Document:

EXHIBIT 10.90

 

VOTING
AGREEMENT

 

THIS AGREEMENT entered into as of December  31, 2004 by and among Alfred Schwartz and
Robert Holman as Trustees of the Cap Rock Energy Trustees’ Trust (Trustees) and
Cap Rock Energy Corporation (“Cap Rock”).

 

W I T N E
S S E T H:

 

WHEREAS, Trustees currently hold and control 325,223
shares of issued and outstanding voting common stock of Cap Rock, a corporation
organized and existing under the laws of Texas;

 

WHEREAS, the Trustees and Cap Rock desire to maintain
the continuity and stability of the policy and management of the Corporation;
and

 

WHEREAS, the Trustees believe it to be in the best
interests of the shareholders whose stock is currently held in the Cap Rock
Shareholders’ Trust (the “Trust”) and in the best interest of Cap Rock that the
shares held and controlled by Trustees (the “Shares”) be voted in accordance
with the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the foregoing, and
of the mutual promises and covenants contained herein, it is hereby agreed as
follows:

 

A.            Voting

 

1.             General.  The Trustees hereby agree to pool the voting
of the Shares held in the Cap Rock Energy Shareholders’ Trust (the “Trust”),
and to vote or consent with respect to all of such Shares as a block or unit in
all votes, in person or by proxy at any and all meetings of the shareholders of
Cap Rock, for whatever purpose called or held, and in any and all proceedings,
whether at a meeting of the shareholders or otherwise, wherein the vote or
written consent of the Trustees (or subsequent holder or owner of the Shares)
may be required or authorized by law. 
Without limiting the generality of the foregoing, with respect to the
following matters the Trustees, or their successors or the subsequent holders
or owners of the Shares, shall vote the Shares as follows:

 

(a)           Vote
for Directors

 

(i)            Election.  The Shares shall be voted for the persons
nominated by Cap Rock’s nominating committee.

 

(ii)             Replacement.  If any director so elected should die,
resign, be removed or become incapacitated or otherwise refuse to act in his or
her capacity as director, the Trustees shall vote for the 

 

 

replacement
nominated or appointed by the Board or the nominating committee at any election
required.

 

(b)  Vote on Other Issues.  In the event of a vote of the shareholders
involving authorization of (i) any amendment to the Corporation’s Certificate
of Incorporation; (ii) any amendment to the Corporation’s By-laws; (iii)
merger, consolidation or binding share exchange; (iv) sale or other disposition
of all or substantially all of the assets of the Corporation; (v) bankruptcy;
(vi) dissolution; or (vii) any other matter submitted to a vote of the shareholders,
the Trustees agree to pool the Shares and to vote them as a block or unit.  A vote on any particular issue shall be made
in the manner that the Board of Directors of Cap Rock has recommended, provided,
however, that notwithstanding the foregoing, with regard to any tender offer if
the premium (i.e., the price per Share offered in the tender offer or other
repurchase offer over the then market price per share of the Shares) for the
Shares covered by the tender offer ( or other repurchase offer) is 25% or
greater, the Trustees shall sell all of the Shares held in the corpus of the
Trust to the Offeror at the highest cash price offered under the tender offer
or other repurchase offer.

 

B.            Arbitration.  Any dispute regarding this Agreement, or any
vote hereunder, shall be settled by the appointment of an independent third
party arbitrator in accordance with the rules of the American Arbitration
Association.

 

C.            Proxy.  In order to facilitate the resolution of
any dispute referred to in Section B hereof, and to avoid any future dispute,
and to carry out the provisions of Section A hereof, the Trustees do hereby
grant, pursuant to Texas Business Corporation Act Article 2.29, to such person
as may be designated in writing by Cap Rock, within ten days of receipt of
notice of a meeting or other shareholder action, an irrevocable proxy to vote
the Shares in accordance with this Agreement.

 

D.            Provisions
to Survive Death or Incapacity of any Trustee or Transfer of the Shares to the
State.  In the event of the
death, incapacity or incompetence of any Trustee, the provisions of this
Agreement will continue to be binding on the Trust and the Shares held therein.  In the event any of the Shares currently held
in the Trust are transferred out of the Trust, to the State of Texas through an
escheat process, the provisions of this Agreement will continue to be binding
on the owner or holder of the Shares.

 

E.             Transfer
of Shares.  Shares may be
transferred only in accordance with the terms and conditions of the Trust or
pursuant to the escheat laws of the State of Texas.  Upon a transfer of Shares out of the Trust,
the shares shall remain subject to, and be voted in accordance with, the terms
of this Agreement, so long as the Shares are held are owned by the State of
Texas or other governmental entity.

 

F.             Endorsement
of Share Certificates.                Certificates for
Shares of Cap Rock subject to this Agreement shall be endorsed as follows:  “Any assignment, transfer, pledge or other
disposition of the shares represented by this certificate, and any subsequent
disposition 

 

2

 

thereof, is restricted by, and subject to, the By-laws of the
Corporation and the terms and provisions of a Voting Agreement dated as of December
31, 2004, copies of which are on file with the Secretary of the Corporation.”

 

G.            Termination.  This Agreement shall terminate upon the
occurrence of the earliest of any of the following events:

 

1.             The
written agreement of all of the Trustees, or their successors, or the
subsequent owners or holders of the Shares, and Cap Rock;

 

2.             The
expiration of the term of this Agreement or any renewal thereof and the failure
of some or all of the remaining Trustees and Cap Rock to have agreed to renew
this Agreement;

3.             The
merger or consolidation of Cap Rock with or into another entity or a binding
share exchange between the Cap Rock and another entity, if Cap Rock is not the
surviving corporation and the Shares represent less than the number of
outstanding shares of such surviving corporation that is needed to confer upon Cap
Rock more than fifty percent (50%) of the outstanding voting power of such
surviving corporation.

 

4.             The
issuance of the Shares to the legal owner of the Shares, or their heirs.  This provision applies to release the
restrictions herein only to those particular shares which are issued to the
legal owner for whom the Shares are currently held in Trust.

 

5.             The sale
or transfer of the Shares by the State of Texas, after the Shares have
escheated to the State of Texas, to a third party.  This provision applies to release the
restrictions herein only to those particular shares which are sold are
transferred by the State of Texas to a third party.

 

H.            Term.  This Agreement shall become effective upon
the date hereof and continue in effect for a period of five years from the date
hereof.

 

I.              Renewal.                This
Agreement may be renewed for successive one-year periods or such other term as
may be permitted by law, provided that the Trustees desiring to extend and
renew this Agreement give their written consent to such renewal prior to the
expiration of this Agreement.

 

J.             Consideration.     In
addition to the recitals and promises herein, Cap Rock agrees to pay to the
legal owner of the Shares, or their heirs, for whom the Shares are currently
held in Trust, ten percent of the current value of the shares as of the close
of the stock market on December 30, 2004, at the time any such shares are
issued to the legal owner as set forth above. 
Such amounts shall be due and payable to each legal owner of the Shares,
or their heirs, within ten days of the date any of the Shares currently held in
Trust are issued to the legal owner for whom the shares are currently held in
Trust. This consideration shall not be payable to any person or entity that
subsequently acquires such shares, other than the person or entity for whom the
Shares are currently held in Trust.  Any
of the Shares that are not subsequently issued to the 

 

3

 

person or entity for whom the Shares are currently held in Trust, shall
not be entitled to the above referenced payment.

 

4

 

K.            Amendment.         This
Agreement may be amended by the written agreement of all of the parties hereto.

 

L.            Benefit.                  This
Agreement shall be for the benefit of the parties hereto and shall be binding
on the parties hereto, their heirs, legal representatives, successors, assigns
and transferees.

 

M.           Governing
Law.    This Agreement shall be governed, construed and
enforced in accordance with the laws of Texas.

 

IN WITNESS WHEREOF, the Trustees have executed this
Agreement as of the date and year first written above.

 

 

	
  By: /s/ Alfred Schwartz

  	
   

  
	
  Alfred Schwartz,
  Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: /s/ Robert Holman

  	
   

  
	
  Robert Holman, Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Cap Rock Energy
  Corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: /s/ Will West

  	
   

  
	
  Will West, President

  	
   

  

 

5EXHIBIT 10.1

 

BRIDGE NOTE PURCHASE
AGREEMENT

 

This Agreement is made as of
December 31, 2004, by and among MedicalCV, Inc., a Minnesota corporation (“MDCV”),
and each investor who becomes a signatory to this Agreement (each an “Investor”
and collectively, the “Investors”).

 

AGREEMENT

 

SECTION 1 - PURCHASE AND SALE OF
NOTES

 

1.1           MDCV hereby agrees to issue
and sell to each Investor, and each Investor hereby agrees to purchase from
MDCV on the Closing Date (hereinafter defined) a Convertible Promissory Note (each
a “Note” and collectively, the “Notes”), in the principal amount
set forth opposite such Investor’s name on Exhibit A, and a five-year
warrant for the purchase of the number of shares of MDCV common stock set forth
opposite such Investor’s name on Exhibit A (each a “Bridge Warrant”
and collectively, the “Bridge Warrants”).  The Notes shall be in the form attached as Exhibit
B.  The Bridge Warrants shall be in
the form attached as Exhibit C. 
Within 10 days of the issuance of Next Shares (as defined herein), each
Investor will be required to elect one of the following two alternatives:  (1) convert the outstanding principal of, and
accrued but unpaid interest on, the Note into a number of Next Shares equal to
(a) the amount of the Note being converted divided by (b) 80% of the per share
sales price or per unit sales price, as applicable, of the Next Shares (but not
to exceed $1.49), and retain the Bridge Warrant (“Alternative 1”), or (2)
surrender the Note and the Bridge Warrant to MDCV in exchange for the issuance
of a number of Next Shares and any accompanying warrants issuable in connection
with the Next Shares (the “Additional Warrants”), equal to the amount of such
securities that could be purchased using the outstanding principal of, and
accrued but unpaid interest on, the Note (“Alternative 2”).  MDCV will provide each Investor with written
notice as soon as practicable following the issuance of Next Shares.  If any Investor fails to make his, her, or
its election within 10 days of the issuance of the Next Shares, such Investor
will be deemed to have elected Alternative 1. 
The Notes, the Next Shares issuable upon conversion of the Notes, the
Bridge Warrants, the shares issuable upon exercise of the Bridge Warrants, the
Next Shares issuable upon exchange of the Notes, any Additional Warrants
issuable upon exchange of the Notes, and the shares issuable upon exercise of
any Additional Warrants are sometimes referred to herein as “Securities.”  The term “Next Shares” mean the equity
securities issuable by MDCV in connection with MDCV’s next round of equity
financing subsequent to the date of this Agreement, subject to the terms and
conditions set forth in the Note.

 

1.2           The
closing of the purchase of the Notes and Bridge Warrants and delivery of the
purchase price of the Notes shall take place at the offices of MedicalCV, Inc.,
9725 South Robert Trail, Inver Grove Heights, MN 55077, at 10:30 a.m. on
Friday, December 31, 2004 (the “Closing Date”). 
At such closing, each Investor will deliver the purchase price to MDCV
and MDCV will deliver to each Investor an executed original of the Note
purchased hereunder and an executed original of the Bridge Warrant purchased
hereunder.  All payments will be made in
United States currency and remittance to MDCV shall be by cashier’s check or
wire transfer.

 

SECTION 2 - REPRESENTATIONS AND
WARRANTIES OF MDCV

 

To induce the Investors to
purchase the Notes and Bridge Warrants hereunder, MDCV represents to each
Investor as follows:

 

 

2.1           Existence of Company.  MDCV is a corporation duly organized, validly
existing and in good standing under the laws of the State of Minnesota, and has
the requisite corporate power and authority to own its properties and to carry
on its business in all material respects as it is now being conducted.  MDCV is duly qualified or licensed as a
foreign corporation in good standing in each jurisdiction wherein the nature of
its activities or of its properties owned or leased makes such qualification or
licensing necessary and failure to be so qualified or licensed would have a
material adverse impact on its business.

 

2.2           Authority to Execute.  The execution, delivery and performance by
MDCV of this Agreement and each Note and Bridge Warrant (collectively, the “Loan
Documents”) to which it is a party are within MDCV’ s corporate powers,
have been duly authorized by all necessary corporate action, do not and will
not conflict with any provision of law or of the charter or by-laws of MDCV or,
of any agreement or contractual restrictions binding upon or affecting MDCV or
any of its property, and  need no
further shareholder or creditor consent.

 

2.3           Binding Obligation.  This Agreement is, and the Notes and Bridge
Warrants when delivered hereunder will be, legal, valid, and binding
obligations of MDCV enforceable against MDCV in accordance with their
respective terms.

 

2.4           Disclosure.  MDCV has delivered to each Investor a
Confidential Private Placement Memorandum, dated December 21, 2004 (the “PPM”),
which describes the business of MDCV.

 

2.5           Defaults.  MDCV is not in default in the payment of
principal or interest on any indebtedness and is not in default under any
instrument or agreement to which it is a party, and no event has occurred and
is continuing which, with or without the lapse of time or the giving of notice,
or both, constitutes or would constitute an event of default under any such
instrument or agreement or under this Agreement.

 

2.6           Litigation.  No litigation or governmental proceeding is
pending or threatened against MDCV that may, alone or together with all other
such matters, have a materially adverse effect on the financial condition,
operations, or prospects of MDCV, and no basis therefore exists.

 

2.7           Securities Laws.  Based in part upon the representations and
warranties contained in Section 3 hereof, no consent, authorization,
approval, permit or order of or filing with any governmental or regulatory
authority, other than a Current Report on Form 8-K which will be filed with the
U.S. Securities and Exchange Commission within 4 business days of the Closing
Date and a Form D which will be filed with the U.S. Securities and Exchange
Commission within 15 days of the Closing Date, is required under current laws
and regulations in connection with the execution and delivery of the Loan
Documents or the offer, issuance, sale or delivery of the Notes and Bridge
Warrants.  Under the circumstances
contemplated hereby, the offer, issuance, sale and delivery of the Notes and
Bridge Warrants will not under current laws and regulations require compliance with
the prospectus delivery or registration requirements of the Securities Act of
1933, as amended (the ”Act”).

 

SECTION 3 - REPRESENTATIONS OF
THE INVESTOR

 

3.1           Each Investor, severally and
not jointly, hereby represents to MDCV:

 

a)             Investor has
full power and authority to enter into this Agreement and this Agreement and
each other Loan Document to which it is a party constitutes a valid and legally
binding obligation of the Investor, enforceable in accordance with its terms,
subject, as to

 

 

enforcement of remedies, to applicable bankruptcy, insolvency,
moratorium, reorganization and similar laws affecting creditors’ rights
generally and to general equitable principles.

 

b)            Investor has
had the opportunity to ask questions of, and receive answers from, executive
officers of MDCV concerning the terms and conditions of the investment and the
business and affairs of MDCV, and to obtain any additional information
necessary to verify such information as the Investor considers necessary or
advisable in order to form a decision concerning an investment in MDCV.  Investor also acknowledges that he has
received and has carefully reviewed the PPM.

 

c)             The Securities
are being acquired for investment for the Investor’s own account and not with
the view to, or for resale in connection with, any distribution or public
offering thereof.  Investor understands
that the Securities have not been registered under the Act, or any state
securities laws, by reason of the contemplated issuance in a transaction exempt
from the registration requirements of the Act and applicable state securities
laws and that the reliance of MDCV upon these exemptions is predicated in part
upon these representations by the Investor. 
Investor further understands that the Securities may not be transferred
or resold without registration under the Act and any applicable state
securities laws, or an exemption from the requirements of the Act and
applicable state securities laws.

 

d)            Investor is
able to bear the loss of his investment in the Securities without any material
adverse effect on the Investor’s financial position or prospects, and Investor
has such knowledge and experience in financial and business matters to be
capable of evaluating the merits and risks of the investment to be made
pursuant to this Agreement.  Without
limiting the foregoing, Investor understands that the Securities are highly
speculative, involve a high degree of risk, and should be purchased only by
persons who can afford the loss of their entire investment.  The Investor has carefully considered the
risks described under the caption “Risk Factors” in the PPM.

 

e)             Investor is (i)
a natural person whose individual net worth (assets less liabilities), or joint
net worth with his or her spouse, exceeds $1,000,000, or (ii) a natural person
whose individual income was in excess of $200,000, or whose joint income with
his or her spouse was in excess of $300,000, in each of the two most recent
years, and who has a reasonable expectation of reaching the same income level
for the current year.

 

f)             This Agreement
has been duly authorized by all necessary action on the part of the Investor,
has been duly executed and delivered by the Investor, and is a valid and
binding agreement of the Investor.

 

g)            Investor is NOT
subject to backup withholding provisions of Section 3406(a)(i)(C) of the
Internal Revenue Code of 1986, as amended (note: you are subject to backup
withholding if (i) you fail to furnish your Social Security number or taxpayer
identification number herein; (ii) the Internal Revenue Service notifies MDCV
that you furnished an incorrect Social Security number or taxpayer
identification number, (iii) you are notified that you are subject to backup
withholding; or (iv) you fail to certify that you are not subject to backup
withholding or fail to certify your Social Security number or taxpayer
identification number).

 

h)            It is
understood that the certificates evidencing the Securities may bear legends
required by applicable federal and state securities laws as well as the
following legend:

 

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY
STATE.  THESE SECURITIES ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS.

 

SECTION 4 - DEFAULTS

 

4.1           Events of Default.  Each of the following events shall be an
event of default (the ”Events of Default”) for purposes of this
Agreement and the Notes:

 

a)             Failure of MDCV
to pay the principal or interest on the Notes when due;

 

b)            Failure of MDCV
to perform or observe any covenant or agreement as required by the Loan
Documents (other than payment obligations) and continuation of such failure for
a period of 10 days following notice from one or more Investors;

 

c)             MDCV shall
generally not pay its debts as such debts become due, or shall admit in writing
its inability to pay its debts generally, or shall make a general assignment
for the benefit of creditors; or any proceeding shall be instituted by or
against MDCV seeking to adjudicate it bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment,
custodianship, protection, or relief of it or its debts under any law relating
to bankruptcy, insolvency or reorganization or relief of debtors, or seeking
the entry of an order for relief or the appointment of a receiver, custodian
trustee, or other similar official for it or for any substantial part of its
property;

 

d)            The entry
against MDCV of a final judgment, decree or order for the payment of money in
the excess of $100,000 and the continuance of such judgment, decree or order
unsatisfied for a period of 30 days without a stay of execution; or

 

e)             Any of the material
representations or covenants of MDCV made in this Agreement or other Loan
Documents are proven not to have been true and correct in any material respect
as of the date of this Agreement.

 

4.2           Rights and Remedies.  If any Event of Default shall occur, the
Investors holding Notes representing a majority of the aggregate principal
amount of all of the Notes may elect to exercise any or all of the following
rights and remedies:

 

a)             Declare the
Notes, all interest thereon, and all other obligations under, or pursuant to,
the Loan Documents to be immediately due and payable, and upon such
declaration, such Notes, interest and other obligations shall immediately be
due and payable, without presentment, demand, protest or any notice of any
kind, all of which are expressly waived; and

 

b)            Exercise any
and all other rights and remedies available to the Investors at law and in
equity.

 

4.3           Notice of Defaults.  Within five days of the occurrence or
existence of an Event of Default, MDCV shall give written notice thereof to
each Investor.

 

 

4.4           Termination of Section 4.  This Section 4 will terminate upon repayment
of all principal and accrued interest on the Note or conversion or exchange of
the Note in accordance with its terms, whichever occurs earlier.

 

SECTION 5 – SECURITIES
REGISTRATION

 

MDCV will grant to Investors
any securities registration rights it grants to purchasers of the Next Shares.

 

SECTION 6 - MISCELLANEOUS

 

6.1           No Waiver; Cumulative
Remedies.  No failure
or delay on the part of the Investors in exercising any right or remedy under,
or pursuant to, any Loan Document shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, remedy or power preclude
other or further exercise thereof, or the exercise of any other right, remedy
or power.  The remedies in the Loan
Documents are cumulative and are not exclusive of any remedies provided by law.

 

6.2           Amendments and Waivers.  No amendment or waiver of any provisions of
any Loan Document shall be effective unless such amendment or waiver is in
writing signed by Investors holding Notes representing a majority of the
aggregate principal amount of all Notes issued pursuant to this Agreement and
such amendment or waiver shall be effective only in the specific instance and for
the specific purpose for which it was given.

 

6.3           Notices, Etc.  All notices, requests, consents and other
communications hereunder to any party shall be deemed to be sufficient if
contained in a written instrument delivered in person, sent by facsimile transmission
to the fax number set forth on the signature page hereof, or such other number
as may hereinafter be designated in writing by the recipient to the sender, or
duly sent by first class registered or certified mail, return receipt
requested, postage prepaid, addressed to such party at the address set forth on
the signature page hereof or such other address as may hereafter be designated
in writing by the addressee to the addresser. 
All such notices, requests, consents and communications shall be deemed
to have been received (a) in the case of personal delivery, on the date of such
delivery, (b) in the case of facsimile transmission, on the date of
transmission if sent within normal business hours, otherwise on the following
business day, and (c) in the case of mailing, on the third day after the
posting thereof.

 

6.4           Governing Law.  All Loan Documents will be governed by and
construed in accordance with the laws of the State of Minnesota, excluding that
body of law relating to conflict of laws.

 

6.5           Severability.  If any term in this Agreement or other Loan
Documents shall be held to be illegal or unenforceable, the remaining portions
of this Agreement or other Loan Documents, as the case may be, shall not be
affected, and this Agreement or other Loan Documents, as the case may be, shall
be construed and enforced as if this Agreement or other Loan Documents, as the
case may be, did not contain the term held to be illegal or unenforceable.

 

6.6           Binding Effect; Assignment.  All Loan Documents shall be binding upon and
inure to the benefit of MDCV and the Investor and their respective successors
and assigns.  MDCV may not assign its
rights or interest under the Loan Documents without the prior written consent
of the Investors.

 

 

6.7           Survival of Warranties.  Except as otherwise noted in this Agreement,
the representations and warranties of contained in or made pursuant to this
Agreement shall survive the execution and delivery of this Agreement.

 

 

The undersigned hereby
agrees to be bound by the terms and conditions of this Agreement.

 

	
   

  	
  MEDICALCV, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By
  John H. Jungbauer

  
	
   

  	
  Its
  Vice President, Finance and

  
	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
  Address:  9725 South Robert Trail

  
	
   

  	
  Inver
  Grove Heights, MN 55077

  
	
   

  	
   

  
	
   

  	
  Phone:

  	
  (651)
  452-3000

  
	
   

  	
  Fax:

  	
  (651)
  452-4948

  
				

 

 

COUNTERPART SIGNATURE PAGE

 

TO

 

NOTE PURCHASE AGREEMENT

 

The undersigned hereby
agrees to be bound by the terms and conditions of this Agreement and
acknowledges that the other parties listed on Exhibit A have executed this
Agreement.

 

	
   

  	
  INVESTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mailing
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Residence
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Phone:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Fax:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SSN:

  	
   

  	
   

  
									

 

 

EXHIBIT A

 

TO

 

NOTE PURCHASE AGREEMENT

 

 

SCHEDULE OF NOTE PURCHASERS

 

	
  Name and Address of

  	
   

  	
  Principal Amount of

  	
   

  	
  Shares Purchasable upon

  
	
  Note Purchaser

  	
   

  	
  Convertible Promissory Note

  	
   

  	
  Exercise of Bridge Warrant

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT B

 

TO

 

NOTE PURCHASE AGREEMENT

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE PROMISSORY NOTE

 

Date of Issuance:  December 31, 2004 (“Date of Issuance”)

 

Name of Borrower:  MedicalCV, Inc., a Minnesota corporation (“MDCV”)

 

Name of Holder:                                                       (“Holder”)

 

Principal Amount of Note: $                                             (“Principal Amount”)

 

Subject to the terms and
conditions of this Note, for good and valuable consideration received, MDCV
promises to pay to the Holder  the
Principal Amount, plus simple interest accrued on unpaid principal from the
Date of Issuance until paid at the rate of ten percent (10%) per annum.

 

This Note is one of a series
of Convertible Promissory Notes (collectively, the “Notes”), all of
which are substantively identical to this Note except as to the holder thereof
and principal amount thereof.  The Holder
of this Note, the holders of any other Notes, and MDCV are parties to the
Bridge Note Purchase Agreement dated as of December 30, 2004 (the “Agreement”).  The Holder of this Note and the holders of
the other Notes are collectively referred to herein as “Noteholders.”

 

The following is a statement
of the rights of the Holder and the terms and conditions to which this Note is
subject and to which the Holder, by acceptance of this Note by its signature
below, agrees:

 

1.             Payment.

 

(a)           Obligation.  The outstanding principal under this Note
will be due and payable on May 31, 2005, and the accrued interest on this Note
will be due and payable on January 31, 2005, February 28, 2005, March 31, 2005,
April 30, 2005 and May 31, 2005, subject to conversion or exchange of this Note
upon consummation of MDCV’s Next Financing, as defined in Section 2(a).  All payments of principal and/or interest
under this Note will be made at the address of the Holder as is provided by the
Holder to MDCV in writing.

 

(b)           Equal Ranking
of Notes.  No payment
of any amount of principal and/or interest under this Note will be paid by MDCV
to the Holder unless an amount, prorated among the Notes in proportion to the
principal amount of each Note, is simultaneously paid to the holders of the
other Notes.

 

 

(c)           Prepayment.  MDCV may prepay this Note without the consent
of the Holder upon not less than 10 days’ prior written notice.

 

2.             Conversion.

 

(a)           Automatic
Conversion.  Within 10
days of the consummation of the Next Equity Financing (as hereinafter defined),
each Investor will be required to elect one of the following two
alternatives:  (1) convert the entire
unpaid principal and all accrued but unpaid interest under this Note into fully
paid and nonassessable Next Shares (as hereinafter defined) at a price per
share equal to eighty percent (80%) of the Issuance Price (as hereinafter
defined) of the Next Shares, and retain the Bridge Warrant (“Alternative 1”),
or (2) surrender the Note and the Bridge Warrant to MDCV in exchange for the
issuance of a number of Next Shares and any accompanying warrants issuable in
connection with the Next Shares (“Additional Warrants”), equal to the amount of
such securities that could be purchased using the entire unpaid principal and
all accrued but unpaid interest under this Note (“Alternative 2”).  MDCV will provide each Investor with written
notice as soon as practicable following the issuance of Next Shares.  If any Investor fails to make his, her, or
its election within 10 days of the issuance of the Next Shares, such Investor
will be deemed to have elected Alternative 1. 
The term “Next Equity Financing” means the sale by MDCV of equity
securities issuable by MDCV in connection with MDCV’s next round of equity
financing subsequent to the date of this Note. 
The term “Next Shares” means the equity securities issuable by
MDCV in connection with the Next Equity Financing.  The term “Issuance Price” means the per share
sales price or per unit sales price, as applicable, prior to deduction of any
brokers’, agents’ and underwriters’ commissions and fees, of the sale of the
Next Shares (but not to exceed $1.49).

 

(b)           Mechanics and
Effect of Conversion.  MDCV will
give all Noteholders written notice of the Next Equity Financing as soon as
practicable following the Next Equity Financing.  The Noteholders will surrender their Notes
(and Bridge Warrants if Alternative 2 is elected) on or before the date which
is 10 days after the Financing Date (as hereinafter defined) at the principal
offices of MDCV together with the executed signature page(s) to the purchase
documents and other agreements applicable to the Next Equity Financing as
requested by MDCV and reasonably acceptable to the Noteholders.  The conversion or exchange of this Note into
the Next Shares, pursuant to Section 2(a) hereof, will be deemed to have been
made on the date which is 10 days after the Financing Date and the Holder will
be treated for all purposes as the record holder of such Next Shares on such date.  The term “Financing Date” means the date of the
closing of the sale of the Next Shares.

 

(c)           General
Conversion Provisions.  Upon
conversion or exchange of this Note, MDCV will be forever released from all of
its obligations and liabilities hereunder and shall, as soon as practicable,
issue and deliver to the Holder a certificate or certificates for the type and
number of securities to which such Holder is entitled.  No fractional shares will be issued upon any
such conversion or exchange of this Note. 
In lieu of any fractional share to which the Holder would otherwise be
entitled, MDCV will pay the cash value of that fractional share to the Holder.

 

3.             Governing
Law.  This Note will be governed by
and construed in accordance with the laws of the State of Minnesota, excluding
that body of law relating to conflict of laws.

 

4.             Waiver.  MDCV hereby waives diligence, presentment,
demand, protest, and notice of dishonor.

 

 

5.             Acceleration.  If an Event of Default, as defined in the
Agreement, shall occur, then, pursuant to the terms of the Note and the
Agreement, the Holder may declare the principal of this Note, together with
interest accrued thereon, immediately due and payable at any time.

 

[SIGNATURE PAGE TO FOLLOW]

 

 

IN WITNESS WHEREOF, MDCV has caused this Note to be issued as
of the date first written above.

 

	
   

  	
  MEDICALCV, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By
  John H. Jungbauer

  
	
   

  	
  Its
  Vice President, Finance and

  
	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
							

 

 

EXHIBIT
C

 

TO

 

NOTE PURCHASE AGREEMENT

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS.

 

WARRANT

 

TO PURCHASE
SHARES OF COMMON STOCK

 

OF

 

MEDICALCV,
INC.

 

THIS
CERTIFIES THAT, for good and valuable consideration,                                              
(the “Holder”), or the Holder’s registered assigns, is entitled to subscribe
for and purchase from MedicalCV, Inc., a Minnesota corporation (the “MDCV”), at
any time after December 31, 2004, to and including December 31, 2009, a number
of fully paid and nonassessable shares of MDCV’s Common Stock (the “Shares”) at
a price per Share equal to the issuance price of the equity securities to be
sold by MDCV in its next equity financing following the date of this Warrant
(the “Next Shares”), subject to the antidilution provisions of this Warrant
(the “Exercise Price”); provided, however, that if the Next Shares are not
shares of Common Stock, the Exercise Price shall be equal to the per unit sales
price of the Next Shares, subject to the antidilution provisions of this
Warrant.  Notwithstanding the foregoing,
the Exercise Price of this Warrant shall not exceed $1.49 per Share.  This Warrant is issued under a Bridge Note
Purchase Agreement between the MDCV and each investor named as a signatory
therein, dated December 30, 2004 (the “Agreement”).  The number of Shares for which this Warrant
may be exercised is set
forth opposite such Investor’s name on Exhibit A to the Agreement.  As used herein, the term “Holder” means any
party who acquires all or a part of this Warrant as a registered transferee of
the Holder, or any record holder or holders of the Shares issued upon exercise,
whether in whole or in part, of this Warrant.

 

This
Warrant is subject to the following provisions, terms, and conditions:

 

6.             Exercise: 
Transferability. 
The rights represented by this Warrant may be exercised by the Holder
hereof, in whole or in part (but not as to a fractional Share), by written
notice of exercise (in the form attached hereto) delivered to MDCV at the
principal office of MDCV prior to the expiration of this Warrant and
accompanied or preceded by the surrender of this Warrant along with a check or
wire transfer of good funds in payment of the Exercise Price for such Shares.  Upon 10 days’ written notice, if the per
share market price of MDCV common stock exceeds $5.00 for 20 consecutive
business days following the date of issuance of this Warrant, MDCV may require
the Holder of this Warrant to exercise this Warrant within 30 days of such
notice.  If MDCV requires the Holder to
exercise this Warrant pursuant to the foregoing sentence, MDCV will permit the
Holder to exercise this Warrant on a cashless basis.

 

 

7.             Exchange and Replacement.  Subject to Sections 1 and 7 hereof, this
Warrant is exchangeable upon the surrender hereof by the Holder to MDCV at its
office for new Warrants of like tenor and date representing in the aggregate
the right to purchase the number of Shares purchasable hereunder, each of such
new Warrants to represent the right to purchase such number of Shares (not to
exceed the aggregate total number purchasable hereunder) as shall be designated
by the Holder at the time of such surrender. 
Upon receipt by MDCV 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 surrender and cancellation of this Warrant, if mutilated, MDCV will
make and deliver a new Warrant of like tenor, in lieu of this Warrant.  This Warrant shall be promptly canceled by
MDCV upon the surrender hereof in connection with any exchange or
replacement.  MDCV shall pay all expenses,
taxes (other than stock transfer taxes), and other charges payable in connection
with the preparation, execution, and delivery of Warrants pursuant to this
Section 2.

 

8.             Issuance of the Shares.

 

(a)           MDCV
agrees that the Shares purchased upon exercise of this Warrant shall be and are
deemed to be issued to the Holder as of the close of business on the date on
which this Warrant shall have been surrendered and the payment made for such
Shares as aforesaid.  Subject to the
provisions of Section 3(B), certificates for the Shares so purchased shall be
delivered to the Holder within a reasonable time not exceeding fifteen (15)
days after the rights represented by this Warrant shall have been so exercised,
and, unless this Warrant has expired, a new Warrant representing the right to
purchase the number of Shares, if any, with respect to which this Warrant shall
not then have been exercised shall also be delivered to the Holder within such
time.

 

(b)           Notwithstanding
the foregoing, however, MDCV shall not be required to deliver any certificate
for Shares upon exercise of this Warrant except in accordance with exemptions
from the applicable securities registration requirements or registrations under
applicable securities laws.  Such Holder
shall also provide MDCV with written representations from the Holder and the
proposed transferee satisfactory to MDCV regarding the transfer or, at the
election of MDCV, an opinion of counsel reasonably satisfactory to MDCV to the
effect that the proposed transfer of this Warrant or disposition of Shares may
be effected without registration or qualification (under any federal or state
law) of this Warrant or the Shares.  Upon
receipt of such written notice and either such representations or opinion by
MDCV, such Holder shall be entitled to transfer this Warrant, or to exercise
this Warrant in accordance with its terms and dispose of the Shares, all in
accordance with the terms of the notice delivered by such Holder to MDCV,
provided that an appropriate legend, if any, respecting the aforesaid
restrictions on transfer and disposition may be endorsed on this Warrant or the
certificates for the Shares.  Nothing
herein, however, shall obligate MDCV to effect registrations under federal or
state securities laws.  If exemptions are
not available when the Holder seeks to exercise the Warrant, the Warrant
exercise period will be extended, if need be, to prevent the Warrant from
expiring, until such time as exemptions are available, and the Warrant shall
then remain exercisable for a period of at least thirty (30) calendar days from
the date MDCV delivers to the Holder written notice of the availability of such
exemptions.  The Holder agrees to execute
such documents and make such representations, warranties, and agreements as may
be required solely to comply with the exemptions relied upon by MDCV for the
issuance of the Shares.

 

9.             Covenants of MDCV. 
MDCV covenants and agrees that all Shares issuable upon exercise of this
Warrant will upon issuance, be duly authorized and validly issued, fully paid,
nonassessable, and free from all taxes, liens, and charges with respect to the
issue thereof except for all taxes, liens and charges imposed upon the
Holder.  MDCV further covenants and
agrees that during the period within which rights represented by this Warrant
may be exercised, MDCV will at all times have

 

 

authorized and
reserved for the purpose of issue or transfer upon exercise of the subscription
rights evidenced by this Warrant a sufficient number of shares of Common Stock
to provide for the exercise of the rights represented by this Warrant.

 

10.           Antidilution Adjustments.

 

A.           If MDCV shall at any time hereafter
subdivide or combine its outstanding shares of Common Stock, or declare a
dividend payable in Common Stock, the Exercise Price in effect immediately
prior to the subdivision, combination or record date for such dividend payable
in Common Stock shall forthwith be proportionately increased, in the case of
combination, or proportionately decreased, in the case of subdivision or
declaration of a dividend payable in Common Stock, and the number of Shares
purchasable upon exercise of this Warrant, immediately preceding such event,
shall be changed to the number determined by dividing the then current Exercise
Price by the exercise price as adjusted after such subdivision, combination or
dividend payable in Common Stock multiplied by the number of Shares purchasable
upon exercise of this Warrant immediately preceding such event, so as to
achieve an adjusted exercise price and number of Shares purchasable after such
event proportional to such exercise price and number of Shares purchasable
immediately preceding such event.  No
adjustment in exercise price shall be required unless such adjustment would
require an increase or decrease of at least five ($0.05) in such price;
provided, however, that any adjustments which are not required to be so made
shall be carried forward and taken into account in any subsequent
adjustment.  All calculations hereunder
shall be made to the nearest cent or to the nearest one-hundredth of a Share,
as the case may be.

 

B.            In case
of any capital reorganization or any reclassification of the shares of Common
Stock of MDCV, or in the case of any consolidation with or merger of MDCV into
or with another corporation that is not a wholly-owned subsidiary of MDCV, or
the sale of all or substantially all of its assets to another corporation that
is not a wholly-owned subsidiary of MDCV, which is effected in such a manner
that the holders of Common Stock shall be entitled to receive stock, securities
or assets with respect to or in exchange for Common Stock, then, as a part of
such reorganization, reclassification, consolidation, merger or sale, as the
case may be, this Warrant shall, at the discretion of the Board of Directors of
MDCV, terminate and lawful provision shall be made so that the Holder of the
Warrant shall have the right thereafter to receive the kind and amount of
shares of stock or other securities or property which the Holder would have
been entitled to receive if, immediately prior to such reorganization,
reclassification, consolidation, merger or sale, the Holder had held the number
of Shares which were then purchasable upon the exercise of the Warrant, less a
deduction for the exercise price of this Warrant.  In any such case, appropriate adjustment (as
determined in good faith by the Board of Directors of MDCV) shall be made in
the application of the provisions set forth herein with respect to the rights
and interest thereafter of the Holder of the Warrant, to the end that the
provisions set forth herein (including provisions with respect to adjustment of
the exercise price) shall thereafter be applicable, as nearly as reasonably may
be, in relation to any shares of stock or other property thereafter deliverable
upon the exercise of the Warrant.  Unless
this Warrant shall be so terminated, MDCV shall make provision to ensure that
the successor corporation (if other than MDCV) resulting from such
consolidation or merger or the corporation purchasing such assets, shall assume
by written instrument, the obligation to deliver to such holder such shares of
stock, securities or assets as in accordance with the foregoing provisions,
such shareholder may be entitled to receive.

 

C.            If, for
the purpose of reincorporating MDCV in another state, any capital
reorganization or other reclassification of the shares of Common Stock, or a
consolidation or

 

 

merger of MDCV into or with another
corporation, or the sale of all or substantially all of its assets to another
corporation, is effected in such manner that the holders of Common Stock of
MDCV shall be entitled to receive stock, securities or assets with respect to
or in exchange for Common Stock, then, as a part of such reorganization,
reclassification, consolidation, merger or sale, as the case may be, lawful
provision shall be made so that the Holder of the Warrant shall have the right
thereafter to receive the kind and amount of shares of stock or other
securities or property which the Holder would have been entitled to receive if,
immediately prior to such reorganization, reclassification, consolidation,
merger or sale, the Holder had held the number of Shares which were then
purchasable upon exercise of the Warrant. 
MDCV shall not effect any such consolidation, merger or sale unless,
prior to the consummation thereof, the successor corporation (if other than
MDCV) resulting from such consolidation or merger or the corporation purchasing
such assets, shall assume by written instrument, the obligation to deliver to
such holder such shares of stock, securities or assets as in accordance with
the foregoing provisions such shareholder may be entitled to receive.

 

D.            When any
adjustment is required to be made in the Exercise Price, initial or adjusted,
MDCV shall forthwith determine the new Exercise Price, and

 

(i)            prepare
and retain on file a statement describing in reasonable detail the method used
in arriving at the new exercise price; and

 

(ii)           cause a copy of such statement to
be mailed to the Holder of the Warrants as of a date within ten (10) days after
the date when the circumstances giving rise to the adjustment occurred.

 

E.            MDCV will
not by amendment of its Articles of Incorporation or through reorganization,
consolidation, merger, dissolution or sale of assets, or by any other voluntary
act or deed, avoid or seek to avoid the observance or performance of any of the
covenants, stipulations or conditions to be observed or performed hereunder by
MDCV, but will, at all times in good faith, assist, insofar as it is able, in
the carrying out of all provisions hereof and in the taking of all other action
which may be necessary in order to protect the rights of the Holder hereof
against dilution.

 

11.           No Voting Rights. 
This Warrant shall not entitle the Holder to any voting rights or other
rights as a shareholder of MDCV.

 

12.           Notice of Transfer of Warrant or Resale of the Shares.

 

(a)           Subject
to the sale, assignment, hypothecation, or other transfer restrictions set
forth in Section 1 hereof, the Holder, by acceptance hereof, agrees to give
written notice to MDCV before transferring this Warrant or transferring any
Shares of such Holder’s intention to do so, describing briefly the manner of
any proposed transfer.  Promptly upon
receiving such written notice, MDCV shall present copies thereof to MDCV’s
counsel.  If, in the opinion of such
counsel, the proposed transfer may be effected without registration or
qualification (under any federal or state securities laws), MDCV, as promptly
as practicable, shall notify the Holder of such opinion, whereupon the Holder
shall be entitled to transfer this Warrant or to dispose of Shares received
upon the previous exercise of this Warrant, all in accordance with the terms of
the notice delivered by the Holder to MDCV; provided that an appropriate legend
may be endorsed on this Warrant or the certificates for such Shares respecting
restrictions upon transfer thereof necessary or advisable in the opinion of
counsel to MDCV and satisfactory to MDCV to prevent further transfers which
would be in violation of Section 5 of the Securities Act of 1933,

 

 

as amended (the “1933 Act”) and
applicable state securities laws; and provided further that the prospective
transferee or purchaser shall execute such documents and make such
representations, warranties, and agreements as may be required solely to comply
with the exemption relied upon by MDCV for the transfer or disposition of the
Warrant or Shares.  MDCV shall not be
obligated to permit the transfer of this Warrant or any Shares to any person
who is not an “accredited investor” as that term is defined under Rule 501 of
Regulation D under the 1933 Act.

 

(b)           If, in
the opinion of counsel for MDCV, the proposed transfer or disposition of this
Warrant or such Shares described in the written notice given pursuant to this
Section 7 may not be effected without registration or qualification of this
Warrant or such Shares, MDCV shall promptly give written notice thereof to the
Holder, and the Holder will limit his activities in respect to such as, in the
opinion of such counsel, are permitted by law.

 

13.           Fractional Shares. 
Fractional Shares shall not be issued upon the exercise of this Warrant,
but in any case where the Holder would, except for the provisions of this
Section 8, be entitled under the terms hereof to receive a fractional Share,
MDCV shall, upon the exercise of this Warrant for the largest number of whole
Shares then called for, pay a sum in cash equal to the sum of (a) the excess,
if any, of the market value of such fractional Share over the proportional part
of the Exercise Price represented by such fractional Share, plus (b) the
proportional part of the Exercise Price represented by such fractional Share.

 

14.           Miscellaneous. 
Whenever reference is made herein to the issue or sale of shares of
Common Stock, the term “Common Stock” shall include any stock of any class of
MDCV other than preferred stock with a fixed limit on dividends and a fixed
amount payable in the event of any voluntary or involuntary liquidation,
dissolution or winding up of MDCV.

 

Unless
MDCV is timely filing reports required under the Securities Exchange Act of
1934, as amended, MDCV agrees to provide Holder with detailed quarterly and
annual financial statements as soon as available, in a form reasonably
satisfactory to Holder, as well as any other documents as Holder or his counsel
may reasonably request in a form satisfactory to Holder, so long as this
Warrant or any Shares are outstanding and unregistered.

 

Upon
written request of the Holder of this Warrant, MDCV will promptly provide such
Holder with a then current written list of the names and addresses of all
holders of warrants originally issued under the terms of, and concurrent with,
this Warrant.

 

The
representations, warranties, and agreements herein contained shall survive the
exercise of this Warrant.  This Warrant
shall be interpreted under the laws of the State of Minnesota.

 

Neither
this Warrant nor any term hereof may be changed, waived, discharged, or
terminated orally but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought.

 

 

IN
WITNESS WHEREOF, MedicalCV, Inc. has caused this Warrant to be signed by its
duly authorized officer this 31st day of December, 2004.

 

	
   

  	
  MEDICALCV, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  John H.
  Jungbauer

  
	
   

  	
  Vice
  President, Finance and

  
	
   

  	
  Chief
  Executive Officer

  

 

 

NOTICE
OF EXERCISE OF WARRANT

 

 

(To be executed by the registered holder in order
to exercise the Warrant.)

 

 

TO:         MEDICALCV, INC.

 

The
undersigned hereby irrevocably elects to exercise the attached Warrant to
purchase for cash                          
of the Shares issuable upon the exercise of such Warrant, and requests that
certificates for such Shares (together with a new Warrant to purchase the
number of Shares, if any, with respect to which this Warrant is not exercised)
shall be issued in the name of:

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Print Name)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Please insert social security

  	
   

  	
   

  
	
  or other identifying number

  	
   

  	
   

  
	
  of registered Holder:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
											

 

*The signature on the Notice of Exercise
of Warrant must correspond to the name as written upon the face of the Warrant
in every particular without alteration or enlargement or any change
whatsoever.  When signing on behalf of a
corporation, partnership, trust or other entity, please indicate your
position(s) and title(s) with such entity.

 

 

ASSIGNMENT
FORM

 

 

(To be signed only upon authorized transfer of the
Warrant.)

 

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns, and transfers unto                                                  
the right to purchase the Shares to which the within Warrant relates and
appoints                                                  ,
attorney, to transfer said Warrant on the books of MEDICALCV, INC. with full
powers of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

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