Document:

Exhibit 4.1

 

FORM
OF WARRANT

THIS WARRANT AND THE SHARES OF
COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES
LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT AS TO THE WARRANT
AND THE SHARES OF COMMON STOCK UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SAID ACT.

GUIDED THERAPEUTICS, INC.

COMMON STOCK WARRANT

------- Shares of Common Stock

	 No. ________	 	  _________, 2011

 

GUIDED THERAPEUTICS,
INC., a Delaware corporation (the “Company”), for value received, hereby certifies that -------------------,
or his registered assigns (the “Holder”), is entitled, subject to the provisions hereof, to purchase from the Company,
at any time or from time to time during the Exercise Period (as defined below), ------------------------- duly authorized,
validly issued, fully paid and nonassessable shares of Common Stock (defined below) of the Company (the “Warrant Shares”)
at a purchase price of $1.05 per share (the “Warrant Price”), all subject to the terms, conditions and adjustments
set forth below in this warrant (this warrant, and any new warrant issued pursuant to the terms hereof, being referred to herein
as “Warrant”).

1.                 
Exercise of Warrant.

1.1             
Manner of Exercise. This Warrant may be exercised by the Holder, in whole or in part, during normal business hours
on any Business Day by delivering at the principal executive office of the Company the Warrant and a subscription notice in the
form of Schedule 1 duly executed by such Holder accompanied by payment in cash or by certified or official bank check payable
to the order of the Company or by wire transfer in the amount obtained by multiplying (a) the number of Warrant Shares designated
in such subscription by (b) the Warrant Price.

1.2             
When Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 1.1.
At such time, the Person or Persons in whose name or names any certificate or certificates for Warrant Shares shall be issuable
upon such exercise as provided in Section 1.3 shall be deemed to have become the stockholder(s) of record thereof.

1.3             
Delivery of Stock Certificates, etc. As soon as practicable after the exercise of this Warrant, in whole or in part,
and in any event within five (5) Business Days thereafter, the Company at its expense will cause to be issued to and delivered
or registered in the name of the Holder hereof or, subject to Section 3, as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct, the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares
to which such Holder shall be entitled upon such exercise plus, in lieu of any fractional share to which such Holder would otherwise
be entitled, cash in an amount equal to the same fraction of the Market Price per share on the Business Day next preceding the
date of such exercise. If the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program, and so long as certificates issued pursuant the exercise hereof do not bear a legend
and the Holder is not obligated to return such certificate for the placement of a legend thereon, the Company shall cause its transfer
agent to electronically transmit the Warrant Shares so purchased to the Holder by crediting the account of the Holder with DTC
through its Deposit Withdrawal Agent Commission system (“DTC Transfer”). If the aforementioned conditions to a DTC
Transfer are not satisfied, the Company shall deliver to the Holder physical certificates representing the Warrant Shares so purchased.
Further, the Holder may instruct the Company to deliver to the Holder physical certificates representing the Warrant Shares so
purchased in lieu of delivering such shares by way of DTC Transfer. Any certificates so delivered shall be in such denominations
as may be reasonably requested by the Holder hereof, shall be registered in the name of such Holder and shall bear a restrictive
legend. If this Warrant shall have been exercised only in part, then the Company shall, at its expense, at the time of delivery
of such certificates, deliver to the Holder a new Warrant or Warrants of like tenor, calling in the aggregate on the face or faces
thereof for issuance of the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such
shares called for on the face of this Warrant minus the number of such shares so designated by such Holder upon such exercise as
provided in Section 1.1.

1.4             
Representations of the Company. The Company represents, warrants and acknowledges to the Holder that:

(a)               
it is a corporation duly formed and validly existing in the State of Delaware;

(b)              
it will at all times reserve and keep available, solely for issuance and delivery upon the exercise of this Warrant, the
number of Warrant Shares (or Other Securities) from time to time issuable upon the exercise of the Warrant at the time outstanding.
All such securities shall be duly authorized and, when issued upon such exercise, shall be validly issued and, in the case of shares,
fully paid and nonassessable with no liability on the part of the holders thereof.

(c)               
this Warrant has been duly authorized and approved by all requisite action of the Company, and constitutes a valid and binding
agreement of the Company; and

(d)              
when issued in accordance with the terms of this Warrant, the Warrant Shares will be duly authorized and validly issued,
fully paid and nonassessable.

2.                 
Warrant Adjustments.

2.1             
Reclassification, Exchange, and Substitution. If the Warrant Shares shall be changed into the same or a different
number of shares of the same or any other class or classes of stock or other securities of the Company, including any such reclassification
in connection with a consolidation or merger in which the Company is the surviving entity, whether by capital reorganization, reclassification,
or otherwise (other than a subdivision or combination of shares provided for above), the Holder shall, on its exercise, be entitled
to receive the kind and number of shares of Common Stock or Other Securities which the Holder would have owned or been entitled
to receive had such Warrant been exercised in full immediately prior to the happening of such reclassification, exchange or substitution
for the same aggregate consideration. If the Company shall at any time change its Common Stock or Other Securities, as the case
may be, into the same or a different number of shares of the same or any other class or classes of stock or Other Securities, as
the case may be, the Warrant Price then in effect immediately before that reclassification, exchange or substitution shall be adjusted
by multiplying the Warrant Price by a fraction, the numerator of which shall be the number of shares of Common Stock or Other Securities,
as the case may be, purchasable upon the exercise of this Warrant immediately prior to such adjustment and the denominator of which
shall be the number of shares of Common Stock or Other Securities, as the case may be, purchasable immediately thereafter. An adjustment
made pursuant to this Section 2.1 shall become effective immediately after the effective date of such event. Such adjustment shall
be made successively whenever such an event occurs.

2.2             
Reorganization, Mergers or Consolidations. In the event of a reorganization, merger or consolidation of the Company
with or into another entity, then, as part of such reorganization, merger or consolidation, lawful provision shall be made so that
the Holder shall thereafter be entitled to receive upon exercise of this Warrant, at any time prior to the end of the Exercise
Period and upon payment of the Warrant Price then in effect, the number of shares of Common Stock or Other Securities or property
of the Company, or of the successor corporation resulting from such merger or consolidation, to which the Holder would have been
entitled in such reorganization, merger, or consolidation if this Warrant had been exercised immediately before that reorganization,
merger or consolidation. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of
Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder
after the reorganization, merger or consolidation to the end that the provisions of this Warrant (including adjustment of the Warrant
Price then in effect and number of shares of Common Stock purchasable upon exercise of this Warrant) shall be applicable after
that event, as near as reasonably may be, in relation to any Common Stock or Warrants or other property deliverable after than
event upon exercise of this Warrant. The Company shall, within thirty (30) days after making such adjustment, give written notice
(by first class mail, postage prepaid) to the Holder at the address of the Holder shown on the Company’s books. That notice
shall set forth, in reasonable detail, the event requiring the adjustment and the method by which the adjustment was calculated
and specify the Warrant Price then in effect after the adjustment and the increased or decreased number of Warrant Shares purchasable
upon exercise of this Warrant. When appropriate, that notice may be given in advance and include as part of the notice required
under other provisions of this Warrant. Notwithstanding the foregoing, in the event of any transaction described in this Section 2.2
in which the consideration to be received by holders of Common Stock is payable only in cash, the Holder shall be entitled only
to cash in the amount, if any, that such cash payment per share exceeds the Warrant Price.

2.3             
Form of Warrant after Adjustments. The form of this Warrant need not be changed because of any adjustments in the
Warrant Price or number or kind of the shares of Common Stock purchasable pursuant to this Warrant, and Warrants theretofore or
hereunder issued may continue to express the same price and number and kind of shares as are stated in this Warrant, as initially
issued; provided, however, that the Company may, at any time in its sole discretion (which shall be conclusive), make any change
in the form of Warrant certificate that it may deem appropriate and that does not affect the substance thereof. Any Warrant certificate
thereafter issued, whether upon registration of transfer of, or in exchange or substitution for, an outstanding Warrant certificate
may be in the form so changed.

3.                 
Restrictions on Transfer.

3.1             
Restrictive Legends. Except as otherwise permitted by this Section 3, each Warrant originally issued, each Warrant
issued upon direct or indirect transfer, each certificate for Common Stock (or Other Securities) issued upon the exercise of any
Warrant, and each certificate issued upon the direct or indirect transfer of any such Common Stock (or Other Securities), shall
be stamped or otherwise imprinted with a legend in substantially the following form, if applicable:

“THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR EXEMPTION THEREFROM AND ANY APPLICABLE STATE SECURITIES
LAWS OR EXEMPTION THEREFROM.”

3.2             
Notice of Proposed Transfer; Opinions of Counsel. Prior to any transfer of any Restricted Securities which are not
registered under an effective registration statement under the Securities Act (other than a transfer pursuant to Rule 144,
Rule 144A or any comparable rule under such Act), the Holder thereof will give written notice to the Company of such Holder’s
intention to effect such transfer and to comply in all other respects with this Section 3.2. Each such notice shall (a) describe
the manner and circumstances of the proposed transfer in sufficient detail to enable counsel to render the opinion referred to
below, and (b) designate counsel for the Holder giving such notice, which counsel shall be reasonably satisfactory to the
Company. The Holder giving such notice will submit a copy thereof to the counsel designated in such notice. The following provisions
shall then apply:

3.2.1       
if in the written opinion of such counsel for the Holder, obtained at the Holder’s sole cost and expense and a copy
of which shall be delivered to the Company and shall be reasonably satisfactory in form, scope and substance to the Company, the
proposed transfer may be effected without registration of such Restricted Securities under the Securities Act or applicable state
securities laws, such Holder shall thereupon be entitled to transfer such Restricted Securities in accordance with the terms of
the notice delivered by such Holder to the Company. Each Restricted Security or certificate, if any, issued upon or in connection
with such transfer shall bear the appropriate restrictive legend set forth in Section 3.1 unless, in the opinion of such counsel,
such legend is no longer required to insure compliance with the Securities Act and applicable state securities laws; and

3.2.2       
if the opinion of such counsel rendered pursuant to the foregoing subdivision 3.2.1 is not to the effect that the proposed
transfer may legally be effected without registration of such Restricted Securities under the Securities Act or applicable state
securities laws (such opinion to state the basis of the legal conclusions reached therein), such Holder shall not be entitled to
transfer such Restricted Securities (other than a transfer pursuant to Rule 144, Rule 144A or any comparable rule under
the Securities Act) until receipt by the Company of a further notice and a further opinion of counsel for such Holder to the effect
stated in subdivision 3.2.1 above or until registration of such Restricted Securities under the Securities Act and applicable
state securities laws has become effective.

3.2.3       
Termination of Restrictions. The restrictions imposed by this Section 3 upon the transferability of Restricted
Securities shall cease and terminate as to any particular Restricted Securities upon sale of the Restricted Securities in an offering
registered under the Securities Act or when, in the opinion of counsel for the Company, such restrictions are no longer required
in order to ensure compliance with the Securities Act. Whenever such restrictions shall terminate as to any Restricted Securities,
the Holder thereof shall be entitled to receive from the Company, without expense (other than transfer taxes, if any), new securities
of like tenor not bearing the applicable legend set forth in Section 3.1.

4.                 
Ownership, Transfer and Substitution of Warrants. The Company may treat the Person in whose name this Warrant is
registered on the register kept at the principal executive office of the Company as the owner and Holder thereof for all purposes,
notwithstanding any notice to the contrary, except that, if and when any Warrant is properly assigned in blank, the Company may
(but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice
to the contrary. Subject to Section 3, a Warrant, if properly assigned, may be exercised by a new Holder without first having
a new Warrant issued.

5.                 
Definitions. As used herein, unless the context otherwise requires, the following terms have the following respective
meanings:

“Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which U.S. Federal Reserve member banks are not open for business
in Atlanta, Georgia.

“Commission”
shall mean the Securities and Exchange Commission or any other Federal agency at the time administering the Securities Act.

“Common Stock”
shall mean, the common stock, par value $.001 per share (or other common equity interest, however denominated) of the Company and
any stock into which such Common Stock shall have been changed or any stock resulting from any reclassification of such Common
Stock.

“Company”
shall have the meaning specified in the opening paragraph of this Warrant.

“Exercise Period”
means the date commencing on the date hereof and ending on the fifth anniversary of such date.

“Holder”
shall have the meaning specified in the opening paragraph of this Warrant.

“Market Price”
shall mean, per share of Common Stock on any date specified herein, (a) the last sale price on such date of such Common Stock
or, if no such sale takes place on such date, the average of the closing bid and asked prices thereof on such date, in each case
as officially reported on the principal national securities exchange on which such Common Stock is then listed or admitted to trading,
or (b) if such Common Stock is not then designated, as a national market system security by the National Association of Securities
Dealers, Inc., but is trading on either the over-the-counter market on the OTC Bulletin Board or the “Pink Sheets”,
the last sale price as reported by the National Quotation Bureau, or (c) if neither (a) nor (b) is applicable, a price per
share thereof equal to the fair value thereof determined in good faith by a resolution of the Board of Directors of the Company
as of a date which is within 15 days of the date as of which the determination is to be made.

“Other Securities”
shall mean any stock (other than Common Stock) and other securities of the Company or any other Person (corporate or otherwise)
which the Holder of the Warrant at any time shall be entitled to receive, or shall have received, upon the exercise of the Warrant,
in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange for or
in replacement of Common Stock or Other Securities pursuant to Section 2 or otherwise.

“Person”
shall mean a corporation, an association, a partnership, an organization or business, an individual, a government or political
subdivision thereof or a governmental agency.

“Restricted
Securities” shall mean (a) any Warrants bearing the applicable legend set forth in Section 3.1, (b) any Warrant
Shares (or Other Securities) issued upon the exercise of Warrants which are evidenced by a certificate or certificates bearing
the applicable legend set forth in such Section and (c) any Warrant Shares (or Other Securities) issued subsequent to the
exercise of any of the Warrants as a dividend or other distribution with respect to, or resulting from a subdivision of the outstanding
shares of Common Stock (or Other Securities) into a greater number of shares by reclassification, stock splits or otherwise, or
in exchange for or in replacement of the Common Stock (or Other Securities) issued upon such exercise, which are evidenced by a
certificate or certificates bearing the applicable legend set forth in such section.

“Securities
Act” shall mean the Securities Act of 1933, or any similar Federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

“Warrant Price”
shall have the meaning specified in the opening paragraph of this Warrant.

“Warrant Shares”
shall have the meaning specified in the opening paragraph of this Warrant.

“Warrants”
shall have the meaning specified in the opening paragraph of this Warrant.

6.                 
No Rights or Liabilities as Stockholder. Nothing contained in this Warrant shall be construed as conferring upon
Holder hereof any rights as a stockholder of the Company or as imposing any obligation on such Holder to purchase any securities
or as imposing any liabilities on the Holder as a stockholder of the Company, whether such obligation or liabilities are asserted
by the Company or by creditors of the Company.

7.                 
Notices. All notices and other communications provided for herein shall be delivered or mailed by first class mail,
postage prepaid, addressed to:

If to the Holder:

------------------------

If to the Company:

5835 Peachtree Corners East, Suite D

Norcross, GA 30092

The addresses provided
in this Section 7 may be modified by providing notice in writing; provided, however, that the exercise of any Warrant shall
be effective in the manner provided in Section 1.

8.                 
Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. Any provision
of this Warrant which shall be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
To the extent permitted by applicable law, the Company waives any provision of law which shall render any provision hereof prohibited
or unenforceable in any respect. This Warrant shall be governed by the substantive laws of the State of Georgia without reference
to the choice of law rules thereof. The headings of this Warrant are inserted for convenience only and shall not be deemed to constitute
a part hereof.

9.                 
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and
upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and
dated as of such cancellation, in lieu of this Warrant.

10.             
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein is not a Business Day, then such action may be taken or such right may be exercised on the
next succeeding Business Day.

11.             
Expiration. The right to exercise this Warrant shall expire on the last day of the Exercise Period.

Guided Therapeutics, Inc.

By:

Name: Mark L. Faupel

Title: President & Chief Executive Officer

     

     

    

 

SCHEDULE 1

Form to Convert Warrants to Common Stock

 

 

To:GUIDED THERAPEUTICS, INC.

 

The undersigned irrevocably
elects to purchase __________ shares of Common Stock of the Company by exercising the Warrant No. __________ to which this form
is attached and tenders to the Company, in immediately available funds, $___________representing the full Warrant Price with respect
to such shares of Common Stock

 

The shares into which the
Warrant is being exercised are referred to as the “Warrant Shares.” The undersigned requests that the certificates
representing the shares of Common Stock of the Company as to which the Warrant is being exercised be registered as follows:

 

Name: _____________________SSN or EI N:___________________________________________

 

Address: __________________________________________________________________________

 

Deliver to: ______________________________________________________________________

 

Address: __________________________________________________________________________

 

___The
undersigned requests that the Company cause its transfer agent to electronically transmit the Common Stock issuable pursuant to
this Subscription Form to the account of the undersigned or its nominee (which is ____________________) with DTC through its Deposit
Withdrawal Agent Commission System (“DTC Transfer”), provided that such transfer agent participates in the DTC Fast
Automated Securities Transfer program and the Common Stock issuable pursuant to this Subscription Form may be issued without a
restrictive legend if permitted under the applicable securities laws.

___In
lieu of receiving the shares of Common Stock issuable pursuant to this Subscription Form by way of DTC Transfer, the undersigned
hereby requests that the Company cause its transfer agent to issue and deliver to the undersigned physical certificates representing
such shares of Common Stock.

The undersigned
represents and warrants that it is an accredited investor within the meaning of Regulation D promulgated under the Securities Act
and is purchasing the Warrant Shares for its own account for investment, and not with a view to, or for resale in connection with
the distribution thereof, and has no present intention of distributing or reselling any Warrant Shares, and in making the foregoing
representations, the undersigned is aware that it must bear, and is able to bear, the economic risk of such investment for an indefinite
period of time. The undersigned agrees not to offer, sell, transfer or otherwise dispose of any Common Stock obtained on exercise
of this Warrant except under circumstances that will not result in a violation of the Securities Act of 1933, as amended.

If the number of
shares of Common Stock of the Company as to which the Warrant is being exercised are fewer than all the shares of Common Stock
of the Company to which the Warrant relates, please issue a new Warrant for the balance of such shares of Common Stock registered
in the name of the undersigned and deliver it to the undersigned at the following address:

Addres_________________________________________________________________________

_________________________________________________________________________

	Date:	 	 	 
	 	 	 	(Print Name of Noteholder)
	 	 	 	 
	 	 	 	(Signature)
	 	 	 	 
	 	 	 	(Title, if applicable)Exhibit 10.1

 

SECURITIES PURCHASED PURSUANT
TO THE SUBSCRIPTION AGREEMENT SET FORTH BELOW HAVE NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS (THE “STATE SECURITIES ACTS,” AND COLLECTIVELY
WITH THE SECURITIES ACT, THE “ACTS”), AND CANNOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS SUCH SECURITIES ARE
REGISTERED UNDER SUCH ACTS OR UNLESS, IN THE OPINION OF LEGAL COUNSEL, AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. BECAUSE
THE SECURITIES ARE NOT REGISTERED UNDER THE ACTS, SUBSCRIBERS MUST BEAR THE ECONOMIC RISK OF INVESTMENT IN SUCH SECURITIES FOR
AN INDEFINITE PERIOD OF TIME. CERTIFICATES REPRESENTING SUCH SECURITIES WILL BEAR A LEGEND BRIEFLY DESCRIBING THE RESTRICTIONS
WITH RESPECT TO THE TRANSFER THEREOF AND A STOP TRANSFER ORDER WITH RESPECT TO SUCH SECURITIES WILL BE PLACED WITH THE COMPANY’S
TRANSFER AGENT (OR NOTED IN THE COMPANY’S RECORDS) BEFORE CERTIFICATES REPRESENTING ANY SECURITIES SUBSCRIBED FOR WILL BE
ISSUED.

PRIVATE
SALE OF COMMON STOCK AND STOCK WARRANT

SUBSCRIPTION AGREEMENT

To Guided Therapeutics,
Inc., a corporation organized and incorporated under the laws of the State of Delaware (the “Company”):

The undersigned (“Purchaser”)
hereby irrevocably and unconditionally subscribes for ----------------- shares (the “Subscription Shares”)
of the Company’s common stock, par value $.001 per share (the “Common Stock”), for a per share consideration
of Eighty-Four Cents ($0.84), and an aggregate consideration of ---------------(the “Aggregate Consideration”),
to be issued on a Business Day selected by the Company, no later than four (4) Business Days succeeding the Acceptance Date (as
defined in Section 4 below) (such date of issuance, the “Closing”). As used herein, “Business Day” has
the meaning ascribed to same in the form of Warrant referenced below.

 

In addition, the Company shall issue Purchaser
a warrant (the “Warrant”), in the form previously provided to Purchaser by the Company, to purchase -------------)
shares of Common Stock at an exercise price per share equal to $1.05 (the “Exercise Price”).

 

Information concerning Purchaser
is set forth immediately below:

 

Purchaser Name:

 

1.                 
Purchaser hereby represents, warrants, acknowledges and agrees as follows, as of the date hereof and as of the Closing:

(a)               
Purchaser confirms that the Subscription Shares and the Warrant to be received by it will be acquired for investment for
Purchaser’s own account, not as a nominee or agent for any other person, and not with a view to the resale or distribution
of any part thereof within the meaning of the Securities Act, and that Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same. If not an individual, Purchaser also represents that it has not been
formed for the specific purpose of acquiring the Stock and the Warrant to be acquired hereby. By executing this Subscription Agreement,
Purchaser further represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with respect to the Subscription Shares or the Warrant.

(b)              
Purchaser is an “accredited investor” within the meaning of Rule 501(a) of Regulation D, promulgated under the
Securities Act and as presently in effect.

(c)               
At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television
or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Subscription Shares
or the Warrant.

(d)              
Purchaser has had the opportunity to review this Subscription Agreement, the form of the Warrant, filings by the Company
with the Securities and Exchange Commission (the “SEC”) (including the Company’s annual report on Form
10-K for the year ended December 31, 2010 and subsequent periodic reports), and all documents and information that the undersigned
has reasonably requested concerning its investment and the Company. Purchaser has had the opportunity to ask questions of the Company’s
management regarding the Company’s business, management and financial affairs, and the terms of this transaction, which questions
were answered to Purchaser’s satisfaction.

(e)               
Purchaser acknowledges that the purchase of the Subscription Shares and the Warrant involves substantial risk and that it
can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is
capable of evaluating the merits and risks of an investment in the Common Stock and the Warrant.

(f)               
Purchaser acknowledges that it has, independently and without reliance upon the Company or any other person, and based on
such information as Purchaser has deemed appropriate, made its own investment analysis and decision to enter into this Subscription
Agreement.

(g)              
Purchaser understands that the Subscription Shares and the Warrant acquired hereby, and shares of Common Stock acquired
upon exercise of the Warrant, will be characterized as “restricted securities” under the Securities Act and that, as
such, may be resold without registration under the Securities Act only pursuant to, in the opinion of counsel, an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act. Purchaser also understands that there
is no assurance that any exemption from the registration requirements of the Securities Act will be available with respect to any
transfer of any such securities by Purchaser and that, even if available, such exemption may not allow Purchaser to transfer all
or any portion of such securities under the circumstances, in the amounts or at the times the undersigned might propose.

(h)              
Purchaser understands that the Company will be relying on the representations made in this Section 1. In connection with
the Closing, Purchaser agrees to execute and deliver such additional documents as the Company may reasonably request.

(i)                
Purchaser shall, simultaneously with the Closing, exercise that certain Warrant, dated September 10, 2010, for 246,914 shares
of Common Stock. Purchaser shall, in connection with such exercise, tender to the Company, in immediately available funds, the
full Warrant Price (as defined in the Warrant Agreement governing such Warrant).

2.                 
By accepting this Subscription Agreement and the subscription made hereunder, the Company agrees as follows:

(a)               
The Company shall make such filings, notices or registrations as are required under Regulation D of the Securities Act and
applicable state securities laws, within the time periods set forth in the Securities Act and those laws, and shall, upon request,
provide copies thereof promptly to Purchaser.

(b)              
Neither the Company nor anyone acting on its behalf shall offer, sell or solicit offers to buy or otherwise negotiate in
respect of any security (as defined in the Securities Act) in a manner that would cause the offer and sale of the Subscription
Shares and the Warrant to Purchaser to fail to be entitled to the exemption afforded by Rule 506 of Regulation D, or under Section 4(2)
of the Securities Act.

(c)               
The proceeds to the Company from the issuance and sale of the Subscription Shares and the exercise of the Warrant shall
be used for the following purposes:

(i)                
to prepare for manufacturing and initial international launch of the Company’s cervical cancer detection device; and

(ii)              
other related corporate purposes as may be authorized by the Company’s Board of Directors from time to time, and general
working capital uses.

(d)              
The Company shall continue to reserve from its authorized but unissued shares of Common Stock a sufficient number of shares
of Common Stock to permit exercise of the Warrant.

(e)               
With a view to making available to Purchaser the benefits of certain rules and regulations of the SEC that may permit the
sale of the Subscription Shares, the Warrant and the shares of Common Stock issuable upon exercise of the Warrant to the public
without registration, the Company agrees to use its commercially reasonable efforts to:

(i)                
make and keep public information available, as those terms are understood and defined in Rule 144 or any similar or analogous
rule promulgated under the Securities Act, at all times after the Closing;

(ii)              
file with the SEC, in a timely manner, all reports and other documents required of the Company under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”);

(iii)            
for no less than one year following the Closing, not terminate the Company’s status as an issuer required to file
reports under the Exchange Act, even if the Exchange Act or the rules and regulations promulgated thereunder would permit such
termination (provided, however, that the foregoing shall terminate and be of no further force and effect in the event of the acquisition
of the Company or substantially all of its assets); and

(iv)            
so long as Purchaser owns any such securities, furnish to Purchaser promptly upon request: a written statement by the Company
as to its compliance with the reporting requirements of Rule 144 and of the Exchange Act; a copy of the most recent annual or quarterly
report of the Company; and such other reports and documents as Purchaser may reasonably request in availing itself of any rule
or regulation of the SEC allowing it to sell any such securities without registration.

(f)               
The Company shall indemnify and hold harmless Purchaser and its affiliates, officers, directors, partners, members and employees,
as applicable (each, an “Indemnified Party”), from any and all losses, liabilities, obligations, claims, contingencies,
damages, costs and expenses, including all judgments, amounts paid in permitted settlements, court costs and reasonable attorneys’
fees of one counsel and reasonable costs of investigation that any such Indemnified Party actually suffers or incurs as a result
of (i) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Subscription
Agreement or the Company’s Certificate provided for in Section 3(a) below, or (ii) any action instituted against an
Indemnified Party in any capacity, by any stockholder of the Company who is not an Indemnified Party or an affiliate of an Indemnified
Party, with respect to any of the transactions contemplated by this Subscription Agreement. Notwithstanding the foregoing, the
Company shall not be liable to any Indemnified Party under this Subscription Agreement to the extent that a loss, claim, damage
or liability is attributable to Purchaser’s breach of any of the representations, warranties, covenants or agreements made
by Purchaser in this Subscription Agreement, and in no event shall the Company be required to indemnify and hold harmless any Indemnified
Parties for any losses pursuant to this Section 2(f) in a cumulative aggregate amount exceeding the Aggregate Consideration unless
it is determined by a court of competent jurisdiction that such losses resulted from the fraud or bad faith of the Company.

3.                 
Purchaser’s obligations hereunder are subject to the following conditions:

(a)               
The Company shall have delivered to Purchaser a duly executed certificate, in substantially the form set forth as Exhibit
A (the “Company’s Certificate”), and the representations and warranties set forth on the Company’s
Certificate shall be true and correct as of the Closing.

(b)              
All covenants contained in this Subscription Agreement to be performed by the Company on or prior to the Closing shall have
been performed or complied with in all material respects.

(c)               
Against payment therefor by Purchaser and Purchaser’s compliance with each of its obligations hereunder, the Company
shall have delivered the Subscription Shares and the Warrant.

4.                 
Purchaser’s obligations hereunder to acquire the Subscription Shares and the Warrant shall expire on November 14,
2011, unless this Subscription Agreement is accepted by the Company prior to that time. The date on which the Company accepts this
Subscription Agreement, and the subscription made hereunder, as evidenced by the Company’s signature below, is herein referred
to as the “Acceptance Date.”

5.                 
5.Purchaser understands and acknowledges that the subscription provided for herein is contingent upon the acceptance
of this Subscription Agreement by the Company and Purchaser’s compliance with each of its obligations hereunder. Each party
hereto shall use its best efforts to do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Subscription Agreement and the consummation of the transactions
contemplated hereby.

6.                 
This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without
giving effect to principles of conflicts of law.

7.                 
This Subscription Agreement shall be binding upon the parties and their permitted successors and assigns and may be amended
or terminated only by a writing signed by the parties hereto.

8.                 
Subject to the applicable statute of limitations, the representations, warranties and covenants contained herein and in
the Company’s Certificate shall survive the Closing and the delivery of the Subscription Shares.

9.                 
Neither party may assign any of its rights or delegate any of its obligations under this Subscription Agreement without
the prior written consent of the other party hereto and any such purported assignment shall be null and void ab initio. Nothing
in this Subscription Agreement will be construed to give any third party any legal or equitable right, remedy or claim under or
with respect to this Subscription Agreement, except such rights as shall inure to a permitted assignee pursuant to this Section
9.

10.             
This Subscription Agreement may be signed in any number of counterparts, all of which shall be considered to be one and
the same agreement.

[signature page
follows]

 

     

     

    

 

Executed this _____
day of November, 2011.

 

	 	Yours very truly,
	 	 
	 	 
	 	By: __________________________________________
	 	Name:
	 	Title:

ACCEPTED:

 

GUIDED THERAPEUTICS, INC.

 

 

	By:	_____________________________________
	Name:	Mark L. Faupel
	Title:	Chief Executive Officer
	 	 
	DATE:	______________________________, 2011

 

 

 

 

 

 

 

 

[signature page to
subscription agreement]

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