Document:

Exhibit 10.35

 

FORM OF
RESTRICTED ACCOUNT SIDE LETTER

 

May 19, 2005

 

CORGENIX MEDICAL CORPORATION

12061 Tejon Street

Westminster, CO  80234

Attn:  President

 

Re:                               Restricted Account:  Account Number                                    ,

Account Name:                                ,
maintained at North Fork (the “Restricted Account”).

 

Reference is
made to (i) that certain Securities Purchase Agreement, dated as of May       ,
2005 (as amended, modified or supplemented from time to time, the “Purchase
Agreement”), by and between Corgenix Medical Corporation, a Nevada corporation
(the “Company”), and [PURCHASERS] (the “Purchasers”) and (ii) that certain
Restricted Account Agreement, dated as of May          ,
2005 (as amended, modified or supplemented from time to time, the “Restricted
Account Agreement”), by and among the Company, the Purchasers and North Fork
(the “Bank”).  Capitalized terms used but
not defined herein shall have the meanings ascribed them in the Purchase
Agreement or the Restricted Account Agreement, as applicable.  Pursuant to Section 3.2 of the Purchase
Agreement, the Company is required to place $250,000 in the Restricted Account,
and, subject to the provisions of this letter, the Purchase Agreement and any
Related Agreement, maintain such amount in the Restricted Account for as long
as the Purchasers shall have any obligations outstanding under the Note and to
assign the Restricted Account for the benefit of the Purchasers as security for
the performance of the Company’s obligations to the Purchasers.

 

The Purchasers
and the Company desire to clarify certain aspects regarding the use of funds
contained in the Restricted Account, and for good consideration, the receipt
and sufficiency of which is here acknowledged, the Company and the Purchasers
agree that at such time as the Company’s registration statement registering the
shares of the Company’s common stock comprising the Offering is declared
effective, the Restricted Account is to be released upon satisfaction of the
following condition:  $250,000 shall be
released at such time as the Company’s common stock trades a minimum daily
average dollar amount of $25,000 at an average closing price per share of $0.40
or greater (appropriately adjusted for stock splits, reverse stock splits,
stock dividends and recapitalizations) over a twenty-two (22) consecutive
trading day period (the “Release”).  Upon
the Purchasers’ satisfaction that the conditions in this paragraph have been
met for the Release, the Purchasers shall direct the Bank, pursuant to a
Release Notice (as defined in the Restricted Account Agreement), to wire the
funds from the Restricted Account to such bank account as the Company may
direct the Purchasers in writing.

 

 

Additionally,
the Company may request that the Purchasers direct the Bank to release all or
any portion of the amounts contained in the Restricted Account following (or in
connection with) the consummation of an acquisition by the Company or any of
its Subsidiaries.   Such a release
referred to in the immediately preceding sentence shall be subject (in all
respects) to the Purchasers’ evaluation of all factors that it considers (in
its sole discretion) relevant at the time of such requested release, including
its determination (i) of the relative benefit of such acquisition to the
Company and its Subsidiaries and (ii) of the overall performance
(financial or otherwise) of the Company and its Subsidiaries at such time.  The Purchasers shall not be under any
obligation to release any amount pursuant to this paragraph and the release of
such amounts shall be in the Purchasers’ sole and absolute discretion.  Prior to any such acquisition referred to in
this paragraph, the Company shall comply with Section 6.12(f) of the
Purchase Agreement in all respects.

 

This letter
may not be amended or waived except by an instrument in writing signed by the
Company and the Purchasers.  This letter
may be executed in any number of counterparts, each of which shall be an
original and all of which, when taken together, shall constitute one agreement.  Delivery of an executed signature page of
this letter by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. 
This letter shall be governed by, and construed in accordance with, the
laws of the State of New York.  This
letter supersedes all prior communications, written or oral, with respect to
the matters herein.

 

If the
foregoing meets with your approval please signify your acceptance of the terms
hereof by signing below. 

 

	
   

  	
   

  	
  Signed

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PURCHASERS]

  	
   

  

 

 

	
  Agreed
  and Accepted this         day of
  May, 2005. 

  
	
   

  
	
   

  
	
  CORGENIX
  MEDICAL CORPORATION

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

2

 

EXHIBIT A

 

RELEASE
NOTICE

 

	
  To:

  	
   

  	
  [BANK]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Re:

  	
   

  	
  Account Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Account Number:

  	
   

  	
   

  
						

 

Reference is made to that certain Restricted Account Agreement, dated
as of May    , 2005 (the “Restricted Account Agreement”),
among [BANK] (the “Bank”), Corgenix Medical Corporation (the “Company”), and
[PURCHASERS] (“Purchasers”).

 

This is to notify you that Purchasers authorize the release of
$                          
(the “Release Amount”) from the account referenced above in accordance with the
terms of the Restricted Account Agreement. 
Within one business day following the receipt of this Release Notice,
the Bank hereby agrees to wire the Release Amount (or, in the event that the
amount in the Restricted Account is less than the Release Amount, such lesser
amount) to the following account in accordance with the wire instructions set
forth below:

 

[Insert
Wire Instructions]

 

	
   

  	
  [PURCHASERS]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
  Agreed and accepted
  this      day of

                        
  200   .

  	
   

  
	
   

  	
   

  
	
  [BANK]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
				

 

 

EXHIBIT B

 

Restricted
Account

 

	
  •

  	
   

  	
  Bank:

  
	
  •

  	
   

  	
  Bank Routing Number:

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Phone:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account #:Exhibit 10.36

 

FORM STOCK
PLEDGE AGREEMENT

 

This Stock Pledge Agreement (this “Agreement”),
dated as of May 19, 2005, among [PLEDGEES] (each a “Pledgee” and together
the “Pledgees”), Corgenix Medical Corporation, a Nevada corporation (the “Company”),
and each of the other undersigned pledgors, each a direct or indirect
subsidiary of the Company (the Company and each such other undersigned pledgor,
a “Pledgor” and collectively, the “Pledgors”).

 

BACKGROUND

 

The Company has entered into a Securities
Purchase Agreement, dated as of May    , 2005 (as amended,
modified, restated or supplemented from time to time, the “Securities Purchase
Agreement”), pursuant to which the Pledgees provide or will provide certain
financial accommodations to the Company.

 

In order to induce the Pledgees to provide or
continue to provide the financial accommodations described in the Securities
Purchase Agreement, each Pledgor has agreed to pledge and grant a security
interest in the collateral described herein to the Pledgees on the terms and
conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration the receipt of which is
hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Defined
Terms.  All capitalized terms used
herein which are not defined shall have the meanings given to them in the
Securities Purchase Agreement.

 

2.                                       Pledge
and Grant of Security Interest.  To
secure the full and punctual payment and performance of (the following clauses (a) and
(b), collectively, the “Indebtedness”) (a) the obligations under the
Securities Purchase Agreement and the Related Agreements referred to in the
Securities Purchase Agreement (the Securities Purchase Agreement and the
Related Agreements, as each may be amended, restated, modified and/or
supplemented from time to time, collectively, the “Documents”) and (b) all
other indebtedness, obligations and liabilities of each Pledgor to the Pledgees
whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated,
absolute or contingent, due or not due and whether under, pursuant to or
evidenced by a note, agreement, guaranty, instrument or otherwise (in each
case, irrespective of the genuineness, validity, regularity or enforceability
of such Indebtedness, or of any instrument evidencing any of the Indebtedness
or of any collateral therefor or of the existence or extent of such collateral,
and irrespective of the allowability, allowance or disallowance of any or all
of such Indebtedness in any case commenced by or against any Pledgor under
Title 11, United States Code, including, without limitation, obligations or
indebtedness of each Pledgor for post-petition interest, fees, costs and
charges that would have accrued or been added to the Indebtedness but for the
commencement of such case), each Pledgor hereby pledges, assigns, hypothecates,
transfers and grants a security interest to the Pledgees in all of the
following (the “Collateral”):

 

(a)                                  the
shares of stock set forth on Schedule A annexed hereto and expressly made
a part hereof (together with any additional shares of stock or other equity
interests acquired

 

 

by any Pledgor, the “Pledged
Stock”), the certificates representing the Pledged Stock and all dividends,
cash, instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of the Pledged Stock;

 

(b)                                 all
additional shares of stock of any issuer (each, an “Issuer”) of the Pledged
Stock from time to time acquired by any Pledgor in any manner, including,
without limitation, stock dividends or a distribution in connection with any
increase or reduction of capital, reclassification, merger, consolidation, sale
of assets, combination of shares, stock split, spin-off or split-off (which
shares shall be deemed to be part of the Collateral), and the certificates
representing such additional shares, and all dividends, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such shares; and

 

(c)                                  all
options and rights, whether as an addition to, in substitution of or in
exchange for any shares of any Pledged Stock and all dividends, cash,
instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
such options and rights.

 

3.                                       Delivery
of Collateral.  All certificates
representing or evidencing the Pledged Stock shall be delivered to and held by
or on behalf of the Pledgees pursuant hereto and shall be accompanied by duly
executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Pledgees. 
Each Pledgor hereby authorizes the Issuer upon demand by the Pledgees to
deliver any certificates, instruments or other distributions issued in
connection with the Collateral directly to the Pledgees, in each case to be
held by the Pledgees, subject to the terms hereof.  Upon an Event of Default (as defined below)
under the Term Note that has occurred and is continuing beyond any applicable
grace period, the Pledgees shall have the right, during such time in their
discretion and without notice to the Pledgor, to transfer to or to register in
the name of the Pledgees or any of their nominees any or all of the Pledged
Stock.  In addition, the Pledgees shall
have the right at such time to exchange certificates or instruments
representing or evidencing Pledged Stock for certificates or instruments of
smaller or larger denominations.

 

4.                                       Representations
and Warranties of each Pledgor.  Each
Pledgor jointly and severally represents and warrants to the Pledgees (which
representations and warranties shall be deemed to continue to be made until all
of the Indebtedness has been paid in full and each Document and each agreement
and instrument entered into in connection therewith has been irrevocably
terminated) that:

 

(a)                                  the
execution, delivery and performance by each Pledgor of this Agreement and the
pledge of the Collateral hereunder do not and will not result in any material
violation of any material agreement, indenture, instrument, license, judgment,
decree, order, law, statute, ordinance or other governmental rule or
regulation applicable to any Pledgor;

 

(b)                                 this
Agreement constitutes the legal, valid, and binding obligation of each Pledgor
enforceable against each Pledgor in accordance with its terms;

 

2

 

(c)                                  (i) all
Pledged Stock owned by each Pledgor is set forth on Schedule A hereto and (ii) each
Pledgor is the direct and beneficial owner of each share of the Pledged Stock
set forth opposite its name;

 

(d)                                 all
of the shares of the Pledged Stock have been duly authorized, validly issued
and are fully paid and nonassessable;

 

(e)                                  no
consent or approval of any person, corporation, governmental body, regulatory
authority or other entity, is or will be necessary for (i) the execution,
delivery and performance of this Agreement, (ii) the exercise by the
Pledgees of any rights with respect to the Collateral or (iii) the pledge
and assignment of, and the grant of a security interest in, the Collateral
hereunder;

 

(f)                                    there
are no pending or, to the best of each Pledgor’s knowledge, threatened actions
or proceedings before any court, judicial body, administrative agency or
arbitrator which may materially adversely affect the Collateral;

 

(g)                                 each
Pledgor has the requisite power and authority to enter into this Agreement and
to pledge and assign the Collateral to the Pledgees in accordance with the
terms of this Agreement;

 

(h)                                 each
Pledgor owns each item of the Collateral and, except for the pledge and
security interest granted to the Pledgees hereunder, the Collateral shall be,
immediately following the closing of the transactions contemplated by the
Documents, free and clear of any other security interest, pledge, claim, lien,
charge, hypothecation, assignment, offset or encumbrance whatsoever
(collectively, “Liens”);

 

(i)                                     there
are no restrictions on transfer of the Pledged Stock contained in the
certificate of incorporation or by-laws (or equivalent organizational
documents) of the Issuer or otherwise which have not otherwise been enforceably
and legally waived by the necessary parties;

 

(j)                                     none
of the Pledged Stock has been issued or transferred in violation of the
securities registration, securities disclosure or similar laws of any
jurisdiction to which such issuance or transfer may be subject;

 

(k)                                  the
pledge and assignment of the Collateral and the grant of a security interest
under this Agreement vest in the Pledgees all rights of each Pledgor in the
Collateral as contemplated by this Agreement; and

 

(l)                                     The
Pledged Stock constitutes one hundred percent (100%) of the issued and
outstanding shares of capital stock of each Issuer.

 

5.                                       Exclusions.  Notwithstanding anything contained herein,
nothing shall require Corgenix (UK) Limited to:

 

3

 

(a)                                  remove,
or give to the Pledgees any priority over the fixed and floating charge in
favor of National Westminster Bank Plc, provided such charge will be fully
discharged within 60 days of the date hereof;

 

(b)                                 comply
with any of the provisions of this Stock Pledge Agreement to the extent that
compliance with this Stock Pledge Agreement would breach any of the laws of
England and Wales.

 

6.                                       Covenants.  Each Pledgor jointly and severally covenants
that, until the Indebtedness shall be satisfied in full and each Document and
each agreement and instrument entered into in connection therewith is
irrevocably terminated:

 

(a)                                  No
Pledgor will sell, assign, transfer, convey, or otherwise dispose of its rights
in or to the Collateral or any interest therein; nor will any Pledgor create,
incur or permit to exist any Lien whatsoever with respect to any of the
Collateral or the proceeds thereof other than that created hereby.

 

(b)                                 Each
Pledgor will, at its expense, defend the Pledgees’ right, title and security
interest in and to the Collateral against the claims of any other party.

 

(c)                                  Each
Pledgor shall at any time, and from time to time, upon the written request of
the Pledgees, execute and deliver such further documents and do such further
acts and things as the Pledgees may reasonably request in order to effect the
purposes of this Agreement including, but without limitation, delivering to the
Pledgees upon the occurrence of an Event of Default irrevocable proxies in
respect of the Collateral in form satisfactory to the Pledgees.  Until receipt thereof, upon an Event of
Default that has occurred and is continuing beyond any applicable grace period,
this Agreement shall constitute each Pledgor’s proxy to the Pledgees or their
nominees to vote all shares of Collateral then registered in such Pledgor’s
name.

 

(d)                                 No
Pledgor will consent to or approve the issuance of (i) any additional
shares of any class of capital stock or other equity interests of the Issuer;
or (ii) any securities convertible either voluntarily by the holder
thereof or automatically upon the occurrence or nonoccurrence of any event or
condition into, or any securities exchangeable for, any such shares, unless, in
either case, such shares are pledged as Collateral pursuant to this Agreement.

 

7.                                       Voting
Rights and Dividends.  In addition to
the Pledgees’ rights and remedies set forth in Section 8 hereof, in case
an Event of Default shall have occurred and be continuing, beyond any
applicable cure period, the Pledgees shall (i) be entitled to vote the
Collateral, (ii) be entitled to give consents, waivers and ratifications
in respect of the Collateral (each Pledgor hereby irrevocably constituting and
appointing the Pledgees, with full power of substitution, the proxy and
attorney-in-fact of each Pledgor for such purposes) and (iii) be entitled
to collect and receive for its own use cash dividends paid on the
Collateral.  No Pledgor shall be
permitted to exercise or refrain from exercising any voting rights or other
powers if, in the reasonable judgment of the Pledgees, such action would have a
material adverse effect on the value of the Collateral or any part thereof;
and, provided, further, that each Pledgor shall give at least five (5) days’
written notice of the manner in which such Pledgor intends to exercise, or the
reasons for refraining from exercising, any voting rights or other powers other
than with respect to any

 

4

 

election of directors and
voting with respect to any incidental matters. 
Following the occurrence of an Event of Default, all dividends and all
other distributions in respect of any of the Collateral, shall be delivered to
the Pledgees to hold as Collateral and shall, if received by any Pledgor, be
received in trust for the benefit of the Pledgees, be segregated from the other
property or funds of any other Pledgor, and be forthwith delivered to the
Pledgees as Collateral in the same form as so received (with any necessary
endorsement).

 

8.                                       Event
of Default.  An Event of Default
shall be deemed to have occurred and may be declared by the Pledgees upon the
happening of any of the following events:

 

(a)                                  An
“Event of Default” under any Document or any agreement or note related to any
Document shall have occurred and be continuing beyond any applicable cure
period;

 

(b)                                 Any
Pledgor shall default in the performance of any of its obligations under any
agreement between any Pledgor and the Pledgees, including, without limitation,
this Agreement, and such default shall not be cured for a period of fifteen
(15) days after the occurrence thereof;

 

(c)                                  Any
representation or warranty of any Pledgor made herein, in any Document or in
any agreement, statement or certificate given in writing pursuant hereto or
thereto or in connection herewith or therewith shall be false or misleading in
any material respect;

 

(d)                                 Any
portion of the Collateral is subjected to levy of execution, attachment, or
other judicial process; or any portion of the Collateral is the subject of a
claim (other than by the Pledgees) of a Lien or other right or interest in or
to the Collateral and such levy or claim shall not be cured, disputed or stayed
within a period of fifteen (15) business days after the occurrence thereof; or

 

(e)                                  Any
Pledgor shall (i) apply for consent to, or suffer to exist the appointment
of, or the taking of possession by, a receiver, custodian, trustee, liquidator
or other fiduciary of itself or of all or a substantial part of its property, (ii) make
a general assignment for the benefit of creditors, (iii) commence a
voluntary case under any state or federal bankruptcy laws (as now or hereafter
in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a
petition seeking to take advantage of any other law providing for the relief of
debtors, (vi) acquiesce to, or fail to have dismissed, within sixty (60)
days, any petition filed against it in any involuntary case under such
bankruptcy laws, or (vii) take any action for the purpose of effecting any
of the foregoing.

 

9.                                       Remedies.  In case an Event of Default shall have
occurred and be declared by the Pledgees, the Pledgees may:

 

(a)                                  Transfer
any or all of the Collateral into their name, or into the name of their nominee
or nominees;

 

(b)                                 Exercise
all corporate rights with respect to the Collateral including, without
limitation, all rights of conversion, exchange, subscription or any other rights,
privileges

 

5

 

or options pertaining to
any shares of the Collateral as if they were the absolute owners thereof,
including, but without limitation, the right to exchange, at their discretion,
any or all of the Collateral upon the merger, consolidation, reorganization,
recapitalization or other readjustment of the Issuer thereof, or upon the
exercise by the Issuer of any right, privilege or option pertaining to any of
the Collateral, and, in connection therewith, to deposit and deliver any and
all of the Collateral with any committee, depository, transfer agent, registrar
or other designated agent upon such terms and conditions as they may determine,
all without liability except to account for property actually received by them;
and

 

(c)                                  Subject
to any requirement of applicable law, sell, assign and deliver the whole or,
from time to time, any part of the Collateral at the time held by the Pledgees,
at any private sale or at public auction, with or without demand, advertisement
or notice of the time or place of sale or adjournment thereof or otherwise (all
of which are hereby waived, except such notice as is required by applicable law
and cannot be waived), for cash or credit or for other property for immediate
or future delivery, and for such price or prices and on such terms as the
Pledgees in their sole discretion may determine, or as may be required by
applicable law.

 

Each Pledgor hereby waives and releases any
and all right or equity of redemption, whether before or after sale
hereunder.  At any such sale, unless
prohibited by applicable law, the Pledgees may bid for and purchase the whole
or any part of the Collateral so sold free from any such right or equity of
redemption.  All moneys received by the
Pledgees hereunder whether upon sale of the Collateral or any part thereof or
otherwise shall be held by the Pledgees and applied by them as provided in Section 10
hereof.  No failure or delay on the part
of the Pledgees in exercising any rights hereunder shall operate as a waiver of
any such rights nor shall any single or partial exercise of any such rights
preclude any other or future exercise thereof or the exercise of any other
rights hereunder.  The Pledgees shall
have no duty as to the collection or protection of the Collateral or any income
thereon nor any duty as to preservation of any rights pertaining thereto,
except to apply the funds in accordance with the requirements of Section 10
hereof.  The Pledgees may exercise their
rights with respect to property held hereunder without resort to other security
for or sources of reimbursement for the Indebtedness.  In addition to the foregoing, the Pledgees
shall have all of the rights, remedies and privileges of a secured party under
the Uniform Commercial Code of New York regardless of the jurisdiction in which
enforcement hereof is sought.

 

10.                                 Private
Sale.  Each Pledgor recognizes that
the Pledgees may be unable to effect (or to do so only after delay which would
adversely affect the value that might be realized from the Collateral) a public
sale of all or part of the Collateral by reason of certain prohibitions
contained in the Securities Act, and may be compelled to resort to one or more
private sales to a restricted group of purchasers who will be obliged to agree,
among other things, to acquire such Collateral for their own account, for
investment and not with a view to the distribution or resale thereof.  Each Pledgor agrees that any such private
sale may be at prices and on terms less favorable to the seller than if sold at
public sales and that such private sales shall be permitted if otherwise made
in a commercially reasonable manner. 
Each Pledgor agrees that the Pledgees have no obligation to delay sale of
any Collateral for the period of time necessary to permit the Issuer to
register the Collateral for public sale under the Securities Act.

 

6

 

11.                                 Proceeds
of Sale.  The proceeds of any
collection, recovery, receipt, appropriation, realization or sale of the
Collateral shall be applied by the Pledgees as follows:

 

(a)                                  First,
to the payment of all costs, reasonable expenses and charges of the Pledgees
and to the reimbursement of the Pledgees for the prior payment of such costs,
reasonable expenses and charges incurred in connection with the care and
safekeeping of the Collateral (including, without limitation, the reasonable
expenses of any sale or any other disposition of any of the Collateral), the
expenses of any taking, attorneys’ fees and reasonable expenses, court costs,
any other fees or expenses incurred or expenditures or advances made by the
Pledgees in the protection, enforcement or exercise of their rights, powers or
remedies hereunder;

 

(b)                                 Second,
to the payment of the Indebtedness, in whole or in part, in such order as the
Pledgees may elect, whether or not such Indebtedness is then due;

 

(c)                                  Third,
to such persons, firms, corporations or other entities as required by
applicable law including, without limitation, Section 9-504(1)(c) of
the UCC; and

 

(d)                                 Fourth,
to the extent of any surplus to the Pledgors or as a court of competent
jurisdiction may direct.

 

In the event that the proceeds of any
collection, recovery, receipt, appropriation, realization or sale are
insufficient to satisfy the Indebtedness, each Pledgor shall be jointly and
severally liable for the deficiency plus the reasonable costs and fees of any
attorneys employed by the Pledgees to collect such deficiency.

 

12.                                 Waiver
of Marshaling.  Each Pledgor hereby
waives any right to compel any marshaling of any of the Collateral.

 

13.                                 No
Waiver.  Any and all of the Pledgees’
rights with respect to the Liens granted under this Agreement shall continue
unimpaired, and each Pledgor shall be and remain obligated in accordance with
the terms hereof, notwithstanding (a) the bankruptcy, insolvency or
reorganization of any Pledgor, (b) the release or substitution of any item
of the Collateral at any time, or of any rights or interests therein, or (c) any
delay, extension of time, renewal, compromise or other indulgence granted by
the Pledgees in reference to any of the Indebtedness.  Each Pledgor hereby waives all notice of any
such delay, extension, release, substitution, renewal, compromise or other
indulgence, and hereby consents to be bound hereby as fully and effectively as
if such Pledgor had expressly agreed thereto in advance.  No delay or extension of time by the Pledgees
in exercising any power of sale, option or other right or remedy hereunder, and
no failure by the Pledgees to give notice or make demand, shall constitute a
waiver thereof, or limit, impair or prejudice the Pledgees’ right to take any
action against any Pledgor or to exercise any other power of sale, option or
any other right or remedy.

 

14.                                 Expenses.  The Collateral shall secure, and each Pledgor
shall pay to the Pledgees on demand, from time to time, all reasonable costs
and expenses, (including but not limited to, reasonable attorneys’ fees and
costs, taxes, and all transfer, recording, filing and other charges) of, or
incidental to, the custody, care, transfer, administration of the Collateral or
any other

 

7

 

collateral, or in any way
relating to the enforcement, protection or preservation of the rights or
remedies of the Pledgees under this Agreement or with respect to any of the
Indebtedness.

 

15.                                 The
Pledgees Appointed Attorney-In-Fact and Performance by the Pledgees.  Upon the occurrence of an Event of Default,
each Pledgor hereby irrevocably constitutes and appoints the Pledgees as such
Pledgor’s true and lawful attorney-in-fact, with full power of substitution, to
execute, acknowledge and deliver any instruments and to do in such Pledgor’s
name, place and stead, all such acts, things and deeds for and on behalf of and
in the name of such Pledgor, which such Pledgor could or might do or which the
Pledgees may deem necessary, desirable or convenient to accomplish the purposes
of this Agreement, including, without limitation, to execute such instruments
of assignment or transfer or orders and to register, convey or otherwise
transfer title to the Collateral into the Pledgees’ name.  Each Pledgor hereby ratifies and confirms all
that said attorney-in-fact may so do and hereby declares this power of attorney
to be coupled with an interest and irrevocable. 
If any Pledgor fails to perform any agreement herein contained, the
Pledgees may themselves perform or cause performance thereof, and any costs and
expenses of the Pledgees incurred in connection therewith shall be paid by the
Pledgors as provided in Section 10 hereof.

 

16.                                 Waivers.

 

(a)                                  EACH
PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY
OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION
HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR ANY OTHER AGREEMENT EXECUTED OR DELIVERED BY
THEM IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS
THAT ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF EACH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

17.                                 Recapture.  Notwithstanding anything to the contrary in
this Agreement, if the Pledgees receive any payment or payments on account of
the Indebtedness, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver, or any other party under
the United States Bankruptcy Code, as amended, or any other federal or state
bankruptcy, reorganization, moratorium or insolvency law relating to or
affecting the enforcement of creditors’ rights generally, common law or
equitable doctrine, then to the extent of any sum not finally retained by the
Pledgees, each Pledgor’s obligations to the Pledgees shall be reinstated and
this Agreement shall remain in full force and effect (or be reinstated) until
payment shall have been made to the Pledgees, which payment shall be due on
demand.

 

8

 

18.                                 Captions.  All captions in this Agreement are included
herein for convenience of reference only and shall not constitute part of this
Agreement for any other purpose.

 

19.                                 Miscellaneous.

 

(a)                                  This
Agreement constitutes the entire and final agreement among the parties with
respect to the subject matter hereof and may not be changed, terminated or
otherwise varied except by a writing duly executed by the parties hereto.

 

(b)                                 No
waiver of any term or condition of this Agreement, whether by delay, omission
or otherwise, shall be effective unless in writing and signed by the party
sought to be charged, and then such waiver shall be effective only in the
specific instance and for the purpose for which given.

 

(c)                                  In
the event that any provision of this Agreement or the application thereof to
any Pledgor or any circumstance in any jurisdiction governing this Agreement
shall, to any extent, be invalid or unenforceable under any applicable statute,
regulation, or rule of law, such provision shall be deemed inoperative to
the extent that it may conflict therewith and shall be deemed modified to
conform to such statute, regulation or rule of law, and the remainder of
this Agreement and the application of any such invalid or unenforceable
provision to parties, jurisdictions, or circumstances other than to whom or to
which it is held invalid or unenforceable shall not be affected thereby, nor
shall the same affect the validity or enforceability of any other provision of
this Agreement.

 

(d)                                 This
Agreement shall be binding upon each Pledgor, and each Pledgor’s successors and
assigns, and shall inure to the benefit of the Pledgees and their successors
and assigns.

 

(e)                                  Any
notice or other communication required or permitted pursuant to this Agreement
shall be given in accordance with the Securities Purchase Agreement.

 

(f)                                    This
Agreement shall be governed by and construed and enforced in all respects in
accordance with the laws of the State of New York applied to contracts to be
performed wholly within the State of New York.

 

(g)                                 EACH
PLEDGOR EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF EACH COURT OF
COMPETENT JURISDICTION LOCATED IN THE STATE OF NEW YORK FOR ALL PURPOSES IN
CONNECTION WITH THIS AGREEMENT.  ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER OR CLAIM IN
ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED WITH THIS AGREEMENT SHALL BE
BROUGHT ONLY IN A STATE COURT LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW
YORK.  EACH PLEDGOR FURTHER CONSENTS THAT
ANY SUMMONS, SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT
LIMITATION, ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE
AFOREMENTIONED COURTS OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY
PROCEEDINGS HEREUNDER, MAY BE SERVED INSIDE OR OUTSIDE OF THE STATE OF NEW
YORK OR THE SOUTHERN DISTRICT OF NEW YORK BY REGISTERED OR

 

9

 

CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME FOR
APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER AS MAY BE PERMISSIBLE
UNDER THE RULES OF SAID COURTS.  EACH
PLEDGOR WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED
HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE
OR BASED UPON FORUM NON CONVENIENS.

 

(h)                                 It
is understood and agreed that any person or entity that desires to become a
Pledgor hereunder, or is required to execute a counterpart of this Stock Pledge
Agreement after the date hereof pursuant to the requirements of any Document,
shall become a Pledgor hereunder by (x) executing a Joinder Agreement in form
and substance satisfactory to the Pledgees, (y) delivering supplements to such
exhibits and annexes to such Documents as the Pledgees shall reasonably request
and (z) taking all actions as specified in this Agreement as would have been
taken by such Pledgor had it been an original party to this Agreement, in each
case with all documents required above to be delivered to the Pledgees and with
all documents and actions required above to be taken to the reasonable
satisfaction of the Pledgees.

 

(i)                                     This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which when taken together shall constitute one
and the same agreement.  Any signature
delivered by a party by facsimile transmission shall be deemed an original
signature hereto.

 

(j)                                     All
rights of the Pledgees hereunder may be exercised by [PLEDGEE], as their agent.

 

[Remainder of Page Intentionally Left
Blank]

 

10

 

IN WITNESS WHEREOF, the parties have duly
executed this Agreement as of the day and year first written above.

 

	
   

  	
   

  	
  CORGENIX
  MEDICAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CORGENIX,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CORGENIX
  (UK) LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HEALTH-OUTFITTERS.COM,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

11

 

	
   

  	
   

  	
  [PLEDGEE
  SIGNATURES]

  	
   

  

 

12

 

SCHEDULE A
to the Stock Pledge Agreement

 

Pledged
Stock

 

	
  Pledgor

  	
   

  	
  Issuer

  	
   

  	
  Class of Stock

  	
   

  	
  Stock

  Certificate Number

  	
   

  	
  Par Value

  	
   

  	
  Number

  of Shares

  	
   

  
	
  [Insert Pledgors and Pledged Stock]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]