FORM OF AGREEMENT
Exhibit
10.2
FORM OF AGREEMENT
WHEREAS
under
a
Subscription Agreement
in 2006, SPO Medical Inc. (“SPO”) sold Subscriber (named below) certain SPO
securities consisting of (i) a 8% promissory notes with interest and principal
repayable at the end of 12 months (the “Note”); and (ii) a two year common stock
purchase warrant to purchase 16,250 shares of Common Stock of the Company for
each $25,000 of principal loaned to Company (the “Warrant”); and
WHEREAS,
the
parties hereto wish to convert the Note to shares of common Stock of SPO and
determine a Warrant exercise price, subject to the following terms and
conditions.
NOW
THEREFORE,
in
consideration of the above and the terms and conditions hereof, the parties
agree as follows:
1. The
Note.
Effective the date hereof, the Note and all interest accrued thereunder shall
be
converted to shares of Common Stock of SPO at the conversion price of $0.90
per
share, and the Note shall be deemed fully paid and satisfied. Upon signature
of
this agreement the Note will be deemed null and void. SPO shall issue and
deliver to Subscriber (at the address below) certificates for such shares with
a
restrictive legend required under law.
2. The
Warrant.
Effective the date hereof, the Per
Share
Warrant Price,
as
defined in the Warrant, shall be $0.90.
3. With
the
exception of the above, the other provisions of the Subscription Agreement
and
Warrants shall remain “as is”.
IN
WITNESS WHEREOF,
the
parties have executed this Agreement as of the __ day of July 2007.
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Subscriber
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_______________
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Per:
▇▇▇▇▇▇▇ Braunold
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_________________________
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President
& CEO
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Print
Name:________________
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Address:
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_________________________
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__________________________
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