Document:

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                                                             Executed in 6 Parts
                                                             Counterpart No. ( )

                              NATIONAL EQUITY TRUST

                        S&P 500 STRATEGY TRUST SERIES 12

                            REFERENCE TRUST AGREEMENT

            This Reference Trust Agreement dated June 14, 2000 among Prudential
Securities Incorporated, as Depositor and The Chase Manhattan Bank, as Trustee,
sets forth certain provisions in full and incorporates other provisions by
reference to the document entitled "National Equity Trust Low Five Portfolio
Series, Trust Indenture and Agreement" (the "Basic Agreement") dated April 25,
1995. Such provisions as are set forth in full herein and such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:
                                ---------------

            In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                     Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

            Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended in the following
manner:

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                                      -2-

      A.    Article I, entitled "Definitions", paragraph 22, shall be amended as
            follows:

            "Trustee shall mean The Chase Manhattan Bank or any successor
            trustee appointed as hereinafter provided."

      B.    Article II, entitled "Deposit of Securities; Acceptance of Trust",
            shall be amended as follows:

            The second sentence of Section 2.03 Issue of Units shall be amended
            by deleting the words "on any day on which the Depositor is the only
            Unit Holder."

      C.    Article III, entitled "Administration of Trust", shall be amended as
            follows:

            (i)   Section 3.01 Initial Costs shall be amended to
                  substitute the following language:

                  Section 3.01. Initial Cost The costs of organizing the Trust
                  and sale of the Trust Units shall, to the extent of the
                  expenses reimbursable to the Depositor provided below, be
                  borne by the Unit Holders, provided, however, that, to the
                  extent all of such costs are not borne by Unit Holders, the
                  amount of such costs not borne by Unit Holders shall be borne
                  by the Depositor and, provided further, however, that the
                  liability on the part of the Depositor under this section
                  shall not include any fees or other expenses incurred in
                  connection with the administration of the Trust subsequent to
                  the deposit referred to in Section 2.01. Upon notification
                  from the Depositor that the primary offering period is
                  concluded, the Trustee shall withdraw from the Account or
                  Accounts specified in the Prospectus or, if no Account is
                  therein specified, from the Principal Account, and pay to the
                  Depositor the Depositor's reimbursable expenses of organizing
                  the Trust and sale of the Trust Units in an amount certified
                  to the Trustee by the Depositor. If the balance of the
                  Principal Account is insufficient to make such withdrawal, the
                  Trustee shall, as directed by the Depositor, sell Securities
                  identified by the

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                                      -3-

                  Depositor, or distribute to the Depositor Securities having a
                  value, as determined under Section 4.01 as of the date of
                  distribution, sufficient for such reimbursement. The
                  reimbursement provided for in this section shall be for the
                  account of the Unitholders of record at the conclusion of the
                  primary offering period and shall not be reflected in the
                  computation of the Unit Value prior thereto. As used herein,
                  the Depositor's reimbursable expenses of organizing the Trust
                  and sale of the Trust Units shall include the cost of the
                  initial preparation and typesetting of the registration
                  statement, prospectuses (including preliminary prospectuses),
                  the indenture, and other documents relating to the Trust, SEC
                  and state blue sky registration fees, the cost of the initial
                  valuation of the portfolio and audit of the Trust, the initial
                  fees and expenses of the Trustee, and legal and other
                  out-of-pocket expenses related thereto, but not including the
                  expenses incurred in the printing of preliminary prospectuses
                  and prospectuses, expenses incurred in the preparation and
                  printing of brochures and other advertising materials and any
                  other selling expenses. Any cash which the Depositor has
                  identified as to be used for reimbursement of expenses
                  pursuant to this Section shall be reserved by the Trustee for
                  such purpose and shall not be subject to distribution or,
                  unless the Depositor otherwise directs, used for payment of
                  redemptions in excess of the per-Unit amount allocable to
                  Units tendered for redemption. As directed by the Depositor,
                  the Trustee will advance funds to the Trust in an amount
                  necessary to reimburse the Depositor pursuant to this Section
                  and shall recover such advance from the sale or sales of
                  Securities at such time as the Depositor shall direct, but in
                  no event later than the termination of the Trust. Repayment of
                  any such advance shall be secured by a lien on the assets of
                  the Trust prior to the interest of the Unit Holders as
                  provided in Section 6.04.

            (ii)  The third paragraph of Section 3.05 Distribution shall be
                  amended to add the following sentence at the end thereof:

                  "The Trustee shall make a special distribution of the cash
                  balance in the Income and Principal accounts available for
                  such distribution to Unit Holders of record on such dates as
                  the Depositor shall direct."

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                                      -4-

            (iii) The second to the last paragraph of Section 3.08 Sale of
                  Securities shall be amended to replace the word "equal" with
                  the following phrase: "be sufficient to pay."

            (iv)  Section 3.14 Deferred Sales Charge shall be amended to add the
                  following sentences at the end thereof:

                  "References to Deferred Sales Charge in this Trust Indenture
                  and Agreement shall include any Creation and Development Fee
                  indicated in the prospectus for a Trust. The Creation and
                  Development Fee shall be payable on each date so designated
                  and in an amount determined as specified in the prospectus for
                  a Trust."

      D.    Reference to United States Trust Company of New York in its capacity
            as Trustee is replaced by the Chase Manhattan Bank throughout the
            Basic Agreement.

      E.    Section 6.05 shall be amended to delete the clause "if the Depositor
            shall determine in good faith that there has occurred either (1) a
            material deterioration in the creditworthiness of the Trustee or (2)
            one or more negligent acts on the part of the Trustee having a
            materially adverse effect, either singly or in the aggregate, on the
            Trust or on one or more Trusts, such that the replacement of the
            Trustee is in the best interest of the Unit Holders" and insert in
            place thereof "upon the determination of the Depositor to remove the
            Trustee for any reason, either wit or without cause, including but
            not limited to a determination by the Depositor that the Trustee has
            materially failed to perform its duties under the Indenture and the
            interest of Unit Holders has been substantially impaired as a
            result".

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

            The following special terms and conditions are hereby agreed to:

            A. The Trust is denominated National Equity Trust, S&P 500 Strategy
      Trust Series 12.

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                                      -5-

            B. The Units of the Trust shall be subject to a deferred sales
      charge.

            C. The contracts for the purchase of common stock listed in Schedule
      A hereto are those which, subject to the terms of this Indenture, have
      been or are to be deposited in Trust under this Indenture as of the date
      hereof.

            D. The term "Depositor" shall mean Prudential Securities
      Incorporated.

            E. The aggregate number of Units referred to in Sections 2.03 and
      9.01 of the Basic Agreement is 125,000 as of the date hereof.

            F. A Unit of the Trust is hereby declared initially equal to
      1/125,000th of the Trust.

            G. The term "First Settlement Date" shall mean June 20, 2000.

            H. The terms "Computation Day" and "Record Date" shall mean on the
      tenth day of September 2000, December 2000, March 2001, and
      June 2001.

            I. The term "Distribution Date" shall mean on the twenty-fifth day
      of September 2000, December 2000, March 2001, and June 2001
      or as soon thereafter as possible.

            J. The term "Termination Date" shall mean July 19, 2001.

            K. The Trustee's Annual Fee shall be $.95 (per 1,000 Units) for
      100,000,000 and above units outstanding; $1.01 (per 1,000 Units) for
      50,000,000 - 99,999,999 units outstanding; $1.05 (per 1,000 Units) for
      49,999,999 and below units outstanding. In calculating the Trustee's
      annual fee, the fee applicable to the number of units outstanding shall
      apply to all units outstanding.

            L. The Depositor's Portfolio supervisory service fee shall be $.25
      per 1,000 Units.

               [Signatures and acknowledgments on separate pages]

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                                      -6-

            The Schedule of Portfolio Securities in Part A of the prospectus
            included in this Registration Statement for National Equity Trust,
            S&P 500 Strategy Trust Series 12 is hereby incorporated by reference
            herein as Schedule A hereto.EXHIBIT 4(a)

Exhibit 4(a)

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF NOR ANY
INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED, ENCUMBERED OR IN ANY OTHER MANNER TRANSFERRED OR DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, APPLICABLE
STATE SECURITIES LAWS AND THE TERMS AND CONDITIONS HEREOF. THE HOLDER OF THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO THE
RESTRICTIONS HEREIN SET FORTH.

VOID AFTER 5:00 P.M. NEW YORK TIME, ON JUNE 23, 2004 OR UPON EARLIER EXPIRATION
PURSUANT TO ARTICLE VIII HEREIN.

	No. _____
	WARRANT TO PURCHASE

**_______ SHARES**

FORM OF

WARRANT TO PURCHASE

COMMON STOCK

OF ALLIANCE PHARMACEUTICAL CORP.

     This certifies that, for good and valuable consideration received,
________________ and its registered, permitted assigns (collectively, the
"Warrantholder"), are entitled to purchase from Alliance Pharmaceutical Corp., a
corporation incorporated under the laws of New York (the "Company"), subject to
the terms and conditions hereof, at any time on or after June 23, 1999 and
before 5:00 P.M., New York time, on June 23, 2004, or such earlier date of
expiration as may occur pursuant to Article VIII herein, (or, if such day is not
a Business Day, as defined herein, at or before 5:00 P.M., New York time, on the
next following Business Day), the number of fully paid and non-assessable shares
of Common Stock (par value $.01) of the Company (the "Common Stock") stated
above at the Exercise Price (as defined herein). The Exercise Price and the
number of shares purchasable hereunder are subject to adjustment as provided in
Article III hereof.

ARTICLE I

     Section 1.01:  DEfinition
Of Terms. As used in this Warrant, the following capitalized terms shall
have the following respective meanings:

          (a) Business
Day:  A day other than a Saturday, Sunday or other day on which banks in the
State of New York are authorized by law to remain closed.

          (b)  Common
Stock:  Common Stock, $.01 par value per share, of the Company.

          (c)  Common
Stock Equivalents:  Securities that are convertible into or
exercisable for shares of Common Stock.

          (d)  Exchange
Act:   The Securities Exchange Act of 1934, as amended.

          (e)  Exercise
Price:  $2.6875 per Warrant Share, as such price may be adjusted
from time to time pursuant to Article III hereof.

          (f)  Expiration
Date:  5:00 P.M., New York time, on June 23, 2004, or such earlier
date of expiration as may occur pursuant to Article VIII herein.

          (g)  Holder:
  A holder of Registrable Securities.

          (h)  NASD:  National
Association of Securities Dealers, Inc.

          (i)  Person:  An
individual, partnership, joint venture, corporation, trust, unincorporated
organization or government or any department or agency thereof.

          (j)  Piggyback
Registration:  See Section 7.01.

          (k)  Prospectus:  Any
prospectus included in any Registration Statement, as amended or supplemented by
any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Securities covered by such Registration Statement and
all other amendments and supplements to the Prospectus, including post-effective
amendments and all material incorporated by reference in such Prospectus.

          (l)  Public
Offering:  A public offering of any of the Company's equity or debt
securities pursuant to a registration statement under the Securities Act.

          (m)  Registration
Expenses:  Any and all expenses incident to performance of or
compliance with Article VII hereunder, including, without limitation, (i) all
SEC and stock exchange or NASD registration and filing fees; (ii) all fees and
expenses of complying with state securities or blue sky laws (including
reasonable fees and disbursements of counsel for the underwriters, if any, in
connection with the blue sky qualifications of the Registrable Securities);
(iii) all printing, mailing, messenger and delivery expenses; (iv) the fees and
disbursements of counsel for the Company and of its independent public
accountants, including the expenses of any special audits and/or "cold comfort"
letters required by or incident to such performance and compliance; and (v) any
fees and disbursements of underwriters customarily paid by issuers or sellers of
securities, and the reasonable fees and expenses of any special experts retained
in connection with the requested registration, but excluding underwriting
discounts, commissions and transfer taxes, if any.

          (n)  Registrable
Securities:  Warrant Shares and/or other securities that may be or
are issued by the Company upon exercise of such Warrants, including those which
may thereafter be issued by the Company in respect of any such securities by
means of any stock splits, stock dividends, recapitalizations or the like, and
as adjusted pursuant to Article III hereof; Provided, However, that as to any
particular Registrable Securities, such securities shall cease to be Registrable
Securities when (i) a Registration Statement with respect to the sale of such
securities shall have become effective under the Securities Act and such
securities shall have been disposed of in accordance with such Registration
Statement; or (ii) they shall have been distributed to the public pursuant to
Rule 144 (or any successor provision) under the Securities Act.

          (o)  Registration
Statement:  Any registration statement of the Company filed or to
be filed with the SEC, which covers any of the Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all material incorporated by reference by such registration
statement, if any.

          (p)  SEC:  The
Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act or the Exchange Act.

          (q)  Securities
Act:  The Securities Act of 1933, as amended.

          (r)  Warrants:  This
Warrant and all other warrants that may be issued in its place (together
evidencing the right to purchase an aggregate of __________________________
shares of Common Stock, subject to adjustment from time to time in accordance
with Article III).

          (s)  Warrantholder:  The
person(s) or entity(ies) to whom this Warrant is originally issued, or any
successor in interest thereto, or any assignee or transferee thereof, in whose
name this Warrant is registered upon the books to be maintained by the Company
for that purpose.

          (t)  Warrant
Shares:  Common Stock purchasable upon exercise of the Warrants.

ARTICLE II

DURATION AND EXERCISE OF WARRANT

     Section 2.01:  Duration of
Warrant.  Subject to the terms contained herein, this Warrant may
be exercised at any time after June 23, 1999, and before 5:00 P.M. New York
time, on the Expiration Date (or, if such day is not a Business Day, at or
before 5:00 P.M. New York time, on the next following Business Day). If this
Warrant is not exercised at or before 5:00 P.M., New York time, on the
Expiration Date, it shall become void, and all rights hereunder shall thereupon
cease.

     Section 2.02:  Exercise of Warrant.

          (a)  The Warrantholder may exercise this Warrant, in whole or in part,
upon surrender of this Warrant with the Subscription Form hereon duly executed,
to the Company at its corporate office in San Diego, California, together with
the full Exercise Price for each share of Common Stock to be purchased in lawful
money of the United States, or by certified check, bank draft or postal or
express money order payable in United States Dollars to the order of the Company
and upon compliance with and subject to the conditions set forth herein.

          (b)  Upon receipt of this Warrant with the Subscription Form duly
executed and accompanied by payment of the aggregate Exercise Price for the
shares of Common Stock for which this Warrant is then being exercised, the
Company will cause to be issued certificates for the total number of whole
shares of Common Stock for which this Warrant is being exercised in such
denominations as are required for delivery to the Warrantholder, and the Company
shall thereupon deliver such certificates to the Warrantholder. If at the time
this Warrant is exercised, a registration statement is not in effect to register
under the Securities Act the Warrant Shares issuable upon exercise of this
Warrant, the Company may require the Warrantholder to make such investment
intent representations, and may place such legends on certificates representing
the Warrant Shares, as may be reasonably required in the opinion of counsel to
the Company to permit the Warrant Shares to be issued without such registration.

          (c)  In case the Warrantholder shall exercise this Warrant with respect
to less than all of the shares of Common Stock that may be purchased under this
Warrant, the Company will execute a new warrant certificate in the form of this
Warrant for the balance of the shares of Common Stock that may be purchased upon
exercise of this Warrant and deliver such new warrant certificate to the
Warrantholder.

          (d)  The Company covenants and agrees that it will pay when due and
payable any and all taxes which may be payable in respect of the issue of this
Warrant or in respect of the issue of any Warrant Shares. The Company shall not,
however, be required to pay any tax imposed on income or gross receipts or any
tax which may be payable in respect of any transfer involved in the issuance or
delivery of this Warrant or of Warrant Shares in a name other than that of the
Warrantholder at the time of surrender and, until the payment of such tax, shall
not be required to issue such Warrant Shares.

ARTICLE III

ADJUSTMENT OF SHARES OF COMMON STOCK

PURCHASABLE AND OF EXERCISE PRICE

The Exercise Price and the number and kind of Warrant Shares shall be subject to
adjustment from time to time upon the happening of certain events as provided in
this Article III.

    Section 3.01:  Mechanical Adjustments.

          (a)  If at any time prior to the full exercise of this Warrant, the
Company shall (i) pay a dividend or make a distribution on its shares of Common
Stock in shares of Common Stock (other than cash dividends or distributions out
of earnings); (ii) subdivide, reclassify or recapitalize its outstanding Common
Stock into a greater number of shares; or (iii) combine, reclassify or
recapitalize its outstanding Common Stock into a smaller number of shares, the
Exercise Price in effect at the time of the record date of such subdivision,
combination, reclassification or recapitalization shall be proportionately
adjusted so that the Warrantholder shall be entitled to receive the aggregate
number and kind of shares which, if this Warrant had been exercised in full
immediately prior to such time, he would have owned upon such exercise and been
entitled to receive upon such dividend, subdivision, combination,
reclassification or recapitalization. Such adjustment shall be made successively
whenever any event listed in this paragraph 3.01(a) shall occur.

          (b)  In case the Company shall hereafter fix a record date for making a
distribution to the holders of Common Stock of assets or evidences of its
indebtedness (excluding cash dividends or distributions out of earnings and
dividends or distributions referred to in paragraph (a) of this Section 3.01) or
Common Stock subscription rights, options or warrants for Common Stock or Common
Stock Equivalents, then in each such case the Exercise Price in effect after
such record date shall be adjusted to the price determined by multiplying the
Exercise Price in effect immediately prior thereto by a fraction, the numerator
of which shall be the total number of shares of Common Stock outstanding at such
time multiplied by the current market price per share of Common Stock (as
defined in paragraph (d) of this Section 3.01), less the fair market value (as
determined by the Company's Board of Directors) of said assets or evidences of
indebtedness so distributed or of such Common Stock subscription rights, option
and warrants or of such Common Stock Equivalents, and the denominator of which
shall be the total number of shares of Common Stock outstanding at such time
multiplied by such current market price per share of Common Stock. Such
adjustment shall be made successively whenever the record date for such a
distribution is fixed and shall become effective immediately after such record
date.

          (c)  Whenever the Exercise Price payable upon exercise of each Warrant
is adjusted pursuant to paragraphs (a) or (b) of this Section 3.01, the Warrant
Shares shall simultaneously be adjusted by multiplying the number of Warrant
Shares then issuable upon exercise of each Warrant by the Exercise Price in
effect on the date thereof and dividing the product so obtained by the Exercise
Price as adjusted.

          (d)  For the purpose of any computation under this Section 3.01, the
current market price per share of Common Stock at any date shall be deemed to be
the average of the daily closing price for 30 consecutive Business Days
commencing 45 Business Days before such date. The closing price for each day
shall be the last sale price regular way or, in case no such reported sales
takes place on such day, the average of the last reported bid and asked prices
regular way, in either case on the principal national securities exchange on
which the Common Stock is admitted to trading or listed, or if not listed or
admitted to trading on such exchange, the representative closing bid price as
reported by NASDAQ, or other similar organization if NASDAQ is no longer
reporting such information, or if not so available, the fair market price as
determined in good faith by the Board of Directors.

          (e)  No adjustment in the Exercise Price shall be required unless such
adjustment would require an increase or decrease of at least twenty-five cents
($.25) in such price; provided, however, that any adjustments which by reason of
this paragraph (e) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment. All calculations under this
Section 3.01 shall be made to the nearest cent or to the nearest one-hundredth
of a share, as the case may be. Notwithstanding anything in this Section 3.01 to
the contrary, the Exercise Price shall not be reduced to less than the then
existing par value of the Common Stock as a result of any adjustment made
hereunder.

          (f)  In the event that at any time, as a result of any adjustment made
pursuant to paragraph (a) of this Section 3.01, the Warrantholder thereafter
shall become entitled to receive any shares of the Company, other than Common
Stock, thereafter the number of such other shares so receivable upon exercise of
any Warrant shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the
Common Stock contained in paragraphs (a) to (e), inclusive, of this Section
3.01.

     Section 3.02:  Notice of
Adjustment.  Whenever the number of Warrant Shares or the Exercise
Price is adjusted as herein provided, the Company shall prepare and deliver to
the Warrantholder a certificate signed by its President, any Vice President,
Treasurer or Secretary, setting forth the adjusted number of shares purchasable
upon the exercise of this Warrant and the Exercise Price of such shares after
such adjustment, setting forth a brief statement of the facts requiring such
adjustment and setting forth the computation by which adjustment was made.

     Section 3.03:  No
Adjustment for Dividends.  No adjustment in respect of any cash
dividends shall be made during the term of this Warrant or upon the exercise of
this Warrant.

     Section 3.04:  Preservation
of Purchase Rights in Certain Transactions. In case of any consolidation of
the Company with or merger of the Company into another corporation or in case of
any sale or conveyance to another corporation of the property of the Company as
an entirety or substantially as an entirety, the Company agrees that a condition
of such transaction will be that the Company or such successor or purchasing
corporation, as the case may be, shall execute with the Warrantholder an
agreement granting the Warrantholder the right thereafter, upon payment of the
Exercise Price in effect immediately prior to such action, to receive upon
exercise of this Warrant the kind and amount of shares and other securities and
property which he would have owned or have been entitled to receive after the
happening of such consolidation, merger, sale or conveyance had this Warrant
been exercised immediately prior to such action. Such agreement shall provide
for adjustments, which shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Article III. The provisions of this Section
3.04 shall similarly apply to successive consolidations, mergers, sales, or
conveyances.

     Section 3.05:  Form of
Warrant After Adjustments.  The form of this Warrant need not be
changed because of any adjustments in the Exercise Price or the number or kind
of the Warrant Shares, and Warrants theretofore or thereafter issued may
continue to express the same price and number and kind of shares as are stated
in this Warrant as initially issued.

ARTICLE IV

OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDER

     Section 4.01:  No Rights as
Shareholders; Notice to Warrantholders.  Nothing contained in this
Warrant shall be construed as conferring upon the Warrantholder or his
transferees the right to vote or to receive dividends or to consent or to
receive notice as shareholders in respect of any meeting of shareholders for the
election of directors of the Company or any other matter, or any rights
whatsoever as shareholders of the Company. If, however, at any time prior to the
expiration or exercise in full of the Warrants, any of the following events
shall occur:

          (a)  the Company shall declare any dividend payable in any securities
upon its shares of Common Stock or make any distribution (other than a cash
dividend) to the holders of its shares of Common Stock; or

          (b)  the
Company shall offer to the holders of its shares of Common Stock any additional
shares of Common Stock or Common Stock Equivalents or any right to subscribe
thereto; or

          (c)  a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation, merger, or sale of all or substantially
all of its property, assets, and business as an entirety) shall be proposed;

          then, in any one or more of said events, the Company shall give notice
of such event to the Warrantholder. Such giving of notice shall be initiated (i)
at least 25 days prior to the date fixed as a record date or the date of closing
the Company's Stock transfer books for the determination of the shareholders
entitled to such dividend, distribution, or subscription rights, or for the
determination of the shareholders entitled to vote on such proposed dissolution,
liquidation or winding up. Such notice shall specify such record date or the
date of closing the stock transfer books, as the case may be. Failure to provide
such notice shall not affect the validity of any action taken in connection with
such dividend, distribution or subscription rights, or proposed dissolution,
liquidation or winding up.

     Section 4.02:  Lost,
Stolen, Mutilated or Destroyed Warrants.  If this warrant
certificate is lost, stolen, mutilated or destroyed, the Company may, on such
terms as to indemnity or otherwise as it may in its discretion impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof), issue
a new warrant certificate of like denomination and tenor as, and in substitution
for this Warrant.

     Section 4.03:  Reservation of Shares.

          (a)  The
Company covenants and agrees that at all times it shall reserve and keep
available for the exercise of this Warrant such number of authorized shares of
Common Stock as are sufficient to permit the exercise in full of this
Warrant.

          (b)  The
Company covenants that all shares of Common Stock issued on exercise of this
Warrant will be validly issued, fully paid, nonassessable and free of
pre-emptive rights.

     Section 4.04:  No
Fractional Shares. Anything contained herein to the contrary
notwithstanding, the Company shall not be required to issue any fraction of a
share in connection with the exercise of this Warrant, and in any case where the
Warrantholder would, except for the provisions of this Section 4.04, be entitled
under the terms of this Warrant to receive a fraction of a share upon the
exercise of this Warrant, the Company shall, upon the exercise of this Warrant
and receipt of the Exercise Price, issue the number of whole shares purchasable
upon exercise of this Warrant. The Company shall be required to make any cash or
other adjustment in respect of such fraction of a share to which the
Warrantholder would otherwise be entitled.

ARTICLE V

TREATMENT OF WARRANTHOLDER

     Section 5.01. Prior to due presentment
for registration of transfer of this Warrant, the Company may deem and treat the
Warrantholder as the absolute owner of this Warrant (notwithstanding any
notation of ownership or other writing hereon) for the purpose of any exercise
hereof and for all other purposes and the Company shall not be affected by any
notice to the contrary.

ARTICLE VI

TRANSFER RESTRICTIONS

     Section 6.01:  Restrictions On Transfer. This Warrant may be transferred, in
whole or in part, subject to the following restrictions. Neither this Warrant
nor the Registrable Securities received upon exercise of this Warrant shall be
transferable unless registered under the Securities Act or unless an exemption
from registration is available. Unless and until this Warrant or the Registrable
Securities are so registered, such securities and any certificate thereof shall
contain a legend on the face thereof, in form and substance satisfactory to
counsel for the Company, stating that the Warrant or Registrable Securities, as
the case may be, may not be sold, transferred or otherwise disposed of unless,
in the opinion of counsel satisfactory to the Company, which may be counsel to
the Company, the Warrant, or Registrable Securities may be transferred without
such registration. This Warrant and the Registrable Securities may also be
subject to restrictions on transferability under applicable state securities or
blue sky laws. Unless and until this Warrant or Registrable Securities, as the
case may be, are registered under the Securities Act, the holder of such
securities shall, if requested by the Company, provide to the Company an opinion
of counsel reasonably satisfactory to the Company, to the effect that (i) the
Warrant or Registrable Securities, as the case may be, may be transferred
without such registration and (ii) the transfer will not violate any applicable
state securities or blue sky laws. Any transfer of this Warrant permitted
hereunder shall be made by surrender of this Warrant to the Company with the
form of assignment annexed hereto properly completed and duly executed and
accompanied by (x) any necessary documentation required hereunder and (y) funds
sufficient to pay any transfer taxes applicable. Upon satisfaction of all
transfer conditions, the Company, without charge, shall execute and deliver a
new Warrant in the name of the transferee named in such transfer form, and this
Warrant promptly shall be canceled.

     Section 6.02:  Split-up, Combination,
Exchange and Transfer of Warrants. Subject to and limited by the provisions of
Section 6.01 hereof, this Warrant may be split up, combined or exchanged for
another Warrant or Warrants containing the same terms to purchase a like
aggregate number of shares of Common Stock. If the Warrantholder desires to
split up, combine or exchange this Warrant, he shall make such request in
writing delivered to the Company and shall surrender to the Company this Warrant
and any other Warrants to be so split up, combined or exchanged. Upon any such
surrender for a split-up, combination, or exchange, the Company shall execute
and deliver to the Person entitled thereto a Warrant or Warrants, as the case
may be, as so requested. The Company shall not be required to effect any
split-up, combination or exchange which will result in the issuance of a Warrant
entitling the Warrantholder to purchase upon exercise a fraction of a share of
Common Stock or a fractional Warrant. The Company may require such Warrantholder
to pay a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any split-up, combination or exchange of Warrants.

ARTICLE VII

REGISTRATION UNDER THE SECURITIES ACT OF 1933

Section 7.01:  Piggyback Registration.

          (a)  Right
to Include Registrable Securities. If at any time after June 30, 1996, the
Company proposes to register any class of debt or equity security or any Common
Stock Equivalent under the Securities Act on any form for the general
registration of securities under such Securities Act, whether or not for its own
account (other than a registration form relating to (i) a registration of a
stock option, stock purchase or compensation or incentive plan or stock issued
or issuable pursuant to any such plan, or a dividend investment plan; (ii) a
registration of stock proposed to be issued in exchange for securities or assets
of, or in connection with a merger or consolidation with, another corporation;
or (iii) a registration of stock proposed to be issued in exchange for other
securities of the Company) in a manner which would permit registration of
Registrable Securities for sale to the public under the Securities Act (a
"Piggyback Registration"), it will at such time give prompt written notice to
all Holders of Registrable Securities of its intention to do so and of such
Holders' rights under this Section 7.01. Upon the written request of any such
Holder made within 15 days after the receipt of any such notice (which request
shall specify the Registrable Securities intended to be disposed of by such
Holder and the intended method of disposition thereof), the Company will include
in the Registration Statement the Registrable Securities which the Company has
been so requested to register by the Holders thereof.

          (b)  Withdrawal
of Piggyback Registration by Company. If, at any time after giving written
notice of its intention to register any securities but prior to the effective
date of the Registration Statement filed in connection with such registration,
the Company shall determine for any reason not to register such securities, the
Company may, at its election, give written notice of such determination to each
Holder and, thereupon shall be relieved of its obligation to register any
Registrable Securities in connection with such registration. All best efforts
obligations of the Company pursuant to Section 7.04 shall cease if the Company
determines to terminate any registration where Registrable Securities are being
registered pursuant to this Section 7.01.

          (c)  Piggyback
Registration of Underwritten Public Offerings. If a Piggyback Registration
requested pursuant to this Section 7.01 involves an underwritten offering, then,
(i) all Holders requesting to be included in the Company's registration must
sell their Registrable Securities to the underwriters selected by the Company on
the same terms and conditions as apply to other selling shareholders or the
Company, if there are no selling shareholders; and (ii) any Holder requesting to
be included in such registration may elect in writing, not later than five (5)
Business Days prior to the effectiveness of the Registration Statement filed in
connection with such registration, not to register such securities in connection
with such registration.

          (d)  Payment
of Registration Expenses for Registration.  The Company will pay
all Registration Expenses in connection with each registration of Registrable
Securities requested pursuant to this Section 7.01, except for the fees and
disbursements of any counsel retained by the Holders of the Registrable
Securities being registered and such Holders' pro rata share of any filing fees
or other expenses directly and solely resulting from the inclusion of the
Registrable Securities in the Registration Statement, including underwriting
discounts and commissions.

          (e)  Priority
in Piggyback Registration. If a registration pursuant to this Section 7.01
involves an underwritten offering and the managing underwriter advises the
Company in writing that, in its opinion, the number or kind of Registrable
Securities requested to be included in such registration would have a material
adverse effect on such offering, including an adverse decrease in the price at
which such securities can be sold, then the amount or kind of Registrable
Securities to be offered for the accounts of Holders shall be eliminated
entirely or reduced pro rata as to all requesting Holders on the basis of the
relative number of Registrable Securities each such Holder has requested to be
included in such registration, to the extent necessary to reduce the total
amount or kind of securities to be included in such offering to the amount
recommended by such managing underwriter; provided, however, that no securities
may be offered in such registration for the account of persons other than the
Company by virtue of their also having "piggyback" registration rights, or
otherwise, unless the Registrable Securities requested to be included in such
registration are so included on a pro rata basis.

          (f)  Expiration
of Piggyback Registration in Rights. The Piggyback Registration rights
granted to the Holders of Registrable Securities by this Section 7.01 shall
survive the exercise of the Warrant or the transactions or events pursuant to
which such Registrable Securities were issued, but all such rights will
terminate in all events two (2) years after exercise of this Warrant.

     SECTION 7.02:  Buy-Outs Of
Registration Demand. In lieu of carrying out its obligations to effect the
Piggyback Registration of Registrable Securities pursuant to this Article VII,
the Company may discharge such obligation by offering to purchase and, if
accepted, by purchasing such Registrable Securities requested to be registered
at 95% of the closing bid or sale price of the Common Stock on the day the
request or demand for Registration is made. If the offer to purchase is accepted
by the Holder, payment will be made by wire transfer or certified check in U.S.
dollars within ten (10) business days of receipt by the Company of written
acceptance by such Holder, accompanied by the stock certificate representing
such shares duly endorsed to the Company.

     Section 7.03:  Registration
Procedures. If and whenever the Company is required pursuant to this Article
VII to use its best efforts to effect the registration of the Registrable
Securities under the Securities Act, the Company will, as expeditiously as
possible:

          (a)  prepare
and file with the SEC a Registration Statement which includes the Registrable
Securities and use its best efforts to cause such Registration Statement to
become and remain effective until the distribution described in the registration
statement has been completed or until the participating Holders can sell all
such Registrable Securities pursuant to Rule 144;

          (b)  prepare and file with the SEC such amendments and supplements to
such Registration Statement and the Prospectus used in connection therewith as
may be necessary to keep such Registration Statement effective and to comply
with the provisions of the Securities Act with respect to the sale or other
disposition of Registrable Securities covered by such Registration Statement
whenever a Holder shall desire to sell or otherwise dispose of the same, but
only to the extent provided in this Article VII;

          (c)  furnish
to each participating Holder (and to each underwriter, if any, of Registrable
Securities) such number of copies of a Prospectus, including a preliminary
Prospectus, in conformity with the requirements of the Securities Act, and such
other documents, as such Holder may reasonably request in order to facilitate
the public sale or other disposition of the Registrable Securities;

          (d)  use its best efforts to register or qualify the Registrable
Securities covered by such registration statement under such state securities or
blue sky laws of such jurisdiction as each participating Holder shall reasonably
request and do any and all other acts and things which may be necessary under
such securities or blue sky laws to enable such Holder to consummate the public
sale or other disposition in such jurisdictions of the Registrable Securities,
except that the Company shall not for any purpose be required to consent
generally to service of process or qualify to do business as a foreign
corporation in any jurisdiction wherein it is not so qualified;

          (e)  before
filing the Registration Statement or Prospectus or amendments or supplements
thereto, furnish to counsel selected by the participating Holders copies of such
documents proposed to be filed which shall be subject to the reasonable approval
of such counsel;

          (f)  enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter of such
offer;

          (g)  notify the participating Holders at any time when a Prospectus
relating to any Registrable Securities covered by such Registration Statement is
required to be delivered under the Securities Act, of the happening of any event
as a result of which the Prospectus included in such Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing
and promptly file such amendments and supplements as may be necessary so that,
as thereafter delivered to such Holders, such Prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing and use its best efforts to cause each
such amendment and supplement to become effective;

          (h)  furnish at the request of the participating Holders on the date
that such Registrable Securities are delivered to the underwriters for sale in
connection with a registration pursuant to this Article VII an opinion, dated
such date, of the counsel representing the Company, for purposes of such
registration, in form and substance as is customarily given by company counsel
to the underwriters in an underwritten public offer addressed to the
underwriters, if any, and to such Holders, and (ii) a letter dated such date,
from the independent certified public accountants of the Company, in form and
substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offer, addressed to the underwriters and
to such Holders; and

          (i)  use its best efforts to cause all such Registrable Securities to
be listed on the securities exchange or the Nasdaq National Market, if any, on
which the Company's Common Stock is then listed.

          The Company may require each seller of Registrable Securities as to
which any registration is being effected to furnish to the Company such
information regarding the distribution of such securities and such other
information as may otherwise be required to be included in such Registration
Statement, as the Company may from time to time reasonably request in writing.

          Each Holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event of the kind described in paragraph (g) hereof, such
Holder will forthwith discontinue disposition of such Registrable Securities
covered by such Registration Statement or Prospectus until such Holder's receipt
of the copies of the supplemented or amended Prospectus, or until it is advised
in writing by the Company that the use of the applicable Prospectus may be
resumed, and has received copies of any additional or supplemental filings which
are incorporated by reference in such Prospectus, and, if so directed by the
Company, such Holder will deliver to the Company (at the Company's expense) all
copies, other than permanent file copies then in such Holder's possession, of
the Prospectus covering such Registrable Securities current at the time of
receipt of such notice.

     Section
7.04:  Indemnification. In the event Registrable Securities
are registered pursuant to this Article VII:

          (a)  To the extent permitted by law, the Company will indemnify and
hold harmless each Holder of Registrable Securities which are included in a
Registration Statement filed pursuant to the provisions of this Agreement and
any underwriter (within the meaning of the Securities Act) with respect to the
Registrable Securities, and each officer, director, employee and agent thereof
and each person, if any, who otherwise controls such Holder or underwriter
(within the meaning of the Securities Act), against any losses or claims,
damages, expenses or liabilities, joint or several, to which they may become
subject under the Securities Act, the Exchange Act or other federal or state
law, or otherwise, insofar as such losses, claims, damages, expenses or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue or allegedly untrue statement of any material fact contained in the
Registration Statement for the Registrable Securities, including any preliminary
Prospectus or final Prospectus contained therein or any amendments or
supplements thereto, or any document incident to the registration or
qualification of any Registrable Securities, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be
stated therein or allegedly necessary to make the statements therein not
misleading or arise out of any violation or alleged violation by the Company of
the Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any state
securities law; and will reimburse such Holder, any underwriter, officer,
director, employee, agent or controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 7.04(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, expense, liability or action
if such settlement is effected without the written consent of the Company, which
shall not be unreasonably withheld, nor shall the Company be liable under this
Section 7.04(a) to such Holder, such underwriter, officer, director, employee,
agent or controlling person for any such loss, claim, damage, expense, liability
or action to the extent that it arises out of, or is based upon, an untrue
statement or allegedly untrue statement or omission or alleged omission made in
connection with such Registration Statement, preliminary Prospectus, final
Prospectus, or amendments or supplements thereto, in reliance upon and in
conformity with information furnished in writing expressly for use in connection
with such registration by such Holder, such underwriter, officer, director,
employee, agent or such controlling person.

          (b)  To the extent permitted by law, each Holder of Registrable
Securities which are included in a Registration Statement filed pursuant to the
provisions of this Agreement will indemnify and hold harmless the Company, each
of its employees, agents, directors and officers, each person, if any, who
controls the Company within the meaning of the Securities Act, and any
underwriter (within the meaning of the Securities Act) against any losses,
claims, damages, expenses or liabilities to which the Company or any such person
or underwriter may become subject, under the Securities Act, the Exchange Act or
other federal or state law or otherwise, insofar as such losses, claims,
damages, expenses or liabilities (or actions in respect thereof) arise out of,
or are based upon any untrue or allegedly untrue statement of any material fact
contained in a Registration Statement for the Registrable Securities, including
any preliminary Prospectus or final Prospectus contained therein or any
amendments or supplements thereto, or any document incident to the registration
or qualification of any Registrable Securities, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or allegedly necessary to make the statements therein not
misleading; in each case to the extent that such untrue statement or allegedly
untrue statement or omission or alleged omission was made in such Registration
Statement, preliminary Prospectus, final Prospectus or amendments or supplements
thereto, in reliance upon and in conformity with information furnished in
writing by such Holder expressly for use in connection with such registration;
provided, however, that the indemnity agreement contained in this Section
7.04(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, expense, liability or action if such settlement is effected without the
written consent of such Holder, which shall not be unreasonably withheld; and
such Holder will reimburse the Company or any such person or underwriter for any
legal or other expenses reasonably incurred by the Company or any such person or
underwriter in connection with investigating or defending such loss, claim,
damage, liability, expense or action.

          (c)  Promptly after receipt by an indemnified party under this Section
7.04 of notice of the commencement of any action, such indemnified party will,
if a claim in respect thereof is to be made against any indemnifying party under
this Section 7.04, notify the indemnifying party in writing of the commencement
thereof and generally summarize such action. The indemnifying party shall have
the right to participate in and to assume the defense thereof with counsel
mutually satisfactory to the parties. An indemnifying party shall not have the
right to direct the defense of such an action on behalf of an indemnified party
if such indemnified party has reasonably concluded that there may be defenses
available to it that are different from or additional to those available to the
indemnifying party; provided, however, that in such event, the indemnifying
party shall bear the fees and expenses of only one (1) separate counsel for all
indemnified parties, such separate counsel to be reasonably satisfactory to the
indemnifying party. The failure to notify an indemnifying party promptly of the
commencement of any such action if prejudicial to the ability to defend such
action, shall relieve such indemnifying party of any liability to the
indemnified party under this Section 7.04, but the omission so to notify the
indemnifying party will not relieve such party of any liability that such party
may have to any indemnified party otherwise than under this Section.

          (d)  To the extent permitted by law, the indemnification provided for
under this Section 7.05 will remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer,
director or controlling person (within the meaning of the Securities Act) of
such indemnified party and will survive the transfer of securities.

          (e) If for any reason the foregoing indemnity is unavailable to, or is
insufficient to hold harmless an indemnified party, then the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a
result of such losses, claims, damages, liabilities or expenses (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying party on the one hand and the indemnified party on the other or
(ii) if the allocation provided by clause (i) above is not permitted by
applicable law, or provides a lesser sum to the indemnified party than the
amount hereinafter calculated, in such proportion as is appropriate to reflect
not only the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other but also the relative fault of the
indemnifying party and the indemnified party as well as any other relevant
equitable considerations. Notwithstanding the foregoing, no underwriter, if any,
shall be required to contribute any amount in excess of the amount by which the
total price at which the securities underwritten by it and distributed to the
public were offered to the public exceeds the amount of any damages which
underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The obligation of any underwriters
to contribute pursuant to this Section 7.04(e) shall be several in proportion to
their respective underwriting commitments and not joint.

     Section 7.05:  Restrictions
On Public Sale. Each holder of Registrable Securities whose Registrable
Securities are covered by a Registration Statement filed pursuant to Article VII
hereof agrees, if requested by the managing underwriters in an underwritten
offering, not to effect any public sale or distribution of any securities of the
Company of the same class as the securities included in such Registration
Statement, including a sale pursuant to Rule 144 under the Securities Act
(except as part of such underwritten registration), during the 10-day period
prior to, and during the 90-day period beginning on, the closing date of the
underwritten offering made pursuant to such Registration Statement, to the
extent timely notified in writing by the managing underwriters.

          The foregoing provision shall not apply to any Holder if such Holder
is prevented by applicable statute or regulation from entering into any such
agreement. However, any such Holder shall undertake, in its request to
participate in any such underwritten offering, not to effect any public sale or
distribution of the applicable Registrable Securities commencing on the date of
sale of such applicable class of Registrable Securities unless it has provided
45 days' prior written notice of such sale or distribution to the underwriter or
underwriters.

     Section 7.06:  Reports
Under the Exchange Act. With a view to making available to the Holder the
benefits of Rule 144 promulgated under the Securities Act and any other rule or
regulation of the SEC that may at any time permit a Holder of Registrable
Securities to sell such securities of the Company to the public without
registration, and with a view to making it possible for any such holder to
register the Registrable Securities pursuant to a registration on Form S-3, the
Company agrees, subject to this Article VII in the case of Section 7.06(b), to:

          (a)  make available adequate current public information as contemplated
by Rule 144 (c)(1) or (2);

          (b)  take such action as is necessary to enable a Holder to utilize
Form S-3 for the sale of Registrable Securities;

          (c)  file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and

          (d)  furnish to a Holder owning any Registrable Securities upon request
(i) a written statement by the Company that it has complied with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act, or that it
qualifies as a registrant whose Registrable Securities may be resold pursuant to
Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents
so filed by the Company, and (iii) such other information as may be reasonably
required in availing any Holder of Registrable Securities of any rule or
regulation of the SEC which permits the selling of any such Registrable
Securities without registration or pursuant to such form.

ARTICLE VIII

OTHER MATTERS

     Section 8.01:  Expenses of
Transfer. The Company will from time to time promptly pay, subject to the
provisions of Section 6.01, 6.02 and paragraph (d) of Section 2.02, all taxes
and charges that may be imposed upon the Company in respect to the issuance or
delivery of Warrant Shares upon the exercise of this Warrant by the
Warrantholder.

     Section 8.02:  Successors
and Assigns. All the covenants and provisions of this Warrant by or for the
benefit of any party hereto shall bind and inure to the benefit of its permitted
successors and assigns hereunder.

     Section 8.03:  Amendments
and Waivers. The provisions of this Warrant, including the provisions of
this sentence, may not be amended, modified or supplemented, and waiver or
consents to departures from the provisions hereof may not be given unless the
Company has obtained the written consent of holders of at least a majority of
the outstanding Warrants or Registrable Securities (assuming, for purposes of
calculating such consent, that all Warrantholders have exercised the Warrants at
the time such consent is sought). Warrantholders and Holders shall be bound by
any consent authorized by this Section whether or not certificates representing
such Warrants or Registrable Securities have been marked to indicate such
consent.

     Section 8.04:  Governing
Law. This Warrant shall be governed by and construed in accordance with the
laws of the State of New York.

     Section
8.05:  Severability. In the event that any one or more of
the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable, the validity, legality
and enforceability of any such provisions in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

     Section
8.06:  Integration/entire Agreement. This Warrant is
intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties, or undertakings, other
than those set forth or referred to herein with respect to the registration
rights granted by the Company with respect to this Warrant. This Warrant
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

     Section 8.07:  Notices.
Notices or demand pursuant to this Warrant to be given or made by the
Warrantholder to or on the Company shall be sufficiently given or made if sent
(i) by recognized international courier such as Federal Express or DHL or (ii)
by first class mail, postage prepaid, addressed, until another address is
designated in writing by the Company, as follows:

	 
	Alliance Pharmaceutical Corp.

3040 Science Park Road

San Diego, CA  92121

Attention:  President

and to

	 
	Alliance Pharmaceutical Corp.

3040 Science Park Road

San Diego, CA  92121

Attention:  General Counsel

     Any action or demand authorized by this Warrant to be given or made by the
Company to or on the Warrantholder or a Holder of Registrable Securities shall
be sufficiently given or made if sent (i) by recognized international courier
such as Federal Express or DHL or (ii) by first class mail, postage prepaid, to
the Warrantholder or the Holder of Registrable Securities, at his last known
address as it shall appear on the books of the Company.

     Section 8.08:  Headings. The Article headings herein are for convenience
only and are not part of this Warrant and shall not affect the interpretation
thereof.

     IN WITNESS WHEREOF, this Warrant has been duly executed by the Company as
of the ____ day of _________________.

	  
	ALLIANCE PHARMACEUTICAL CORP.

By:________________________________

FORM OF ASSIGNMENT

(To be Signed Only Upon Assignment)

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _____________________________________________________________ the right to
purchase ____________________ shares of common stock evidenced by the within
Warrant, and appoints
___________________________________________________________ to transfer same on
the books of Alliance Pharmaceutical Corp. with full power of substitution in
the premises.

Dated: ____________________________, 199__

	  
	________________________________________

(Signature must conform in all respects to the name of Warrantholder as

specified on the face of the Warrant, without alteration, enlargement or

any change whatsoever, and the signature must be guaranteed in the

usual manner)

Signature Guaranteed:

_______________________________

SUBSCRIPTION FORM

To Be Executed By The Warrantholder If He Desires

To Exercise The Warrant In Whole Or In Part:

To:  ___________________________________________________________

The undersigned,  ____________________________,

(Name of Warrantholder)                                      
                                

	 
	
(_________________________________________________)

(Please insert Social Security or other identifying number of subscriber)

hereby irrevocably elects or exercises the right of purchase represented by the
within Warrant for, and to purchase thereunder, __________ shares of Common
Stock provided for therein and tenders payment herewith to the order of Alliance
Pharmaceutical Corp. in the amount $__________. The undersigned requests that
certificates for such shares of Common Stock be issued as follows:

	Name:  
	                                       
                                          
                                          
                    

	Address:
	                                       
                                          
                                          
                    

	Deliver to:
	                                       
                                          
                                          
                    

	Address:
	                                       
                                          
                                          
                    

and, if said number of shares of Common Stock shall not be all the shares of
Common Stock purchasable hereunder, that a new Warrant for the balance remaining
of the shares of Common Stock purchasable under the within Warrant be registered
in the name of, and delivered to, the undersigned at the address states below:

Address:                                        
                                          
                                          
                     

Date:                                        
                           

	  
	Sinature:                                     
                              

Note: The signature of this Subscription must correspond with the name

as written upon the face of this Warrant in every particular, without

alternation or enlargement or any change whatsoever.

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