Document:

SHEERVISION, INC.
                             4040 PALOS VERDES NORTH
                                    SUITE 105
                     ROLLING HILLS ESTATES, CALIFORNIA 90274

                                                     August ____, 2005

To the holders (the "HOLDERS") of the 12%
Secured Convertible Notes due 2006 and the
Warrants (the "WARRANTS") issued by SheerVision,
Inc., a California corporation (the "COMPANY"),
pursuant to, and in accordance with, the
Confidential Private Placement Memorandum, dated
August ___, 2005

Gentlemen:

         Reference is made to the Subscription Agreement and Investor
Questionnaires, submitted by the Holders to the Company (the "SUBSCRIPTION
AGREEMENTS"). This letter agreement sets forth the "piggy-back" registration
rights referenced in the Subscription Agreement.

         As further inducement for Holders to undertake the transactions
contemplated by the Subscription Agreement, the Company hereby agrees with the
Holders as follows:

                  (a) REGISTRATION RIGHTS.

                  (i) In the event that the Company proposes to register any of
its securities under the Securities Act of 1933, as amended (the "SECURITIES
ACT"), in connection with any public offering of such securities (other than a
registration form relating to: (A) a registration on Form S-8 (or an analogous
form) of a stock option, stock purchase or compensation or incentive plan or of
stock issued or issuable pursuant to any such plan, or a dividend investment
plan; or (B) a registration on Form S-4 (or an analogous form) of securities
issued or proposed to be issued in exchange for securities or assets of or in
connection with a merger or consolidation with, another corporation), the
Company shall, as promptly as reasonably practical, give the Holders written
notice of such registration. Upon the written request of the Holders given
within ten fifteen (15) days after receipt of such written notice from the
Company, the Company shall, subject to the provisions of clause (a)(ii) hereof
(in the case of an underwritten offering), use its commercially reasonable
efforts to cause to be registered under the Securities Act the resale by the
Holders of all shares of common stock of the Company issuable upon either
conversion of the Notes or exercise of the Warrants (the "SUBJECT SECURITIES")
that the Holders have requested to be registered within one hundred and twenty
(120) days of such public offering.
<PAGE>

                  (ii) The right of the Holders to "piggyback" in an
underwritten public offering of the Company's securities pursuant to clause
(a)(i) shall be conditioned upon the Holders's participation in such
underwriting and the inclusion of the Subject Securities in the underwriting to
the extent provided herein. The Holders shall (together with the Company and any
other shareholders distributing their securities through such underwriting)
enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for underwriting by the Company. Notwithstanding any other
provision of clause (a), if the underwriter reasonably and in good faith
determines that marketing factors require a limitation of the number of shares
to be underwritten, the underwriter may exclude from such registration and
underwriting such minimum number of Subject Securities as are necessary to
prevent the proposed offering from being materially and adversely affected. If
the Holders disapprove of the terms of any such underwriting, it may elect to
withdraw therefrom by written notice to the Company. Any Subject Securities
excluded or withdrawn from such underwriting shall be withdrawn from such
registration.

                  (b) FEES AND EXPENSES. All expenses incurred in connection
with registrations pursuant to this letter, including, without limitation, all
registration, qualification and filing fees, printing expenses, escrow fees,
fees and disbursements of counsel for the Company, reasonable fees and
disbursements of one counsel for the Holders, blue sky fees and expenses and the
expense of any special audits incident to or required by any such registration
(but excluding the fees and expenses of any counsel for any Holder) shall be
borne by the Company. All underwriting discounts, selling commissions and stock
transfer taxes applicable to the Subject Securities, shall be borne by the
Holders.

                  (c) INDEMNIFICATION.

                  (i) Subject to the conditions set forth below, the Company
agrees to indemnify and hold harmless the Holders, their respective officers,
directors, partners, employees, agents, and counsel, and each person, if any,
who controls any such person within the meaning of Section 15 of the Act or
Section 20(a) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE
ACT"), from and against any and all loss, liability, charge, claim, damage, and
expense whatsoever (which shall include, for all purposes of this paragraph (c),
without limitation, reasonable attorneys' fees and reasonable expenses incurred
in investigating, preparing, or defending against any litigation, commenced or
threatened, or any claim whatsoever, and any and all amounts paid in settlement
of any claim or litigation), as and when incurred, arising out of, based upon,
or in connection with, (A) any untrue statement or alleged untrue statement of a
material fact contained in (1) any registration statement, preliminary
prospectus, or final prospectus (as from time to time amended and supplemented),
or any amendment or supplement thereto, relating to the offer and sale of any of
the Subject Securities, or (2) any application or other document or
communication (in this paragraph (c), referred to collectively as an
"APPLICATION") executed by, or on behalf of, the Company or based upon written
information furnished by, or on behalf of, the Company filed in any jurisdiction
in order to register or qualify any of the Subject Securities under the
<PAGE>

securities or "BLUE SKY" laws thereof or filed with any securities exchange; or
any omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, unless such
statement or omission was made in reliance upon, and in conformity with, written
information furnished to the Company with respect to such Holder by, or on
behalf of, such person expressly for inclusion in any registration statement,
preliminary prospectus or final prospectus, or any amendment or supplement
thereto, or in any application, as the case may be, or (B) any breach of any
representation, warranty, covenant, or agreement of the Company contained in
this letter agreement. The foregoing agreement to indemnify shall be in addition
to any liability the Company may otherwise have, including liabilities arising
under this letter, the aforementioned warrant, and the related documentation.

         If any action is brought against the Holders or any of its officers,
directors, partners, employees, agents, or counsel, or any controlling persons
of such person (an "INDEMNIFIED PARTY") in respect of which indemnity may be
sought against the Company pursuant to the foregoing paragraph, such indemnified
party or parties shall promptly notify the Company in writing of the institution
of such action (but the failure so to notify shall not relieve the Company from
any liability it may have other than pursuant to this paragraph (c)(i)) and the
Company shall promptly assume the defense of such action, including, without
limitation, the employment of counsel reasonably satisfactory to such
indemnified party or parties and payment of reasonable expenses. Such
indemnified party or parties shall have the right to employ its or their own
counsel in any such case, but the fees and expenses of such counsel shall be at
the expense of such indemnified party or parties unless the employment of such
counsel shall have been authorized in writing by the Company in connection with
the defense of such action or the Company shall not have promptly employed
counsel reasonably satisfactory to such indemnified party or parties to have
charge of the defense of such action or such indemnified party or the Holders
shall have reasonably concluded, with the advice of counsel, that there may be
one or more legal defenses available to it or them or to other indemnified
parties which are different from, or in addition to, those available to the
Company, in any of which events such reasonable fees and expenses shall be borne
by the Company, and the Company shall not have the right to direct the defense
of such action on behalf of the indemnified party or parties. Anything in this
paragraph to the contrary notwithstanding, the Company shall not be liable for
any settlement of any such claim or action effected without its written consent,
which consent shall not be unreasonably withheld. The Company shall not, without
the prior written consent of each indemnified party that is not released as
described in this sentence, settle or compromise any action, or permit a default
or consent to the entry of judgment or otherwise seek to terminate any pending
or threatened action, in respect of which indemnity may be sought hereunder
(whether or not any indemnified party is a party thereto), unless such
settlement, compromise, consent, or termination includes an unconditional
release of each indemnified party from all liability in respect of such action.
The Company agrees promptly to notify the Holders of the commencement of any
litigation or proceedings against the Company or any of its officers or
directors in connection with the sale of any Subject Securities or any
preliminary prospectus, prospectus, registration statement, or amendment or
supplement thereto, or any application relating to any sale of any Subject
Securities.
<PAGE>

                  (ii) the Holders agree, severally, but not jointly, to
indemnify and hold harmless the Company, each director of the Company, each
officer of the Company who shall have signed any registration statement relating
to Subject Securities held by the Holders, and each other person, if any, who
controls the Company within the meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, to the same extent as the foregoing indemnity from
the Company to the Holders in paragraph (c)(i), but only with respect to
statements or omissions, if any, made in any registration statement, preliminary
prospectus, or final prospectus (as from time to time amended and supplemented),
or any amendment or supplement thereto, or in any application, in reliance upon,
and in conformity with, written information furnished to the Company with
respect to the Holders by, or on behalf of, the Holders expressly for inclusion
in any such registration statement, preliminary prospectus, or final prospectus,
or any amendment or supplement thereto, or in any application, as the case may
be. If any action shall be brought against the Company or any other person so
indemnified based on any such registration statement, preliminary prospectus, or
final prospectus, or any amendment or supplement thereto, or any application,
and in respect of which indemnity may be sought against the Holders pursuant to
this paragraph (c)(ii), the Holders shall have the rights and duties given to
the Company, and the Company and each other person so indemnified shall have the
rights and duties given to the indemnified parties, by the provisions of
paragraph (c)(i). The foregoing agreement to indemnify shall be in addition to
any liability the Holders may otherwise have.

                  (iii) To provide for just and equitable contribution, if (A)
an indemnified party makes a claim for indemnification pursuant to paragraph
(c)(i) or (c)(ii) (subject to the limitations thereof), but it is found in a
final judicial determination, not subject to further appeal, that such
indemnification may not be enforced in such case, even though this letter
agreement expressly provides for indemnification in such case, or (B) any
indemnified or indemnifying party seeks contribution under the Securities Act,
the Exchange Act, or otherwise, then the Company (including for this purpose any
contribution made by, or on behalf of, any director of the Company, any officer
of the Company who signed any such registration statement, any controlling
person of the Company), as one entity, and the Holders (including for this
purpose any contribution by, or on behalf of, an indemnified party), as a second
entity, shall contribute to the losses, liabilities, claims, damages, and
expenses whatsoever to which any of them may be subject, on the basis of
relevant equitable considerations such as the relative fault of the Company and
the Holders in connection with the facts which resulted in such losses,
liabilities, claims, damages, and expenses. The relative fault, in the case of
an untrue statement, alleged untrue statement, omission, or alleged omission,
shall be determined by, among other things, whether such statement, alleged
statement, omission, or alleged omission relates to information supplied by the
Company or by the Holders, and the parties' relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement, alleged
statement, omission, or alleged omission. The Company and the Holders agree that
it would be unjust and inequitable if the respective obligations of the Company
and the Holders for contribution were determined by pro rata or per capita
allocation of the aggregate losses, liabilities, claims, damages, and expenses
(even

<PAGE>

if the Holders and the other indemnified parties were treated as one entity for
such purpose) or by any other method of allocation that does not reflect the
equitable considerations referred to in this paragraph (c)(iii). In no case
shall the Holders be responsible for a portion of the contribution obligation
imposed on all holders of Subject Securities in excess of its pro rata share
based on the number of shares of Common Stock owned (or which would be owned
upon exercise of or conversion of other securities) by it and included in such
registration as compared to the number of shares of Common Stock owned (or which
would be owned upon exercise or conversion of all such other securities ) by all
holders of Subject Securities and included in such registration. No person
guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who is not
guilty of such fraudulent misrepresentation. For purposes of this paragraph
(c)(iii), each person, if any, who controls the Holders within the meaning of
Section 15 of the Act or Section 20(a) of the Exchange Act and each officer,
director, partner, employee, agent, and counsel of the Holders or control person
shall have the same rights to contribution as the Holders or control person and
each person, if any, who controls the Company within the meaning of Section 15
of the Act or Section 20(a) of the Exchange Act, each officer of the Company who
shall have signed any such registration statement, each director of the Company,
and its or their respective counsel shall have the same rights to contribution
as the Company, subject in each case to the provisions of this paragraph
(c)(iii). Anything in this paragraph (c)(iii) to the contrary notwithstanding,
no party shall be liable for contribution with respect to the settlement of any
claim or action effected without its written consent. This paragraph (c)(iii) is
not intended to supersede any right to contribution under the Securities Act,
the Exchange Act, or otherwise.

                  (iv) Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with an underwritten public offering are in
conflict with the foregoing provisions of this paragraph (c), the provisions in
the underwriting agreement shall control.

         (d) TRANSFER AND ASSIGNMENT. The registration rights set forth herein
may be transferred by the Holders together with the transfer thereby of Subject
Securities. This letter agreement shall be binding upon and inure to the benefit
of the parties and their successors and permitted assigns and shall inure to the
benefit of the Holder and its successors and permitted assigns. The Company may
not assign this letter agreement or any of its rights or obligations hereunder
without the prior written consent of the Holder. Each Holder may assign its
rights hereunder in the manner and to the Persons as permitted under this letter
agreement and the Subscription Agreement.

         (e) REMEDIES. In the event of a breach by the Company or by the Holder,
of any of their obligations under this letter agreement, the Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this letter agreement, including recovery of
damages, will be entitled to specific performance of its rights under this
letter agreement. The Company and the Holder agree that monetary damages would
not provide adequate compensation for any

<PAGE>

losses incurred by reason of a breach by it of any of the provisions of this
letter agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

         (f) NO INCONSISTENT AGREEMENTS. The Company has not, as of the date
hereof entered into and currently in effect, nor shall the Company, on or after
the date of this letter agreement, enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holder in this
letter agreement or otherwise conflicts with the provisions hereof.

         (g) AMENDMENTS AND WAIVERS. The provisions of this letter agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and each of the Holders. Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates
exclusively to the rights of Holders and that does not directly or indirectly
affect the rights of other Holders may be given by Holders of at least a
majority of the Subject Securities to which such waiver or consent relates;
provided, however, that the provisions of this sentence may not be amended,
modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence.

         (h) NOTICES. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earlier of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified for notice prior to 5:00 p.m., EST, on a business
day, (ii) the business day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number
specified for notice later than 5:00 p.m., EST, on any date and earlier than
11:59 p.m., EST, on such date, (iii) the business day following the date of
mailing, if sent by nationally recognized overnight courier service or (iv)
actual receipt by the party to whom such notice is required to be given. The
addresses for such communications shall be with respect to the Holder at its
address set forth under its name on the signature page hereto, or with respect
to the Company, at the address set forth in the letterhead above

         (i) COUNTERPARTS. This letter agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original and, all of which taken together shall constitute one and the same
agreement.

         (j) CUMULATIVE REMEDIES. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.

         (k) SEVERABILITY. If any term, provision, covenant or restriction of
this letter agreement is held to be invalid, illegal, void or unenforceable in
any respect, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall

<PAGE>

remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their reasonable efforts to find
and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such term, provision, covenant or restriction. It
is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal,
void or unenforceable.

         (l) GOVERNING LAW. The aforementioned matters 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 laws.

                  [REMAINDER OF THIS PAGE INTENTIONALLY BLANK;
                               SIGNATURES FOLLOW]

<PAGE>

         Please execute this letter where indicated below to express your
agreement with the terms hereof.

                                               SHEERVISION, INC.

                                               BY:___________________________
                                                  SUZANNE LEWSADDER
                                                  CHIEF EXECUTIVE OFFICER

ACCEPTED AND AGREED TO AS OF
THE DATE FIRST ABOVE-WRITTEN:

HOLDERS

BY: NORTHEASTERN SECURITIES, INC.,
    ATTORNEY-IN-FACT

BY:______________________________
     NAME:
     TITLE:Exhibit 4.1

 

EXHIBIT 4.1

REGISTRATION RIGHTS AGREEMENT

TERMINATION AGREEMENT

     This Registration Rights Agreement Termination Agreement (this “Agreement”) is made as of
September 26, 2006, by and between NuVasive, Inc., a Delaware corporation (the “Company”), and
Pearsalls Limited, a private limited company incorporated in England and Wales under registration
number 0351227 (“Stockholder”).

     WHEREAS, the Company and Stockholder are parties to that certain Registration Rights Agreement
dated as of August 4, 2005, (the “Rights Agreement”) entered into in connection with the purchase
and sale of certain assets of Stockholder pursuant to that certain Asset Purchase Agreement, dated
as of August 4, 2005 (the “Purchase Agreement”), by and among the Company, Stockholder and American
Medical Instruments Holdings, Inc., a Delaware corporation (“Stockholder Parent”);

     WHEREAS, Stockholder Parent became a wholly-owned subsidiary of Angiotech Pharmaceuticals,
Inc., a corporation incorporated in British Columbia (“Angiotech”), in March 2006;

     WHEREAS, the Company, Stockholder and Stockholder Parent have agreed to amend the Purchase
Agreement pursuant to that certain Amendment No. 1 to Asset Purchase Agreement of even date
herewith (the “Amendment”);

     WHEREAS, in connection with the Amendment, the Company and Stockholder have agreed to
terminate the Rights Agreement in its entirety effective as of the date hereof; and

     WHEREAS, Section 8.12 of the Rights Agreement provides that the Rights Agreement may be
amended, supplemented or discharged by an instrument in writing signed by the Company and
Stockholder;

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises and
covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as
follows:

     1. TERMINATION OF RIGHTS AGREEMENT. Pursuant to Section 8.12 of the Rights Agreement,
the Rights Agreement is hereby terminated and shall be of no further force or effect, effective as
of the date hereof.

     2. MUTUAL RELEASE. Except as may arise under or in connection with this Agreement,
each of the Company and Stockholder, Stockholder Parent and Angiotech (with the Company as one
“party” and Stockholder, Stockholder Parent and Angiotech, collectively, as the other “party” for
purposes of this Section 2), hereby releases and forever discharges the other party and its
predecessors, successors and assigns, employees, shareholders, partners, managing members,
officers, directors, agents, subsidiaries, divisions and affiliates from any and all claims, causes
of actions, suits, demands, debts, dues, accounts, bonds, covenants, contracts, agreements,
judgments whatsoever in law or in equity, whether known or unknown, arising out of or relating

 

 

to the transactions undertaken pursuant to the Rights Agreement which any party hereto had,
now has or which its heirs, executors, administrators, successors or assigns, or any of them,
hereafter can, shall or may have, against such party or such party’s predecessors, successors and
assigns, employees, shareholders, partners, managing members, officers, directors, agents,
subsidiaries, divisions and affiliates, for or by reason of any cause, matter or thing whatsoever,
whether arising prior to, on or after the date hereof.

     3. REPRESENTATIONS AND WARRANTIES. Each party hereto represents and warrants that (a)
such party has the requisite power and authority to enter into and perform this Agreement, (b) the
execution and performance of this Agreement has been duly authorized by all necessary action of
such party, (c) this Agreement has been duly executed and delivered by such party and constitutes a
legal, valid and binding obligation of such party, enforceable against it in accordance with its
terms, and (d) such party has not assigned its rights or obligations under the Rights Agreement
prior to the date hereof.

     4. COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument. A facsimile copy of this Agreement and any signatures hereon shall be considered as
originals for all purposes.

     5. ENTIRE AGREEMENT. This Agreement and the Rights Agreement constitute the entire
agreement between the parties hereto pertaining to the subject matter thereof and hereof and
supersedes all prior written agreements and negotiations and oral understandings, if any,
pertaining to the subject matter thereof and hereof.

     6. GOVERNING LAW. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to principles conflicts of law.

[Remainder of Page Intentionally Left Blank]

2

 

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

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	NUVASIVE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Alexis V. Lukianov	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 Alexis V. Lukianov	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	Chairman and CEO	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	STOCKHOLDER:	 	 
	 
	 	 	 	 	 	 
	 	 	PEARSALLS LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ K. Thomas Bailey	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 K. Thomas Bailey	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	President	 	 
	 

	 	 	 	 

	 	 

ACKNOWLEDGEMENT AND AGREEMENT

     Each of the undersigned hereby acknowledges the termination of the Rights Agreement as set
forth above and hereby agrees to the terms of the mutual release set forth in Section 2 above.

	 	 	 	 	 	 	 	 	 	 	 
	AMERICAN MEDICAL INSTRUMENTS
HOLDINGS, INC.	 	 	 	ANGIOTECH PHARMACEUTICALS,
INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ K. Thomas Bailey	 	 	 	By:	 	/s/ David Hall	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name:

	 	 K. Thomas Bailey	 	 	 	Name:	 	David Hall	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	President	 	 	 	Title:	 	COO	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date :

	 	September 26, 2006	 	 	 	Date:	 	September 26, 2006	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

3

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