized Signer
               (if applicable):                  CEO
                                                 -------------------------------

<PAGE>

                                    EXHIBIT A
                                    ---------

                           Holders of Company Warrants
                           ---------------------------

Name                                         Date of Warrant   Number of Warrant
----                                         ---------------   -----------------
                                                                     Shares
                                                                     ------

April and May 2007
Promissory Notes
M. Dean Whitney                                  04/10/07            25,000
Mestman Family Trust dated August 30, 2005       04/16/07            62,500
Mestman Family Trust dated August 30, 2005       04/23/07            62,500
M. Dean Whitney                                  05/02/07            12,500
Wilder Solovei Revocable Trust                   05/11/07            12,500
Admedico Aps.                                    05/08/07            25,000
Scott Parris                                     05/04/07            50,000

January 2007 Debentures
E.U. Capital Venture, Inc.                       01/10/07           214,285
Donald A. Goer and Henci L. Goer
1989 Family Trust                                01/10/07            42,857
Donald A. Goer                                   01/10/07           153,825
Tomovation Gmbh                                  01/10/07            21,428
Mestman Family Trust dated
 August 30, 2005                                 01/10/07            26,785

E.U. Capital Venture, Inc.                       08/16/05           576,923
E.U. Capital Venture, Inc.                       06/01/06           192,307
E.U. Capital Venture, Inc.                       04/10/07           100,000
                                                                ------------

TOTAL:                                                            1,578,410

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