Document:

Exhibit 4.18
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NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

                               WARRANT TO PURCHASE
                                 COMMON STOCK OF
                           INTRAOP MEDICAL CORPORATION
                                 WARRANT #CC-223

     FOR VALUE RECEIVED, subject to the terms and conditions herein set forth,
Eckert & Ziegler Strahlen-und Medizintechnik AG ("Holder") is entitled to
purchase from Intraop Medical Corporation, a Nevada corporation (the "Company"),
at any time after the date hereof and prior to the Expiration Date (as defined
below), at a price per share as set forth in Section 1 hereof (the "Warrant
Price"), the number of fully paid and non-assessable shares of Common Stock of
the Company as set forth in Section 2 hereof (the "Shares").

         1.       Warrant Price.  The Warrant Price for each of the Shares
purchasable  hereunder  shall be Forty Five Cents ($0.45) (the "Warrant Price"),
subject to adjustment as provided in Section 10.

         2.       Number of Shares.  The number of Shares  issuable  upon
exercise of this Warrant shall be One Hundred Thousand (100,000), subject to
adjustment as provided in Section 10.

         3.       Expiration  of Warrant.  Subject to earlier  termination  in
accordance  with Section 8 below,  this Warrant shall expire and shall no longer
be exercisable after July 25, 2009 (the "Expiration Date").

         4.       No Fractional Shares.  This Warrant may not be exercised as to
fractional Shares.

         5.       No  Stockholder  Rights.  This Warrant shall not entitle
Holder to any of the rights of a stockholder of the Company.

         6.       Reservation  of Shares.  The Company  covenants that during
the period this Warrant is exercisable it will reserve from its authorized and
unissued shares of Common Stock a sufficient number of shares to provide for the
issuance of the maximum number of shares of Common Stock issuable upon the
exercise of this Warrant.

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<PAGE>

The Company agrees that its issuance of this Warrant shall constitute full
authority to its officers to instruct the Company's transfer agent to issue the
necessary certificates for shares of Common Stock upon the exercise of this
Warrant.

         7.       Exercise of Warrant.

                  (a)      This  Warrant may be exercised  by Holder,  in whole
or in part, at any time after the date hereof and prior to the Expiration Date
by the surrender of this Warrant at the principal office of the Company,
together with the Subscription Form attached hereto duly completed and executed,
accompanied by payment in full of the aggregate Warrant Price for the Shares
being purchased upon such exercise. In the event of exercise of this Warrant in
compliance with the provisions hereof, certificates for the Shares so purchased
shall be delivered to Holder promptly and, unless this Warrant has been fully
exercised or expired, a new Warrant representing that portion of the Shares, if
any, with respect to which this Warrant will not then have been exercised, shall
be issued to Holder. The Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for
exercise as provided above, and Holder shall be treated for all purposes as the
holder of record of such shares as of the close of business on such date.

                  In lieu of  exercising  this Warrant  pursuant to the first
paragraph of Section 7 (a), Holder may elect to receive Shares equal to the
value of this Warrant (or any portion thereof remaining unexercised) by
surrender of this Warrant at the principal office of the Company together with
the Subscription Form, in which event the Company shall issue to Holder a number
of Shares computed using the following formula:

         X  =  Y (A-B)
               -------
                  A

         Where X= the number of Shares to be issued to Holder.

               Y= the  number  of  Shares  for which  this  Warrant  is then
                  being  exercised  (at the date of such exercise).

               A= the fair market value of one Share (at the date of such
                  exercise).

               B= the Warrant Price (as adjusted to the date of such exercise).

         For purposes of this subsection fair market value of one Share shall
         mean:

                  (i)      The  average of the closing bid and asked  prices of
                  the Common Stock quoted in the NASDAQ National Market System
                  or the Over-the-Counter market or the closing price quoted on
                  any exchange on which the Common Stock is listed, whichever is
                  applicable, as published in the Western Edition of The Wall
                  Street Journal for the five (5) trading days prior to the date
                  of determination of the fair market value; or

                  (ii)     If the Common  Stock is not publicly  traded,  the
                  per share fair market value of the Common Stock shall be
                  determined in good faith by the Company's  Board of
                  Directors.

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<PAGE>

               If Holder disagrees with the determination by the Board of
               Directors of the fair market value of the Common Stock then such
               fair market value shall be determined by an independent appraiser
               selected jointly by the Company and Holder. The cost of such
               appraisal shall be paid equally by the Company and Holder.

               (b)      As promptly as  practicable  on or after such date, the
               Company shall cause to be issued and delivered to Holder a
               certificate or certificates for the number of full Shares
               issuable upon such exercise.

               (c)      Issuance of  certificates  for the Shares upon the
               exercise of this Warrant shall be made without charge to the
               registered holder hereof for any issue or transfer tax or other
               incidental expense with respect to the issuance of such
               certificates, all of which taxes and expenses shall be paid by
               the Company, and such certificates shall be issued in the name of
               the registered holder of this Warrant or in such name or names as
               may be directed by the registered holder of this Warrant;
               provided, however, that in the event certificates for the Shares
               are to be issued in a name other than the name of the registered
               holder of this Warrant, this Warrant, when surrendered for
               exercise, shall be accompanied by the Assignment Form attached
               hereto duly executed by Holder hereof, and provided further, that
               any such transfer shall comply with Section 9 hereof.

         8.    Automatic  Termination.  In the event of the sale of all or
substantially all the capital stock, or substantially all the assets, of the
Company in a merger, business combination, or other form of business transaction
with or into a third party in which the Company's stockholders do not own at
least a majority of the outstanding voting securities of the surviving
corporation or business entity after such transaction, then the Company shall
give Holder of this Warrant at least thirty (30) days written notice of the
proposed effective date and terms of such offering, transaction or agreements,
and if the Warrant has not been exercised before the effective date of such
transaction, then this Warrant and the rights hereunder shall be automatically
terminated.

         9.    Transfer or Assignment of Warrant.

               (a)      This  Warrant,  and any rights  hereunder,  may not be
assigned or transferred, except as provided herein and in accordance with and
subject to the provisions of (i) applicable state securities laws, and (ii) the
Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder (such Act and such rules and regulations being hereinafter
collectively referred to as the "Securities Act"). Any purported transfer or
assignment made other than in accordance with this Section 9 shall be null and
void and of no force and effect.

               (b)      This Warrant,  and any rights hereunder,  may be

transferred or assigned only with the prior written consent of the Company,
which shall be granted only upon receipt by the Company of an opinion of counsel
satisfactory to the Company that (i) the transferee is a person to whom this
Warrant may be legally transferred without registration under the Securities
Act, and (ii) such transfer will not violate any applicable law or governmental
rule or regulation, including, without limitation, any applicable federal or
state securities law.

                                       3
<PAGE>

               (c)      Any  assignment  permitted  hereunder  shall be made by
surrender of this Warrant to the Company at its principal office with the
Assignment Form annexed hereto duly executed and funds sufficient to pay any
transfer tax, if any. In such event, the Company shall, without charge, execute
and deliver a new Warrant in the name of the assignee named in such instrument
of assignment and this Warrant shall be promptly canceled.

         10.   Adjustments to Shares.

               (a)      If the outstanding  shares of the Company's  Common
Stock shall be subdivided into a greater number of shares or a dividend in
Common Stock shall be paid in respect of Common Stock, the Warrant Price in
effect immediately prior to such subdivision or at the record date of such
dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced.
If outstanding shares of Common Stock shall be combined into a smaller number of
shares, the Warrant Price in effect immediately prior to such combination shall,
simultaneously with the effectiveness of such combination, be proportionately
increased. When any adjustment is required to be made in the Warrant Price, the
number of shares of Common Stock purchasable upon the exercise of this Warrant
shall be changed to the number determined by dividing (i) an amount equal to the
number of shares issuable upon the exercise of this Warrant immediately prior to
such adjustment, multiplied by the Warrant Price in effect immediately prior to
such adjustment, by (ii) the Warrant Price in effect immediately after such
adjustment.

               (b)      In case of any  reclassification  or change of the
outstanding securities of the Company or of any reorganization of the Company
(or any other corporation the stock or securities of which are at the time
receivable upon the exercise of this Warrant) or any similar corporate
reorganization on or after the date hereof, then and in each such case the
holder of this Warrant, upon the exercise hereof at any time after the
consummation of such reclassification, change, reorganization, merger or
conveyance, shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise hereof prior to such
consummation, the stock or other securities or property to which such holder
would have been entitled upon such consummation if such holder had exercised
this Warrant immediately prior thereto, all subject to further adjustment as
provided in Section 10(a); and in each such case, the terms of this Section 10
shall be applicable to the shares of stock or other securities properly
receivable upon the exercise of this Warrant after such consummation.

               (c)      When any  adjustment  is  required  to be made in the
number of shares of Common Stock purchasable hereunder or the Warrant Price
pursuant to this Section 10, the Company shall promptly mail to the Holder a
certificate setting forth (i) a brief statement of the facts requiring such
adjustment, (ii) the Warrant Price after such adjustment and (iii) the kind and
amount of stock or other securities or property into which this Warrant shall be
exercisable after such adjustment.

         11.   Loss,  Theft,  Destruction  or  Mutilation  of  Warrant.  Upon
receipt by the Company 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 Company of all reasonable expenses incidental thereto, and

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<PAGE>

upon surrender and cancellation of this Warrant, if mutilated, the Company will
make and deliver a new warrant identical in tenor and date in lieu of this
Warrant.

         12.   General.  This  Warrant  shall be  governed by and  interpreted
in accordance with the laws of the State of California, except for its
principles of conflicts of laws. The headings in this Warrant are for purposes
of convenience and reference only and shall not be deemed to constitute a part
hereof. Neither this Warrant nor any term hereof may be changed, waived,
discharged or terminated orally but rather only by an instrument in writing
signed by the Company and Holder. All notices and other communications from the
Company to Holder shall be mailed by prepaid courier or first-class registered
or certified mail, postage pre-paid, to the address furnished to the Company in
writing by the last holder who shall have furnished an address to the Company in
writing.

         13.   Amendment and Waiver.  Any provisions of this Warrant
(including, without limitation, termination of exercisability) may be amended or
waived, and any and all such amendments or waivers shall be binding upon Holder,
only if approved in writing by the Company and Holder.

         Issued this 25 day of  July, 2007.

                                             INTRAOP MEDICAL CORPORATION

                                             By:  /s/ Donald A. Goer
                                                  ------------------
                                                  Name:  Donald A. Goer
                                                  Title: President and
                                                         Chief Executive Officer

                                       5
<PAGE>

                                SUBSCRIPTION FORM

     The undersigned registered owner of the Warrant which accompanies this
Subscription Form hereby irrevocably (a) exercises such warrant for, and
purchases ______ shares of Common Stock (the "Shares") of Intraop Medical
Corporation, Inc., a Nevada corporation (the "Company"), purchasable upon the
exercise of such Warrant, and herewith makes payment therefor, or (b) exercises
such Warrant for ______ shares of Intraop Medical Corporation Common Stock
purchasable under the Warrant pursuant to the net exercise provisions of the
second paragraph of Section 7(a) of such Warrant all at the price and on the
terms and conditions specified in such Warrant.

      1.01     Authorization.  This  exercise  constitutes  a  valid  and
legally binding obligation of the undersigned, enforceable in accordance with
its terms.

      1.02     Investment  Representation.  The  undersigned  acknowledges,
represents, and warrants that it (a) has a preexisting personal or business
relationship with the Company, and/or by reason of its business or financial
experience has the capacity to protect its own interests in connection with the
transaction, and (b) is an "accredited investor" under Regulation D of the
Securities Act of 1933, as amended (the "Act"). The undersigned further
acknowledges that it is aware that the Shares have not been registered under the
Act, or qualified under any state's securities laws. The Shares are being
acquired for investment purposes only and not for sale or with a view to
distribution of all or any part thereof.

      1.03     Access to Information.  The  undersigned  represents that it has
or will have had upon exercise of the Warrant an opportunity to ask questions of
and receive answers from the Company regarding the terms and conditions of its
purchase of the Shares concerning the business, financial affairs and other
aspects of the Company, and it has further had the opportunity to obtain any
information (to the extent the Company possesses or can acquire such information
without unreasonable effort or expense) which it deems necessary to evaluate its
investment or to verify the accuracy of information otherwise provided to it.
The undersigned acknowledges that it is not relying upon any person, firm or
corporation (other than the Company and its officers and directors) in making
its investment or decision to invest in the Company, and the undersigned
represents that it has been solely responsible for its own "due diligence"
investigation of the Company and its management and business, for its own
analysis of the merits and risks of this investment.

      1.04     Investment  Experience.  The undersigned  represents and warrants
that by reason of its financial and business experience, it has the capacity to
protect its interests in connection with these transactions.

      1.05     Restricted  Securities.  The  undersigned  understands  that the
Shares will be characterized as "restricted securities" under the 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 Act only in certain limited circumstances and that otherwise such securities
must be held indefinitely. In this connection, the undersigned represents that
it is familiar with SEC Rule 144, as presently in effect, and the conditions

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<PAGE>

which must be met in order for that Rule to be available for resale of
"restricted securities," and understands the resale limitations imposed by the
Act.

      1.06     Further  Limitations on  Disposition.  Without in any way
limiting the representations set forth above, the undersigned further agrees not
to make any disposition of all or any portion of the Shares unless and until:

               (a)      There is then in effect a "Registration  Statement"
under the Act covering such proposed disposition and such disposition is made in
accordance with such Registration Statement and any applicable requirements of
state securities laws; or

               (b)      (i) the undersigned  shall have notified the Company of
the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and (ii) if
reasonably requested by the Company, shall have furnished the Company with an
opinion of counsel at undersigned's expense (except for dispositions pursuant to
Rule 144 of the Rules and Regulations under the Act which dispositions shall not
so require an opinion of counsel) reasonably satisfactory to the Company, that
such disposition will not require registration of the Shares under the Act or
the consent of or permit from appropriate authorities under any applicable state
securities law.

               (c)     Notwithstanding  the  provisions of paragraphs  (a) and
(b) above, no such Registration Statement or opinion of counsel shall be
necessary for a transfer by the undersigned to a constituent stockholder or
constituent partner (including any constituent of a constituent) of the
undersigned, if the transferee or transferees agree in writing to be subject to
the terms hereof to the same extent as if they were the undersigned hereunder.

      2.       RESTRICTIONS ON THE TRANSFER OF SECURITIES.

      2.01     Corporate  Securities Law. The Shares shall be transferred  only
in compliance with the conditions specified in Section 1.06, which conditions
are intended to ensure compliance with the provisions of the Act and state
securities laws with respect to the transfer of any such securities. Each
certificate representing the Shares shall bear at least a legend substantially
in the following form until such time as the conditions of such legend have been
met:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED ("ACT"), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED
UNDER THE SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH SECURITIES WILL BE
PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH
TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT OR AS
OTHERWISE PERMITTED BY THE COMPANY, OR IN THE OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY AND AT HOLDER'S EXPENSE, REGISTRATION UNDER THE ACT IS UNNECESSARY
IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE
SECURITIES LAWS.

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<PAGE>

The Company shall, within ten (10) days of the request of any holder of a
certificate bearing the foregoing legend and the surrender of such certificate,
issue a new stock certificate in the name of the transferee provided that there
has been compliance with the provisions of subsection 1.06 above.

      2.02     Additional  Legends.  The Company may also impose any additional
legend required under applicable federal or state securities laws or permitted
under its bylaws and shall be entitled to issue stop transfer notices on its
books with respect to any securities purchased hereunder until the conditions
set forth in the applicable legends have been met.

        Dated:
               ------------------

                                    --------------------------------------------
                                    (Signature of Registered Owner)

                                    --------------------------------------------
                                    (Name)

                                    --------------------------------------------
                                    (Street Address)

                                    --------------------------------------------
                                    (City, State, Zip Code)

                                    --------------------------------------------
                                    Social Security or Tax Identification Number

     If the number of Shares issuable upon this exercise shall not be all of the
Shares which the undersigned is entitled to purchase in accordance with the
enclosed Warrant, the undersigned requests that a new warrant evidencing the
right to purchase the Shares not issuable pursuant to the exercise evidenced
hereby be issued in the name of and delivered to:

--------------------------------------------------------------------------------
                         (Please print name and address)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Date:                            Name of Holder:
      -------------------        (Print)
                                        ----------------------------------------

                                 (By)
                                      ------------------------------------------
                                 (Name:)
                                 (Title:)

                                 (Signature  must  conform  in all  respects
                                 to name of  holder as specified on the face of
                                 the Warrant)

                                       3
<PAGE>

                               FORM OF ASSIGNMENT
                               ------------------

                 (To be signed only upon assignment of Warrant)

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

                  --------------------------------------------

                  --------------------------------------------

                  --------------------------------------------

          (Name and address of assignee must be printed or typewritten)

___________ shares of Intraop Medical Corporation Common Stock purchasable under
the within Warrant, hereby irrevocably constituting and appointing
______________________ Attorney to transfer said Warrant on the books of the
Company, with full power of substitution in the premises.

        Dated:
               ------------------

                                              ----------------------------------
                                              (Signature of Registered Owner)Exhibit 4.19
                                                                    ------------

THE SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED
UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH
SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT, OR THE
COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF SUCH SECURITIES
REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER,
ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SUCH ACT.

No.                                                                July __, 2007

                       WARRANT TO PURCHASE COMMON STOCK OF

                           INTRAOP MEDICAL CORPORATION

     FOR VALUE RECEIVED, subject to the terms and conditions herein set forth,
Holder (as defined below) is entitled to purchase from Intraop Medical
Corporation, a Nevada corporation (the "Company"), at any time before the
termination of this Warrant pursuant to Section 11 below, at a price per share
equal to the Warrant Price (as defined below), the Warrant Stock (as defined
below).

     1.        Definitions. As used in this Warrant, the following terms shall
have the definitions ascribed to them below:

               (a)      "Holder" shall mean DLA Piper US LLP or its assigns.

               (b)      "Securities" shall mean 400,000 shares of Common Stock
of the Company.

               (c)      "Warrant Price" shall be $0.45 per share.

               (d)      "Warrant Stock" shall mean the Securities purchasable
upon exercise of this Warrant or issuable upon conversion of this Warrant,
subject to adjustment as described in Section 7 below.

     2.        Fractional Shares. No fractional shares shall be issuable upon
exercise or conversion of the Warrant and the number of shares to be issued
shall be rounded down to the nearest whole share. If a fractional share interest
arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying the Holder an amount computed
by multiplying the fractional interest by the fair market value of a full share.

<PAGE>

     3.        No Shareholder Rights. This Warrant, by itself, as distinguished
from any shares purchased hereunder, shall not entitle its Holder to any of the
rights of a shareholder of the Company.

     4.        Reservation of Stock. The Company 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 or conversion of this
Warrant. Issuance of this Warrant shall constitute full authority to the
Company's officers who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for shares of Warrant Stock
issuable upon the exercise or conversion of this Warrant.

     5.        Exercise of Warrant. This Warrant may be exercised by the
surrender of this Warrant, together with delivery of the Investment
Representation Statement in the form attached hereto as Attachment 1,
respectively, duly completed and executed at the principal office of the
Company, specifying the portion of the Warrant to be exercised and accompanied
by payment in full of the Warrant Price in cash or by check with respect to the
shares of Warrant Stock being purchased. This Warrant shall be deemed to have
been exercised immediately prior to the close of business on the date of its
surrender for exercise as provided above, and the person entitled to receive the
shares of Warrant Stock issuable upon such exercise shall be treated for all
purposes as the Holder of such shares of record as of the close of business on
such date. As promptly as practicable after such date, the Company shall issue
and deliver to the person or persons entitled to receive the same a certificate
or certificates for the number of full shares of Warrant Stock issuable upon
such exercise. If the Warrant shall be exercised for less than the total number
of shares of Warrant Stock then issuable upon exercise, promptly after surrender
of the Warrant upon such exercise, the Company will execute and deliver a new
Warrant, dated the date hereof, evidencing the right of the Holder to the
balance of the Warrant Stock purchasable hereunder upon the same terms and
conditions set forth herein.

     6.        Conversion. In lieu of exercising this Warrant or any portion
hereof, the Holder hereof shall have the right to convert this Warrant or any
portion hereof into Warrant Stock by executing and delivering to the Company at
its principal office the written Notice of Conversion and Investment
Representation Statement in the forms attached hereto as Attachments 1 and 2,
specifying the portion of the Warrant to be converted, and accompanied by this
Warrant. The number of shares of Warrant Stock to be issued to Holder upon such
conversion shall be computed using the following formula:

                                X = (P)(Y)(A-B)/A

     Where X   the number of shares of Warrant Stock to be issued to the Holder
           =   for the portion of the Warrant being converted.

               P =  the portion of the Warrant being converted expressed as a
                    decimal fraction.

               Y =  the total number of shares of Warrant Stock issuable upon
                    exercise of the Warrant in full.

<PAGE>

               A =  the fair market value of one share of Warrant Stock which
                    shall mean (i) the fair market value of the Company's common
                    stock issuable upon conversion of such share as of the last
                    business day immediately prior to the date the notice of
                    conversion is received by the Company, as determined in good
                    faith by the Company's Board of Directors, or (ii) if this
                    Warrant is being converted in conjunction with a public
                    offering of stock, the price to the public per share
                    pursuant to the offering.

               B =  the Warrant Price on the date of conversion.

     Any portion of this Warrant that is converted shall be immediately
canceled. This Warrant or any portion hereof shall be deemed to have been
converted immediately prior to the close of business on the date of its
surrender for conversion as provided above, and the person entitled to receive
the shares of Warrant Stock issuable upon such conversion shall be treated for
all purposes as the Holder of such shares of record as of the close of business
on such date. As promptly as practicable after such date, the Company shall
issue and deliver to the person or persons entitled to receive the same a
certificate or certificates for the number of full shares of Warrant Stock
issuable upon such conversion. If the Warrant shall be converted for less than
the total number of shares of Warrant Stock then issuable upon conversion,
promptly after surrender of the Warrant upon such conversion, the Company will
execute and deliver a new Warrant, dated the date hereof, evidencing the right
of the Holder to the balance of the Warrant Stock purchasable hereunder upon the
same terms and conditions set forth herein.

     7.        Adjustment of Exercise Price and Number of Shares. The number of
shares issuable upon exercise of this Warrant (or any shares of stock or other
securities or property at the time receivable or issuable upon exercise of this
Warrant) and the Warrant Price therefor are subject to adjustment upon the
occurrence of the following events:

               (a)      Adjustment for Stock Splits, Stock Dividends,
Recapitalizations, etc. The Warrant Price and the number of shares issuable upon
exercise of this Warrant shall each be proportionally adjusted to reflect any
stock dividend, stock split, reverse stock split, combination of shares,
reclassification, recapitalization or other similar event altering the number of
outstanding shares of the Company's capital stock.

               (b)      Adjustment for Other Dividends and Distributions.
In case the Company shall make or issue, or shall fix a record date for the
determination of eligible holders entitled to receive, a dividend or other
distribution with respect to the shares payable in securities of the Company
then, and in each such case, the Holder, on exercise of this Warrant at any time
after the consummation, effective date or record date of such event, shall
receive, in addition to the Warrant Stock (or such other stock or securities)
issuable on such exercise prior to such date, the securities of the Company to
which such Holder would have been entitled upon such date if such Holder had
exercised this Warrant immediately prior thereto (all subject to further
adjustment as provided in this Warrant).

<PAGE>

     8.        Adjustment for Capital Reorganization, Consolidation, Merger.
If any capital reorganization of the capital stock of the Company, or any
consolidation or merger of the Company with or into another company, or the sale
of all or substantially all of the Company's assets to another company shall be
effected in such a way that holders of the Company's capital stock will be
entitled to receive stock, securities or assets with respect to or in exchange
for the Company's capital stock, and in each such case the Holder, upon the
exercise of this Warrant, at any time after the consummation of such capital
reorganization, consolidation, merger, or sale, shall be entitled to receive, in
lieu of the stock or other securities and property receivable upon the exercise
of this Warrant prior to such consummation, the stock or other securities or
property to which such Holder would have been entitled upon such consummation if
such Holder had exercised this Warrant immediately prior to the consummation of
such capital reorganization, consolidation, merger, or sale, all subject to
further adjustment as provided in this Section 8; and in each such case, the
terms of this Warrant shall be applicable to the shares of stock or other
securities or property receivable upon the exercise of this Warrant after such
consummation.

     9.        Transfer of Warrant. This Warrant may be transferred or assigned
by the Holder hereof in whole or in part, provided that (i) the transferor
provides, at the Company's request, an opinion of counsel satisfactory to the
Company that such transfer does not require registration under the Act and the
securities law applicable with respect to any other applicable jurisdiction, and
(ii) the Company, in its sole discretion, consents to such assignment or
transfer.

     10.       Termination. This Warrant shall terminate and no longer be
exercisable upon the fifth (5th) anniversary of the date hereof.

     11.       Miscellaneous. This Warrant shall be governed by the laws of the
State of California, as such laws are applied to contracts to be entered into
and performed entirely in California by California residents. The headings in
this Warrant are for purposes of convenience and reference only, and shall not
be deemed to constitute a part hereof. Neither this Warrant nor any term hereof
may be changed or waived orally, but only by an instrument in writing signed by
the Company and the Holder of this Warrant. All notices and other communications
from the Company to the Holder of this Warrant shall be delivered personally or
mailed by first class mail, postage prepaid, to the address furnished to the
Company in writing by the last Holder of this Warrant who shall have furnished
an address to the Company in writing, and if mailed shall be deemed given three
days after deposit in the United States mail.

                             INTRAOP MEDICAL CORPORATION

                             By: /s/ Donald A. Goer
                                 -----------------------------------------------
                                 Name:    Donald A. Goer, Ph.D.
                                 Title:   President and Chief Executive Officer

<PAGE>

                                  Attachment 1
                                  ------------

                       INVESTMENT REPRESENTATION STATEMENT

                            Shares of the Securities
                     (as defined in the attached Warrant) of
                           INTRAOP MEDICAL CORPORATION

       In connection with the purchase of the above-listed securities, the
        undersigned hereby represents to Intraop Medical Corporation (the
                             "Company") as follows:

     (a)       The securities to be received upon the exercise of the Warrant
(the "Securities") will be acquired for investment for its own account, not as a
nominee or agent, and not with a view to the sale or distribution of any part
thereof, and the undersigned has no present intention of selling, granting
participation in or otherwise distributing the same, but subject, nevertheless,
to any requirement of law that the disposition of its property shall at all
times be within its control. By executing this Statement, the undersigned
further represents that it does not have any contract, undertaking, agreement or
arrangement with any person to sell, transfer, or grant participation to such
person or to any third person, with respect to any Securities issuable upon
exercise of the Warrant.

     (b)       The undersigned understands that the Securities issuable upon
exercise of the Warrant at the time of issuance may not be registered under the
Act, and applicable state securities laws, on the ground that the issuance of
such securities is exempt pursuant to Section 4(2) of the Act and state law
exemptions relating to offers and sales not by means of a public offering, and
that the Company's reliance on such exemptions is predicated on the
undersigned's representations set forth herein.

     (c)       The undersigned agrees that in no event will it make a
disposition of any Securities acquired upon the exercise of the Warrant unless
and until (i) it shall have notified the Company of the proposed disposition and
shall have furnished the Company with a statement of the circumstances
surrounding the proposed disposition, and (ii) it shall have furnished the
Company with an opinion of counsel satisfactory to the Company and Company's
counsel to the effect that (A) appropriate action necessary for compliance with
the Act and any applicable state securities laws has been taken or an exemption
from the registration requirements of the Act and such laws is available, and
(B) the proposed transfer will not violate any of said laws.

     (d)       The undersigned acknowledges that an investment in the Company is
highly speculative and represents that it is able to fend for itself in the
transactions contemplated by this Statement, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of its investments, and has the ability to bear the economic risks
(including the risk of a total loss) of its investment. The undersigned
represents that it has had the opportunity to ask questions of the Company
concerning the Company's business and assets and to obtain any additional
information which it considered necessary to verify the accuracy of or to
amplify the Company's disclosures, and has had all questions which have been
asked by it satisfactorily answered by the Company.

<PAGE>

     (e)       The undersigned acknowledges that the Securities issuable upon
exercise of the Warrant must be held indefinitely unless subsequently registered
under the Act or an exemption from such registration is available. The
undersigned is aware of the provisions of Rule 144 promulgated under the Act
which permit limited resale of shares purchased in a private placement subject
to the satisfaction of certain conditions, including, among other things, the
existence of a public market for the shares, the availability of certain current
public information about the Company, the resale occurring not less than one
year after a party has purchased and paid for the security to be sold, the sale
being through a "broker's transaction" or in transactions directly with a
"market makers" (as provided by Rule 144(f)) and the number of shares being sold
during any three-month period not exceeding specified limitations.

Effective as of
---------------------------------     ------------------------------------------
                                      DLA Piper US LLP

                                      By:
                                         ---------------------------------------

                                      Title:
                                            ------------------------------------

<PAGE>

                                  Attachment 2
                                  ------------

NOTICE OF CONVERSION

TO:  INTRAOP MEDICAL CORPORATION

     1.        The undersigned hereby elects to acquire ________________ shares
of the Intraop Medical Corporation, pursuant to the terms of the attached
Warrant, by conversion of _____________ percent (________ %) of the Warrant.

     2.        Please issue a certificate or certificates representing said
shares of Warrant Stock in the name of the undersigned or in such other name as
is specified below:

                 ---------------------------------------------
                                     (Name)

                 ---------------------------------------------
                                    (Address)

---------------------------------     ------------------------------------------
(Date)                                DLA Piper US LLP

                                      By:
                                         ---------------------------------------

                                      Title:
                                            ------------------------------------

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