Document:

<PAGE>   1
                                                                     Exhibit 4.6

                              BLUEGATE CORPORATION

                             SUBSCRIPTION AGREEMENT

Bluegate Corporation
3070 Bristol Street, Suite 450
Costa Mesa, California 92626

Gentlemen:

1.      General. Bluegate Corporation, a Delaware corporation (the "Company") is
offering for sale 200,000 units (the "Units") at a price of $.50 per Unit. Each
Unit consists of one share of the Company's common stock, and one Class A and
one Class B redeemable common stock purchase warrant (the "Warrants"). The Units
are being offered to the public by the Company on a "best efforts, all or none"
basis in accordance with the terms set forth in the prospectus dated
___________, 2001 (the "Prospectus"), a copy of which accompanied this
Subscription Agreement.

        The offering commenced on the date of the Prospectus and will end the
earlier of the receipt and acceptance of subscriptions for 200,000 Units or 90
days after the date of the Prospectus. The terms of the offering are more fully
described in the Prospectus and such terms are incorporated herein in their
entirety. Any capitalized term which is used but is not defined herein but which
is defined in the Prospectus shall have the same meaning as is ascribed to such
term in the Prospectus.

2.      Subscription. The undersigned subscriber (the "Subscriber") hereby
irrevocably subscribes for and agrees to purchase from the Company, subject to
the terms and conditions set forth in the Prospectus, the number of Units set
forth on the signature page hereof at a purchase price of Fifty Cents ($0.50)
per Unit (the "Subscription Price"), payable in lawful money of the United
States of America.

3.      Payment of Subscription Price. Subscriber shall promptly deposit with
__________ as Escrow Agent (the "Escrow Agent"), by check or wire transfer
payment, the aggregate Subscription Price for the Units subscribed for
hereunder. In the event the subscription is rejected or reduced, any portion of
the aggregate Subscription Price so deposited which is not to be applied to the
purchase of Units will be promptly refunded. Funds representing the Subscription
Price will be deposited into an escrow account (the "Escrow Account") maintained
by the Escrow Agent. The funds held in the Escrow Account shall be released and
delivered at the times and upon the terms and conditions described in the
Prospectus.

4.      Deposit of Securities. After subscriptions for 200,000 Units have been
received and accepted by the Company and subscription funds in the aggregate
amount of $100,000 have been deposited into the Escrow Account, the Company
shall deposit into the Escrow Account a stock certificate and warrant
certificates issued in Subscriber's name for the total number of Units purchased
by Subscriber hereunder. The certificates held in the Escrow Account shall be

<PAGE>   2
released and delivered at the times and upon the terms and conditions described
in the Prospectus.

5.      Acceptance of Subscription. Subscriber understands and agrees that the
Company, in its sole discretion, reserves the right to accept or reject this or
any other subscription for Units, in whole or in part, notwithstanding prior
receipt by Subscriber of notice of acceptance of this subscription. The Company
shall have no obligation hereunder until the Company shall execute and deliver
to Subscriber an executed copy of this Subscription Agreement. If this
subscription is rejected in whole, all funds received from Subscriber will be
returned without interest and without penalty, expense or deduction, and this
Subscription Agreement shall thereafter be of no further force or effect. If
this subscription is rejected in part, the funds for the rejected portion of
this subscription will be returned without interest, penalty, expense or
deduction, and this Subscription Agreement shall continue in full force and
effect to the extent this subscription was accepted.

6.      Representations and Warranties of Subscriber. Subscriber hereby
represents and warrants to the Company that:

        (a)     Subscriber has received and carefully reviewed a copy of the
Prospectus; understands and has evaluated the risks of a purchase of the Units,
including the risks set forth in the Prospectus under "Risk Factors;" and
understands that because the Company is a blank check company, the offering of
Units is subject to and is being conducted in accordance with the requirements
of Rule 419 of the Securities Act of 1993, as set forth in the Prospectus under
"Offering Subject to Rule 419 of the Securities Act" and "Plan of Distribution."

        (b)     Subscriber understands that Rule 419 requires that the funds
representing the Subscription Price and the certificates representing the Units
purchased by Subscriber hereunder will be deposited and held in the Escrow
Account and shall be released only at the times and upon the terms and
conditions described in the Prospectus; that Subscriber will not have access to
the escrowed funds or escrowed securities during an escrow period that may
extend for up to 18 months after the date of the Prospectus; that during the
escrow period, Subscriber will not have the right to transfer the escrowed
securities except by will or pursuant to the laws of intestacy, a qualified
domestic relations order as defined by the Internal Revenue Code of 1986 as
amended, or Title I of the Employee Retirement Income Security Act ("ERISA");
and that if Subscriber exercises the Warrants during the escrow period, the
exercise price paid and the shares purchased will be deposited and held in the
Escrow Account, Subscriber will not have access to the escrowed funds or warrant
shares during the escrow period nor will Subscriber have the right to transfer
the warrant shares during the escrow period except as described in the preceding
clause, and the funds representing the exercise price and the certificates
representing the warrant shares shall be released only at the times and upon the
terms and conditions described in the Prospectus.

        (c)     Subscriber is not a resident of the United States or one of its
possessions or territories; Subscriber is not acquiring the Units for the
account or benefit of any person who is a resident of the United States or one
of its possessions or territories; and Subscriber is a resident of the
jurisdiction indicated below (the "International Jurisdiction"):

<PAGE>   3
[Check as applicable]

        [ ] (i) Subscriber is a natural person and is a resident of _______; or

        [ ] (ii) Subscriber is a corporation or partnership which (A) was
organized or incorporated under the laws of ___________; (B) was not formed by a
resident of the United States or one of its possessions or territories; (C) has
no agency or branch located in the United States; and (D) is not acquiring the
Units for the account or benefit of any person who is a resident of the United
States or one of its possessions or territories.

        (d)     Subscriber is aware of, or has been independently advised with
respect to, the applicable securities laws of the International Jurisdiction, if
any, which would pertain to this subscription.

        (e)     Subscriber is purchasing the Units pursuant to exemptions from
the prospectus and/or registration requirements under the applicable securities
laws of the International Jurisdiction, or Subscriber is permitted to purchase
the Units under the applicable securities laws of the International Jurisdiction
without the need to rely on any such exemptions.

        (f)     The applicable securities laws of the International
Jurisdiction, if any, do not require the Company to make any filings or seek any
approvals of any kind whatsoever from any regulatory authority in the
International Jurisdiction.

        (g)     Subscriber will, if requested by the Company, deliver to the
Company a certificate or opinion of local counsel from the International
Jurisdiction which confirms the matters referred to in subparagraphs (d) and (e)
above to the reasonable satisfaction of the Company.

7.      Representations and Warranties of the Company. The Company hereby
represents and warrants to Subscriber that:

        (a)     The Company is a corporation duly organized, validly existing
and in good standing under the laws of Delaware.

        (b)     The Company has full corporate power and authority to enter into
this Agreement. This Subscription Agreement has been duly authorized and, when
executed and delivered by the Company, will constitute a valid and binding
agreement of the Company.

8.      The Escrow Account. ______________ (the "Escrow Agent") has established
and agreed to maintain, at the Company's expense, an escrow account (the "Escrow
Account") pursuant to that certain Escrow Agreement dated ____________, 2001
(the "Escrow Agreement"). A copy of the Escrow Agreement is on file at the
offices of the Escrow Agent.

                                       2
<PAGE>   4

9.      Miscellaneous.

        (a)     Any and all notices, demands or other communications required or
desired to be given hereunder by any party shall be in writing and shall be
validly given or made to another party if given by personal delivery, telex,
facsimile, telegram or if deposited in the United States mail, certified or
registered, postage prepaid, return receipt requested. If such notice, demand or
other communication is given by personal delivery, telex, facsimile or telegram,
service shall be conclusively deemed made at the time of receipt. If such
notice, demand or other communication is given by mail, such notice shall be
conclusively deemed given forty-eight (48) hours after the deposit thereof in
the United States mail addressed to the Company at its principal executive
office or to Subscriber at the address set forth on the signature page below (or
to such other address as the party shall have furnished in writing in accordance
with the provisions hereof).

        (b)     This Subscription Agreement may be amended only by a writing
executed by all parties.

        (c)     This Subscription Agreement is not transferable or assignable by
Subscriber.

        (d)     All pronouns contained herein and any variations thereof shall
be deemed to refer to the masculine, feminine, or neuter, singular or plural, as
the identity of the parties hereto may require.

        (e)     This Subscription Agreement may be executed in several
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

        (f)     Delivery of an executed counterpart of this Subscription
Agreement by telefacsimile transmission shall be equally as effective as
delivery of an executed hard copy of the same. Any party delivering an executed
counterpart of this Subscription Agreement by telefacsimile transmission shall
also deliver an executed hard copy of the same, but the failure by such party to
deliver an executed hard copy shall not affect the validity, enforceability and
binding effect of this Subscription Agreement.

        (g)     This Subscription Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to its
conflicts of laws principles.

        (h)     This Subscription Agreement does not constitute an offer to sell
or a solicitation of any offer to buy any securities offered hereby in any
jurisdiction to any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction.

                                       3
<PAGE>   5

                       ALTERNATIVE SIGNATURE PAGES FOLLOW

        Subscriber should complete and sign one of the following signature
pages. One signature page is for use by individuals and the other is for use by
entities (e.g., corporation or partnership).

                                       4
<PAGE>   6

                              Bluegate Corporation

           Offering of Units Consisting of Shares of Common Stock and
          Class A and Class B Redeemable Common Stock Purchase Warrants

                  (Signature Page for Subscription by Entities)

Number of Units subscribed for: ______________

Aggregate Subscription Price for Units subscribed for:  $________

(Please print or type all information exactly as you wish it to appear on the
Company's records)

------------------------------------------------------------------------
Name of Subscriber

------------------------------------------------------------------------
Principal Office Address

------------------------------------------------------------------------
Mailing Address (if different from above)

------------------------------------------------------------------------
Telephone:                 (Business)                     (Facsimile)

The undersigned signatory certifies that he or she has full power and authority
to execute this Subscription Agreement on behalf of Subscriber and that the
purchase of Units has been duly authorized and is not prohibited by the
governing instrument of Subscriber.

DATED:  ____________, 2001               -------------------------------------
                                         Name of Subscriber

                                         By:
                                         -------------------------------------
                                                     (signature)

                                         -------------------------------------
                                         (printed name and title of signatory)

ACCEPTED BY:

Bluegate Corporation

By:                                            Dated:  ________________, 2001
   ------------------------------

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

                                       5
<PAGE>   7

                              Bluegate Corporation

           Offering of Units Consisting of Shares of Common Stock and
          Class A and Class B Redeemable Common Stock Purchase Warrants

                (Signature Page for Subscription by Individuals)

Number of Units subscribed for: _________

Aggregate Subscription Price for Units subscribed for:  $_________

(Please print or type all information exactly as you wish it to appear on the
Company's records)

------------------------------------------------------------------------
Name(s) of Subscriber(s)

------------------------------------------------------------------------
Residence Address

------------------------------------------------------------------------
Mailing Address (if different from above)

------------------------------------------------------------------------
Telephone:     (Business)         (Facsimile)              (Residential)

DATED:  ____________, 2001

--------------------------------------------------
             (Signature of Subscriber)

--------------------------------------------------
             (Signature of Subscriber)

ACCEPTED BY:

Bluegate Corporation

By:                                            Dated:  ________________, 2001
   ------------------------------

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

                                       6<PAGE>   1
                                                                 EXHIBIT 10.27.2

                    THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

        This Third Amendment to Employment Agreement (the "Amendment") is made
as of December 22, 2000, between Radiance Medical Systems, Inc., a Delaware
corporation (the "Company"), and Michael R. Henson, an individual ("Executive").

                                    RECITALS

        WHEREAS, the Company currently employs Executive pursuant to that
certain Employment Agreement dated January 14, 1999, as amended on February 1,
1999 and December 10, 1999 (the "Employment Agreement"); and

        WHEREAS, the Company and Executive desire to amend the Employment
Agreement to change the Executive's position, job responsibility and salary as
set forth in the Employment Agreement, and as provided in greater detail below;

        NOW THEREFORE, in consideration of the mutual agreements and covenants
hereinafter set forth and for other valuable consideration, the Company and
Executive hereby agree as follows:

                                   AGREEMENT

        1.      DEFINITIONS.

        Unless otherwise defined herein, capitalized terms used herein shall
have the meanings assigned to them in the Employment Agreement.

        2.      AMENDMENT TO SECTION 1 OF THE EMPLOYMENT AGREEMENT.

        Section 1 of the Employment Agreement is hereby amended to read in its
entirety as follows:

                "1.     EMPLOYMENT. Effective January 1, 2001, the Company
        hereby agrees to employ the Executive as the Chairman of the Board of
        Directors, reporting to the Board of Directors of the Company, and the
        Executive accepts such employment and agrees to devote one-half of all
        his business time and effort and skills on such reasonable duties as
        shall be assigned to him by the Company commensurate with such
        position."

        3.      AMENDMENT TO SECTION 3.1 OF THE EMPLOYMENT AGREEMENT.

        Section 3.1 of the Employment Agreement is hereby amended to read in
its entirety as follows:

                "3.1    SERVICE WITH THE COMPANY. Effective January 1, 2001,
        during the term of this Agreement, the Executive agrees to perform
        such reasonable duties and on such basis as shall be assigned to him
        from time to time by the Board of Directors; such duties, however, to be
        commensurate with the Executive's position as Chairman of the Board of
        Directors of the Company. In particular, and without limitation, such
        duties shall include, within the guidelines set by the Board of
        Directors, developing strategic policies for the Company, coordinating
        the Board of Directors activities and the various committees of the
        Board of Directors, including but not limited to the Audit Committee and
        the Compensation

<PAGE>   2

     Committee, and managing projects as requested by the Board of Directors."

     4.  AMENDMENT TO SECTIONS 4.1. AND 4.2 OF THE EMPLOYMENT AGREEMENT.

     Sections 4.1 and 4.2 of the Employment Agreement are hereby amended as
     follows:

          Effective January 1, 2001, Executive's Base Salary is $160,000 and the
     Executive will not be eligible for a bonus.

     5.   MISCELLANEOUS.

          (a)  Continuing Force and Effect. Except as herein expressly amended,
all terms, covenants and provisions of the Employment Agreement are and shall
remain in full force and effect and all references therein to such Employment
Agreement shall henceforth refer to the Employment Agreement as amended by this
Amendment. This Amendment shall be deemed incorporated into, and a part of, the
Employment Agreement.

          (b)  Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument.

     IN WITNESS WHEREOF, we have set our hands hereto as of the date first
above written.

RADIANCE MEDICAL SYSTEMS, INC.

/s/ JEFFREY THIEL
--------------------------------------------
Jeffrey Thiel, President and Chief Executive
Officer

EXECUTIVE

/s/ MICHAEL R. HENSON
--------------------------------------------
Michael R. Henson

                                       2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]