Document:

<PAGE>   1
                                                                    EXHIBIT 4.15

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE
UPON EXERCISE HEREOF MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY
SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii)
AN OPINION OF COUNSEL TO THE HOLDER, IF SUCH OPINION SHALL BE REASONABLY
SATISFACTORY TO COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT IS AVAILABLE.

THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

                            EXERCISABLE ON OR BEFORE
                      5:30 P.M. EASTERN TIME, June 29, 2005

<TABLE>
<S>                                                                            <C>
NO. W-03                                                                        42,500   Warrants
</TABLE>

                               WARRANT CERTIFICATE

         This Warrant Certificate certifies that Edmund Belak, or registered
assigns (the "Holder"), is the registered holder of 42,500 Warrants to purchase
initially at any time from June 30, 2000 until 5:30 p.m. New York time on June
29, 2005 (the "Expiration Date"), up to ( Number of )fully-paid and
non-assessable shares of common stock, $.001 par value ("Common Stock") of
Chromatics Color Sciences International, Inc., a New York corporation (the
"Company"), at the initial exercise price, subject to adjustment in certain
events (the "Exercise Price"), of $6.99 per share of Common Stock upon surrender
of this Warrant Certificate and payment of the applicable Exercise Price at an
office or agency of the Company, but subject to the conditions set forth herein
and in the Warrant Agreement dated as of June 30, 2000 between the Company and
Josephthal & Co. Inc. (the "Warrant Agreement"). Payment of the applicable
Exercise Price shall be made by certified or official bank check in New York
Clearing House funds payable to the order of the Company.

         No Warrant may be exercised after 5:30 p.m., New York time, on the
Expiration Date, at which time all Warrants evidenced hereby, unless exercised
prior thereto, shall thereafter be void.

         The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants issued pursuant to the Warrant Agreement, which
Warrant Agreement is hereby incorporated by reference herein and made a part of
this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the
Company and the holders (the words "holders" or "holder" meaning the registered
holders or registered holder) of the Warrants.

         The Warrant Agreement provides that upon the occurrence of certain
events, the then applicable Exercise Price and the type and/or number of the
Company's securities issuable
<PAGE>   2

thereupon may, subject to certain conditions, be adjusted. In such event, the
Company will, at the request of the Holder, issue a new Warrant Certificate
evidencing the adjustment in the then applicable Exercise Price and the number
and/or type of securities issuable upon the exercise of the Warrants; provided,
however, that the failure of the Company to issue such new Warrant Certificates
shall not in any way change, alter, or otherwise impair, the rights of the
Holder as set forth in the Warrant Agreement.

         Upon due presentment for registration of transfer of this Warrant
Certificate at an office or agency of the Company in accordance with the
provisions of the Warrant Agreement, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided herein and in the Warrant
Agreement, without any charge except for any tax or other governmental charge
imposed in connection with such transfer.

         Upon the exercise of less than all of the Warrants evidenced by this
Warrant Certificate, the Company shall forthwith issue to the holder hereof a
new Warrant Certificate representing such number of unexercised Warrants.

         The Company may deem and treat the Holder hereof as the absolute owner
of this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, and of
any distribution to the holder(s) hereof, and for all other purposes, and the
Company shall not be affected by any notice to the contrary.

         All terms used in this Warrant Certificate which are defined in the
Warrant Agreement shall have the meanings assigned to them in the Warrant
Agreement.

<PAGE>   3

               IN WITNESS WHEREOF, the Company has caused this Warrant
Certificate to be duly executed under its corporate seal.

Dated as of          , 2000

                                   Chromatics Color Sciences International, Inc.

                                   By:
                                      ------------------------------
                                   Name:
                                   Title:

Attest:

-------------------------------
               , Secretary<PAGE>   1
                                                                    EXHIBIT 4.16

               FINANCIAL ADVISORY AND INVESTMENT BANKING AGREEMENT

         This Agreement is made and entered into this 12th day of June 2000
between Josephthal & Co. Inc. ("Josephthal") and Chromatics Color Sciences
International, Inc. (the "Company").

         In consideration of the mutual promises made herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1.   The Company hereby engages Josephthal upon the terms and conditions as set
     forth herein as its non-exclusive financial advisor to render financial and
     other general advice to the Company as an investment banker with respect to
     Transactions and Financings (as defined below) and similar matters and
     Josephthal hereby accepts such engagement upon the terms and conditions set
     forth herein Specifically, Josephthal will assist the Company in
     identifying, analyzing, structuring, negotiating and financing suitable
     business opportunities which the Company may take advantage of by purchase
     or sale of stock or assets, assumption of liabilities, merger,
     consolidation, tender offer, joint venture, financing arrangement or any
     similar transaction or combination thereof. Additionally, Josephthal
     contemplates providing advice, to the Company including but not limited to
     the following: positioning the Company's business plans and strategies,
     arranging for the Company to be introduced to appropriate potential
     investors, recommending potential providers of research coverage, and
     evaluating, analyzing and reviewing any Transaction and/or Financing
     proposed by others. Josephthal agrees to obtain the consent of the Company
     prior to contacting any potential participants in a Transaction or
     Financing.

2.   Except as otherwise specified in Paragraph 6 hereof, this Agreement shall
     be effective for an initial period of twelve (12) months, unless terminated
     sooner as provided below, commencing upon the date hereof and shall
     continue thereafter unless and until terminated on thirty (30) days written
     notice by either party to the other party.

3.   During the term of this Agreement, Josephthal shall provide the Company
     with such regular and customary advice as is reasonably requested by the
     Company, provided that Josephthal shall not be required to undertake duties
     not reasonably within the scope of the financial advisory or investment
     banking services contemplated by this Agreement. It is understood and
     acknowledged by the parties that the value of Josephthal's advice is not
     readily quantifiable, and that Josephthal shall be obligated to render
     advice upon the request of the Company, in good faith, but shall not be
     obligated to spend any specific amount of time in so doing.

                                                                               1
<PAGE>   2

4.   Josephthal shall render such other financial and investment and/or
     investment banking services as may from time to time be agreed upon in
     writing by Josephthal and the Company.

5.   In consideration for the services rendered by Josephthal to the Company
     pursuant to this Agreement (and in addition to the expenses provided for in
     Paragraph 7 hereof), the Company shall compensate Josephthal as follows:

          (a) a non-refundable retainer fee of $100,000, payable in cash upon
              the execution of this Agreement and credited against any fees
              arising and owing to Josephthal under sections (b) and (c) of this
              paragraph 5. Additionally, the Company shall issue to Josephthal
              200,000 warrants (individually a "Warrant" and collectively, the
              "Warrants") to purchase common stock of the Company at an exercise
              price of $6.99 per share of the common stock of the Company. Each
              Warrant is exercisable at the option of the holder at any time
              during the period of five years from the date of execution of this
              Agreement. The terms of the Warrants shall be set forth in one or
              more agreements (the "Warrant Agreements") in form and substance
              reasonably satisfactory to Josephthal and the Company. The Warrant
              Agreements shall contain customary terms, including, without
              limitation, cashless exercise, weighted average price
              anti-dilution, and customary demand and piggyback registration
              rights.

          (b) The Company shall pay to Josephthal upon the closing of any
              Transaction, except for a Transaction arranged by Lehman Brothers,
              a cash fee equal to the greater of two hundred and fifty thousand
              ($250,000) or three percent (3.0%) of the Aggregate Consideration
              (as defined below) of such Transaction.

          (c) The Company shall pay to Josephthal upon the closing of each
              Financing arranged by Josephthal which occurs during the term of
              this agreement, or thereafter as provided in Paragraph 6 below, a
              cash fee equal to the greater of (i) one hundred and fifty
              thousand dollars ($150,000), or (ii) the sum of one and one-half
              percent (1.5%) of all secured debt funds raised or, four and
              one-half percent (4.5%) of all unsecured debt funds, or eight
              percent (8%) of the Aggregate Consideration raised through the
              placement and sale of equity securities in such Financing; and
              (iii) shall issue to Josephthal warrants (the "Financing
              Warrants") to purchase such number of shares of the common stock
              of the Company equal to ten percent (10%) of the aggregate number
              of fully diluted and/or converted equity securities as are
              purchased by investors in the first Financing consummated and five
              percent (5%) of the aggregate number of fully diluted and/or
              converted equity securities as are purchased by the investor for
              any other Financing consummated during the engagement period
              hereunder (after giving effect to any increase in shares under a
              ratchet or similar provision pursuant to which the number of
              shares initially purchased is subsequently increased) on the same
              terms and conditions as the investor in such financing. The
              Financing Warrants shall be purchased for a

                                                                               2
<PAGE>   3

          nominal sum and shall be exercisable for a period of five years from
          the date of closing of the relevant financing with an exercise price
          per share equal to the effective per share price paid by the investors
          for the securities in the relevant Financing. The terms of the
          Financing Warrants shall be set forth in one or more agreements (the
          "Financing Warrant Agreements") in form and substance reasonably
          satisfactory to Josephthal and the Company. The Financing Warrant
          Agreements shall contain customary terms, including without
          limitation, provisions for "cashless" exercise, change of control,
          weighted average price based anti-dilution, and customary demand and
          piggyback registration rights.

     For the purposes of this Agreement, the term "Financing" shall mean any
     debt financing or equity investment in the Company other than a Transaction
     as set forth herein, or any combination thereof (i.e., where the funds are
     received by the Company, as distinct from funds received by selling
     shareholders). The fair market value of consideration paid in securities
     for which there is a recognized trading market shall be based on the
     closing "offer" price of the securities on the day immediately preceding
     the closing of the Financing and shall be computed as if the securities
     were freely tradable.

     For the purpose of this Agreement "Transaction" shall mean any merger,
     business combination or reorganization, purchase or sale of some or all of
     the stock or assets of any other entity, or of True Technologies, Inc., by
     the Company not in the ordinary course of business, joint venture,
     licensing agreement, royalty agreement, distribution agreement or any
     similar transaction or combination thereof to which the Company is party.
     "Aggregate Consideration" shall mean the total consideration (stock, cash,
     assets and all other property (real or personal, tangible or intangible)
     plus debt assumed), paid, exchanged or received, or to be exchanged or
     received directly or indirectly by the Company in connection with any such
     Transaction. Transaction Fees shall be paid by the Company to Josephthal at
     the first closing of any Transaction, provided that the fee due to
     Josephthal as a result of consideration which is contingent upon the
     occurrence of some future event (e.g. earnout or the realization of
     earnings projections) shall be paid by the Company to Josephthal at the
     time of the receipt of such consideration by the Company.

     Josephthal's fee in connection with any Financing shall be based upon the
     percentages set forth above of the gross total proceeds before any
     deductions, including but not limited to fees, deposits, transaction
     expenses, reserves, insurance or other amounts withheld or paid by the
     investor or party providing the funds in such Financing. Financing shall be
     deemed to include total value of equity or debt Securities sold directly or
     indirectly, in connection with the Financing, including proceeds received
     by the Company upon exercise of options, warrants and/or similar securities
     (collectively, the "Options"), and any amounts paid into escrow and any
     amounts payable in the future whether or not subject to any contingency. If
     the

                                                                               3
<PAGE>   4

     consideration received by the Company in connection with any Financing is
     to be paid in whole or in part through installment payments, such
     installment payments shall be valued on a discounted present value basis
     using a discount rate of 10% per annum. To the extent such future payments
     are not currently ascertainable or relate to the exercise of Options, the
     portion of Josephthal's Financing fee relating thereto shall be calculated
     and paid when and as such contingent payments are made. If the
     consideration received by the Company in connection with any financing is
     paid in whole or in part in the form of securities or other non-cash
     consideration, such consideration shall be valued at the fair market value
     thereof, as the Company and Josephthal shall agree, on the day, prior to
     the date of closing of such Financing (or later date on which a contingent
     payment is made), provided, however, that if such consideration consists of
     securities with an existing trading market, such securities shall be valued
     at the average of the last sales price for such securities on the five
     trading days prior to the date of closing of such Financing (or later date
     on which a contingent payment is made). Financing shall not include: (a)
     working capital financing provided by commercial bank loan departments; or
     (b) extensions, renewals, modifications or refinancings with existing
     creditors; provided that such financings are initiated by the Company
     without the assistance of or materials prepared by Josephthal. Public
     offerings, if any, shall be subject to a separate letter agreement and are
     expressly not addressed in this Agreement.

For the purposes of this Agreement, consideration paid or to be paid other than
in cash shall be valued at the fair market value, except that liabilities
assumed and notes issued will be valued at the face amount thereof. The fair
market value of consideration paid in securities for which there is a recognized
trading market shall be based on the closing "offer" price of the securities on
the day immediately preceding the closing of the Transaction and shall be
computed as if the securities were freely tradable.

6.   In the event that this Agreement shall not be renewed or if terminated for
     any reason, notwithstanding any such renewal or termination, Josephthal
     shall be entitled to a full fee as provided under Paragraph 5 hereof, for
     any Transaction or Financing for which the discussions with an entity or
     person arranged by Josephthal were conducted during the term of this
     Agreement by the Company or by Josephthal on behalf of the Company which is
     consummated within a period of twelve (12) months after non-renewal or
     termination of this Agreement. Upon termination of this Agreement,
     Josephthal shall provide the Company with a written list of parties with
     whom it had discussions.

7.   In addition to the fees payable, and regardless whether any Transaction or
     Financing set forth in Paragraph 5 hereof is proposed or consummated, the
     Company shall reimburse Josephthal for all reasonable fees and
     disbursements of Josephthal's outside counsel and Josephthal's reasonable
     travel and out-of-pocket expenses incurred in connection with the services
     performed by Josephthal pursuant to this Agreement, including without
     limitation, hotel, food and associated expenses; provided that to the
     extent such reimbursements referenced in this Paragraph 7 exceed

                                                                               4
<PAGE>   5

     $1,000 in the aggregate, they shall be subject to the Company's prior
     written approval.

8.   The Company acknowledges that all opinions and advice (written or oral)
     given by Josephthal to the Company in connection with Josephthal's
     engagement are intended solely for the benefit and use of the Company and
     its Board in considering the Transaction or Financing to which they relate,
     and the Company agrees that no person or entity other than the Company and
     its Board shall be entitled to make use of or rely upon the advice of
     Josephthal to be given hereunder, and no such opinion or advice shall be
     used for any other purpose or reproduced, disseminated, quoted or referred
     to at any time, in any manner or for any purpose, nor may the Company make
     any public references to Josephthal, or use Josephthal's name in any annual
     reports or any other reports or releases of the Company without
     Josephthal's prior written consent, which shall not be unreasonably
     withheld.

     Josephthal and the Company agree and acknowledge that the decision to
     consummate a Financing and/or Transaction shall be in the Company's sole
     and absolute discretion.

9.   The Company acknowledges that Josephthal and its affiliates are in the
     business of providing financial services and advice to others. Nothing
     herein contained shall be construed to limit or restrict Josephthal in
     conducting such business with respect to others, or in rendering such
     advice to others.

     Josephthal agrees that all information supplied to it by the Company will
     be used by Josephthal solely for the purpose of performing its duties
     hereunder, will be kept confidential by Josephthal and will not be used to
     disclose to any third party (other than Josephthal's counsel) without the
     consent of the CEO of the Company. Josephthal further agrees that the fact
     of its engagement hereunder and the terms of such engagement shall not be
     disclosed by Josephthal without the consent of the CEO of the Company. In
     the event that the period of Josephthal's engagement hereunder terminates,
     Josephthal shall promptly return to the Company all written materials
     containing or reflecting any information relating to the Company, its
     business and affairs supplied by the Company to Josephthal and Josephthal
     shall not retain any copies, extracts or reproductions in whole or in any
     part of such written materials.

10.  The Company recognizes, acknowledges and agrees that in performing its
     services under this agreement, Josephthal will use and rely upon the data,
     material and other information supplied by the Company without
     independently verifying its accuracy, completeness or veracity, except to
     the extent Josephthal has actual knowledge to the contrary. The Company
     represents and warrants to Josephthal that all such information concerning
     the Company provided by the Company in response to requests made by
     Josephthal or otherwise, will be true and accurate in all material respects
     as of the date of the information and will not contain any untrue statement
     of a material fact or omit to state a material fact necessary in order to
     make the statements therein not misleading in light of the circumstances
     under which such

                                                                               5
<PAGE>   6

     statements are made. Josephthal shall be under no obligations to make an
     independent appraisal of assets or an investigation or inquiry as to any
     information regarding, or any representations of, any other participant in
     a Transaction or Financing, and shall have no liability with regard
     thereto. The Company acknowledges and agrees that Josephthal will be using
     and relying upon such information supplied by the Company and its officers,
     agents and others and any other publicly available information concerning
     the Company without any independent investigation or verification thereof
     or independent appraisal by Josephthal of the Company or its business or
     assets. Josephthal does not provide legal, tax or accounting services and
     does not render such advice. If, in Josephthal's opinion after completion
     of its due diligence process, the condition of the Company, financial or
     otherwise, and its prospects are not substantially as represented,
     Josephthal shall have the sole discretion to review and determine its
     continued interest in proposed Financings and/or Transactions.

11.  Since Josephthal will be acting on behalf of the Company in connection with
     its engagement hereunder, the Company and Josephthal have entered into a
     separate indemnification agreement in the form attached hereto as Schedule
     A and dated the date hereof, providing for the indemnification of
     Josephthal by the Company. Josephthal has entered into this Agreement in
     reliance on the indemnities set forth in such indemnification agreement.

12.  Josephthal shall perform its services hereunder as an independent
     contractor and not as an employee of the Company or an affiliate thereof.
     It is expressly understood and agreed to by the parties hereto that
     Josephthal shall have no authority to act for, represent or bind the
     Company or any affiliate thereof in any manner, except as may be agreed to
     expressly by the Company in writing from time to time.

13.      A. This Agreement and the Schedule A attached hereto constitute the
     entire agreement and understanding of the parties hereto, and supersede any
     and all previous agreements and understandings, whether oral or written,
     between the parties with respect to the matters set forth herein.

         B. Any notice or communication permitted or required hereunder shall be
     in writing and shall be deemed sufficiently given if hand-delivered or sent
     (i) postage prepaid by registered mail, return receipt requested, or (ii)
     by facsimile to the respective parties as set forth below, or to such other
     address as either party may notify the other of in writing:

if to the Company, to:             Chromatics Color Sciences International, Inc.
                                   5 E 80th Street
                                   New York, NY 10021
                                   Attn: Darby Macfarlane
                                         President & CEO
                                   Fax:  (212) 717-6675

                                                                               6
<PAGE>   7

if to Josephthal, to:              Josephthal & Co. Inc.
                                   200 Park Avenue, 25th Floor
                                   New York, New York  10166
                                   Attn: John F. O' Brien
                                         Managing Director
                                   Fax:  (212) 907-4057

with a copy to:                    Josephthal & Co. Inc.
                                   200 Park Avenue, 25th Floor
                                   New York, New York  10166
                                   Attn:  Dennis McNamara, Esq.
                                          General Counsel
                                   Fax:   (212) 867-2664

     C. This Agreement shall be binding upon and inure to the benefit of each of
     the parties hereto and their respective successors, legal representatives
     and permitted assigns. Neither party may assign its rights hereunder
     without prior written consent of the other party.

     D. This Agreement may be executed in any number of counterparts, each of
     which together shall constitute one and the same original document.

     E. No provision of this Agreement may be amended, modified or waived,
     except in a writing signed by all of the parties hereto.

     F. This Agreement shall be construed in accordance with and governed by the
     laws of the State of New York, without giving effect to its conflict of law
     principles. The parties hereby agree that any dispute which may arise
     between them arising out of or in connection with this Agreement shall be
     adjudicated before a court located in New York City, and they hereby submit
     to the exclusive jurisdiction of the courts of the State of New York
     located in New York, New York and of the federal courts in the Southern
     District of New York with respect to any action or legal proceeding
     commenced by any party, and irrevocably waive any objection they now or
     hereafter may have respecting the venue of any such action or proceeding
     brought in such a court or respecting the fact that such court is an
     inconvenient forum, relating to or arising out of this Agreement, and
     consent to the service of process in any such action or legal proceeding by
     means of registered or certified mail, return receipt requested, in care of
     the address set forth in Paragraph 13B hereof.

The parties hereby waive trial by jury in any action or proceeding involving,
directly or indirectly, any matter in any way arising out of or in connection
with this Agreement.

                                                                               7
<PAGE>   8

If the foregoing correctly sets forth the understanding between Josephthal and
the Company with respect to the foregoing, please so indicate your agreement by
signing in the place provided below, at which time this letter shall become a
binding contract.

JOSEPHTHAL & CO. INC.

By:
   ---------------------------------
          John F. O' Brien
          Managing Director

Accepted and Agreed:

Chromatics Color Sciences International, Inc.

By:
   ---------------------------------
   Name:       Darby Macfarlane
   Title:      President & CEO

                                                                               8
<PAGE>   9

                                   Schedule A

                           INDEMNIFICATION PROVISIONS

--------------------------------------------------------------------------------

In connection with the engagement of Josephthal & Co. Inc. ('Josephthal") by
Chromatics Color Sciences International, Inc. (the "Company") pursuant to a
letter agreement dated June 2000 between the Company and Josephthal as it may be
amended from time to time (the "Letter Agreement"), the Company, hereby agrees
as follows:

1.   In connection with or arising out of or relating to the engagement of
     Josephthal under the Letter Agreement, or any actions taken, services
     performed or matters contemplated by or in connection with the Letter
     Agreement, the Company agrees to indemnify Josephthal, its affiliates and
     their respective directors, officers, employees, agents and controlling
     persons (each an "Indemnified Party") from and against any and all
     out-of-pocket losses, claims, damages and liabilities, join or several, to
     which any Indemnified Party may become subject, including any amount paid
     in settlement of any litigation or other action (commenced or threatened)
     to which the Company shall have consented in writing (such consent not to
     be reasonably withheld), whether or not any Indemnified Party is a party
     and whether or not liability resulted relating to the transaction
     contemplated by the Letter of Agreement (collectively a claim); provided,
     however, that the Company shall not be liable pursuant to this sentence in
     respect of any loss, claim, damage or liability relating to any claim to
     the extent that a court or other agency having competent jurisdiction shall
     have determined by final judgement (not subject to further appeal) that
     such loss, claim, damage or liability was incurred as a direct result of
     the willful misconduct or gross negligence of such Indemnified Party.

     In addition, the Company agrees to advance to any Indemnified Party upon
     demand and in advance of the final resolution of the Claim the amount of
     such Indemnified Party's actual out of pocket expenses (including
     reasonable attorneys' fees) incurred in connection with investigating,
     preparing for or defense of any Claim subject to receipt of a written
     undertaking from such Indemnified Party to return such advances if it is
     ultimately determined that the Indemnified Party is not entitled to such
     advances.

2.   An Indemnified Party shall have the right to approve, which approval shall
     not be unnecessarily withheld, the legal counsel selected by the Company,
     to conduct the defense and all related matters in connection with any
     Claim. The Company shall pay the fees and expenses of such legal counsel.

3.   The Company will not, without the prior written consent of each Indemnified
     Party settle, compromise or consent to the entry of any judgement in any
     pending or threatened Claim in respect of which indemnification may be
     reasonably sought hereunder (whether or not any Indemnified Person is an
     actual or potential party to such Claim), unless such settlement,
     compromise or consent includes an unconditional, irrevocable release of
     each Indemnified Person against whom such Claim may be brought hereunder
     from any and all liability arising out of such Claim.

4.   In the event the indemnity provided for in paragraphs 1 and 2 hereof is
     unavailable or insufficient to hold any Indemnified Party harmless, then
     the Company shall contribute to amounts paid or payable by an Indemnified
     Party in respect of such Indemnified Party's losses, claims, damages and
     liabilities as to which the indemnity provided for in paragraphs 1 and 2
     hereof is unavailable or insufficient (i) in such portion as appropriately
     reflects the relative benefits received by the Company, on the one hand,
     and the Indemnified Party, on the other hand, in connection with the
     matters as to which losses, claims, damages or liabilities relate, or (ii)
     if the allocation provided by (i) above is not permitted by applicable law,
     in such proportion as appropriately reflects not only the relative benefits
     referred to in clause (i) but also the relative fault of the Company, on
     the one hand, and the Indemnified Parties, on the other hand, as well as
     any other equitable considerations. The amounts paid or payable by a party
     in respect

                                                                               9
<PAGE>   10

     of losses, claims, damages and liabilities referred to above shall be
     deemed to include any reasonable legal or other out-of-pocket fees and
     expenses incurred in defending any litigation, proceeding or other action
     or claim. Notwithstanding the provisions hereof, Josephthal's share of the
     liability hereunder shall not be in excess of the amount of fees actually
     received by Josephthal under the Letter Agreement (excluding any amounts
     received as reimbursement of expenses by Josephthal).

5.   It is understood and agreed that, in connection with Josephthal's
     engagement by the Company under the Letter Agreement, Josephthal may also
     be engaged to act for the Company in one or more additional capacities, and
     that the terms of any such additional engagement may be embodied in one or
     more separate written agreements. These Indemnification Provisions shall
     apply to the engagement under the Letter Agreement and to any such
     additional engagement and any modification of such additional engagement;
     provided, however, that in the event that the Company engages Josephthal to
     act as a dealer manager in an exchange or tender offer or as an underwriter
     in connection with the issuance of securities by the Company or to furnish
     an opinion letter, such further engagement may be subject to separate
     indemnification and contribution provisions as may be mutually agreed upon.

6.   These Indemnification Provisions shall remain in full force and effect in
     connection with the transaction contemplated by the Letter Agreement
     whether or not consummated, and shall survive the expiration of the period
     of the Letter Agreement, and shall be in addition to any liability that the
     Company might otherwise have to any Indemnified Party under the Letter
     Agreement or otherwise.

7.   Each party hereto consents to personal jurisdiction and service of process
     and venue in any court in the State of New York in which any claim for
     indemnity is brought by any Indemnified Person.

Chromatics Color Sciences International, Inc.

By:
   ---------------------------------
   Name:  Darby Macfarlane
   Title: President & CEO

Confirmed and  agreed to:

JOSEPHTHAL & CO. INC.

By:
   ---------------------------------
     John F. O'Brien
     Managing Director

                                                                              10

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