Document:

Exhibit 10.7

This Debenture is issued as a replacement to Promissory Note NO PN080698/01, the
Promissory Note having been returned to the Company and cancelled on 29 December
2000

                             DEBENTURE No D291200/01
                                 (FIXED CHARGE)

DATE                          29 December 2000
PARTIES
(1)      "the Lender"         The Bearer of this Debenture
(2)      "the Company"        OAKLAND FINANCE LIMITED (registered number
                              3580153) whose registered office is at Brooks,
                              Valiant House, 4-10 Heneage Lane, London EC3A 5DQ
(3)      "the Owner"          SOCIETE ANONYME DE LA VILLA GAL (RDC Nice B 970
                              801 700), Avenue Louis Bordes, Villefranche-sur-
                              Mer 06230, France

OPERATIVE PROVISONS

1 Interpretation

         1.1 In this Debenture -

         "Acts" mean the law of Property Act 1925 and the Insolvency Act 1986
         "Asset" means the mortgage (Mortgage Registration Depot No 2000006492,
         Inscrit Le 08/09/2000, a la Conservation des Hypotheques de Nice, 4 Eme
         Bureau Volume 2000 v No 1506 by the Order to the Company of a property
         known as Villa Cansoun de la Mar, Avenue Louise Bordes,
         Villefranche-sur-Mer 06230, Nice, France "Due Date" means 8th January
         2009 "indebtedness" mean the sum of FF7,040,440.96 (Seven million and
         forty thousand, four hundred and forty French Francs and ninety six
         cents) "Property" means the property which is subject to the mortgage
         referred to as the Asset above "Receiver" has the meaning given to it
         in clause 4

         1.2      Clause headings are for ease of reference only

2 CHARGE

         2.1      The Company covenants to pay or discharge the Indebtedness to
                  the Lender on the Due Date (or earlier at the Company's option
                  pursuant to clause 5)

         2.2      As security for the payment and discharge of the indebtedness,
                  the company (as beneficial owner) hereby charges the Asset to
                  the Lender by way of a fixed charge

3 COVENANTS

         3.1      The Company must not -

                  3.1.1    create or permit to exist any mortgage, charge or
                           lien over the Asset (except for charges in favour of
                           the Lender)

                  3.1.2    sell, transfer or otherwise dispose of the Asset

         3.2      The Company must promptly deposit with the Lender all deeds
                  and documents of title and all insurance policies relating to
                  the Asset and the Property and promptly notify the Lender of
                  any dealings with or communication relating to the Asset or
                  the Property.

         3.3      Until the Indebtedness is discharged, the Company must pay to
                  the Lender (or hold in an escrow account for the Lender's
                  benefit) all money received by the Company pursuant to the
                  Asset

         3.4      If the owner of the Property fails to perform any of its
                  obligations relating to insurance or repair, or if the Company
                  fails to so enforce those obligations, the Lender may take out
                  or renew any insurance to effect such repairs and take any
                  other action as it may deem appropriate to remedy such failure
                  and recover the premiums and other expenses so incurred from
                  the Company on demand

4 RECEIVER

         4.1      At any time after the Indebtedness has become repayable (or
                  even if the Indebtedness has not become repayable, if the
                  Company is in breach of any of its obligations under this
                  debenture, or if the Lender reasonably considers the security
                  created by this debenture to be in jeopardy), the Lender may
                  in writing appoint any person or persons to be an
                  administrative receiver or receiver and manager or receivers
                  and manager ("the Receiver", which expression includes any
                  substituted receiver(s) and manager(s) of the Asset

         4.2      The lender may from time to time decide the Receivers
                  remuneration and may remove the receiver and appoint another
                  in his place

         4.3      The Receiver will be the Company's agent and will have all
                  power conferred by the Acts. The Company alone will be
                  responsible for the Receivers acts and omissions and for his
                  remuneration. In particular (but without limiting any general
                  powers or the Lenders power of sale), the Receiver will have
                  power -

                  4.3.1    to take possession of the Asset and exercise the
                           Company's rights and powers under the Asset, and for
                           that purpose to take any proceedings in the Company's
                           name or otherwise as he thinks fit

                  4.3.2    to sell or enforce the Asset in such manner and on
                           such terms as he thinks fit

                  4.3.3    to take, continue or defend any proceeding and make
                           any arrangement or compromise which the Lender or he
                           thinks fit

                  4.3.4    to appoint managers, officers and agents for any of
                           the above purposes, and such salaries as the receiver
                           decides

                  4.3.5    to do all other acts and things which he may consider
                           to be incidental or conducive to any of the above
                           powers

         4.4      Any money received under this debenture must be applied -

                  4.4.1    first, in satisfaction of all costs charged and
                           expenses properly incurred and payments properly made
                           by the Lender or the Receiver and of the remuneration
                           of the Receiver

                  4.4.2    secondly, in or towards satisfaction of the
                           Indebtedness

                  4.4.3    thirdly, the surplus (of any) must be paid to the
                           person or persons entitled to it

5 EARLY REPAYMENT

         The Company may, by written notice to the Lender, repay the
indebtedness before the Due Date, in which case the amount repayable shall be as
follows -
<TABLE>
<CAPTION>
     ---------------------------- ------------------------------- -------------------------------- ----------------------------
          Repayment made on              Amount repayable                Repayment made on              Amount repayable
     ---------------------------- ------------------------------- -------------------------------- ----------------------------
            <S>                          <C>                            <C>                              <C>
            8th June 2001                FF4,862,025.00                    8th June 2006                 FF6,205,312.88
            8th June 2002                FF5,105,126.25                    8th June 2007                 FF6,515,578.53
            8th June 2003                FF5,360,382.57                    8th June 2008                 FF6,841,357.46
            8th June 2004                FF5,628,401.70                  8th January 2009                FF7,040,440.96
            8th June 2005                FF5,909,821.79
     ---------------------------- ------------------------------- -------------------------------- ----------------------------
</TABLE>

6 MISCELLANEOUS

         6.1      The Company must at its own expense at any time on request
                  from the Lender promptly execute and deliver to the Lender any
                  other or further mortgage charge or other instrument
                  conferring a fixed charge on the Asset or other such charge
                  that the Lender may in its discretion think fit for securing
                  the Indebtedness.

         6.2      This debenture will be -

                  6.2.1    without prejudice and in addition to any other
                           security Indebtedness (whether by way of mortgage
                           equitable charge or otherwise) which the Lender may
                           hold now or in the future on all or any part of the
                           assets and

                  6.2.2    in addition to any rights powers and remedies at law

         6.3      No failure or delay on the Lender's part on the exercise of
                  any of its rights powers and remedies (in this clause, called
                  "rights") under this debenture or at law will operate or be
                  constructed as a waiver. No waiver of any of the Lenders
                  rights will preclude any further or other exercise of that
                  right or of any other right.

         6.4      The lender may give time or other indulgence or make any other
                  arrangement variation or release in respect of the
                  indebtedness or any other security or guarantee for the
                  indebtedness without derogating from the Company's liabilities
                  or the Lenders rights under the debenture.

         6.5      The Company certifies that the charge created by this
                  debenture does not contravene any provision of its Memorandum
                  and Articles of Association or any agreement binding on it or
                  the Assets.

         6.6      The Company must, on demand by the Lender, execute and deliver
                  all transfers mandates assignments deeds or other documents
                  that the Lender may require to perfect its rights under the
                  debenture and give effect to any sale or disposal of the Asset
                  and otherwise give effect to the intent of this debenture.

7 POWER OF ATTORNEY

         By way of security, the Company hereby irrevocably appoints the Lender
and any Receiver jointly and separately as its attorney with full power of
delegation for it and in its name and on its behalf and as its act and deed or
otherwise to seal deliver and otherwise perfect any deed assurance agreement
instrument or act which may be required or may be deemed proper for any of the
above purposes.

8 COSTS

         All costs charges and expenses incurred by the Lender and all other
money paid by the Lender or Receiver in perfecting or otherwise in connection
with this debenture and all costs of the Lender or the Receiver of all
proceedings for enforcement of this debenture will be recoverable from the
Company as a debt, may be debited to any account of the Company, shall bear
interest at 4% over Barclays Bank's base rate from time to time (after as well
as before judgement), and will be charged on the Asset.

9 SEVERANCE

         If at any time any provision in this debenture is or becomes invalid
illegal or unforceable the validity legality and enforceability of the remaining
provisions of this debenture will not be impaired.

10 OWNER'S ACKNOWLEDGEMENT

         The Owner has executed this debenture to acknowledge that it is aware
of its existence and terms and to undertake to do nothing that might prejudice
the Lender's security under it.

11 REPLACEMENT OF DEBENTURE

         If a Debenture is mutilated, defaced, destroyed, stolen or lost it may
be replaced by application to the specified office of the Company. Replacements
will be issued by the Company and delivered in accordance with the instructions
of the holder. This replacement will be issued only on payment of such costs as
may be incurred in connection therewith and on such terms as to evidence and
indemnify as the Company may require. A mutilated or defaced Debenture must be
surrendered before a new one will be issued.

12 TITLE

         Title to the Debenture will pass by delivery and the Company may treat
the holder of any Bearer Debenture as the absolute owner thereof (whether or not
the Bearer Debenture shall be overdue and notwithstanding any notice of
ownership or writing thereon) for the purpose of making payments and for all
other purposes.

13 NOTICES

         13.1     Any demand notice or other communication by the Lender may be
                  delivered personally to the Company or sent to the Company by
                  post or facsimile at its address set out above of such other
                  address notified in writing to the lender. Any such notice
                  demand or other communication shall be deemed to have been
                  received by the Company -

                  13.1.1   twenty-four hours after posting, where sent by first
                           class pre-paid post 1

                  3.1.2    immediately upon delivery, where delivered personally
                           and

                  13.1.3   immediately on sending, where sent by facsimile

         13.2     Any notice from the Company regarding the Debenture will be
                  published in one leading daily newspaper in London (which is
                  expected to be the Financial Times) or, if this is not
                  possible, a leading English language daily newspaper with
                  circulation in Europe. Notice shall be deemed to have been
                  given on the date of publication as aforesaid or, if published
                  more than once, on the date of the first such publication.

         13.3     Any notice from the Company to the Lender must be served by
                  first class pre-paid recorded delivery post or personally or
                  be facsimile at the current address notified to the Company
                  from time to time by the Lender.

14 LAW

         This debenture is to be governed by and construed in accordance with
English Law.

         Executed and unconditionally delivered as a deed by the Company

-------------------------------------
Director

-------------------------------------
Director/SecretaryRESTRICTION ON TRANSFER

THE ISSUANCE OF THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933,  AS  AMENDED,  OR QUALIFIED UNDER ANY STATE SECURITIES LAWS.  THIS WARRANT
MAY  NOT  BE  TRANSFERRED WITHOUT (I) THE OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY  THAT  SUCH TRANSFER MAY BE LAWFULLY MADE WITHOUT REGISTRATION UNDER THE
SECURITIES  ACT OF 1933, AS AMENDED, AND ALL APPLICABLE STATE SECURITIES LAWS OR
(II)  SUCH  REGISTRATION.

                                     WARRANT

                  To Subscribe for and Purchase Common Stock of

                            THE FEMALE HEALTH COMPANY

     THIS  CERTIFIES  THAT,  for  value  received,  Stephen  M. Dearholt, or his
registered  assigns,  is  entitled to subscribe for and purchase from The Female
Health  Company  (herein  called  the  "Company"),  a  corporation organized and
existing  under the laws of the State of Wisconsin, at the price specified below
(subject  to  adjustment  as  noted  below)  at any time from and after the date
hereof to and including May 18, 2006, the number of fully paid and nonassessable
(subject  to  Wisconsin  law)  shares of the Company's Common Stock equal to (a)
$500,000  (the "Guarantee Amount"), divided by (b) the Warrant purchase price as
of  the  date  of  exercise  determined  in  accordance with the next paragraph.

     The  Warrant purchase price (subject to adjustment as noted below) shall be
a  price  per share equal to 70% of the "market price" of the Common Stock as of
the  day  immediately  prior  to  the  date  the exercise notice is given to the
Company,  but  in  no  event  shall such per share price be less than $0.50 (the
"Minimum  Price")  or  more  than  $1.00  (the  "Maximum  Price").

     For  purposes  of  determining  the "market price" of the Common Stock, the
price  shall  be  determined  as  the  average last sale price of a share of the
Company's  Common  Stock for the five trading days ending on the day immediately
prior to the date a notice of exercise is issued to the Company by the holder of
this  Warrant.

     This  Warrant is subject to the following provisions, terms and conditions:

     1.     The  rights  represented  by  this  Warrant  may be exercised by the
holder  hereof,  in whole or in part, by written notice of exercise delivered to
the  Company 20 days prior to the intended date of exercise and by the surrender
of  this  Warrant (properly endorsed if required) at the principal office of the
Company  and  upon payment to it by check of the purchase price for such shares.
The  Company  agrees  that  the  shares  so

<PAGE>
purchased  shall  be  and  are  deemed  to be issued to the holder hereof 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.  Subject  to  the  provisions  of  the  next  succeeding  paragraph,
certificates for the shares of stock so purchased (bearing an appropriate legend
to  indicate  that  the  shares  have not been registered under securities laws)
shall  be delivered to the holder hereof within a reasonable time, not exceeding
10  days,  after  the  rights  represented  by  this  Warrant shall have been so
exercised,  and,  unless  this Warrant has expired, a new Warrant reflecting the
Guarantee  Amount,  if  any,  as  to which this Warrant shall not then have been
exercised  shall  also  be  delivered  to  the  holder  hereof within such time.

     2.     Notwithstanding  the  foregoing,  however,  the Company shall not be
required  to  deliver  any certificate for shares of stock upon exercise of this
Warrant  except  in  accordance  with  the  provisions,  and  subject  to  the
limitations,  of paragraph 6 hereof and the restrictive legend under the heading
"Restriction  on  Transfer."

     3.     The  Company covenants and agrees that all shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be duly authorized and issued, fully paid and nonassessable (except as set forth
in Wisconsin Statues Section 180.0622(2)(b)).  The Company further covenants and
agrees  that  during  the  period  within  which  the rights represented by this
Warrant  may  be  exercised,  the Company will at all times have authorized, and
reserved  for the purpose of issue or transfer upon exercise of the subscription
rights  evidenced  by  this Warrant, a sufficient number of shares of its Common
Stock  to  provide  for  the exercise of the rights represented by this Warrant.

     4.     (a)     In  case  the  Company  shall  at  any  time  subdivide  its
outstanding  shares of Common Stock into a greater number of shares, the Minimum
Price and the Maximum Price in effect immediately prior to such subdivision each
shall be proportionately reduced, and conversely, in case the outstanding shares
of  Common  Stock  of  the  Company  shall  be combined into a smaller number of
shares,  the  Minimum Price and the Maximum Price in effect immediately prior to
such  combination  each  shall  be  proportionately  increased.

          (b)     If any event occurs as to which in the opinion of the Board of
Directors  of  the  Company  the  other  provisions  of this paragraph 4 are not
strictly  applicable  or  if  strictly  applicable  would not fairly protect the
purchase  rights  of the holder of this Warrant or of Common Stock in accordance
with  the  essential intent and principles of such provisions, then the Board of
Directors  shall  make  an  adjustment in the application of such provisions, in
accordance  with  such  essential  intent  and principles, so as to protect such
purchase  rights  as  aforesaid.

                                        2
<PAGE>
     5.     This  Warrant  shall  not  entitle  the  holder hereof to any voting
rights  or  other  rights  as  a  stockholder  of  the  Company.

     6.     (a)     The  holder of this Warrant, by acceptance hereof, agrees to
give  written  notice  to  the  Company  before  transferring  this  Warrant  or
transferring  any  Common  Stock  issuable or issued upon the exercise hereof of
such  holder's intention to do so, describing briefly the manner of any proposed
transfer  of this Warrant or such holder's intention as to the disposition to be
made  of  shares  of  Common  Stock issuable or issued upon the exercise hereof.
Such  holder  shall  also  provide  the  Company  with  an  opinion  of  counsel
satisfactory  to  the  Company  to the effect that the proposed transfer of this
Warrant  or  disposition of shares received upon exercise hereof may be effected
without  registration  or  qualification  (under  any  Federal or State law) and
without  causing  the  loss  of  the  applicable  securities  law  registration
exemption(s)  relied  upon  by  the  Company  when it issued this Warrant.  Upon
receipt  of such written notice and opinion by the Company, such holder shall be
entitled  to  transfer  this  Warrant, or to exercise this Warrant in accordance
with  its  terms  and  dispose  of  the shares received upon such exercise or to
dispose  of  shares  of Common Stock received upon the previous exercise of this
Warrant, all in accordance with the terms of the notice delivered by such holder
to  the  Company,  provided  that an appropriate legend respecting the aforesaid
restrictions  on  transfer  and disposition shall be endorsed on this Warrant or
the  certificates  for  such  shares.

          (b)     This  Warrant includes certain registration rights pursuant to
a  Registration Rights Agreement, a copy of which is attached hereto as Schedule
1.

     7.     Subject  to  the  provisions of paragraph 6 hereof, this Warrant and
all  rights  hereunder  are  transferable, in whole or in part, at the principal
office  of  the  Company  by  the  holder hereof in person or by duly authorized
attorney,  upon  surrender  of  this  Warrant properly endorsed.  Each taker and
holder  of this Warrant, by taking or holding the same, consents and agrees that
the bearer of this Warrant, when endorsed, may be treated by the Company and all
other  persons  dealing  with  this Warrant as the absolute owner hereof for any
purpose  and  as  the person entitled to exercise the rights represented by this
Warrant,  or  to  the transfer hereof on the books of the Company, any notice to
the contrary notwithstanding; but until such transfer on such books, the Company
may  treat  the  registered  holder  hereof  as  the  owner  for  all  purposes.

     8.     All  questions  concerning  this  Warrant  will  be  governed  and
interpreted  and enforced in accordance with the laws of the State of Wisconsin,
other  than  its  choice  of  laws  provisions.

                                        3
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly  authorized  officer  and  this  Warrant  to  be  dated as of May 18, 2001.

                              THE  FEMALE  HEALTH  COMPANY

                              By  /s/  O.B.  Parrish
                                  ------------------

                              Its  Chairman/CEO
                                   ------------

                                        4
<PAGE>
                               FORM OF ASSIGNMENT
                       (To Be Signed Only Upon Assignment)

     FOR  VALUE  RECEIVED,  the  undersigned hereby sells, assigns and transfers
unto  _________________________________  this  Warrant,  and  appoints
_________________________  to  transfer  this Warrant on the books of The Female
Health  Company  with  the  full  power  of  substitution  in  the  premises.

Dated:______________________

In  the  presence  of:

____________________________       ________________________________________

                    (Signature must conform in all respects to
                    the name of the holder as specified on the
                    face  of  this Warrant without alteration,
                    enlargement  or any change whatsoever, and
                    the  signature  must  be guaranteed in the
                    usual  manner.)

<PAGE>
                                SUBSCRIPTION FORM

           To be Executed by the Holder of this Warrant if such Holder
              Desires to Exercise this Warrant in Whole or in Part:

To:  THE  FEMALE  HEALTH  COMPANY  (the  "Company")

          The  undersigned  _________________________

          Please  insert  Social  Security  or  other
          identifying  number  of  Subscriber:
          _________________________

hereby  irrevocably elects to exercise the right of purchase represented by this
Warrant  for,  and  to  purchase thereunder, ________ shares of the Common Stock
provided for therein and tenders payment herewith to the order of the Company in
the  amount of $_______, such payment being made as provided on the face of this
Warrant,  based upon an exercise with respect to a Guarantee Amount of $________
and  a  purchase  price  of  $____  per  share.

     The  undersigned requests that certificates for such shares of Common Stock
be  issued  as  follows:

Name:

Address:

Deliver  to:

Address:

Dated:                        Signature  ____________________________________

                    Note:  The  signature  on  this  Subscription  Form
                    must correspond with  the  name  as  written  upon  the
                    face of  this  Warrant  in  every  particular,  without
                    alteration  or  enlargement  or  any  change  whatever.

<PAGE>
                             RESTRICTION ON TRANSFER

THE ISSUANCE OF THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933,  AS  AMENDED,  OR QUALIFIED UNDER ANY STATE SECURITIES LAWS.  THIS WARRANT
MAY  NOT  BE  TRANSFERRED WITHOUT (I) THE OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY  THAT  SUCH TRANSFER MAY BE LAWFULLY MADE WITHOUT REGISTRATION UNDER THE
SECURITIES  ACT OF 1933, AS AMENDED, AND ALL APPLICABLE STATE SECURITIES LAWS OR
(II)  SUCH  REGISTRATION.

                                     WARRANT

                  To Subscribe for and Purchase Common Stock of

                            THE FEMALE HEALTH COMPANY

     THIS  CERTIFIES  THAT,  for  value  received,  Stephen  M. Dearholt, or his
registered  assigns,  is  entitled to subscribe for and purchase from The Female
Health  Company  (herein  called  the  "Company"),  a  corporation organized and
existing  under the laws of the State of Wisconsin, at the price specified below
(subject  to  adjustment  as  noted  below)  at any time from and after the date
hereof  to  and  including  May  18,  2006, 100,000 fully paid and nonassessable
(subject  to  Wisconsin  law) shares of the Company's Common Stock at a purchase
price  of  $0.50  per  share.

     This  Warrant is subject to the following provisions, terms and conditions:

     1.     The  rights  represented  by  this  Warrant  may be exercised by the
holder  hereof,  in whole or in part, by written notice of exercise delivered to
the  Company 20 days prior to the intended date of exercise and by the surrender
of  this  Warrant (properly endorsed if required) at the principal office of the
Company  and  upon payment to it by check of the purchase price for such shares.
The  Company  agrees  that the shares so purchased shall be and are deemed to be
issued  to  the holder hereof 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. Subject to the provisions of the next
succeeding paragraph, certificates for the shares of stock so purchased (bearing
an appropriate legend to indicate that the shares have not been registered under
securities  laws)  shall  be  delivered to the holder hereof within a reasonable
time,  not exceeding 10 days, after the rights represented by this Warrant shall
have  been  so  exercised,  and,  unless this Warrant has expired, a new Warrant
reflecting the Guarantee Amount, if any, as to which this Warrant shall not then
have  been  exercised  shall  also be delivered to the holder hereof within such
time.

     2.     Notwithstanding  the  foregoing,  however,  the Company shall not be
required  to  deliver  any certificate for shares of stock upon exercise of this
Warrant  except

<PAGE>
in  accordance with the provisions, and subject to the limitations, of paragraph
6 hereof and the restrictive legend under the heading "Restriction on Transfer."

     3.     The  Company covenants and agrees that all shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be duly authorized and issued, fully paid and nonassessable (except as set forth
in Wisconsin Statues Section 180.0622(2)(b)).  The Company further covenants and
agrees  that  during  the  period  within  which  the rights represented by this
Warrant  may  be  exercised,  the Company will at all times have authorized, and
reserved  for the purpose of issue or transfer upon exercise of the subscription
rights  evidenced  by  this Warrant, a sufficient number of shares of its Common
Stock  to  provide  for  the exercise of the rights represented by this Warrant.

     4.     (a)     The warrant purchase price shall, from and after the date of
issuance  of  this  Warrant,  be  subject  to  adjustment  from  time to time as
hereinafter  provided.  Upon  each adjustment of the warrant purchase price, the
holder  of this Warrant shall thereafter be entitled to purchase, at the warrant
purchase  price resulting from such adjustment, the number of shares obtained by
multiplying  the  warrant  purchase  price  in  effect immediately prior to such
adjustment by the number of shares purchasable pursuant hereto immediately prior
to  such  adjustment  and  dividing  the product thereof by the warrant purchase
price  resulting  from  such  adjustment.

          (b)     In  case  the  Company  shall  at  any  time  subdivide  its
outstanding  shares of Common Stock into a greater number of shares, the warrant
purchase  price  in  effect  immediately  prior  to  such  subdivision  shall be
proportionately  reduced,  and  conversely,  in  case  the outstanding shares of
Common  Stock  of the Company shall be combined into a smaller number of shares,
the warrant purchase price in effect immediately prior to such combination shall
be  proportionately  increased.

          (c)     If any event occurs as to which in the opinion of the Board of
Directors  of  the  Company  the  other  provisions  of this paragraph 4 are not
strictly  applicable  or  if  strictly  applicable  would not fairly protect the
purchase  rights  of the holder of this Warrant or of Common Stock in accordance
with  the  essential intent and principles of such provisions, then the Board of
Directors  shall  make  an  adjustment in the application of such provisions, in
accordance  with  such  essential  intent  and principles, so as to protect such
purchase  rights  as  aforesaid.

     5.     This  Warrant  shall  not  entitle  the  holder hereof to any voting
rights  or  other  rights  as  a  stockholder  of  the  Company.

     6.     (a)     The  holder of this Warrant, by acceptance hereof, agrees to
give  written  notice  to  the  Company  before  transferring  this  Warrant  or
transferring  any  Common  Stock  issuable or issued upon the exercise hereof of
such  holder's  intention  to

                                        2
<PAGE>
do so, describing briefly the manner of any proposed transfer of this Warrant or
such  holder's  intention  as  to the disposition to be made of shares of Common
Stock  issuable  or  issued  upon  the  exercise hereof.  Such holder shall also
provide  the  Company  with an opinion of counsel satisfactory to the Company to
the  effect  that the proposed transfer of this Warrant or disposition of shares
received  upon  exercise  hereof  may  be  effected  without  registration  or
qualification  (under  any Federal or State law) and without causing the loss of
the  applicable  securities  law  registration  exemption(s)  relied upon by the
Company  when  it  issued this Warrant.  Upon receipt of such written notice and
opinion  by the Company, such holder shall be entitled to transfer this Warrant,
or  to  exercise  this  Warrant  in accordance with its terms and dispose of the
shares  received  upon  such  exercise  or  to dispose of shares of Common Stock
received  upon the previous exercise of this Warrant, all in accordance with the
terms  of  the  notice delivered by such holder to the Company, provided that an
appropriate  legend  respecting  the  aforesaid  restrictions  on  transfer  and
disposition  shall  be  endorsed  on  this  Warrant or the certificates for such
shares.

          (b)     This  Warrant includes certain registration rights pursuant to
a  Registration Rights Agreement, a copy of which is attached hereto as Schedule
1.

     7.     Subject  to  the  provisions of paragraph 6 hereof, this Warrant and
all  rights  hereunder  are  transferable, in whole or in part, at the principal
office  of  the  Company  by  the  holder hereof in person or by duly authorized
attorney,  upon  surrender  of  this  Warrant properly endorsed.  Each taker and
holder  of this Warrant, by taking or holding the same, consents and agrees that
the bearer of this Warrant, when endorsed, may be treated by the Company and all
other  persons  dealing  with  this Warrant as the absolute owner hereof for any
purpose  and  as  the person entitled to exercise the rights represented by this
Warrant,  or  to  the transfer hereof on the books of the Company, any notice to
the contrary notwithstanding; but until such transfer on such books, the Company
may  treat  the  registered  holder  hereof  as  the  owner  for  all  purposes.

     8.     All  questions  concerning  this  Warrant  will  be  governed  and
interpreted  and enforced in accordance with the laws of the State of Wisconsin,
other  than  its  choice  of  laws  provisions.

                                        3
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly  authorized  officer  and  this  Warrant  to  be  dated as of May 18, 2001.

                              THE  FEMALE  HEALTH  COMPANY

                              By  /s/  O.B.  Parrish
                                  ------------------

                              Its  Chairman/CEO
                                   ------------

                                        4
<PAGE>
                               FORM OF ASSIGNMENT
                       (To Be Signed Only Upon Assignment)

     FOR  VALUE  RECEIVED,  the  undersigned hereby sells, assigns and transfers
unto  _________________________________  this  Warrant,  and  appoints
_________________________  to  transfer  this Warrant on the books of The Female
Health  Company  with  the  full  power  of  substitution  in  the  premises.

Dated:______________________

In  the  presence  of:

____________________________       ________________________________________

                     (Signature  must  conform  in all respects to
                     the  name  of  the holder as specified on the
                     face  of  this  Warrant  without  alteration,
                     enlargement  or  any  change  whatsoever, and
                     the  signature  must  be  guaranteed  in  the
                     usual  manner.)

<PAGE>
                                SUBSCRIPTION FORM

           To be Executed by the Holder of this Warrant if such Holder
              Desires to Exercise this Warrant in Whole or in Part:

To:  THE  FEMALE  HEALTH  COMPANY  (the  "Company")

                   The  undersigned  _________________________

                    Please  insert  Social  Security  or  other
                       identifying  number  of  Subscriber:
                           _________________________

hereby  irrevocably elects to exercise the right of purchase represented by this
Warrant  for,  and  to  purchase thereunder, ________ shares of the Common Stock
provided for therein and tenders payment herewith to the order of the Company in
the  amount of $_______, such payment being made as provided on the face of this
Warrant,  based upon an exercise with respect to a Guarantee Amount of $________
and  a  purchase  price  of  $____  per  share.

     The  undersigned requests that certificates for such shares of Common Stock
be  issued  as  follows:

Name:

Address:

Deliver  to:

Address:

Dated:                        Signature  ____________________________________

                   Note:  The  signature  on  this  Subscription Form
                   must  correspond with the name as written upon the
                   face  of this Warrant in every particular, without
                   alteration  or enlargement or any change whatever.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]