Document:

Exhibit 10.33

 

FORM OF
REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of May 19, 2005,
by and between CORGENIX MEDICAL CORPORATION, a Nevada corporation (the “Company”),
and [[PURCHASERS] (the “Purchasers”).

 

This Agreement is made pursuant
to the Securities Purchase Agreement, dated as of the date hereof, by and
between the Purchasers and the Company (as amended, modified or supplemented
from time to time, the “Securities Purchase Agreement”), and pursuant to the
Notes and the Warrants referred to therein.

 

The Company and the Purchasers
hereby agree as follows:

 

1.                                       Definitions.  Capitalized terms used and not otherwise
defined herein that are defined in the Securities Purchase Agreement shall have
the meanings given such terms in the Securities Purchase Agreement.  As used in this Agreement, the following
terms shall have the following meanings:

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means shares of the Company’s common stock, par value $0.001 per share.

 

“Effectiveness
Date” means (i) with respect to the initial Registration
Statement required to be filed hereunder, a date no later than
one-hundred-twenty (120) days following the date hereof and (ii) with respect
to each additional Registration Statement required to be filed hereunder, a
date no later than forty (40) days following the applicable Filing Date.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor
statute.

 

“Filing Date”
means, (i) with respect to the initial Registration Statement required to
be filed hereunder, a date no later than thirty (30) days following the date
hereof, and (ii) with respect to shares of Common Stock issuable to the
Holder as a result of adjustments to the Fixed Conversion Price made pursuant
to the Securities Purchase Agreement, any Notes or the Warrants or otherwise,
thirty (30) days after the occurrence of such event or the date of the
adjustment of the Fixed Conversion Price.

 

“Holder”
or “Holders” means a Purchaser or the
Purchasers, as the case may be or any of their affiliates or transferees to the
extent any of them hold Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without
limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or threatened.

 

“Prospectus”
means the prospectus included in the Registration Statement (including, without
limitation, a prospectus that includes any information previously omitted from
a prospectus filed as part of an effective registration statement in reliance
upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by the
Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means the shares of Common Stock issued upon the
conversion of any Note (as defined in the Securities Purchase Agreement) and
issuable upon exercise of the Warrants.

 

“Registration
Statement” means each registration statement required to be filed
hereunder, including the Prospectus, amendments and supplements to such
registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities
Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same
effect as such Rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities
Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same
effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities
Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same
effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor
statute.

 

“Securities
Purchase Agreement” shall have the meaning provided above.

 

“Trading
Market” means any of the OTCBB, NASDAQ SmallCap Market, the Nasdaq
National Market, the American Stock Exchange or the New York Stock Exchange.

 

“Warrants”
means, collectively, the Common Stock purchase warrants issued pursuant to the
Securities Purchase Agreement.

 

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2.                                       Registration.

 

(a)                                  On
or prior to the applicable Filing Date the Company shall prepare and file with
the Commission a Registration Statement covering the Registrable Securities for
an offering to be made on a continuous basis pursuant to Rule 415.  The Registration Statement shall be on Form SB-2
(except if the Company is not then eligible to register for resale the
Registrable Securities on Form SB-2, in which case such registration shall
be on another appropriate form in accordance herewith).  The Company shall cause the Registration
Statement to become effective and remain effective as provided herein.  The Company shall use its reasonable
commercial efforts to cause the Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but
in any event no later than the Effectiveness Date.  The Company shall use its reasonable
commercial efforts to keep the Registration Statement continuously effective
under the Securities Act until the date which is the earlier date of when (i) all
Registrable Securities have been sold or (ii) all Registrable Securities
may be sold immediately without registration under the Securities Act and
without volume restrictions pursuant to Rule 144(k), as determined by the
counsel to the Company pursuant to a written opinion letter to such effect,
addressed and acceptable to the Company’s transfer agent and the affected
Holders (the  “Effectiveness Period”).

 

(b)                                 If:
(i) the Registration Statement is not filed on or prior to the Filing
Date; (ii) the Registration Statement is not declared effective by the
Commission by the Effectiveness Date; (iii) after the Registration
Statement is filed with and declared effective by the Commission, the
Registration Statement ceases to be effective (by suspension or otherwise) as
to all Registrable Securities to which it is required to relate at any time
prior to the expiration of the Effectiveness Period (without being succeeded
immediately by an additional registration statement filed and declared
effective) for a period of time which shall exceed 30 days in the aggregate per
year or more than 20 consecutive calendar days (defined as a period of 365 days
commencing on the date the Registration Statement is declared effective); or (iv) the
Common Stock is not listed or quoted, or is suspended from trading on any
Trading Market for a period of three (3) consecutive Trading Days
(provided the Company shall not have been able to cure such trading suspension
within 30 days of the notice thereof or list the Common Stock on another
Trading Market); (any such failure or breach being referred to as an “Event,”
and for purposes of clause (i) or (ii) the date on which such Event
occurs, or for purposes of clause (iii) the date on which such 30 day or
20 consecutive day period (as the case may be) is exceeded, or for purposes of
clause (iv) the date on which such three (3) Trading Day period is
exceeded, being referred to as “Event Date”), then until the applicable Event
is cured, the Company shall pay to each Holder an amount in cash, as liquidated
damages and not as a penalty, equal to 1.5% for each thirty (30) day period
(prorated for partial periods) on a daily basis of the sum of (x) the original
principal amount of the Term Note (as defined in the Securities Purchase
Agreement) held by such Holder plus (y) the original principal amount of each
applicable Minimum Borrowing Note (as defined in the Revolving Loan and
Security Agreement) held by such Holder. 
While such Event continues, such liquidated damages shall be paid not
less often than each thirty (30) days. 
Any unpaid liquidated damages as of the date when an Event has been
cured by the Company shall be paid within three (3) days following the
date on which such Event has been cured by the Company.

 

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(c)                                  Within
three business days of the Effectiveness Date, the Company shall cause its
counsel to issue a blanket opinion in the form attached hereto as Exhibit A,
to the transfer agent stating that the shares are subject to an effective
registration statement and can be reissued free of restrictive legend upon
notice of a sale by any of the Purchasers and confirmation by such Purchaser
that it has complied with the prospectus delivery requirements, provided that
the Company has not advised the transfer agent orally or in writing that the
opinion has been withdrawn. Copies of the blanket opinion required by this Section 2(c) shall
be delivered to the Purchasers within the time frame set forth above.

 

3.                                       Registration
Procedures.  If and whenever the
Company is required by the provisions hereof to effect the registration of any
Registrable Securities under the Securities Act, the Company will, as
expeditiously as possible:

 

(a)                                  prepare
and file with the Commission the Registration Statement with respect to such
Registrable Securities, respond as promptly as possible to any comments
received from the Commission, and use its best efforts to cause the
Registration Statement to become and remain effective for the Effectiveness
Period with respect thereto, and promptly provide to the Purchasers copies of
all filings and Commission letters of comment relating thereto;

 

(b)                                 prepare
and file with the Commission such amendments and supplements to the
Registration Statement and the Prospectus used in connection therewith as may
be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities covered by the Registration
Statement and to keep such Registration Statement effective until the
expiration of the Effectiveness Period;

 

(c)                                  furnish
to the Purchasers such number of copies of the Registration Statement and the
Prospectus included therein (including each preliminary Prospectus) as the
Purchasers reasonably may request to facilitate the public sale or disposition
of the Registrable Securities covered by the Registration Statement;

 

(d)                                 use
its commercially reasonable efforts to register or qualify the Purchasers’ Registrable
Securities covered by the Registration Statement under the securities or “blue
sky” laws of such jurisdictions within the United States as the Purchasers may
reasonably request, provided, however, that the Company shall not for any such
purpose be required to qualify generally to transact business as a foreign
corporation in any jurisdiction where it is not so qualified or to consent to
general service of process in any such jurisdiction;

 

(e)                                  list
the Registrable Securities covered by the Registration Statement with any
securities exchange on which the Common Stock of the Company is then listed;

 

(f)                                    immediately
notify the Purchasers at any time when a Prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any
event of which the Company has knowledge as a result of which the Prospectus
contained in

 

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such Registration
Statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing; and

 

(g)                                 make
available for inspection by the Purchasers and any attorney, accountant or
other agent retained by the Purchasers, all publicly available,
non-confidential financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company’s officers, directors and
employees to supply all publicly available, non-confidential information
reasonably requested by the attorney, accountant or agent of the Purchasers.

 

4.                                       Registration
Expenses.  All expenses relating to
the Company’s compliance with Sections 2 and 3 hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel and independent public accountants for the Company,
fees and expenses (including counsel fees) incurred in connection with
complying with state securities or “blue sky” laws, fees of the NASD, transfer
taxes, fees of transfer agents and registrars, fees of, and disbursements
incurred by, one counsel for the Holders (to the extent such counsel is
required due to the Company’s failure to meet any of its obligations
hereunder), are called “Registration Expenses”. All selling commissions
applicable to the sale of Registrable Securities, including any fees and
disbursements of any special counsel to the Holders beyond those included in
Registration Expenses, are called “Selling Expenses.”  The Company shall only be responsible for all
Registration Expenses.

 

5.                                       Indemnification.

 

(a)                                  In
the event of a registration of any Registrable Securities under the Securities
Act pursuant to this Agreement, the Company will indemnify and hold harmless
each of the Purchasers, and their respective officers, directors and each other
person, if any, who controls any of the Purchasers within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which any of the Purchasers, or such persons may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact contained
in any Registration Statement under which such Registrable Securities were
registered under the Securities Act pursuant to this Agreement, any preliminary
Prospectus or final Prospectus contained therein, or any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the
Purchasers, and each such person for any reasonable legal or other expenses
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the Company will
not be liable in any such case if and to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission so made in conformity
with information furnished by or on behalf of any of the Purchasers or any such
person in writing specifically for use in any such document.

 

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(b)                                 In
the event of a registration of the Registrable Securities under the Securities
Act pursuant to this Agreement, each of the Purchasers will indemnify and hold
harmless the Company, and its officers, directors and each other person, if
any, who controls the Company within the meaning of the Securities Act, against
all losses, claims, damages or liabilities, joint or several, to which the
Company or such persons may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact which was furnished in writing by
such Purchaser to the Company expressly for use in (and such information is
contained in) the Registration Statement under which such Registrable
Securities were registered under the Securities Act pursuant to this Agreement,
any preliminary Prospectus or final Prospectus contained therein, or any
amendment or supplement thereof, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse
the Company and each such person for any reasonable legal or other expenses
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action, provided, however, that such Purchaser will
be liable in any such case if and only to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission so made in conformity
with information furnished in writing to the Company by or on behalf of such
Purchaser specifically for use in any such document.  Notwithstanding the provisions of this paragraph,
no Purchaser shall be required to indemnify any person or entity in excess of
the amount of the aggregate net proceeds received by such Purchaser in respect
of Registrable Securities in connection with any such registration under the
Securities Act.

 

(c)                                  Promptly
after receipt by a party entitled to claim indemnification hereunder (an “Indemnified
Party”) of notice of the commencement of any action, such Indemnified Party
shall, if a claim for indemnification in respect thereof is to be made against
a party hereto obligated to indemnify such Indemnified Party (an “Indemnifying
Party”), notify the Indemnifying Party in writing thereof, but the omission so
to notify the Indemnifying Party shall not relieve it from any liability which
it may have to such Indemnified Party other than under this Section 5(c) and
shall only relieve it from any liability which it may have to such Indemnified
Party under this Section 5(c) if and to the extent the Indemnifying
Party is prejudiced by such omission. In case any such action shall be brought
against any Indemnified Party and it shall notify the Indemnifying Party of the
commencement thereof, the Indemnifying Party shall be entitled to participate
in and, to the extent it shall wish, to assume and undertake the defense
thereof with counsel satisfactory to such Indemnified Party, and, after notice
from the Indemnifying Party to such Indemnified Party of its election so to
assume and undertake the defense thereof, the Indemnifying Party shall not be
liable to such Indemnified Party under this Section 5(c) for any
legal expenses subsequently incurred by such Indemnified Party in connection
with the defense thereof; if the Indemnified Party retains its own counsel,
then the Indemnified Party shall pay all fees, costs and expenses of such
counsel, provided, however, that, if the defendants in any such action include
both the Indemnified Party and the Indemnifying Party and the Indemnified Party
shall have reasonably concluded that there may be reasonable defenses available
to it which are different from or additional to

 

6

 

those available to
the Indemnifying Party or if the interests of the Indemnified Party reasonably
may be deemed to conflict with the interests of the Indemnifying Party, the
Indemnified Party shall have the right to select one separate counsel and to
assume such legal defenses and otherwise to participate in the defense of such
action, with the reasonable expenses and fees of such separate counsel and
other expenses related to such participation to be reimbursed by the
Indemnifying Party as incurred.

 

(d)                                 In
order to provide for just and equitable contribution in the event of joint
liability under the Securities Act in any case in which either (i) the
Purchasers, or any officer, director or controlling person of the Purchasers,
makes a claim for indemnification pursuant to this Section 5 but it is
judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of
the last right of appeal) that such indemnification may not be enforced in such
case notwithstanding the fact that this Section 5 provides for
indemnification in such case, or (ii) contribution under the Securities
Act may be required on the part of the Purchasers or such officer, director or
controlling person of the Purchasers in circumstances for which indemnification
is provided under this Section 5; then, and in each such case, the Company
and the Purchasers will contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject (after contribution from others) in
such proportion so that each Purchaser is responsible only for the portion
represented by the percentage that the public offering price of its securities
offered by the Registration Statement bears to the public offering price of all
securities offered by such Registration Statement, provided, however, that, in
any such case, (A) no Purchaser will be required to contribute any amount
in excess of the public offering price of all such securities offered by it
pursuant to such Registration Statement; and (B) no person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of
the Act) will be entitled to contribution from any person or entity who was not
guilty of such fraudulent misrepresentation.

 

6.                                       Representations
and Warranties.

 

(a)                                  The
Common Stock of the Company is registered pursuant to Section 12(b) or
12(g) of the Exchange Act and, except with respect to certain matters
which the Company has disclosed to the Purchasers on Schedule 4.21 to the
Securities Purchase Agreement, the Company has timely filed all proxy
statements, reports, schedules, forms, statements and other documents required
to be filed by it under the Exchange Act. 
The Company has filed (i) its Annual Report on Form 10-KSB for
its fiscal year ended June 30, 2004 and (ii) its Quarterly Report on Form 10-QSB
for the fiscal quarters ended September 30, 2004 and December 31,
2004 (collectively, the “SEC Reports”). 
Each SEC Report was, at the time of its filing, in substantial
compliance with the requirements of its respective form and none of the SEC
Reports, nor the financial statements (and the notes thereto) included in the
SEC Reports, as of their respective filing dates, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.  The financial statements of the Company
included in the SEC Reports comply as to form in all material respects with
applicable accounting requirements and the published rules and regulations
of the Commission or

 

7

 

other applicable rules and
regulations with respect thereto.  Such
financial statements have been prepared in accordance with generally accepted
accounting principles (“GAAP”) applied on a consistent basis during the periods
involved (except (i) as may be otherwise indicated in such financial
statements or the notes thereto or (ii) in the case of unaudited interim
statements, to the extent they may not include footnotes or may be condensed)
and fairly present in all material respects the financial condition, the
results of operations and the cash flows of the Company and its subsidiaries,
on a consolidated basis, as of, and for, the periods presented in each such SEC
Report.

 

(b)                                 The
Common Stock is listed for trading on the OTCBB and satisfies all requirements for
the continuation of such listing.  The
Company has not received any notice that its Common Stock will be delisted from
the OTCBB (except for prior notices which have been fully remedied) or that the
Common Stock does not meet all requirements for the continuation of such
listing.

 

(c)                                  Neither
the Company, nor any of its affiliates, nor any person acting on its or their
behalf, has directly or indirectly made any offers or sales of any security or
solicited any offers to buy any security under circumstances that would cause
the offering of the Securities pursuant to the Securities Purchase Agreement to
be integrated with prior offerings by the Company for purposes of the
Securities Act which would prevent the Company from selling the Common Stock
pursuant to Rule 506 under the Securities Act, or any applicable
exchange-related stockholder approval provisions, nor will the Company or any
of its affiliates or subsidiaries take any action or steps that would cause the
offering of such Securities to be integrated with other offerings.

 

(d)                                 The
Warrants, the Notes and the shares of Common Stock which the Purchasers may
acquire pursuant to the Warrants and the Notes are all restricted securities
under the Securities Act as of the date of this Agreement.  The Company will not issue any stop transfer
order or other order impeding the sale and delivery of any of the Registrable
Securities at such time as such Registrable Securities are registered for
public sale or an exemption from registration is available, except as required
by federal or state securities laws.

 

(e)                                  The
Company understands the nature of the Registrable Securities issuable upon the
conversion of the Notes and the exercise of the Warrants and recognizes that
the issuance of such Registrable Securities may have a potential dilutive
effect.  The Company specifically
acknowledges that its obligation to issue the Registrable Securities is binding
upon the Company and enforceable regardless of the dilution such issuance may
have on the ownership interests of other shareholders of the Company.

 

(f)                                    Except
for agreements made in the ordinary course of business, there is no agreement
that has not been filed with the Commission as an exhibit to a registration
statement or to a form required to be filed by the Company under the Exchange
Act, the breach of which could reasonably be expected to have a material and
adverse effect on the Company and its subsidiaries, or would prohibit or
otherwise interfere with the ability of the Company to enter into and perform any
of its obligations under this Agreement in any material respect.

 

8

 

(g)                                 The
Company will at all times have authorized and reserved a sufficient number of
shares of Common Stock for the full conversion of the Notes and the exercise of
the Warrants.

 

7.                                       Miscellaneous.

 

(a)                                  Remedies.  In the event of a breach by the Company or by
a Holder, of any of their respective obligations under this Agreement, each
Holder or the Company, as the case may be, in addition to being entitled to
exercise all rights granted by law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this
Agreement.

 

(b)                                 No
Piggyback on Registrations.  Except
as and to the extent specified in Schedule 7(b) hereto, neither the
Company nor any of its security holders (other than the Holders in such
capacity pursuant hereto) may include securities of the Company in any
Registration Statement other than the Registrable Securities, and the Company
shall not after the date hereof enter into any agreement providing any such
right for inclusion of shares in the Registration Statement to any of its
security holders. Except as and to the extent specified in Schedule 7(b) hereto,
the Company has not previously entered into any agreement granting any
registration rights with respect to any of its securities to any Person that
have not been fully satisfied.

 

(c)                                  Compliance.  Each Holder covenants and agrees that it will
comply with the prospectus delivery requirements of the Securities Act as
applicable to it in connection with sales of Registrable Securities pursuant to
the Registration Statement.

 

(d)                                 Discontinued
Disposition.  Each Holder agrees by
its acquisition of such Registrable Securities that, upon receipt of a notice
from the Company of the occurrence of a Discontinuation Event (as defined
below), such Holder will forthwith discontinue disposition of such Registrable
Securities under the applicable Registration Statement until such Holder’s
receipt of the copies of the supplemented Prospectus and/or amended
Registration Statement or until it is advised in writing (the “Advice”) by the
Company that the use of the applicable Prospectus may be resumed, and, in
either case, has received copies of any additional or supplemental filings that
are incorporated or deemed to be incorporated by reference in such Prospectus
or Registration Statement. The Company may provide appropriate stop orders to
enforce the provisions of this paragraph. 
For purposes of this Section 7(d), a “Discontinuation Event” shall
mean (i) when the Commission notifies the Company whether there will be a “review”
of such Registration Statement and whenever the Commission comments in writing
on such Registration Statement (the Company shall provide true and complete
copies thereof and all written responses thereto to each of the Holders); (ii) any
request by the Commission or any other Federal or state governmental authority
for amendments or supplements to such Registration Statement or Prospectus or
for additional information; (iii) the issuance by the Commission of any
stop order suspending the effectiveness of such Registration Statement covering
any or all of the Registrable Securities or the initiation of any Proceedings
for that purpose; (iv) the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification
of any of

 

9

 

the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose; and/or (v) the occurrence of any event or
passage of time that makes the financial statements included in such
Registration Statement ineligible for inclusion therein or any statement made
in such Registration Statement or Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect
or that requires any revisions to such Registration Statement, Prospectus or
other documents so that, in the case of such Registration Statement or
Prospectus, as the case may be, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

(e)                                  Piggy-Back
Registrations.  If at any time during
the Effectiveness Period there is not an effective Registration Statement
covering all of the Registrable Securities and the Company shall determine to
prepare and file with the Commission a registration statement relating to an
offering for its own account or the account of others under the Securities Act
of any of its equity securities, other than on Form S-4 or Form S-8
(each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans, then the Company
shall send to each Holder written notice of such determination and, if within
fifteen days after receipt of such notice, any such Holder shall so request in
writing, the Company shall include in such registration statement all or any
part of such Registrable Securities such holder requests to be registered to
the extent the Company may do so without violating registration rights of
others which exist as of the date of this Agreement, subject to customary
underwriter cutbacks applicable to all holders of registration rights and
subject to obtaining any required consent of any selling stockholder(s) to such
inclusion under such registration statement.

 

(f)                                    Amendments
and Waivers.  The provisions of this
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 the Holders of the then outstanding Registrable
Securities. 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 certain 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
Registrable 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.

 

(g)                                 Notices.  Any notice or request hereunder may be given
to the Company or the Purchasers at the respective addresses set forth below or
as may hereafter be specified in a notice designated as a change of address
under this Section 7(g).  Any notice
or request hereunder shall be given by registered or certified mail, return
receipt requested, hand delivery, overnight mail, Federal Express or other
national overnight next day carrier (collectively, “Courier”) or telecopy
(confirmed by mail).  Notices and

 

10

 

requests shall be,
in the case of those by hand delivery, deemed to have been given when delivered
to any party to whom it is addressed, in the case of those by mail or overnight
mail, deemed to have been given three (3) business days after the date
when deposited in the mail or with the overnight mail carrier, in the case of a
Courier, the next business day following timely delivery of the package with
the Courier, and, in the case of a telecopy, when confirmed.  The address for such notices and
communications shall be as follows:

 

	
  If to the
  Company:

  	
   

  	
  CORGENIX
  MEDICAL CORPORATION

  12061 Tejon Street

  Westminster, CO 80234

  Attention: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  If to a
  Purchaser:

  	
   

  	
  [PURCHASER’S
  ADDRESS]

  
	
   

  	
   

  	
   

  
	
  If to any
  other Person who is then the registered Holder:

  	
   

  	
  To the
  address of such Holder as it appears in the stock transfer books of the
  Company

  

 

or such other
address as may be designated in writing hereafter in accordance with this Section 7(g) by
such Person.

 

(h)                                 Successors
and Assigns.  This Agreement shall
inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder.
The Company may not assign its rights or obligations hereunder without the
prior written consent of each Holder. 
Each Holder may assign their respective rights hereunder in the manner
and to the Persons as permitted under the Securities Purchase Agreement and
each Term Note.

 

(i)                                     Execution
and Counterparts. This 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. In
the event that any signature is delivered by facsimile transmission, such
signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and
effect as if such facsimile signature were the original thereof.

 

(j)                                     Governing
Law. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and
enforced in accordance with the internal laws of the State of New York, without
regard to the principles of conflicts of law thereof. Each party agrees that
all Proceedings concerning the interpretation, enforcement and defense of the
transactions contemplated by this Agreement shall be commenced exclusively in
the state and federal courts sitting in the City of New York, Borough of
Manhattan. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough
of Manhattan for the adjudication of any dispute hereunder or in

 

11

 

connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any Proceeding, any
claim that it is not personally subject to the jurisdiction of any such court
or that such Proceeding is improper. 
Each party hereto hereby irrevocably waives personal service of process
and consents to process being served in any such Proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any
legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. If either party shall commence a Proceeding
to enforce any provisions of this Agreement, the Securities Purchase Agreement,
or any Related Agreement, then the prevailing party in such Proceeding shall be
reimbursed by the other party for its reasonable attorneys fees and other costs
and expenses incurred with the investigation, preparation and prosecution of
such Proceeding.

 

(k)                                  Cumulative
Remedies.  The remedies provided
herein are cumulative and not exclusive of any remedies provided by law.

 

(l)                                     Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall 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.

 

(m)                               Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOLLOWS]

 

12

 

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

 

 

	
  CORGENIX MEDICAL
  CORPORATION

  	
  [PURCHASERS]

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  

 

13

 

EXHIBIT A

 

[Month
   , 2005]

 

[Transfer Agent]

 

Re:                                     Corgenix
Medical Corporation Registration Statement on Form SB-2

 

Ladies and Gentlemen:

 

As counsel to Corgenix Medical
Corporation, a Nevada corporation (the “Company”), we have been requested to
render our opinion to you in connection with the resale by the individuals or
entitles listed on Schedule A attached hereto (the “Selling Stockholders”),
of an aggregate of [amount] shares (the “Shares”) of the Company’s Common
Stock.

 

A Registration Statement on Form SB-2
under the Securities Act of 1933, as amended (the “Act”), with respect to the
resale of the Shares was declared effective by the Securities and Exchange
Commission on [date].  Enclosed is the
Prospectus dated [date].  We understand that
the Shares are to be offered and sold in the manner described in the
Prospectus.

 

Based upon the foregoing, upon
request by the Selling Stockholders at any time while such registration
statement remains effective, it is our opinion that the Shares have been
registered for resale under the Act and new certificates evidencing the Shares
upon their transfer or re-registration by the Selling Stockholders may be
issued without restrictive legend.  We
will advise you if such registration statement is not available or effective at
any point in the future.

 

Very truly yours,

 

 

[Company counsel]

 

 

Schedule A

 

	
  Selling Stockholder

  	
   

  	
   

  	
   

  	
  Shares

  Being Offered

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

Schedule 7(b)Exhibit 10.34

 

FORM OF
RESTRICTED ACCOUNT AGREEMENT

 

This Restricted Account
Agreement (this “Agreement”) is entered into this 19th day of May, 2005, by and
among [BANK], a New York banking corporation with offices at [ADDRESS]
(together with its successors and assigns, the “Bank”), CORGENIX MEDICAL
CORPORATION, a Nevada corporation with offices at 12061 Tejon Street,
Westminster, Colorado 80234 (together with its successors and assigns, the “Company”),
and [PURCHASERS] (“Purchasers”).  Unless
otherwise defined herein, capitalized terms used herein shall have the meaning
provided such terms in the Purchase Agreement referred to below.

 

WHEREAS, Purchasers have
provided financing to the Company, which financing is evidenced by a Securities
Purchase Agreement (as amended, modified or supplemented from time to time, the
“Purchase Agreement”) and the Related Agreements referred to therein;

 

WHEREAS, the Company and
Purchasers have retained the Bank to provide certain services with respect to
the Restricted Account (as defined below); and

 

WHEREAS, the Company and
Purchasers have agreed that an amount of cash equal to $250,000 shall be
deposited by Purchasers on behalf of the Company by wire transfer of
immediately available funds into the Restricted Account, which cash shall be
held by the Bank for the benefit of Purchasers, as security for the Company’s
and its Subsidiaries’ obligations under the Purchase Agreement and the Related
Agreements.  For the purposes of this
Agreement, the “Restricted Account” shall mean that certain deposit account (as
defined in Section 9-102 of the Uniform Commercial Code as in effect in
the State of New York on the date hereof) described on Exhibit B hereto,
which Restricted Account shall be maintained at the Bank and shall be in the sole
dominion and control of Purchasers;

 

NOW THEREFORE, in consideration
of the mutual promises contained herein and for other good and valuable
consideration the sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

 

1.                                       The
Bank is hereby authorized to accept for deposit into the Restricted Account the
sum of $250,000.  The Bank hereby agrees
to hold any and all monies, and other amounts from time to time on deposit
and/or held in the Restricted Account for the benefit of Purchasers and shall
not release any monies held in the Restricted Account until such time as the
Bank shall have received a notice from Purchasers substantially in the form
attached hereto as Exhibit A (a “Release Notice”).  Following the receipt of a Release Notice
from Purchasers, the Bank agrees to promptly disburse the amount of cash
referred to in such Release Notice to such account as Purchasers shall
determine in their sole discretion.  The
Bank hereby agrees that it will only comply with written instructions
originated by Purchasers directing disposition of funds in the Restricted
Account.  The Company hereby irrevocably
authorizes the Bank to comply with any and all instructions given to the Bank
by Purchasers with respect to the Restricted Account without further consent by
the Company.  The Bank, the Company and
Purchasers agree that the Restricted Account is in Purchasers’ sole dominion
and control.

 

2.                                       Each
of the Company, Purchasers and the Bank hereby agrees that the Restricted
Account shall not be closed, and the account name and account number in respect
thereof shall

 

 

not
be changed, in any case, without the consent of Purchasers, except as
specifically provided for in Section 9 below.

 

3.                                       The
Bank hereby subordinates any claims and security interests it may have against,
or with respect to, the Restricted Account (including any amounts from time to
time on deposit therein) to the security interests of Purchasers therein, and
agrees that no amounts shall be charged by it to, or withheld or set-off or
otherwise recouped by it from, the Restricted Account or any amounts from time
to time on deposit therein; provided that, in connection with all service
charges and any other charges which the Bank is entitled to receive in
connection with the servicing and maintaining of the Restricted Account (such
charges, collectively, the “Charges”), each of the Company, Purchasers and the
Bank hereby agrees that the Bank will collect such Charges in the following
manner: (i) first, the Bank will charge other deposit accounts maintained
by the Company with the Bank, if any, (ii) second, in the event that there
are insufficient collected funds in such other deposit accounts to pay such
Charges, the Bank will promptly notify the Company and Purchasers with respect to
same and, within seven (7) business days of the Company’s receipt of such
notice, the Company shall pay to the Bank the full amount of such Charges then
due, and (iii) third,  if the
Company fails to pay to the Bank such Charges then due within the time period
set forth in the preceding clause (ii), the Bank will promptly provide a
written notice to Purchasers of such occurrence and,  in such case, the Bank is hereby authorized,
following a period of five (5) business days after the receipt of such
written notice by Purchasers, to deduct such Charges then due from the
Restricted Account, unless, during such five (5) business day period,
Purchasers pays the amount of any such Charges then due to the Bank from its
own account.  Except for the payment of
the Charges as set forth in the immediately preceding proviso, the Bank agrees
that it shall not offset, deduct or claim against the Restricted Account unless
and until Purchasers have notified the Bank in writing that all of the Company’s
obligations under the Purchase Agreement and the Related Agreements have been
performed.

 

4.                                       The
Company and the Bank agree that the maintenance by the Bank of the Restricted
Account shall be as agent for Purchasers. 
The Bank shall be responsible for the performance of only such duties as
are set forth herein.  The Bank’s duties
hereunder, however, are merely ministerial, and the Bank shall have no
liability or obligation to the Company or Purchasers or to any other person for
any act or omission of the Bank in connection with the performance of the Bank’s
duties in servicing and/or maintaining the Restricted Account, except for acts
of gross negligence or willful misconduct by the Bank.  IN NO EVENT, HOWEVER, SHALL THE BANK HAVE ANY
RESPONSIBILITY FOR CONSEQUENTIAL, INDIRECT, SPECIAL OR EXEMPLARY DAMAGES OR
LOST PROFITS, WHETHER OR NOT IT HAS NOTICE THEREOF, AND REGARDLESS OF THE
BASIS, THEORY OR NATURE OF THE ACTION UPON WHICH THE CLAIM IS ASSERTED, NOR
SHALL IT HAVE ANY RESPONSIBILITY OR LIABILITY FOR THE VALIDITY OR ENFORCEABILITY
OF ANY SECURITY INTEREST OR OTHER INTEREST OF [PURCHASER’S MANAGER] OR THE
COMPANY IN THE RESTRICTED ACCOUNT.  In
furtherance of and without limiting the foregoing, the Company and Purchasers
agree that the Bank shall not be liable for any damage or loss to them for any
delay or failure of performance arising out of the acts or omissions of any
third parties, including, but not limited to, various communication services,
courier services, the Federal Reserve system, any other bank or any third party
who may be affected by funds transactions, fire, mechanical, computer or
electrical failures or other unforeseen contingencies,

 

2

 

strikes
or any similar or dissimilar cause beyond the reasonable control of the Bank.  This paragraph shall survive the termination
of this Agreement.

 

5.                                       Except
where the Bank has been grossly negligent or has acted in bad faith, each of
each Purchaser and the Company and their respective successors and assigns will
release the Bank from and shall indemnify and hold the Bank harmless from and
against any and all losses, claims, damages, liabilities, costs and expenses
(including, without limitation, reasonable counsel fees, whether arising in an
action or proceeding among the parties hereto or otherwise, without regard to
the merit or lack of merit thereof) to which the Bank may become subject, or
which it may suffer or incur, arising out of or based upon this Agreement or
the actions contemplated hereby.  This
paragraph shall survive termination of this Agreement.

 

6.                                       The
Bank shall be fully protected in acting on any order or direction by Purchasers
respecting the items received by the Bank or the monies or other items in the
Restricted Account without making any independent inquiry whatsoever as to
Purchasers’ rights or authority to give such order or direction or as to the
application of any payments made pursuant thereto.

 

7.                                       Nothing
in this Agreement shall be deemed to prohibit the Bank from complying with its
customary procedures in the event that it is served with any legal process with
respect to the Restricted Account.

 

8.                                       The
rights and powers granted in this Agreement to [PURCHASER’S AGENT] have been
granted in order to protect and further perfect its security interests in the
Restricted Account (including any amounts from time to time on deposit therein)
and are powers coupled with an interest and will be affected neither by any
purported revocation by the Company of this Agreement or the rights granted to
[PURCHASER’S AGENT] hereunder or by the bankruptcy, insolvency, conservatorship
or receivership of the Company or the Bank or by the lapse of time.

 

9.                                       This
Agreement may not be amended or waived except by an instrument in writing
signed by each of the parties hereto. 
This Agreement may be terminated by the Bank upon giving the Company and
Purchasers thirty (30) days prior written notice.  Purchasers shall designate a successor bank
on or prior to the effective date of such termination and the Bank shall
deliver the balance in the Restricted Account to such successor bank.   Any notice required to be given hereunder
may be given, and shall be deemed given when delivered, via telefax, U.S. mail
return receipt requested or nationally recognized overnight courier to each of
the parties at the address set forth above. 
This Agreement may be executed in any number of counterparts, each of
which shall be an original and all of which, when taken together, shall
constitute one agreement.  Delivery of an
executed signature page of this Agreement by facsimile transmission shall
be effective as delivery of a manually executed counterpart hereof.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to its conflict of laws principles.  This
Agreement sets forth the entire agreement among the parties hereto as to the
matters set forth herein and supersedes all prior communications, written or
oral, with respect to the matters herein. 
EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH
RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR CONTEMPLATED
BY THIS AGREEMENT.   THE BANK, THE
COMPANY AND PURCHASERS EACH HEREBY

 

3

 

SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF
NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT OR ANY
MATTERS CONTEMPLATED HEREBY.

 

*                                         *                                         *                                         *

 

4

 

Agreed and accepted this 19th
day of May, 2005. 

 

 

	
   

  	
  [BANK]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [PURCHASER]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CORGENIX
  MEDICAL CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

5

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