Document:

EXHIBIT 4.1

                             FORM OF PROMISSORY NOTE

                      DATE OF ISSUANCE: __________ __, 2006

         THIS PROMISSORY NOTE issued by SPO Medical Inc., a company established
under the laws of the State of Delaware (the "Maker"), relates to the principal
amount of $__________ (the "Principal Debt") owed by the Maker to
______________________ , a __________ individual / company, with offices at
/residing at _______________________________ (hereinafter, along with all
subsequent holders of this Note, the "Payee").

         For value received, the Maker, hereby promises to pay the Principal
Debt plus Interest, defined below, to the order of the Payee, on or prior to
[ENTER DATE 12 MONTHS FROM DATE OF NOTE] ____________, 2007 (the "Maturity
Date") at Payee's principal place of business or such other address as Payee may
from time to time specify.

1.       Interest

         In consideration of the providing of the Principal Debt, subject to the
provisions of this Note, the Maker agrees to pay to the Payee, at the time of
repayment of the Principal Debt, interest of 8% per annum beginning from the
date hereof until repayment in full of all principal ("Interest").

2.       Transfer

         This Note may be transferred or exchanged by Payee subject to
compliance with the US Securities Act of 1933, as amended (the "Act"), and other
applicable state securities laws. In the event of any proposed transfer of this
Note, the Maker may require, prior to issuance of a new Note in the name of such
other person, that it receive reasonable transfer documentation including legal
opinions that the issuance of the Note in such other name does not and will not
cause a violation of the Act or any applicable state securities laws. Prior to
due presentment for transfer of this Note, the Maker and any agent of the Maker
may treat the person in whose name this Note is duly registered on the Maker's
Note Register as the owner hereof for the purpose of receiving payment as herein
provided and for all other purposes, whether or not this Note be overdue, and
neither the Maker nor any such agent shall be affected by notice to the
contrary.

3.       Payment Terms

         3.1 Application. Payments hereunder shall be applied in order of
priority, first to Interest accrued, then to the principal and thereafter to
other costs of Payee payable hereunder. Payments shall be deemed made upon
transfer of payment by Maker to the Payee's bank or other payee specified
financial institute or representative.

         3.2 Repayment. The amount outstanding on this Note may be repaid in
whole or in part at any time or times at the option of Maker without penalty.

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         3.3 Business Days. If any payment shall become due on a Saturday,
Sunday, or a public holiday under the laws of the State of New York or the
United States, such payment shall be due and made on the next succeeding
business day and such extension of time shall be included in computing interest
in connection with such payment.

         3.4 All payments contemplated hereby to be made "in cash" shall be made
in immediately available good funds in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and
private debts.

         4. No recourse shall be had for the payment of the principal of this
Note, or for any claim based hereon, or otherwise in respect hereof, against any
incorporator, shareholder, officer or director, as such, past, present or
future, of the Maker or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issue hereof, expressly waived and released.
This provision shall not affect the obligations of Maker in any manner under
this Note.

         5. Transfers. The Payee, by acceptance hereof, agrees that this Note is
being acquired for investment and that Payee will not offer, sell or otherwise
dispose of this Note except under circumstances which will not result in a
violation of applicable securities laws including without limitation, the Act or
any applicable state Blue Sky or foreign laws or similar laws relating to the
sale of securities.

         6. Events of Default. The following shall constitute an "Event of
Default":

            a.    The Maker shall default in the payment of principal at the
                  Maturity Date; or

            b.    Any of the representations or warranties made by the Maker
                  herein or in any certificate or financial or other written
                  statements heretofore or hereafter furnished by the Maker in
                  connection with the execution and delivery of this Note shall
                  be false or misleading in any material respect at the time
                  made; or

            c.    The Maker shall fail to perform or observe, in any material
                  respect, any other covenant, term, provision, condition,
                  agreement or obligation of the Note and such failure shall
                  continue uncured for a period of five (5) business days after
                  written notice from the Payee of such failure; or

            d.    The Maker shall (1) make an assignment for the benefit of
                  creditors or commence proceedings for its dissolution; or (2)
                  apply for or consent to the appointment of a trustee,
                  liquidator or receiver for its or for a substantial part of
                  its property or business; or

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            e.    A trustee, liquidator or receiver shall be appointed for the
                  Maker or for a substantial part of its property or business
                  without its consent and shall not be discharged within sixty
                  (60) days after such appointment; or

            f.    Any governmental agency or any court of competent jurisdiction
                  at the instance of any governmental agency shall assume
                  custody or control of the whole or any substantial portion of
                  the properties or assets of the Maker and shall not be
                  dismissed within sixty (60) days thereafter; or

            g.    Any money judgment, writ or warrant of attachment, or similar
                  process in excess of Two Hundred Thousand ($200,000) US
                  Dollars in the aggregate shall be entered or filed against the
                  Maker or any of its properties or other assets and shall
                  remain unpaid, unvacated, unbonded or unstayed for a period of
                  thirty (30) days or in any event later than five (5) days
                  prior to the date of any proposed sale thereunder; or

            h.    Bankruptcy, reorganization, insolvency or liquidation
                  proceedings or other proceedings for relief under any
                  bankruptcy law or any law for the relief of debtors shall be
                  instituted by or against the Maker and, if instituted against
                  the Maker, shall not be dismissed within thirty (30) days
                  after such institution or the Maker shall by any action or
                  answer approve of, consent to, or acquiesce in any such
                  proceedings or admit the material allegations of, or default
                  in answering a petition filed in any such proceeding; or

         Then, or at any time thereafter, and in each and every such case,
unless such Event of Default shall have been waived in writing by the Payee
(which waiver shall not be deemed to be a waiver of any subsequent default) at
the option of the Payee and in the Payee's sole discretion, the Payee may
consider this Note immediately due and payable, without presentment, demand,
protest or notice of any kind whatsoever, all of which are hereby expressly
waived, anything herein or in any note or other instruments contained to the
contrary notwithstanding, and the Payee may immediately enforce any and all of
the Payee's rights and remedies provided herein or any other rights or remedies
afforded by law.

     7. Representations and Warranties of the Maker: Lender represents and
warrants to Maker as follows:

            (a)   The Maker is a public company duly organized, validly existing
                  and in good standing under the laws of the State of Delaware;

            (b)   This Note, and the transactions contemplated hereby, have been
                  duly and validly authorized by the Maker, this Note has been
                  duly executed and delivered by the Maker and this Note is a
                  valid and binding obligations of the Maker enforceable in
                  accordance with its respective rights;

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            (c)   There is no action, suit, proceeding, inquiry or investigation
                  before or by any court, public board or body pending or, to
                  the knowledge of the Maker, threatened against or affecting
                  the Maker before or by any governmental authority or
                  non-governmental department, commission, board, bureau, agency
                  or instrumentality or any other person;

         8. Purchase Entirely for Own Account. The Payee is acquiring the Note
for investment for its own account, not as a nominee or agent, and not with a
view to, or for the resale or distribution of any part thereof. The Payee has no
present intention of selling, granting any participation in, or otherwise
distributing the same. The Payee 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 Note.

         9. Waivers and Consents.

         Maker hereby waives diligence, demand, presentment for payment, notice
of non-payment, protest and notice of protest, and specifically consents to and
waives notice of any renewals or extensions of this Note, whether made to or in
favor of Maker or any other person or persons. The pleading of any statute of
limitations as a defense to any demand against Maker is expressly waived by each
and all of said parties to the fullest extent permitted by law. The waiver by
Payee of any breach or violation of, or default under, any provision of this
Note shall not be a waiver by such party of any other provision or of any
subsequent breach or violation of this Note or default hereunder.

         10. Governing Law and Venue.

         This Note is governed by and is to be construed and enforced in
accordance with the laws of the State of New York. Any litigation between the
parties, which arises out of this Note, shall be instituted and prosecuted
exclusively in the appropriate court sitting in the city of New York.
Notwithstanding the foregoing, the Payee may take such actions in any other
jurisdiction which the Payee deems necessary and appropriate to enforce or
collect any court judgment in any dispute arising out of this Note or to seek
and obtain other relief as is necessary to enforce the terms of this Note.

         11. Payee's Rights and Remedies.

         The rights, powers and remedies of Payee under this Note shall be in
addition to all rights, powers and remedies given to Payee by virtue of any
statute or rule of law. All such rights, powers and remedies shall be cumulative
and may be exercised successively or concurrently in Payee's sole discretion.
Any forbearance, failure or delay by Payee in exercising any right, power or
remedy of Payee shall continue in full force and effect until such right, power
or remedy is specifically waived in writing executed by Payee.

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         IN WITNESS WHEREOF, this Note has been executed and delivered as of the
date first above written by the duly authorized representative of Maker.

SPO Medical Inc.

By:___________________________________EXHIBIT 4.2

THIS WARRANT AND THE ORDINARY SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR SIMILAR APPLICABLE LAWS
IN OTHER JURISDICTIONS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES
LAWS OR SPO MEDICAL EQUIPMENT LTD SHALL HAVE RECEIVED AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION OF SUCH SECURITIES UNDER
THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS
OR OTHER APPLICABLE SECURITIES LAWS IS NOT REQUIRED.

               WARRANT FOR THE PURCHASE OF COMMON SHARES OF STOCK

No. July 2006

      FOR VALUE RECEIVED, SPO Medical Inc. (the "Company"), hereby certifies
that _____________, or a permitted assignee thereof (hereinafter, the "Holder"),
is entitled, to purchase from the Company, at any time or from time to time
commencing March ___, 2006, and prior to 5:00 P.M., New York time, on March
____, 2008, __________________Thousand (____,000) [ENTER 16,250 SHARES FOR EACH
$25,000 OF PRONCIPAL UNDER NOTE] fully paid and nonassessable shares of the
common stock of the Company purchasable at a per share purchase price equal to
the lesser of (i) $1.50, and (ii) thirty five percent (35%) less than the
initial offering price of Company Common Stock offered in an initial public
offering on any stock exchange during the term of this Warrant and prior to
exercise. (Hereinafter, (i) said shares of the stock of the Company, together
with any other equity securities which may be issued by the Company with respect
thereto or in substitution therefore, is referred to as "Shares," (ii) the
shares of the stock of the Company purchasable hereunder or under any other
Warrant (as hereinafter defined) are referred to as the "Warrant Shares," (iii)
the aggregate purchase price payable hereunder for the Warrant Shares is
referred to as the "Aggregate Warrant Price," (iv) the price payable hereunder
for each of the Warrant Shares is referred to as the "Per Share Warrant Price,"
(v) this Warrant, and all warrants hereafter issued in exchange or substitution
for this Warrant or such other warrants are referred to as the "Warrants". The
Per Share Warrant Price is subject to adjustment as hereinafter provided; in the
event of any such adjustment, the number of Warrant Shares shall be adjusted by
dividing the Aggregate Warrant Price by the Per Share Warrant Price in effect
immediately after such adjustment.

      This Warrant is being issued in conjunction with Promissory Notes of the
Company for the sum of up to $500,000.

1.    Exercise of Warrant.

      This Warrant may be exercised, in whole at any time or in part from time
      to time, commencing ___________, 2006, and prior to 5:00 P.M., New York
      time, on __________, 2008, [ENTER DATE WHICH IS 24 MONTHS AFTER DATE OF
      THIS WARRANT] by the Holder by the surrender of this Warrant (with the
      subscription form at the end hereof duly executed) at the address set
      forth in Subsection 8.1 hereof, together with proper payment of the
      Aggregate Warrant Price, or the proportionate part thereof if this Warrant
      is exercised in part. Payment for Warrant Shares shall be made by
      certified or official bank check or wire transfer payable to the order of
      the Company. If

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      this Warrant is exercised in part, this Warrant must be exercised for a
      number of whole shares of Common Stock, and the Holder is entitled to
      receive a new Warrant Covering the Warrant Shares which have not been
      exercised and setting forth the proportionate part of the Aggregate
      Warrant Price applicable to such Warrant Shares. Upon such surrender of
      this Warrant, the Company will (a) issue a certificate or certificates in
      the name of the Holder for the largest number of whole Shares to which the
      Holder shall be entitled and, if this Warrant is exercised in whole, in
      lieu of any fractional Shares to which the Holder shall be entitled, pay
      to the Holder cash in an amount equal to the fair value of such fractional
      share (determined in such reasonable manner as the Board of Directors of
      the Company shall determine), and (b) deliver the other securities and
      properties receivable upon the exercise of this Warrant, or the
      proportionate part thereof if this Warrant is exercised in part, pursuant
      to the provisions of this Warrant.

2.    Reservation of Warrant Shares.

            The Company agrees that, prior to the expiration of this Warrant,
      the Company will at all times have authorized and in reserve, and will
      keep available, solely for issuance or delivery upon the exercise of this
      Warrant, the Shares stock and other securities and properties as from time
      to time shall be receivable upon the exercise of this Warrant, free and
      clear of all restrictions on sale or transfer and free and clear of all
      pre-emptive rights.

3.    Protection Against Certain Dilutive Events.

            3.1 In case of any capital reorganization or reclassification, or
      any consolidation or merger to which the Company is a party other than a
      merger or consolidation in which the Company is the continuing
      corporation, or in case of any sale or conveyance to another entity of the
      property of the Company as an entirety or substantially as an entirety, or
      in the case of any statutory exchange of securities with another
      corporation (including any exchange effected in connection with a merger
      of a third corporation (including any exchange effected in connection with
      a merger of a third corporation into the Company), the Holder of this
      Warrant shall have the right thereafter to convert such Warrant into the
      kind and amount of securities, cash or other property which he would have
      owned or have been entitled to receive immediately after such
      reorganization, reclassification, consolidation, merger, statutory
      exchange, sale or conveyance had this Warrant been converted immediately
      prior to the effective date of such reorganization, reclassification,
      consolidation, merger, statutory exchange, sale or conveyance and in any
      such case, if necessary, appropriate adjustment shall be made in the
      application of the provisions set forth in this Section 3 with respect to
      the rights and interests thereafter of the Holder of this Warrant to the
      end that the provisions set forth in this Section 3 shall thereafter
      correspondingly be made applicable, as nearly as may reasonably be, in
      relation to any shares of stock or other securities or be, in relation to
      any shares of stock or other securities or property thereafter deliverable
      on the conversion of this Warrant. The above provisions of this Subsection
      3.1 shall similarly apply to successive reorganizations,
      reclassifications, consolidations, mergers, statutory exchanges, sales or
      conveyances. The issuer of any shares of stock or other securities or
      property thereafter deliverable on the conversion of this Warrant shall be
      responsible for all of the agreements and obligations of the Company
      hereunder.

            3.2 No adjustment in the Per Share Warrant Price shall be required
      unless such adjustment would require an increase or decrease of at least
      $0.05 per Share; provided, however, that any adjustments which by reason
      of this Subsection 3.3 are not required to be made shall be carried
      forward and taken into account in any subsequent adjustment; provided
      further, however, that adjustments shall be required and made in
      accordance with the provisions of this Section 3 (other than this
      Subsection 3.3) not later than such time as may be required in order to
      preserve the

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      tax-free nature of a distribution to the Holder of this Warrant or Shares
      issueable upon exercise hereof. All calculations under this Section 3
      shall be made to the nearest cent or to the nearest 1/100th of a share, as
      the case may be. Anything in this Section 3 to the contrary
      notwithstanding, the Company shall be entitled to make such reductions in
      the Per Share Warrant Price, in addition to those required by this Section
      3, as it in its discretion shall deem to be advisable in order that any
      stock dividend, subdivision of shares or distribution of rights to
      purchase stock or securities convertible or exchangeable for stock
      hereafter made by the Company to its shareholders shall not be taxable.

4.    Fully Paid Stock; Taxes.

      The Company agrees that the Shares represented by each and every
      certificate for Warrant Shares delivered on the exercise of this Warrant
      shall, at the time of such delivery, be validly issued and outstanding,
      fully paid and nonassessable, and not subject to pre-emptive rights.

5.    Limited Transferability.

            The Holder of this Warrant, by acceptance hereof, acknowledges that
      this Warrant this Warrant has not been registered under the United States
      Securities Act of 1933, as amended, (the "Act") or similar applicable laws
      in other jurisdictions and has been issued to the Holder for investment
      and not with a view to the distribution of either the Warrant or the
      Warrant Shares. Neither this Warrant nor any of the Warrant Shares or any
      other security issued or issuable upon exercise of this Warrant may be
      sold, transferred, pledged or hypothecated in the absence of an effective
      registration statement under the Act or similar applicable laws relating
      to such security or an opinion of counsel satisfactory to the Company that
      registration is not so required under the Act or similar applicable laws.
      Each certificate for the Warrant, the Warrant Shares and any other
      security issued or issuable upon exercise of this Warrant shall contain a
      legend on the face thereof, in form and substance satisfactory to counsel
      for the Company, setting forth the restrictions on transfer contained in
      this Section.

6.    Loss, etc., of Warrant.

      Upon receipt of evidence satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant, and of indemnity reasonably
      satisfactory to the Company, if lost, stolen or destroyed, and upon
      surrender and cancellation of this Warrant, if mutilated, the Company
      shall execute and deliver to the Holder a new Warrant of like date, tenor
      and denomination.

7.    Warrant Holder Not Shareholders.

      Except as otherwise provided herein, this Warrant does not confer upon the
      Holder any right to vote or to consent to or receive notice as a
      shareholder of the Company, as such, in respect of any matters whatsoever,
      or any other rights or liabilities as a shareholder, prior to the exercise
      hereof.

8.    Communication.

      No notice or other communication under this Warrant shall be effective
      unless, but any notice or other communication shall be effective and shall
      be deemed to have been given if, the same is in writing and is mailed by
      first-class mail, postage prepaid, addressed to:

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            8.1 the Company at Attention: Michael Braunold, 21860 Burbank Blvd,
      Suite 380, Woodland Hills, California 91367,

            or such other address as the Company has designated in writing to
      the Holder.

            8.2 the Holder at such address as the Holder has designated in
      writing to the Company.

9.    Headings.

      The headings of this Warrant have been inserted as a matter of convenience
      and shall not affect the construction hereof.

10.   Applicable Law.

      This Warrant shall be governed by and construed in accordance with the law
      of the State of New York without giving effect to the principles of
      conflicts of law thereof.

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer this ___ day of _________ 2006.

                                            SPO Medical Inc.

                                            ------------------------------------
                                            Michael Braunold, CEO

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                                  SUBSCRIPTION

The undersigned, _________________, pursuant to the provisions of the foregoing
Warrant, hereby agrees to subscribe for and purchase _______________ common
Shares of the stock of SPO Medical Inc. covered by said Warrant, and makes
payment therefor in full at the price per share provided by said Warrant.

Dated:                         Signature:
      -------------------                    -----------------------------------

                               Address:
                                             -----------------------------------

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