<PAGE>

                                                                     Exhibit 4.1

                                    WARRANT

THIS WARRANT AND THE SECURITIES ISSUABLE UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
STATE SECURITIES LAW, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER THE ACT OR IN A TRANSACTION WHICH, IN THE OPINION OF COUNSEL,
WHICH OPINION AND WHICH COUNSEL SHALL BE REASONABLY SATISFACTORY TO
COOLSAVINGS.COM INC., QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE ACT AND THE
RULES AND REGULATIONS PROMULGATED THEREUNDER.

                             COOLSAVINGS.COM INC.

                         Common Stock Purchase Warrant


          coolsavings.com inc., a Michigan corporation (the "Company"), hereby
                                                             -------
certifies that, for value received, Landmark Communications, Inc. or its assigns
(the "Holder"), is entitled, subject to the terms set forth below, to purchase
      ------
from the Company, at any time and from time to time during the period beginning
on July 30, 2001 and ending on July 30, 2009 (the "Expiration Date"), in whole
                                                   ---------------
or in part, the Warrant Shares (defined in Section 1.1 below) of fully paid and
non-assessable shares of the Common Stock of the Company at the Purchase Price
(defined in Section 1.1 below). The Purchase Price and the number and character
of such Warrant Shares are subject to the adjustments provided below, and the
term "Common Stock" shall mean, unless the context otherwise requires, the stock
      ------------
or other securities or property at the time deliverable upon the exercise of
this Warrant. This Warrant is herein called the "Warrant."
                                                 -------

          1.   EXERCISE OF WARRANT.

          1.1  The Holder of this Warrant is entitled to purchase at a purchase
price of $0.01 per share ("Purchase Price") 7,818,731 shares (the "Warrant
                           --------------                          -------
Shares") of Common Stock; provided, however, that, upon consummation of the
------                    --------  -------
First Tranche Closing (as defined in that certain Securities Purchase Agreement,
dated as of July 30, 2001, by and among the Holder, Landmark Ventures VI, LLC,
and the Company, such agreement, the "Securities Purchase Agreement"), the
Warrant Shares that the Holder is entitled to purchase under this Warrant shall
be adjusted to equal 10,000,000 shares of Common Stock (the "Base Shares") plus
the PIK Shares (defined below) and the Purchase Price of such Warrant Shares and
PIK Shares shall be increased to $0.50 (and further to $0.75 from and after July
30, 2005); provided, further, that in the event of a termination of the
           --------  -------
Securities Purchase Agreement, the terms of Section 1.6 shall apply.

          1.2  After the First Tranche Closing, in addition to the Base Shares,
the Holder of this Warrant shall be entitled to purchase, at a Purchase Price
per share of $0.50 ($0.75 from
<PAGE>

and after July 30, 2005), two (2) additional shares of Common Stock (adjusted
for dividends, splits, combinations and the like) (the "PIK Shares") for every
dollar of interest accrued, compounded and added after the date of the First
Tranche Closing to the Original Principal Amount (defined below) of the Initial
Loan (defined below) on a quarterly basis. The "Initial Loan" is the "Initial
Loan" defined in and described under that certain Amended and Restated Loan and
Security Agreement dated July 30, 2001 between the Holder and the Company (the
"Loan Agreement"), which is further evidenced by the Senior Secured Note (as
defined in and attached to the Loan Agreement). The "Original Principal Amount"
is the Original Principal Amount of $5,000,000 as defined in the Loan Agreement.
Such PIK Shares are part of the Company's obligation to pay the interest
accruing under the Initial Loan "in kind"; specifically, the Company is
obligated to pay the interest by delivering additional notes and warrants and,
in lieu of delivering separately certificated warrants, the Company has agreed
to add the PIK Shares (as the warrant portion of the "in kind" payment) to the
Base Shares that may be purchased hereunder. The Base Shares and all PIK Shares
are collectively the Warrant Shares hereunder. Within ten (10) days of each
Quarterly Payment Date (as defined in the Loan Agreement) through the Expiration
Date, or as reasonably requested by the Holder, the Company shall issue to the
Holder a certificate executed by the Company's chief financial officer or other
executive officer setting forth the number of PIK Shares as of such date and the
amount of the interest accrued, compounded and added to the Initial Loan.

          1.3  For the purposes hereof, the term "Fully Diluted Basis" shall
                                                  -------------------
mean the outstanding capital stock of the Company on a fully diluted basis
assuming as outstanding (a) any shares reserved for issuance under any option
plans of the Company, provided that such options in respect of such shares have
been issued, (b) shares underlying any warrants including warrants issued in
connection with the issuance of the Series C Convertible Preferred Stock, no par
value per share (but excluding this Warrant), (c) all securities (excluding
shares of the Company's Series B Convertible Preferred Stock (the "Series B
Preferred Stock")) convertible into or exercisable for capital stock of the
Company regardless of the conversion or exercise price, or (d) any capital stock
issued or issuable under any agreement of the Company.

          1.4  Other than in the event of a termination of the Securities
Purchase Agreement (as set forth in Section 1.6 hereto), in the event that the
Warrants issued hereunder at any time prior to the First Tranche Closing equal
or exceed 20% of the Common Stock (or any securities convertible into or
exercisable for Common Stock) or 20% or more of the outstanding voting power of
the Company prior to the date hereof as such terms are defined and referenced in
NASD Rule 4350(i)(1)(D), the number of Warrants issued hereunder shall be
adjusted to be just less than such 20% (for example 19.999%) of such Common
Stock or outstanding voting power of the Company prior to the date hereof.
Furthermore, in the event that the Warrants issued hereunder at any time prior
to the First Tranche Closing or the SPA Termination Date are less than 19.99% of
the Common Stock (or any securities convertible into or exercisable for Common
Stock) or less than 19.99% of the outstanding voting power of the Company prior
to the date hereof as such terms are defined and referenced in NASD Rule
4350(i)(1)(D), the number of Warrants issued hereunder shall be adjusted to
equal at least 19.99% of such Common Stock or outstanding voting power of the
Company at such First Tranche Closing or SPA Termination Date.

                                      -2-
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          1.5  The Holder hereof agrees that it shall not exercise the Warrant
prior to the First Tranche Closing unless (i) the Securities Purchase Agreement
is terminated in any manner whatsoever, (ii) there has been an Event of Default
(as such term is defined under the Loan and Security Agreement dated as of the
date hereof between the parties hereto) under the Loan and Security Agreement or
failure to pay interest in kind (including any Warrant Shares) under the Senior
Secured Note, or (iii) the Board of Directors of the Company fails to call a
meeting of shareholders of the Company or fails to recommend the proposed
transactions as contemplated in the Transaction Documents. In the event the
Holder is entitled to exercise the Warrant pursuant to this Section 1.5, then
Section 1.4 hereto shall be of no further force and effect upon such exercise
and Section 1.6 shall apply.

          1.6  Notwithstanding the foregoing, if the Securities Purchase
Agreement is terminated at any time and in any manner whatsoever, then the
Warrant Shares that the Holder is entitled to purchase under this Warrant shall
be adjusted to equal 19.9% of the outstanding capital stock of the Company, as
calculated on a Fully Diluted Basis (defined above) regardless of NASD Rule
4350(i)(1)(D) as of the date of such termination (the "SPA Termination Date")
and the Purchase Price shall remain $0.01 per share.

          1.7  Until such time as this Warrant is exercised in full or expires,
the Warrant Shares issuable upon exercise and the Purchase Price shall be
subject to the further adjustments set forth below.

          1.8  The purchase rights evidenced by this Warrant shall be exercised
by the Holder surrendering this Warrant, with the form of subscription at the
end hereof duly executed by the Holder, to the Company at its office at 360 N.
Michigan Avenue, 19th Floor, Chicago, IL 60601, accompanied by payment, of an
amount (the "Exercise Payment") equal to the Purchase Price multiplied by the
number of shares being purchased pursuant to such exercise, payable as follows:
(a) by payment to the Company in cash, by certified or official bank check, or
by wire transfer of the Exercise Payment, (b) by offset, at the Holder's
request, of that portion of any promissory note, indebtedness or cash obligation
of the Company to the Holder equal to the Exercise Payment, (c) by surrender to
the Company for cancellation of securities of the Company having a Market Price
(defined below) on the date of exercise equal to the Exercise Payment; or (d) by
a combination of the methods described in clauses (a), (b) and (c) above. For
purposes hereof, the term "Market Price" shall mean, with respect to any day,
the average closing price of a share of Common Stock for the 15 consecutive
trading days preceding such day on the principal national securities exchange on
which the shares of Common Stock or securities are listed or admitted to trading
or, if not listed or admitted to trading on any national securities exchange,
the average of the reported bid and asked prices during such 15 trading day
period in the over-the-counter market as furnished by the National Quotation
Bureau, Inc., or, if such firm is not then engaged in the business of reporting
such prices, as furnished by any member of the National Association of
Securities Dealers, Inc. selected by the Company or, if the shares of Common
Stock or securities are not publicly traded, the Market Price for such day shall
be the fair market value thereof determined jointly by the Company and the
holder of this Warrant; provided, however, that if such parties are unable to
                        --------  -------
reach agreement within a reasonable period of time, the Market Price shall be
determined in good faith by the independent investment banking firm selected
jointly by the Company and the holder of this Warrant or, if

                                      -3-
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that selection cannot be made within 15 days, by an independent investment
banking firm selected by the American Arbitration Association in accordance with
its rules. In no event may this Warrant be exercised at any time after the
Expiration Date.

          Notwithstanding any provision herein to the contrary, if the Market
Price of one share of Common Stock is greater than the Purchase Price (at the
date of calculation as set forth below), the Holder may elect to receive,
without the payment by the Holder of any additional consideration, shares of
Common Stock equal to the value (as determined below) of this Warrant or any
portion hereof by the surrender of this Warrant or such portion to the Company,
with the net issue election notice annexed hereto duly executed, at the office
of the Company. Thereupon, the Company shall issue to the Holder such number of
fully paid and nonassessable shares of Common Stock as is computed using the
following formula:

                                  X = Y (A-B)
                                      -------
                                         A

where X = the number of shares of Common Stock to be issued to the Holder.

      Y = the number of shares of Common Stock covered by this Warrant in
          respect of which the net issue election is made pursuant to this
          Section 1.2.

      A = the Market Price of one share of Common Stock, as determined in
          accordance with the provisions of this Section 1.2.

      B = the Purchase Price in effect under this Warrant at the time the net
          issue election is made pursuant to this Section 1.2.

          1.9  Partial Exercise. This Warrant may be exercised for less than the
               ----------------
full number of shares of Common Stock, in which case the number of shares
receivable upon the exercise of this Warrant as a whole, and the sum payable
upon the exercise of this Warrant as a whole, shall be proportionately reduced.
Upon any such partial exercise, the Company at its expense will forthwith issue
to the Holder a new Warrant or Warrants of like tenor calling for the number of
shares of Common Stock as to which rights have not been exercised, such Warrant
or Warrants to be issued in the name of the Holder hereof or his or its nominee
(upon payment by the Holder of any applicable transfer taxes).

          2.   DELIVERY OF STOCK CERTIFICATES ON EXERCISE. As soon as
practicable after the exercise of this Warrant and payment of the Purchase
Price, and in any event within ten (10) days thereafter, the Company, at its
expense, will cause to be issued in the name of and delivered to the Holder a
certificate or certificates for the number of fully paid and non-assessable
shares or other securities or property to which the Holder shall be entitled
upon such exercise, plus, in lieu of any fractional share to which the Holder
would otherwise be entitled, cash in an amount determined in accordance with
Paragraph 3.9 hereof. The Company agrees that the shares so purchased shall be
deemed to be issued to the Holder as the record owner of such shares as of the
close of business on the date on which this Warrant shall have been surrendered
and payment made for such shares as aforesaid.

                                      -4-
<PAGE>

          3.   ANTI-DILUTION PROVISIONS AND OTHER ADJUSTMENTS. In order to
prevent dilution of the rights granted hereunder, the Purchase Price shall be
subject to adjustment from time to time in accordance with this Paragraph 3.
Upon each adjustment of the Purchase Price pursuant to this Paragraph 3, the
registered Holder of this Warrant shall thereafter be entitled to acquire upon
exercise, at the Purchase Price resulting from such adjustment, the number of
shares of Common Stock obtainable by multiplying the Purchase Price in effect
immediately prior to such adjustment by the number of shares of Common Stock
acquirable immediately prior to such adjustment and dividing the product thereof
by the Purchase Price resulting from such adjustment.

          3.1  Adjustment for Issue or Sale of Common Stock at Less than
               ---------------------------------------------------------
Purchase Price. Except as provided in Paragraph 3.2 or 3.5 below, if and
--------------
whenever on or after the date hereof (the "Initial Issuance Date"), the Company
shall issue or sell or shall be deemed to have issued or sold any shares of its
Common Stock (or in case the Company at any time shall in any manner grant
(whether directly or by assumption in a merger or otherwise) any rights to
subscribe for or to purchase, or any options for the purchase of, Common Stock
or any stock or other securities convertible into or exchangeable for Common
Stock (such rights or options being herein called "Options" and such convertible
or exchangeable stock or securities being herein called "Convertible
Securities")) for a consideration per share less than the Purchase Price in
effect immediately prior to the time of such issue or sale, then forthwith upon
such issue or sale (the "Triggering Transaction"), the Purchase Price shall be
reduced to the price at which the Common Stock, Options or Convertible
Securities were issued or deemed to have been issued in such Triggering
Transaction.

          For purposes of determining the adjusted Purchase Price under this
Paragraph 3.1, the following subsections (1) to (9), inclusive, shall be
applicable:

               (1)  In case the Company at any time shall in any manner grant
          (whether directly or by assumption in a merger or otherwise) any
          rights to subscribe for or to purchase, or any options for the
          purchase of, Common Stock or any stock or other securities convertible
          into or exchangeable for Common Stock (such rights or options being
          herein called "Options" and such convertible or exchangeable stock or
          securities being herein called "Convertible Securities"), whether or
          not such Options or the right to convert or exchange any such
          Convertible Securities are immediately exercisable and the price per
          share for which the Common Stock is issuable upon exercise, conversion
          or exchange (determined by dividing (x) the total amount, if any,
          received or receivable by the Company as consideration for the
          granting of such Options, plus the minimum aggregate amount of
          additional consideration payable to the Company upon the exercise of
          all such Options, plus, in the case of such Options which relate to
          Convertible Securities, the minimum aggregate amount of additional
          consideration, if any, payable upon the issue or sale of such
          Convertible Securities and upon the conversion or exchange thereof, by
          (y) the total maximum number of shares of Common Stock issuable upon
          the exercise of such Options or the conversion or exchange of such
          Convertible Securities) shall be less than the Purchase Price in
          effect immediately prior to the time of the granting of such

                                      -5-
<PAGE>

          Option, then the total maximum amount of Common Stock issuable upon
          the exercise of such Options, or, in the case of Options for
          Convertible Securities, upon the conversion or exchange of such
          Convertible Securities, shall (as of the date of granting of such
          Options) be deemed to be outstanding and to have been issued and sold
          by the Company for such price per share. No adjustment of the Purchase
          Price shall be made upon the actual issue of such shares of Common
          Stock or such Convertible Securities upon the exercise of such
          Options, except as otherwise provided in subparagraph (3) below.

               (2)  In case the Company at any time shall in any manner issue
          (whether directly or by assumption in a merger or otherwise) or sell
          any Convertible Securities, whether or not the rights to exchange or
          convert thereunder are immediately exercisable, and the price per
          share for which Common Stock is issuable upon such conversion or
          exchange (determined by dividing (x) the total amount received or
          receivable by the Company as consideration for the issue or sale of
          such Convertible Securities, plus the minimum aggregate amount of
          additional consideration, if any, payable to the Company upon the
          conversion or exchange thereof, by (y) the total maximum number of
          shares of Common Stock issuable upon the conversion or exchange of all
          such Convertible Securities) shall be less than the Purchase Price in
          effect immediately prior to the time of such issue or sale, then the
          total maximum number of shares of Common Stock issuable upon
          conversion or exchange of all such Convertible Securities shall (as of
          the date of the issue or sale of such Convertible Securities) be
          deemed to be outstanding and to have been issued and sold by the
          Company for such price per share. No adjustment of the Purchase Price
          shall be made upon the actual issue of such Common Stock upon exercise
          of the rights to exchange or convert under such Convertible
          Securities, except as otherwise provided in subparagraph (3) below.

               (3)  If the purchase price provided for in any Option referred to
          in subparagraph (1) or the rate at which any Convertible Securities
          referred to in subparagraphs (1) or (2) are convertible into or
          exchangeable for Common Stock, shall be reduced at any time under or
          by reason of provisions with respect thereto designed to protect
          against dilution, then in case of the delivery of Common Stock upon
          the exercise of any such Option or upon conversion or exchange of any
          such Convertible Security, the Purchase Price then in effect hereunder
          shall forthwith be adjusted to such respective amount as would have
          been obtained had such Option or Convertible Security never been
          issued as to such Common Stock and had adjustments been made upon the
          issuance of the shares of Common Stock delivered as aforesaid, but
          only if as a result of such adjustment the Purchase Price then in
          effect hereunder is hereby reduced.

               (4)  On the expiration or earlier termination of any Option or
          the termination of any right to convert or exchange any Convertible
          Securities, the Purchase Price then in effect hereunder shall
          forthwith be increased to the Purchase Price which would have been in
          effect at the time of such expiration or

                                      -6-
<PAGE>

          termination had such Option or Convertible Securities, to the extent
          outstanding immediately prior to such expiration or termination, never
          been issued.

               (5)  In case any Options shall be issued in connection with the
          issue or sale of other securities of the Company, together comprising
          one integral transaction in which no specific consideration is
          allocated to such Options by the parties thereto, such Options shall
          be deemed to have been issued without consideration unless otherwise
          recorded on the Company's financial statements in accordance with
          generally accepted accounting principles.

               (6)  In case any shares of Common Stock, Options or Convertible
          Securities shall be issued or sold or deemed to have been issued or
          sold for cash, the consideration received therefor shall be deemed to
          be the amount received by the Company therefor. In case any shares of
          Common Stock, Options or Convertible Securities shall be issued or
          sold for a consideration other than cash, the amount of the
          consideration other than cash received by the Company shall be the
          fair value of such consideration as determined in good faith by the
          Board of Directors of the Company. In case any shares of Common Stock,
          Options or Convertible Securities shall be issued in connection with
          any merger in which the Company is the surviving corporation, the
          amount of consideration therefor shall be deemed to be the fair value
          of such portion of the net assets and business of the non-surviving
          corporation as shall be attributed by the Board of Directors of the
          Company in good faith to such Common Stock, Options or Convertible
          Securities, as the case may be.

               (7)  The number of shares of Common Stock outstanding at any
          given time shall not include shares owned, held by or for the account
          of the Company or cancelled, and the disposition of any shares so
          owned or held shall be considered an issue or sale of Common Stock for
          the purpose of this Paragraph 3.1.

               (8)  In case the Company shall declare a dividend or make any
          other distribution upon the stock of the Company payable in Options or
          Convertible Securities, then in such case any Options or Convertible
          Securities, as the case may be, issuable in payment of such dividend
          or distribution shall be deemed to have been issued or sold without
          consideration.

               (9)  For purposes of this Paragraph 3.1, in case the Company
          shall take a record of the holders of its Common Stock for the purpose
          of entitling them (x) to receive a dividend or other distribution
          payable in Common Stock, Options or in Convertible Securities, or (y)
          to subscribe for or purchase Common Stock, Options or Convertible
          Securities, then such record date shall be deemed to be the date of
          the issue or sale of the shares of Common Stock deemed to have been
          issued or sold upon the declaration of such dividend or the making of
          such other distribution or the date of the granting of such right or
          subscription or purchase, as the case may be.

                                      -7-
<PAGE>

          3.2  Dividends Not Paid Out of Earnings or Earned Surplus. In the
               ----------------------------------------------------
event the Company shall declare a dividend upon the Common Stock (other than a
dividend payable in Common Stock) payable otherwise than out of earnings or
earned surplus, determined in accordance with generally accepted accounting
principles, including the making of appropriate deductions for minority
interests, if any, in subsidiaries (herein referred to as "Liquidating
Dividends"), then, as soon as possible after the exercise of this Warrant, the
Company shall pay to the person exercising such Warrant an amount equal to the
aggregate value at the time of such exercise of all Liquidating Dividends
(including but not limited to the Common Stock which would have been issued at
the time of such earlier exercise and all other securities which would have been
issued with respect to such Common Stock by reason of stock splits, stock
dividends, mergers or reorganizations, or for any other reason). For the
purposes of this Paragraph 3.2, a dividend other than in cash shall be
considered payable out of earnings or earned surplus only to the extent that
such earnings or earned surplus are charged an amount equal to the fair value of
such dividend as determined in good faith by the Board of Directors of the
Company.

          3.3  Subdivisions and Combinations. In case the Company shall at any
               -----------------------------
time (i) subdivide the outstanding Common Stock or (ii) issue a stock dividend
on its outstanding Common Stock, the Purchase Price in effect immediately prior
to such subdivision or dividend shall be proportionately reduced by the same
ratio as the subdivision or dividend. In case the Company shall at any time
combine its outstanding Common Stock, the Purchase Price in effect immediately
prior to such combination shall be proportionately increased by the same ratio
as the combination.

          3.4  Reorganization, Reclassification, Consolidation, Merger or Sale
               ---------------------------------------------------------------
of Assets. If any capital reorganization or reclassification of the capital
---------
stock of the Company, or consolidation or merger of the Company with or into
another corporation, or the sale of all or substantially all of its assets to
another corporation shall be effected in such a way that holders of Common Stock
shall be entitled to receive stock, securities, cash or other property with
respect to or in exchange for Common Stock, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, lawful and
adequate provision shall be made whereby the Holder shall have the right to
acquire and receive, upon exercise of this Warrant, such shares of stock,
securities, cash or other property issuable or payable (as part of the
reorganization, reclassification, consolidation, merger or sale) with respect to
or in exchange for such number of outstanding shares of the Common Stock as
would have been received upon exercise of this Warrant at the Purchase Price
then in effect. The Company will not effect any such consolidation, merger or
sale, unless prior to the consummation thereof the successor corporation (if
other than the Company) resulting from such consolidation or merger or the
corporation purchasing such assets shall assume by written instrument mailed or
delivered to the Holder at the last address of the Holder appearing on the books
of the Company, the obligation to deliver to the Holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, the Holder
may be entitled to purchase. If a purchase, tender or exchange offer is made to
and accepted by the holders of more than 50% of the outstanding shares of Common
Stock of the Company, the Company shall not effect any consolidation, merger or
sale with the person having made such offer or with any Affiliate of such
person, unless prior to the consummation of such consolidation, merger or sale
the Holder shall have been given a reasonable opportunity to then elect to
receive upon the exercise of this Warrant either the stock,

                                      -8-
<PAGE>

securities or assets then issuable with respect to the Common Stock or the
stock, securities or assets, or the equivalent, issued to previous holders of
the Common Stock in accordance with such offer. For purposes hereof the term
"Affiliate" with respect to any given person shall mean any person controlling,
controlled by or under common control with the given person.

          3.5  No Adjustment for Exercise of Certain Options, Warrants, Etc. The
               ------------------------------------------------------------
provisions of this Section 3 shall not apply to any Common Stock issued,
issuable or deemed outstanding under subparagraphs 3.1(1) to (8) inclusive in
respect of: (i) options issued under any Approved Plan as such term is defined
in the Company's Articles of Incorporation (as amended) or Certificate of
Incorporation, as applicable, or if not so defined therein as defined in the
Securities Purchase Agreement (provided that when determining whether there are
any options remaining for issuance under an Approved Plan, all shares issued and
outstanding under such Approved Plan regardless of exercise price must be
considered in such calculation), (ii) Options, Convertible Securities and
conversion rights in existence on the date hereof, (iii) conversion of the
Series B Preferred Stock, the Series C Preferred Stock or this Warrant, (iv) any
issuance of additional shares of Series B Preferred Stock as a dividend, and (v)
any issuance of additional shares of Series B Preferred Stock in accordance with
Section 2.4 of the Securities Purchase Agreement.

          3.6  Notices of Record Date, Etc.  In the event that:
               ---------------------------

               (1)  the Company shall declare any cash dividend upon its Common
          Stock, or

               (2)  the Company shall declare any dividend upon its Common Stock
          payable in stock or make any special dividend or other distribution to
          the holders of its Common Stock, or

               (3)  the Company shall offer for subscription pro rata to the
          holders of its Common Stock any additional shares of stock of any
          class or other rights, or

               (4)  there shall be any capital reorganization or
          reclassification of the capital stock of the Company, including any
          subdivision or combination of its outstanding shares of Common Stock,
          or consolidation or merger of the Company with, or sale of all or
          substantially all of its assets to, another corporation, or

               (5)  there shall be a voluntary or involuntary dissolution,
          liquidation or winding up of the Company;

then, in connection with such event, the Company shall give to the Holder:

               (ii) at least twenty (20) days' prior written notice of the date
     on which the books of the Company shall close or a record shall be taken
     for such dividend, distribution or subscription rights or for determining
     rights to vote in respect of any such reorganization, reclassification,
     consolidation, merger, sale, dissolution, liquidation or winding up; and

                                      -9-
<PAGE>

               (iii)  in the case of any such reorganization, reclassification,
     consolidation, merger, sale, dissolution, liquidation or winding up, at
     least twenty (20) days' prior written notice of the date when the same
     shall take place. Such notice in accordance with the foregoing clause (i)
     shall also specify, in the case of any such dividend, distribution or
     subscription rights, the date on which the holders of Common Stock shall be
     entitled thereto, and such notice in accordance with the foregoing clause
     (ii) shall also specify the date on which the holders of Common Stock shall
     be entitled to exchange their Common Stock for securities or other property
     deliverable upon such reorganization, reclassification consolidation,
     merger, sale, dissolution, liquidation or winding up, as the case may be.
     Each such written notice shall be given by first class mail, postage
     prepaid, addressed to the Holder at the address of the Holder as shown on
     the books of the Company.

          3.7  Grant, Issue or Sale of Options, Convertible Securities, or
               -----------------------------------------------------------
Rights. If at any time or from time to time on or after the date of issuance
hereof, the Company shall grant, issue or sell any Options, Convertible
Securities or rights to purchase property (the "Purchase Rights") pro rata to
                                                ---------------
the record holders of any class of Common Stock and such grants, issuances or
sales do not result in an adjustment of the Purchase Price under Paragraph 3.1
hereof, then the Holder shall be entitled to acquire (within thirty (30) days
after the receipt by such holder of the notice concerning Purchase Rights to
which such holder shall be entitled under Paragraph 3.6) and upon the terms
applicable to such Purchase Rights either:

               (i)  the aggregate Purchase Rights which the Holder could have
     acquired if it had held the number of shares of Common Stock acquirable
     upon exercise of this Warrant immediately before the grant, issuance or
     sale of such Purchase Rights; provided that if any Purchase Rights were
     distributed to holders of Common Stock without the payment of additional
     consideration by such holders, corresponding Purchase Rights shall be
     distributed to the exercising Holder as soon as possible after such
     exercise and it shall not be necessary for the Holder specifically to
     request delivery of such rights; or

               (ii) in the event that any such Purchase Rights shall have
     expired or shall expire prior to the end of said thirty (30) day period,
     the number of shares of Common Stock or the amount of property which the
     Holder could have acquired upon such exercise at the time or times at which
     the Company granted, issued or sold such expired Purchase Rights.

          3.8  Adjustment by Board of Directors.  If any event occurs as to
               --------------------------------
which, in the opinion of the Board of Directors of the Company, the provisions
of this Section 3 are not strictly applicable or if strictly applicable would
not fairly protect the rights of the Holder in accordance with the essential
intent and principles of such provisions, then the Board of Directors in good
faith shall make an adjustment in the application of such provisions, in
accordance with such essential intent and principles, so as to protect such
rights as aforesaid, but in no event shall any adjustment have the effect of
increasing the Purchase Price as otherwise determined pursuant to any of the
provisions of this Section 3 except in the case of a

                                      -10-
<PAGE>

combination of shares of a type contemplated in Paragraph 3.3 and then in no
event to an amount larger than the Purchase Price as adjusted pursuant to
Paragraph 3.3.

          3.9  Fractional Shares.  The Company shall not issue fractions of
               -----------------
shares of Common Stock upon exercise of this Warrant or scrip in lieu thereof.
If any fraction of a share of Common Stock would, except for the provisions of
this Section 3.9, be issuable upon exercise of this Warrant, the Company shall
in lieu thereof pay to the person entitled thereto an amount in cash equal to
such fraction, calculated to the nearest one-hundredth (1/100) of a share,
multiplied by the Market Price for the Common Stock, determined as of the date
of exercise; provided, however, that if the Market Price is to be determined by
the Company and the Holder and the parties are unable to reach agreement after a
reasonable period of time, the Market Price shall be determined by the Company's
Board of Directors in good faith rather than by an independent investment
banking firm.

          3.10 Officers' Statement as to Adjustments.  Whenever the Purchase
               -------------------------------------
Price shall be adjusted as provided in Section 3 hereof, the Company shall
forthwith file at each office designated for the exercise of this Warrant, a
statement, signed by the Chairman of the Board, the President, any Vice
President or Treasurer of the Company, showing in reasonable detail the facts
requiring such adjustment and the Purchase Price that will be effective after
such adjustment. The Company shall also cause a notice setting forth any such
adjustments to be sent by mail, first class, postage prepaid, to the record
Holder at his or its address appearing on the stock register. If such notice
relates to an adjustment resulting from an event referred to in Paragraph 3.6,
such notice shall be included as part of the notice required to be mailed and
published under the provisions of Paragraph 3.6 hereof.

          4.   NO DILUTION OR IMPAIRMENT.  The Company will not, by amendment of
its articles of incorporation or through reorganization, consolidation, merger,
dissolution, sale of assets or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder against dilution or other impairment. Without
limiting the generality of the foregoing, the Company will not increase the par
value of any shares of stock receivable upon the exercise of this Warrant above
the amount payable therefor upon such exercise, and at all times will take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable stock upon the exercise
of this Warrant.

          5.   RESERVATION OF STOCK, ETC., ISSUABLE ON EXERCISE OF WARRANTS. The
Company shall at all times reserve and keep available out of its authorized but
unissued stock, solely for the issuance and delivery upon the exercise of this
Warrant and other similar Warrants, such number of its duly authorized shares of
Common Stock as from time to time shall be issuable upon the exercise of this
Warrant and all other similar Warrants at the time outstanding.

          6.   REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this

                                      -11-
<PAGE>

Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to it, or (in the case of mutilation) upon surrender and
cancellation thereof, the Company will issue, in lieu thereof, a new Warrant of
like tenor.

          7.   REMEDIES.  The Company stipulates that the remedies at law of the
Holder in the event of any default by the Company in the performance of or
compliance with any of the terms of this Warrant are not and will not be
adequate, and that the same may be specifically enforced.

          8.   NEGOTIABILITY, ETC.  This Warrant is issued upon the following
terms, to all of which each taker or owner hereof consents and agrees:

          (a)  Subject to the legend appearing on the first page hereof and
               applicable federal securities laws, title to this Warrant may be
               transferred by endorsement (by the Holder executing the form of
               assignment at the end hereof including guaranty of signature) and
               delivery in the same manner as in the case of a negotiable
               instrument transferable by endorsement and delivery.

          (b)  Any person in possession of this Warrant properly endorsed is
               authorized to represent himself as absolute owner hereof and is
               granted power to transfer absolute title hereto by endorsement
               and delivery hereof to a bona fide purchaser hereof for value;
               each prior taker or owner waives and renounces all of his
               equities or rights in this Warrant in favor of every such bona
               fide purchaser, and every such bona fide purchaser shall acquire
               title hereto and to all rights represented hereby.

          (c)  Until this Warrant is transferred on the books of the Company,
               the Company may treat the registered Holder as the absolute owner
               hereof for all purposes without being affected by any notice to
               the contrary.

          (d)  Prior to the exercise of this Warrant, the Holder shall not be
               entitled to any rights of a shareholder of the Company with
               respect to shares for which this Warrant shall be exercisable,
               including, without limitation, the right to vote, to receive
               dividends or other distributions or to exercise any preemptive
               rights, and shall not be entitled to receive any notice of any
               proceedings of the Company, except as provided herein.

          (e)  The Company shall not be required to pay any Federal or state
               transfer tax or charge that may be payable in respect of any
               transfer involved in the transfer or delivery of this Warrant or
               the issuance or conversion or delivery of certificates for Common
               Stock in a name other than that of the registered Holder or to
               issue or deliver any certificates for Common Stock upon the
               exercise of this Warrant until any and all such taxes and charges

                                      -12-
<PAGE>

               shall have been paid by the Holder or until it has been
               established to the Company's satisfaction that no such tax or
               charge is due.

          9.   SUBDIVISION OF RIGHTS.  This Warrant (as well as any new warrants
issued pursuant to the provisions of this paragraph) is exchangeable, upon the
surrender hereof by the Holder, at the principal office of the Company for any
number of new warrants of like tenor and date representing in the aggregate the
right to subscribe for and purchase the number of shares of Common Stock which
may be subscribed for and purchased hereunder.

          10.  MAILING OF NOTICES, ETC.  All notices and other communications
from the Company to the Holder shall be mailed by first-class certified mail,
postage prepaid, to the address furnished to the Company in writing by the last
holder of this Warrant who shall have furnished an address to the Company in
writing.

          11.  HEADINGS, ETC.  The headings in this Warrant are for purposes of
reference only, and shall not limit or otherwise affect the meaning hereof.

          12.  CHANGE, WAIVER, ETC.  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 which, in the case of holders
of the Warrant, shall be evidenced by the approval of a majority of the total
Warrant Shares issued or issuable under this Warrant.

          13.  GOVERNING LAW.  THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                   COOLSAVINGS.COM INC.


                                   By /s/ Matthew Moog
                                     ------------------------------


Dated: July 30, 2001
       -------------

Attest:

       John Adams
------------------------------

                                      -13-
<PAGE>

                 [To be signed only upon exercise of Warrant]


                                EXERCISE NOTICE
                                ---------------

coolsavings.com inc.
360 N. Michigan Avenue, 19/th/ Floor
Chicago, IL 60601
Attention: Chief Financial Officer

The undersigned hereby elects to purchase, pursuant to the provisions of the
Common Stock Purchase Warrant to purchase shares of common stock, no par value
per share, issued by coolsavings.com inc. (the "Company") and held by the
                                                -------
undersigned, the original of which is attached hereto, and (check the applicable
box):

[_]  Tenders herewith payment of the Exercise Payment (as defined in the
     Warrant) in full in the form of cash, certified check, official bank check
     or wire transfer or check in the amount of $__________________ for
     _______________ such securities.

[_]  Confirms that payment of the Exercise Payment (as defined in the Warrant)
     in full by means of a wire transfer in the amount of $__________________
     for _______________ such securities has been made to the Company.

[_]  Elects to surrender to the Company for cancellation securities of the
     Company having Market Price (as defined in the Warrant) on the date hereof
     equal to the Exercise Payment.

                                      -14-
<PAGE>

     The undersigned hereby represents and warrants that the undersigned is
acquiring such shares for its own account for investment purposes only, and not
for resale or with a view to distribution of such shares or any part thereof.

        The undersigned requests that the certificates for such shares be issued
in the name of, and be delivered to, ___________________________,whose address
is ______________________________.


Dated:

_________________________________


                                              __________________________________


(Signature must conform in all respects to name of Holder as specified on the
face of the Warrant)

                                              __________________________________
                                                            Address

                                      -15-
<PAGE>

                 [To be signed only upon transfer of Warrant]


     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ____________________________ the right represented by the within Warrant to
purchase __________________ shares of Common Stock of coolsavings.com inc. to
which the within Warrant relates, and appoints ____________________ attorney to
transfer said right on the books of coolsavings.com inc., with full power of
substitution in the premises.

Dated:

_________________________

                                                  ___________________________


                                     (Signature must conform in all respects to
name of Holder as specified on the face of the Warrant)


                                                  ___________________________
                                                            Address


In the presence of:

___________________________


Transferee hereby represents and warrants to coolsavings.com inc. that
Transferee is an "accredited investor" as defined in Rule 501(a) of the Rules
and Regulations promulgated under the Securities Act of 1933, as amended.



                                                  ---------------------------
                                                  Transferee



                                                  ---------------------------
                                                  Dated


                                      -16-
<PAGE>

           [To be signed only on net issue exercise of the Warrant]


                              NET ISSUE ELECTION
                              ------------------


coolsavings.com inc.
360 N. Michigan Avenue, 19/th/ Floor
Chicago, IL 60601
Attention: Chief Financial Officer

The undersigned, the holder of the within Warrant, hereby irrevocably elects to
exercise this Warrant with respect to ____________ shares of Common Stock of
coolsavings.com inc. pursuant to the net issuance provisions set forth in
Section 2.1 of this Warrant and requests that the certificates for the number of
shares of Common Stock issuance pursuant to said Section 2.1 after application
of the net issuance formula to such ______________ shares to be issued in the
name of, and delivered to _____________________________________________________,
federal taxpayer identification number ______________________, whose address is

_______________________________________________________________________________.

Dated:______________________


                              __________________________________________________
                              (Signature must conform to the name of holder as
                              specified on the face of the Warrant)

                              __________________________________________________

                              __________________________________________________
                              (Address)

                                      -17-