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Exhibit 4.7    
    

Keki
Dadiseth Esq

Global Division Director

Unilever PLC

Unilever House

Blackfriars

London

EC4P 4BQ 

24
January 2005 

Dear
Keki 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties. 

This
letter will be incorporated in your terms of appointment. To acknowledge and agree this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover
marked private and confidential. 

Yours
sincerely 

/s/
David Clementi

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
K B Dadiseth 

......................................................... 

Date              9/2/05

        ...................................................... 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(i)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(ii)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

Michael Garrett, Esq.

Executive Vice President;

Asia; Oceania; Africa & Middle East

Nestle SA

CH-1800

Vevey

Switzerland 

9
July 2004 

Dear
Michael 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties, 

This
letter will be incorporated in your terms of appointment. To acknowledge and agree this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover
marked private and confidential. 

Yours
sincerely 

/s/
David Clementi 

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
MO Garrett 

......................................................... 

Date
18/07/04 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(i)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(ii)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

Ms Bridget Macaskill

160 East 81st Street

New York

NY 10028

10
June 2004 

Dear
Bridget 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties, 

This
letter will take effect from the date your acknowledgement is received by us and will be incorporated in and constitute an agreed amendment of your terms of appointment. To acknowledge and agree
this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover marked private and confidential. 

Yours
sincerely 

/s/
David Clementi 

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
BA Macaskill 

.........................................................

Date
16.6.04 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(i)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(ii)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

Mr Roberto Mendoza

115 East 67th Street

Apartment 7D

New York

NY 10021 

10
June 2004 

Dear
Roberto 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties. 

This
letter will take effect from the date your acknowledgement is received by us and will be incorporated in and constitute an agreed amendment of your terms of appointment. To acknowledge and agree
this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover marked private and confidential. 

Yours
sincerely 

/s/
David Clementi 

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
R G Mendoza 

.........................................................

Date
6/30/04 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(i)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(ii)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

Ms Kathleen O'Donovan

3C Cintra Park

Upper Norwood

London

SE19 2LH 

10
June 2004 

Dear
Kathleen 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties, 

This
letter will take effect from the date your acknowledgement is received by us and will be incorporated in and constitute an agreed amendment of your terms of appointment. To acknowledge and agree
this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover marked private and confidential. 

Yours
sincerely 

/s/
David Clementi 

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
K O'Donovan 

.........................................................

Date
16/6/04 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(i)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(ii)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

Mr James Ross

Flat 4

55 Onslow Square

London

SW7 3LR 

10
June 2004 

Dear
James 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties. 

This
letter will take effect from the date your acknowledgement is received by us and will be incorporated in and constitute an agreed amendment of your terms of appointment. To acknowledge and agree
this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover marked private and confidential. 

Yours
sincerely 

/s/
David Clementi 

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
James Ross 

.........................................................

Date            17/6/04

        ..................................................... 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(iii)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(iv)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

Mr Robert Rowley

The Old Receiving Station

Green End, Dane End

Nr Ware

Hertfordshire

SG12 0NU 

10
June 2004 

Dear
Rob 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

This
letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the extent such benefits are maintained by
Prudential plc ("Prudential") or its subsidiaries (within the meaning of the Companies Act 1985) (the
"Group") from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential as set out in the attached schedule (and in addition Prudential hereby indemnifies you against certain personal liabilities you may incur, to the extent
provided in the constitutional documents of Prudential and subject to applicable law); and

	(c)
	Eligibility
under the discretionary payments policy adopted by Prudential (subject to regular review), the existence of which directors and certain employees of the Group may rely on,
to protect them from personal liability arising out of the bona fide performance of their duties. 

This
letter will take effect from the date your acknowledgement is received by us and will be incorporated in and constitute an agreed amendment of your terms of appointment. To acknowledge and agree
this letter, please countersign the enclosed duplicate of this letter and return it to Peter Maynard under cover marked private and confidential. 

Yours
sincerely 

/s/
David Clementi 

Sir
David Clementi

Chairman

Prudential plc 

Acknowledged
and Agreed: 

/s/
RO Rowley 

.........................................................

Date
15.6.2004 

SCHEDULE

INDEMNITY  

 In this schedule, the capitalised term the "Non-executive" means you. 

Certain important and extensive statutory limitations applicable to the indemnity set out below, which are referred to in paragraph 1(A).

	1
	Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless against any and all claims, actions, demands, proceedings,
investigations, judgments or awards ("Claims") (in each case, save as set out below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the Non-executive in any jurisdiction and against all losses, damages, costs, liabilities, demands, charges, penalties,
fines or expenses (including reasonable legal fees) ("Losses") in any jurisdiction which the Non-executive may suffer or incur (including,
but not limited to, all such Losses suffered or incurred in investigating, responding to, preparing for or disputing any Claim or Loss and any costs or expenses of any other party to any Claim which
the Non-executive may become liable to pay) and which in any such case arise out of the carrying out or performance by the Non-executive of his/her duties as a
non-executive director of Prudential, 

PROVIDED THAT:  

	(A)
	if the Non-executive is a director of Prudential, the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of section 310 of the Companies Act 1985;

	(B)
	subject
to sub-paragraph (D)(ii) below, the Non-executive shall not be entitled to any indemnity under this paragraph 1 if the relevant
Claim or Loss arises as a result of, or in connection with, any act or omission by the Non-executive which is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially determined, to constitute fraud, dishonesty, bad faith or wilful default on the part of the Non-executive;

	(C)
	the
Non-executive shall not be entitled to be indemnified under this paragraph 1 in respect of any penalty or fine imposed for a criminal offence or by any relevant
court, tribunal or other legal or regulatory authority; and

	(D)
	where
the Non-executive suffers or incurs legal or other out-of-pocket advisory costs in investigating, responding to, preparing for or disputing
any Claim the Non-executive shall be entitled to be indemnified under paragraph 1 forthwith after the same becomes due and payable by the Non-executive, provided that if
such Claim:

	(i)
	relates
to a criminal offence in relation to which the Non-executive is ultimately convicted; or

	(ii)
	is
brought against the Non-executive by a regulatory body in respect of which the relevant tribunal of that authority ultimately determines that any act or omission by
the Non-executive constitutes fraud, dishonesty, bad faith or wilful default on the part of the Non-executive for which a penalty or fine is imposed on the
Non-executive by such body, 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may be, any further indemnification) to the Non-executive under this paragraph 1 in relation
to such costs (in whole or in part) and (b) where Prudential has indemnified the Non-executive under this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified. 

	2
	The
Non-executive shall notify Prudential in writing promptly upon becoming aware of any Claim or Loss for which indemnity may be sought under paragraph 1 above,
providing to Prudential all such information as the Non-executive has of the circumstances of the relevant matter. The Non-executive acknowledges that Prudential may provide
such information to any other member of the Group. 

	3
	The
Non-executive shall, subject to paragraph 4, have conduct of the defence and settlement of any Claim notified to Prudential under paragraph 2, but
Prudential shall have the right (but not the obligation) to associate itself with such proceedings. Prudential shall not be required or, without the consent of the Non-executive (such
consent not to be unreasonably withheld or delayed) permitted, to assume the conduct of the Claim against the Non-executive.

	4
	The
Non-executive shall conduct all proceedings diligently and competently using legal representatives mutually acceptable to the Non-executive and Prudential.
The Non-executive shall keep Prudential informed of the progress of any Claim and recognises the right of Prudential to provide at its discretion input into the conduct of any such
proceedings. The Non-executive shall not settle or compromise any Claim without Prudential's consent (such consent not to be unreasonably withheld or delayed). 

QuickLinks

Exhibit 4.7Exhibit 4.1

 

THIS TERM NOTE AND
THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS TERM NOTE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS.  THIS TERM NOTE AND THE
COMMON SHARES ISSUABLE UPON CONVERSION OF THIS TERM NOTE MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THIS TERM NOTE UNDER SAID ACT AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
CORGENIX MEDICAL CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

 

FORM OF SECURED CONVERTIBLE TERM NOTE

 

FOR VALUE
RECEIVED, CORGENIX MEDICAL CORPORATION, a Nevada corporation (the “Borrower”), hereby promises to pay to [HOLDERS] (the “Holders”) or
their registered assigns or successors in interest, or order, the sum of
[NUMBER], together with any accrued and unpaid interest thereon, on May 19,
2008 (the “Maturity Date”) if not sooner
paid. [NUMBER] of the original principal amount of this Secured Convertible
Term Note (this “Term Note”) is subject to
amortizing payments pursuant to Section 1.2 hereof and is hereinafter
referred to as the “Amortizing Principal
Amount.” [NUMBER] of the remaining original principal amount of this
Term Note is non-amortizing and is hereinafter referred to as the “Non-Restricted Non-Amortizing Principal Amount” and the
remaining [NUMBER] of the original principal amount of this Term Note that is
contained in the Restricted Account (as defined in the Restricted Account Agreement
referred to in the Purchase Agreement (as hereinafter defined)) is non
amortizing and is hereinafter referred to as the “Restricted
Non-Amortizing Principal Amount.”

 

Capitalized terms
used herein without definition shall have the meanings ascribed to such terms
in that certain Securities Purchase Agreement dated as of the date hereof
between the Borrower, the Holders, and [OTHER PURCHASER] (the “Purchase Agreement”).

 

On the date
hereof, the Borrower is issuing to DC pursuant to the Purchase Agreement an
identical secured convertible term note in the original principal amount of
[NUMBER] of which will also be placed in the Restricted Account.

 

The following
terms shall apply to this Term Note:

 

ARTICLE I

INTEREST & AMORTIZATION

 

1.1           (a)           Interest
Rate.  Subject
to Sections 1.1(b), 4.12 and 5.6 hereof, interest payable on this Term Note
shall accrue (i) for the Amortizing Principal Amount and Non-Restricted
Non-Amortizing Principal Amount at a rate per annum (the “Interest
Rate”) equal to the greater of (x) the “prime rate” published
in The Wall Street Journal from time to time (the “Prime Rate”),
plus three percent (3%), or (y) twelve percent

 

1

 

(12%) and (ii) for
the Restricted Non-Amortizing Principal Amount, the Prime Rate.  The Prime Rate shall be increased or
decreased as the case may be for each increase or decrease in the prime rate in
an amount equal to such increase or decrease in the prime rate; each change to
be effective as of the day of the change in such rate.  Interest shall accrue from the date hereof
and shall be calculated on the basis of a 360 day year.  Interest on the Amortizing Principal Amount,
the Non-Restricted Non-Amortizing Principal Amount and the Restricted
Non-Amortizing Principal Amount shall be payable monthly, in arrears,
commencing on June 1,
2005 and on the first day of each consecutive calendar month thereafter (each,
a “Repayment Date”) and on the Maturity
Date, whether by acceleration or otherwise.

 

(b)           Interest Rate Adjustment.  The Interest Rate shall be subject to
adjustment on the last business day of each month hereafter until the Maturity
Date (each a “Determination Date”).  If on any Determination Date (i) the
Borrower shall have registered under the Securities Act of 1933, as amended
(the “Securities Act”), the shares of Common
Stock underlying each of the conversion of this Term Note and the exercise of
the Warrant on a registration statement declared effective by the Securities
and Exchange Commission (the “SEC”), and (ii) the
market price (the “Market Price”)
of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as
defined below) for the five (5) consecutive trading days
immediately preceding such Determination Date exceeds the then applicable
Fixed Conversion Price by at least twenty five percent (25%), the Interest Rate
for the succeeding calendar month shall automatically be reduced by 25 basis
points (25 b.p.) (0.25%) for each incremental twenty five percent (25%)
increase in the Market Price of the Common Stock above the then applicable
Fixed Conversion Price.  Notwithstanding
the foregoing (and anything to the contrary contained herein), in no event
shall the Interest Rate be less than zero percent (0%).

 

1.2           Minimum Monthly Principal Payments.
Amortizing payments of the Amortizing Principal Amount shall begin on November 1,
2005 and shall recur on each succeeding Repayment Date thereafter until the
Amortizing Principal Amount has been repaid in full, whether by the payment of
cash or by the conversion of such principal into Common Stock pursuant to the
terms hereof.  Subject to Section 2.1
and Article III below, on each Repayment Date, the Borrower shall make
payments to the Holders in the amount of $18,977.27 (the “Monthly
Principal Amount”), together with any accrued and unpaid interest
then due on the Amortizing Principal Amount, the Non-Restricted Non-Amortizing
Principal Amount and the Restricted Non-Amortizing Principal Amount plus any
and all other amounts which are then owing under this Term Note that have not
been paid (the Monthly Principal Amount, together with such accrued and unpaid
interest and such other amounts, collectively, the “Monthly
Amount”); provided that, following a release of an amount of funds
from the Restricted Account (as defined in the Restricted Account Agreement)
pursuant to the Release as defined in the Restricted Account Side Letter (the “Release Amount”) each Monthly Principal Amount due on any
Repayment Date following any such release shall be increased by an amount equal
to (x) the Release Amount divided by (y) the sum of (I) the
number of Repayment Dates remaining until the Maturity Date plus
(II) one (1). Any Principal Amount that remains outstanding on the
Maturity Date shall be due and payable on the Maturity Date.

 

2

 

ARTICLE II

CONVERSION REPAYMENT

 

2.1           (a)           Payment
of Monthly Amount in Cash or Common Stock.  If the Monthly Amount (or a portion of such
Monthly Amount if such portion of the Monthly Amount would have been converted
into shares of Common Stock but for Section 3.2) is required to be paid in
cash pursuant to Section 2.1(b), then the Borrower shall pay the Holders
an amount equal to 110% of the Monthly Amount due and owing to the Holders on
the Repayment Date in cash.  If the
Monthly Amount (or a portion of such Monthly Amount if not all of the Monthly
Amount may be converted into shares of Common Stock pursuant to Section 3.2)
is required to be paid in shares of Common Stock pursuant to Section 2.1(b),
the number of such shares to be issued by the Borrower to the Holders on such
Repayment Date (in respect of such portion of the Monthly Amount converted into
shares of Common Stock pursuant to Section 2.1(b)), shall be the number
determined by dividing (x) the portion of the Monthly Amount converted into
shares of Common Stock, by (y) the then applicable Fixed Conversion Price.  For purposes hereof, the initial “Fixed Conversion Price” means $0.30.

 

(b)           Monthly Amount Conversion
Guidelines.  Subject to Sections
2.1(a), 2.2 and 3.2 hereof, the Holders shall convert into shares of Common
Stock all or a portion of the Monthly Amount due on each Repayment Date
according to the following guidelines (collectively, the “Conversion
Criteria”): (i) the average closing price of the Common Stock
as reported by Bloomberg, L.P. on the Principal Market for the five (5) consecutive
trading days immediately preceding such Repayment Date shall be greater than or
equal to 115% of the Fixed Conversion Price and (ii) the amount of such
conversion does not exceed twenty five percent (25%) of the aggregate dollar
trading volume of the Common Stock for the twenty two (22) trading day period
immediately preceding the applicable Repayment Date.  If the Conversion Criteria are not met, the
Holder shall convert only such part of the Monthly Amount that meets the
Conversion Criteria. Any part of the Monthly Amount due on a Repayment Date
that the Holders have not been able to convert into shares of Common Stock due
to failure to meet the Conversion Criteria, shall be paid by the Borrower in
cash at the rate of 110% of the Monthly Amount otherwise due on such Repayment
Date, within three (3) business days of the applicable Repayment
Date.

 

(c)           Application of Conversion Amounts.  Any amounts converted by the Holders pursuant
to Section 2.1(b) shall be deemed to constitute payments of, or
applied against, (i) first, outstanding fees, (ii) second, accrued
interest on the Amortizing Principal Amount, (iii) third, accrued interest
on the Non-Restricted and Restricted Non-Amortizing Principal Amount and (iv) fourth,
the Amortizing Principal Amount.

 

2.2           No Effective Registration.  Notwithstanding anything to the contrary
herein, no amount payable hereunder may be converted into Common Stock unless (a) either
(i) an effective current Registration Statement (as defined in the
Registration Rights Agreement) covering the shares of Common Stock to be issued
in satisfaction of such obligations exists, or (ii) an exemption from
registration of the Common Stock is available pursuant to Rule 144(k) of
the Securities Act, and (b) no Event of Default

 

3

 

hereunder
exists and is continuing, unless such Event of Default is cured within any
applicable cure period or is otherwise waived in writing by the Holders in
whole or in part at the Holders’ option.

 

2.3           Optional Redemption of Amortizing
Principal Amount.  The Borrower will
have the option of prepaying the outstanding Amortizing Principal Amount (“Optional Amortizing Redemption”), in whole or in part, by
paying to the Holders a sum of money equal to one hundred twenty five percent
(125%) of the portion of the Amortizing Principal Amount to be redeemed,
together with accrued but unpaid interest thereon and any and all other sums
due, accrued or payable to the Holders arising under this Term Note, the
Purchase Agreement or any Related Agreement (the “Amortizing
Redemption Amount”) on the Amortizing Redemption Payment Date (as
defined below).  The Borrower shall
deliver to the Holders a notice of redemption (the “Notice of
Amortizing Redemption”) specifying the date for such Optional
Amortizing Redemption (the “Amortizing Redemption
Payment Date”), which date shall be not less than ten (10) business
days after the date of the Notice of Amortizing Redemption (the “Redemption Period”). 
A Notice of Amortizing Redemption shall not be effective with respect to
any portion of the Amortizing Principal Amount for which the Holders have a
pending election to convert pursuant to Section 3.1, or for conversions
initiated or made by the Holders pursuant to Section 3.1 during the
Redemption Period.  The Amortizing
Redemption Amount shall be determined as if such Holders’ conversion elections
had been completed immediately prior to the date of the Notice of Amortizing
Redemption.  On the Amortizing Redemption
Payment Date, the Amortizing Redemption Amount shall be paid in good funds to
the Holders.  In the event the Borrower
fails to pay the Amortizing Redemption Amount on the Amortizing Redemption
Payment Date as set forth herein, then such Notice of Amortizing Redemption
will be null and void.

 

2.4           Optional Redemption of
Non-Restricted or Restricted Non-Amortizing Principal Amount.  The Borrower will have the option of repaying
the outstanding Non-Restricted or Restricted Non-Amortizing Principal Amount (“Optional Non-Amortizing Redemption”), in whole or in part,
by paying the Holders a sum of money equal to one hundred twenty percent (125%)
of the portion of the Non-Restricted or Restricted Non-Amortizing Principal
Amount to be redeemed, together with accrued but unpaid interest thereon (the “Non-Amortizing Redemption Amount”) on the Non-Amortizing
Redemption Date (as defined below).  The
Borrower shall deliver to the Holders a written notice of redemption (the “Notice of Non-Amortizing Redemption”) specifying the date
for such Optional Non-Amortizing Redemption (the “Non-Amortizing
Redemption Date”), which date shall be not less than ten (10) business
days after the date of the Notice of Non-Amortizing Redemption (the “Non-Amortizing Redemption Period”).  A Notice of Non-Amortizing Redemption shall
not be effective with respect to any portion of the Non-Restricted or
Restricted Non-Amortizing Principal Amount for which the Holders have a pending
election to convert pursuant to Section 3.1, or
for conversions initiated or made by the Holders pursuant to Section 3.1
during the Non-Amortizing Redemption Period. 
The Non-Amortizing Redemption Amount shall be determined as if the Holders’
conversion elections had been completed immediately prior to the date of the
Notice of Non-Amortizing Redemption.  On
the Non-Amortizing Redemption Date, the Non-Amortizing Redemption Amount shall (i) in
the case of a redemption of the

 

4

 

Non-Restricted Non-Amortizing Principal Amount, be
paid in good funds to the Holders and, (ii) in the case of a redemption of
the Restricted Non-Amortizing Principal Amount, by (x) furnishing the
Holders written direction to notify the bank holding the Restricted Account to
release from the Restricted Account and deliver to the Holders a sum of money
equal to the Non-Amortizing Redemption Amount and (y) if the amount on
deposit in the Restricted Account is less than the Non-Amortizing Redemption
Amount, by furnishing the Holders written direction to notify the bank holding
the Restricted Account to release all amounts on deposit in the Restricted
Account to the Holders and delivering to the Holders good funds in an amount
equal to the balance of the Non-Amortizing Redemption Amount.

 

ARTICLE III

CONVERSION RIGHTS

 

3.1           Holders’ Conversion Rights.  Subject to Section 2.2, the Holders
shall have the right, but not the obligation, to convert all or any portion of
the then aggregate outstanding Principal Amount of this Term Note, together
with interest and fees due hereon, into shares of Common Stock, subject to the
terms and conditions set forth in this Article III.  The Holders may exercise such right by
delivery to the Borrower of a written Notice of Conversion pursuant to Section 3.3.  The shares of Common Stock to be issued upon
such conversion are herein referred to as the “Conversion
Shares.”

 

3.2           Conversion Limitation.  Notwithstanding anything contained herein to
the contrary, the Holders shall not be entitled to convert pursuant to the
terms of this Term Note an amount that would be convertible into that number of
Conversion Shares which would exceed the difference between 4.99% of the issued
and outstanding shares of Common Stock and the number of shares of Common Stock
beneficially owned by such Holders or issuable upon exercise of Warrants held
by such Holders.  For the purposes of the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the Exchange Act and Regulation 13d-3
thereunder. The Holders may void the Conversion Share limitation described in
this Section 3.2 upon 75 days prior notice to the Borrower or without any
notice requirement upon an Event of Default.

 

3.3           Mechanics of Holders’ Conversion.  (a) In the event that the Holders elects
to convert any amounts outstanding under this Term Note into Common Stock, the
Holders shall give notice of such election by delivering an executed and
completed notice of conversion (a “Notice of Conversion”)
to the Borrower, which Notice of Conversion shall provide a breakdown in
reasonable detail of the Principal Amount, accrued interest and fees being
converted.  On each Conversion Date (as
hereinafter defined) and in accordance with its Notice of Conversion, the
Holders shall make the appropriate reduction to the Principal Amount, accrued
interest and fees as entered in its records and shall provide written notice
thereof to the Borrower within two (2) business days after the Conversion
Date.  Each date on
which a Notice of Conversion is delivered or telecopied to the Borrower in
accordance with the provisions hereof shall be deemed a “Conversion
Date”.  A form of
Notice of Conversion to be employed by the Holders is annexed hereto as Exhibit A.

 

5

 

(b)           Pursuant to the terms of a Notice of
Conversion, the Borrower will issue instructions to the transfer agent
accompanied by an opinion of counsel, if so required by the Borrower’s transfer
agent, within one (1) business day of the date of the delivery to the
Borrower of the Notice of Conversion and shall cause the transfer agent to
transmit the certificates representing the Conversion Shares to the Holders by
crediting the account of the Holders’ designated broker with The Depository
Trust Company (“DTC”) through its Deposit
Withdrawal Agent Commission (“DWAC”) system
within three (3) business days after receipt by the Borrower of the
Notice of Conversion (the “Delivery Date”).  In the case of the exercise of the conversion
rights set forth herein the conversion privilege shall be deemed to have been
exercised and the Conversion Shares issuable upon such conversion shall be
deemed to have been issued upon the date of receipt by the Borrower of the
Notice of Conversion.  The Holders shall
be treated for all purposes as the record holders of such shares of Common
Stock, unless the Holders provides the Borrower
written instructions to the contrary.

 

3.4           Late Payments.  The Borrower understands that a delay in the
delivery of the shares of Common Stock in the form required pursuant to this Article beyond
the Delivery Date could result in economic loss to the Holders.  As compensation to the Holders for such loss,
the Borrower agrees to pay late payments to the Holders for late issuance of
such shares in the form required pursuant to this Article III upon
conversion of the Note, in the amount equal to $250 per business day after the
Delivery Date.  The Borrower shall pay
any payments incurred under this Section in immediately available funds
upon demand.

 

3.5           Conversion Mechanics.

 

(a)           The number of shares of Common Stock
to be issued upon each conversion of this Term Note pursuant to this Article III
shall be determined by dividing that portion of the Principal Amount and
interest and fees to be converted, if any, by the then applicable Fixed
Conversion Price.  In the event of any
conversions of outstanding obligations under this Term Note in part pursuant to
this Article III, such conversions shall be deemed to constitute
conversions (i) first, of the Monthly Amount for the current calendar
month, (ii) then of the accrued interest on the Non-Restricted and
Restricted Non-Amortizing Principal Amount, (iii) then of outstanding
Amortizing Principal Amount, by applying the conversion amount to Monthly
Principal Amounts for the remaining Repayment Dates in chronological order and (iv) then,
of outstanding Non-Restricted and Restricted Non-Amortizing Principal Amount.

 

(b)           The Fixed Conversion Price and number
and kind of shares or other securities to be issued upon conversion are subject
to adjustment from time to time upon the occurrence of certain events, as
follows:

 

A.            Stock Splits, Combinations and Dividends.  If the shares of Common Stock are subdivided
or combined into a greater or smaller number of shares of Common Stock, or if a
dividend is paid on the Common Stock in shares of Common Stock, the Fixed
Conversion Price or the Conversion Price, as the case may be, shall be
proportionately

 

6

 

reduced
in case of subdivision of shares or stock dividend or proportionately increased
in the case of combination of shares, in each such case by the ratio which the
total number of shares of Common Stock outstanding immediately after such event
bears to the total number of shares of Common Stock outstanding immediately
prior to such event.

 

B.            During the period the conversion right exists, the
Borrower will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of Common Stock upon
the full conversion of this Term Note. 
The Borrower represents that upon issuance and receipt of adequate
consideration, such shares will be duly authorized and validly issued, fully
paid and non-assessable.  The Borrower
agrees that its issuance of this Term Note shall constitute full authority to
its officers, agents, and transfer agents who are charged with the duty of
executing and issuing stock certificates to execute and issue the necessary
certificates for shares of Common Stock upon the conversion of this Term Note.

 

C.            Share Issuances. 
Subject to the provisions of this Section 3.5, if the Borrower
shall at any time prior to the conversion or repayment in full of the Principal
Amount issue any shares of Common Stock or securities convertible into Common
Stock to a person other than the Holders (except (i) pursuant to
Subsections A or B above; (ii) pursuant to options, warrants or other
obligations to issue shares outstanding on the date hereof as disclosed to the
Holders in writing or in the Borrower’s Exchange Act filings (iii) for the
sale of the shares of Common Stock listed on Schedule A hereto; and (iv) pursuant
to options that are issuable as of the date hereof under any employee incentive
stock option plan adopted by the Borrower) for a consideration per share (the “Offer Price”) less than the Fixed Conversion Price in effect
at the time of such issuance, then the Fixed Conversion Price shall be
immediately reset to such lower Offer Price at the time of issuance of such
securities.  For purposes hereof, the
issuance of any security of the Borrower convertible into or exercisable or
exchangeable for Common Stock shall result in an adjustment to the Fixed Conversion
Price at the time of issuance of such securities.

 

D.            Reclassification, etc.  If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes, this Term Note, as to
the unpaid Principal Amount and accrued interest thereon, shall thereafter be
deemed to evidence the right to purchase an adjusted number of such securities
and kind of securities as would have been issuable as the result of such change
with respect to the Common Stock immediately prior to such reclassification or
other change.

 

7

 

3.6           Issuance of Replacement Note.  Upon any partial conversion of this Term
Note, a replacement Note containing the same date and provisions of this Term
Note shall, at the written request of the Holders, be issued by the Borrower to
the Holders for the outstanding Principal Amount of this Term Note and accrued
interest which shall not have been converted or paid. Subject to the provisions
of Article IV, the Borrower will pay no costs, fees or any other
consideration to the Holders for the production and issuance of a replacement
Note.

 

ARTICLE IV

EVENTS OF DEFAULT

 

Upon the
occurrence and continuance of an Event of Default beyond any applicable grace
period, the Holders may make all sums of principal, interest and other fees
then remaining unpaid hereon and all other amounts payable hereunder
immediately due and payable.  In the
event of such an acceleration, the amount due and owing to the Holders shall be
125% of the outstanding principal amount of the Note (plus accrued and unpaid
interest and fees, if any) (the “Default Payment”).  The Default Payment shall be applied first to
any fees due and payable to the Holders pursuant to this Term Note, the
Purchase Agreement or the Related Agreements, then to accrued and unpaid
interest due on the Note and then to the outstanding principal balance of the
Note.

 

The occurrence of
any of the following events set forth in Sections 4.1 through 4.10,
inclusive, is an “Event of Default”:

 

4.1           Failure to Pay Principal, Interest
or other Fees.  The Borrower fails to
pay when due any installment of principal, interest or other fees hereon in
accordance herewith, or the Borrower fails to pay when due any amount due under
any other promissory note issued by the Borrower, and in any such case, such
failure shall continue for a period of three (3) days following the date
upon which any such payment was due.

 

4.2           Breach of Covenant.  The Borrower breaches any covenant or any
other term or condition of this Term Note or the Purchase Agreement in any
material respect, or the Borrower or any of its Subsidiaries breaches any
covenant or any other term or condition of any Related Agreement in any
material respect and, in any such case, such breach, if subject to cure,
continues for a period of fifteen (15) days after the occurrence thereof.

 

4.3           Breach of Representations and
Warranties.  Any representation or
warranty made by the Borrower in this Term Note or the Purchase Agreement, or
by the Borrower or any of its Subsidiaries in any Related Agreement, shall, in
any such case, be false or misleading in any material respect on the date that
such representation or warranty was made or deemed made.

 

4.4           Receiver or Trustee.  The Borrower or any of its Subsidiaries shall
make an assignment for the benefit of creditors, or apply for or consent to the
appointment of a receiver or trustee for it or for a substantial part of its
property or business; or such a receiver or trustee shall otherwise be
appointed.

 

8

 

4.5           Judgments.  Any money judgment, writ or similar final
process shall be entered or filed against the Borrower or any of its
Subsidiaries or any of their respective property or other assets for more than
$50,000, and shall remain unvacated, unbonded or unstayed for a period of
thirty (30) days.

 

4.6           Bankruptcy.  Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings or relief under any bankruptcy law
or any law for the relief of debtors shall be instituted by or against the
Borrower or any of its Subsidiaries and not stayed within 30 days.

 

4.7           Stop Trade.  An SEC stop trade order or Principal Market
trading suspension of the Common Stock shall be in effect for five (5) consecutive
days or five (5) days during a period of ten (10) consecutive
days, excluding in all cases a suspension of all trading on a Principal Market,
provided that the Borrower shall not have been able to cure such trading
suspension within thirty (30) days of the notice thereof or list the
Common Stock on another Principal Market within sixty (60) days of such
notice.  The “Principal Market” for the
Common Stock shall include the OTC Bulletin Board, NASDAQ SmallCap Market,
NASDAQ National Market System, American Stock Exchange, or New York Stock
Exchange (whichever of the foregoing is at the time the principal trading
exchange or market for the Common Stock).

 

4.8           Failure to Deliver Common Stock or
Replacement Note.  The Borrower shall
fail (i) to timely deliver Common Stock to the Holders pursuant to and in
the form required by this Term Note, and Section 9 of the Purchase
Agreement, if such failure to timely deliver Common Stock shall not be cured within
two (2) business days or (ii) to deliver a replacement Note to
the Holders within seven (7) business days following the required
date of such issuance pursuant to this Term Note, the Purchase Agreement or any
Related Agreement (to the extent required under such agreements).

 

4.9           Default Under
Related Agreements or Other Agreements. 
The occurrence and continuance of any Event of Default
(as defined in the Purchase Agreement or any Related Agreement) or any event of
default (or similar term) under any other indebtedness.

 

4.10         Change
in Control.  Any “Person” (as defined
in Section 13(d)(3) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), not including Dr. Luis
R. Lopez or the Purchasers shall become the beneficial owner (as defined in Rule 13d-3
under the Exchange Act) of more than 25% of the total voting power attached to
all outstanding equity securities of the Borrower.

 

DEFAULT RELATED PROVISIONS

 

4.11         Default Interest Rate.  Following the occurrence and during the
continuance of an Event of Default, the Borrower shall pay additional interest
on this Term Note in an amount equal to two percent (2%) per month (twenty-four
percent (24%) per annum), and all outstanding obligations under this Term Note,
including

 

9

 

unpaid
interest, shall continue to accrue such additional interest from the date of
such Event of Default until the date such Event of Default is cured or waived.

 

4.12         Conversion Privileges.  The conversion privileges set forth in Article III
shall remain in full force and effect immediately from the date hereof and
until this Term Note is paid in full.

 

4.13         Cumulative Remedies.  The remedies under this Term Note shall be
cumulative.

 

ARTICLE V

MISCELLANEOUS

 

5.1           Failure or Indulgence Not Waiver.  No failure or delay on the part of the
Holders hereof in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or privilege preclude other or further exercise thereof or of
any other right, power or privilege.  All
rights and remedies existing hereunder are cumulative to, and not exclusive of,
any rights or remedies otherwise available.

 

5.2           Notices.  Any notice herein required or permitted to be
given shall be in writing and shall be deemed effectively given:  (a) upon personal delivery to the party
notified, (b) when sent by confirmed telex or facsimile if sent during
normal business hours of the recipient, if not, then on the next business day, (c) five
days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (d) one day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification
of receipt.  All communications shall be
sent to the Borrower at the address provided in the Purchase Agreement executed
in connection herewith, and to the Holders at the address provided in the
Purchase Agreement for such Holders, or at such other address as the Borrower
or the Holders may designate by ten days advance written notice to the other
parties hereto.  A Notice of Conversion
shall be deemed given when made to the Borrower pursuant to the Purchase
Agreement.

 

5.3           Amendment Provision.  The term “Term Note” and all reference
thereto, as used throughout this instrument, shall mean this instrument as
originally executed, or if later amended or supplemented, then as so amended or
supplemented, and any successor instrument issued pursuant to Section 3.6
hereof, as it may be amended or supplemented.

 

5.4           Assignability.  This Term Note shall be binding upon the
Borrower and its successors and assigns, and shall inure to the benefit of the
Holders and their successors and assigns, and may be assigned by the Holders in
accordance with the requirements of the Purchase Agreement.  This Term Note shall not be assigned by the
Borrower without the consent of the Holders.

 

5.5           Governing Law.  This Term Note shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to principles of conflicts of laws.  Any
action brought by either party against the other concerning the

 

10

 

transactions
contemplated by this Agreement shall be brought only in the state courts of New
York or in the federal courts located in the state of New York.  Both the Borrower and the Holders agree to
submit to the jurisdiction of such courts. 
The prevailing party shall be entitled to recover from the other party
its reasonable attorney’s fees and costs. 
In the event that any provision of this Term Note is invalid or
unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with
such statute or rule of law. Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or unenforceability
of any other provision of this Term Note. 
Nothing contained herein shall be deemed or operate to preclude the
Holders from bringing suit or taking other legal action against the Borrower in
any other jurisdiction to collect on the Borrower’s obligations to the Holders,
to realize on any collateral or any other security for such obligations, or to
enforce a judgment or other court order in favor of the Holders.

 

5.6           Maximum Payments.  Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law.  In the event that the rate of interest
required to be paid or other charges hereunder exceed the maximum permitted by
such law, any payments in excess of such maximum shall be credited against
amounts owed by the Borrower to the Holders and thus refunded to the Borrower.

 

5.7           Security Interest and Guarantee.  The Holders have been granted a security
interest (i) in certain assets of the Borrower and its Subsidiaries as
more fully described in the Term Note Security Agreement dated as of the date
hereof and (ii) pursuant to the Stock Pledge Agreement dated as of the
date hereof.  The obligations of the
Borrower under this Term Note are guaranteed by certain Subsidiaries and a
shareholder of the Borrower pursuant to the Subsidiary Guaranty and Guaranty
dated as of the date hereof, respectively.

 

5.8           Construction.  Each party acknowledges that its legal
counsel participated in the preparation of this Term Note and, therefore,
stipulates that the rule of construction that ambiguities are to be
resolved against the drafting party shall not be applied in the interpretation
of this Term Note to favor any party against the other.

 

5.9           Cost of Collection.  If default is made in the payment of this
Term Note, the Borrower shall pay to the Holders reasonable costs of
collection, including reasonable attorney’s fees.

 

11

 

IN
WITNESS WHEREOF, the Borrower has caused this Term Note to be
signed in its name effective as of this 19th day of May, 2005.

 

	
   

  	
   

  	
  CORGENIX MEDICAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

12

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

(To be executed by
the Holders in order to convert all or part of the Note into Common Stock

 

[Name and Address
of Holders]

 

The Undersigned
hereby converts $                 
of the principal and $                         
of the interest due on [specify applicable Repayment Date] under the
Convertible Term Note issued by CORGENIX MEDICAL CORPORATION dated May     ,
2005 by delivery of Shares of Common Stock of CORGENIX MEDICAL CORPORATION on
and subject to the conditions set forth in Article III of such Note.

 

	
  1.

  	
   

  	
  Date of
  Conversion

  	
                                      

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Shares To Be
  Delivered:

  	
                                      

  	
   

  

 

 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  

 

13

 

SCHEDULE A

 

[List of shares of common
stock to be purchased by Ascendiant, Burnham and [Heidke Funds] on the Closing Date.]

 

14

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