Document:

EXHIBIT 10.2

EXHIBIT 10.2

[inTEST LETTERHEAD]

 

April 17, 2001

Mr. Hugh T. Regan, Jr.

c/o inTEST Corporation

7 Esterbrook Drive

Cherry Hill, NJ 08003

RE:CHANGE OF CONTROL AGREEMENT

Dear Hugh:

The Board of Directors believes that it is in the best interests of inTEST Corporation, a Delaware corporation ("inTEST"), and its shareholders to make the commitments set forth in this letter to you regarding your future employment with inTEST.
As a result, the Board hereby offers to you the additional benefits described below. If you desire to accept the benefits described below, you must sign the extra copy of this Change of Control Agreement (the "Agreement") which is enclosed and return it
to me on or before April 30, 2001.

	TERM OF AGREEMENT.

This Agreement is effective immediately upon your acceptance as described above and will continue in effect as long as you are actively employed by inTEST, unless you and inTEST agree in writing to its termination.

	TERMINATION COMPENSATION.

If your employment with inTEST is terminated without "Cause" (as defined in Section 6) at any time within two years following a "Change of Control" (as defined in Section 4), you will receive the "Termination Benefits" (as defined in Section 3).
You will also receive the Termination Benefits if you terminate your employment for "Good Reason" (as defined in Section 5) at any time within two years following a Change of Control.

You are not entitled to receive the Termination Benefits if your employment is terminated by you or inTEST for any or no reason before a Change of Control occurs or more than two years after a Change of Control has occurred.

In order to receive the Termination Benefits, you must execute any release of claims that you may have pursuant to this Agreement (but not any other claims) that may be requested by inTEST.

The Termination Benefits will be paid to you under the terms and conditions hereof, without regard to whether you look for or obtain alternative employment following your termination of employment with inTEST.

	TERMINATION BENEFITS DEFINED.

For purposes of this Agreement, the term "Termination Benefits" will mean and include the following: 

	For a period of one year from your termination (the "Benefit Period"), payment of your base salary on the same basis that you were paid immediately prior to your termination;
	Payment of any bonus you would otherwise be eligible to receive for the year in which your termination occurs and for that portion of the following year which is included in the Benefit Period, such bonus to be calculated and paid as provided below; an
d
	Continuation during the Benefit Period of all fringe benefits that you were receiving immediately prior to your termination, including, without limitation, life, disability, accident and group health insurance benefits coverage for you and your
immediate family ("Fringe Benefits"), such Fringe Benefits to be provided on substantially the same terms and conditions as they were provided immediately prior to your termination.

The bonus component of your Termination Benefits will equal the sum of (i) the bonus to which you would have been entitled for the year during which your termination occurs (calculated after annualizing inTEST's consolidated financial results through
the date of termination if such bonus is based upon a percentage of profits) (the "Annual Amount"), and (ii) an amount equal to the product of (x) the Annual Amount times (y) a fraction the numerator of which is the number of days in the year following
termination which is included in the Benefit Period and the denominator of which is 365 (the "Prorated Amount"). Both the Annual Amount and the Prorated Amount will be paid to you not later than March 31st of the year following your termination.

Notwithstanding the foregoing, if you terminate your employment for Good Reason, your Termination Benefits will be based upon the greater of (i) your salary, bonus and benefits immediately prior to your termination or (ii) your salary, bonus and
benefits immediately prior to the Change of Control which gives rise to your right to receive Termination Benefits under this Agreement.

inTEST does not intend to provide duplicative Fringe Benefits. Consequently, Fringe Benefits otherwise receivable pursuant to this Section will be reduced or eliminated if and to the extent that you receive comparable Fringe Benefits from any other
source (for example, another employer); provided, however, that you will have no obligation to seek, solicit or accept employment from another employer in order to receive such benefits.

	CHANGE OF CONTROL DEFINED.

For purposes of this Agreement, a "Change of Control" will be deemed to have occurred upon the earliest to occur of the following events:

	The date the stockholders of inTEST (or the Board of Directors, if stockholder action is not required) approve a plan or other arrangement pursuant to which inTEST will be dissolved or liquidated;
	The date the stockholders of inTEST (or the Board of Directors, if stockholder action is not required) approve a definitive agreement to sell or otherwise dispose of all or substantially all of the assets of inTEST to any "Unrelated Person" or
"Unrelated Persons" (as defined below) acting in concert with one another. "Person" means any entity, person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act of 1934. "Unrelated Person" means any Person other than
(1) inTEST or any of its Affiliates or any employee benefit plan (or related trust) sponsored or maintained by inTEST or any of its Affiliates or (2) any Person who, on the date of this Agreement is the beneficial owner of at least twenty percent (20%) of
the outstanding Common Stock of inTEST. "Affiliates" means any corporation or other business organization in which inTEST owns, directly or indirectly, 50% or more of the voting stock or capital;
	The date the stockholders of inTEST (or the Board of Directors, if stockholder action is not required) and the stockholders of the other constituent corporation (or its board of directors if stockholder action is not required) have approved a
definitive agreement to merge or consolidate inTEST with or into such other corporation, and such other corporation is an Unrelated Person, other than a merger or consolidation of inTEST in which holders of shares of the Common Stock of inTEST immediately
prior to the merger or consolidation will hold at least a majority of the ownership of common stock of the surviving corporation (and, if one class of common stock is not the only class of voting securities entitled to vote on the election of directors of
the surviving corporation, a majority of the voting power of the surviving corporation's voting securities) immediately after the merger or consolidation, which common stock (and, if applicable, voting securities) is to be held in substantially the same
proportion as such holders' ownership of the Common Stock of inTEST immediately before the merger or consolidation; 
	The date any Unrelated Person will have become the beneficial owner of, or will have obtained voting control over, more than forty percent (40%) of the outstanding shares of the Common Stock of inTEST; or
	The date individuals who, as of the date of this Agreement, constitute the Board of Directors of inTEST (the "Incumbent Directors") cease for any reason to constitute a majority of the members of the Board; provided that any individual who
becomes a director after the date of this Agreement whose election or nomination for election by the Company's shareholders was approved by a majority of the Incumbent Directors (other than an election or nomination of an individual whose initial
assumption of office is in connection with an actual or threatened "election contest" relating to the election of the directors of the Company (as such terms are used in Rule 14a-11 under the Exchange Act), "tender offer" (as such term is used in Section
14(d) 0f the Exchange Act) or a proposed Merger (as defined below)) will be deemed to be an Incumbent Director.

Notwithstanding any provision herein to the contrary, the filing of a proceeding for the reorganization of inTEST under Chapter 11 of the Federal Bankruptcy Code or any successor or other statute of similar import will not be deemed to be a Change of
Control for purpose of this Agreement.

	GOOD REASON DEFINED.

For purposes of this Agreement, the term "Good Reason" will mean and include the following situations:

	any material adverse change in your status, responsibilities or Fringe Benefits;
	any failure to nominate or elect you as Chief Financial Officer of the Company;
	causing or requiring you to report to anyone other than the Chief Executive Officer; 
	assignment to you of duties materially inconsistent with your position as Chief Financial Officer;
	any reduction of your annual base salary or annual bonus (or, if applicable, a change in the formula for determining your annual bonus which would have the effect of reducing your annual bonus as it would otherwise have been calculated immediately
prior to the Change of Control that gives rise to your right to receive Termination Benefits as provided in this Agreement) or other reduction in compensation or benefits, or
	requiring you to be principally based at any office or location more than 30 miles from the current offices of the Company in Cherry Hill, New Jersey.

	CAUSE DEFINED.

For purposes of this Agreement, the term "Cause" will mean and include the following situations:

	Your conviction by a court of competent jurisdiction of any criminal offense involving dishonesty or breach of trust or any felony or crime of moral turpitude;
	Your commission of an act of fraud upon the Company; or
	Your willful refusal to perform the duties reasonably assigned to you by the Board of Directors of the Company, which failure or breach continues for more than ten days (or such longer period, not in excess of 30 days, as may be required to cure such
failure) after written notice thereof is given to you.

	CEILING ON BENEFITS.

Under the "golden parachute" rules in the Internal Revenue Code (the "Code") you will be subject to a 20% excise tax (over and above regular income tax) on any "excess parachute payment" that you receive following a Change in Control, and inTEST
will not be permitted to deduct any such excess parachute payment. Very generally, compensation paid to you that is contingent upon a Change in Control will be considered a "parachute payment" if the present value of such consideration equals or exceeds
three times your average annual compensation from inTEST for the five years prior to the Change in Control. If payments are considered "parachute payments," then all such payments to you in excess of your base annual compensation will be considered
"excess parachute payments" and will be subject to the 20% excise tax imposed under Section 4999 of the Code.

For example, if your base annual compensation was $100,000, you could receive $299,000 following a Change in Control without payment of any excise tax. If you received $301,000 in connection with a Change in Control, however, the entire $301,000 would
be considered a parachute payment and $201,000 of this amount would be considered an excess parachute payment subject to excise tax.

In order to avoid this excise tax and the related adverse tax consequences for inTEST, by signing this Agreement, you agree that the Termination Benefits payable to you under this Agreement will in no event exceed the maximum amount that can be paid
to you without causing any portion of the amounts paid or payable to you by inTEST following a Change in Control, whether under this Agreement or otherwise, to be considered an "excess parachute payment" within the meaning of Section 280G(b) of the Code. 

If inTEST believes that these rules will result in a reduction of the payments to which you are entitled under this Agreement, it will so notify you within 60 days following delivery of the "Notice of Termination" described in Section 8. If you wish
to have such determination reviewed, you may, within 30 days of the date you are notified of a reduction of payments, ask that inTEST retain, at its expense, legal counsel, certified public accountants, and/or a firm of recognized executive compensation
consultants (an "Outside Expert") to provide an opinion concerning whether, and to what extent, your Termination Benefits must be reduced so that no amount payable to you by inTEST (whether under this Agreement or otherwise) will be considered an excess
parachute payment.

The Outside Expert will be as mutually agreed by you and inTEST, provided that if we are not able to reach a mutual agreement, inTEST will select an Outside Expert, you will select an Outside Expert, and the two Outside Experts will select a third
Outside Expert to provide the opinion required under this Section. The determination of the Outside Expert will be final and binding, subject to any contrary determination made by the Internal Revenue Service.

If inTEST believes that your Termination Benefits will exceed the limitation contained in this Section, it will nonetheless make payments to you, at the times stated above, in the maximum amount that it believes may be paid without exceeding such
limitation. The balance, if any, will then be paid after the opinion of the Outside Expert has been received.

If the amount paid to you by inTEST following a Change in Control is ultimately determined, pursuant to the opinion of the Outside Expert or by the Internal Revenue Service, to have exceeded the limitation contained in this Section, the excess will be
treated as a loan to you by inTEST and will be repayable on the 90th day following demand by inTEST, together with interest at the "applicable federal rate" provided in Section 1274(d) of the Code.

In the event that the provisions of Sections 280G and 4999 of the Code are repealed without successor provisions, this Section will be of no further force or effect.

	TERMINATION NOTICE AND PROCEDURE.

Any termination by inTEST or you of your employment during the two years immediately following a Change of Control will be communicated by written Notice of Termination to you if such Notice of Termination is delivered by inTEST and to inTEST if
such Notice of Termination is delivered by you, all in accordance with the following procedures:

	The Notice of Termination will indicate the specific termination provision in this Agreement relied upon, if applicable, and will set forth in reasonable detail the facts and circumstances alleged to provide a basis for such termination.
	Any Notice of Termination by inTEST will be in writing signed by the Chairman of the Board of inTEST.
	If inTEST furnishes you with a Notice of Termination or if you furnish inTEST with a Notice of Termination, and no good faith dispute exists regarding such termination, then the date of your termination will be the date such Notice of Termination is
deemed given pursuant to Section 11 of this Agreement.
	If inTEST in good faith furnishes you with a Notice of Termination for Cause and you in good faith notify inTEST that a dispute exists concerning such termination within the 15-day period following your receipt of such notice, you may elect to
continue your employment during such dispute. If it is thereafter determined that (i) Cause did exist, the date of your termination will be the earlier of (A) the date on which the dispute is finally determined or (B) the date of your death or permanent
disability; or (ii) Cause did not exist, your employment will continue as if inTEST had not delivered its Notice of Termination and there will be no termination arising out of such notice.
	If you in good faith furnish a Notice of Termination for Good Reason and inTEST notifies you that a dispute exists concerning the termination within the 15-day period following inTEST's receipt of such notice, you may elect to continue your
employment during such dispute. If it is thereafter determined that (i) Good Reason did exist, your date of termination will be the earlier of (A) the date on which the dispute is finally determined or (B) the date of your death or permanent disability;
or (ii) Good Reason did not exist, your employment will continue after such determination as if you had not delivered the Notice of Termination asserting Good Reason. If Good Reason is determined to exist, your salary, bonus and Fringe Benefits prior to
such determination will be no less than your salary, bonus and benefits immediately prior to the Change of Control which gives rise to your right to receive Termination Benefits as provided in this Agreement.
	If you do not elect to continue employment pending resolution of a dispute regarding a Notice of Termination, and it is finally determined that the reason for termination set forth in such Notice of Termination did not exist, if such notice was
delivered by you, you will be deemed to have voluntarily terminated your employment other than for Good Reason and if delivered by inTEST, inTEST will be deemed to have terminated you without Cause.

	SUCCESSORS.

inTEST will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of inTEST or any of its subsidiaries to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that inTEST would be required to perform it if no such succession had taken place. Failure of inTEST to obtain such assumption and agreement prior to the effectiveness of any such succession will be
a breach of this Agreement and will entitle you to compensation in the same amount and on the same terms to which you would be entitled hereunder if you terminate your employment for Good Reason following a Change of Control, except that for purposes of
implementing the foregoing, the date on which any such succession becomes effective will be deemed the date of your termination. As used in this agreement "inTEST" will mean "inTEST" as hereinbefore defined and any successor to its business and/or assets
which assumes and agrees to perform this Agreement by operation of law or otherwise.

	BINDING AGREEMENT.

This Agreement will inure to the benefit of and be enforceable by you and your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you should die while any amount would still be
payable to you hereunder had you continued to live, all such amounts, unless otherwise provided herein, will be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there is no such designee, to your estate.

NOTICES.

For purposes of this Agreement, notices and all other communications provided for in this Agreement will be in writing and will be deemed to have been duly given when personally delivered or mailed by United States certified or registered mail,
return receipt requested, postage prepaid, addressed to you at the last address you have filed in writing with inTEST or, in the case of inTEST, at its main office, attention of the Chairman of the Board of Directors, or to such other address as either
party may have furnished to the other in writing in accordance herewith, except that notice of change of address will be effective only upon receipt.

MISCELLANEOUS.

No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by you and the Chairman of the Board of inTEST. No waiver by either party hereto at any time of
any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation,
construction and performance of this Agreement will be governed by the laws of the State of Delaware without regard to its conflicts of law principles. All references to sections of the Exchange Act or the Code will be deemed also to refer to any
successor provisions to such sections. Any payments provided for hereunder will be paid net of any applicable withholding required under federal, state or local law. The obligations of inTEST that arise prior to the expiration of this Agreement will
survive the expiration of the term of this Agreement.

VALIDITY.

The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect.

COUNTERPARTS.

This Agreement may be executed in several counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.

EXPENSES AND INTEREST.

If a good faith dispute arises with respect to the enforcement of your rights under this Agreement or if any arbitration or legal proceeding will be brought in good faith to enforce or interpret any provision contained herein, or to recover
damages for breach hereof, and you are the prevailing party, you will recover from inTEST any reasonable attorneys' fees and necessary costs and disbursements incurred as a result of such dispute or legal proceeding, and prejudgment interest on any money
judgment obtained by you calculated at the rate of interest announced by Chase Manhattan Bank, New York from time to time as its prime rate from the date that payments to you should have been made under this Agreement. It is expressly provided that inTEST
will in no event recover from you any attorneys' fees, costs, disbursements or interest as a result of any dispute or legal proceeding involving inTEST and you.

PAYMENT OBLIGATIONS ABSOLUTE.

inTEST's obligation to pay you the Termination Benefits in accordance with the provisions herein will be absolute and unconditional and will not be affected by any circumstances; provided, however, that inTEST may apply amounts payable under this
Agreement to any debts owed to inTEST by you on the date of your termination. All amounts payable by inTEST in accordance with this Agreement will be paid without notice or demand. If inTEST has paid you more than the amount to which you are entitled
under this Agreement, inTEST will have the right to recover all or any part of such overpayment from you or from whomsoever has received such amount.

ENTIRE AGREEMENT.

This Agreement sets forth the entire agreement between you and inTEST concerning the subject matter discussed in this Agreement and supersedes all prior agreements, promises, covenants, arrangements, communications, representations, or
warranties, whether written or oral, by any officer, employee or representative of inTEST. Any prior agreements or understandings with respect to the subject matter set forth in this Agreement are hereby terminated and canceled.

LITIGATION.

Any action or claim at law or equity arising under or related to this Agreement will be brought only in the Superior Court of New Jersey or in the United States District Court for the District of New Jersey, and the parties hereto hereby consent
to personal jurisdiction and venue in said courts.

DEFERRAL OF PAYMENTS.

To the extent that any payment under this Agreement, when combined with all other payments received during the year that are subject to the limitations on deductibility under Section 162(m) of the Code, exceeds the limitations on deductibility
under Section 162(m) of the Code, such payment will, in the discretion of inTEST, be deferred to the next succeeding calendar year. Such deferred amounts will be paid no later than the 60th day after the end of such next succeeding calendar year, provided
that such payment, when combined with any other payments subject to the Section 162(m) limitations received during the year, does not exceed the limitations on deductibility under Section 162(m) of the Code.

If you would like to participate in this special benefits program, please sign and return the extra copy of this letter which is enclosed.

Sincerely,

/s/ Alyn R. Holt

Alyn R. Holt

Chairman

ACCEPTANCE

I hereby accept the offer to participate in this special benefits program and I agree to be bound by all of the provisions noted above.

/s/ Hugh T. Regan, Jr.

Hugh T. Regan, Jr.

Dated: April 17, 2001SERIES "F" WARRANTS

THE WARRANTS  REPRESENTED BY THIS CERTIFICATE AND THE COMMON STOCK ISSUABLE UPON
EXERCISE  OF THE  WARRANTS  HAVE NOT BEEN  REGISTERED  OR  QUALIFIED  UNDER  THE
SECURITIES  ACT OF 1933 OR THE  SECURITIES OR BLUE SKY LAWS OF ANY STATE AND MAY
BE OFFERED  AND SOLD ONLY IF  REGISTERED  AND  QUALIFIED  PURSUANT  TO  RELEVANT
PROVISIONS  OF FEDERAL AND STATE  SECURITIES OR BLUE SKY LAWS OR IF AN EXEMPTION
FROM SUCH REGISTRATION OR QUALIFICATION IS APPLICABLE.

                    SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC.

                 Incorporated Under the Laws of the State of Delaware

No. F - _________                                _________ Series F Common Stock
                                                               Purchase Warrants

                     CERTIFICATE FOR SERIES "F" COMMON STOCK
                                PURCHASE WARRANTS

         1. Warrant.  This Warrant  Certificate  certifies  that , or registered
assigns  (the  "Registered  Holder"),  is the  registered  owner  of  the  above
indicated  number of Warrants  expiring on the  Expiration  Date, as hereinafter
defined.  One (1) Warrant  entitles  the  Registered  Holder to purchase one (1)
share of the common stock,  $.02 par value (a "Share"),  of  Specialized  Health
Products International,  Inc., a Delaware corporation (the "Company"),  from the
Company at a purchase price of One Dollar and Fifty Cents ($1.50) (the "Exercise
Price") at any time during the Exercise  Period,  as hereinafter  defined,  upon
surrender  of this  Warrant  Certificate  with the  exercise  form  hereon  duly
completed and executed and  accompanied  by payment of the Exercise Price at the
principal office of the Company.

         Upon  due   presentment  for  transfer  or  exchange  of  this  Warrant
Certificate at the principal office 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 in exchange for this Warrant Certificate, subject to
the limitations  provided herein, upon payment of any tax or governmental charge
imposed in  connection  with such  transfer.  Subject to the terms  hereof,  the
Company   shall  deliver   Warrant   Certificates   in  required   whole  number
denominations to Registered  Holders in connection with any transfer or exchange
permitted hereunder.

         2. Restrictive  Legend.  Each Warrant  Certificate and each certificate
representing  Shares issued upon  exercise of a Warrant,  unless such Shares are
then

<PAGE>

registered under the Securities Act of 1933, as amended (the "Act"),  shall bear
a legend in substantially the following form:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES OR BLUE
         SKY LAWS OF ANY STATE AND MAY BE  OFFERED  AND SOLD ONLY IF  REGISTERED
         AND  QUALIFIED  PURSUANT  TO RELEVANT  PROVISIONS  OF FEDERAL AND STATE
         SECURITIES OR BLUE SKY LAWS OR IF AN EXEMPTION  FROM SUCH  REGISTRATION
         OR QUALIFICATION IS APPLICABLE.

         3. Exercise. Subject to the terms hereof, the Warrant evidenced by this
Warrant  Certificate  may be exercised at the Exercise Price in whole or in part
at any time during the period (the "Exercise Period")  commencing on the date of
grant and  terminating  at the  close of  business  on  February  28,  2002 (the
"Expiration  Date").  The Exercise  Period may also be extended by the Company's
Board of Directors.

         A Warrant shall be deemed to have been exercised  immediately  prior to
the close of business on the date (the "Exercise  Date") of the surrender to the
Company at its principal  executive offices of this Warrant Certificate with the
exercise form attached hereto executed by the Registered  Holder and accompanied
by payment to the Company,  by wire  transfer,  or by official bank or certified
check,  of an amount equal to the aggregate  Exercise  Price, in lawful money of
the United States of America.

         The person  entitled to receive the Shares  issuable upon exercise of a
Warrant or Warrants  ("Warrant Shares") shall be treated for all purposes as the
holder of such Warrant  Shares as of the close of business on the Exercise Date.
The Company shall not be obligated to issue any  fractional  share  interests in
Warrant  Shares  issuable or deliverable on the exercise of any Warrant or scrip
or cash with respect  thereto,  and such right to a fractional share shall be of
no value whatsoever.  If more than one Warrant shall be exercised at one time by
the same Registered Holder, the number of full Shares which shall be issuable on
exercise  thereof shall be computed on the basis of the aggregate number of full
shares issuable on such exercise.

         Promptly,  and in any event within ten business days after the Exercise
Date,  the  Company  shall  cause to be issued  and  delivered  to the person or
persons  entitled to receive the same, a  certificate  or  certificates  for the
number of Warrant Shares deliverable on such exercise.

         The Company may deem and treat the Registered Holder of the Warrants at
any time as the absolute  owner thereof for all purposes,  and the Company shall
not be affected by any notice to the  contrary.  The Warrants  shall not entitle
the  Registered  Holder thereof to any of the rights of  shareholders  or to any
dividend  declared  on the  Shares  unless  the  Registered  Holder  shall  have
exercised  the  Warrants  and  thereby  purchased  the Warrant  Shares  prior to

                                       2
<PAGE>

the record  date for the  determination  of holders of Shares  entitled  to such
dividend or other right.

         4.  Reservation of Shares and Payment of Taxes.  The Company  covenants
that it will at all times reserve and have available from its authorized  Common
Stock  such  number of shares  as shall  then be  issuable  on the  exercise  of
outstanding Warrants.  The Company covenants that all Warrant Shares which shall
be so issuable shall be duly and validly issued,  fully paid and  nonassessable,
and free from all taxes, liens and charges with respect to the issue thereof.

         The Registered Holder shall pay all documentary, stamp or similar taxes
and other  government  charges that may be imposed with respect to the issuance,
transfer or delivery of any Warrant  Shares on exercise of the Warrants.  In the
event the Warrant  Shares are to be  delivered  in a name other than the name of
the Registered Holder of the Warrant Certificate, no such delivery shall be made
unless the person  requesting  the same has paid the amount of any such taxes or
charges incident thereto.

         5.   Registration  of  Transfer.   The  Warrant   Certificates  may  be
transferred  in whole or in part,  provided any such transfer  complies with all
applicable  federal and state  securities laws and, if requested by the Company,
the  Registered  Holder  delivers  to the  Company an opinion of counsel to that
effect,  in form and substance  reasonably  acceptable  to the Company.  Warrant
Certificates  to be  transferred  shall be  surrendered  to the  Company  at its
principal  office.  The  Company  shall  execute,  issue and deliver in exchange
therefor the Warrant  Certificate or  Certificates  which the Registered  Holder
making the transfer shall be entitled to receive.

         The Company shall keep transfer books at its principal office or at the
office of its warrant agent which shall register  Warrant  Certificates  and the
transfer thereof. On due presentment of any Warrant Certificate for registration
of transfer at such office, the Company shall execute,  issue and deliver to the
transferee or transferees a new Warrant Certificate or Certificates representing
an equal aggregate number of Warrants.  All Warrant  Certificates  presented for
registration of transfer or exercise shall be duly endorsed or be accompanied by
a written  instrument or  instruments  of transfer in form  satisfactory  to the
Company. The Company may require payment of a sum sufficient to cover any tax or
other government charge that may be imposed in connection therewith.

         All Warrant  Certificates so surrendered,  or surrendered for exercise,
or for exchange in case of  mutilated  Warrant  Certificates,  shall be promptly
cancelled  by the Company  and  thereafter  retained  by the  Company  until the
Expiration Date. Prior to due presentment for registration of transfer  thereof,
the Company may treat the  Registered  Holder of any Warrant  Certificate as the
absolute  owner thereof  (notwithstanding  any notations of ownership or writing
thereon made by anyone  other than the  Company),  and the Company  shall not be
affected by any notice to the contrary.

         6.  Loss  or  Mutilation.   On  receipt  by  the  Company  of  evidence
satisfactory  as to the  ownership  of  and  the  loss,  theft,  destruction  or
mutilation  of this Warrant  Certificate,

                                       3
<PAGE>

the  Company  shall  execute  and  deliver,  in  lieu  thereof,  a  new  Warrant
Certificate  representing an equal aggregate number of Warrants.  In the case of
loss, theft or destruction of any Warrant Certificate, the individual requesting
issuance of a new Warrant Certificate shall be required to indemnify the Company
in an amount  satisfactory to the Company. In the event a Warrant Certificate is
mutilated,  such  Certificate  shall be surrendered  and canceled by the Company
prior to  delivery of a new Warrant  Certificate.  Applicants  for a new Warrant
Certificate  shall also  comply with such other  regulations  and pay such other
reasonable charges as the Company may prescribe.

         7.  Adjustment of Shares.  The number and kind of  securities  issuable
upon exercise of a Warrant shall be subject to adjustment from time to time upon
the happening of certain events, as follows:

                  (a)  Stock  Splits,   Stock  Combinations  and  Certain  Stock
         Dividends.  If the Company  shall at any time  subdivide or combine its
         outstanding Shares, or declare a dividend in Shares or other securities
         of the Company  convertible  into or exchangeable for Shares, a Warrant
         shall,  after such  subdivision or combination or after the record date
         for such dividend,  be exercisable  for that number of Shares and other
         securities of the Company that the  Registered  Holder would have owned
         immediately after such event had the Warrant been exercised immediately
         before such event. Any adjustment under this Section 7 (a) shall become
         effective  at the  close  of  business  on the  date  the  subdivision,
         combination or dividend becomes effective.

                  (b) Adjustment for Reorganization,  Consolidation,  Merger. In
         case of any reorganization of the Company (or any other corporation the
         stock or other  securities  of which  are at the time  receivable  upon
         exercise  of a  Warrant)  or in case the  Company  (or any  such  other
         corporation)  shall  merge  into or with or  consolidate  with  another
         corporation or convey all or substantially all of its assets to another
         corporation  or  enter  into a  business  combination  of any form as a
         result of which the Shares or other securities receivable upon exercise
         of a Warrant are  converted  into other stock or securities of the same
         or  another  corporation,  then and in each such case,  the  Registered
         Holder of a Warrant,  upon  exercise of the purchase  right at any time
         after the consummation of such reorganization,  consolidation,  merger,
         conveyance or combination, shall be entitled to receive, in lieu of the
         Shares or other  securities to which such Registered  Holder would have
         been entitled had he exercised  the purchase  right  immediately  prior
         thereto,  such stock and securities which such Registered  Holder would
         have owned  immediately after such event had the Warrant been exercised
         immediately prior to such event.

         In the  event  that  any  of  the  foregoing  occurs,  a  corresponding
adjustment  to the exercise  price of the Warrant shall be made. In each case of
an adjustment in the exercise price or the number of Shares or other  securities
receivable upon the exercise of a Warrant, the Company shall promptly notify the
Registered Holder of such adjustment. Such notice shall set forth the facts upon
which such adjustment is based.

                                       4
<PAGE>

         8. Reduction in Exercise Price at Company's Option. The Company's Board
of  Directors  may, at its sole  discretion,  reduce the  Exercise  Price of the
Warrants  in  effect  at any time  either  for the life of the  Warrants  or any
shorter  period of time  determined  by the Company's  Board of  Directors.  The
Company shall promptly  notify the  Registered  Holders of any such reduction in
the Exercise Price.

         9.  Notices.  All notices,  demands,  elections,  or requests  (however
characterized  or described)  required or authorized  hereunder  shall be deemed
given  sufficiently  if in writing and sent by  registered  or  certified  mail,
return receipt requested and postage prepaid, or by facsimile or telegram to the
Company, at its principal executive office, and to the Registered Holder, at the
address of such holder as set forth on the books maintained by the Company.

         10. General Provisions. This Warrant Certificate shall be construed and
enforced in accordance with, and governed by, the laws of the State of Delaware.
Except  as  otherwise  expressly  stated  herein,  time  is of  the  essence  in
performing  hereunder.   The  headings  of  this  Warrant  Certificate  are  for
convenience  in  reference  only and  shall not limit or  otherwise  affect  the
meaning hereof.

         IN WITNESS WHEREOF,  the Company has caused this Warrant Certificate to
be duly executed as of the ____ day of ________, 2001.

SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC.

By _________________________________           By ______________________________
     Secretary                                      President

                                       5
<PAGE>

         SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC.

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

         TEN COM - as tenants in common
         TEN ENT - as tenants by the entireties
         JR TEN - as joint tenants with right of survivorship and not as tenants
                  in common
         UNIF TRANS MIN ACT - ____________ (Custodian for Minor) as
                              custodian for __________ (name of minor) under the
                              Uniform Transfers to Minors Act

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

<PAGE>

                               FORM OF ASSIGNMENT

              (To be Executed by the Registered Holder if He or She
                   Desires to Assign Warrants Evidenced by the
                           Within Warrant Certificate)

         FOR VALUE RECEIVED  ___________________________  hereby sells,  assigns
and  transfers  unto   _____________________________   _________________________
(_______) Warrants, evidenced by the within Warrant Certificate, and does hereby
irrevocably  constitute  and  appoint  _____________________  __________________
Attorney  to  transfer  the  said  Warrants  evidenced  by  the  within  Warrant
Certificates on the books of the Company, with full power of substitution.

Dated:____________________                      _____________________________
                                                         Signature

         Notice:  The above  signature must  correspond with the name as written
                  upon the face of the Warrant  Certificate in every particular,
                  without alteration or enlargement or any change whatsoever.

Signature Guaranteed:  __________________________________________

SIGNATURE  MUST BE GUARANTEED BY A COMMERCIAL  BANK OR MEMBER FIRM OF ONE OF THE
FOLLOWING  STOCK  EXCHANGES:  NEW  YORK  STOCK  EXCHANGE,  PACIFIC  COAST  STOCK
EXCHANGE, AMERICAN STOCK EXCHANGE, OR MIDWEST STOCK EXCHANGE.

<PAGE>

                          FORM OF ELECTION TO PURCHASE

              (To be Executed by the Holder if Holder Desires to Exercise
                    Warrants Evidenced by the Warrant Certificate)

To Specialized Health Products International, Inc.

         The    undersigned    hereby    irrevocably    elects    to    exercise
___________________________  (______) Warrants,  evidenced by the within Warrant
Certificate  for,  and to  purchase  thereunder,  _____________  _______________
(______) full shares of Common Stock issuable upon exercise of said Warrants and
delivery of $_________ and any applicable taxes.

         The undersigned requests that certificates for such shares be issued in
the name of:

PLEASE INSERT SOCIAL
SECURITY OR TAX
IDENTIFICATION NUMBER

______________________________________
(Please print name and address

________________________________________________________________________________

________________________________________________________________________________

         If said number of Warrants  shall not be all the Warrants  evidenced by
the within  Warrant  Certificate,  the  undersigned  requests that a new Warrant
Certificate  evidencing  the  Warrants not so exercised be issued in the name of
and delivered to:

________________________________________________________________________________
                            (Please print name and address)

________________________________________________________________________________

________________________________________________________________________________
                       (SIGNATURES CONTINUED ON FOLLOWING PAGE)

<PAGE>

Dated: _____________________________
Signature:__________________________

NOTICE:           The above  signature must  correspond with the name as written
                  upon  the  face of the  within  Warrant  Certificate  in every
                  particular,  without  alteration or  enlargement or any change
                  whatsoever,  or if  signed  by any  other  person  the Form of
                  Assignment hereon must be duly executed and if the certificate
                  representing   the   shares   or   any   Warrant   Certificate
                  representing  Warrants not  exercised is to be registered in a
                  name other than that in which the within  Warrant  Certificate
                  is  registered,  the  signature  of the holder  hereof must be
                  guaranteed.

Signature Guaranteed:  ___________________________________________

SIGNATURE  MUST BE GUARANTEED BY A COMMERCIAL  BANK OR MEMBER FIRM OF ONE OF THE
FOLLOWING  STOCK  EXCHANGES:  NEW  YORK  STOCK  EXCHANGE,  PACIFIC  COAST  STOCK
EXCHANGE, AMERICAN STOCK EXCHANGE, OR MIDWEST STOCK EXCHANGE.

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