Document:

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                                                                    Exhibit 4.4

                                Form of Warrant

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR BLUE
SKY LAWS OF ANY STATE AND MAY NOT BE SOLD, OR OTHERWISE TRANSFERRED, IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER
ANY SUCH APPLICABLE STATE LAWS, OR IN VIOLATION OF THE PROVISIONS OF THIS
WARRANT.

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE
TERMS AND CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED AS OF JUNE
1, 2000.

THIS WARRANT ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS
SET FORTH IN A RIGHTS AGREEMENT BETWEEN SEMX CORPORATION AND CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, AS RIGHTS AGENT, DATED AS OF JUNE 15, 1999, AS AMENDED
ON THE DATE HEREOF AND AS THE SAME MAY BE FURTHER AMENDED FROM TIME TO TIME (THE
"RIGHTS AGREEMENT"), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY
REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF
SEMX CORPORATION AND AVAILABLE FOR INSPECTION BY THE HOLDER OF THIS WARRANT.
UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL
BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS
WARRANT. SEMX CORPORATION WILL MAIL TO THE HOLDER OF THIS WARRANT A COPY OF THE
RIGHTS AGREEMENT WITHOUT CHARGE WITHIN FIVE DAYS AFTER RECEIPT OF A WRITTEN
REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT,
RIGHTS ISSUED TO, OR HELD BY, ANY "PERSON" WHO IS, WAS OR BECOMES AN "ACQUIRING
PERSON" OR ANY "AFFILIATE" OR "ASSOCIATE" THEREOF (AS SUCH TERMS ARE DEFINED IN
THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL
AND VOID. IN NO EVENT MAY THE RIGHTS BE EXERCISED AFTER JUNE 29, 2009.

                                     WARRANT

                           To Purchase Common Stock of

                                SEMX CORPORATION

                           Issuance Date: June 1, 2000

                     Issued To:

No. of Shares of Common Stock:

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                                TABLE OF CONTENTS

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1.    DEFINITIONS............................................................................1

2.    CURRENT  WARRANT PRICE  ...............................................................7
      2.1.  Initial Warrant Price............................................................7
      2.2.  Reset of Warrant Price...........................................................7

3.    EXERCISE OF WARRANT....................................................................7
      3.1.  Manner of Exercise...............................................................7
      3.2.  Payment of Taxes.................................................................8
      3.3.  Fractional Shares................................................................9
      3.4.  Continued Validity...............................................................9
      3.5.  NASD Rule........................................................................9

4.    TRANSFER, DIVISION AND COMBINATION.....................................................9
      4.1.  Transfer.........................................................................9
      4.2.  Division and Combination........................................................10
      4.3.  Expenses........................................................................10
      4.4.  Maintenance of Books............................................................10

5.    ADJUSTMENTS...........................................................................10
      5.1.  Subdivisions and Combinations...................................................10
      5.2.  Issuance of Additional Shares of Common Stock...................................11
      5.3.  Issuance of Warrants or Other Rights............................................11
      5.4.  Issuance of Convertible Securities..............................................12
      5.5.  Superseding Adjustment..........................................................13
      5.6.  Other Provisions Applicable to Adjustments Under This Section...................14
      5.7.  Reorganization, Reclassification, Liquidation, Dissolution, Merger,
            Consolidation or Disposition of Assets..........................................16
      5.8.  Other Action Affecting Common Stock.............................................17
      5.9.  Certain Limitations.............................................................17

6.    NOTICES TO WARRANT HOLDERS............................................................17
      6.1.  Notice of Adjustments...........................................................17
      6.2.  Notice of Certain Corporate Action..............................................18

7.    NO IMPAIRMENT.........................................................................18

8.    RESERVATION AND AUTHORIZATION OF COMMON STOCK; REGISTRATION
      WITH OR APPROVAL OF ANY GOVERNMENTAL AUTHORITY........................................18

</TABLE>

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<TABLE>
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9.    TAKING OF A RECORD; STOCK AND WARRANT TRANSFER BOOKS..................................19

10.   RESTRICTIONS ON TRANSFERABILITY.......................................................19
      10.1. Restrictive Legends.............................................................19
      10.2. Notice of Proposed Transfers; Requests for Registration.........................20
      10.3. No Transfer to Competitor.......................................................21
      10.4. Termination of Restrictions.....................................................21

11.   SUPPLYING INFORMATION.................................................................21

12.   LOSS OR MUTILATION....................................................................22

13.   OFFICE OF THE COMPANY.................................................................22

14.   REPURCHASE BY THE COMPANY OF WARRANTS
      AND WARRANT STOCK.....................................................................22
      14.1. Obligation to Repurchase Warrant................................................22
      14.2. Payment of Repurchase Price.....................................................24

15.   REGISTRATION RIGHTS...................................................................24

16.   LIMITATION OF LIABILITY...............................................................24

17.   DIVIDENDS ON UNDERLYING COMMON STOCK..................................................24
      17.1. Right to Receive Dividends......................................................24
      17.2. Repayment of Dividends..........................................................25

18.   RIGHTS PLAN...........................................................................26
      18.1. Issuance of Rights..............................................................26
      18.2. Return of Rights................................................................26

19.   MISCELLANEOUS.........................................................................26
      19.1. Nonwaiver and Expenses..........................................................26
      19.2. Notice Generally................................................................27
      19.3. Indemnification.................................................................27
      19.4. Successors and Assigns..........................................................28
      19.5. Amendment.......................................................................28
      19.6. Severability....................................................................28
      19.7. Headings........................................................................28
      19.8. Governing Law...................................................................28
      19.9. Arbitration.....................................................................28

</TABLE>

                                       ii
<PAGE>

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR BLUE
SKY LAWS OF ANY STATE AND MAY NOT BE SOLD, OR OTHERWISE TRANSFERRED, IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER
ANY SUCH APPLICABLE STATE LAWS, OR IN VIOLATION OF THE PROVISIONS OF THIS
WARRANT.

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO
THE TERMS AND CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED
AS OF JUNE 1, 2000.

THIS WARRANT ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS
SET FORTH IN A RIGHTS AGREEMENT BETWEEN SEMX CORPORATION AND CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, AS RIGHTS AGENT, DATED AS OF JUNE 15, 1999, AS AMENDED
ON THE DATE HEREOF AND AS THE SAME MAY BE FURTHER AMENDED FROM TIME TO TIME (THE
"RIGHTS AGREEMENT"), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY
REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF
SEMX CORPORATION AND AVAILABLE FOR INSPECTION BY THE HOLDER OF THIS WARRANT.
UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL
BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS
WARRANT. SEMX CORPORATION WILL MAIL TO THE HOLDER OF THIS WARRANT A COPY OF THE
RIGHTS AGREEMENT WITHOUT CHARGE WITHIN FIVE DAYS AFTER RECEIPT OF A WRITTEN
REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT,
RIGHTS ISSUED TO, OR HELD BY, ANY "PERSON" WHO IS, WAS OR BECOMES AN "ACQUIRING
PERSON" OR ANY "AFFILIATE" OR "ASSOCIATE" THEREOF (AS SUCH TERMS ARE DEFINED IN
THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL
AND VOID. IN NO EVENT MAY THE RIGHTS BE EXERCISED AFTER JUNE 29, 2009.

Warrant Number:                                   Date of Issuance: June 1, 2000
No. of Shares of Common Stock:

                                     WARRANT

                           To Purchase Common Stock of

                                SEMX CORPORATION

     THIS IS TO CERTIFY THAT _____________________________ or its registered
assigns, is entitled, at any time during the Exercise Period (as hereinafter
defined), to purchase from SEMX Corporation, a Delaware corporation (the
"Company"), __________________________________ shares of Common Stock (as
hereinafter defined and subject to adjustment as provided

                                        1
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herein), in whole or in part, including fractional parts, at an initial purchase
price of $10.00 per share (subject to adjustment as set forth herein), all on
the terms and conditions and pursuant to the provisions hereinafter set forth.

1. DEFINITIONS

     As used in this Warrant, the following terms have the respective meanings
set forth below:

     "Additional Shares of Common Stock" shall mean all shares of Common Stock
issued by the Company after the Closing Date, other than Warrant Stock, whether
now authorized or not.

     "Affiliate" of any Person shall mean a Person that directly or indirectly,
through one or more intermediaries, controls or is controlled by or is under
common control with, such Person.

     "ASP" shall mean American Silicon Products, Inc., a Rhode Island
corporation.

     "ASP Common Stock" shall mean the Common Stock of ASP.

     "Business Day" shall mean any day that is not a Saturday or Sunday or a day
on which banks are required or permitted to be closed in the State of New York.

     "Change of Control" shall mean the occurrence of one or more of the
following events:

         (1) any Person or group (as that term is used in Section 13(d)(3) of
   the Securities Exchange Act of 1934, as amended) of persons or entities (in
   each case, a "Beneficial Owner"), in a single transaction or through a series
   of related transactions, shall have become the beneficial owner of a majority
   (by voting power or otherwise) of the securities of the Company ordinarily
   having the right to vote in the election of directors;

         (2) during any consecutive three-year period commencing on or after the
   Closing Date, individuals who at the beginning of such period constituted the
   Board of Directors of the Company (together with any new directors whose
   election by such Board of Directors or whose nomination for election by the
   stockholders of the Company was approved by a vote of 66 2/3% of the
   directors then still in office who were either directors at the beginning of
   such period or whose election or nomination for election was previously so
   approved) cease for any reason to constitute a majority of the Board of
   Directors then in office;
                                        2
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         (3) any sale, lease, exchange or other transfer (in one transaction or
   a series of related transactions) of all, or substantially all, the assets of
   the Company to any Beneficial Owner (other than any wholly owned subsidiary
   of the Company);

         (4) the merger or consolidation of the Company with or into another
   corporation or the merger of another corporation into the Company with the
   effect that immediately after such transaction any Beneficial Owner shall
   have become the beneficial owner of securities of the surviving corporation
   of such merger or consolidation representing a majority of the combined
   voting power of the outstanding securities of the surviving corporation
   ordinarily having the right to vote in the election of directors; or

         (5) the adoption of a plan leading to the liquidation or dissolution of
   the Company.

     "Closing Date" shall mean June 1, 2000.

     "Commission" shall mean the Securities and Exchange Commission or any other
federal agency then administering the Securities Act and other federal
securities laws.

     "Common Stock" shall mean (except where the context otherwise indicates)
the Common Stock, $.10 par value, of the Company as constituted on the Closing
Date, and any capital stock into which such Common Stock may thereafter be
changed, and shall also include (i) capital stock of the Company of any other
class (regardless of how denominated) issued to the holders of shares of Common
Stock upon any reclassification thereof which is also not preferred as to
dividends or assets over any other class of stock of the Company and which is
not subject to redemption and (ii) shares of common stock of any successor or
acquiring corporation (as defined in Section 5.7) received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by
Section 5.7.

     "Convertible Securities" shall mean evidences of indebtedness, shares of
stock or other securities which are convertible into or exchangeable, with or
without payment of additional consideration in cash or property, for Additional
Shares of Common Stock, either immediately or upon the occurrence of a specified
date or a specified event.

     "Current Market Price" shall mean, in respect of any share of Common Stock
(or Other Common Stock, as the case may be) on any date herein specified, the
average of the Daily Market Prices for the 20 consecutive Trading Days
immediately preceding such date.

     "Current Warrant Price" shall mean, in respect of a share of Common Stock
at any date herein specified, the price at which a share of Common Stock may be
purchased pursuant to this Warrant on such date, as set forth in Section 2
hereof, subject to adjustment pursuant to Section 5.

                                        3
<PAGE>

     "Daily Market Price" shall mean, for each given Trading Day: (i) the last
sale price on such day on the National Stock Exchange on which the Common Stock
(or the Other Common Stock, as the case may be) is then listed or admitted to
trading, (ii) if no sale takes place on such day on such exchange, the last
reported sale price as officially quoted on such exchange, (iii) if the Common
Stock (or the Other Common Stock, as the case may be) is not then listed or
admitted to trading on any National Stock Exchange, the last reported sale price
on the over-the-counter market, as reported by the National Quotation Bureau
Incorporated (or any similar organization or agency succeeding to its functions
of reporting prices), or if such sale price is not available on such date, the
average of the closing bid and asked prices on such date as reported by the
National Quotation Bureau Incorporated (or any similar organization or agency
succeeding to its functions of reporting prices), or (iv) if there is no such
organization or agency, as furnished by any member of the NASD selected mutually
by the Majority Holders and the Company or, if they cannot agree upon such
selection, by a member selected by two such members of the NASD, one of which
shall be selected by the Majority Holders and one of which shall be selected by
the Company.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended,
or any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect from time to time.

     "Exercise Period" shall mean the period beginning on the Closing Date and
ending at 5:00 P.M., New York time, on the fifth anniversary of the Closing
Date.

     "Expiration Date" shall mean the date of the expiration of the Exercise
Period.

     "Fully Diluted Outstanding" shall mean, when used with reference to Common
Stock, at any date as of which the number of shares thereof is to be determined,
all shares of Common Stock Outstanding at such date and all shares of Common
Stock issuable in respect of this Warrant outstanding on such date and other
options or warrants to purchase, or securities convertible into, shares of
Common Stock outstanding on such date, whether or not such options, warrants or
other securities are presently convertible or exercisable.

     "Holder" shall mean, as the context requires, the Person in whose name this
Warrant or one of the other Warrants is registered on the books of the Company
maintained for such purpose and/or the Person holding any Warrant Stock.

     "Independent Counsel" shall mean counsel to the Holder reasonably
acceptable to the Company.

     "Majority Holders" shall mean, at any given time, holders of Warrants then
outstanding who would hold a majority of the Common Stock purchasable upon
exercise of all Warrants in the event all Warrants were so exercised at such
time.

                                        4
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     "NASD" shall mean the National Association of Securities Dealers, Inc., or
any successor corporation thereto.

     "National Stock Exchange" shall mean the Nasdaq Stock Market, the New York
Stock Exchange or the American Stock Exchange.

     "New Securities" shall mean any Additional Shares of Common Stock, and any
rights or options to purchase any Additional Shares of Common Stock, and any
Convertible Securities.

     "Other Common Stock" shall mean the common stock of a company other than
the Company, including without limitation ASP Common Stock.

     "Other Property" shall have the meaning set forth in Section 5.7.

     "Outstanding" shall mean, when used with reference to Common Stock, at any
date as of which the number of shares thereof is to be determined, all issued
shares of Common Stock, except shares then owned or held by or for the account
of the Company or any Subsidiary, and shall include all shares issuable in
respect of outstanding scrip or any certificates representing fractional
interests in shares of Common Stock.

     "Payment Shares" shall have the meaning set forth in Section 3.1.

     "Permitted Issuances" shall mean (i) the issuance of shares of Common Stock
pursuant to an underwritten public offering; (ii) the issuance of shares of
Common Stock upon exercise of the Warrants; (iii) the issuance of shares of
Series B Preferred Stock pursuant to the Preferred Stock Purchase Agreement;
(iv) the issuance of up to 100,000 shares of Common Stock in connection with the
Company's acquisition of the assets of Advanced Packaging Concepts, Inc.; (v)
the issuance of shares of Common Stock upon the exercise of options issued to
management employees of the Company or its Subsidiaries pursuant to the Stock
Option Plans; and (vi) the issuance of up to a total of 60,000 shares of Common
Stock pursuant to warrants issued to VM Equity Partners, Inc. and Rodman and
Renshaw as finders fees in connection with the transactions related to this
Warrant.

     "Person" shall mean any individual, sole proprietorship, partnership, joint
venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, entity or government (whether federal,
state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof).

     "Preferred Stock Purchase Agreement" shall mean the Preferred Stock
Purchase Agreement dated as of the Closing Date, by and among the Company, the
initial Holder hereof and other designated purchasers.

                                       5
<PAGE>

     "Registration Rights Agreement" shall mean the Registration Rights
Agreement dated as of the Closing Date among the Company, the initial Holder
hereof and other designated parties.

     "Reorganization" shall have the meaning set forth in Section 5.7.

     "Repurchase Price" shall have the meaning set forth in Section 14.2.

     "Reset Date" shall have the meaning set forth in Section 2.2.

     "Restricted Common Stock" shall mean shares of Common Stock which are, or
which upon their issuance on the exercise of this warrant would be, evidenced by
a certificate bearing the restrictive legend set forth in Section 10.1(a).

     "Restrictions" shall have the meaning set forth in Section 14.1(c).

     "Securities Act" shall mean the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

     "Series B Certificate of Designation" shall mean the Certificate of
Designation, Number, Powers, Preferences and Relative Participating, Optional
and Other Rights of Series B Preferred Stock of the Company, as in effect on the
Closing Date.

     "Series B Preferred Stock" shall mean the Company's Series B Preferred
Stock issued pursuant to the Series B Certificate of Designation and the
Preferred Stock Purchase Agreement.

     "Stock Option Plans" shall mean the Company's Amended Employee's Incentive
Stock Option Plan adopted by the Board of Directors on May 27, 1993, and the
Company's non-qualified stock option plan for members of its Board of Directors
adopted by the Board of Directors on January 31, 1995.

     "Subsidiary" shall mean any corporation of which an aggregate of more than
50% of the outstanding stock having ordinary voting power to elect a majority of
the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation shall have or
might have voting power by reason of the happening of any contingency) is at the
time, directly or indirectly, owned legally or beneficially by the Company
and/or one or more Subsidiaries of the Company.

     "Trading Day" shall mean any day on which stock is traded on the New York
Stock Exchange.

                                       6
<PAGE>

     "Transfer" shall mean any disposition of any Warrant or Warrant Stock or of
any interest in either thereof, which would constitute a sale thereof within the
meaning of the Securities Act.

     "Underlying Series B Preferred Stock" shall mean the Series B Preferred
Stock issued to the initial Holder of this Warrant on the date this Warrant was
originally issued.

     "Warrants" shall mean this warrant and all other warrants issued pursuant
to the terms of the Preferred Stock Purchase Agreement, and all warrants issued
upon Transfer, division or combination of, or in substitution or exchange for,
any thereof.

     "Warrant Price" shall mean an amount equal to (i) the number of shares of
Common Stock being purchased upon exercise of this Warrant pursuant to Section
3.1, multiplied by (ii) the Current Warrant Price as of the date of such
exercise.

     "Warrant Stock" shall mean the shares of Common Stock purchased by Holders
of the Warrants upon the exercise thereof.

   2. CURRENT WARRANT PRICE

     2.1. Initial Warrant Price. For a period commencing on the Closing Date and
concluding at 5:00 P.M., New York time on the first anniversary of the Closing
Date ("Year One"), the Current Warrant Price shall be $10.00 per share of Common
Stock, subject to adjustment pursuant to Section 5.

     2.2. Reset of Warrant Price. From and after the first Business Day
following the first anniversary of the Closing Date (the "Reset Date"), the
Current Warrant Price, subject to adjustment pursuant to Section 5 and the
remaining provisions of this Section 2.2, shall be the lower of (a) the then
existing Current Warrant Price pursuant to Section 2.1, or (b) the lowest
average Daily Market Price of the Common Stock for any given 20 consecutive
Trading Days during Year One. In the event that during Year One the Company
issues dividends to the Holder hereof under Section 17 in the form of cash
and/or shares of Other Common Stock, then the amount calculated pursuant to
clause (b) in the previous sentence shall be increased by (i) the total amount
of any cash dividends distributed to any Holder prior to the Reset Date on
account of one share of Common Stock for which this Warrant is exercisable, plus
(ii) the total value of any shares of Other Common Stock distributed to any
Holder prior to the Reset Date on account of one share of Common Stock for which
this Warrant is exercisable, valued at the lowest average Daily Market Price of
such shares of Other Common Stock for any given 20 consecutive Trading Days
during Year One in which any Holder owned such shares of Other Common Stock, in
either case as equitably adjusted for stock splits, combinations, stock
dividends and the like. Notwithstanding the foregoing, in no event shall the
Current Warrant Price be adjusted pursuant to this Section 2.2 to an amount
which is lower than $7.00, as such may be adjusted pursuant to Section 5.

                                        7
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   3. EXERCISE OF WARRANT

     3.1. Manner of Exercise. At any time during the Exercise Period, the Holder
may exercise this Warrant, on any Business Day, for all or any part of the
number of shares of Common Stock purchasable hereunder.

     In order to exercise this Warrant, in whole or in part, the Holder shall
deliver to the Company at its office at 1 Labriola Court, Armonk, New York
10504, or at the office or agency designated by the Company pursuant to Section
13, (i) a written notice of the Holder's election to exercise this Warrant,
which notice shall specify the number of shares of Common Stock to be purchased,
(ii) payment of the Warrant Price in the manner provided below, and (iii) this
Warrant. Such notice shall be substantially in the form of the subscription form
appearing at the end of this Warrant as Exhibit A, duly executed by the Holder
or its duly appointed agent or attorney. Upon receipt thereof, the Company
shall, as promptly as practicable, and in any event within five (5) Business
Days thereafter, execute or cause to be executed and deliver or cause to be
delivered to the Holder a certificate or certificates representing the aggregate
number of full shares of Common Stock issuable upon such exercise, together with
cash in lieu of any fraction of a share, as hereinafter provided. The stock
certificate or certificates so delivered shall be, to the extent possible, in
such denomination or denominations as the Holder shall request in the notice and
shall be registered in the name of the Holder or, subject to Section 10, such
other name as shall be designated in the notice. This Warrant shall be deemed to
have been exercised and such certificate or certificates shall be deemed to have
been issued, and the Holder or any other Person so designated to be named
therein shall be deemed to have become a holder of record of such shares for all
purposes, as of the date the notice, together with the cash or check or checks,
if any, and this Warrant, are received by the Company as described above and all
taxes required to be paid by the Holder, if any, pursuant to Section 3.2 prior
to the issuance of such shares have been paid. If this Warrant shall have been
exercised in part, the Company shall, at the time of delivery of the certificate
or certificates representing Warrant Stock, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased shares of Common
Stock called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant, or, at the request of the Holder, appropriate
notation may be made on this Warrant and the same returned to the Holder.
Notwithstanding any provision herein to the contrary, the Company shall not be
required to register shares in the name of any Person who acquired this Warrant
(or part hereof) or any Warrant Stock otherwise than in accordance with this
Warrant.

     Payment of the Warrant Price shall be made at the option of the Holder by
(i) cash, (ii) wire transfer to an account in a bank located in the United
States designated for such purpose by the Company, (iii) certified or official
bank check, (iv) delivery of shares of Series B Preferred Stock with an
aggregate stated value, plus accrued and unpaid dividends thereon, equal to the
Warrant Price, (v) delivery of shares of Common Stock, valued per share at the
Daily Market Price as of the last Trading Day prior to the date of delivery of
such shares to the

                                        8
<PAGE>

Company, with an aggregate value equal to the Warrant Price, or (vi) any
combination of the foregoing; provided, however, that the Holder shall have the
right, at its election, in lieu of delivering the Warrant Price in cash, to
instruct the Company in the form of Subscription Notice to retain, in payment of
the Warrant Price, a number of shares of Common Stock (the "Payment Shares")
equal to the quotient of the aggregate Warrant Price of the shares as to which
this Warrant is then being exercised divided by the Current Market Price.

     3.2. Payment of Taxes. All shares of Common Stock issuable upon the
exercise of this Warrant pursuant to the terms hereof shall be validly issued,
fully paid and nonassessable and without any preemptive rights. The Company
shall pay all expenses in connection with, and all taxes and other governmental
charges that may be imposed with respect to, the issue or delivery thereof,
unless such tax or charge is imposed by law upon the Holder, in which case such
taxes or charges shall be paid by the Holder. The Company shall not be required,
however, to pay any tax or other charge imposed in connection with any transfer
involved in the issue of any certificate for shares of Common Stock issuable
upon exercise of this Warrant in any name other than that of the Holder, and in
such case the Company shall not be required to issue or deliver any stock
certificate until such tax or other charge has been paid or it has been
established to the satisfaction of the Company that no such tax or other charge
is due.

     3.3. Fractional Shares. The Company shall not be required to issue a
fractional share of Common Stock upon exercise of any Warrant. As to any
fraction of a share which the Holder of one or more Warrants, the rights under
which are exercised in the same transaction, would otherwise be entitled to
purchase upon such exercise, the Company shall pay a cash adjustment in respect
of such final fraction in an amount equal to the same fraction of the Current
Market Price per share of Common Stock on the date of exercise.

     3.4. Continued Validity. A holder of shares of Common Stock issued upon the
exercise of this Warrant, in whole or in part (other than a holder who acquires
such shares after the same have been publicly sold pursuant to a Registration
Statement under the Securities Act or sold pursuant to Rule 144 thereunder),
shall continue to be entitled with respect to such shares to all rights to which
it would have been entitled as the Holder under Sections 7, 11, 14, 15, and 16
of this Warrant, subject to the obligations thereunder. The Company will, at the
time of each exercise of this Warrant, in whole or in part, upon the request of
the holder of the shares of Common Stock issued upon such exercise hereof,
acknowledge in writing, in form reasonably satisfactory to such holder, its
continuing obligation to afford to such holder all such rights; provided,
however, that if such holder shall fail to make any such request, such failure
shall not affect the continuing obligation of the Company to afford to such
holder all such rights.

     3.5. NASD Rule. Notwithstanding any other provision hereof, in no event
shall this Warrant be exercisable if such exercise would violate NASD Rule
4460(i)(1)(D)(ii) or any successor provision. If the Holder is unable to
exercise this Warrant because such exercise would violate said rule, the
Company, at the request of the Holder, shall cooperate in a

                                        9
<PAGE>

reasonable manner to seek assurances from The Nasdaq Stock Market, including the
waiver of said NASD rule, in order to facilitate the exercise of this Warrant.

4. TRANSFER, DIVISION AND COMBINATION

     4.1. Transfer. Subject to compliance with Section 10, Transfer of this
Warrant and all rights hereunder, in whole or in part, shall be registered on
the books of the Company to be maintained for such purpose, upon surrender of
this Warrant at the principal office of the Company referred to in Section 3.1
or the office or agency designated by the Company pursuant to Section 13,
together with a written assignment of this Warrant substantially in the form of
Exhibit B hereto duly executed by the Holder or its agent or attorney and if
such Transfer is not to be made pursuant to Section 10, funds sufficient to pay
any transfer taxes payable upon the making of such Transfer. Upon such surrender
and, if required, such payment, the Company shall, subject to Section 10,
execute and deliver a new Warrant or Warrants in the name(s) of the assignee or
assignees and in the denomination(s) specified in such instrument of assignment,
and shall issue to the assignor a new Warrant evidencing the portion of this
Warrant not so assigned, and this Warrant shall promptly be canceled. A Warrant,
if properly assigned in compliance with Section 10, may be exercised by a new
Holder for the purchase of shares of Common Stock without having a new Warrant
issued. If requested by the Company, a new Holder shall acknowledge in writing,
in form reasonably satisfactory to the Company, such Holder's continuing
obligation under Section 10.

     4.2. Division and Combination. Subject to Section 10, this Warrant may be
divided or combined with other Warrants upon presentation hereof at the
aforesaid office or agency of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with
Section 4.1 and with Section 10, as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new
Warrant or Warrants in exchange for the Warrant or Warrants to be divided or
combined in accordance with such notice.

     4.3. Expenses. The Company shall prepare, issue and deliver at its own
expense (other than transfer taxes) the new Warrant or Warrants under this
Section 4.

     4.4. Maintenance of Books. The Company agrees to maintain, at its aforesaid
office or agency, books for the registration and the registration of transfer of
the Warrants.

5. ADJUSTMENTS

     The number of shares of Common Stock for which this Warrant is exercisable,
or the price at which such shares may be purchased upon exercise of this Warrant
(as well as each of the prices included in the calculation to determine the
Current Warrant Price after Year One pursuant to Section 2.2), shall be subject
to adjustment from time to time as set forth in this

                                       10
<PAGE>

Section 5. The Company shall give the Holder notice of any event described below
which requires an adjustment pursuant to this Section 5 at the time of such
event.

     5.1. Subdivisions and Combinations. If at any time the Company shall:

         (a) subdivide its outstanding shares of Common Stock into a larger
     number of shares of Common Stock, or

         (b) combine its outstanding shares of Common Stock into a smaller
     number of shares of Common Stock, by a reverse stock split or otherwise,

then (i) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to
receive after the happening of such event, and (ii) the Current Warrant Price
shall be adjusted to equal (A) the Current Warrant Price multiplied by the
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the adjustment divided by (B) the number of shares for
which this Warrant is exercisable immediately after such adjustment.

     5.2. Issuance of Additional Shares of Common Stock. (a) In the event the
Company shall issue or sell any Additional Shares of Common Stock, other than
Permitted Issuances, for a consideration per Additional Share of Common Stock
less than the Current Market Price, then the Current Warrant Price shall be
reduced to a price calculated by multiplying the then existing Current Warrant
Price by a fraction the numerator of which shall be the sum of (i) the number of
Fully Diluted Outstanding shares of Common Stock immediately prior to such issue
or sale multiplied by the Current Market Price per share of Common Stock
immediately prior to such issue or sale plus (ii) the consideration received by
the Company upon such issue or sale, and the denominator of which shall be the
total number of Fully Diluted Outstanding shares of Common Stock immediately
after such issue or sale multiplied by the Current Market Price per share of
Common Stock immediately prior to such issue or sale.

     For purposes of this subsection (a), the date as of which the Current
Market Price per share of Common Stock shall be computed shall be the earlier of
the date upon which the Company shall (i) enter into a firm contract for the
issuance of such shares or (ii) issue such shares.

     Upon any adjustment of the Current Warrant Price as provided in this
Section 5.2(a), the Holder shall thereafter be entitled to purchase, at the
Current Warrant Price resulting from such adjustment, the number of shares of
Common Stock (calculated to the nearest 1/100th of a share) obtained by
multiplying the Current Warrant Price in effect immediately prior

                                       11
<PAGE>

to such adjustment by the number of shares of Common Stock purchasable hereunder
immediately prior to such adjustment and dividing the product thereof by the
Current Warrant Price resulting from such adjustment.

         (b) The provisions of this Section 5.2 shall not apply to any issuance
of Additional Shares of Common Stock for which an adjustment is provided under
Section 5.1. No adjustment shall be made under this Section 5.2 upon the
issuance of any Additional Shares of Common Stock which are issued pursuant to
the exercise of any warrants or other subscription or purchase rights or
pursuant to the exercise of any conversion or exchange rights in any Convertible
Securities, if any such adjustment shall previously have been made upon the
issuance of such warrants or other rights or upon the issuance of such
Convertible Securities (or upon the issuance of any warrant or other rights
therefor) pursuant to Section 5.3 or Section 5.4.

     5.3. Issuance of Warrants or Other Rights. Except with respect to Permitted
Issuances and distributions on behalf of which a payment is made to the Holder
of this Warrant pursuant to Section 17 hereof, if at any time the Company shall
take a record of the holders of its Common Stock for the purpose of entitling
them to receive a distribution of, or shall in any manner (whether directly or
by assumption in a merger in which the Company is the surviving corporation)
issue or sell, any warrants (other than the Warrants) or other rights to
subscribe for or purchase any Additional Shares of Common Stock or any
Convertible Securities, whether or not the rights to exchange or convert
thereunder are immediately exercisable, and the price per share for which Common
Stock is issuable upon the exercise of such warrants or other rights or upon
conversion or exchange of such Convertible Securities shall be less than the
Current Market Price in effect immediately prior to the time of such
distribution, issue or sale, then the number of shares of Common Stock for which
this Warrant is exercisable and the Current Warrant Price shall be adjusted as
provided in Section 5.2(a) on the basis that (i) the maximum number of
Additional Shares of Common Stock issuable pursuant to all such warrants or
other rights or necessary to effect the conversion or exchange of all such
Convertible Securities shall be deemed to have been issued and outstanding, (ii)
the price per share for such Additional Shares of Common Stock shall be deemed
to be the lowest price per share at which such Additional Shares of Common Stock
are issuable to such holders, and (iii) the Company shall have received all of
the consideration, if any, payable for such warrants or other rights as of the
date of the actual issuance thereof. No further adjustments of the number of
shares of Common Stock for which this Warrant is exercisable or of the Current
Warrant Price shall be made upon the actual issue of such Common Stock or of
such Convertible Securities upon exercise of such warrants or other rights or
upon the actual issue of such Common Stock upon such conversion or exchange of
such Convertible Securities.

     5.4. Issuance of Convertible Securities. Except with respect to Permitted
Issuances and distributions on behalf of which a payment is made to the Holder
of this Warrant pursuant to Section 17 hereof, if at any time the Company shall
take a record of the holders of its Common Stock for the purpose of entitling
them to receive a distribution of, or shall in any manner (whether directly or
by assumption in a merger in which the Company is the surviving corporation)
issue or sell, any Convertible Securities, whether or not the rights to exchange
or

                                       12
<PAGE>

convert thereunder are immediately exercisable, and the price per share for
which Common Stock is issuable upon such conversion or exchange shall be less
than the Current Market Price in effect immediately prior to the time of such
issue or sale, then the number of shares of Common Stock for which this Warrant
is exercisable and the Current Warrant Price shall be adjusted as provided in
Section 5.2(a) on the basis that (i) the maximum number of Additional Shares of
Common Stock issuable upon the conversion or exchange of all such Convertible
Securities shall be deemed to have been issued and outstanding, (ii) the price
per share of such Additional Shares of Common Stock shall be deemed to be the
lowest possible price in any range of prices at which such Additional Shares of
Common Stock are available to such holders, and (iii) the Company shall have
received all of the consideration payable therefor, if any, as of the date of
actual issuance of such Convertible Securities. No further adjustment of the
number of shares of Common Stock for which this Warrant is exercisable or of the
Current Warrant Price shall be made under this Section 5.4 upon the issuance of
any Convertible Securities which are issued pursuant to the exercise of any
warrants or other subscription or purchase rights therefor, if any such
adjustment shall previously have been made upon the issuance of such warrants or
other rights pursuant to Section 5.3. No further adjustments of the number of
shares of Common Stock for which this Warrant is exercisable or of the Current
Warrant Price shall be made upon the actual issue of such Common Stock upon
conversion or exchange of such Convertible Securities and, if any issue or sale
of such Convertible Securities is made upon exercise of any warrant or other
right to subscribe for or to purchase or any warrant or other right to purchase
any such Convertible Securities for which adjustments thereof have been or are
to be made pursuant to other provisions of this Section 5, no further
adjustments shall be made by reason of such issue or sale.

     5.5. Superseding Adjustment. If, at any time after any adjustment of the
number of shares of Common Stock for which this Warrant is exercisable shall
have been made pursuant to Section 5.3 or Section 5.4 as the result of any
issuance of warrants, rights or Convertible Securities, and either

         (a) such warrants or rights, or the right of conversion or exchange in
     such other Convertible Securities, shall expire, and all or a portion of
     such warrants or rights, or the right of conversion or exchange with
     respect to all or a portion of such other Convertible Securities, as the
     case may be, shall not have been exercised, or

         (b) the consideration per share for which shares of Common Stock are
     issuable pursuant to such warrants or rights, or such other Convertible
     Securities, shall be increased or decreased by virtue of provisions therein
     contained,

then such previous adjustment shall be rescinded and annulled and the Additional
Shares of Common Stock which were deemed to have been issued by virtue of the
computation made in connection with the adjustment so rescinded and annulled
shall no longer be deemed to have been issued by virtue of such computation.
Thereupon, a recomputation shall be made of the

                                       13
<PAGE>

effect of such rights or options or other Convertible Securities on the then
outstanding Warrants, but not on any then outstanding Warrant Stock, on the
basis of

         (c) treating the number of Additional Shares of Common Stock or other
     property, if any, theretofore actually issued or issuable pursuant to the
     previous exercise of any such warrants or rights or any such right of
     conversion or exchange, as having been issued on the date or dates of any
     such exercise and for the consideration actually received and receivable
     therefor, and

         (d) treating any such warrants or rights or any such other Convertible
     Securities which then remain outstanding as having been granted or issued
     immediately after the time of such increase or decrease of the
     consideration per share for which shares of Common Stock or other property
     are issuable under such warrants or rights or other Convertible Securities.

     5.6. Other Provisions Applicable to Adjustments Under This Section. The
following provisions shall be applicable to the making of adjustments provided
for in this Section 5:

         (a) Computation of Consideration. To the extent that any Additional
     Shares of Common Stock or any Convertible Securities or any warrants or
     other rights to subscribe for or purchase any Additional Shares of Common
     Stock or any Convertible Securities shall be issued for cash consideration,
     the consideration received by the Company therefor shall be the amount of
     the cash received by the Company therefor, or, if such Additional Shares of
     Common Stock or Convertible Securities are offered by the Company for
     subscription, the subscription price, or, if such Additional Shares of
     Common Stock or Convertible Securities are sold to underwriters or dealers
     for public offering without a subscription offering, the public offering
     price (in any such case subtracting any amounts paid or receivable for
     accrued interest or accrued dividends, but not subtracting any
     compensation, discounts or expenses paid or incurred by the Company for and
     in the underwriting of, or otherwise in connection with, the issuance
     thereof). To the extent that such issuance shall be for a consideration
     other than cash, then, except as herein otherwise expressly provided, the
     amount of such consideration shall be deemed to be the fair value of such
     consideration at the time of such issuance as determined in good faith by
     the Board of Directors of the Company. In case any Additional Shares of
     Common Stock or any Convertible Securities or any warrants or other rights
     to subscribe for or purchase such Additional Shares of Common Stock or
     Convertible Securities shall be issued in connection with any merger in
     which the Company issues any securities, the amount of consideration
     therefor shall be deemed to be the fair value, as determined in good faith
     by the Board of Directors of the Company, of such portion of the assets and
     business of the nonsurviving corporation as such Board

                                       14
<PAGE>

     in good faith shall determine to be attributable to such Additional Shares
     of Common Stock, Convertible Securities, warrants or other rights, as the
     case may be. The consideration for any Additional Shares of Common Stock
     issuable pursuant to any warrants or other rights to subscribe for or
     purchase the same shall be the consideration received by the Company for
     issuing such warrants or other rights plus the additional consideration
     payable to the Company upon exercise of such warrants or other rights. The
     consideration for any Additional Shares of Common Stock issuable pursuant
     to the terms of any Convertible Securities shall be the consideration, if
     any, received by the Company for issuing warrants or other rights to
     subscribe for or purchase such Convertible Securities, plus the
     consideration paid or payable to the Company in respect of the subscription
     for or purchase of such Convertible Securities, plus the additional
     consideration, if any, payable to the Company upon the exercise of the
     right of conversion or exchange in such Convertible Securities. In case of
     the issuance at any time of any Additional Shares of Common Stock or
     Convertible Securities in payment or satisfaction of any dividends upon any
     class of stock other than Common Stock, the Company shall be deemed to have
     received for such Additional Shares of Common Stock or Convertible
     Securities a consideration equal to the amount of such dividend so paid or
     satisfied.

         (b) When Adjustments to Be Made. The adjustments required by this
     Section 5 shall be made whenever and as often as any specified event
     requiring an adjustment shall occur, except that any adjustment of the
     number of shares of Common Stock for which this Warrant is exercisable that
     would otherwise be required may be postponed (except in the case of a
     subdivision or combination of shares of the Common Stock, as provided for
     in Section 5.1) up to, but not beyond the date of exercise if such
     adjustment either by itself or with other adjustments not previously made
     adds or subtracts less than 1% of the shares of Common Stock for which this
     Warrant is exercisable immediately prior to the making of such adjustment.
     Any adjustment representing a change of less than such minimum amount
     (except as aforesaid) which is postponed shall be carried forward and made
     upon the earlier of (i) the date upon which such adjustment, together with
     other adjustments required by this Section 5 and not previously made, would
     result in a minimum adjustment, and (ii) the date of exercise. For the
     purpose of any adjustment, any specified event shall be deemed to have
     occurred at the close of business on the date of its occurrence.

         (c) Fractional Interests. In computing adjustments under this Section
     5, fractional interests in Common Stock shall be taken into account to the
     nearest 1/10th of a share.

         (d) When Adjustment Not Required. If the Company shall take a record of
     the holders of its Common Stock for the purpose of entitling them to

                                       15
<PAGE>

     receive a dividend or distribution or subscription or purchase rights and
     shall, thereafter and before the distribution to stockholders thereof,
     legally abandon its plan to pay or deliver such dividend, distribution,
     subscription or purchase rights, then thereafter no adjustment shall be
     required by reason of the taking of such record and any such adjustment
     previously made in respect thereof shall be rescinded and annulled.

         (e) Escrow of Warrant Stock. If after any property becomes
     distributable pursuant to this Section 5 by reason of the taking of any
     record of the holders of Common Stock, but prior to the occurrence of the
     event for which such record is taken, the Holder exercises this Warrant,
     any Additional Shares of Common Stock issuable and other property
     distributable upon exercise by reason of such adjustment shall be held in
     escrow for the Holder by the Company to be issued to the Holder upon and to
     the extent that the event actually takes place, upon payment of the then
     Current Warrant Price. Notwithstanding any other provision to the contrary
     herein, if the event for which such record was taken fails to occur or is
     rescinded, then such escrowed shares shall be canceled by the Company and
     escrowed property returned.

         (f) Challenge to Good Faith Determination. Whenever the Board of
     Directors of the Company shall be required to make a determination in good
     faith of the fair value of any item under this Section 5, such
     determination may be challenged in good faith by the Majority Holders, and
     any dispute shall be resolved by an investment banking firm of recognized
     national standing selected by the Company and acceptable to the Majority
     Holders.

     5.7. Reorganization, Reclassification, Liquidation, Dissolution, Merger,
Consolidation or Disposition of Assets. (a) Subject to the provisions of Section
5.7(b), in case the Company shall reorganize its capital, reclassify its capital
stock, liquidate its assets, dissolve, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation or other entity (hereinafter, a
"Reorganization") and, pursuant to the terms of such Reorganization, shares of
common stock of the successor or acquiring corporation, or any cash, shares of
stock or other securities or property of any nature whatsoever (including
warrants or other subscription or purchase rights) in addition to or in lieu of
common stock of the successor or acquiring corporation ("Other Property"), are
to be received by or distributed to the holders of Common Stock of the Company,
then the Holder shall have the right following the effectiveness of such
Reorganization to receive, upon exercise of such Warrant, or, in the case of a
liquidation of assets or a dissolution to receive, upon such liquidation or
dissolution, without taking any further action, the number of shares of common
stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and Other Property receivable upon or as a result of such
Reorganization by a holder of the number of

                                       16
<PAGE>

shares of Common Stock for which this Warrant is exercisable immediately prior
to such event (without regard to the number of shares of Common Stock available
or set aside for issuance upon such exercise). In case of any such
Reorganization, the successor or acquiring corporation (if other than the
Company) shall expressly assume the due and punctual observance and performance
of each and every covenant and condition of this Warrant to be performed and
observed by the Company and all the obligations and liabilities hereunder,
subject to such appropriate modifications as are satisfactory to the Holder in
order to provide for adjustments of shares of the Common Stock for which this
Warrant is exercisable which shall be as nearly equivalent as practicable to the
adjustments provided for in this Section 5. For purposes of this Section 5.7
"common stock of the successor or acquiring corporation" shall include stock of
such corporation of any class which is not preferred as to dividends or assets
over any other class of stock of such corporation and which is not subject to
redemption and shall also include any evidences of indebtedness, shares of stock
or other securities which are convertible into or exchangeable for any such
stock, either immediately or upon the arrival of a specified date or the
happening of a specified event and any warrants or other rights to subscribe for
or purchase any such stock. The foregoing provisions of this Section 5.7 shall
similarly apply to successive Reorganizations.

         (b) From and after the expiration of 18 months following the Closing
Date, in the event of a Reorganization in which the Company is not the surviving
corporation and in which Other Property is to be received by or distributed to
the holders of Common Stock of the Company, and in the event the successor or
acquiring corporation is unwilling to comply with the applicable provisions of
Section 5.7(a), then the Company, in lieu of compliance with the provisions of
Section 5.7(a), shall have the right, upon written notice to the Holder at least
20 days prior to the occurrence of the Reorganization, to require the Holder to
either (i) exercise this Warrant in full prior to or contemporaneous with the
occurrence of the Reorganization, or (ii) elect to have this Warrant repurchased
pursuant to Section 14.

     5.8. Other Action Affecting Common Stock. In case at any time or from time
to time the Company shall take any action in respect of its Common Stock, other
than any action described in this Section 5 for which a specific adjustment is
provided, then, unless such action will not have a materially adverse effect
upon the rights of the Holder, the number of shares of Common Stock or other
stock for which this Warrant is exercisable and/or the purchase price thereof
shall be adjusted in such manner as may be equitable in the circumstances.

     5.9. Certain Limitations. Notwithstanding anything herein to the contrary,
the Company agrees not to enter into any transaction which, by reason of any
adjustment hereunder, would cause the Current Warrant Price to be less than the
par value per share of Common Stock.

                                       17
<PAGE>

6. NOTICES TO WARRANT HOLDERS

     6.1. Notice of Adjustments. Whenever the number of shares of Common Stock
or the class or type of stock or other property for which this Warrant is
exercisable, or whenever the price at which a share of such Common Stock may be
purchased upon exercise of this Warrant, shall be adjusted pursuant to Section
5, the Company shall forthwith prepare a certificate to be executed by the chief
financial officer of the Company setting forth, in reasonable detail, the event
requiring the adjustment and the method by which such adjustment was calculated
(including a description of the basis on which the Board of Directors of the
Company determined the fair value of any evidences of indebtedness, shares of
stock, other securities or property or warrants or other subscription or
purchase rights referred to in Section 5.6(a)), specifying the number of shares
of Common Stock for which this Warrant is exercisable and (if such adjustment
was made pursuant to Section 5.7 or 5.8) describing the number and kind of any
other shares of stock or Other Property for which this Warrant is exercisable,
and any change in the purchase price or prices thereof, after giving effect to
such adjustment or change. The Company shall promptly cause a signed copy of
such certificate to be delivered to the Holder in accordance with Section 19.2.
The Company shall keep at its office or agency designated pursuant to Section 13
copies of all such certificates and cause the same to be available for
inspection at said office during normal business hours by the Holder or any
prospective purchaser of a Warrant designated by the Holder.

     6.2. Notice of Certain Corporate Action. The Holder shall be entitled to
the same rights to receive notice of corporate action as any holder of Common
Stock.

7. NO IMPAIRMENT

     The Company shall not by any action including, without limitation, amending
its certificate of incorporation or through any 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, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may
be necessary or appropriate to protect the rights of the Holder against
impairment. Without limiting the generality of the foregoing, the Company will
(a) not increase the par value of any shares of Common Stock receivable upon the
exercise of this Warrant above the Current Warrant Price immediately prior to
such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable shares of Common Stock, free and clear of any liens, claims,
encumbrances and restrictions (other than as provided herein) upon the exercise
of this Warrant, and (c) use its best efforts to obtain all such authorizations,
exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations
under this Warrant.

                                       18
<PAGE>

     Upon the request of the Holder, the Company will at any time during the
period this Warrant is outstanding acknowledge in writing, in form satisfactory
to the Holder, the continuing validity of this Warrant and the obligations of
the Company hereunder.

8. RESERVATION AND AUTHORIZATION OF COMMON STOCK; REGISTRATION WITH OR APPROVAL
   OF ANY GOVERNMENTAL AUTHORITY

     From and after the Closing Date, subject to the limitation set forth in the
last sentence of this paragraph, the Company shall at all times reserve and keep
available for issue upon the exercise of warrants such number of its authorized
but unissued shares of Common Stock as will be sufficient to permit the exercise
in full of all outstanding Warrants. If at any time the number of authorized but
unissued shares of Common Stock shall not be sufficient to permit the exercise
in full of all outstanding Warrants, the Company will take such corporate action
as may, in the opinion of its counsel, be necessary to increase its authorized
but unissued shares of Common Stock to such number of shares as shall be
sufficient for such purpose, including, without limitation, taking appropriate
board action, recommending such an increase to the holders of Common Stock,
holding shareholders meetings, soliciting votes and proxies in favor of such
increase to obtain the requisite shareholder approval and upon such approval,
the Company shall reserve and keep available such additional shares solely for
the purpose of permitting the exercise of Warrants.

     All shares of Common Stock which shall be so issuable, when issued upon
exercise of any Warrant and payment therefor in accordance with the terms of
such Warrant, shall be duly and validly issued, fully paid and nonassessable and
free and clear of any liens, claims and restrictions (other than as provided
herein). Except as provided in this Warrant, no stockholder of the Company has
or shall have any preemptive rights to subscribe for such shares of Common
Stock.

     Before taking any action which would result in an adjustment in the number
of shares of Common Stock or the type of consideration for which this Warrant is
exercisable or in the Current Warrant Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

     If any shares of Common Stock required to be reserved for issuance upon
exercise of Warrants require registration or qualification with any governmental
authority under any federal or state law (otherwise than as provided in Section
10) before such shares may be so issued, the Company will in good faith and as
expeditiously as possible and at its expense endeavor to cause such shares to be
duly registered.

9. TAKING OF A RECORD; STOCK AND WARRANT TRANSFER BOOKS

                                       19
<PAGE>

     In the case of all dividends or other distributions by the Company to the
holders of its Common Stock with respect to which any provision of Section 5
refers to the taking of a record of such holders, the Company will in each such
case take such a record and will take such record as of the close of business on
a Business Day. The Company will not at any time, except upon dissolution,
liquidation or winding up of the Company, close its stock transfer books or
Warrant transfer books so as to result in preventing or delaying the exercise or
transfer of any Warrant.

10. RESTRICTIONS ON TRANSFERABILITY

     The Holder shall not Transfer all or any portion of this Warrant or any
shares of the Warrant Stock before satisfaction of the conditions specified in
this Section 10. The Holder, by acceptance of this Warrant, agrees to be bound
by the provisions of this Section 10.

     10.1. Restrictive Legends. (a) Except as otherwise provided in this Section
10, each certificate for Warrant Stock initially issued upon the exercise of
this Warrant, and each certificate for Warrant Stock issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with
legends in substantially the following form:

         "The shares represented by this certificate have not been registered
     under the Securities Act of 1933, as amended, or under the securities or
     blue sky laws of any state and are subject to the conditions specified in a
     certain Warrant dated June 1, 2000, originally issued by SEMX Corporation.
     The shares represented by this certificate may not be sold, or otherwise
     transferred, in the absence of such registration or an exemption therefrom
     under such Act and under any such applicable state laws, or in violation of
     the provisions of the Warrant. A copy of the form of said Warrant is on
     file with the Secretary of SEMX Corporation. The holder of this
     certificate, by acceptance of this certificate, agrees to be bound by the
     provisions of such Warrant."

         "The shares represented by this certificate are subject to the terms
     and conditions of a Registration Rights Agreement, dated as of June 1,
     2000."

         (b) Except as otherwise provided in this Section 10, each Warrant shall
be stamped or otherwise imprinted with legends in substantially the following
form:

         "This Warrant and the securities represented hereby have not been
     registered under the Securities Act of 1933, as amended, or under the
     securities or blue sky laws of any state and may not be sold, or otherwise
     transferred, in the absence of such registration or an exemption therefrom

                                       20
<PAGE>

     under such Act and under any such applicable state laws, or in violation of
     the provisions of this Warrant."

         "This Warrant and the securities represented hereby are subject to the
     terms and conditions of a Registration Rights Agreement, dated as of June
     1, 2000."

     10.2. Notice of Proposed Transfers; Requests for Registration. Prior to any
Transfer or attempted Transfer of any Warrants or any shares of Restricted
Common Stock, the Holder of such Warrants or Restricted Common Stock shall
deliver to the Company either a written opinion of Independent Counsel, which
opinion shall be reasonably acceptable to the Company, addressed to the Company
or a no-action letter from the Commission to the effect that the proposed
Transfer of such Warrants or such Restricted Common Stock may be effected
without registration under the Securities Act and applicable state securities or
blue sky laws. After delivery of the written opinion or the no-action letter to
the Company, such Holder shall thereupon be entitled to Transfer such Warrants
or such Restricted Common Stock. Each certificate, if any, evidencing such
shares of Restricted Common Stock issued upon such Transfer shall bear the
restrictive legend set forth in Section 10.1(a), and each Warrant issued upon
such Transfer shall bear the restrictive legend set forth in Section 10.1(b),
unless in the written opinion of Independent Counsel addressed to the Company
such legend is not required in order to ensure compliance with the Securities
Act.

     10.3. No Transfer to Competitor. Until the termination in accordance with
Section 10.4 of the restrictions on transferability imposed by this Section 10,
the Holder shall not Transfer all or any portion of this Warrant, the Warrant
Stock or the Restricted Common Stock (or Common Stock issuable upon the exercise
of the Warrants) to any Person that the Holder knows, after reasonable inquiry,
is engaged in a business that competes in any material way with the business of
the Company or any of its Subsidiaries (other than a holder of less than 5% of
the public securities of any such Person). In clarification and not in
limitation of the above, the Holder shall be permitted to effect such a Transfer
to such a competitor in connection with the sale of securities (i) in a public
distribution or a public securities transaction, or (ii) pursuant to Rule 144
(or any successor provision to such Rule) under the Securities Act, provided
such Transfer is not a directed sale.

     10.4. Termination of Restrictions. Notwithstanding the foregoing provisions
of Section 10, the restrictions imposed by this Section upon the transferability
of the Warrants, the Warrant Stock and the Restricted Common Stock (or Common
Stock issuable upon the exercise of the Warrants) and the legend requirements of
Section 10.1 shall terminate as to any particular Warrant or share of Warrant
Stock or Restricted Common Stock (or Common Stock issuable upon the exercise of
the Warrants) (i) when and so long as such security shall have been effectively
registered under the Securities Act and disposed of pursuant thereto, or (ii)
when the Company shall have delivered to the Holder or Holders of Warrants,
Warrant Stock or Restricted Common Stock the written opinion of Independent
Counsel stating that such legend is not

                                       21
<PAGE>

required in order to ensure compliance with the Securities Act. Whenever the
restrictions imposed by Section 9 shall terminate as to this Warrant, as
hereinabove provided, the Holder hereof shall be entitled to receive from the
Company, at the expense of the Company, a new Warrant bearing the following
legend in place of the first restrictive legend set forth hereon:

     "THE RESTRICTIONS ON TRANSFERABILITY OF THE WITHIN WARRANT CONTAINED IN
     SECTION 10 HEREOF TERMINATED ON ____________, 200__, AND ARE OF NO FURTHER
     FORCE AND EFFECT."

     All Warrants issued upon registration of Transfer, division or combination
of, or in substitution for, any Warrant or Warrants entitled to bear such legend
shall have a similar legend endorsed thereon. Whenever the restrictions imposed
by this Section shall terminate as to any share of Restricted Common Stock, as
hereinabove provided, the Holder thereof shall be entitled to receive from the
Company, at the Company's expense, a new certificate representing such Common
Stock not bearing the restrictive legend set forth in Section 10.1(a).

11. SUPPLYING INFORMATION

     The Company shall cooperate with each Holder of a Warrant and each Holder
of Restricted Common Stock in supplying such information as may be reasonably
requested by such Holder or reasonably necessary for such Holder to complete and
file any information reporting forms presently or hereafter required by the
Commission as a condition to the availability of an exemption from the
Securities Act for the sale of any Warrant or Restricted Common Stock.

12. LOSS OR MUTILATION

     Upon receipt by the Company from the Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and indemnity reasonably satisfactory to it (it being
understood that the written indemnity agreement of Exeter Venture Lenders, L.P.
shall be sufficient indemnity) and in case of mutilation upon surrender and
cancellation hereof, the Company will execute and deliver in lieu hereof a new
Warrant of like tenor to the Holder; provided, in the case of mutilation, no
indemnity shall be required if this warrant in identifiable form is surrendered
to the Company for cancellation.

13. OFFICE OF THE COMPANY

     As long as any of the Warrants remain outstanding, the Company shall
maintain an office or agency (which may be the principal executive offices of
the Company) where the warrants may be presented for exercise, registration of
Transfer, division or combination as provided in this Warrant.

14. REPURCHASE BY THE COMPANY OF WARRANTS AND WARRANT STOCK

                                       22
<PAGE>

     14.1. Obligation to Repurchase Warrant. (a) If a Change of Control occurs
at any time during the Exercise Period, the Holder at its election by notice to
the Company (the "Put Notice"), may demand repurchase, at any time concurrently
with or within 60 days following the occurrence of such Change in Control, of
the entire unexercised portion of this Warrant, provided that (i) either (A) at
the time of the election under this Section 14.1, the Holder owns all of the
shares of the Underlying Series B Preferred Stock or (B) at the time the Holder
acquired this Warrant, the Holder also acquired all of the Underlying Series B
Preferred Stock and, during the period in which the Holder owned such shares,
such shares were redeemed pursuant to Section 5 of the Series B Certificate of
Designation, and (ii) in the event the Holder, at the time of the election under
this Section 14.1, owns any shares of the Underlying Series B Preferred Stock,
such shares have been or are being redeemed pursuant to Section 5(c) of the
Series B Certificate of Designation prior to or contemporaneously with the
repurchase of this Warrant. Subject to the provisions of Section 14.2, the
Company shall, on the date (not less than 15 days after the date of the Put
Notice) designated in such Put Notice (the "Repurchase Date"), repurchase from
the Holder the entire unexercised portion of this Warrant for an amount
calculated to return to the Holder the total purchase price initially paid to
the Company for the Underlying Series B Preferred Stock by the initial holder
thereof plus a 20% annual internal rate of return (or such lower applicable rate
consented to by the Holder) on said initial purchase price from the first date
of issuance of the Series B Preferred Stock through the Repurchase Date. Such
calculation shall take into account (x) the total cash redemption price received
by the Holder by reason of the redemption of the Holder's shares of the
Underlying Series B Preferred Stock under Section 5 of the Series B Certificate
of Designation, (y) all cash or shares of Other Common Stock (which shares shall
be valued at the average Daily Market Price of such shares for the first 60
consecutive Trading Days following the date of the issuance of such dividend or,
to the extent any such shares were sold during such 60 day period, then such
sold shares shall be valued at the price actually received for such shares)
received by the existing or any former holder of this Warrant as dividends
pursuant to Section 17, and (z) the value of any and all shares of Common Stock
issued to the existing or any former holder of this Warrant by reason of the
exercise of any portion of this or any other Warrant or shares of Other Common
Stock distributed to the existing or any former holder of this Warrant as
dividends pursuant to Section 17 (whether or not any or all of such shares are
owned by the Holder on the Repurchase Date). Such shares of Common Stock that
are not owned by the holder hereof on the date of the Put Notice shall be valued
at a per share price equal to the Current Market Price of such share as of the
date such shares were acquired by exercise of a Warrant. Such shares of Common
Stock that are owned by the holder hereof on the date of the Put Notice shall be
valued at a per share price of the Current Market Price of such share as of the
Repurchase Date or the date such shares were acquired by exercise of a Warrant,
whichever is greater.

         (b) Notwithstanding the provisions of Section 14.1(a), if, at any time
during the period between the date on which the Holder shall have delivered a
Put Notice and the Repurchase Date, a Reorganization shall occur and the
consideration received or receivable by stockholders in connection with such
Reorganization shall consist solely of cash, then the Holder shall (whether or
not the Holder shall have previously surrendered its Warrant for repurchase by

                                       23
<PAGE>

the Company pursuant to this Section 14) be entitled to receive, on the date of
repurchase, the higher of (i) the amount payable to the Holder as determined
pursuant to Section 14.1(a) and (ii) an amount equal to the amount of cash the
Holder would have received upon the occurrence of such Reorganization had the
Holder's Warrant been fully exercised immediately prior thereto less, in the
event of a repurchase of this Warrant, the purchase price payable at such time
for the purchase of the shares of Common Stock then subject to the Holder's
Warrant.

         (c) The Company shall not be obligated under this Section 14.1 to
repurchase any Warrant if and to the extent such a repurchase (i) would cause an
event of default to exist by reason of such repurchase, which event of default
has not been waived, with respect to any agreement or instrument evidencing the
Company's or any of its Subsidiaries' indebtedness for borrowed money, or would
violate any provision of any such agreement or instrument, or (ii) would be in
violation of applicable law ("Restrictions"), in any such case as determined by
an opinion of counsel to the Company reasonably acceptable to the Holder;
provided, however, that the Company shall use its reasonable best efforts to
have any such Restriction either waived or terminated (including, without
limitation, by obtaining refinancing for any such indebtedness). In the event
that, following receipt of a Put Notice, the Company will not repurchase such
Warrant because of the existence of any Restriction, the Company shall, within
ten (10) days of receipt of the Put Notice, so notify the Holder in writing,
setting forth that the Warrant will not be repurchased and the Restrictions
which apply, and deliver to the Holder a copy of the opinion referred to in the
prior sentence. In addition, in such event, the Company shall thereafter, upon
the request of the Holder, use its best efforts to register the Warrant Stock
and/or the Common Stock subject to this Warrant, in accordance with the terms of
the Registration Rights Agreement.

     14.2. Payment of Repurchase Price. The purchase price for any repurchase
pursuant to Section 14.1 (the "Repurchase Price") shall be determined pursuant
to Section 14.1 and shall be payable in cash.

     On the date of any repurchase of Warrants pursuant to this Section 14, the
Holder shall assign to the Company its Warrant, without any representation or
warranty (other than that the Holder has good and marketable title thereto, free
and clear of liens, encumbrances and restrictions of any kind), by the surrender
of the Holder's Warrant at the principal office of the Company referred to in
Section 3.1 against payment therefor of the Repurchase Price by, at the option
of the Holder, (i) wire transfer to an account in a bank located in the United
States designated by the Holder for such purpose or (ii) a certified or official
bank check payable to the order of the Holder.

15. REGISTRATION RIGHTS

     This Warrant is entitled to the benefits of the registration rights
provisions contained in the Registration Rights Agreement, subject to the
restrictions on the transfer of the rights contained therein set forth in
Section 2(b)(iii) thereof. The Company shall keep a copy of

                                       24
<PAGE>

the Registration Rights Agreement, and any amendments thereto, at the office or
agency designated by the Company pursuant to Section 13 and shall furnish copies
thereof to the Holder upon request.

16. LIMITATION OF LIABILITY

     No provision hereof, in the absence of affirmative action by the Holder to
purchase shares of Common Stock, and no enumeration herein of the rights or
privileges of the Holder hereof, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the
Company.

17. DIVIDENDS ON UNDERLYING COMMON STOCK

     17.1. Right to Receive Dividends. In the event that, at any time the
Company shall pay a dividend or make any other distribution with respect to its
Common Stock whether in the form of cash, Other Common Stock, evidences of
indebtedness, securities or other property, then the Company shall pay to the
Holder of this Warrant on the date of payment of such dividend or other
distribution, an amount in cash or a number of evidences of indebtedness,
securities or other property which a holder of the number of shares of Common
Stock issuable upon exercise of this Warrant in full on the record date for such
dividend or other distribution would be entitled to receive on account of such
dividend or distribution. A reclassification of the Common Stock (other than a
change in par value, or from par value to no par value or from no par value to
par value) into shares of Common Stock and shares of any other class of stock
shall be deemed a distribution by the Company to the holders of its Common Stock
of such shares of such other class of stock within the meaning of this Section
17 and, if the outstanding shares of Common Stock shall be changed into a larger
or smaller number of shares of Common Stock as a part of such reclassification,
such change shall be deemed a subdivision or combination, as the case may be, of
the outstanding shares of Common Stock within the meaning of Section 5.1.

     17.2. Repayment of Dividends. (a) In the event the Company at any time
issues dividends to any Holder hereof under Section 17.1 and this Warrant is
never exercised during the Exercise Period, then within 30 days following the
Expiration Date, provided the Company has redeemed the Underlying Series B
Preferred Stock for cash in a timely manner in accordance with the terms of the
Series B Certificate of Designation, the final Holder hereof shall pay to the
Company an amount equal to the excess, if any, by which the annual internal rate
of return on the initial purchase price for this Warrant and the Underlying
Series B Preferred Stock from the first date of issuance of the Series B
Preferred Stock through the Expiration Date exceeds 15%. The calculation of said
annual rate of return shall include any shares of Other Common Stock received by
the Holder hereof as a dividend under Section 17.1, which shares shall be valued
at the average Daily Market Price of such shares for the first 60 consecutive
Trading Days following the date of the issuance of such dividend or, to the
extent any such shares were sold during such 60 day period, then such sold
shares shall be valued at the price actually received for

                                       25
<PAGE>

such shares. If the Holder becomes obligated to make a payment to the Company
pursuant to this Section 17.2, such payment may be made in cash and/or by the
assignment to the Company of shares of Other Common Stock valued in accordance
with the previous sentence.

         (b) In the event a portion, but less than all, of this Warrant is
exercised during the Exercise Period, then the components of the calculation of
any amounts payable to the Company under Section 17.1 shall be appropriately
prorated. For example, if 50% of this Warrant had been exercised, then the
calculation would include 50% of the initial purchase price for this Warrant and
the Underlying Series B Preferred Stock, 50% of the total dividends and
redemption price, if any, paid with respect to the Underlying Series B Preferred
Stock, and 50% of any shares of Other Common Stock received by the Holder hereof
as a dividend under Section 17.1.

         (c) Notwithstanding the above, in the event the Company on any fourth
(or more) occasion shall fail to pay any dividend on any Series B Preferred
Stock on the applicable Dividend Payment Date (as defined in the Series B
Certificate of Designation) in accordance with Section 2 of the Series B
Certificate of Designation for any reason, including but not limited to, that
such payment is prohibited by applicable law or any loan document to which the
Company is a party (including without limitation that certain Revolving Credit,
Term Loan and Security Agreement dated November 1, 1999, among PNC Bank,
National Association, the Corporation and certain of the Corporation's
affiliates, as the same may be amended from time to time) or the Board of
Directors of the Company elects not to declare or pay such dividend, and such
failure shall not be cured within a period of 30 days after such Dividend
Payment Date, then this Section 17.2 thereafter shall be null and void and of no
effect.

         (c) Notwithstanding the provisions of this Section 17, the Company
acknowledges that there are certain restrictions on the issuance of dividends
set forth in Section 4(b)(iv) of the Series B Certificate of Designation.

18. RIGHTS PLAN

     18.1. Issuance of Rights. Contemporaneous with the issuance of this
Warrant, the Company shall execute all documents and take all actions necessary
to issue to the Holder, pursuant to that certain Rights Agreement dated as of
June 15, 1999, between the Company and Continental Stock Transfer & Trust
Company, Rights Agent (the "Rights Plan"), effective as of the Closing Date, the
number of Rights (as defined in the Rights Plan) that would be issued to the
Holder were the Holder to own the total number of shares of Common Stock
issuable to the Holder upon the full exercise of this Warrant, and to assure
that the Holder is entitled to all the rights, privileges and protections of a
holder of Rights under the Rights Plan.

     18.2. Return of Rights. In the event that a Triggering Event under the
Rights Plan occurs during the Exercise Period but this Warrant is never
exercised during the Exercise Period, then the Holder's Rights under the Rights
Plan granted pursuant to Section 18.1 shall expire on

                                       26
<PAGE>

the Expiration Date. In the event a portion, but less than all, of this Warrant
is exercised during the Exercise Period, then the Holder's prorated share of the
Rights corresponding to the unexercised portion of this Warrant shall so expire.

19. MISCELLANEOUS

     19.1. Nonwaiver and Expenses. No course of dealing or any delay or failure
to exercise any right hereunder on the part of the Holder shall operate as a
waiver of such right or otherwise prejudice the Holder's rights, powers or
remedies. If the Company fails to make, when due, any payments provided for
hereunder, or fails to comply with any other provision of this Warrant, the
Company shall pay to the Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

     19.2. Notice Generally. All notices, demands, requests, or other
communications which may be or are required to be given, served, or sent by any
party to any other party pursuant to this Warrant shall be in writing and shall
be mailed by first-class, registered or certified mail, return receipt
requested, postage prepaid, or transmitted by hand delivery (including delivery
by courier), or facsimile transmission, addressed as follows:

            (a)   If to the Company:
                  SEMX Corporation
                  1 Labriola Court
                  Armonk, NY 10504
                  Attention: Gilbert D. Raker, Chairman, President and CEO
                  Facsimile: (914) 273-5860

                  with a copy to:

                  Joel Salon, Esquire
                  Salon, Marrow, Dyckman & Newman, LLP
                  685 Third Avenue
                  New York, NY 10017
                  Facsimile: (212) 661-3339

         (b) If to the Holder, at its last known address appearing on the books
of the Company maintained for such purpose.

Each party may designate by notice in writing a new address to which any notice,
demand, request or communication may thereafter be so given, served or sent.
Each notice, demand, request or communication shall be deemed to have been duly
given five business days after being deposited in the mail, postage prepaid, if
mailed; when delivered by hand, if personally

                                       27
<PAGE>

delivered; or upon receipt, if sent by facsimile (followed by a confirmation
copy sent by either overnight or two (2) day courier).

     19.3. Indemnification. The Company agrees to indemnify and hold harmless
the Holder, its officers, directors, employees, agents, and attorneys from and
against any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys' fees, expenses and disbursements of
any kind which may be imposed upon, incurred by or asserted against the Holder
relating to or arising out of any litigation to which the Holder is made a party
in its capacity as a stockholder or warrantholder of the Company; provided,
however, that the Company will not be liable hereunder to the extent that any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
claims, costs, attorneys' fees, expenses or disbursements are found in a
judgment by a court to have resulted from (i) the Holder's gross negligence or
willful misconduct, (ii) actions or omissions taken or not taken by the Holder
in any capacity other than as a stockholder or warrantholder of the Company or
(iii) actions or omissions taken or not taken by the Holder solely as a
stockholder or warrantholder of the Company and for which stockholders or
warrantholders may be held liable under Delaware law.

     19.4. Successors and Assigns. Subject to the provisions of Sections 4.1 and
10, (i) this Warrant and the rights evidenced hereby shall inure to the benefit
of and be binding upon the successors of the Company and the successors and
assigns of the Holder, and (ii) the provisions of this Warrant are intended to
be for the benefit of all Holders from time to time of this Warrant, and shall
be enforceable by any such Holder.

     19.5. Amendment. The Warrants may be modified or amended or the provisions
thereof waived with the written consent of the Company and the Holder.

     19.6. Severability. Wherever possible, each provision of this Warrant shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Warrant.

     19.7. Headings. The headings used in this Warrant are for the convenience
of reference only and shall not, for any purpose, be deemed a part of this
Warrant.

     19.8. Governing Law. This Warrant shall be governed by, and construed in
accordance with, the laws of the State of Delaware, without giving effect to the
conflict of laws principles thereof.

     19.9. Arbitration. Any claim or dispute between the parties hereto arising
out of or in connection with this Warrant or any of the provisions hereof, or
the interpretation, meaning or effect hereof, or the transactions contemplated
hereby, shall be submitted to and determined by arbitration in New York, New
York in accordance with the procedures, rules and regulations of

                                       28
<PAGE>

the American Arbitration Association as in effect at such time. The decision,
findings or award of the arbitrator(s) in the matter shall be final and
nonappealable and binding upon the parties (and their respective successors)
with respect to the subject matter herein concerned, and judgment thereon may be
entered in any court or forum having jurisdiction thereof.

                  [Remainder of Page Intentionally Left Blank]

                                       29
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
by its duly authorized officer and its corporate seal to be impressed hereon and
attested by its Secretary or Assistant Secretary.

Dated: June 1, 2000

                                            SEMX CORPORATION

                                            By: /s/
                                               ---------------------------------
                                            Name:  Gilbert D. Raker
                                            Title: Chairman, President and CEO

Attest:

By: /s/
   ---------------------------
   Name:  Mark Koch
   Title: Secretary

<PAGE>

                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

     The undersigned registered owner of this Warrant irrevocably exercises this
Warrant for the purchase of _______ shares of Common Stock of SEMX Corporation
and herewith makes payment therefor, all at the price and on the terms and
conditions specified in this Warrant and requests that certificates for the
shares of Common Stock hereby purchased (and any securities or other property
issuable upon such exercise) be issued in the name of and delivered to
__________________ whose address is ___________________________ and, if such
shares of Common Stock shall not include all of the shares of Common Stock
issuable as provided in this Warrant, that a new Warrant of like tenor and date
for the balance of the shares of Common Stock issuable hereunder be delivered to
the undersigned.

--------------------------                     (Name of Registered Owner)

--------------------------                     (Signature of Registered Owner)

--------------------------                     (Street Address)

--------------------------                     (City) (State) (Zip Code)

NOTICE:  The signature on this subscription must correspond with the name as
         written upon the face of the within Warrant in every particular,
         without alteration or enlargement or any change whatsoever.

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

     FOR VALUE RECEIVED the undersigned registered owner of this Warrant hereby
sells, assigns and transfers unto the Assignee named below all of the rights of
the undersigned under this Warrant, with respect to the number of shares of
Common Stock set forth below:

Name and Address of Assignee       No. of Shares of Common Stock
----------------------------       -----------------------------

and does hereby irrevocably constitute and appoint ______________
attorney-in-fact to register such transfer on the books of SEMX Corporation
maintained for the purpose, with full power of substitution in the premises.

Dated:
      -----------------------
Name:
     ------------------------

Signature:
          -------------------

Witness:
        ---------------------

NOTICE:  The signature on this assignment must correspond with the name as
         written upon the face of the within Warrant in every particular,
         without alteration or enlargement or any change whatsoever.<PAGE>
                                                                    Exhibit 4.5

     This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as of
June 1, 2000, by and among SEMX Corporation, a Delaware corporation (the
"Company"), and the parties listed on Exhibit A attached to this Agreement (each
hereinafter individually referred to as a "Purchaser" and collectively referred
to as the "Purchasers").

                                    RECITALS

     WHEREAS, the Company and the Purchasers have entered into that certain
Preferred Stock Purchase Agreement, dated as of the date hereof (the "Purchase
Agreement"), pursuant to which, among other things, the Purchasers are acquiring
Warrants (the "Warrants") to purchase an aggregate amount of 1,000,000 shares of
the Company's common stock, $.10 par value (the "Common Stock"); and

     WHEREAS, in connection with the purchase of the Warrants, the Company has
agreed, on the terms and conditions set forth herein, to register shares of
Common Stock as set forth below.

     NOW THEREFORE, in consideration of the foregoing recitals and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     SECTION 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings:

     "Affiliate" means, with respect to any specified Person, any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

     "Business Day" means any day that is not a Saturday, a Sunday or a legal
holiday on which banking institutions in the State of New York are not required
to be open.

     "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated) of corporate
stock issued by such Person, including each class of common stock and preferred
stock of such Person.

     "Common Stock" shall have the meaning set forth in the Recitals.

     "Company" shall have the meaning set forth in the Recitals.

     "Delay Period" shall have the meaning set forth in Section 2(d) hereof.

     "Demand Notice" shall have the meaning set forth in Section 2(b) hereof.

<PAGE>

     "Demand Registration" shall have the meaning set forth in Section 2(b)
hereof.

     "Demanding Holders" means the Holders delivering the Demand Notice pursuant
to Section 2(b) hereof.

     "Effectiveness Period" shall have the meaning set forth in Section 2(d)
hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder.

     "Hold Back Period" shall have the meaning set forth in Section 4 hereof.

     "Holder" means such Person or Persons who owns Registrable Shares or
securities exercisable for Registrable Shares.

     "Interruption Period" shall have the meaning set forth in Section 5 hereof.

     "Losses" shall have the meaning set forth in Section 8(a) hereof.

     "Majority-in-Interest" of any group of Holders means holders of more than
50% of the Registrable Shares held by such Holders or obtainable by such Holders
upon exercise of Warrants.

     "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     "Piggyback Registration" shall have the meaning set forth in Section 3
hereof.

     "Prospectus" means the prospectus included in any Registration Statement
(including a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Shares
covered by such Registration Statement and all other amendments and supplements
to such prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such
prospectus.

     "Purchase Agreement" shall have the meaning set forth in the Recitals.

     "Registrable Shares" means the Warrant Shares and any shares of Common
Stock issued or issuable with respect to the Warrant Shares upon any stock
split, stock dividend, recapitalization or similar event; provided, however,
that shares of Common Stock shall only be registrable pursuant to this Agreement
if and so long as they (i) have not been sold to or through a broker or dealer
or underwriter in a public distribution or a public securities transaction, (ii)
may not be disposed of pursuant to Rule 144(k) (or any successor provision to
such Rule) under

                                       2
<PAGE>

the Securities Act as confirmed in a written opinion of counsel to the Company
addressed to the Holders of the applicable shares of Common Stock or (iii) have
not been sold in a transaction exempt from the registration and prospectus
delivery requirements of the Securities Act under Section 4(1) thereof so that
all transfer restrictions and restrictive legends with respect to such shares of
Common Stock are removed upon the consummation of such sale and the Company and
the seller and purchaser of such shares of Common Stock shall have received an
opinion of counsel for the seller, which shall be in form and content reasonably
satisfactory to the Company and the seller and purchaser and their respective
counsel, to the effect that such shares of Common Stock in the hands of the
purchaser are freely transferable without restriction or registration under the
Securities Act in any public or private transaction.

     "Registration" means registration under the Securities Act of an offering
of Registrable Shares pursuant to a Demand Registration or a Piggyback
Registration.

     "Registration Statement" means any registration statement of the Company
under the Securities Act that covers any of the Registrable Shares pursuant to
the provisions of this Agreement, including the related Prospectus, all
amendments and supplements to such registration statement, including pre- and
post-effective amendments, all exhibits thereto and all material incorporated by
reference or deemed to be incorporated by reference in such registration
statement.

     "Required Registration" shall have the meaning set forth in Section 2(a)
hereof.

     "SEC" means the Securities and Exchange Commission.

     "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder.

     "underwritten registration or underwritten offering" means a registration
under the Securities Act in which securities of the Company are sold to an
underwriter for reoffering to the public.

     "Warrants" shall have the meaning set forth in the Recitals.

     "Warrant Shares" shall mean the shares of Common Stock issuable or issued
upon exercise of the Warrants.

     SECTION 2. Required Registration; Demand Registration. (a) Required
Registration. In the event that the Holders of Warrants to purchase in the
aggregate at least 25% of the total number of Warrant Shares issuable upon the
exercise of all the initial Warrants (as adjusted for stock splits, reverse
stock splits, stock dividends and similar events) exercise their right to
require the Company to repurchase their Warrants pursuant to Section 14 of the
Warrants, and the Company is not obligated to repurchase such Warrants due to
the existence of a Restriction (as defined in Section 14.1(c) of the Warrants),
the Company, within 60 days following the date of the Holders' Put Notice (as
defined in Section 14.1(a) of the Warrants),

                                       3
<PAGE>

shall file with the SEC, and the Company shall thereafter use its best efforts
to cause to be declared effective within 120 days following the date of the
Holders' Put Notice (the "Put Target Effective Date"), a Registration Statement
on the appropriate form for the registration and sale, in accordance with the
intended method or methods of distribution, of the total Warrant Shares issuable
or issued upon exercise of the Warrants that were the subject of the Put Notice
(a "Put Required Registration").

         (b) Demand Registration of Warrant Shares. (i) At any time and from
time to time following the expiration of 180 days following the date of this
Agreement, a Majority-in- Interest of the Holders shall have the right, by
written notice (the "Demand Notice") given to the Company, to request the
Company to register under and in accordance with the provisions of the
Securities Act all or any portion of the Warrant Shares held by such Holders
and/or the Warrant Shares for which Warrants held by such Holders are
exercisable, as designated by such Holders; provided, however, that the
aggregate number of Warrant Shares requested to be registered pursuant to any
Demand Notice shall be at least 25% of the total number of Warrant Shares
issuable upon the exercise of all the initial Warrants (as adjusted for stock
splits, reverse stock splits, stock dividends and similar events). Upon receipt
of any such Demand Notice, the Company shall promptly, but in no event more than
five days after receipt thereof, notify all other Holders of the receipt of such
Demand Notice and, subject to the limitations set forth below, shall include in
the proposed registration all Warrant Shares with respect to which the Company
has received written requests for inclusion therein within 20 days after
delivery of the Company's notice. In connection with any Demand Registration in
which more than one holder of securities participates, in the event that such
Demand Registration involves an underwritten offering and the managing
underwriter or underwriters participating in such offering advise in writing the
Holders of Warrant Shares and the holders of other securities to be included in
such offering that the total number of Warrant Shares and other securities to be
included in such offering exceeds the amount that can be sold in (or during the
time of) such offering without delaying or jeopardizing the success of such
offering (including the price per share of the Warrant Shares and other
securities to be sold), then the amount of Warrant Shares and other securities
to be offered for the account of such Holders shall be reduced as follows:
first, pro rata on the basis of the number of securities other than Warrant
Shares requested to be registered by the holders of such securities; second, pro
rata on the basis of the number of Warrant Shares requested to be registered by
Holders other than the Demanding Holders; and third, pro rata on the basis of
the number of Warrant Shares requested to be registered by the Demanding
Holders. The Holders as a group shall be entitled to three Demand Registrations
pursuant to this Section 2(b); provided, that any Demand Registration that does
not become effective or is not maintained for the time period required in
accordance with Section 2(c) shall not count as one of such Demand
Registrations, except as set forth in Section 2(f). Anything herein to the
contrary notwithstanding, the Company shall not be required to effect a Demand
Registration pursuant to this Section 2(b) within a period of six (6) months
after the effective date of any other Demand Registration.

            (ii) The Company, within 60 days following the date on which the
Company receives a Demand Notice, shall file with the SEC, and the Company shall
thereafter use its best efforts to cause to be declared effective within 120
days following the date the

                                       4
<PAGE>

Company receives such Demand Notice, a Registration Statement on the appropriate
form for the registration and sale, in accordance with the intended method or
methods of distribution, of the total number of Warrant Shares specified by the
Holders in such Demand Notice (a "Demand Registration").

            [(iii) The Holders shall not have the right to assign their
registration rights under this Section 2(b) to any Person or group of Persons
which, contemporaneously with such assignment, do not acquire collectively
Warrant Shares and/or Warrants to purchase Warrant Shares constituting at least
one third of the total number of Warrant Shares then issued or issuable upon the
exercise of all the outstanding Warrants.]

         (c) The Company shall use commercially reasonable efforts to keep each
Registration Statement filed pursuant to Section 2(a) or (b) continuously
effective and usable for the resale of the Registrable Shares covered thereby
for a period of 180 days from the date on which the SEC declares such
Registration Statement effective, as such period may be extended pursuant to
this Section 2, or if shorter, until all the Registrable Shares covered by such
Registration Statement have been sold pursuant to such Registration Statement.

         (d) The Company shall be entitled to postpone the filing of any
Registration Statement otherwise required to be prepared and filed by the
Company pursuant to this Section 2, or suspend the use of any effective
Registration Statement under this Section 2, for a reasonable period of time
which shall be as short as practicable, but in any event not in excess of 90
days (a "Delay Period"), if the Company determines in good faith that the
registration and distribution of the Registrable Shares covered or to be covered
by such Registration Statement would materially interfere with any pending
material financing, acquisition or corporate reorganization or other material
corporate development involving the Company or any of its subsidiaries or would
require premature disclosure thereof and promptly gives the Holders written
notice of such determination, containing a statement of the reasons for such
postponement and an approximation of the period of the anticipated delay;
provided, however, that (i) the aggregate number of days included in all Delay
Periods during any consecutive 12 months shall not exceed the aggregate of (x)
180 days minus (y) the number of days occurring during all Hold Back Periods and
Interruption Periods during such consecutive 12 months and (ii) a period of at
least 90 days shall elapse between the termination of any Delay Period, Hold
Back Period or Interruption Period and the commencement of the immediately
succeeding Delay Period. If the Company shall so postpone the filing of a
Registration Statement, the Holders of Registrable Shares to be registered shall
have the right to withdraw the request for registration by giving written notice
from the Holders of a majority of the Registrable Shares that were to be
registered to the Company within 45 days after receipt of the notice of
postponement or, if earlier, the termination of such Delay Period. The time
period for which the Company is required to maintain the effectiveness of any
Registration Statement shall be extended by the aggregate number of days of all
Delay Periods, all Hold Back Periods and all Interruption Periods occurring
during such Registration and such period and any extension thereof is
hereinafter referred to as the "Effectiveness Period". The Company shall not be
entitled to initiate a Delay Period unless it shall (A) to the extent permitted
by agreements with other security holders of the Company, concurrently prohibit
sales by such other security holders under registration statements covering

                                       5
<PAGE>

securities held by such other security holders and (B) in accordance with the
Company's policies from time to time in effect, forbid purchases and sales in
the open market by senior executives of the Company.

         (e) The Company shall not include any securities that are not
Registrable Shares in any Registration Statement filed pursuant to this Section
2 without the prior written consent of a Majority-in-Interest of the Holders of
the Registrable Shares covered by such Registration Statement.

         (f) The Demanding Holders may, at any time prior to the effective date
of the Registration Statement relating to a Demand Registration, revoke such
request by providing a written notice to the Company revoking such request. In
the event of such revocation, the Demanding Holders shall reimburse the Company
for all of its out-of-pocket expenses incurred in connection with the
preparation, filing and processing of the Registration Statement, unless (i)
there has been a material adverse change in the business, assets, properties,
condition (financial or other), results of operations or prospects of the
Company and its subsidiaries, since the time of the Demand Notice, (ii) such
revocation was based on the Company's failure to comply in any material respect
with its obligations hereunder or (iii) the Demanding Holders choose to count
the Demand Registration as one of the Demand Registrations to which the
Demanding Holders are entitled pursuant to the second-to-last sentence of
Section 2(b)(ii).

     SECTION 3. Piggyback Registration. (a) Right to Piggyback. If at any time
the Company proposes to file a registration statement under the Securities Act
with respect to a public offering of securities of the same type as the
Registrable Shares for its own account (other than a registration statement (i)
on Form S-8 or any successor form thereto, (ii) filed solely in connection with
a dividend reinvestment plan or employee benefit plan covering officers or
directors of the Company or its Affiliates or (iii) on Form S-4 or any successor
form thereto, in connection with a merger, acquisition or similar corporate
transaction) or for the account of any holder of securities of the same type as
the Registrable Shares, then the Company shall give written notice of such
proposed filing to the Holders at least 30 days before the anticipated filing
date. Such notice shall offer the Holders the opportunity to register such
amount of Registrable Shares as they may request (a "Piggyback Registration").
Subject to Section 3(b) hereof, the Company shall include in each such Piggyback
Registration all Registrable Shares with respect to which the Company has
received written requests for inclusion therein within 20 days after notice has
been given to the Holders. Each Holder shall be permitted to withdraw all or any
portion of the Registrable Shares of such Holder from a Piggyback Registration
at any time prior to the effective date of such Piggyback Registration.

     (b) Priority on Piggyback Registrations. The Company shall permit the
Holders to include all such Registrable Shares on the same terms and conditions
as any similar securities, if any, of the Company included therein.
Notwithstanding the foregoing, if the Company or the managing underwriter or
underwriters participating in such offering advise the Holders in writing that
the total amount of securities requested to be included in such Piggyback
Registration exceeds the amount which can be sold in (or during the time of)
such offering without delaying or jeopardizing the success of the offering
(including the price per share of the

                                       6
<PAGE>

securities to be sold), then the amount of securities to be offered for the
account of the Holders and other holders of securities who have piggyback
registration rights with respect thereto shall be reduced (to zero if necessary)
pro rata on the basis of the number or amount of Common Stock (or the
equivalent) requested to be registered by each such Holder or holder
participating in such offering.

     (c) Right To Abandon. Nothing in this Section 3 shall create any liability
on the part of the Company to the Holders if the Company in its sole discretion
should decide not to file a registration statement proposed to be filed pursuant
to Section 3(a) hereof or to withdraw such registration statement subsequent to
its filing, regardless of any action whatsoever that a Holder may have taken,
whether as a result of the issuance by the Company of any notice hereunder or
otherwise.

     SECTION 4. Holdback Agreement. If (i) the Company shall file a registration
statement (other than in connection with the registration of securities issuable
pursuant to an employee stock option, stock purchase or similar plan or pursuant
to a merger, exchange offer or a transaction of the type specified in Rule
145(a) under the Securities Act) with respect to the Common Stock or similar
securities or securities convertible into, or exchangeable or exercisable for,
such securities and (ii) with reasonable prior notice, the Company (in the case
of a nonunderwritten public offering by the Company pursuant to such
registration statement) advises the Holders in writing that a public sale or
distribution of such Registrable Shares would materially adversely affect such
offering or the managing underwriter or underwriters (in the case of an
underwritten public offering by the Company pursuant to such registration
statement) advises the Company in writing (in which case the Company shall
notify the Holders with a copy of such underwriter's notice) that a public sale
or distribution of Registrable Shares would materially adversely impact such
offering, then each Holder shall, to the extent not inconsistent with applicable
law, refrain from effecting any public sale or distribution of Registrable
Shares during the ten (10) days prior to the effective date of such registration
statement and until the earliest of (A) the abandonment of such offering, (B)
180 days after the effective date of such registration statement and (C) if such
offering is an underwritten offering, the termination in whole or in part of any
"hold back" period obtained by the underwriter or underwriters in such offering
from the Company in connection therewith (each such period, a "Hold Back
Period"), provided, that the Holder shall be under no such obligation unless
each other beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
at least 5% of the Company's Common Stock and each director and executive
officer of the Company also agrees to refrain from effecting any such public
sale or distribution.

     SECTION 5. Registration Procedures. In connection with the registration
obligations of the Company pursuant to and in accordance with Sections 2 and 3
hereof (and subject to Sections 2 and 3 hereof), the Company shall use
commercially reasonable efforts to effect such registration to permit the sale
of such Registrable Shares in accordance with the intended method or methods of
disposition thereof, and pursuant thereto the Company shall as expeditiously as
possible (but subject to Sections 2 and 3 hereof):

                                       7
<PAGE>

     (a) prepare and file with the SEC a Registration Statement for the sale of
the Registrable Shares on any form for which the Company then qualifies or which
counsel for the Company shall deem appropriate in accordance with such Holders'
intended method or methods of distribution thereof, subject to Section 2 hereof,
and use commercially reasonable efforts to cause such Registration Statement to
become effective and remain effective as provided herein;

     (b) prepare and file with the SEC such amendments (including post-effective
amendments) to such Registration Statement, and such supplements to the related
Prospectus, as may be required by the applicable rules, regulations or
instructions under the Securities Act during the applicable period in accordance
with the intended methods of disposition specified by the Holders of the
Registrable Shares covered by such Registration Statement, make generally
available earnings statements satisfying the provisions of Section 11(a) of the
Securities Act (provided that the Company shall be deemed to have complied with
this clause if it has complied with Rule 158 under the Securities Act), and
cause the related Prospectus as so supplemented to be filed pursuant to Rule 424
under the Securities Act; provided, however, that before filing a Registration
Statement or Prospectus, or any amendments or supplements thereto (other than
reports required to be filed by it under the Exchange Act), the Company shall
furnish to the Holders of Registrable Shares covered by such Registration
Statement and their counsel for review and comment, copies of all documents
required to be filed;

     (c) notify the Holders of any Registrable Shares covered by such
Registration Statement promptly and (if requested) confirm such notice in
writing, (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to such Registration Statement or
any post-effective amendment, when the same has become effective, (ii) of any
request by the SEC for amendments or supplements to such Registration Statement
or the related Prospectus or for additional information regarding such Holders,
(iii) of the issuance by the SEC of any stop order suspending the effectiveness
of such Registration Statement or the initiation of any proceedings for that
purpose, (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any of
the Registrable Shares for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, and (v) of the happening of any
event that requires the making of any changes in such Registration Statement,
Prospectus or documents incorporated or deemed to be incorporated therein by
reference so that they will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading;

     (d) use commercially reasonable efforts to obtain the withdrawal of any
order suspending the effectiveness of such Registration Statement, or the
lifting of any suspension of the qualification or exemption from qualification
of any Registrable Shares for sale in any jurisdiction in the United States;

     (e) furnish to the Holder of any Registrable Shares covered by such
Registration Statement, each counsel for such Holders and each managing
underwriter, if any, without charge, one conformed copy of such Registration
Statement, as declared effective by the SEC, and of each post-effective
amendment thereto, in each case including financial statements

                                       8
<PAGE>

and schedules and all exhibits and reports incorporated or deemed to be
incorporated therein by reference; and deliver, without charge, such number of
copies of the preliminary prospectus, any amended preliminary prospectus, each
final Prospectus and any post- effective amendment or supplement thereto, as
such Holder may reasonably request in order to facilitate the disposition of the
Registrable Shares of such Holder covered by such Registration Statement in
conformity with the requirements of the Securities Act;

     (f) prior to any public offering of Registrable Shares covered by such
Registration Statement, use commercially reasonable efforts to register or
qualify such Registrable Shares for offer and sale under the securities or Blue
Sky laws of such jurisdictions as the Holders of such Registrable Shares shall
reasonably request in writing; provided, however, that the Company shall in no
event be required to qualify generally to do business as a foreign corporation
or as a dealer in any jurisdiction where it is not at the time so qualified or
to execute or file a general consent to service of process in any such
jurisdiction where it has not theretofore done so or to take any action that
would subject it to general service of process or taxation in any such
jurisdiction where it is not then subject;

     (g) upon the occurrence of any event contemplated by paragraph 5(c)(v)
above, prepare a supplement or post-effective amendment to such Registration
Statement or the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference and file any other required document so that,
as thereafter delivered to the purchaser of the Registrable Shares being sold
thereunder (including upon the termination of any Delay Period), such Prospectus
will not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading;

     (h) use its best efforts to cause all Registrable Shares covered by such
Registration Statement to be listed on each securities exchange, if any, on
which similar securities issued by the Company are then listed or quoted and, if
no such securities are so listed, to be listed on the Nasdaq Stock Market and,
if listed on the Nasdaq Stock Market, use its best efforts to secure designation
of all such Registrable Shares covered by such registration statement as "NASDAQ
Securities" within the meaning of Rule 11Aa2-1 promulgated under the Exchange
Act or, failing that, to secure Nasdaq Stock Market authorization for such
Registrable Shares and, without limiting the generality of the foregoing, to
arrange for at least two market makers to register as such with respect to such
Registrable Shares with the National Association of Securities Dealers, Inc.
(the "NASD");

     (i) on or before the effective date of such Registration Statement, provide
the transfer agent of the Company for the Registrable Shares with printed
certificates for the Registrable Shares covered by such Registration Statement,
which are in a form eligible for deposit with The Depository Trust Company;

     (j) make available for inspection by any Holder of Registrable Shares
included in such Registration Statement, any underwriter participating in any
offering pursuant to such Registration Statement, and any attorney, accountant
or other agent retained by any such

                                       9
<PAGE>

Holder or underwriter (collectively, the "Inspectors"), all financial and other
records and other information, pertinent corporate documents and properties of
any of the Company and its subsidiaries and affiliates (collectively, the
"Records"), as shall be reasonably necessary to enable them to exercise their
due diligence responsibilities; provided, however, that the Records that the
Company determines, in good faith, to be confidential and which it notifies the
Inspectors in writing are confidential shall not be disclosed to any Inspector
unless such Inspector signs a confidentiality agreement reasonably satisfactory
to the Company (which shall permit the disclosure of such Records in such
Registration Statement or the related Prospectus if necessary to avoid or
correct a material misstatement in or material omission from such Registration
Statement or Prospectus) or either (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in such Registration
Statement or (ii) the release of such Records is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction; provided further,
however, that (A) any decision regarding the disclosure of information pursuant
to subclause (i) shall be made only after consultation with counsel for the
applicable Inspectors and the Company and (B) with respect to any release of
Records pursuant to subclause (ii), each Holder of Registrable Shares agrees
that it shall, promptly after learning that disclosure of such Records is sought
in a court having jurisdiction, give notice to the Company so that the Company,
at the Company's expense, may undertake appropriate action to prevent disclosure
of such Records; and

     (k) if such offering is an underwritten offering, enter into such
agreements (including an underwriting agreement in form, scope and substance as
is customary in underwritten offerings) and take all such other appropriate and
reasonable actions requested by the Holders of a majority of the Registrable
Shares being sold in connection therewith (including those reasonably requested
by the managing underwriters) in order to expedite or facilitate the disposition
of such Registrable Shares, and in such connection, (i) use commercially
reasonable efforts to obtain opinions of counsel to the Company and updates
thereof (which counsel and opinions (in form, scope and substance) shall be
reasonably satisfactory to the managing underwriters and counsel to the Holders
of the Registrable Shares being sold), addressed to each selling Holder of
Registrable Shares covered by such Registration Statement and each of the
underwriters as to the matters customarily covered in opinions requested in
underwritten offerings and such other matters as may be reasonably requested by
such counsel and underwriters, (ii) use commercially reasonable efforts to
obtain "cold comfort" letters and updates thereof from the independent certified
public accountants of the Company (and, if necessary, any other independent
certified public accountants of any subsidiary of the Company or of any business
acquired by the Company for which financial statements and financial data are,
or are required to be, included in the Registration Statement), addressed to
each selling holder of Registrable Shares covered by the Registration Statement
(unless such accountants shall be prohibited from so addressing such letters by
applicable standards of the accounting profession) and each of the underwriters,
such letters to be in customary form and covering matters of the type
customarily covered in "cold comfort" letters in connection with underwritten
offerings, (iii) if requested and if an underwriting agreement is entered into,
provide indemnification provisions and procedures reasonably requested by such
underwriters. The above shall be done at each closing under such underwriting or
similar agreement, or as and to the extent required thereunder. The Company may
require each Holder of Registrable Shares

                                       10
<PAGE>

covered by a Registration Statement to furnish such information regarding such
Holder and such Holder's intended method of disposition of such Registrable
Shares as it may from time to time reasonably request in writing. If any such
information is not furnished within a reasonable period of time after receipt of
such request, the Company may exclude such Holder's Registrable Shares from such
Registration Statement. Each Holder of Registrable Shares covered by a
Registration Statement agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 5(c)(ii),
5(c)(iii), 5(c)(iv) or 5(c)(v) hereof, that such Holder shall forthwith
discontinue disposition of any Registrable Shares covered by such Registration
Statement or the related Prospectus until receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(g) hereof, or until
such Holder is advised in writing by the Company that the use of the applicable
Prospectus may be resumed, and has received copies of any amended or
supplemented Prospectus or any additional or supplemental filings which are
incorporated, or deemed to be incorporated, by reference in such Prospectus
(such period during which disposition is discontinued being an "Interruption
Period") and, if requested by the Company, the Holder shall deliver to the
Company (at the expense of the Company) all copies then in its possession, other
than permanent file copies then in such holder's possession, of the Prospectus
covering such Registrable Shares at the time of receipt of such request. Each
Holder of Registrable Shares covered by a Registration Statement further agrees
not to utilize any material other than the applicable current preliminary
prospectus or Prospectus in connection with the offering of such Registrable
Shares.

     SECTION 6. Registration Expenses. Whether or not any Registration Statement
is filed or becomes effective but subject to Section 2(f), the Company shall pay
all costs, fees and expenses incident to the Company's performance of or
compliance with this Agreement, including (i) all registration and filing fees,
including NASD filing fees, (ii) all fees and expenses of compliance with
securities or Blue Sky laws, including reasonable fees and disbursements of
counsel in connection therewith, (iii) printing expenses (including expenses of
printing certificates for Registrable Shares and of printing prospectuses if the
printing of prospectuses is requested by the Holders or the managing
underwriter, if any), (iv) messenger, telephone and delivery expenses, (v) fees
and disbursements of counsel for the Company, (vi) fees and disbursements of all
independent certified public accountants of the Company (including expenses of
any "cold comfort" letters required in connection with this Agreement) and all
other Persons retained by the Company in connection with such Registration
Statement, (vii) fees and disbursements of one counsel, other than the Company's
counsel, representing all of the Holders of Registrable Shares being registered,
selected by a Majority-in-Interest of Holders of the Registrable Shares being
registered, or in the event of a Demand Registration, selected by the Demanding
Holders and reasonably satisfactory to a Majority-in-Interest of Holders of the
Registrable Shares being registered other than the Demanding Holders, (viii)
fees and disbursements of underwriters customarily paid by the issuers or
sellers of securities and (ix) all other costs, fees and expenses incident to
the Company's performance or compliance with this Agreement. Notwithstanding the
foregoing, any discounts, commissions or brokers' fees or fees of similar
securities industry professionals and any transfer taxes relating to the
disposition of the Registrable Shares by a Holder, will be payable by such
Holder and the Company will have no obligation to pay any such amounts.

                                       11
<PAGE>

     SECTION 7. Underwriting Requirements. (a) Subject to Section 7(b) hereof,
the Demanding Holders shall have the right, by written notice, to require that
any Demand Registration provide for an underwritten offering.

     (b) In the case of any underwritten offering pursuant to a Demand
Registration, the Demanding Holders shall select the institution or institutions
that shall manage or lead such offering, which institution or institutions shall
be reasonably satisfactory to the Company. In the case of any underwritten
offering pursuant to a Piggyback Registration, the Company shall select the
institution or institutions that shall manage or lead such offering. No Holder
shall be entitled to participate in an underwritten offering unless and until
such Holder has entered into an underwriting or other agreement with such
institution or institutions for such offering in such form as the Company and
such institution or institutions shall determine.

     (c) Each Holder participating in a Registration shall promptly supply in
writing such information as the Demanding Holders, the Company or the
underwriters reasonably request.

     SECTION 8. Indemnification. (a) Indemnification by the Company. The Company
shall, without limitation as to time, indemnify and hold harmless, to the full
extent permitted by law, each Holder of Registrable Shares whose Registrable
Shares are covered by a Registration Statement or Prospectus, the officers,
directors and agents and employees of each of them, each Person who controls
each such Holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the officers, directors, agents and
employees of each such controlling Person, to the fullest extent lawful, from
and against any and all losses, claims, damages, liabilities, judgment, costs
(including, without limitation, costs of investigation, preparation and
reasonable attorneys' fees) and expenses (collectively, "Losses"), as incurred,
arising out of or based upon any untrue or alleged untrue statement of a
material fact contained in such Registration Statement or Prospectus or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out
of or based upon any omission or alleged omission of a material fact required to
be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are based upon information furnished in writing to
the Company by or on behalf of such Holder expressly for use therein.

     (b) Indemnification by Holder of Registrable Shares. In connection with any
Registration Statement in which a Holder is participating, such Holder shall
indemnify and hold harmless, to the full extent permitted by law, the Company,
its directors, officers, agents or employees, each Person who controls the
Company (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act) and the directors, officers, agents or employees of such
controlling Persons, from and against all Losses arising out of or based upon
any untrue or alleged untrue statement of a material fact contained in such
Registration Statement or the related Prospectus or any amendment or supplement
thereto, or any preliminary prospectus, or arising out of or based upon any
omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, to the extent, but only
to the extent, that such untrue or alleged untrue statement or omission or
alleged omission is based upon any information furnished in writing by or on
behalf of such Holder to

                                       12
<PAGE>

the Company expressly for use in such Registration Statement or Prospectus. Each
Holder's indemnity obligations under this Section 8 shall be limited to the
total sales proceeds (net of all underwriting discounts and commissions)
actually received by such Holder in connection with the applicable offering.

     (c) Conduct of Indemnification Proceedings. If any Person shall be entitled
to indemnity hereunder (an "indemnified party"), such indemnified party shall
give prompt notice to the party from which such indemnity is sought (the
"indemnifying party") of any claim or of the commencement of any proceeding with
respect to which such indemnified party seeks indemnification or contribution
pursuant hereto; provided, however, that the delay or failure to so notify the
indemnifying party shall not relieve the indemnifying party from any obligation
or liability except to the extent that the indemnifying party has been
prejudiced by such delay or failure. The indemnifying party shall have the
right, exercisable by giving written notice to an indemnified party promptly
after the receipt of written notice from such indemnified party of such claim or
proceeding, to assume, at the indemnifying party's expense, the defense of any
such claim or proceeding, with counsel reasonably satisfactory to such
indemnified party; provided, however, that (i) an indemnified party shall have
the right to employ separate counsel in any such claim or proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless: (1) the indemnifying
party agrees to pay such fees and expenses; (2) the indemnifying party fails
promptly to assume the defense of such claim or proceeding or fails to employ
counsel reasonably satisfactory to such indemnified party; or (3) the named
parties to any proceeding (including impleaded parties) include both such
indemnified party and the indemnifying party, and such indemnified party shall
have been advised by counsel that there may be one or more legal defenses
available to it that are inconsistent with those available to the indemnifying
party or that a conflict of interest is likely to exist among such indemnified
party and any other indemnified parties (in which case the indemnifying party
shall not have the right to assume the defense of such action on behalf of such
indemnified party); and (ii) subject to clause (3) above, the indemnifying party
shall not, in connection with any one such claim or proceeding or separate but
substantially similar or related claims or proceedings in the same jurisdiction,
arising out of the same general allegations or circumstances, be liable for the
fees and expenses of more than one firm of attorneys (together with appropriate
local counsel) at any time for all of the indemnified parties, or for fees and
expenses that are not reasonable. Whether or not such defense is assumed by the
indemnifying party, such indemnified party shall not be subject to any liability
for any settlement made without its consent. The indemnifying party shall not
consent to entry of any judgment or enter into any settlement unless (i) there
is no finding or admission of any violation of any rights of any Person and no
effect on any other claims that may be made against the indemnified party, (ii)
the sole relief provided is monetary damages that are paid in full by the
indemnifying party and (iii) such judgment or settlement includes as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release, in form and substance reasonably satisfactory to
the indemnified party, from all liability in respect of such claim or litigation
for which such indemnified party would be entitled to indemnification hereunder.

                                       13
<PAGE>

     (d) Contribution. If the indemnification provided for in this Section 8 is
unavailable to an indemnified party in respect of any Losses (other than in
accordance with its terms), then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Losses, in such proportion
as is appropriate to reflect the relative fault of the indemnifying party, on
the one hand, and such indemnified party, on the other hand, in connection with
the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such indemnifying
party, on the one hand, and indemnified party, on the other hand, shall be
determined by reference to, among other things, whether any action in question,
including any untrue statement of a material fact or omission or alleged
omission to state a material fact, has been taken by, or relates to information
supplied by, such indemnifying party or indemnified party, and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent any such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include any legal or other
fees or expenses incurred by such party in connection with any investigation or
proceeding. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by pro rata
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 8(d), an indemnifying party that
is a Holder shall not be required to contribute any amount which is in excess of
the amount by which the total proceeds (net of all underwriting discounts and
commissions) received by such Holder from the sale of the Registrable Shares
sold by such Holder in the applicable offering exceeds the amount of any damages
that such indemnifying party 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.

     SECTION 9. Granting of Registration Rights. The Company shall not grant any
registration rights inconsistent with those granted hereunder or that give any
security holder a position with respect to cut-backs that are superior to the
Holders' position as granted herein, without the consent of a
Majority-in-Interest of the Holders of the Registrable Shares (voting together
as a single class).

     SECTION 10. Miscellaneous. (a) Rules 144 and 144A. The Company covenants
that it will file any reports required to be filed by it under the Securities
Act and the Exchange Act so as to enable Holders holding Registrable Shares to
sell such Registrable Shares without registration under the Securities Act
within the limitation of the exemptions provided by (a) Rules 144 and 144A under
the Securities Act, as each such Rule may be amended from time to time, or (b)
any similar rule or rules hereafter adopted by the SEC. Upon the request of any
such Holder, the Company will forthwith deliver to such Holder a written
statement as to whether it has complied with such requirements.

     (b) Termination. This Agreement and the obligations of the Company and the
Holders hereunder (other than Section 8 hereof) shall terminate on the first
date on which no

                                       14
<PAGE>

Registrable Shares and no securities convertible into or exercisable for
Registrable Shares remain outstanding.

     (c) Notices. All notices, demands, requests, or other communications which
may be or are required to be given, served, or sent by any party to any other
party pursuant to this Agreement shall be in writing and shall be mailed by
first-class, registered or certified mail, return receipt requested, postage
prepaid, or transmitted by hand delivery (including delivery by courier), or
facsimile transmission, addressed as follows:

         (i)      If to the Company:
                  SEMX Corporation
                  1 Labriola Court
                  Armonk, NY 10504
                  Attention: Gilbert D. Raker, Chairman, President and CEO
                  Facsimile: (914) 273-5860

                  with a copy to:

                  Joel Salon, Esquire
                  Salon, Marrow, Dyckman & Newman, LLP
                  685 Third Avenue
                  New York, NY 10017
                  Facsimile: (212) 661-3339

         (ii) If to any Holder, at its last known address appearing on the books
of the Company maintained for such purpose. Each party may designate by notice
in writing a new address to which any notice, demand, request or communication
may thereafter be so given, served or sent. Each notice, demand, request or
communication shall be deemed to have been duly given five business days after
being deposited in the mail, postage prepaid, if mailed; when delivered by hand,
if personally delivered; or upon receipt, if sent by facsimile (followed by a
confirmation copy sent by either overnight or two (2) day courier).

     (d) Separability. If any provision of this Agreement shall be declared to
be invalid or unenforceable, in whole or in part, such invalidity or
unenforceability shall not affect the remaining provisions hereof which shall
remain in full force and effect.

     (e) Assignment. Subject to the restrictions on assignment set forth in
Section 2(b)(iii), this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, devisees, legatees, legal
representatives, successors and assigns.

                                       15
<PAGE>

     (f) Entire Agreement. This Agreement represents the entire agreement of the
parties and shall supersede any and all previous contracts, arrangements or
understandings between the parties hereto with respect to the subject matter
hereof.

     (g) Amendments and Waivers. Except as otherwise provided herein, the
provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
unless the Company has obtained the written consent of a Majority-in-Interest of
the Holders.

     (h) Interpretation. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

     (i) Counterparts. This Agreement may be executed in two or more
counterparts, all of which shall be one and the same agreement, and shall become
effective when counterparts have been signed by each of the parties and
delivered to each other party.

     (j) Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

     (k) Arbitration. Any claim or dispute between the parties hereto arising
out of or in connection with this Agreement or any of the provisions hereof, or
the interpretation, meaning or effect hereof, or the transactions contemplated
hereby, shall be submitted to and determined by arbitration in New York, New
York in accordance with the procedures, rules and regulations of the American
Arbitration Association as in effect at such time. The decision, findings or
award of the arbitrator(s) in the matter shall be final and nonappealable and
upon the parties (and their respective successors) with respect to the subject
matter herein concerned, and judgment thereon may be entered in any court or
forum having jurisdiction thereof.

     (l) Calculation of Time Periods. Except as otherwise indicated, all periods
of time referred to herein shall include all Saturdays, Sundays and holidays;
provided, however, that if the date to perform the act or give any notice with
respect to this Agreement shall fall on a day other than a Business Day, such
act or notice may be timely performed or given if performed or given on the next
succeeding Business Day.

                  [Remainder of Page Intentionally Left Blank]

                                       16
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date and year first written above.

                               SEMX CORPORATION

                               By: /s/
                                  ---------------------------------
                                  Name:  Gilbert D. Raker
                                  Title: Chairman, President and CEO

                               ACI CAPITAL AMERICA FUND, LP
                               By: ACI Capital America GP, LLC, its General
                                   Partner

                                   By: /s/
                                      ---------------------------------
                                      Name:  Kevin S. Penn
                                      Title: Managing Member

                               EXETER VENTURE LENDERS, L.P.
                               By: Exeter Venture Advisors, Inc., its corporate
                                   General Partner

                                   By: /s/
                                      ---------------------------------
                                      Name:  Kurt F. Bergquist
                                      Title: Vice President

                                       17
<PAGE>

                                    EXHIBIT A

                             SCHEDULE OF PURCHASERS

<TABLE>
<CAPTION>

                                                                        Number of Shares of
Name and Address                  Number of Shares of Series B         Common Stock Subject to
 of Purchaser                       Preferred Stock Purchased                 Warrant
 ------------                       -------------------------                 -------

<S>                                       <C>                             <C>
ACI Capital America Fund, LP                90,000                          $9,000,000
65 East 55th Street
18th Floor
New York, NY 10022
Attention: Kevin S. Penn
Facsimile: (212) 634-3351

Exeter Venture Lenders, L.P.                10,000                          $1,000,000
10 East 53rd Street, 32nd Floor
New York, NY 10022
Attention: Kurt F. Bergquist
Facsimile: (212) 872-1198

</TABLE>

                                       18

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