Document:

<page>

Exhibit 4.1

NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
AND MAY NOT BE OFFERED, SOLD, ENCUMBERED OR OTHERWISE TRANSFERRED
("TRANSFERRED") IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. IN THE ABSENCE OF SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE
TRANSFERRED (OTHER THAN TO AN AFFILIATE OR MEMBER OF THE HOLDER HEREOF FOR NO
CONSIDERATION) UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION FROM COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER IS
BEING MADE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

                           CONVERTIBLE PROMISSORY NOTE

$2,500,000                                                       April 7, 2009
                                                              New York, New York

                                                                        No. CN-1

         FOR VALUE RECEIVED, Ivivi Technologies, Inc., a New Jersey corporation
(the "COMPANY"), hereby promises to pay to the order of Emigrant Capital Corp.
(the "HOLDER"), in lawful money of the United States of America and in
immediately available funds, TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($2,500,000), or, if less, the unpaid principal amount of all Loans made by the
Holder pursuant to the Loan Agreement (as defined below), together with accrued
and unpaid interest on the unpaid principal balance of this Note from time to
time outstanding, each due and payable on the dates and in the manner set forth
below.

         This Convertible Promissory Note (this "NOTE") is the Note referred to
in, and is executed and delivered in connection with, that certain Loan
Agreement, dated as of April 7, 2009 (as the same may from time to time be
amended, modified or supplemented or restated, the "LOAN AGREEMENT"). Additional
rights of the Holder are set forth in the other Loan Documents. Capitalized
terms used herein without definition shall have the meanings given to such terms
in the Loan Agreement.

         1. PRINCIPAL REPAYMENT. Unless this Note has been converted in
accordance with the terms of SECTION 4 below, and subject to acceleration as
provided herein and in the other Loan Documents, the outstanding principal
amount of this Note and all unpaid accrued interest shall be fully due and
payable in cash on the Maturity Date.

         2. INTEREST RATE. The outstanding principal amount of this Note shall
bear interest accruing daily at a rate equal to twelve (12%) percent per annum
from (and including) the date hereof to (and excluding) the date on which the
entire principal amount of this Note is paid in full, regardless of the

                                       1

<page>

commencement of any bankruptcy or insolvency proceedings against the Company;
PROVIDED, HOWEVER, that the outstanding principal amount of this Note shall bear
interest during the continuance of any Default accruing daily at a rate equal to
the lesser of (i) eighteen (18%) percent per annum and (ii) the maximum rate
permitted by law. All accrued and unpaid interest hereunder shall be due and
payable on the Maturity Date. Interest shall be calculated on the basis of a
360-day year for the actual number of days elapsed.

         3. PLACE OF PAYMENT. All amounts payable hereunder shall be payable at
the office of the Holder, unless another place of payment shall be specified in
writing by the Holder.

         4. CONVERSION.

                  4.1 DEFINITIONS. As used herein, the following terms shall
         have the following meanings:

                           (a) "ADDITIONAL SHARES OF COMMON STOCK" shall mean
                  all shares of Common Stock issued (or deemed to be issued
                  pursuant to SECTION 4.4(G)) by the Company after the Closing
                  Date, other than Permitted Securities.

                           (b) "COMMON STOCK CONVERSION PRICE" shall mean, as of
                  any date of determination, the Initial Common Stock Conversion
                  Price as adjusted pursuant to SECTION 4.4 through such date of
                  determination.

                           (c) "COMMON STOCK EQUIVALENTS" shall mean any stock
                  or security convertible into or exchangeable for Common Stock
                  and any right, warrant or option to acquire Common Stock or
                  any such convertible or exchangeable security.

                           (d) "CONVERSION AMOUNT" shall mean, as of any
                  Conversion Date, an amount equal to the aggregate outstanding
                  principal balance of this Note as of such Conversion Date,
                  together with all accrued and unpaid interest thereon through
                  the Conversion Date.

                           (e) "CONVERSION DATE" shall mean the date on which
                  this Note is converted into shares of Qualified Financing
                  Conversion Stock or shares of Common Stock which, for
                  avoidance of doubt, shall be the Qualified Financing
                  Conversion Date, the Maturity Date Conversion Date, the Event
                  of Default Conversion Date or the Sale Event Conversion Date,
                  as applicable.

                           (f) "CONVERTIBLE SECURITIES" shall mean any evidences
                  of indebtedness, shares or other securities directly or
                  indirectly convertible or exercisable into or exchangeable for
                  Common Stock, but excluding Options.

                           (g) "EQUITY FINANCING" shall mean any issuance and
                  sale for cash of Common Stock or Common Stock Equivalents by
                  the Company occurring after the date hereof.

                                       2

<page>

                           (h) "INITIAL COMMON STOCK CONVERSION PRICE" shall
                  mean an amount equal to $0.23 per share of Common Stock.

                           (i) "MATURITY DATE" shall mean July 31, 2009;
                  PROVIDED, HOWEVER, that if, at the Maturity Date, the Company
                  has at least $1,000,000 in unrestricted cash and cash
                  equivalents on hand (as determined in accordance with GAAP),
                  then the Company may, in its sole discretion, extend the
                  Maturity Date until August 30, 2009 upon delivery of written
                  notice of such extension to the Holder on the initial Maturity
                  Date.

                           (j) "OPTIONS" shall mean rights, options or warrants
                  to subscribe for, purchase or otherwise acquire Common Stock
                  or Convertible Securities.

                           (k) "PERMITTED SECURITIES" shall mean (i) this Note
                  and the Warrant issued pursuant to the Loan Agreement, (ii)
                  the Qualified Financing Conversion Stock issued in connection
                  with the Qualified Financing, (iii) the shares of Qualified
                  Financing Conversion Stock or Common Stock issuable upon the
                  conversion of this Note or the exercise of the Warrant, (iv)
                  shares of Common Stock issued upon exercise of Options or
                  Convertible Securities outstanding as of the Closing Date, and
                  (v) shares of Common Stock and Convertible Securities and
                  Options issued after the Closing Date pursuant to the Ivivi
                  Technologies, Inc. 2009 Equity Incentive Plan; PROVIDED that
                  the aggregate number of shares of Common Stock (calculated on
                  an as converted into Common Stock basis) that qualify as
                  "Permitted Securities" pursuant to this CLAUSE (V) that are at
                  any one time outstanding shall not exceed 3,750,000 (as
                  appropriately adjusted from time to time as a result of a
                  stock split, stock combination or any other similar event
                  affecting the outstanding number of shares of Common Stock).

                           (l) "QUALIFIED FINANCING" shall mean the first Equity
                  Financing (or substantially concurrent Equity Financings)
                  occurring after the Closing Date which results in gross
                  proceeds to the Company in an amount at least equal to $5
                  million (which, for the avoidance of doubt, shall not include
                  any proceeds arising from the conversion of this Note);
                  PROVIDED, THAT, in order for any such issuance and sale to
                  constitute a "Qualified Financing," the Company must receive
                  gross proceeds from such issuance and sale of at least $3.5
                  million from one or more Unaffiliated Persons.

                           (m) "QUALIFIED FINANCING CONVERSION PRICE" shall
                  mean, with respect to any series or class of Qualified
                  Financing Conversion Stock, the lowest purchase price per
                  share of such Qualified Financing Conversion Stock actually
                  paid by the purchasers thereof in the applicable Qualified
                  Financing.

                           (n) "QUALIFIED FINANCING CONVERSION STOCK" shall
                  mean, with respect to a Qualified Financing, the identical
                  class and series of capital stock of the Company issued and
                  sold in such Qualified Financing.

                                       3

<page>

                           (o) "SALE EVENT" shall mean (i) the consolidation or
                  merger of the Company into or with any other entity or
                  entities which results in the exchange of outstanding shares
                  of the Company for securities or other consideration issued or
                  paid or caused to be issued or paid by any such entity or
                  affiliate thereof (other than a merger to reincorporate the
                  Company in a different jurisdiction or one in which the
                  holders of capital stock of the Company immediately prior to
                  such merger or consolidation continue to hold at least 51% by
                  voting power of the capital stock of the surviving
                  corporation), (ii) any issuance, sale or transfer (or related
                  issuances, sales or transfers) of shares of capital stock of
                  the Company by the Company or any holder of such shares which
                  results in the holders of capital stock of the Company
                  immediately prior to such issuance, sale or transfer ceasing
                  to continue to hold at least 51% by voting power of the
                  capital stock of the Company following such issuance, sale or
                  transfer), (iii) the sale, lease, abandonment, transfer or
                  other disposition by the Company of all or substantially all
                  its assets or (iv) any liquidation, dissolution or winding up
                  of the Company, whether voluntary or involuntary.
                  Notwithstanding the provisions of CLAUSE (II) of this
                  definition, in no event shall a Qualified Financing be deemed
                  to constitute a Sale Event.

                           (p) "UNAFFILIATED PERSON" shall mean any Person who
                  is not any of (i) a holder of capital stock of the Company as
                  of the Closing Date, (ii) an Affiliate of the Company as of
                  the Closing Date or (iii) an Affiliate of any of the Persons
                  identified in CLAUSE (I) or (II) above; PROVIDED, THAT,
                  notwithstanding the foregoing, the Holder shall be deemed an
                  Unaffiliated Person.

                  4.2 QUALIFIED FINANCING CONVERSION. If the Company consummates
         a Qualified Financing at any time either (i) prior to the occurrence of
         the Maturity Date or (ii) on or following the occurrence of the
         Maturity Date to the extent that, in the case of this CLAUSE (II), the
         Company shall have not yet repaid the full outstanding principal amount
         of this Note and all unpaid accrued interest thereon prior to the
         occurrence of such Qualified Financing, the Holder shall have the right
         to elect (but shall have no obligation to elect), upon delivery of
         written notice of such election by the Holder to the Company not later
         than ten Business Days after the closing of such Qualified Financing,
         to convert all (but not less than all) of the outstanding principal
         balance of this Note and all accrued and unpaid interest thereon,
         without the payment of additional consideration by the Holder, into (x)
         that number of shares of Qualified Financing Conversion Stock issued
         and sold in such Qualified Financing equal to a quotient (a) the
         numerator of which is equal to the Conversion Amount as of the
         Qualified Financing Conversion Date, and (b) the denominator of which
         is equal to the Qualified Financing Conversion Price, and (y) in the
         event any warrants or other property or rights are issued or granted to

                                       4

<page>

         investors in the Qualified Financing, a proportionate (based upon the
         Conversion Amount actually converted, which shall be deemed to be the
         amount invested by the Holder in the Qualified Financing) number and
         amount of such warrants and other property or rights. Any such
         conversion pursuant to this SECTION 4.2 shall be deemed effective on
         the closing date of such Qualified Financing (the "QUALIFIED FINANCING
         CONVERSION DATE"). In the event of such conversion, the Holder shall
         become a party to the securities purchase agreement (or similar
         agreement) pursuant to which the investors in the Qualified Financing
         purchase or are issued the securities issued in such Qualified
         Financing, and to any related or ancillary agreements, and the Holder
         shall be entitled to all of the benefits of each such agreement with
         respect to all of the shares of Qualified Financing Conversion Stock
         issuable to the Holder upon such conversion and the related property
         and rights, on the same basis as the other investors that purchase the
         securities in such Qualified Financing. In the event that any approvals
         of the stockholders of the Company are required by the Nasdaq
         Marketplace Rules in connection with the consummation by the Company of
         any Qualified Financing (including with respect to the issuance of any
         shares of Qualified Financing Conversion Stock that may become issuable
         upon conversion of this Note), the Company shall obtain all such
         required stockholder approvals in order to permit the issuance in full
         of all shares of Qualified Financing Conversion Stock that may become
         issuable upon conversion of this Note.

                  4.3 COMMON STOCK CONVERSION.

                           (a) MATURITY DATE CONVERSION. If the Company does not
                  consummate a Qualified Financing on or prior to the Maturity
                  Date, then, at any time on or following the occurrence of the
                  Maturity Date (including at any time on or after the
                  occurrence of a Qualified Financing following the Maturity
                  Date), unless the Company shall have repaid the full
                  outstanding principal amount of this Note and all unpaid
                  accrued interest thereon, the Holder shall have the right to
                  elect (but shall have no obligation to elect), upon delivery
                  of written notice of such election by the Holder to the
                  Company (which, in the case of a conversion of the Note on the
                  Maturity Date, shall be delivered by the Holder at least one
                  day prior to the Maturity Date), to convert all (but not less
                  than all) of the outstanding principal balance of the Note,
                  and all accrued and unpaid interest thereon, without the
                  payment of additional consideration by the Holder, into that
                  number of shares of Common Stock, equal to a quotient (i) the
                  numerator of which is equal to the Conversion Amount as of the
                  Conversion Date, and (ii) the denominator of which is equal to
                  the Common Stock Conversion Price as in effect as of the
                  Conversion Date. Any such conversion pursuant to this CLAUSE
                  (A) shall be deemed effective (x) with respect to any
                  conversion on the Maturity Date, on the Maturity Date to the
                  extent that the Holder shall have delivered written notice of
                  such conversion to the Company pursuant to this CLAUSE (A) at
                  least one day prior to the Maturity Date, and (y) with respect
                  to any conversion following the Maturity Date, on the date
                  that the Holder shall deliver written notice of such
                  conversion to the Company pursuant to this CLAUSE (A) (the
                  "MATURITY DATE CONVERSION DATE").

                           (b) EVENT OF DEFAULT CONVERSION. At any time
                  following the occurrence and during the continuation of an
                  Event of Default (other than an Event of Default arising from
                  a Sale Event which would permit the conversion of this Note
                  under CLAUSE (C) below), unless the Holder shall have
                  delivered an Acceleration Notice to the Company pursuant to
                  Section 9.2(b) of the Loan Agreement, the Holder shall have

                                       5

<page>

                  the right to elect (but shall have no obligation to elect),
                  upon delivery of written notice of such election by the Holder
                  to the Company at any time while such an Event of Default
                  exists, to convert all (but not less than all) of the
                  outstanding principal balance of the Note, and all accrued and
                  unpaid interest thereon, without the payment of additional
                  consideration by the Holder, into that number of shares of
                  Common Stock, equal to a quotient (i) the numerator of which
                  is equal to the Conversion Amount as of the Conversion Date,
                  and (ii) the denominator of which is equal to the Common Stock
                  Conversion Price as in effect as of the Conversion Date. Any
                  such conversion pursuant to this CLAUSE (B) shall be deemed
                  effective on the date that the Holder shall deliver written
                  notice of such conversion to the Company pursuant to this
                  CLAUSE (B) (the "EVENT OF DEFAULT CONVERSION DATE").

                           (c) SALE EVENT CONVERSION. At least 20 days prior to
                  the consummation of a Sale Event, the Company shall deliver
                  written notice thereof to the Holder and the Company shall not
                  effect such Sale Event prior to the proposed closing date
                  specified in such notice. In connection with the consummation
                  of such Sale Event, unless the Holder shall have delivered an
                  Acceleration Notice to the Company pursuant to Section 9.2(b)
                  of the Loan Agreement, the Holder shall have the right to
                  elect (but shall have no obligation to elect), upon delivery
                  of written notice of such election by the Holder to the
                  Company not later than two days prior to the closing date of
                  the applicable Sale Event, to convert all (but not less than
                  all) of the outstanding principal balance of this Note and all
                  accrued and unpaid interest thereon, without the payment of
                  additional consideration by the Holder, into that number of
                  shares of Common Stock, equal to a quotient (i) the numerator
                  of which is equal to the Conversion Amount as of the
                  Conversion Date, and (ii) the denominator of which is equal to
                  the Common Stock Conversion Price as in effect as of the
                  Conversion Date. Any such conversion pursuant to this CLAUSE
                  (C) shall be deemed effective immediately prior to the
                  consummation of the applicable Sale Event (the "SALE EVENT
                  CONVERSION DATE").

                  4.4 ADUSTMENT OF COMMON STOCK CONVERSION PRICE.

                           (a) STOCK SPLITS AND COMBINATIONS. If the Company
                  shall at any time or from time to time on or after the Closing
                  Date effect a subdivision (by any stock split, stock dividend
                  or otherwise) of the outstanding shares of Common Stock, the
                  Common Stock Conversion Price then in effect immediately
                  before that subdivision shall be proportionately decreased. If
                  the Company shall at any time or from time to time on or after
                  the Closing Date combine the outstanding shares of the Common
                  Stock, the Common Stock Conversion Price then in effect
                  immediately before the combination shall be proportionately
                  increased. Any adjustment under this paragraph shall become
                  effective at the close of business on the date the subdivision
                  or combination becomes effective.

                           (b) COMMN STOCK DIVIDENDS. In the event the Company
                  at any time or from time to time on or after the Closing Date
                  shall make or issue, or fix a record date for the
                  determination of holders of Common Stock entitled to receive,
                  a dividend or other distribution payable in additional shares
                  of Common Stock, then and in each such event the Common Stock
                  Conversion Price then in effect shall be decreased as of the

                                       6

<page>

                  time of such issuance or, in the event such a record date
                  shall have been fixed, as of the close of business on such
                  record date, by multiplying the Common Stock Conversion Price
                  then in effect by a fraction:

                                    (i) the numerator of which shall be the
                           total number of shares of Common Stock issued and
                           outstanding immediately prior to the time of such
                           issuance or the close of business on such record
                           date, and

                                    (ii) the denominator of which shall be the
                           total number of shares of Common Stock issued and
                           outstanding immediately prior to the time of such
                           issuance or the close of business on such record date
                           plus the number of shares of Common Stock issuable in
                           payment of such dividend or distribution.

                           (c) OTHER STOCK DIVIDENDS. In the event the Company
                  at any time or from time to time on or after the Closing Date
                  shall make or issue, or fix a record date for the
                  determination of holders of any Common Stock entitled to
                  receive, a dividend or other distribution payable in
                  securities of the Company other than shares of such Common
                  Stock, then and in each such event provision shall be made so
                  that the Holder shall receive upon any conversion of this Note
                  into shares of such Common Stock, in addition to the number of
                  shares of such Common Stock receivable thereupon, the amount
                  of securities of the Company that they would have received had
                  this Note been converted for such shares of Common Stock on
                  the date of such event (regardless of whether or not this Note
                  is then convertible into shares of Common Stock) and had they
                  thereafter, during the period from the date of such event to
                  and including the conversion date, retained such securities
                  receivable by them as aforesaid during such period, giving
                  application to all adjustments called for during such period
                  under this SECTION 4.4.

                           (d) REORGANIZATION, RECLASSIFICATION, ETC. If, at any
                  time or from time to time on or after the Closing Date, any
                  Common Stock issuable upon conversion of this Note (regardless
                  of whether or not this Note is then convertible into shares of
                  Common Stock) shall be changed into the same or a different
                  number of shares of any class or classes of stock, whether by
                  capital reorganization, reclassification, or otherwise (other
                  than a subdivision or combination of shares or stock dividend
                  provided for above, or a reorganization, merger,
                  consolidation, or sale of assets provided for below), then and
                  in each such event the Holder shall, in addition to the other
                  conversion rights set forth herein, have the right thereafter
                  to convert this Note into the kind and amount of shares of
                  stock and other securities and property receivable upon such
                  reorganization, reclassification, or other change, by holders
                  of the number of shares of such Common Stock into which this
                  Note might have been converted immediately prior to such
                  reorganization, reclassification, or change (regardless of
                  whether or not this Note is then convertible into shares of
                  Common Stock), all subject to further adjustment as provided
                  herein.

                           (e) MERGER OR CONSOLIDATION. In case of any
                  consolidation or merger of the Company with or into another

                                       7

<page>

                  corporation or the sale of all or substantially all of the
                  assets of the Company to another corporation, at any time or
                  from time to time on or after the Closing Date, this Note
                  shall thereafter be convertible (or shall be converted into a
                  security which shall be so convertible) into the kind and
                  amount of shares of stock or other securities or property to
                  which a holder of the number of shares of Common Stock into
                  which this Note is convertible (regardless of whether or not
                  this Note is then convertible into shares of Common Stock)
                  would have been entitled upon such consolidation, merger or
                  sale; and, in such case, appropriate adjustment (as determined
                  in good faith by the Board of Directors of the Company) shall
                  be made in the application of the provisions in this SECTION
                  4.4 set forth with respect to the rights and interest
                  thereafter of the Holder, to the extent that the provisions
                  set forth in this SECTION 4.4 (including provisions with
                  respect to changes in and other adjustments of the Common
                  Stock) shall thereafter be applicable, as nearly as reasonably
                  may be, in relation to any shares of stock or other property
                  thereafter deliverable upon the conversion of this Note.

                           (f) NOTICE. In case at any time or from time to time
                  on or after the first date on which the Holder shall be
                  entitled to convert this Note into Common Stock under SECTION
                  4.3, (i) the Company shall declare any dividend upon any
                  Common Stock payable in cash or stock or make any other
                  distribution to the holders of any Common Stock, (ii) the
                  Company shall offer for subscription pro rata to the holders
                  of any Common Stock any additional shares of stock of any
                  class or other rights, (iii) there shall be any capital
                  reorganization or reclassification of the capital stock of the
                  Company, or (iv) or a Sale Event shall occur; then, in any one
                  or more of said cases, the Company shall give, by first class
                  mail, postage prepaid, or by facsimile, addressed to the
                  Holder, (A) at least 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, or Sale Event and (B)
                  in the case of any such reorganization, reclassification or
                  Sale Event, at least 20 days' prior written notice of the date
                  when the same shall take place. Such notice in accordance with
                  the foregoing CLAUSE (A) shall also specify, in the case of
                  any such dividend, distribution or subscription rights, the
                  date on which the holders of such Common Stock shall be
                  entitled thereto and such notice in accordance with the
                  foregoing CLAUSE (B) shall also specify the date or projected
                  date on which the holders of such Common Stock shall be
                  entitled to exchange their shares of such 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.

                           (g) ADJUSTMENTS TO COMMON STOCK CONVERSION PRICE FOR
                  CERTAIN DILUTIVE ISSUANCES.

                           (i) DEEMED ISSUE OF ADDITIONAL SHARES OF COMMON
                  STOCK.

                                       8

<page>

                                    (1) Except for the issuance of Permitted
                           Securities, if the Company at any time or from time
                           to time after the Closing Date shall issue any
                           Options or Convertible Securities or shall fix a
                           record date for the determination of holders of any
                           class of securities entitled to receive any such
                           Options or Convertible Securities, then the maximum
                           number of shares of Common Stock (as set forth in the
                           instrument relating thereto, assuming the
                           satisfaction of any conditions to exercisability,
                           convertibility or exchangeability but without regard
                           to any provision contained therein for a subsequent
                           adjustment of such number) issuable upon the exercise
                           of such Options or, in the case of Convertible
                           Securities and Options therefor, the conversion or
                           exchange of such Convertible Securities, shall be
                           deemed to be Additional Shares of Common Stock issued
                           as of the time of such issue or, in case such a
                           record date shall have been fixed, as of the close of
                           business on such record date. Notwithstanding the
                           foregoing, except as otherwise provided in CLAUSE (2)
                           below, in the event that an adjustment to the Common
                           Stock Conversion Price is made upon the issuance of
                           any such Options or Convertible Securities, then no
                           further adjustment of the Common Stock Conversion
                           Price shall be made upon the actual issuance of
                           Common Stock upon exercise of such Options or upon
                           the actual issuance of Common Stock upon conversion
                           or exchange of such Convertible Securities.

                                    (2) If the terms of any Option or
                           Convertible Security, the issuance of which resulted
                           in an adjustment to the Common Stock Conversion Price
                           pursuant to the terms of CLAUSE (II) below, are
                           revised (either automatically pursuant to the
                           provisions contained therein or as a result of an
                           amendment to such terms) to provide for either (A)
                           any increase or decrease in the number of shares of
                           Common Stock issuable upon the exercise, conversion
                           or exchange of any such Option or Convertible
                           Security or (B) any increase or decrease in the
                           consideration payable to the Company upon such
                           exercise, conversion or exchange, then, effective
                           upon such increase or decrease becoming effective,
                           the Common Stock Conversion Price computed upon the
                           original issue of such Option or Convertible Security
                           (or upon the occurrence of a record date with respect
                           thereto) shall be readjusted to such Common Stock
                           Conversion Price as would have obtained had such
                           revised terms been in effect upon the original date
                           of issuance of such Option or Convertible Security.
                           Notwithstanding the foregoing, no adjustment pursuant
                           to this CLAUSE (2) shall have the effect of
                           increasing the Common Stock Conversion Price to an
                           amount which exceeds the lower of (x) the Common
                           Stock Conversion Price on the original adjustment
                           date, or (y) the Common Stock Conversion Price that
                           would have resulted from any issuances of Additional
                           Shares of Common Stock between the original
                           adjustment date and such readjustment date.

                                    (3) If the terms of any Option or
                           Convertible Security, the issuance of which did not
                           result in an adjustment to the Common Stock
                           Conversion Price pursuant to the terms of CLAUSE (II)
                           below (either because the consideration per share of

                                       9

<page>

                           the Additional Shares of Common Stock subject thereto
                           was equal to or greater than the Common Stock
                           Conversion Price then in effect, or because such
                           Option or Convertible Security was issued before the
                           Closing Date), are revised after the Closing Date
                           (either automatically pursuant to the provisions
                           contained therein or as a result of an amendment to
                           such terms) to provide for either (A) any increase or
                           decrease in the number of shares of Common Stock
                           issuable upon the exercise, conversion or exchange of
                           any such Option or Convertible Security or (B) any
                           increase or decrease in the consideration payable to
                           the Company upon such exercise, conversion or
                           exchange, then such Option or Convertible Security,
                           as so amended, and the Additional Shares of Common
                           Stock subject thereto shall be deemed to have been
                           issued effective upon such increase or decrease
                           becoming effective.

                                    (4) Upon the expiration or termination of
                           any unexercised Option or unconverted or unexchanged
                           Convertible Security which resulted (either upon its
                           original issuance or upon a revision of its terms) in
                           an adjustment to the Common Stock Conversion Price
                           pursuant to the terms of CLAUSE (II) below, the
                           Common Stock Conversion Price shall be readjusted to
                           such Common Stock Conversion Price as would have
                           obtained had such Option or Convertible Security
                           never been issued.

                           (ii) ADJUSTMENT OF COMMON STOCK CONVERSION PRICE UPON
                  ISSUANCE OF ADDITIONAL SHARES OF COMMON STOCK. In the event
                  the Company shall at any time after the Closing Date issue
                  Additional Shares of Common Stock (including Additional Shares
                  of Common Stock deemed to be issued pursuant to CLAUSE (I)
                  above), without consideration or for a consideration per share
                  less than the applicable Common Stock Conversion Price in
                  effect immediately prior to such issue, then the Common Stock
                  Conversion Price shall be reduced, concurrently with such
                  issue, to a price (calculated to the nearest one-hundredth of
                  a cent) determined in accordance with the following formula:

                          CP2 = CP1 * (A + B) / (A + C)

                  For purposes of the foregoing formula, the following
                  definitions shall apply:

                           "CP2"    shall mean the Common Stock Conversion Price
                                    in effect immediately after such issue of
                                    Additional Shares of Common Stock;

                           "CP1"    shall mean the Common Stock Conversion Price
                                    in effect immediately prior to such issue of
                                    Additional Shares of Common Stock;

                                       10

<page>

                           "A"      shall mean the number of shares of Common
                                    Stock outstanding and deemed outstanding
                                    immediately prior to such issue of
                                    Additional Shares of Common Stock (treating
                                    for this purpose as outstanding all shares
                                    of Common Stock issuable upon exercise of
                                    Options outstanding immediately prior to
                                    such issue or upon conversion of Convertible
                                    Securities outstanding immediately prior to
                                    such issue);

                           "B"      shall mean the number of shares of Common
                                    Stock that would have been issued if such
                                    Additional Shares of Common Stock had been
                                    issued at a price per share equal to CP1
                                    (determined by dividing the aggregate
                                    consideration received or receivable by the
                                    Company in respect of such issue by CP1);
                                    and

                           "C"      shall mean the number of such Additional
                                    Shares of Common Stock issued in such
                                    transaction.

                           (iii) DETERMINATION OF CONSIDERATION. For purposes of
                  this SECTION 4.4(G), the consideration received or receivable
                  by the Company for the issue or deemed issue any Additional
                  Shares of Common Stock shall be computed as follows:

                                    (1) CASH AND PROPERTY: The consideration per
                           share received or receivable by the Company for the
                           issue of Additional Shares of Common Stock shall:

                                             (A) insofar as it consists of cash,
                                    be computed at the aggregate amount of cash
                                    received by the Company, excluding amounts
                                    paid or payable for accrued interest;

                                             (B) insofar as it consists of
                                    securities and the value of such securities
                                    is not determinable by reference to a
                                    separate agreement, (A) if the securities
                                    are then traded on a securities exchange or
                                    the Nasdaq Stock Market, then the value
                                    shall be computed based on the average of
                                    the closing prices of the securities on such
                                    securities exchange or Nasdaq Stock Market
                                    over the thirty (30) day period ending on
                                    the date of receipt by the Company, (B) if
                                    the securities are actively traded
                                    over-the-counter, then the value shall be
                                    computed based on the average of the closing
                                    prices over the thirty (30) day ending on
                                    the date of receipt by the Company, and (C)
                                    if there is no active public market, then
                                    the value shall be computed based on the
                                    fair market value thereof on the date of
                                    receipt by the Company, as determined in
                                    good faith by the Board of Directors of the
                                    Company;

                                             (C) insofar as it consists of
                                    property other than cash or securities, be
                                    computed at the fair market value thereof at

                                       11

<page>

                                    the time of such issue, as determined in
                                    good faith by the Board of Directors of the
                                    Company; and

                                             (D) in the event Additional Shares
                                    of Common Stock are issued together with
                                    other shares or securities or other assets
                                    of the Company for consideration which
                                    covers both, be the proportion of such
                                    consideration so received, computed as
                                    provided in CLAUSES (A), (B) and (C) above,
                                    as determined in good faith by the Board of
                                    Directors of the Company.

                                    (2) OPTIONS AND CONVERTIBLE SECURITIES. The
                           consideration per share received or receivable by the
                           Company for Additional Shares of Common Stock deemed
                           to have been issued pursuant to this SECTION 4.4(G),
                           relating to Options and Convertible Securities, shall
                           be determined by dividing:

                                             (A) the total amount, if any,
                                    received or receivable by the Company as
                                    consideration for the issue of such Options
                                    or Convertible Securities, plus the minimum
                                    aggregate amount of additional consideration
                                    (as set forth in the instruments relating
                                    thereto, without regard to any provision
                                    contained therein for a subsequent
                                    adjustment of such consideration) payable to
                                    the Company upon the exercise of such
                                    Options or the conversion or exchange of
                                    such Convertible Securities, or in the case
                                    of Options for Convertible Securities, the
                                    exercise of such Options for Convertible
                                    Securities and the conversion or exchange of
                                    such Convertible Securities, by

                                             (B) the maximum number of shares of
                                    Common Stock (as set forth in the
                                    instruments relating thereto, without regard
                                    to any provision contained therein for a
                                    subsequent adjustment of such number)
                                    issuable upon the exercise of such Options
                                    or the conversion or exchange of such
                                    Convertible Securities.

                                    (iv) MULTIPLE CLOSING DATES. In the event
                           the Company shall issue on more than one date
                           Additional Shares of Common Stock that are a part of
                           one transaction or a series of related transactions
                           and that would result in an adjustment to the Common
                           Stock Conversion Price pursuant to the terms of this
                           SECTION 4.4(G) then, upon the final such issuance,
                           the Common Stock Conversion Price shall be readjusted
                           to give effect to all such issuances as if they
                           occurred on the date of the first such issuance (and
                           without additional giving effect to any adjustments
                           as a result of any subsequent issuances within such
                           period).

                           (h) ACKNOWLEDGEMENT AS TO ADJUSTMENTS. The Company
                  hereby acknowledges that an event requiring an adjustment to

                                       12

<page>

                  the Common Stock Conversion Price pursuant to this SECTION 4.4
                  may occur at any time following the Closing Date, regardless
                  of whether or not this Note is then convertible into shares of
                  Common Stock and prior to the Conversion Date. Accordingly,
                  with respect to any conversion of this Note into Common Stock,
                  the calculation of the applicable Common Stock Conversion
                  Price in respect of such conversion shall be calculated after
                  giving effect to any event requiring an adjustment to the
                  Common Stock Conversion Price pursuant to this SECTION 4.4
                  that shall have occurred at any time from and after the
                  Closing Date and prior to the Conversion Date.

                           (i) CALCULATIONS. No adjustment in the Common Stock
                  Conversion Price shall be required unless such adjustment
                  would require upon increase or decrease of a least one-tenth
                  of a cent ($0.001) in such Common Stock Conversion Price;
                  PROVIDED, however, that any adjustments which by reason of
                  this CLAUSE (I) are not required to be made shall be carried
                  forward and taken into account in any subsequent cent or the
                  nearest 1/100th of a share, as applicable. The number of
                  shares of Common Stock outstanding at any given time shall not
                  include shares owned or held by or for the account of the
                  Company, and the disposition of any such shares shall be
                  considered an issue or sale of Common Stock.

                           (j) CERTIFICATE AS TO ADJUSTMENTS. Upon the
                  occurrence of each adjustment or readjustment of the Common
                  Stock Conversion Price pursuant to this SECTION 4.4, the
                  Company at its expense shall promptly compute such adjustment
                  or readjustment in accordance with the terms hereof and
                  furnish to the Holder a certificate setting forth such
                  adjustment or readjustment and showing in detail the facts
                  upon which such adjustment or readjustment is based. The
                  Company shall, upon the written request at any time of the
                  Holder, furnish or cause to be furnished to such holder a
                  similar certificate setting forth (i) such adjustments and
                  readjustments, (ii) the Common Stock Conversion Price then in
                  effect, and (iii) the number of shares of Common Stock into
                  which this Note is convertible and the amount, if any, of
                  other property which then would be received upon the
                  conversion of this Note.

         4.5 GENERAL.

                  (a) Upon the occurrence of any conversion of this Note
         pursuant to this SECTION 4, the Holder shall deliver to the Company
         during regular business hours at the principal office of the Company,
         or at such other office or agency of the Company as may be designated
         by the Company, this Note, duly endorsed or assigned in blank or to the
         Company, upon which this Note shall be deemed cancelled. Additionally,
         together with the delivery of this Note, the Holder shall deliver to
         Company a written notice stating the name in which the Holder wishes
         the certificate or certificates for shares of capital stock to be
         issued upon such conversion to be so issued.

                                       13

<page>

                  (b) All shares of Qualified Financing Conversion Stock or
         Common Stock, as applicable, issued upon the conversion of this Note in
         accordance with its terms shall be validly issued, fully paid and
         nonassessable.

                  (c) No fractional shares of Qualified Financing Conversion
         Stock or Common Stock, as applicable, shall be issued upon conversion
         of this Note. In lieu of any fractional shares to which the Holder
         would otherwise be entitled, the Company shall pay cash equal to such
         fraction multiplied by the Qualified Financing Conversion Price or the
         Common Stock Conversion Price, as applicable or shall round such
         fractional share up to the next whole number, as elected by the
         Company.

                  (d) The Company shall, as soon as practicable after the
         Conversion Date, issue and deliver at the office to the Holder, or to
         his or its nominees, a certificate or certificates for the number of
         shares of Qualified Financing Conversion Stock or Common Stock, as
         applicable, to which the Holder shall be entitled under this SECTION 4,
         together with cash in lieu of any fraction of a share. All such
         certificates shall bear the following restrictive legend:

         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
         1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED, SOLD, ENCUMBERED
         OR OTHERWISE TRANSFERRED ("TRANSFERRED") IN THE ABSENCE OF SUCH
         REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. IN THE ABSENCE OF
         SUCH REGISTRATION, THIS SECURITY MAY NOT BE TRANSFERRED (OTHER THAN TO
         AN AFFILIATE OR MEMBER OF THE HOLDER HEREOF FOR NO CONSIDERATION)
         UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION FROM COUNSEL IN FORM
         AND SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER IS
         BEING MADE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE
         SECURITIES LAWS."

                  (e) For so long as this Note remains outstanding, the Company
         will cause to be reserved and kept available out of its authorized and
         unissued shares of Common Stock, the number of whole shares of such
         Common Stock sufficient to permit the conversion in full of this Note
         under SECTION 4.3 based on the then current Common Stock Conversion
         Price.

                  (f) The Company will not, by amendment of its charter or
         through reorganization, transfer of assets, consolidation, merger,
         dissolution, issue or sale of securities or any other voluntary action,
         avoid or seek to avoid the observance or performance of any of the
         terms of this Note. Without limiting the generality of the foregoing,
         the Company will (i) not increase the par value of any shares of
         Qualified Financing Conversion Stock or Common Stock, as applicable,
         obtainable upon the conversion of this Note and (ii) take all such
         actions as may be necessary or appropriate in order that the Company
         may validly and legally issue fully paid and nonassessable shares of

                                       14

<page>

         Qualified Financing Conversion Stock or Common Stock, as applicable,
         upon the conversion of this Note.

                  (g) The Company shall pay any and all issue and other similar
         taxes that may be payable in respect of any issuance or delivery of
         shares of Qualified Financing Conversion Stock or Common Stock, as
         applicable, upon conversion of this Note pursuant to this SECTION 4.

                  (h) For the avoidance of doubt, the Holder's conversion rights
         described in SECTION 4.2 and 4.3 shall be deemed cumulative and not
         exclusive.

         5. NO VOLUNTARY PREPAYMENT. The Company may not optionally prepay all
or any portion of the outstanding principal amount of this Note or any accrued
and unpaid interest thereon.

         6. MANDATORY PREPAYMENT. The Company shall be required to prepay the
entire outstanding principal amount of this Note, together with all accrued and
unpaid interest thereon, in accordance with Section 2.5 of the Loan Agreement.

         7. APPLICATION OF PAYMENTS. Payment on this Note shall be applied first
to accrued interest, and thereafter to the outstanding principal balance hereof.

         8. SECURED NOTE. The full amount of this Note is secured by the
Collateral identified and described as secIurity therefor in the Security
Agreement. The Company shall not, directly or indirectly, create, permit or
suffer to exist, and shall defend the Collateral against and take such other
action as is necessary to remove, any Lien on or in the Collateral, or in any
portion thereof, except as permitted pursuant to the Loan Documents.

         9. WAIVER. The Company waives presentment and demand for payment,
notice of dishonor, protest and notice of protest of this Note, and shall pay
all costs of enforcement and collection when incurred, including, without
limitation, reasonable attorneys' fees, costs and other expenses.

         10. GOVERNING LAW. This Note shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York, excluding
conflict of laws principles that would cause the application of laws of any
other jurisdiction.

         11. SUCCESSORS AND ASSIGNS. The provisions of this Note shall inure to
the benefit of and be binding on any successor to the Company and shall extend
to any holder hereof.

         12. OBLIGATIONS ABSOLUTE. The Company acknowledges that this Note and
the Company's obligations under this Note are and shall at all times continue to
be absolute and unconditional in all respects, and shall at all times be valid
and enforceable irrespective of any other agreement or circumstances of any
nature whatsoever that might otherwise constitute a defense to this Note or the
obligation of the Company under this Note. The Company absolutely,
unconditionally and irrevocably waives any and all right to assert any defense,
setoff, counterclaim or crossclaim of any nature whatsoever with respect to this

                                       15

<page>

Note or the obligations of the Company under this Note in any action or
proceeding brought by the Holder to collect the indebtedness evidenced hereby,
or any portion thereof.

         13. AMENDMENT. No provision of this Note may be changed, modified,
waived or released, unless it is in writing and signed by the Company and the
Holder. No waiver of any term, condition or provision of this Note, in any one
or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such term, condition or provision.

         14. NOTICES. All notices or other communications to be given hereunder
shall be in writing and sent in accordance with the Loan Agreement.

         15. REMEDIES. The Holder shall have the rights and remedies in respect
of this Note as set forth in Section 9 of the Loan Agreement.

                               [SIGNATURES FOLLOW]

<page>

         IN WITNESS WHEREOF, Company has executed this Convertible Promissory
Note on the date first above written.

WITNESS:                                             IVIVI TECHNOLOGIES, INC.

/s/ J. E. Rolston
----------------------------------                   /s/ Alan V. Gallantar
Joseph E. Rolston, Controller                        ---------------------------
Ivivi Technologies, Inc.                             Name: Alan V. Gallantar
                                                     Title:CFO

                                       16<page>

Exhibit 4.2

NEITHER THIS SECURITY NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), AND MAY NOT BE OFFERED, SOLD, ENCUMBERED OR OTHERWISE TRANSFERRED
("TRANSFERRED") IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. IN THE ABSENCE OF SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE
TRANSFERRED (OTHER THAN TO AN AFFILIATE OR MEMBER OF THE HOLDER HEREOF FOR NO
CONSIDERATION) UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION FROM COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER IS
BEING MADE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

No. W-1                                                           April 7, 2009

                               WARRANT TO PURCHASE
                             SHARES OF CAPITAL STOCK
                                       OF

                            IVIVI TECHNOLOGIES, INC.

         This Warrant (the "WARRANT") is to certify that Emigrant Capital Corp.,
a Delaware corporation, or its registered assigns (the "WARRANTHOLDER") is
entitled at any time during the Applicable Exercise Period to purchase, at the
Applicable Exercise Price per share (as modified pursuant to SECTION 4 or 5, as
applicable, through the date of exercise), up to the number of shares of
Applicable Stock of Ivivi Technologies Inc., a New Jersey corporation (the
"COMPANY") determined by dividing the Aggregate Exercise Price divided by the
Applicable Exercise Price. Unless earlier exercised in full and subject to the
conditions set forth herein, this Warrant shall expire at 5:00 P.M., New York
time, on the Applicable Expiration Date.

         1. DEFINITIONS. Capitalized terms used but not otherwise defined herein
shall have the respective meanings ascribed thereto in the Loan Agreement. The
following terms shall have the meanings ascribed thereto in this SECTION 1:

                  1.1 "ADDITIONAL SHARES OF COMMON STOCK" shall mean:

                           (a) as used in SECTION 4.7, all shares of Common
                  Stock issued (or deemed to be issued pursuant to SECTION 4.7)
                  by the Company after the Qualified Financing Initial Exercise
                  Date, other than Permitted Securities; and

                           (b) as used in SECTION 5.7, all shares of Common
                  Stock issued (or deemed to be issued pursuant to SECTION 5.7)
                  by the Company after the Closing Date, other than Permitted
                  Securities.

<page>

                  1.2 "AGGREGATE EXERCISE PRICE" shall mean $2,500,000;
         PROVIDED, HOWEVER, that in the event that the Company shall have
         exercised its right to extend the Maturity Date pursuant to the proviso
         to the definition of "Maturity Date" set forth in the Note, the
         "Aggregate Exercise Price" shall mean $3,000,000; PROVIDED, FURTHER,
         that, at any time following the occurrence and during the continuation
         of a default by the Warrantholder in its obligations to fund any Loan
         required to be funded by the Warrantholder to the Company on any
         Advance Date pursuant to the terms of the Loan Agreement, the
         "Aggregate Exercise Price" shall mean the aggregate principal amount of
         all Loans actually funded by the Warrantholder to the Company pursuant
         to the Loan Agreement (without giving effect to any repayment of such
         Loans by the Company).

                  1.3 "APPLICABLE EXERCISE PERIOD" shall mean the Qualified
         Financing Exercise Period or Common Stock Exercise Period, as
         applicable.

                  1.4 "APPLICABLE EXERCISE PRICE" shall mean:

                           (a) with respect to any shares of Qualified Financing
                  Conversion Stock that are issuable upon exercise of this
                  Warrant under SECTION 2.1 during the Qualified Financing
                  Exercise Period, the Qualified Financing Exercise Price; and

                           (b) with respect to any shares of Common Stock that
                  are issuable upon exercise of this Warrant during the Common
                  Stock Exercise Period under SECTION 2.2, the Common Stock
                  Exercise Price.

                  1.5 "APPLICABLE EXPIRATION DATE" shall mean:

                           (a) with respect to the right of the Warrantholder to
                  exercise this Warrant for shares of Qualified Financing
                  Conversion Stock under SECTION 2.1, the Qualified Financing
                  Expiration Date; and

                           (b) with respect to the right of the Warrantholder to
                  exercise this Warrant for shares of Common Stock under SECTION
                  2.2, the Common Stock Expiration Date.

                  1.6 "APPLICABLE STOCK" shall mean Qualified Financing
         Conversion Stock or Common Stock, as applicable.

                  1.7 "COMMON STOCK EQUIVALENTS" shall mean any stock or
         security convertible into or exchangeable for Common Stock and any
         right, warrant or option to acquire Common Stock or any such
         convertible or exchangeable security.

                  1.8 "COMMON STOCK EXERCISE PERIOD" shall mean, in the event
         that the Company does not consummate a Qualified Financing prior to the
         occurrence of the Maturity Date, the period commencing on the Common
         Stock Initial Exercise Date through and including the Common Stock
         Expiration Date.

                                       2

<page>

                  1.9 "COMMON STOCK EXERCISE PRICE" shall mean, as of any date
         of determination, the Initial Common Stock Exercise Price as adjusted
         pursuant to SECTION 5 through such date of determination.

                  1.10 "COMMON STOCK EXPIRATION DATE" shall mean July 1, 2014.

                  1.11 "COMMON STOCK INITIAL EXERCISE DATE" shall mean, solely
         in the event that the Company does not consummate a Qualified Financing
         prior to the occurrence of the Maturity Date, the Maturity Date.

                  1.12 "CONVERTIBLE SECURITIES" shall mean any evidences of
         indebtedness, shares or other securities directly or indirectly
         convertible or exercisable into or exchangeable for Common Stock, but
         excluding Options.

                  1.13 "EQUITY FINANCING" shall mean any issuance and sale for
         cash of Common Stock or Common Stock Equivalents by the Company
         occurring after the date hereof.

                  1.14 "FAIR MARKET VALUE" shall mean, with respect to any
         Applicable Stock as of any date of determination, (i) at any time that
         shares of such Applicable Stock are publicly traded on a national
         securities exchange or are listed in a national securities market, the
         closing price of shares of such Applicable Stock on the trading day
         immediately prior to such date of determination, and (ii) at any other
         time, the fair market value of shares of such Applicable Stock as
         determined in good faith by the Board of Directors of the Company.

                  1.15 "INITIAL COMMON STOCK EXERCISE PRICE" shall mean an
         amount equal to $0.23 per share of Common Stock.

                  1.16 "INITIAL QUALIFIED FINANCING EXERCISE PRICE" shall mean
         with respect to any series or class of Qualified Financing Conversion
         Stock, the lowest purchase price per share of such Qualified Financing
         Conversion Stock actually paid by the purchasers thereof in the
         applicable Qualified Financing.

                  1.17 "LOAN AGREEMENT" shall mean that certain Loan Agreement,
         dated as of April 7, 2009, between the Company and the Warrantholder.

                  1.18 "MATURITY DATE" shall have the meaning ascribed to such
         term in the Note.

                  1.19 "NOTE" shall mean the Convertible Promissory Note, dated
         April 7, 2009, made by the Company in favor of the Warrantholder.

                  1.20 "OPTIONS" shall mean rights, options or warrants to
         subscribe for, purchase or otherwise acquire Common Stock or
         Convertible Securities.

                  1.21 "PERMITTED SECURITIES" shall mean (i) this Warrant and
         the Note issued pursuant to the Loan Agreeiment, (ii) the Qualified
         Financing Conversion Stock issued in connection with the Qualified
         Financing, (iii) the shares of Qualified Financing Conversion Stock or

                                       3

<page>

         Common Stock issuable upon the exercise of this Warrant or the
         conversion of the Note, (iv) shares of Common Stock issued upon
         exercise of Options or Convertible Securities outstanding as of the
         Closing Date, and (v) shares of Common Stock and Convertible Securities
         and Options issued after the Closing Date pursuant to the Ivivi
         Technologies, Inc. 2009 Equity Incentive Plan; PROVIDED that the
         aggregate number of shares of Common Stock (calculated on an as
         converted into Common Stock basis) that qualify as "Permitted
         Securities" pursuant to this CLAUSE (V) that are at any one time
         outstanding shall not exceed 3,750,000 (as appropriately adjusted from
         time to time as a result of a stock split, stock combination or any
         other similar event affecting the outstanding number of shares of
         Common Stock).

                  1.22 "QUALIFIED FINANCING" shall mean the first Equity
         Financing (or substantially concurrent Equity Financings) occurring
         after the Closing Date which results in gross proceeds to the Company
         in an amount at least equal to $5 million (which, for the avoidance of
         doubt, shall not include any proceeds arising from the conversion of
         the Note); PROVIDED, THAT, in order for any such issuance and sale to
         constitute a "Qualified Financing," the Company must receive gross
         proceeds from such issuance and sale of at least $3.5 million from one
         or more Unaffiliated Persons.

                  1.23 "QUALIFIED FINANCING CONVERSION STOCK" shall mean, with
         respect to a Qualified Financing, the identical class and series of
         capital stock of the Company issued and sold in such Qualified
         Financing.

                  1.24 "QUALIFIED FINANCING EXERCISE PERIOD" shall mean, in the
         event that the Company consummates a Qualified Financing at any time
         prior to or following the occurrence of the Maturity Date, the period
         commencing on the Qualified Financing Initial Exercise Date through and
         including the Qualified Financing Expiration Date.

                  1.25 "QUALIFIED FINANCING EXERCISE PRICE" shall mean, as of
         any date of determination, the Initial Qualified Financing Exercise
         Price as adjusted pursuant to SECTION 4 through such date of
         determination.

                  1.26 "QUALIFIED FINANCING EXPIRATION DATE" shall mean the
         fifth anniversary of the Qualified Financing Initial Exercise Date.

                  1.27 "QUALIFIED FINANCING INITIAL EXERCISE DATE" shall mean
         the closing date of the first Qualified Financing occurring after the
         Closing Date.

                  1.28 "SALE EVENT" shall mean (i) the consolidation or merger
         of the Company into or with any other entity or entities which results
         in the exchange of outstanding shares of the Company for securities or
         other consideration issued or paid or caused to be issued or paid by
         any such entity or affiliate thereof (other than a merger to
         reincorporate the Company in a different jurisdiction or one in which
         the holders of capital stock of the Company immediately prior to such
         merger or consolidation continue to hold at least 51% by voting power
         of the capital stock of the surviving corporation), (ii) any issuance,
         sale or transfer (or related issuances, sales or transfers) of shares
         of capital stock of the Company by the Company or any holder of such
         shares which results in the holders of capital stock of the Company
         immediately prior to such issuance, sale or transfer ceasing to
         continue to hold at least 51% by

                                       4

<page>

         voting power of the capital stock of the Company following such
         issuance, sale or transfer), (iii) the sale, lease, abandonment,
         transfer or other disposition by the Company of all or substantially
         all its assets or (iv) any liquidation, dissolution or winding up of
         the Company, whether voluntary or involuntary. Notwithstanding the
         provisions of CLAUSE (II) of this definition, in no event shall a
         Qualified Financing be deemed to constitute a Sale Event.

                  1.29 "UNAFFILIATED PERSON" shall mean any Person who is not
         any of (i) a holder of capital stock of the Company as of the Closing
         Date, (ii) an Affiliate of the Company as of the Closing Date or (iii)
         an Affiliate of any of the Persons identified in CLAUSE (I) or (II)
         above; PROVIDED, THAT, notwithstanding the foregoing, the Warrantholder
         shall be deemed an Unaffiliated Person.

         2. EXERCISE OF WARRANT.

                  2.1 During the Qualified Financing Exercise Period, this
         Warrant shall be exercisable by the Warrantholder, at the Qualified
         Financing Exercise Price per share of Qualified Financing Conversion
         Stock issuable hereunder, for up to such number of shares of Qualified
         Financing Conversion Stock as is equal to the Aggregate Exercise Price
         divided by the Qualified Financing Exercise Price as of such date of
         exercise, payable in cash by wire transfer of immediately available
         funds or by certified or official bank check. In lieu of payment of the
         Qualified Financing Exercise Price as provided above, the Warrantholder
         may elect a cashless net exercise. In the case of such cashless net
         exercise, the Warrantholder shall surrender this Warrant for
         cancellation and receive in exchange therefor the full number of duly
         authorized, validly issued, fully paid and nonassessable shares of
         Qualified Financing Conversion Stock specified less the number of
         shares of Qualified Financing Conversion Stock with an aggregate Fair
         Market Value as of the business day on which the Warrantholder
         surrenders this Warrant to the Company equal to the aggregate Qualified
         Financing Exercise Price that would have been payable upon such
         exercise absent election of the cashless net exercise alternative. Upon
         surrender of this Warrant with the appropriate attached Subscription
         Form duly completed and executed, together with any required payment of
         the Qualified Financing Exercise Price for the shares of the Qualified
         Financing Conversion Stock being purchased, at the Company's principal
         executive offices, the Warrantholder shall be entitled to receive a
         certificate or certificates for the shares of the Qualified Financing
         Conversion Stock so purchased. In the event that any approvals of the
         stockholders of the Company are required by the Nasdaq Marketplace
         Rules in connection with the consummation by the Company of any
         Qualified Financing (including with respect to the issuance of any
         shares of Qualified Financing Conversion Stock that may become issuable
         upon exercise of this Warrant), the Company shall obtain all such
         required stockholder approvals in order to permit the issuance in full
         of all shares of Qualified Financing Conversion Stock that may become
         issuable upon exercise of this Warrant.

                  2.2 During the Common Stock Exercise Period, this Warrant
         shall be exercisable by the Warrantholder, at the Common Stock Exercise
         Price per share of Common Stock issuable hereunder, for up to such

                                       5

<page>

         number of shares of Common Stock as is equal to the Aggregate Exercise
         Price divided by the Common Stock Exercise Price as of such date of
         exercise, payable in cash by wire transfer of immediately available
         funds or by certified or official bank check. In lieu of payment of the
         Common Stock Exercise Price as provided above, the Warrantholder may
         elect a cashless net exercise. In the case of such cashless net
         exercise, the Warrantholder shall surrender this Warrant for
         cancellation and receive in exchange therefor the full number of duly
         authorized, validly issued, fully paid and nonassessable shares of
         Common Stock specified less the number of shares of Common Stock with
         an aggregate Fair Market Value as of the business day on which the
         Warrantholder surrenders this Warrant to the Company equal to the
         aggregate Common Stock Exercise Price that would have been payable upon
         such exercise absent election of the cashless net exercise alternative.
         Upon surrender of this Warrant with the appropriate attached
         Subscription Form duly completed and executed, together with any
         required payment of the Common Stock Exercise Price for the shares of
         the Common Stock being purchased, at the Company's principal executive
         offices, the Warrantholder shall be entitled to receive a certificate
         or certificates for the shares of the Common Stock so purchased.

                  2.3 For the avoidance of doubt, in the event that the
         Warrantholder shall elect to exercise this Warrant at any time that
         comprises a portion of both the Qualified Financing Exercise Period and
         the Common Stock Exercise Period, the Warrantholder shall have the
         right to elect whether this Warrant is being exercised under either
         SECTION 2.1 or 2.2 and shall set forth such election on the
         Subscription Form delivered by the Warrantholder in connection with
         such exercise.

                  2.4 The purchase rights represented by this Warrant are
         exercisable at the option of the Warrantholder, in whole or in part, at
         any time and from time to time during the Applicable Exercise Period.

                  2.5 In the case of an exercise of this Warrant for the
         purchase of less than all the shares of the Applicable Stock
         purchasable under this Warrant, the Company shall cancel this Warrant
         upon the surrender hereof and shall, as soon as practicable, execute
         and deliver to the Warrantholder a new Warrant to the Warrantholder of
         like tenor for the balance of this Warrant not so exercised.

                  2.6 Notwithstanding any other provision of this Warrant, if
         the exercise of all or any portion of this Warrant is to be made in
         connection with a registered public offering, a sale of the Company or
         any other transaction or event, such exercise may, at the election of
         the Warrantholder, be conditioned upon consummation of such transaction
         or event in which case such exercise shall not be deemed effective
         until the consummation of such transaction or event and the
         satisfaction by the Warrantholder of all the conditions to such
         exercise set forth herein.

         3. ISSUANCE OF STOCK CERTIFICATES.

                  3.1 The issuance of certificates for shares of Applicable
         Stock upon the exercise of this Warrant shall be made as soon as
         practicable thereafter or in any event within five (5) Business Days of
         such exercise without charge to the Warrantholder, including, without
         limitation, any tax that may be payable in respect thereof, and such
         certificates shall (subject to the provisions of this

                                       6

<page>

SECTION 3) be issued in the name of, or in such names as may be directed by, the
Warrantholder on the Subscription Form; provided, HOWEVER, that the Company
shall not be required to pay any income tax to which the Warrantholder may be
subject in connection with the issuance of this Warrant or of shares of
Applicable Stock upon the exercise of this Warrant; PROVIDED, FURTHER, that the
Company shall not be required to pay any tax that may be payable in respect of
any transfer involved in the issuance and delivery of any such certificate in a
name other than that of the Warrantholder.

                  3.2 All shares of Applicable Stock issued upon the exercise of
         this Warrant shall be validly issued, fully paid and nonassessable. The
         Company shall not be required upon exercise of this Warrant to issue
         any fractional shares. In lieu of any fractional shares to which the
         Warrantholder would otherwise be entitled, the Company shall, at its
         option, either (i) pay cash equal to such fraction multiplied by the
         Fair Market Value per share of the Applicable Stock or (ii) round up to
         the next whole share of Common Stock.

                  3.3 Notwithstanding anything contained herein to the contrary,
         if the Warrantholder directs the Company to deliver a certificate for
         the Applicable Stock in a name other than that of the Warrantholder (or
         any of its Affiliates or members to which such Applicable Stock is
         assigned for no consideration), it shall deliver to the Company upon
         exercise of this Warrant an opinion of counsel reasonably satisfactory
         to the Company to the effect that the issuance of such Applicable Stock
         in such other name may be made pursuant to an available exemption from
         the registration requirements of the Securities Act of 1933, as
         amended, and all applicable state securities laws. Each Person in whose
         name any such certificate for shares of Applicable Stock is issued
         shall for all purposes be deemed to have become the holder of record of
         such shares on the date on which the Warrant was surrendered and
         payment of the Applicable Exercise Price and any applicable taxes was
         made, irrespective of the date of delivery of such certificate, except
         that, if the date of such surrender and payment is a date when the
         stock transfer books of the Company are closed, such Person shall be
         deemed to have become the holder of such shares at the close of
         business on the next succeeding date on which the stock transfer books
         are open.

         4. ADJUSTMENT OF QUALIFIED FINANCING EXERCISE PRICE.

                  4.1 STOCK SPLITS AND COMBINATIONS. If the Company shall at any
         time or from time to time during the Qualified Financing Exercise
         Period effect a subdivision (by any stock split, stock dividend or
         otherwise) of the outstanding shares of Qualified Financing Conversion
         Stock, the Qualified Financing Exercise Price then in effect
         immediately before that subdivision shall be proportionately decreased.
         If the Company shall at any time or from time to time on or after the
         Qualified Financing Initial Exercise Date combine the outstanding
         shares of the Qualified Financing Conversion Stock, the Qualified
         Financing Exercise Price then in effect immediately before the
         combination shall be proportionately increased. Any adjustment under
         this paragraph shall become effective at the close of business on the
         date the subdivision or combination becomes effective.

                                       7

<page>

                  4.2 QUALIFIED FINANCING CONVERSION STOCK DIVIDENDS. In the
         event the Company at any time or from time to time during the Qualified
         Financing Exercise Period shall make or issue, or fix a record date for
         the determination of holders of Qualified Financing Conversion Stock
         entitled to receive, a dividend or other distribution payable in
         additional shares of Qualified Financing Conversion Stock, then and in
         each such event the Qualified Financing Exercise Price then in effect
         shall be decreased as of the time of such issuance or, in the event
         such a record date shall have been fixed, as of the close of business
         on such record date, by multiplying the Qualified Financing Exercise
         Price then in effect by a fraction:

                           (a) the numerator of which shall be the total number
                  of shares of Qualified Financing Conversion Stock issued and
                  outstanding immediately prior to the time of such issuance or
                  the close of business on such record date, and

                           (b) the denominator of which shall be the total
                  number of shares of Qualified Financing Conversion Stock
                  issued and outstanding immediately prior to the time of such
                  issuance or the close of business on such record date plus the
                  number of shares of Qualified Financing Conversion Stock
                  issuable in payment of such dividend or distribution.

                  4.3 OTHER STOCK DIVIDENDS. In the event the Company at any
         time or from time to time during the Qualified Financing Exercise
         Period shall make or issue, or fix a record date for the determination
         of holders of any Qualified Financing Conversion Stock entitled to
         receive, a dividend or other distribution payable in securities of the
         Company other than shares of such Qualified Financing Conversion Stock,
         then and in each such event provision shall be made so that the
         Warrantholder shall receive upon any exercise of this Warrant into
         shares of such Qualified Financing Conversion Stock, in addition to the
         number of shares of such Qualified Financing Conversion Stock
         receivable thereupon, the amount of securities of the Company that they
         would have received had this Warrant been exercised for such shares of
         Qualified Financing Conversion Stock on the date of such event and had
         they thereafter, during the period from the date of such event to and
         including the exercise date, retained such securities receivable by
         them as aforesaid during such period, giving application to all
         adjustments called for during such period under this SECTION 4.

                  4.4 REORGANIZATION, RECLASSIFICATION, ETC. If, at any time or
         from time to time during the Qualified Financing Exercise Period, any
         class or series of Qualified Financing Conversion Stock issuable upon
         exercise of this Warrant shall be changed into the same or a different
         number of shares of any class or classes of stock, whether by capital
         reorganization, reclassification, or otherwise (other than a
         subdivision or combination of shares or stock dividend provided for
         above, or a reorganization, merger, consolidation, or sale of assets
         provided for below), then and in each such event the Warrantholder
         shall, in addition to the other exercise rights set forth herein, have
         the right thereafter to exercise this Warrant into the kind and amount
         of shares of stock and other securities and property receivable upon
         such reorganization, reclassification, or other change, by holders of
         the number of shares of such class or series of Qualified Financing
         Conversion Stock into which this Warrant might have been exercised

                                       8

<page>

         immediately prior to such reorganization, reclassification, or change,
         all subject to further adjustment as provided herein.

                  4.5 MERGER OR CONSOLIDATION. In case of any consolidation or
         merger of the Company with or into another corporation or the sale of
         all or substantially all of the assets of the Company to another
         corporation, at any time or from time to time during the Qualified
         Financing Exercise Period, this Warrant shall thereafter be exercisable
         (or shall be converted into a security which shall be so exercisable)
         into the kind and amount of shares of stock or other securities or
         property to which a holder of the number of shares of Qualified
         Financing Conversion Stock into which this Warrant is then exercisable
         would have been entitled upon such consolidation, merger or sale; and,
         in such case, appropriate adjustment (as determined in good faith by
         the Board of Directors of the Company) shall be made in the application
         of the provisions in this SECTION 4 set forth with respect to the
         rights and interest thereafter of the Warrantholder, to the extent that
         the provisions set forth in this SECTION 4 (including provisions with
         respect to changes in and other adjustments of the Qualified Financing
         Conversion Stock) shall thereafter be applicable, as nearly as
         reasonably may be, in relation to any shares of stock or other property
         thereafter deliverable upon the exercise of this Warrant.

                  4.6 EXTRAORDINARY TRANSACTIONS. In case at any time or from
         time to time during the Qualified Financing Exercise Period (i) the
         Company shall declare any dividend upon any class or series of
         Qualified Financing Conversion Stock payable in cash or stock or make
         any other distribution to the holders of any class or series of
         Qualified Financing Conversion Stock, (ii) the Company shall offer for
         subscription pro rata to the holders of any class or series of
         Qualified Financing Conversion Stock any additional shares of stock of
         any class or other rights, (iii) there shall be any capital
         reorganization or reclassification of the capital stock of the Company,
         or (iv) or a Sale Event shall occur; then, in any one or more of said
         cases, the Company shall give, by first class mail, postage prepaid, or
         by facsimile, addressed to the Warrantholder, (A) at least 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, or Sale Event and (B) in the
         case of any such reorganization, reclassification or Sale Event, at
         least 20 days' prior written notice of the date when the same shall
         take place. Such notice in accordance with the foregoing CLAUSE (A)
         shall also specify, in the case of any such dividend, distribution or
         subscription rights, the date on which the holders of such class or
         series of Qualified Financing Conversion Stock shall be entitled
         thereto and such notice in accordance with the foregoing CLAUSE (B)
         shall also specify the date or projected date on which the holders of
         such class or series of Qualified Financing Conversion Stock shall be
         entitled to exchange their shares of such class or series of Qualified
         Financing Conversion Stock for securities or other property deliverable
         upon such reorganization, reclassification, consolidation, merger,
         sale, dissolution, liquidation or winding up, as the case may be.

                  4.7 ADJUSTMENTS TO QUALIFIED FINANCING EXERCISE PRICE FOR
         CERTAIN DILUTIVE ISSUANCES IN THE EVENT THAT THE QUALIFIED FINANCING
         CONVERSION STOCK IS COMMON STOCK. The provisions of this SECTION 4.7,
         and the adjustments to the Qualified Financing Exercise Price provided

                                       9

<page>

         for in this SECTION 4.7, shall only apply in the instance that the
         Qualified Financing Conversion Stock issued in the Qualified Financing
         is Common Stock. In the event that the Qualified Financing Conversion
         Stock issued in the Qualified Financing is not Common Stock, then the
         provisions of this Section 4.7 shall cease to be of effect.

                  (a) DEEMED ISSUE OF ADDITIONAL SHARES OF COMMON STOCK.

                           (i) Except for the issuance of Permitted Securities,
                  if the Company at any time or from time to time during the
                  Qualified Financing Exercise Period shall issue any Options or
                  Convertible Securities or shall fix a record date for the
                  determination of holders of any class of securities entitled
                  to receive any such Options or Convertible Securities, then
                  the maximum number of shares of Common Stock (as set forth in
                  the instrument relating thereto, assuming the satisfaction of
                  any conditions to exercisability, convertibility or
                  exchangeability but without regard to any provision contained
                  therein for a subsequent adjustment of such number) issuable
                  upon the exercise of such Options or, in the case of
                  Convertible Securities and Options therefor, the conversion or
                  exchange of such Convertible Securities, shall be deemed for
                  purposes of this SECTION 4.7 to be Additional Shares of Common
                  Stock issued as of the time of such issue or, in case such a
                  record date shall have been fixed, as of the close of business
                  on such record date. Notwithstanding the foregoing, except as
                  otherwise provided in CLAUSE (II) below, in the event that an
                  adjustment to the Qualified Financing Exercise Price is made
                  upon the issuance of any such Options or Convertible
                  Securities, then no further adjustment of the Qualified
                  Financing Exercise Price shall be made upon the actual
                  issuance of Common Stock upon exercise of such Options or upon
                  the actual issuance of Common Stock upon conversion or
                  exchange of such Convertible Securities.

                           (ii) If the terms of any Option or Convertible
                  Security, the issuance of which resulted in an adjustment to
                  the Qualified Financing Exercise Price pursuant to the terms
                  of CLAUSE (B) below, are revised (either automatically
                  pursuant to the provisions contained therein or as a result of
                  an amendment to such terms) to provide for either (1) any
                  increase or decrease in the number of shares of Common Stock
                  issuable upon the exercise, conversion or exchange of any such
                  Option or Convertible Security or (2) any increase or decrease
                  in the consideration payable to the Company upon such
                  exercise, conversion or exchange, then, effective upon such
                  increase or decrease becoming effective, the Qualified
                  Financing Exercise Price computed upon the original issue of
                  such Option or Convertible Security (or upon the occurrence of
                  a record date with respect thereto) shall be readjusted to
                  such Qualified Financing Exercise Price as would have obtained
                  had such revised terms been in effect upon the original date
                  of issuance of such Option or Convertible Security.
                  Notwithstanding the foregoing, no adjustment pursuant to this
                  CLAUSE (II) shall have the effect of increasing the Qualified
                  Financing Exercise Price to an amount which exceeds the lower
                  of (x) the Qualified Financing Exercise Price on the original
                  adjustment date, or (y) the Qualified Financing Exercise Price

                                       10

<page>

                  that would have resulted from any issuances of Additional
                  Shares of Common Stock between the original adjustment date
                  and such readjustment date.

                           (iii) If the terms of any Option or Convertible
                  Security, the issuance of which did not result in an
                  adjustment to the Qualified Financing Exercise Price pursuant
                  to the terms of CLAUSE (B) below (either because the
                  consideration per share of the Additional Shares of Common
                  Stock subject thereto was equal to or greater than the
                  Qualified Financing Exercise Price then in effect, or because
                  such Option or Convertible Security was issued before the
                  Qualified Financing Initial Exercise Date), are revised after
                  the Closing Date (either automatically pursuant to the
                  provisions contained therein or as a result of an amendment to
                  such terms) to provide for either (1) any increase or decrease
                  in the number of shares of Common Stock issuable upon the
                  exercise, conversion or exchange of any such Option or
                  Convertible Security or (2) any increase or decrease in the
                  consideration payable to the Company upon such exercise,
                  conversion or exchange, then such Option or Convertible
                  Security, as so amended, and the Additional Shares of Common
                  Stock subject thereto shall be deemed to have been issued
                  effective upon such increase or decrease becoming effective.

                           (iv) Upon the expiration or termination of any
                  unexercised Option or unconverted or unexchanged Convertible
                  Security which resulted (either upon its original issuance or
                  upon a revision of its terms) in an adjustment to the
                  Qualified Financing Exercise Price pursuant to the terms of
                  CLAUSE (B) below, the Qualified Financing Exercise Price shall
                  be readjusted to such Qualified Financing Exercise Price as
                  would have obtained had such Option or Convertible Security
                  never been issued.

                  (b) ADJUSTMENT OF QUALIFIED FINANCING EXERCISE PRICE UPON
         ISSUANCE OF ADDITIONAL SHARES OF COMMON STOCK. In the event the Company
         shall at any time after the Qualified Financing Initial Exercise Date
         issue Additional Shares of Common Stock (including Additional Shares of
         Common Stock deemed to be issued pursuant to CLAUSE (A) above), without
         consideration or for a consideration per share less than the applicable
         Qualified Financing Exercise Price in effect immediately prior to such
         issue, then the Qualified Financing Exercise Price shall be reduced,
         concurrently with such issue, to a price (calculated to the nearest
         one-hundredth of a cent) determined in accordance with the following
         formula:

                                    EP2 = EP1 *  (A + B) / (A + C)

         For purposes of the foregoing formula, the following definitions shall
         apply:

                  "EP2"    shall mean the Qualified Financing Exercise Price in
                           effect immediately after such issue of Additional
                           Shares of Common Stock;

                                       11

<page>

                  "EP1"    shall mean the Qualified Financing Exercise Price in
                           effect immediately prior to such issue of Additional
                           Shares of Common Stock;

                  "A"      shall mean the number of shares of Common Stock
                           outstanding and deemed outstanding immediately prior
                           to such issue of Additional Shares of Common Stock
                           (treating for this purpose as outstanding all shares
                           of Common Stock issuable upon exercise of Options
                           outstanding immediately prior to such issue or upon
                           conversion of Convertible Securities outstanding
                           immediately prior to such issue);

                  "B"      shall mean the number of shares of Common Stock that
                           would have been issued if such Additional Shares of
                           Common Stock had been issued at a price per share
                           equal to EP1 (determined by dividing the aggregate
                           consideration received or receivable by the Company
                           in respect of such issue by EP1); and

                  "C"      shall mean the number of such Additional Shares of
                           Common Stock issued in such transaction.

                  (c) DETERMINATION OF CONSIDERATION. For purposes of this
         SECTION 4.7, the consideration received or receivable by the Company
         for the issue or deemed issue of any Additional Shares of Common Stock
         shall be computed as follows:

                           (i) CASH AND PROPERTY: The consideration per share
                  received or receivable by the Company for the issue of
                  Additional Shares of Common Stock shall:

                                             (1) insofar as it consists of cash,
                                    be computed at the aggregate amount of cash
                                    received by the Company, excluding amounts
                                    paid or payable for accrued interest;

                                            (2) insofar as it consists of
                                    securities and the value of such securities
                                    is not determinable by reference to a
                                    separate agreement, (A) if the securities
                                    are then traded on a securities exchange or
                                    the Nasdaq Stock Market, then the value
                                    shall be computed based on the average of
                                    the closing prices of the securities on such
                                    securities exchange or Nasdaq Stock Market
                                    over the thirty (30) day period ending on
                                    the date of receipt by the Company, (B) if
                                    the securities are actively traded
                                    over-the-counter, then the value shall be
                                    computed based on the average of the closing
                                    prices over the thirty (30) day ending on
                                    the date of receipt by the Company, and (C)
                                    if there is no active public market, then
                                    the value shall be computed based on the
                                    fair market value thereof on the date of
                                    receipt by the Company, as determined in
                                    good faith by the Board of Directors of the
                                    Company;

                                       12

<page>

                                            (3) insofar as it consists of
                                    property other than cash or securities, be
                                    computed at the fair market value thereof at
                                    the time of such issue, as determined in
                                    good faith by the Board of Directors of the
                                    Company; and

                                            (4) in the event Additional Shares
                                    of Common Stock are issued together with
                                    other shares or securities or other assets
                                    of the Company for consideration which
                                    covers both, be the proportion of such
                                    consideration so received, computed as
                                    provided in CLAUSES (1), (2) and (3) above,
                                    as determined in good faith by the Board of
                                    Directors of the Company.

                           (ii) OPTIONS AND CONVERTIBLE SECURITIES. The
                  consideration per share received or receivable by the Company
                  for Additional Shares of Common Stock deemed to have been
                  issued pursuant to this SECTION 4.7, relating to Options and
                  Convertible Securities, shall be determined by dividing:

                                            (1) the total amount, if any,
                                    received or receivable by the Company as
                                    consideration for the issue of such Options
                                    or Convertible Securities, plus the minimum
                                    aggregate amount of additional consideration
                                    (as set forth in the instruments relating
                                    thereto, without regard to any provision
                                    contained therein for a subsequent
                                    adjustment of such consideration) payable to
                                    the Company upon the exercise of such
                                    Options or the conversion or exchange of
                                    such Convertible Securities, or in the case
                                    of Options for Convertible Securities, the
                                    exercise of such Options for Convertible
                                    Securities and the conversion or exchange of
                                    such Convertible Securities, by

                                            (2) the maximum number of shares of
                                    Common Stock (as set forth in the
                                    instruments relating thereto, without regard
                                    to any provision contained therein for a
                                    subsequent adjustment of such number)
                                    issuable upon the exercise of such Options
                                    or the conversion or exchange of such
                                    Convertible Securities.

                           (d) MULTIPLE CLOSING DATES. In the event the Company
                  shall issue on more than one date Additional Shares of Common
                  Stock that are a part of one transaction or a series of
                  related transactions and that would result in an adjustment to
                  the Qualified Financing Exercise Price pursuant to the terms
                  of this SECTION 4.7 then, upon the final such issuance, the
                  Qualified Financing Exercise Price shall be readjusted to give
                  effect to all such issuances as if they occurred on the date
                  of the first such issuance (and without additional giving
                  effect to any adjustments as a result of any subsequent
                  issuances within such period).

                  4.8 CALCULATIONS. No adjustment in the Qualified Financing
         Exercise Price shall be required unless such adjustment would require
         upon increase or decrease of a least one-tenth of a cent ($0.001) in

                                       13

<page>

         such Qualified Financing Exercise Price; PROVIDED, however, that any
         adjustments which by reason of this SECTION 4.8 are not required to be
         made shall be carried forward and taken into account in any subsequent
         adjustment. All calculations under this SECTION 4 shall be made to the
         nearest one-tenth of a cent or the nearest 1/100th of a share, as
         applicable. The number of shares of Qualified Financing Conversion
         Stock outstanding at any given time shall not include shares owned or
         held by or for the account of the Company, and the disposition of any
         such shares shall be considered an issue or sale of Qualified Financing
         Conversion Stock.

                  4.9 CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each
         adjustment or readjustment of the Qualified Financing Exercise Price
         pursuant to this SECTION 4, the Company at its expense shall promptly
         compute such adjustment or readjustment in accordance with the terms
         hereof and furnish to the Warrantholder a certificate setting forth
         such adjustment or readjustment and showing in detail the facts upon
         which such adjustment or readjustment is based. The Company shall, upon
         the written request at any time of the Warrantholder, furnish or cause
         to be furnished to such holder a similar certificate setting forth (i)
         such adjustments and readjustments, (ii) the Qualified Financing
         Exercise Price then in effect, and (iii) the number of shares of
         Qualified Financing Conversion Stock into which this Warrant is
         exercisable and the amount, if any, of other property which then would
         be received upon the exercise of this Warrant.

         5. ADJUSTMENT OF COMMON STOCK EXERCISE PRICE.

                  5.1 STOCK SPLITS AND COMBINATIONS. If the Company shall at any
         time or from time to time on or after the Closing Date effect a
         subdivision (by any stock split, stock dividend or otherwise) of the
         outstanding shares of Common Stock, the Common Stock Exercise Price
         then in effect immediately before that subdivision shall be
         proportionately decreased. If the Company shall at any time or from
         time to time on or after the Closing Date combine the outstanding
         shares of the Common Stock, the Common Stock Exercise Price then in
         effect immediately before the combination shall be proportionately
         increased. Any adjustment under this paragraph shall become effective
         at the close of business on the date the subdivision or combination
         becomes effective.

                  5.2 COMMON STOCK DIVIDENDS. In the event the Company at any
         time or from time to time on or after the Closing Date shall make or
         issue, or fix a record date for the determination of holders of Common
         Stock entitled to receive, a dividend or other distribution payable in
         additional shares of Common Stock, then and in each such event the
         Common Stock Exercise Price then in effect shall be decreased as of the
         time of such issuance or, in the event such a record date shall have
         been fixed, as of the close of business on such record date, by
         multiplying the Common Stock Exercise Price then in effect by a
         fraction:

                           (a) the numerator of which shall be the total number
                  of shares of Common Stock issued and outstanding immediately
                  prior to the time of such issuance or the close of business on
                  such record date, and

                                       14

<page>

                           (b) the denominator of which shall be the total
                  number of shares of Common Stock issued and outstanding
                  immediately prior to the time of such issuance or the close of
                  business on such record date plus the number of shares of
                  Common Stock issuable in payment of such dividend or
                  distribution.

                  5.3 OTHER STOCK DIVIDENDS. In the event the Company at any
         time or from time to time on or after the Closing Date shall make or
         issue, or fix a record date for the determination of holders of any
         Common Stock entitled to receive, a dividend or other distribution
         payable in securities of the Company other than shares of such Common
         Stock, then and in each such event provision shall be made so that the
         Warrantholder shall receive upon any exercise of this Warrant into
         shares of such Common Stock, in addition to the number of shares of
         such Common Stock receivable thereupon, the amount of securities of the
         Company that they would have received had this Warrant been exercised
         for such shares of Common Stock on the date of such event (regardless
         of whether or not this Warrant is then exercisable into shares of
         Common Stock) and had they thereafter, during the period from the date
         of such event to and including the exercise date, retained such
         securities receivable by them as aforesaid during such period, giving
         application to all adjustments called for during such period under this
         SECTION 5.

                  5.4 REORGANIZATION, RECLASSIFICATION, ETC. If, at any time or
         from time to time on or after the Closing Date, any Common Stock
         issuable upon exercise of this Warrant (regardless of whether or not
         this Warrant is then exercisable into shares of Common Stock) shall be
         changed into the same or a different number of shares of any class or
         classes of stock, whether by capital reorganization, reclassification,
         or otherwise (other than a subdivision or combination of shares or
         stock dividend provided for above, or a reorganization, merger,
         consolidation, or sale of assets provided for below), then and in each
         such event the Warrantholder shall, in addition to the other exercise
         rights set forth herein, have the right thereafter to exercise this
         Warrant into the kind and amount of shares of stock and other
         securities and property receivable upon such reorganization,
         reclassification, or other change, by holders of the number of shares
         of such Common Stock into which this Warrant might have been exercised
         immediately prior to such reorganization, reclassification, or change
         (regardless of whether or not this Warrant is then exercisable into
         shares of Common Stock), all subject to further adjustment as provided
         herein.

                  5.5 MERGER OR CONSOLIDATION. In case of any consolidation or
         merger of the Company with or into another corporation or the sale of
         all or substantially all of the assets of the Company to another
         corporation, at any time or from time to time on or after the Closing
         Date, this Warrant shall thereafter be exercisable (or shall be
         converted into a security which shall be so exercisable) into the kind
         and amount of shares of stock or other securities or property to which
         a holder of the number of shares of Common Stock into which this
         Warrant is exercisable (regardless of whether or not this Warrant is
         then exercisable into shares of Common Stock) would have been entitled
         upon such consolidation, merger or sale; and, in such case, appropriate
         adjustment (as determined in good faith by the Board of Directors of
         the Company) shall be made in the application of the provisions in this
         SECTION 5 set forth with respect to the rights and interest thereafter
         of the Warrantholder, to the extent that the provisions set forth in
         this SECTION 5 (including provisions with respect to changes in and

                                       15

<page>

         other adjustments of the Common Stock) shall thereafter be applicable,
         as nearly as reasonably may be, in relation to any shares of stock or
         other property thereafter deliverable upon the exercise of this
         Warrant.

                  5.6 EXTRAORDINARY TRANSACTIONS. In case at any time or from
         time to time on or after the Common Stock Initial Exercise Date (i) the
         Company shall declare any dividend upon any Common Stock payable in
         cash or stock or make any other distribution to the holders of any
         Common Stock, (ii) the Company shall offer for subscription pro rata to
         the holders of any Common Stock any additional shares of stock of any
         class or other rights, (iii) there shall be any capital reorganization
         or reclassification of the capital stock of the Company, or (iv) or a
         Sale Event shall occur; then, in any one or more of said cases, the
         Company shall give, by first class mail, postage prepaid, or by
         facsimile, addressed to the Warrantholder, (A) at least 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, or Sale Event and (B) in the
         case of any such reorganization, reclassification or Sale Event, at
         least 20 days' prior written notice of the date when the same shall
         take place. Such notice in accordance with the foregoing CLAUSE (A)
         shall also specify, in the case of any such dividend, distribution or
         subscription rights, the date on which the holders of such Common Stock
         shall be entitled thereto and such notice in accordance with the
         foregoing CLAUSE (B) shall also specify the date or projected date on
         which the holders of such Common Stock shall be entitled to exchange
         their shares of such 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.

                  5.7 ADJUSTMENTS TO COMMON STOCK EXERCISE PRICE FOR CERTAIN
         DILUTIVE ISSUANCES.

                           (a) DEEMED ISSUE OF ADDITIONAL SHARES OF COMMON
                  STOCK.

                                    (i) Except for the issuance of Permitted
                           Securities, if the Company at any time or from time
                           to time after the Closing Date shall issue any
                           Options or Convertible Securities or shall fix a
                           record date for the determination of holders of any
                           class of securities entitled to receive any such
                           Options or Convertible Securities, then the maximum
                           number of shares of Common Stock (as set forth in the
                           instrument relating thereto, assuming the
                           satisfaction of any conditions to exercisability,
                           convertibility or exchangeability but without regard
                           to any provision contained therein for a subsequent
                           adjustment of such number) issuable upon the exercise
                           of such Options or, in the case of Convertible
                           Securities and Options therefor, the conversion or
                           exchange of such Convertible Securities, shall be
                           deemed for purposes of this SECTION 5.7 to be
                           Additional Shares of Common Stock issued as of the
                           time of such issue or, in case such a record date
                           shall have been fixed, as of the close of business on
                           such record date. Notwithstanding the foregoing,
                           except as otherwise provided in CLAUSE (II) below, in

                                       16

<page>

                           the event that an adjustment to the Common Stock
                           Exercise Price is made upon the issuance of any such
                           Options or Convertible Securities, then no further
                           adjustment of the Common Stock Exercise Price shall
                           be made upon the actual issuance of Common Stock upon
                           exercise of such Options or upon the actual issuance
                           of Common Stock upon conversion or exchange of such
                           Convertible Securities.

                                    (ii) If the terms of any Option or
                           Convertible Security, the issuance of which resulted
                           in an adjustment to the Common Stock Exercise Price
                           pursuant to the terms of CLAUSE (B) below, are
                           revised (either automatically pursuant to the
                           provisions contained therein or as a result of an
                           amendment to such terms) to provide for either (1)
                           any increase or decrease in the number of shares of
                           Common Stock issuable upon the exercise, conversion
                           or exchange of any such Option or Convertible
                           Security or (2) any increase or decrease in the
                           consideration payable to the Company upon such
                           exercise, conversion or exchange, then, effective
                           upon such increase or decrease becoming effective,
                           the Common Stock Exercise Price computed upon the
                           original issue of such Option or Convertible Security
                           (or upon the occurrence of a record date with respect
                           thereto) shall be readjusted to such Common Stock
                           Exercise Price as would have obtained had such
                           revised terms been in effect upon the original date
                           of issuance of such Option or Convertible Security.
                           Notwithstanding the foregoing, no adjustment pursuant
                           to this CLAUSE (ii) shall have the effect of
                           increasing the Common Stock Exercise Price to an
                           amount which exceeds the lower of (x) the Common
                           Stock Exercise Price on the original adjustment date,
                           or (y) the Common Stock Exercise Price that would
                           have resulted from any issuances of Additional Shares
                           of Common Stock between the original adjustment date
                           and such readjustment date.

                                    (iii) If the terms of any Option or
                           Convertible Security, the issuance of which did not
                           result in an adjustment to the Common Stock Exercise
                           Price pursuant to the terms of CLAUSE (B) below
                           (either because the consideration per share of the
                           Additional Shares of Common Stock subject thereto was
                           equal to or greater than the Common Stock Exercise
                           Price then in effect, or because such Option or
                           Convertible Security was issued before the Closing
                           Date), are revised after the Closing Date (either
                           automatically pursuant to the provisions contained
                           therein or as a result of an amendment to such terms)
                           to provide for either (1) any increase or decrease in
                           the number of shares of Common Stock issuable upon
                           the exercise, conversion or exchange of any such
                           Option or Convertible Security or (2) any increase or
                           decrease in the consideration payable to the Company
                           upon such exercise, conversion or exchange, then such
                           Option or Convertible Security, as so amended, and
                           the Additional Shares of Common Stock subject thereto
                           shall be deemed to have been issued effective upon
                           such increase or decrease becoming effective.

                                    (iv) Upon the expiration or termination of
                           any unexercised Option or unconverted or unexchanged
                           Convertible Security which resulted (either upon its
                           original issuance or upon a revision of its terms) in
                           an adjustment to the Common Stock Exercise Price
                           pursuant to the terms of CLAUSE (B) below, the Common

                                       17

<page>

                           Stock Exercise Price shall be readjusted to such
                           Common Stock Exercise Price as would have obtained
                           had such Option or Convertible Security never been
                           issued.

                           (b) ADJUSTMENT OF COMMON STOCK EXERCISE PRICE UPON
                  ISSUANCE OF ADDITIONAL SHARES OF COMMON STOCK. In the event
                  the Company shall at any time after the Closing Date issue
                  Additional Shares of Common Stock (including Additional Shares
                  of Common Stock deemed to be issued pursuant to CLAUSE (A)
                  above), without consideration or for a consideration per share
                  less than the applicable Common Stock Exercise Price in effect
                  immediately prior to such issue, then the Common Stock
                  Exercise Price shall be reduced, concurrently with such issue,
                  to a price (calculated to the nearest one-hundredth of a cent)
                  determined in accordance with the following formula:

                                    EP2 = EP1 *  (A + B) / (A + C)

         For purposes of the foregoing formula, the following definitions shall
         apply:

                           "EP2"    shall mean the Common Stock Exercise Price
                                    in effect immediately after such issue of
                                    Additional Shares of Common Stock;

                           "EP1"    shall mean the Common Stock Exercise Price
                                    in effect immediately prior to such issue of
                                    Additional Shares of Common Stock;

                           "A"      shall mean the number of shares of Common
                                    Stock outstanding and deemed outstanding
                                    immediately prior to such issue of
                                    Additional Shares of Common Stock (treating
                                    for this purpose as outstanding all shares
                                    of Common Stock issuable upon exercise of
                                    Options outstanding immediately prior to
                                    such issue or upon conversion of Convertible
                                    Securities outstanding immediately prior to
                                    such issue);

                           "B"      shall mean the number of shares of Common
                                    Stock that would have been issued if such
                                    Additional Shares of Common Stock had been
                                    issued at a price per share equal to EP1
                                    (determined by dividing the aggregate
                                    consideration received or receivable by the
                                    Company in respect of such issue by EP1);
                                    and

                           "C"      shall mean the number of such Additional
                                    Shares of Common Stock issued in such
                                    transaction.

                           (c) DETERMINATION OF CONSIDERATION. For purposes of
                  this SECTION 5.7, the consideration received or receivable by
                  the Company for the issue or deemed issue of any Additional
                  Shares of Common Stock shall be computed as follows:

                                       18

<page>

                                    (i) CASH AND PROPERTY: The consideration per
                           share received or receivable by the Company for the
                           issue of Additional Shares of Common Stock shall:

                                            (1) insofar as it consists of cash,
                                    be computed at the aggregate amount of cash
                                    received or receivable by the Company,
                                    excluding amounts paid or payable for
                                    accrued interest;

                                            (2) insofar as it consists of
                                    securities and the value of such securities
                                    is not determinable by reference to a
                                    separate agreement, (A) if the securities
                                    are then traded on a securities exchange or
                                    the Nasdaq Stock Market, then the value
                                    shall be computed based on the average of
                                    the closing prices of the securities on such
                                    securities exchange or Nasdaq Stock Market
                                    over the thirty (30) day period ending on
                                    the date of receipt by the Company, (B) if
                                    the securities are actively traded
                                    over-the-counter, then the value shall be
                                    computed based on the average of the closing
                                    prices over the thirty (30) day ending on
                                    the date of receipt by the Company, and (C)
                                    if there is no active public market, then
                                    the value shall be computed based on the
                                    fair market value thereof on the date of
                                    receipt by the Company, as determined in
                                    good faith by the Board of Directors of the
                                    Company;

                                            (3) insofar as it consists of
                                    property other than cash or securities, be
                                    computed at the fair market value thereof at
                                    the time of such issue, as determined in
                                    good faith by the Board of Directors of the
                                    Company; and

                                            (4) in the event Additional Shares
                                    of Common Stock are issued together with
                                    other shares or securities or other assets
                                    of the Company for consideration which
                                    covers both, be the proportion of such
                                    consideration so received, computed as
                                    provided in CLAUSES (1), (2) and (3) above,
                                    as determined in good faith by the Board of
                                    Directors of the Company.

                                    (ii) OPTIONS AND CONVERTIBLE SECURITIES. The
                           consideration per share received or receivable by the
                           Company for Additional Shares of Common Stock deemed
                           to have been issued pursuant to this SECTION 5.7,
                           relating to Options and Convertible Securities, shall
                           be determined by dividing:

                                            (1) the total amount, if any,
                                    received or receivable by the Company as
                                    consideration for the issue of such Options
                                    or Convertible Securities, plus the minimum
                                    aggregate amount of additional consideration
                                    (as set forth in the instruments relating
                                    thereto, without regard to any provision
                                    contained therein for a subsequent
                                    adjustment of such consideration) payable to

                                       19

<page>

                                    the Company upon the exercise of such
                                    Options or the conversion or exchange of
                                    such Convertible Securities, or in the case
                                    of Options for Convertible Securities, the
                                    exercise of such Options for Convertible
                                    Securities and the conversion or exchange of
                                    such Convertible Securities, by

                                            (2) the maximum number of shares of
                                    Common Stock (as set forth in the
                                    instruments relating thereto, without regard
                                    to any provision contained therein for a
                                    subsequent adjustment of such number)
                                    issuable upon the exercise of such Options
                                    or the conversion or exchange of such
                                    Convertible Securities.

                                    (d) MULTIPLE CLOSING DATES. In the event the
                           Company shall issue on more than one date Additional
                           Shares of Common Stock that are a part of one
                           transaction or a series of related transactions and
                           that would result in an adjustment to the Common
                           Stock Exercise Price pursuant to the terms of this
                           SECTION 5.7 then, upon the final such issuance, the
                           Common Stock Exercise Price shall be readjusted to
                           give effect to all such issuances as if they occurred
                           on the date of the first such issuance (and without
                           additional giving effect to any adjustments as a
                           result of any subsequent issuances within such
                           period).

         5.8 ACKNOWLEDGEMENT AS TO ADJUSTMENTS. The Company hereby acknowledges
that an event requiring an adjustment to the Common Stock Exercise Price
pursuant to this SECTION 5 may occur at any time following the Closing Date,
regardless of whether or not the Common Stock Initial Exercise Date shall have
yet occurred. Accordingly, with respect to any exercise of this Warrant into
Common Stock following the occurrence of the Common Stock Initial Exercise Date,
the calculation of the applicable Common Stock Exercise Price in respect of such
exercise shall be calculated after giving effect to any event requiring an
adjustment to the Common Stock Exercise Price pursuant to this SECTION 5 that
shall have occurred at any time from and after the Closing Date.

         5.9 CALCULATIONS. No adjustment in the Common Stock Exercise Price
shall be required unless such adjustment would require upon increase or decrease
of a least one-tenth of a cent ($0.001) in such Common Stock Exercise Price;
PROVIDED, however, that any adjustments which by reason of this SECTION 4.9 are
not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All calculations under this SECTION 5 shall be made to
the nearest one-tenth of a cent or the nearest 1/100th of a share, as
applicable. The number of shares of Common Stock outstanding at any given time
shall not include shares owned or held by or for the account of the Company, and
the disposition of any such shares shall be considered an issue or sale of
Common Stock.

         5.10 CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each
adjustment or readjustment of the Common Stock Exercise Price pursuant to this
SECTION 5, the Company at its expense shall promptly compute such adjustment or
readjustment in accordance with the terms hereof and furnish to the

                                       20

<page>

Warrantholder a certificate setting forth such adjustment or readjustment and
showing in detail the facts upon which such adjustment or readjustment is based.
The Company shall, upon the written request at any time of the Warrantholder,
furnish or cause to be furnished to such holder a similar certificate setting
forth (i) such adjustments and readjustments, (ii) the Common Stock Exercise
Price then in effect, and (iii) the number of shares of Common Stock into which
this Warrant is exercisable and the amount, if any, of other property which then
would be received upon the exercise of this Warrant.

         6. EXCHANGE, LOSS OF WARRANT.

                  6.1 On surrender for exchange of this Warrant, or any Warrant
         issued upon subdivision, exercise, or permitted transfer in whole or in
         part of this Warrant, properly endorsed, to the Company, the Company at
         its expense will issue and deliver to or on the order of the holder
         thereof a new Warrant or Warrants of like tenor, in the name of such
         holder or as such holder (on payment by such holder of any applicable
         transfer taxes) may direct, calling in the aggregate on the face or
         faces thereof for the Aggregate Exercise Price called for on the face
         or faces of the Warrant or Warrants so surrendered.

                  6.2 Upon receipt of evidence reasonably satisfactory to the
         Company of the loss, theft, destruction or mutilation of this Warrant,
         and of indemnity reasonably satisfactory to the Company, if lost,
         stolen or destroyed, and upon surrender of this Warrant, if mutilated,
         the Company shall execute and deliver to the Holder a new Warrant of
         like tenor.

         7. RESERVATION AND AUTHORIZATION OF SHARES.

                  7.1 If the Qualified Financing Initial Exercise Date shall
         occur, from and after the Qualified Financing Initial Exercise Date,
         the Company will cause to be reserved and kept available out of its
         authorized and unissued shares of Qualified Financing Conversion Stock
         the number of whole shares of such Qualified Financing Conversion Stock
         sufficient to permit the exercise in full of this Warrant.

                  7.2 If the Common Stock Initial Exercise Date shall occur,
         from and after the Common Stock Initial Exercise Date, the Company will
         cause to be reserved and kept available out of its authorized and
         unissued shares of Common Stock the number of whole shares of such
         Common Stock sufficient to permit the exercise in full of this Warrant.

                  7.3 The Company will not, by amendment of its charter or
         through reorganization, transfer of assets, consolidation, merger,
         dissolution, issue or sale of securities or any other voluntary action,
         avoid or seek to avoid the observance or performance of any of the
         terms of this Warrant. Without limiting the generality of the
         foregoing, the Company will (a) not increase the par value of any
         shares of Applicable Stock issuable upon the exercise of this Warrant
         and (b) take all such actions as may be necessary or appropriate in
         order that the Company may validly and legally issue fully paid and
         nonassessable shares of Applicable Stock upon the exercise of this
         Warrant.

                                       21

<page>

         8. RIGHTS OF WARRANTHOLDER.

                  8.1 This Warrant shall not entitle the holder thereof to any
         voting rights or other rights of a stockholder of the Company.

                  8.2 The Company may deem and treat the Person in whose name
         this Warrant is registered with it as the absolute owner for all
         purposes whatsoever (notwithstanding any notation of ownership or other
         writing thereon made by anyone other than the Company) and the Company
         shall not be affected by any notice to the contrary. The terms
         "Warrantholder" and "holder of the Warrant" and all other similar terms
         used herein shall mean only such Person(s) in whose name(s) this
         Warrant is properly registered on the Company's books.

         9. NOTICES. All notices or other communications to be given hereunder
shall be in writing and sent in accordance with the Loan Agreement.

         10. SUCCESSORS. All the covenants, agreements, representations and
warranties contained in this Warrant shall bind the parties hereto and their
respective heirs, executors, administrators, distributees, successors and
permitted assigns.

         11. HEADINGS. The Section headings in this Warrant have been inserted
for purposes of convenience only and shall have no substantive effect.

         12. LAW GOVERNING. This Warrant shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York, excluding
conflict of laws principles that would cause the application of laws of any
other jurisdiction. The Company and the Warrantholder hereby submits to the
exclusive jurisdiction of the United States federal and state courts located in
the State of New York with respect to any dispute arising under this Agreement
or the transactions contemplated hereby or thereby.

         13. REMEDIES. The Company stipulates that the remedies at law of the
Warrantholder in the event of any default or threatened 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 such terms may be specifically enforced
by a decree for the specific performance of any agreement contained herein or by
an injunction against a violation of any of the terms hereof or otherwise.

         14. AMENDMENTS. No provision of this Warrant may be changed, modified,
waived or released, unless it is in writing and signed by the Company and the
Warrantholder. No waiver of any term, condition or provision of this Warrant, in
any one or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such term, condition or provision.

                               [SIGNATURE FOLLOWS]

                                       22

<page>

         IN WITNESS WHEREOF, the Company has executed this Warrant by its duly
authorized officer as of the day and year first above written.

                                             IVIVI TECHNOLOGIES, INC.

                                             By: /s/ Alan V. Gallantar
                                             Name: Alan V. Gallantar
                                             Title: CFO

                                       23

<page>

                                SUBSCRIPTION FORM

                      (To Be Executed By The Warrantholder
        In Order to Exercise The Warrant for Payment in Cash or by Check)

         The undersigned, pursuant to [Section 2.1][Section 2.2] of the enclosed
Warrant, hereby irrevocably elects to exercise the right to purchase ________
shares of [INSERT APPLICABLE STOCK] of Ivivi Technologies, Inc. covered by such
Warrant, and herewith tenders $________ in full payment of the Applicable
Exercise Price for such shares.

         The undersigned represents that (i) the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof, (ii) the
undersigned has no present intention of distributing or reselling such shares
and (iii) the undersigned is an "accredited investor" as such term is defined in
Rule 501(a) of Regulation D promulgated under the Securities Act.

         Please issue a certificate representing said shares in the name of the
undersigned and deliver such certificate to the undersigned at the undersigned's
address set forth below. Please also issue a new Warrant in equivalent form and
tenor for the unexercised portion of the attached Warrant in the name of the
undersigned and deliver such new Warrant to the undersigned a the undersigned's
address set forth below.

                                         By:  __________________________________
                                                          Signature

                                               _________________________________
                                               Name

                                               ________________________________
                                               Address

         Dated: ________________________

<page>

                                SUBSCRIPTION FORM

                      (To Be Executed By The Warrantholder
            In Order to Elect a Cashless Net Exercise of The Warrant)

         The undersigned, pursuant to [Section 2.1][Section 2.2] of the enclosed
Warrant, hereby irrevocably elects to exercise the right to purchase ________
shares of [INSERT APPLICABLE STOCK] of Ivivi Technologies, Inc. covered by such
Warrant (the "Warrant Shares"), and herewith elects to receive that number of
Warrant Shares which is equal to the number of shares for which such Warrant is
being exercised, less the number of shares with an aggregate Fair Market Value
equal to the Applicable Exercise Price.

         The undersigned represents that (i) the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof, (ii) the
undersigned has no present intention of distributing or reselling such shares
and (iii) the undersigned is an "accredited investor" as such term is defined in
Rule 501(a) of Regulation D promulgated under the Securities Act.

         Please issue a certificate representing said shares in the name of the
undersigned and deliver such certificate to the undersigned at the undersigned's
address set forth below. Please also issue a new Warrant in equivalent form and
tenor for the unexercised portion of the attached Warrant in the name of the
undersigned and deliver such new Warrant to the undersigned a the undersigned's
address set forth below.

                                         By:  __________________________________
                                                          Signature

                                               _________________________________
                                               Name

                                               ________________________________
                                               Address

         Dated: ________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]