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Exhibit 4.6    
  

 
 

REGISTRATION RIGHTS AGREEMENT    
  

        This
Registration Rights Agreement (the "Agreement") is made and entered into as of the 23rd day of January 2003, by and among Medwave, Inc., a Minnesota corporation (the
"Company") and the Investors listed on Schedule A attached hereto (individually, an "Investor" and collectively, the "Investors"). 

 
 

RECITALS    
  

        A.    The
Investors and the Company have entered into that certain Stock Purchase Agreement dated of even date herewith (the "Purchase Agreement") in connection with the sale,
by the Company, of up to an aggregate of 1,400,000 shares of Common Stock (the "Shares") of the Company (the "Sale"). 

        B.    It
is a condition to the transactions contemplated in the Purchase Agreement that the Company provide the registration and other rights provided herein and the parties
hereto desire to provide for such rights on the terms and conditions contained herein. 

        NOW,
THEREFORE, in consideration of the premises and covenants contained herein, the parties hereto agree as follows: 

        1.    Defined Terms.    Unless otherwise noted, all capitalized terms used herein shall have the meanings afforded
them in the Purchase Agreement. For the purposes of this Agreement, the term "Registrable Stock" shall mean (i) the Shares and (ii) any shares of Common Stock issued or issuable with
respect to any of such Shares by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization;  provided, however,
that any shares of the foregoing that are sold in a registered sale pursuant to an effective registration statement under the
Securities Act or that may be sold without restriction pursuant to Rule 144(k) under the Securities Act (as confirmed by an unqualified opinion of counsel to the Company) shall not be deemed
Registrable Stock. 

        2.    Required Registration.    On or before the later of: (a) that date which is 30 days after the
initial Closing Date; or (b) the date that is 15 days after the date on which the Company receives, from the Investors, all information referenced in Section 8 hereof necessary
for the preparation of the Registration Statement (the "Registration Statement") on Form S-3, (the "File Date"), the Company shall file a Registration Statement under the
Securities Act of 1933, as amended (the "Securities Act"), on Form S-3 or such other form as the Company is eligible to file to register the resale of the Shares if the Company is
not eligible to register the Investors resale of the Shares on Form S-3 with the Securities and Exchange Commission (the "Commission") covering the resale of the Shares. 

        3.    Effectiveness.    The Company will use its commercially reasonable efforts to have such Registration Statement
declared effective by the Commission within 60 days of the File Date, provided, however, that the Company will not be obligated to effect such a registration under the Securities Act if the
Company furnishes to the holders of the Registrable Stock (as defined above) a certificate signed by the President of the Company stating that in the good faith judgment of the Company's Board of
Directors, (i) the offering would interfere in any material respect with any financing, acquisition, corporate reorganization or other material transaction under consideration by the Company or
(ii) there is some other material development relating to the condition (financial or other) of the Company that has not been disclosed to the general public and as to which it is in the
Company's best interests and lawful not to disclose such development, it being hereby acknowledged and agreed by the Investors that transmittal of such information pursuant to either (i) or
(ii) of this paragraph will be kept confidential by the Investors and may prevent the Investors from trading in Company securities while such information has not been publicly disclosed by the
Company; provided that the aggregate period of delay under this paragraph may not exceed 60 days unless the holders of a majority of the 

 

Registrable Stock consent in writing to a longer delay. If the Registration Statement has not been declared effective by the Commission on or before the date that is 120 days after the Closing
Date (the "Required Effective Date"), the Company shall, on the 121st day and each 30th day thereafter, make a payment to the Investors as partial compensation for such
delay (the "Late Registration Payments") equal to 2% of the Offering Price paid by each of the Investors for the Shares, and not previously sold by the Investor, until the Registration Statement is
declared effective by the Commission. The Late Registration Payments will be prorated on a daily basis during each 30 day period and will be paid to each Investor by wire transfer or check
within 5 business days after the earlier of (i) the end of each
30 day period following the Required Effective Date or (ii) the effective date of the Registration Statement. 

        4.    Piggyback Registration Rights.    Until the termination of the Effective Period (as defined in
Section 5(a) below), the Company will provide the Investors prompt written notice, at least 20 days prior to the anticipated filing date, of the Company's intention to register any of
its Common Stock under the Securities Act, whether or not for sale for its own account, except for registrations on Form S-8 or S-4 or any successor or similar forms, or
registration statements relating to Common Stock or any other shares of common stock of the company issuable upon exercise of employee or consultant share options or in connection with any employee
benefit or similar plan of the Company. 

        If
such a registration by the Company involves a firm commitment underwritten offering registered with the Commission (a "Public Offering"), any Investors electing to participate in such
offering must sell their Registrable Stock to the underwriters on the same terms and conditions as apply to the Company. If the registration involves a Public Offering and the managing underwriter
thereof advises the Company that, in its view, the number of shares of Common Stock that the Company and the Investors intend to include in such registration exceeds the largest number of shares of
Common Stock that can be sold without having a material adverse effect on such Public Offering (the "Maximum Offering Size"), the Company will include in such registration only that number of shares
of Common Stock which does not exceed the Maximum Offering Size, in the following order of priorities: (i) first, all securities the Company proposes to sell for its own account,
(ii) second, up to the full number of securities proposed to be registered for the account of the holders of securities entitled to inclusion of their securities in the registration statement
by reason of demand registration rights, and (iii) third, the securities requested to be registered by other holders of securities entitled to participate in the registration (including the
Shares), drawn from them pro-rata based on the number of shares each has requested to be included in such registration. 

        The
notice to the Investors must set forth the Investors' rights under this Section 4 and shall offer the Investors the opportunity to include in such registration statement the
number of Shares that each Investor requests. The Investors must provide the Company notice of their intent to include any or all of their Shares in the registration statement within 10 days
after the receipt of notice from the Company and must specify the number of Shares to be included in the registration statement. The Company will use its commercially reasonable efforts to effect the
registration under the Securities Act of all Shares that the Company has been so required to register by the Investors, provided, however, that if, at any time after giving written notice of its
intention to register any of its common stock pursuant to this Section 4 and prior to the effective date of any registration statement filed in connection with such registration, the Company
determines for any reason not to file the registration statement, the Company shall give written notice to the Investors and, thereupon, shall be relieved of its obligation to register any Shares in
connection with such registration. 

        5.    Registration—General Provisions.    In connection with the registration of the Registrable Stock
under the Securities Act, the Company will: 

        (a)  subject
to Section 6 below, use its commercially reasonable efforts to keep any such Registration Statement continuously effective, supplemented, amended and
current until such time as may be reasonably necessary to effect the sale of such securities, but not to exceed the earlier of 

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the date on which: (i) all Registrable Stock has been sold, or (ii) three years after the date it is declared effective by the Commission (the "Effective Period"); 

        (b)  subject
to Section 6 below, prepare and file with the Commission such amendments to the Registration Statement or any registration statement filed in accordance
with Section 4 and supplements to the prospectus contained therein as may be necessary to keep the Registration Statement or any registration statement filed in accordance with Section 4
effective for the period required by Section 5(a) above; 

        (c)  provide
the legal advisors selected by and acting on behalf of the Investors, with reasonable opportunities to review and comment on, and otherwise participate in, the
preparation of such Registration Statement or any registration statement filed in accordance with Section 4; 

        (d)  promptly
furnish to each Investor participating in such registration and to the underwriters of the securities being registered, if any, one copy of the Registration
Statement or any registration statement filed in accordance with Section 4, preliminary prospectus, final prospectus and a reasonable number of additional copies and any such other documents,
as the Investors and underwriters may reasonably request in order to facilitate the public offering of such securities; 

        (e)  use
its diligent, good faith efforts to register or qualify the Shares covered by the Registration Statement, or any registration statement filed in accordance with
Section 4, under such state securities or blue sky laws of such jurisdictions as the Investors may reasonably request, except that the Company shall not for any purpose be required to execute a
general consent to service of process (which shall not include a "Uniform Consent to Service of Process" or other similar consent to service of process which relates only to actions or proceedings
arising out of or in connection with the sale of securities, or out of a violation of the laws of the jurisdiction requesting such consent) or to qualify to do business as a foreign corporation in any
jurisdiction wherein it is not so qualified; 

        (f)    notify
the Investors promptly after it shall receive notice of the time when the Registration Statement, or any registration statement filed in accordance with
Section 4, has been declared effective by the Commission or a supplement to any prospectus forming a part of such Registration Statement has been filed with the Commission; 

        (g)  notify
the Investors promptly of any request by the Commission for the amending or supplementing of the Registration Statement, or any registration statement filed in
accordance with Section 4, or prospectus or for additional information; 

        (h)  prepare
and file with the Commission, promptly upon the request of the Investors, any amendments or supplements to the Registration Statement, or any registration
statement filed in accordance with Section 4, or prospectus which, in the opinion of counsel for the Investors (and concurred in by counsel for the Company), is required under the Securities
Act or the rules and regulations promulgated thereunder in connection with the distribution of the Registrable Stock by the Investors; 

        (i)    subject
to Section 6 below, prepare and promptly file with the Commission and promptly notify the Investors of the filing of such amendment or supplement to the
Registration Statement, or any registration statement filed in accordance with Section 4, or prospectus as may be necessary to correct any statements or omissions if, at the time when a
prospectus relating to such securities is required to be delivered under the Securities Act, any event shall have occurred as the result of which any such prospectus or any other prospectus as then in
effect would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not
misleading; 

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        (j)    advise
the Investors, and the Investors' counsel, if any, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the
Commission suspending the effectiveness of the Registration Statement, or any registration statement filed in accordance with Section 4, or the initiation or threatening of any proceeding for
that purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; and 

        (k)  not
file any amendment or supplement to such Registration Statement or prospectus to which the Investors shall have reasonably objected on the grounds that such
amendment or supplement does not comply in all material respects with the requirements of the Securities Act or the rules and regulations promulgated thereunder, after having been furnished with a
copy thereof at least five business days prior to the filing thereof, unless in the opinion of counsel for the Company the filing of such amendment or supplement is reasonably necessary to protect the
Company from any material liabilities under any applicable federal or state law and such filing will not violate applicable law. 

        6.    Suspension of Resales.    The holders of the Registrable Stock acknowledge that there may occasionally be times
when the Company desires to suspend the use of the prospectus forming a part of the Registration Statement, times when the offering of the Registrable Stock would interfere with certain material
corporate transactions or times when there exists certain material non-public information concerning the Company. Accordingly, the Company may suspend sales pursuant to such Registration
Statement for a period of up to 60 days (unless the holders of at least a majority of the Registrable Stock consent in writing to a longer delay of up to an additional 30 days) if the
Company furnishes to the holders of the Registrable Stock a certificate signed by the President of the Company stating that in the good faith judgment of the Company's Board of Directors,
(i) the offering would interfere in any material respect with any financing, acquisition, corporate reorganization or other material transaction
occurring or under consideration by the Company or (ii) there is some other material development relating to the condition (financial or other) of the Company that has not been disclosed to the
general public and as to which it is in the Company's best interests and lawful not to disclose such development; provided that the aggregate periods of delay may not extend, in any twelve-month
period, for more than 60 days unless the holders of a majority of the Registrable Stock consent in writing to a longer delay of up to an additional 30 days. The Company will notify the
holders of Registrable Stock in any of such events (in each case, a "Black Out Notice"). The Investors hereby acknowledge and agree that the Company need not provide any specific information with
respect to the event which gives rise to the delivery of a Black Out Notice and the Investors further acknowledge and agree that the fact of delivery of a Black Out Notice and the contents of such
Black Out Notice will be kept confidential by the Investors. 

        Upon
its receipt of a Black Out Notice each holder agrees to immediately discontinue the sale of any Registrable Stock pursuant to the Registration Statement until such holder has
received copies of the supplemented or amended prospectus referred to in Section 5(i) or until such holder is advised in writing that the use of the prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the prospectus. If the Company notifies the selling holder that a Black Out Notice has been issued and
remains in effect, the Company will notify such selling holder as soon as practicable after the termination of such Black Out Notice and any necessary supplements or amendments to the Registration
Statement have been made pursuant to Section 5 above. In addition, the Investor agrees that it will either (x) destroy any prospectuses, other than permanent file copies, then in such
holder's possession which have been replaced by the Company with more recently dated prospectuses or (y) deliver to the Company all copies, other than permanent file copies, then in such
holder's possession of the prospectus covering such Registrable Stock that was current at the time of receipt of the Black Out Notice. The period during which the Company is 

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required to continue the effectiveness of a registration statement under Section 5(a) will be tolled for all periods of time during which resales are suspended under this Section 6. 

        7.    Notice of Sales.    Following the effectiveness of the Registration Statement and any filings with any state
securities commissions, the holders agree that they will not effect any sales of the Registrable Stock pursuant to the Registration Statement or any such filings at any time unless they have provided
to the President of the Company, or such other party as may be designated by the Company from time to time, notice as follows: if the Company receives such notice by 12:00 p.m. (noon) Eastern
Time on a business day, then the relevant Investor may sell such Registrable Stock after 3:30 p.m. Eastern Time on such business day if the Company has not otherwise notified such holder that a
Black Out Notice has been issued; if the Company receives such notice after 12:00 p.m. (noon) Eastern Time on a business day, or on any day which is not a business day, then the relevant
Investor may sell such Registrable Stock at any time after 12:00 p.m. (noon) Eastern Time on the next business day, if the Company has not otherwise notified such holder that a Black Out Notice
has been issued. Notwithstanding the foregoing, an Investor may sell at any time once he, she or it is has confirmed that no Black Out Notice has been issued. If the Company notifies the selling
holder that a Black Out Notice has been issued and remains in effect, the Company will notify such selling holder as soon as practicable after the termination of such Black Out Notice and any
necessary supplements or amendments to the Registration Statement have been made pursuant to Section 6 above. 

        8.    Provision by Investors of Certain Information in Connection with Registration Statement.    No Investor may
include any of its Registrable Stock in the Registration Statement pursuant to this Agreement unless and until such Investor furnishes to the Company in writing, within 10 days after receipt of
a request therefor, the information specified in Item 507 or 508 of Regulation S-K, as applicable, of the Securities Act for use in connection with the Registration Statement or
prospectus or preliminary prospectus included therein. Each selling Investor agrees to promptly furnish additional information required to be disclosed in order to make the information previously
furnished to the Company by such Investor not materially misleading. 

        9.    Registration Expense.    The Company shall pay all Registration Expenses (as defined below) in connection with
the inclusion of the Registrable Stock in the Registration Statement, or any registration statement filed in accordance with Section 4, or application to register or qualify such shares under
state securities laws, filed by the Company hereunder, other than as set forth herein. For purposes of this Agreement, the term "Registration Expenses" means the filing fees payable to the Commission,
any state agency and the NASD; the fees and expenses of the Company's legal counsel and independent certified public accountants in connection with the preparation and filing of the Registration
Statement (and all amendments and supplements thereto) with the Commission; and all expenses relating to the printing of the Registration Statement, prospectuses and various agreements executed in
connection with the Registration Statement. Notwithstanding the foregoing, the Investors will pay the fees and expenses of any legal counsel the Investors may engage, as well as the Investors'
proportionate share of any custodian fees or underwriting commissions or discounts which may be payable to any underwriter, and any transfer taxes. 

        10.    Indemnification.    With respect to the registration of the resale of the shares of Registrable Stock: 

        (a)  to
the fullest extent permitted by law, the Company will indemnify and hold harmless each Investor, the trustees, partners, officers, directors and agents of each
Investor, and each person, if any, who controls such Investor or underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a "Violation") by the Company:
(i) any 

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untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the
Exchange Act or any state securities law in connection with the offering covered by the Registration Statement or any registration statement filed in accordance with Section 4; and the Company
will reimburse each such Investor, trustee, partner, officer, director, agent or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 10 shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished to it for use in connection with
such registration by an Investor, trustee, partner, officer, director, agent, underwriter or controlling person of an Investor. 

        (b)  to
the extent permitted by law, each Investor, severally and not jointly, will indemnify and hold harmless the Company, each of its directors, each of its officers, each
person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Investor selling securities under the Registration Statement or any of such other
Investors, trustees, partners, directors or officers or any person who controls such Investor, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such
director, officer, controlling person, underwriter or other such Investor, or trustee, partner, director, officer or controlling person of such other Investor may become subject under the Securities
Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case
to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Investor for use in connection with such registration;
and each such Investor will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Investor, or trustee,
partner, officer, director or controlling person of such other Investor in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined
that there was such a Violation; provided, however, that the indemnity agreement contained in this Section 10 shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Investor, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under
this Section 10 exceed the net proceeds from the offering received by such Investor unless the Violation is the result of fraud on the part of such Investor. 

        (c)  promptly
after receipt by an indemnified party under this Section of notice of the commencement of any action (including any governmental action), such indemnified party
shall, if a claim in respect thereof is to be made against any indemnifying party under this Section, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the
indemnifying party; and provided further, that if there is more than one indemnified party, the indemnifying party shall pay for the fees and expenses of one counsel for any and all indemnified
parties to be 

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mutually agreed upon by such indemnified parties, unless representation of an indemnified party by the counsel retained by the other indemnified parties would be inappropriate due to actual or
potential differing interests between such indemnified parties. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if
materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section, but the omission so to deliver written
notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section. 

        (d)  if
the indemnification provided for in this Section is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses,
claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law, contribute to the
amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on
the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11
of the Securities Act) shall be entitled to contribution from any person or entity who shall not have been guilty of such fraudulent misrepresentation. No amounts paid by any Investor pursuant to this
Section 10(d) should exceed the net proceeds from the offering received by such Investor. 

        (e)  the
obligation of the Company and the Investors under this Section shall survive the completion of any offering for resale of shares of the Registrable Stock in the
Registration Statement, and otherwise. 

        11.    Successors and Assigns.    The terms and conditions of this Agreement will inure to the benefit of and be
binding upon and be enforceable by the respective heirs, successors and assigns of the parties hereto; provided, however, that the rights of an Investor hereunder may be assigned only (a) to a
partner or retired partner of the assigning Investor, if such assigning Investor is a partnership, (b) to any affiliate of the assigning Investor, (c) to any family member of, or any
trust for the benefit of a family member of the assigning Investor or (d) concurrent with the sale or transfer to such assignee of at least 200,000 shares of Registrable Stock (subject to
adjustment for any stock dividend, stock split, subdivision, combination or other recapitalization of the Company) then held by the assigning Investor; provided, however, that the Company is, within a
reasonable time after such transfer, furnished with written notice of the name and address of the assignee and the securities with respect to which such registration rights are being assigned and such
transferee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. Any Investor making an assignment in connection with the sale or transfer of only a portion of
its Shares will retain its rights under this Agreement for the Shares not sold or transferred. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the
parties hereto or their permitted successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
Notwithstanding any provision contained elsewhere in this Agreement, upon the transfer of shares by any of the parties hereto, no claims or causes of action arising out of or related to this Agreement
existing as of the transfer date will be transferred by such party to any heir, successor, assign or permitted transferee, provided that the transfer of shares will not be deemed a waiver by the
transferring party of any such claim or cause of action. 

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        12.    Miscellaneous.    

        (a)  Except
as otherwise provided herein, the provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the
provisions hereof may not be given or made unless the Company has obtained the written consent of the Investors holding at least a majority of the then existing Registrable Stock. 

        (b)  All
notices and other communications provided for or permitted hereunder shall be made by hand delivery, telex, facsimile, overnight courier or registered first-class
mail: 

        (i)    if
to an Investor, at the address set forth on Schedule A attached hereto; 

        (ii)  if
to the Company, at the address set forth in the Purchase Agreement. 

All
such notices and communications shall be deemed to have been duly given: when delivered, if by hand, overnight courier or mail; when the appropriate answer back is received, if by telex; when
transmission is confirmed by the sending unit, if by facsimile. 

        (c)  This
Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement. 

        (d)  The
headings to this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

        (e)  This
Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota without giving effect to the principles of choice or conflict of
law thereof. Service of process on the Company mailed by first class mail shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. Nothing herein
shall affect the right of any Investor to serve process in any manner permitted by law. 

        (f)    In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of such provision in every other respect and of the remaining provisions
contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the Investors and the Company shall be enforceable to the fullest extent permitted
by law. 

        (g)  The
remedies provided for in this Agreement shall be cumulative and in addition to all other remedies available, at law or in equity, and nothing herein shall limit a
holder's right to pursue actual damages for any failure by the Company to comply with the terms of this Agreement. 

        (h)  This
Agreement, the documents referenced herein and the exhibits thereto, constitute the entire understanding and agreement of the parties hereto with respect to the
subject matter hereof and thereof and supersede all prior and contemporaneous agreements or understandings, inducements or conditions, express or implied, written or oral, between the parties with
respect hereto and thereto. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

        (i)    The
Company understands and agrees that Heartland Group, Inc. is entering into this Agreement solely on behalf of Heartland Value Fund and that any claims that
the Company may have against Heartland Group, Inc. under this Agreement or otherwise in connection with the transactions contemplated hereby shall only be made against the assets of Heartland
Value Fund. 

[The remainder of this page left blank intentionally—Signature page follows]

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        IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above. 

COMPANY:  

	

 	
 	

Medwave, Inc.
	

 	
 	

By:	

/s/  TIMOTHY J. O'MALLEY      
 Name: Timothy J. O'Malley

Title: President and Chief

Executive Officer
	

 INVESTORS:	

 	

 	

 
	

 	
 	

William D. Corneliuson
	

 	
 	

By:	

/s/  WILLIAM D. CORNELIUSON      
 Name: William D. Corneliuson
	

 	
 	

By: Duchess Limited Partners
	

 	
 	

By:	

/s/  RYAN BUTZ      
 Name: Ryan Butz

Title: General Partner
	

 	
 	

Larry Arnold
	

 	
 	

By:	

/s/  LARRY ARNOLD      
 Name: Larry Arnold
	

 	
 	

TTES Kathryn A. Van Dyke Trust
	

 	
 	

By:	

/s/  WILLIAM D. VAN DYKE III      
 Name: William D. Van Dyke III

Title: Trustee
	
 	
 	

 	

 

9

 

	

 	
 	

TTES Ellen H. Van Dyke Trust
	

 	
 	

By:	

/s/  WILLIAM D. VAN DYKE III      
 Name: William D. Van Dyke III

Title: Trustee
	

 	
 	

TTES Helen Van Dyke Trust
	

 	
 	

By:	

/s/  WILLIAM D. VAN DYKE III      
 Name: William D. Van Dyke III

Title: Trustee
	

 	
 	

Heartland Value Fund
	

 	
 	

By: Heartland Group, Inc.
	

 	
 	

By:	

/s/  PAUL T. BESTE      
 Name: Paul T. Beste

Title: V.P.

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Exhibit 4.6

REGISTRATION RIGHTS AGREEMENT

RECITALSQuickLinks
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Exhibit 4.03    
  

        THIS SECURITY IS A GLOBAL SECURITY AS REFERRED TO IN THE INDENTURE HEREINAFTER REFERENCED. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL
SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

        UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN. 

QUESTAR GAS COMPANY

MEDIUM-TERM NOTE, SERIES E

(Fixed Rate)  

	REGISTERED	 	 	 	PRINCIPAL AMOUNT
	NO. FXR-    	 	 	 	$                  
	

CUSIP No.:	
 	

 	
 	

 	
 	

 
	

Original Issue Date:	
 	

 	
 	

Interest Rate:	
 	

%
	

Stated Maturity:	
 	

 	
 	

Sinking Fund/Repayment Provision:	
 	

 
	

Interest Payment Date(s):

April 1 and October 1	
 	

 	
 	

Optional Repayment Date:	
 	

 
	

Regular Record Date(s):

March 15 and September 15	
 	

 	
 	

Optional Redemption: see below	
 	

 
	

Authorized Determination:	
 	

 	
 	

Redemption Percentage:	
 	

see below
	

Specified Currency:	
 	

 	
 	

Annual Redemption Percentage:	
 	

see below
	

Exchange Rate Agent:	
 	

 	
 	

Redemption Commencement Date:	
 	

see below
	

Default Rate:	
 	

 	
 	

Redemption Date:	
 	

see below
	

Other Provisions: Terms are not completed for certain items above either because such items are not applicable or because the terms are as specified in the Prospectus.	
 	

Redemption Price:	
 	

see below

 

        QUESTAR GAS COMPANY, a corporation duly organized and existing under the laws of the State of Utah (herein called the "Company", which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of                        DOLLARS
($                        ) at Stated Maturity as specified above (except to the extent
redeemed or repaid prior to the Stated Maturity), and to pay interest thereon from the Original Issue Date specified above or from the most recent Interest Payment Date (subject to the provisions
below) to which interest has been paid or duly provided for, periodically on each Interest Payment Date, commencing with the first such Interest Payment Date next succeeding the Original Issue Date
specified above, and at Stated Maturity (the date on each such Stated Maturity, Redemption Date, and Optional Repayment Date and the date on which principal or an installment of principal is due and
payable by declaration of acceleration pursuant to the Indenture being referred to hereinafter as a "Maturity" with respect to principal payable on such date), at the Interest Rate specified above,
until the principal hereof is paid or made available for payment; provided, that if such Original Issue Date is after a Regular Record Date and before
the Interest Payment Date immediately following such Regular Record Date, interest payments will commence on the second Interest Payment Date following the Original Issue Date. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date (except at Maturity) will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or
more Notes which are Predecessor Securities) is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Any such interest which is payable, but not so
punctually paid or duly provided for on any Interest Payment Date, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Note (or one or more Notes which are Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes of this series may be listed, upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Reference herein to "this Note", "hereof", "herein" and comparable terms shall include an Addendum hereto if an Addendum is specified above. 

        Any
provision contained herein with respect to the calculation of the rate of interest applicable to this Note, its payment dates or any other matter relating hereto may be modified as
specified in an Addendum relating hereto if so specified above. 

        This
Note is one of a duly authorized series of debt securities of the Company (herein called the "Securities"), and the series thereof to which this Note belongs, being issued
and to be issued under an Indenture, dated as of May 1, 1992 (herein called the "Indenture"), between the Company and Wells Fargo Bank Northwest, National Association (f/k/a First Security
Bank, N.A.), as successor trustee to
Citibank, N.A. (herein called the "Trustee", which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are
to be, authenticated and delivered. This Note is one of the series of Securities designated as "Medium-Term Notes, Series E." The Notes may be issued from time to time at
varying maturities, interest rates and other terms and in an aggregate principal amount up to $70,000,000, which amount may be increased if duly authorized by the Company. 

        Unless
otherwise specified on the first page hereof, the Interest Payment Dates with respect to this Note will be April 1 and October 1 of each year, and the
Regular Record Dates in respect of such Interest Payment Dates will be the immediately preceding March 15 and September 15 (whether or not a Business Day), respectively. If any Interest
Payment Date or Maturity with respect to this Note falls on a day that is not a Business Day, the payment due on such Interest Payment Date or at Maturity 

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will be made on the following day that is a Business Day with respect to this Note as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date or Maturity, as the case may be. Unless otherwise specified on the first page of this Note, the Interest Rate on this Note will be
computed on the basis of a 360-day year of twelve 30-day months. "Business Day" means any day that is not a Saturday or Sunday and that in the Place of Payment is not a
day on which banking institutions are authorized or obligated by law or executive order to close. 

        If
this Note is a definitive Note, payments of the principal, premium, if any, and interest payable at Maturity on this Note will be made in immediately available funds at
the Corporate Trust Office of the Trustee in Salt Lake City, Utah, or at such other place as the Company may designate, provided that this Note is presented to the Trustee in time for the
Trustee to make such payments in such funds in accordance with its normal procedures. Interest (other than interest payable at Maturity) will be paid by check mailed to the address of the Person
entitled thereto as it appears in the Security Register as of the Regular Record Date or, at the option of the Company, by wire transfer to an account maintained by such Person with a bank located
within the United States; provided, however, that if the Holder of this Note holds $10,000,000 or more in the aggregate principal amount, such
Holder may be entitled to receive payments of principal, premium, if any, and interest by wire transfer to an account maintained by such Holder with a bank located in the United States if an
appropriate written request has been received by the Trustee prior to the Regular Record Date in respect of any interest payment, or the date which is fifteen days before the Stated Maturity of
the Note, as the case may be. 

        If
this Note is a Global Security representing Book-Entry Securities, payments of the principal of, premium, if any, and interest on the Note will be made by
check or by wire transfer to an account maintained by the Depositary for such purpose. 

        This
Note will be redeemable as a whole or in part, at the option of the Company at any time, at a Redemption Price equal to the greater of (i) 100% of its principal amount
and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus  [    ] basis points, plus in each case accrued and
unpaid interest thereon to the date of redemption. 

        "Treasury
Rate" means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

        "Comparable
Treasury Issue" means the United States Treasury security or securities selected by an Independent Investment Banker as having a maturity or interpolated (on a day count
basis) comparable to the remaining term of this Note that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of a comparable maturity to the remaining term of this Note. "Independent Investment Banker" means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the
Company. 

        "Comparable
Treasury Price" means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York time on the
third business day preceding such Redemption Date. 

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        "Reference Treasury Dealer" means each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Banc One Capital Markets, Inc. and their respective successors; provided,
however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a "Primary Treasury Dealer"), the Company shall
substitute therefor another Primary Treasury Dealer. 

        Notice
of any redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to the Holder of this Note. 

        Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on this Note or portions thereof called for
redemption. 

        In
the event of redemption of this Note in part only, a new Note for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof. 

        If
so provided on the first page of this Note, this Note will be subject to repayment at the option of the Holder hereof on the Optional Repayment Date, if any, indicated
on the first page hereof. If no Optional Repayment Date is set forth on the first page hereof, this Note will not be repayable at the option of the Holder prior to Stated
Maturity. On any Optional Repayment Date, this Note will be repayable in whole or in part in increments of $1,000 at the option of the Holder hereof at a price equal to 100% of the principal
amount to be repaid, together with interest thereon payable to the Optional Repayment Date, on notice in the form entitled "Option to Elect Repayment" below, duly completed, given together with this
Note by such Holder to the Company not more than 60 nor less than 30 days prior to the Optional Repayment Date. In the event of repayment of this Note in part only, a new
Note for the portion hereof not repaid will be issued in the name of the Holder hereof upon the surrender hereof. Exercise of such repayment option by the Holder shall be irrevocable. 

        If
an Event of Default with respect to the Notes shall occur and be continuing, the principal of all of the Notes may be declared due and payable in the manner and with the effect
provided in the Indenture. 

        The
Notes are subject to satisfaction, discharge and defeasance as provided in Section 403 of the Indenture. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding or, in the case less than all of the several series of Securities are affected, the holders of a majority in aggregate principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon such future Holders of this Note and of any
Note issued upon the registration or transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

        No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, premium, if any, and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

4

 

        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer at the office or agency of the Company in Salt Lake City, Utah, or at such other place as the Company may designate from time to time, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Register duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

        The
Notes are issuable in registered form without coupons in minimum denominations of $1,000 or any amount in excess thereof that is an integral multiple of $1,000. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holder
surrendering the same. 

        No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. 

        Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 

        All
terms used in this Note which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

        THE
INDENTURE AND THE NOTES, INCLUDING THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED IN SUCH STATE. 

        Unless
the certificate of authentication hereon has been executed by Wells Fargo Bank Northwest, National Association (f/k/a/ First Security Bank, N.A.), the Trustee under the Indenture,
or its successor thereunder, by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 

5

 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile, and a facsimile of its corporate seal to be imprinted hereon. 

	

 	
 	

QUESTAR GAS COMPANY
	

 	
 	

By:	
 	

 Name:

Title:

	

ATTEST:	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 

[SEAL]

Date:

TRUSTEE'S
CERTIFICATE OF AUTHENTICATION:

This is one of the Securities of the

series designated herein, referred to in

the within-mentioned Indenture. 

Wells
Fargo Bank Northwest, National Association (f/k/a First Security Bank, N.A.), as Trustee 

	

By:	
 	

 Authorized Signatory	
 	

 

6

  

        The
following abbreviations when used in the inscription on this Note, shall be construed as though they were written out in full according to applicable laws or regulations: 

	TEN COM	 	—	 	as tenants in common	 	UNIF GIFT MIN ACT—	 	                      Custodian	 	                    
	 	 	 	 	 	 	 	 	(Cust)                	 	(Minor)
	TEN ENT	 	—	 	as tenants by the entireties	 	 	 	Under Uniform Gifts to Minors Act
	JT TEN	 	—	 	as joint tenants with right of survivorship and not as tenants in common	 	 	 	

      (State)

Additional abbreviations may also be used though not in the above list. 

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

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE	 	 
	/	/
 	 

(Please
print or typewrite name and address including postal zip code of assignee) 

the
within Note of Questar Gas Company and does hereby irrevocably constitute and appoint 

Attorney
to transfer said Note on the books of said Company, with full power of substitution in the premises. 

Dated:

        NOTICE:
The signature of the Holder to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or
enlargement or any change whatsoever, and be guaranteed by an acceptable bank or broker. 

7

 
OPTION TO ELECT REPAYMENT  

        The undersigned hereby irrevocably requests and instructs the Company to repay the within Note (or portion hereof specified below) pursuant to its terms at
a price equal to 100% of the principal amount hereof, together with interest thereon payable to the Optional Repayment Date, to the undersigned
at                        

(Please Print or Typewrite Name and Address of the Undersigned) 

        For
this Note to be repaid, the trustee must receive this "Option to Elect Repayment" form, duly completed, together with this Note not more than 60 nor less than
30 days prior to an Optional Repayment Date shown on the face of this Note at its Corporate Trust Office, or at such other place or places designated by the Company and notified by it to
the Holder of this Note. 

        If
less than the entire principal amount of the within Note is to be repaid, specify the portion thereof which the Holder elects to have
repaid                                        
        ; and
specify the denomination or denominations (which shall be authorized denominations) of the Notes to be issued to the Holder for the portion of the within Note not being repaid (in the absence
of any specification, one such Note will be issued for the portion not being repaid)                        . 

Date:

	 	 	

	 	 	Note: The signature on this Option to Elect Repayment must correspond with the name as written in this Note in every particular without alteration or enlargement or any change whatsoever.

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Exhibit 4.03

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