Document:

Exhibit 4.5 

UNDERWRITER’S
WARRANT AGREEMENT

          UNDERWRITER’S
WARRANT AGREEMENT dated as of [
          , 2010] (this
“Agreement”), between Electromed, Inc., a Minnesota corporation (the “Company”),
and Feltl and Company, Inc. (hereinafter referred to as the “Underwriter”).’

RECITALS

	
  

 	
  

 	
  

 
	
  

 	
 A.

 	
 The Company proposes to issue
 to the Underwriter warrants (the “Warrants”) to purchase up to an aggregate
 of
 [               ]
 (as such number may be adjusted from time to time pursuant to Article 8 of
 this Warrant Agreement) shares (the “Shares”) of common stock, $.01 par value
 per share (the “Common Stock”), of the Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 B.

 	
 The Underwriter has agreed,
 pursuant to the underwriting agreement (the “Underwriting Agreement”) dated
 [               ],
 2010 between the Underwriter and the Company, to act as the Underwriter in
 connection with the Company’s proposed initial public offering (the “Public
 Offering”) of [          ]
 shares of Common Stock (the “Public Shares”) at an initial public offering
 price of $[     ] per Public Share.

 
	
  

 	
  

 	
  

 
	
  

 	
 C.

 	
 The Warrants issued pursuant
 to this Agreement are being issued by the Company to the Underwriter or to
 its designees who are officers or partners of the Underwriter (collectively,
 the “Designees”), in consideration for, and as part of the Underwriter’s
 compensation in connection with the Underwriting Agreement.

 

TERMS AND CONDITIONS

                    NOW,
THEREFORE, in consideration of the premises, the payment by the Underwriter to
the Company of the aggregate amount of $50.00, the agreements herein set forth
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

          1. Grant.
The Underwriter is and/or the Designees are hereby granted the right to
purchase up to an aggregate of
[          ] fully-paid and
non-assessable Shares as reflected in a warrant certificate (the “Warrant
Certificate”) at an initial exercise price (subject to adjustment as provided
in Article 6 hereof) of $[     ] per Share at any time
from
[               ],
2011 until 5:00 P.M., Minneapolis, Minnesota time, on [               ], 2015 (the “Warrant
Term”). Except with respect to the rights granted pursuant to Article 7 hereof,
the Shares are in all respects identical to the Public Shares being sold to the
public pursuant to the terms and provisions of the Underwriting Agreement.

          2. Exercise
of Warrant.

               2.1
Cash Exercise. The Warrants initially are exercisable at a price of $[     ].00 per Share, payable in cash, by wire transfer of immediately available
funds to an account specified by the Company, or (if the total exercise price
being paid is less than $1,000) by check to the order of the Company, or any
combination thereof, subject to adjustment as provided in Article 8 hereof.
Upon surrender of the Warrant Certificate(s) with the annexed Cash Exercise
Form duly executed, together with payment of the Exercise Price (as hereinafter
defined) for the Shares, at the Company’s principal office (currently located
at 500 Sixth Avenue NW, New Prague, Minnesota 56071), or at the office of its
transfer agent, as applicable, the registered holder of a Warrant Certificate
shall be entitled to receive a certificate or certificates for the Shares so
purchased. The purchase rights represented by the Warrant Certificate are
exercisable at the option of the Holder hereof, in whole or in part. In the
case of the purchase of less than all of the Shares purchasable under any
Warrant Certificate, the Company shall cancel said Warrant Certificate upon the
surrender thereof and shall execute and deliver a new Warrant Certificate of
like tenor for the balance of the Shares. As used in this Agreement, the terms
“Holder” and “Holders” refer to the registered holder of a Warrant Certificate
or the Shares issued upon exercise of the Warrants as the context requires. 

               2.2
Cashless Exercise. At any time during the Warrant Term, the Holder may,
at the Holder’s option, exchange, in whole or in part, the Warrants represented
by such Holder’s Warrant Certificate which are exercisable for the purchase of
Shares into the number of Shares determined in accordance with this Article 2.2
(a “Warrant Exchange”), by surrendering such Warrant Certificate at the
principal office of the Company or at the office of its transfer agent,
accompanied by a notice stating such Holder’s intent to effect such exchange,
the number of Warrants to be so exchanged and the date on which the Holder
requests that such Warrant Exchange occur (the “Notice of Exchange”). The
Warrant Exchange shall take place on the date specified in the Notice of
Exchange or, if later, the date the Notice of Exchange is received by the
Company or at the office of its transfer agent, as applicable (the “Exchange
Date”). Certificates for the Shares issuable upon such Warrant Exchange and, if
applicable, a new Warrant Certificate of like tenor representing the Warrants
which were subject to the surrendered Warrant Certificate and not included in
the Warrant Exchange, shall be issued as of the Exchange Date and delivered to
the Holder within ten (10) business days following the Exchange Date. In
connection with any Warrant Exchange, the Holder shall be entitled to subscribe
for and acquire (i) the number of Shares (rounded to the next highest integer)
which would, but for such Warrant Exchange, then be issuable pursuant to the
provisions of Article 2.1 above upon the exercise of the Warrants specified by
the Holder in its Notice of Exchange (the “Total Share Number”) less (ii) the
number of Shares equal to the quotient obtained by dividing (a) the product of
the Total Share Number and the existing Exercise Price per Share (as
hereinafter defined) by (b) the Market Price (as hereinafter defined) of a
Public Share on the trading day immediately preceding the Exchange Date.
“Market Price” at any date shall be deemed to be the closing sale price or, in
case no reported sales takes place on such day, the average of the closing sale
prices for the last three consecutive trading days on which reported sales have
taken place, in either case as officially reported by the principal securities
exchange on which the Common Stock is listed or admitted to trading or, if the
Common Stock is not listed or admitted to trading on any national securities
exchange, the closing bid price as reported by (i) Bloomberg Financial Markets
(or any successor thereto) (“Bloomberg”) through the OTC Bulletin Board or
successor trading market or (ii) if not listed on the OTC Bulletin Board (or
its successor market), the “pink sheets.” If the Common Stock is not listed or
admitted to trading on any national securities exchange, and bid prices are not
reported by Bloomberg through the OTC Bulletin Board or successor trading
market, or the “pink sheets,” then the Market Price shall be determined in good
faith by the mutual agreement of the Board of Directors of the Company and the
Holder, where the Board of Directors of the Company shall prepare and deliver
to the Holder its proposed market price and an analysis setting forth the basis
for its determination.

          3. Issuance
of Stock Certificates.

          Upon the
exercise of the Warrants, the issuance of certificates for the Shares purchased
shall be made no later than ten (10) business days thereafter without charge to
the Holder thereof including, without limitation, any tax which may be payable
in respect of the issuance thereof, and such certificates shall (subject to the
provisions of Article 4) be issued in the name of the Holder thereof, or, if a
sale, transfer, pledge or other disposition of the Warrants or the Shares to be
issued upon exercise thereof would be permitted by this Agreement and
applicable federal and state securities laws, in such names as may be directed
by the Holder; provided, however, that the Company shall not be required to pay
any transfer tax which may be payable in respect of any transfer involved in
the issuance and delivery of any such certificates in a name other than that of
the Holder, and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid.

          The
certificates representing the Shares shall be executed on behalf of the Company
in the manner contemplated by the Company’s articles of incorporation or
bylaws. Warrant Certificates shall be dated the date of execution by the
Company upon initial issuance, division, exchange, substitution or transfer.

          Upon
exercise, in part or in whole, of the Warrants, certificates representing the
Shares purchased shall bear a legend substantially similar to the following:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
EXCEPT (A) PURSUANT TO 

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AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) UPON THE
DELIVERY BY THE HOLDER TO THE COMPANY OF AN OPINION OF COUNSEL, REASONABLY
SATISFACTORY TO COUNSEL TO THE COMPANY, STATING THAT AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IS AVAILABLE.

          4. Restriction
on Transfer of Warrants.

          As
used herein, “Lock-Up
Period” means the period
beginning on the date of the final prospectus used in the Public Offering (the “Start Date”) and ending on (and including) the date that is 365 days after
the Start Date. The Underwriter (and the
Holder of a Warrant Certificate, by the Holder’s acceptance thereof) covenants
and agrees that, as required by FINRA Rule 5110(g), the Warrants and the Shares
may not be sold during the Public Offering, or sold, transferred, assigned,
pledged or hypothecated, or be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the effective economic
disposition of the Warrants and the Shares during the Lock-Up Period, except
(i) to the Underwriter or the Designees, provided that any portion of the
Warrant and the Shares so transferred shall remain subject to the above
restriction for the remainder of the restriction period, and (ii) any sale of
Shares in accordance with Article 7 in a firm commitment underwritten public
offering of Common Stock that closes at least 180 days after the Start Date.

          5.
Representations and Warranties of
Holder. 

	
  

 	
  

 
	
  

 	
 The Holder of a Warrant (including the Underwriter)
 represents and warrants to the Company as follows: 

 
	
  

 	
  

 
	
  

 	
           5.1
           Acquisition of Warrant for
 Personal Account.
 The Holder is acquiring this Warrant and the Shares issuable upon exercise of
 this Warrant (collectively the “Securities”)
 for investment for its own account and not with a present view to, or for
 resale in connection with, any public resale or distribution thereof. The
 Holder understands that the Securities have not been registered under the
 Securities Act of 1933, as amended (the “Act”), by reason of a specific exemption from the registration
 provisions of the Act which depends upon, among other things, the bona fide
 nature of the investment intent as expressed herein. The Holder further
 understands that the Securities have not been passed upon or the merits
 thereof endorsed or approved by any state or federal authorities. 

 
	
  

 	
  

 
	
  

 	
           5.2
           Rule 144. The Holder acknowledges that the
 Securities must be held indefinitely unless subsequently registered under the
 Act or an exemption from such registration is available. The Holder is aware
 of the provisions of Rule 144 promulgated under the Act. 

 
	
  

 	
  

 
	
  

 	
           5.3
           Accredited Investor. As of the date hereof the Holder
 is, and upon any exercise of this Warrant the Holder will be, an “accredited
 investor” within the meaning of Regulation D promulgated under the Act.
 The Holder is sophisticated in financial matters, and is able to evaluate the
 risks and benefits of an investment in the Securities for an indefinite period
 of time. 

 
	
  

 	
  

 
	
  

 	
           5.4
           Opportunity To Discuss;
 Information. The
 Holder has been afforded the opportunity to ask questions of, and receive
 answers from, the officers and/or directors of the Company acting on its
 behalf concerning the terms and conditions of this transaction and to obtain
 any additional information, to the extent that the Company possesses such
 information or can acquire it without unreasonable effort or expense,
 necessary to verify the accuracy of the information furnished; and has
 availed itself of the opportunity to the extent the Holder considers
 appropriate in order to permit it to evaluate the merits and risks of an
 investment in the Company. 

 
	
  

 	
  

 
	
  

 	
           5.5
           Future Registration. The Holder acknowledges and
 recognizes that, except as provided in Article 7 hereof, the Company has
 not agreed to register the resale of the Shares in any Registration Statement
 to be filed by the Company under the Act. 

 

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          6. Price.

               6.1
Initial and Adjusted Exercise Price. The initial Exercise Price of each
Warrant shall be [$   ] per Share. The adjusted Exercise Price per Share shall be
the prices which shall result from time to time from any and all adjustments of
the initial Exercise Price per Share in accordance with the provisions of
Article 8 hereof.

               6.2
Exercise Price. The term “Exercise Price” herein shall mean the initial
exercise price or the adjusted exercise price, depending upon the context.

          7. Registration
Rights.

               7.1
Registration Under the Securities Act of 1933. As of the date hereof,
none of the Warrants or the Shares have been registered for purposes of public
resale or distribution under the Act.

               7.2
Registrable Securities. As used herein, the term “Registrable Security”
means each of the Shares and any shares of Common Stock issued upon any stock
split or stock dividend in respect of such Shares; provided, however, that with
respect to any particular Registrable Security, such security shall cease to be
a Registrable Security when, as of the date of determination, (i) it has been
registered under the Act and disposed of pursuant thereto, (ii) registration
under the Act is no longer required for the Holder for subsequent public
distribution of such security under Rule 144 promulgated under the Act or
otherwise, or (iii) it has ceased to be outstanding. The term “Registrable
Securities” means any and/or all of the securities falling within the foregoing
definition of a “Registrable Security.” In the event of any merger,
reorganization, consolidation, recapitalization or other change in corporate
structure affecting the Common Stock, such adjustment shall be made in the
definition of “Registrable Security” as is appropriate in order to prevent any
dilution or enlargement of the rights granted pursuant to this Article 7.

               7.3
Piggyback Registration. If, within seven (7) years following the
effective date of the Public Offering, the Company proposes to prepare and file
one or more post-effective amendments to the registration statement filed in
connection with the Public Offering or any new registration statement or
post-effective amendments thereto covering equity or debt securities of the
Company, or any such securities of the Company held by its shareholders (in any
such case, other than in connection with a merger, acquisition or pursuant to
Form S-8 or successor form)(for purposes of this Article 7, collectively, the
“Registration Statement”), it will give written notice of its intention to do so
(“Notice”), at least thirty (30) days prior to the filing of each such
Registration Statement, to all Holders of the Registrable Securities. Upon the
written request of such a Holder (a “Requesting Holder”), made within twenty
(20) days after receipt by the Holder of the Notice, that the Company include
any of the Requesting Holder’s Registrable Securities in the proposed
Registration Statement, the Company shall, as to each such Requesting Holder,
use commercially reasonable efforts to effect the registration under the Act of
the Registrable Securities which it has been so requested to register
(“Piggyback Registration”), at the Company’s sole cost and expense and at no
cost or expense to the Requesting Holders (except as provided in Article 7.5(b)
hereof).

               Notwithstanding
the provisions of this Article 7.3, the Company shall have the right at any
time after it shall have given written notice pursuant to this Article 7.3
(irrespective of whether any written request for inclusion of Registrable
Securities shall have already been made) to elect not to file any such proposed
Registration Statement, or to withdraw the same after the filing but prior to
the effective date thereof, without incurring any liability to any Holder of
Registrable Securities.

               7.4
Demand Registration.

                    (a)
At any time beginning at such time as the Company is eligible to use a
registration statement on Form S-3 under the Act (or applicable successor form)
for secondary offerings of securities and ending five (5) years after the
effective date of the Public Offering, any “Majority Holder” (as such term is
defined in Article 7.4(c) below) of the Registrable Securities shall have the
right, exercisable by written notice to the Company (the “Demand Registration
Request”), to have the Company prepare and file with the Securities and
Exchange Commission (the “Commission”) on one occasion, at the sole expense of
the Company (except as provided in Article 7.5(b) hereof), a 

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Registration Statement on Form S-3 (or applicable successor form) and
such other documents, including a prospectus, as may be necessary (in the
opinion of both counsel for the Company and counsel for such Majority Holder)
in order to comply with the provisions of the Act, so as to permit a public
offering and sale of the Registrable Securities by the Holders thereof. This
right is in addition to the piggyback registration rights provided for under
Article 7.3 hereof, provided that the Company shall not be required to effect a
Demand Registration pursuant to this Article 7.4 within 180 days of the
effective date of a Registration Statement filed by the Company to which the
rights provided by Article 7.3 would apply if the Holders were properly
notified pursuant to Article 7.3 hereof. The Company shall use commercially
reasonable efforts to cause the Registration Statement to become effective
under the Act so as to permit a public offering and sale of the Registrable
Securities by the Holders thereof. Once effective, the Company will use
commercially reasonable efforts to maintain the effectiveness of the
Registration Statement until the earlier of (i) the date that all of the
Registrable Securities have been sold or (ii) the date the Holders thereof
receive an opinion of counsel to the Company that all of the Registrable
Securities may be freely traded without registration under the Act under Rule
144 promulgated under the Act or otherwise.

                    (b)
The Company covenants and agrees to give written notice of any Demand Registration
Request to all Holders of the Registrable Securities within ten (10) business
days from the date of the Company’s receipt of any such Demand Registration
Request. After receiving notice from the Company as provided in this Article
7.4(b), Holders of Registrable Securities may request the Company to include
their Registrable Securities in the Registration Statement to be filed pursuant
to Article 7.4(a) hereof by notifying the Company of their decision to have
such securities included within fifteen (15) business days of their receipt of
the Company’s notice.

                    (c)
The term “Majority Holder” as used in Article 7.4 hereof shall mean any Holder
or any combination of Holders of Registrable Securities that hold an aggregate
number of shares of Common Stock (including Shares already issued and Shares
issuable pursuant to the exercise of outstanding Warrants) as would constitute
a majority of the aggregate number of Shares that are Registrable Securities
(including Shares already issued and Shares issuable pursuant to the exercise
of outstanding Warrants).

               7.5
Covenants of the Company With Respect to Registration. The Company
covenants and agrees as follows:

                    (a)
In connection with any registration under Article 7.4 hereof, the Company shall
file the Registration Statement as expeditiously as possible, but in any event
no later than thirty (30) days following receipt of any demand therefore, shall
use commercially reasonable efforts to have any such Registration Statement
declared effective at the earliest possible time, and shall furnish each Holder
of Registrable Securities such number of prospectuses as shall reasonably be
requested.

                    (b)
The Company shall pay all costs, fees and expenses (other than underwriting
fees, discounts and nonaccountable expense allowance applicable to the
Registrable Securities and fees and expenses of counsel retained by the Holders
of Registrable Securities) in connection with all Registration Statements filed
pursuant to Articles 7.3 and 7.4(a) hereof including, without limitation, the
Company’s legal and accounting fees, printing expenses, and blue sky fees and
expenses and any fees due to the FINRA related to such registration or sale of
any of the Registrable Securities.

                    (c)
The Company will take all necessary action which may be required in qualifying
or registering the Registrable Securities included in the Registration
Statement for offering and sale under the securities or blue sky laws of such
states as are requested by the Holders of such securities and for obtaining the
clearance of FINRA member firms to participate in the distribution of such
Registrable Securities; provided, however, that the Company shall not be
required in connection therewith to qualify to do business or file a general
consent to service of process in any jurisdiction if the Board of Directors of
the Company determines in good faith that the same would be materially
detrimental to the Company.

                    (d)
The Company shall indemnify any Holder of the Registrable Securities to be sold
pursuant to any Registration Statement and any underwriter or person deemed to
be an underwriter under the Act and each person, if any, who controls such
Holder or underwriter or person deemed to be an underwriter within the meaning
of Section 

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15 of the Act or Section 20(a) of the Securities Exchange Act of 1934,
as amended (“Exchange Act”), against all loss, claim, damage, expense or
liability (including all expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such
Registration Statement to the same extent and with the same effect as the
provisions pursuant to which the Company has agreed to indemnify the
Underwriter as set forth in Section 6 of the Underwriting Agreement and to
provide for just and equitable contribution as set forth in Section 6 of the
Underwriting Agreement.

                    (e)
Any Holder of Registrable Securities to be sold pursuant to a Registration
Statement, and such Holder’s successors and assigns, shall severally, and not
jointly, indemnify the Company, its officers and directors and each person, if
any, who controls the Company within the meaning of Section 15 of the Act or
Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or
liability (including all expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from
information furnished by or on behalf of such Holder, or such Holder’s
successors or assigns, for specific inclusion in such Registration Statement to
the same extent and with the same effect as the provisions pursuant to which
the Underwriter has agreed to indemnify the Company as set forth in Section 6
of the Underwriting Agreement and to provide for just and equitable contribution
as set forth in Section 6 of the Underwriting Agreement.

                    (f)
Nothing contained in this Agreement shall be construed as requiring any Holder
to exercise the Warrants held by such Holder prior to the initial filing of any
Registration statement or the effectiveness thereof.

                    (g)
If the Company shall fail to comply with the provisions of this Article 7, the
Company shall, in addition to any other equitable or other relief available to
the Holders of Registrable Securities, be liable for any or all incidental,
special and consequential damages sustained by the Holders of Registrable
Securities requesting registration of their Registrable Securities.

                    (h)
In connection with any offering involving an underwriting of shares of the
Company’s Common Stock pursuant to Article 7.3, the Company shall not be
required to include any of the Registrable Securities in such underwriting
unless the Holders accept the terms of the underwriting as agreed upon between the
Company and its underwriters. If the total number of securities to be included
in such offering, including the Registrable Securities requested by Holders to
be included therein, exceeds the amount of securities that the underwriters
determine in their reasonable discretion is compatible with the success of the
offering (the “Maximum Number of Securities”), then the Company shall be
required to include in the offering only that number of such securities,
including Registrable Securities, which the underwriters and the Company
determine in their sole discretion will not jeopardize the success of the
offering. In the event that the underwriters determine that the Maximum Number
of Securities is less than the number of securities to be offered by the Company
plus all of the other Registrable Securities requested to be registered by
Holders or other security holders with similar registration rights, then the
securities that are included in such offering shall be allocated in the
following manner: (i) to the Company and, if there is a balance remaining, (ii)
to the Holders, provided that if the balance remaining is not sufficient to
include in the offering all of the Registrable Securities requested to be
registered by the Holders, the number of Registrable Securities to be included
for any holder shall be determined pro rata based on the proportionate number
of Registrable Securities then held (regardless of whether or not such any such
Holder has requested that all such Registrable Securities be included), and, if
there is a balance remaining, (iii) to any other shareholders holding similar
registration rights as selling security holders. 

                    (i)
The Company shall promptly deliver copies of all correspondence between the
Commission and the Company, its counsel or its auditors with respect to the
Registration Statement to each Holder of Registrable Securities included for
registration in such Registration Statement pursuant to Article 7.3 hereof or
Article 7.4 hereof and to the managing underwriter, if any, of the offering in
connection with which such Holder’s Registrable Securities are being registered
and shall permit each Holder of Registrable Securities and such underwriter to
do such reasonable investigation, upon reasonable advance notice, with respect
to information contained in or omitted from the Registration Statement as it
deems reasonably necessary to comply with applicable securities laws or rules
of the FINRA. Such investigation shall include access to books, records and
properties, and opportunities to discuss 

6

the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times and as often as any
such Holder of Registrable Securities or underwriter shall reasonably request;
provided, that the Company may require each such Holder or underwriter to enter
into reasonable confidentiality and non-disclosure agreements with respect to
the information contained in or derived from such investigations.

          8. Adjustments
of Exercise Price and Number of Securities. The following adjustments apply
to the Exercise Price of the Warrants with respect to the Shares and the number
of Shares purchasable upon exercise of the Warrants.

               8.1
Computation of Adjusted Price. In case the Company at any time after the
date hereof pays a dividend in shares of Common Stock or makes a distribution
in shares of Common Stock, then upon such dividend or distribution, the
Exercise Price in effect immediately prior to such dividend or distribution
shall forthwith be reduced to a price determined by dividing (a) an amount
equal to the total number of shares of Common Stock outstanding immediately
prior to such dividend or distribution multiplied by the Exercise Price in
effect immediately prior to such dividend or distribution, by (b) the total
number of shares of Common Stock outstanding immediately after such issuance or
sale. 

               8.2
Subdivision and Combination. In case the Company shall at any time
subdivide or combine the outstanding shares of Common Stock, the Exercise Price
shall forthwith be proportionately decreased in the case of subdivision or
proportionately increased in the case of combination.

               8.3
Adjustment in Number of Securities. Upon each adjustment of the Exercise
Price pursuant to the provisions of this Article 8, the number of Shares
issuable upon the exercise of each Warrant shall be adjusted to the nearest
full number by multiplying a number equal to the Exercise Price in effect
immediately prior to such adjustment by the number of Shares issuable upon
exercise of the Warrants immediately prior to such adjustment and dividing the
product so obtained by the adjusted Exercise Price.

               8.4
Reclassification, Consolidation, Merger, etc. Subject to Article 12, in
case of any reclassification or change of the outstanding shares of Common
Stock (other than a change in par value to no par value, or from no par value
to par value, or as a result of a subdivision or combination), or in the case
of any consolidation of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger in which the Company
is the surviving corporation and which does not result in any reclassification
or change of the outstanding shares of Common Stock, except a change as a
result of a subdivision or combination of such shares or a change in par value,
as aforesaid), or in the case of a sale or conveyance to another corporation of
all or substantially all of the assets of the Company, the Holders shall
thereafter have the right to convert this Warrant into the kind
and amount of shares of stock and other securities and property which the
Holder would have owned or have been entitled to receive immediately after such
reclassification, change, consolidation, merger, sale or conveyance had this
Warrant been converted immediately prior to the effective date of such
reclassification, change, consolidation, merger, sale or conveyance, and in any
such case, if necessary, appropriate adjustment shall be made in the
application of the provisions set forth in this Article 8 with respect to
the rights and interests thereafter of the Holder of this Warrant, to the end
that the provisions set forth in this Article 8 shall thereafter correspondingly
be made applicable, as nearly as may reasonably be, in relation to any shares
of stock and other securities and property thereafter deliverable on the
exercise of this Warrant. The provisions of this Article 8.4 shall
similarly apply to successive such reclassifications, changes, consolidations,
mergers, sales or conveyances. In the event of any conflict between
Article 8.4 and Article 12, the latter shall control.

               8.5
Determination of Outstanding Common Shares. For purposes of this
Agreement, the number of shares of Common Stock at any one time outstanding
shall include: (i) the aggregate number of shares of common stock issued and
outstanding, and (ii) the aggregate number of shares of common stock issuable
upon the exercise of any outstanding options, rights, and warrants, and upon
the conversion or exchange of any outstanding convertible or exchangeable
securities.

               8.6
Dividends and Other Distributions with Respect to Outstanding Securities.
In the event that the Company shall at any time prior to the exercise of all
Warrants make any distribution of its assets to holders of its

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Common Stock as a liquidating or a partial liquidating dividend, then
the Holder of Warrants who exercises its Warrants after the record date for the
determination of those Holders of Common Stock entitled to such distribution of
assets as a liquidating or partial liquidating dividend shall be entitled to
receive for the exercise price per Warrant, in addition to each share of Common
Stock, the amount of such distribution (or, at the option of the Company, a sum
equal to the value of any such assets at the time of such distribution as
determined by the Board of Directors of the Company in good faith) which would
have been payable to such Holder had he been the Holder of record of the Common
Stock receivable upon exercise of his Warrant on the record date for the
determination of those entitled to such distribution. At the time of any such
dividend or distribution, the Company shall make appropriate reserves to ensure
the timely performance of the provisions of this Article 8.6.

               8.7
Subscription Rights for Shares of Common Stock or Other Securities. In
the case that the Company or an affiliate of the Company shall at any time after
the date hereof and prior to the exercise of all the Warrants issue any rights,
warrants or options to subscribe for shares of Common Stock or any other
securities of the Company or of such affiliate to all the shareholders of the
Company, the Holders of unexercised Warrants on the record date of such
issuance of rights, warrants or options shall be entitled, in addition to the
shares of Common Stock or other securities receivable upon the exercise of the
Warrants, to receive such rights, warrants or options that such Holders would
have been entitled to receive had they been, on the record date set by the
Company or such affiliate in connection with such issuance of rights, warrants
or options, the holders of record of the number of whole shares of Common Stock
then issuable upon exercise of their outstanding Warrants. 

          9. Exchange
and Replacement of Warrant Certificates.

          Each
Warrant Certificate is exchangeable without expense, upon the surrender thereof
by the registered Holder at the principal executive office of the Company, for
a new Warrant Certificate of like tenor and date representing in the aggregate
the right to purchase the same number of securities in such denominations as
shall be designated by the Holder thereof at the time of such surrender.

          Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of any Warrant Certificate and, in case of
loss, theft or destruction, of indemnity reasonably satisfactory to it, and
upon surrender and cancellation of the Warrant Certificate, if mutilated, the
Company will make and deliver a new Warrant Certificate of like tenor in lieu
thereof.

          10. Elimination
of Fractional Interests.

          The Company
shall not be required to issue certificates representing fractions of Shares
upon the exercise of the Warrants, nor shall it be required to issue scrip or
pay cash in lieu of fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up
to the nearest whole number of Shares.

          11. Reservation
and Listing of Securities.

          The Company
shall at all times reserve and keep available out of its authorized shares of
Common Stock, solely for the purpose of issuance upon the exercise of the
Warrants, such number of shares of Common Stock as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the
Warrants and payment of the Exercise Price therefore, all Shares issuable upon
such exercise shall be duly and validly issued, fully paid, non-assessable and
not subject to the preemptive rights of any shareholder. As long as the
Warrants shall be outstanding, the Company shall use its best efforts to cause
all shares of Common Stock issuable upon the exercise of the Warrants to be
listed on any securities exchange or trading market on which the Common Stock
may be listed and/or quoted.

          12. Sale
of the Company. 

     (a)     As
used herein, a “Sale of the Company”
means (i) any sale (however effected, including without limitation by sale
of stock, merger, share exchange or otherwise, including without limitation in
a single transaction 

8

or series of
related transactions) of all or substantially all of the outstanding voting
stock of the Company, or (ii) any sale, lease or disposition of all or
substantially all of the assets of the Company and its subsidiaries, taken as a
whole; provided, that in neither case, shall a Sale of the Company include a
transaction set forth above where the holders of the Company’s voting stock
immediately prior to the transaction hold more than 50% of the outstanding
voting stock of the Company or its successor following such transaction. 

     (b)     The
Company shall give each Holder at least twenty (20) days prior notice of any
Sale of the Company. 

     (c)     Notwithstanding
anything to the contrary herein, this Warrant will expire at the closing for a
Sale of the Company. 

     (d)     Upon
receipt of the notice contemplated by Article 12(b) hereof, any Holder
may: 

	
  

 	
  

 
	
  

 	
             (i)
 elect (by giving written notice received by the Company no later than five
 days before the closing of such Sale of the Company and surrendering the
 Warrants) to receive, upon the closing of the Sale of the Company, (1) the
 same amount and kind of securities, cash or property as the Holder would have
 been entitled to receive upon the closing of the Sale of the Company if the
 Holder had been, immediately prior to the Sale of the Company, the holder of
 the number of Shares of Common Stock then issuable upon exercise in full of
 this Warrant less (2) an amount of such securities, cash or property equal to
 the aggregate exercise price of the Warrants surrendered. If holders of Common
 Stock are given any choice as to the securities, cash or property to be
 received in a Sale of the Company, then the Holder shall be given the same
 choice as to such alternate consideration it receives pursuant to an election
 under this Article 12(d); 

 
	
  

 	
  

 
	
  

 	
            (ii)
 let the Holders’ Warrants expire in accordance with their terms (subject to
 Article 12(c)); or 

 
	
  

 	
  

 
	
  

 	
           (iii)
 exercise the Holder’s Warrants in accordance with their terms prior to the
 expiration thereof (subject to the Article 12(c)). 

 

     (e)     Neither
this Article 12, nor any notice or election contemplated by this
Article 12, shall create any obligation on the Company’s part to
consummate any Sale of the Company. If, after any notice or election
contemplated by this Article 12 is given, the Company determines not to
consummate the Sale of the Company, then the Company shall notify the Holders
of such determination, whereupon any preceding notices or elections under this
Article 12 regarding such Sale of the Company shall be null and void and
of no effect.

          13. Notices
to Warrant Holders.

          Nothing
contained in this Agreement shall be construed as conferring upon the Holder or
Holders the right to vote or to consent or to receive notice as a shareholder
in respect of any meetings of shareholders for the election of directors or any
other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Warrants and
their exercise, any of the following events shall occur:

                    (a)
the Company shall take a record of the holders of its shares of Common Stock
for the purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of current or retained earnings, as indicated by the accounting
treatment of such dividend or distribution on the books of the Company; or

                    (b)
the Company shall offer to all the holders of its Common Stock any additional
shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right
or warrant to subscribe therefore; or

                    (c)
a dissolution, liquidation or winding up of the Company (other than in
connection with a consolidation or merger); or

                    (d)
reclassification or change of the outstanding shares of Common Stock (other
than a change in par value to no par value, or from no par value to par value,
or as a result of a subdivision or combination), consolidation of the Company
with, or merger of the Company into, another corporation (other than a
consolidation or merger in which the Company is the surviving corporation and
which does not result in any reclassification or 

9

change of the outstanding shares of Common Stock, except a change as a
result of a subdivision or combination of such shares or a change in par value,
as aforesaid), or a sale or conveyance to another corporation of the property
of the Company as an entirety is proposed; or

                    (e)
The Company or an affiliate of the Company shall propose to issue any rights to
subscribe for shares of Common Stock or any other securities of the Company or
of such affiliate to all the shareholders of the Company; then, in any one or
more of said events, the Company shall give written notice to the Holder or
Holders of such event at least twenty (20) days prior to the date fixed as a
record date or the date of closing the transfer books for the determination of
the shareholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, options or warrants, or
entitled to vote on such proposed dissolution, liquidation, winding up or sale.
Such notice shall specify such record date or the date of closing the transfer
books, as the case may be. Failure to give such notice or any defect therein
shall not affect the validity of any action taken in connection with the
declaration or payment of any such dividend or distribution, or the issuance of
any convertible or exchangeable securities or subscription rights, options or
warrants, or any proposed dissolution, liquidation, winding up or sale.

          14. Notices.

          All
notices, requests, consents and other communications hereunder shall be in
writing and shall be deemed to have been duly made (1) one business day after
being sent by overnight courier, (2) three business days after having been sent
by first-class U.S. mail (certified or regular), (3) at the time sent, if sent
by email or facsimile between 8:00 a.m. and 5:00 p.m. on a
business day, or one business day after being sent, if sent by email or
facsimile at any other time, and (4) upon delivery, if hand-delivered by
any other means.

                    (a)
If to a registered Holder of the Warrants, to the address (or email or
facsimile number, as applicable) of such Holder as shown on the signature page
hereto or the books of the Company; or

                    (b)
If to the Company, to: 

	
  

 	
  

 
	
  

 	
 Electromed, Inc. 

 Attn: Chief Executive Officer 

 500 Sixth Avenue NW 

 New Prague, MN 56011

 

or to such other address as the Company may designate by notice to the
Holders given pursuant to this Article.

          15. Supplements
and Amendments.

          The Company
and the Underwriter may from time to time supplement or amend this Agreement
without the approval of any Holders of the Warrants and/or Shares issued upon
exercise of the Warrants in order to cure any ambiguity, to correct or supplement
any provision contained herein which may be defective or inconsistent with any
other provisions herein, or to make any other provisions in regard to matters
or questions arising hereunder which the Company and the Underwriter may deem
mutually necessary or desirable and which the Company and the Underwriter
mutually deem not to adversely affect the interests of the Holders of Warrant
Certificates.

          16. Successors.

          All the
covenants and provisions of this Agreement by or for the benefit of the Company
and the Holders inure to the benefit of their respective successors and
permitted assigns hereunder.

          17. Governing
Law.

          This
Agreement and each Warrant Certificate issued hereunder shall be deemed to be a
contract made under the laws of the State of Minnesota and for all purposes
shall be construed in accordance with the laws of said State, other than its
conflicts of laws provisions.

10

          18. Benefits
of this Agreement.

          Nothing in
this Agreement shall be construed to give to any person or corporation other
than the Company and the Underwriter and any other registered Holder or Holders
of the Warrant Certificates or Shares any legal or equitable right, remedy or
claim under this Agreement; and this Agreement shall be for the sole and
exclusive benefit of the Company and the Underwriter and any other Holder or
Holders of the Warrant Certificates or Shares.

          19. Counterparts.

          This
Agreement may be executed in any number of counterparts, and may be delivered
to each of the parties by facsimile or e-mail. Facsimile or photocopy
signatures shall be deemed as legally enforceable as the original. Each of such
counterparts shall for all purposes be deemed to be an original, and such counterparts
shall together constitute but one and the same instrument.

[Signature page follows.]

11

          IN WITNESS
WHEREOF, the Company has caused this Agreement to be duly executed as of the
day and year first above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ELECTROMED, INC.

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
   Robert D. Hensen

 	
  

 
	
  

 	
   Chief Executive Officer

 	
  

 

Agreed and
Accepted as of the day and year first above written:

FELTL AND COMPANY, INC.

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
   Name:

 	
  

 
	
   Title:

 	
  

 

Feltl and Company, Inc.
225 South Sixth Street
Suite 4200
Minneapolis MN 55402
Main: 612.492.8800

with a copy to
(that shall not constitute notice):

Faegre &
Benson LLP

2200 Wells Fargo Center

90 South Seventh Street

Minneapolis, MN 55402-3901

Attention: W. Morgan Burns

Fax: (612) 766-1600

12

FORM OF WARRANT CERTIFICATE

NEITHER THE WARRANTS NOR THE SHARES UNDERLYING THE WARRANTS REPRESENTED
BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED OR APPLICABLE STATE SECURITIES LAWS. NEITHER THE WARRANTS NOR THE
SHARES UNDERLYING THE WARRANTS MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FOR THE
WARRANTS OR THE SHARES UNDERLYING THE WARRANTS, AS APPLICABLE, UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR
(B) UPON THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN OPINION OF COUNSEL,
REASONABLY SATISFACTORY TO COUNSEL TO THE COMPANY, STATING THAT AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IS AVAILABLE.

THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS
CERTIFICATE IS RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO
HEREIN.

                    EXERCISABLE
ON OR BEFORE 5:00 P.M., MINNEAPOLIS TIME, ____________, 2015

No. W-_____________________ [Warrants
[          ]

          This
Warrant Certificate certifies that Feltl and Company, Inc. or its registered
assigns, is the registered holder of
[          ] Warrants to purchase,
at any time from [          ,
2011] until 5:00 P.M. Minneapolis, Minnesota time on
[     , 2015] (“Expiration Date”), up to
          fully-paid and
non-assessable shares (the “Shares”) of the common stock, $.01 par value per
share (the “Common Stock”), of Electromed, Inc., a Minnesota corporation (the
“Company”), at an initial exercise price, subject to adjustment in certain
events (the “Exercise Price”), of [$   ] per Share, upon surrender of this
Warrant Certificate and payment of the Exercise Price at an office or agency of
the Company, but subject to the conditions set forth herein and in the
Underwriter’s Warrant Agreement dated as of [ ______, 2010], between the
Company and Feltl and Company, Inc. (the “Warrant Agreement”). Payment of the
Exercise Price may be made in cash, wire transfer, or by check payable to the
order of the Company, by surrender of a portion of the Warrants represented by
the Warrant Certificate, or any combination thereof, in each case subject to
the terms of the Warrant Agreement.

          No Warrant
may be exercised after 5:00 P.M., Minneapolis, Minnesota time, on the
Expiration Date, at which time all Warrants evidenced hereby, unless exercised
prior thereto, shall thereafter be void.

          The
Warrants evidenced by this Warrant Certificate are part of a duly authorized
issue of Warrants issued pursuant to the Warrant Agreement, which Warrant
Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the
Company and the holders (the words “holders” or “holder” means the registered
holders or registered holder) of the Warrants.

          The Warrant
Agreement provides that upon the occurrence of certain events, the Exercise
Price and the type and/or number of the Company’s securities issuable thereupon
may, subject to certain conditions, be adjusted. In such event, the Company
will, at the request of the holder, issue a new Warrant Certificate evidencing
the adjustment in the Exercise Price and the number and/or type of securities
issuable upon the exercise of the Warrants; provided, however, that the failure
of the Company to issue such new Warrant Certificates shall not in any way
change, alter, or otherwise impair the rights of the holder as set forth in the
Warrant Agreement.

          Upon due
presentment for registration of transfer of this Warrant Certificate at an
office or agency of the Company, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the 

13

limitations provided herein and in the Warrant Agreement, without any
charge except for any tax or other governmental charge imposed in connection
therewith.

          Upon the
exercise of less than all of the Warrants evidenced by this Certificate, the
Company shall forthwith issue to the holder hereof a new Warrant Certificate
representing such number of unexercised Warrants.

          The Company
may deem and treat the registered holder(s) hereof as the absolute owner(s) of
this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, and of
any distribution to the holder(s) hereof, and for all other purposes, and the
Company shall not be affected by any notice to the contrary.

          All terms
used in this Warrant Certificate which are defined in the Warrant Agreement
shall have the meanings assigned to them in the Warrant Agreement.

          IN WITNESS
WHEREOF, the Company has caused this Warrant Certificate to be duly executed.

	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ELECTROMED, INC.

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 
 	
  

 
	
  

 	
  

 	
 Robert D. Hansen

 	
  

 
	
  

 	
  

 	
 Chief Executive Officer

 

14

[CASH EXERCISE FORM]

          The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant
Certificate, to purchase __________ Shares of Common Stock and herewith tenders
in payment for such securities, in cash, by wire transfer of immediately
available funds to an account specified by Electromed, Inc., a Minnesota
corporation (the “Company”), or (if the total exercise price being paid is less
than $1,000) by check to the order of the Company, or any combination thereof,
in the amount of $__________, all in accordance with the terms of the Warrant
Certificate. The undersigned requests that a certificate for such securities be
registered in the name of the undersigned, or, if permitted by the
Underwriter’s Warrant Agreement dated as of ___________, 2010 between the
Company and Feltl and Company, Inc., the name of: 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
 whose
 address is

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
 The
 undersigned requests that such Certificate be delivered to:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
 whose
 address is

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 .

 
	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Signature:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 SSN or Tax
 ID No:

 	
  

 	
  

 
	
  

 	
  

 	
  

 

15

[FORM OF ASSIGNMENT]

          (To be
executed by the registered holder if such holder desires to transfer the
Warrant Certificate and such transfer is permitted pursuant to the terms of the
Underwriter’s Warrant Agreement dated _____, 2010 between the Company and Feltl
and Company, Inc.)

          FOR VALUE
RECEIVED, ______________________________________ hereby sells, assigns and
transfers unto:

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
 whose
 address is

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 and whose tax ID

 	
  

 	
  

 
	
 No. or SSN
 is:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 

this Warrant Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint _________________,
Attorney, to transfer the within Warrant Certificate on the books of the
within-named Company, with full power of substitution.

16

[CASHLESS EXERCISE FORM]

               (To
be executed upon exercise of Warrant pursuant to Article 2.2 of the
Underwriter’s Warrant Agreement dated __________, 2010 between the Company and
Feltl and Company, Inc. (the “Warrant Agreement”)

To: ELECTROMED, INC.

     The undersigned hereby irrevocably elects
a cashless exercise of the right to purchase represented by the attached
Warrant Certificate for, and to purchase thereunder, _____________________
Shares, as provided for in Article 2.2 of the Warrant Agreement.

     Please issue a certificate or
certificates for such Shares in the name of the undersigned, or, if permitted
by the Warrant Agreement, the name of: 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
 whose
 address is

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
 and whose tax ID
No. or SSN is:

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
 The
 undersigned requests that such Certificate be delivered to:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ,

 
	
  

 	
  

 	
  

 
	
 whose
 address is

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 .

 
	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 Signature:

 	
  

 	
  

 
	
  

 	
  

 	
  

 

17

     NOTE: The above signature should
correspond exactly with the name on the first page of this Warrant Certificate
or with the name of the assignee appearing in the assignment form, if any.

     And
if said number of shares shall not be all the shares purchasable under the
attached Warrant Certificate, a new Warrant Certificate is to be issued in the
name of the undersigned for the remaining balance of the shares purchasable
thereunder.

18Exhibit 10.11

ASSIGNMENT

          WHEREAS,
we, ____________________(hereinafter “ASSIGNOR”), have invented, and are the
joint owners of, ____________________ having certain novel features and various
configurations disclosed and claimed in United States patent application
_________________ filed ___________, referred to as the “the Application”; and

          WHEREAS,
Electromed, Inc. (hereinafter “ASSIGNEE”), a corporation organized and existing
under and by virtue of the laws of the State of Minnesota, and having its
principal place of business at 502 Sixth Avenue NW, New Prague, Minnesota, is
desirous of acquiring the entire interest in the invention and the Application
and in any improvements thereto;

          NOW,
THEREFORE, in consideration of One Dollar ($1.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
ASSIGNOR by these presents does sell, assign and transfer unto ASSIGNEE, its
successors, assigns and legal representatives, the full and exclusive right to
the invention as described in the aforesaid Application and to any and all
patents, registrations, and the like, resulting from the Application, in the
United States and all foreign countries, together with the right of priority
under the International Convention for the Protection of Industrial Property,
Inter-American Convention Relating to Patents, Designs and Industrial Models,
and any other international agreements to which the United States adheres, and
hereby authorize and request the Commissioner for Patents to issue to ASSIGNEE
Letters Patent on the pending Application for the sole use and benefit of
ASSIGNEE, its successors, assigns and legal representatives,

          AND
HEREBY AGREES to transfer a like interest upon request of ASSIGNEE, its
successors, assigns and legal representatives, and without further
remuneration, in and to any improvements and applications for patents based
thereon, growing out of or relating to the invention; and to provide all
reasonable assistance and execute any papers deemed essential by ASSIGNEE, its
successors, assigns and legal representatives, to ASSIGNEE’s full protection
and title to the invention hereby transferred,

          AGREEING,
FURTHERMORE, upon request of ASSIGNEE, and without further remuneration, to
execute any and all papers desired by ASSIGNEE for the filing and granting of
foreign applications and the perfecting of title thereto in ASSIGNEE.

          EXECUTED this _____ day of
__________________________________________.

	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 

Schedule of Patent Assignments Made Pursuant to Form of Assignment

Assignment of Patent
Application # 11/594,014 from Lonnie J. Helgeson and Michael W. Larson, issued
as patent #7,713,219.

Assignment of Patent
Application # 11/397,311 from Craig N. Hansen, Paul C. Cross, and Lonnie J.
Helgeson, issued as patent #7,736,324 

 Assignment of Patent
Application #11/906,793 from Lonnie J. Helgeson and Michael W. Larson.

Assignment of Patent
#5,453,087 from Craig N. Hansen. 

Assignment of Patent
#5,569,170 from Craig N. Hansen. 

Assignment of Patent
#6,254,556 from Craig N. Hansen and George E. McNamara.

Assignment of Patent
#6,547,749 from Craig N. Hansen. 

Assignment of Patent
#6,676,614 from Craig N. Hansen and Lonnie J. Helgeson.

Assignment of Patent
#7,278,978 from Craig N. Hansen and Lonnie J. Helgeson. 

Assignment of Patent
#7,374,550 from Craig N. Hansen and Lonnie J. Helgeson. 

Assignment of Patent
#7,537,575 from Craig N. Hansen and Lonnie J. Helgeson. 

Assignment of Patent
#D456,591 from Craig N. Hansen. 

Assignment of Patent
#D461,897 from Craig N. Hansen and Lonnie J. Helgeson.

Assignment of Patent
#D469,876 from Craig N. Hansen and Lonnie J. Helgeson. 

Assignment of Patent
#D478,989 from Craig N. Hansen and Lonnie J. Helgeson. 

Assignment of Patent
#D547,718 from Lonnie J. Helgeson and Michael W. Larson. 

Assignment of Patent
#D585,991 from Lonnie J. Helgeson and Michael W. Larson.

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