Document:

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                       AGREEMENT FOR CONSULTING SERVICES

This Agreement is made and entered into this 16th day of April, 2001, by and
between Morris Anderson & Associates, Ltd., a corporation duly organized and
existing under the laws of the State of Illinois, with corporate offices located
at 1111 East Touhy Avenue, Des Plaines, IL 60018, (hereinafter referred to as
"MoA&A") and OPTICARE HEALTH SYSTEMS, INC., (hereinafter referred to as
"Client"). In consideration of the mutual covenants herein contained, the
parties agree as follows:

1. SCOPE OF WORK. From time to time, Client shall call upon MoA&A to provide
adequate qualified personnel to perform services for Client or on behalf of
Client for its shareholders, creditors or others. This document is a general
definition of the terms and considerations under which those projects are to be
performed. This Agreement for Consulting Services ("Agreement") is not an
authorization to execute any work or to incur any fees billable to the Client.
Such authorization must come directly from the Client in written form
("Work/Project Authorization" or "Authorization"). That Authorization may modify
any or all of the terms of this Agreement. If the Authorization does not cover
the terms and conditions detailed herein, the terms and conditions of this
Agreement shall control. In case of conflict between the terms of such
Authorization and the terms of this Agreement, the terms of the Authorization
shall control. All Authorizations must be accepted by MoA&A to be binding on
MoA&A.

2. COMPENSATION. Client will pay MoM&A for any work undertaken at the agreed
upon project price contained in the Authorization or, if no such project price
has been agreed to, Client will pay MoA&A for each man-hour devoted to the
completion of the work at an hourly rate commensurate with the background and
experience of the individual assigned by MoA&A who performs services pursuant to
the terms of any Authorization and this Agreement. Such hourly rates may be
adjusted by MoA&A from time to time during the performance of services under any
Authorization and this Agreement, in MoA&A's sole discretion upon 30 days
notice. For each project undertaken on behalf of Client for which there is an
agreed upon project price, the price will be payable to MoA&A in accordance with
the terms detailed in the Authorization. Otherwise, MoA&A will invoice weekly
for services performed hereunder and payment shall be due upon presentation of
the invoice.

3. REIMBURSEMENT OF EXPENSES. Client agrees to reimburse MoA&A for all expenses
incurred directly relating to any work undertaken hereunder. Such expenses
include but are not limited to: travel, lodging, meals, equipment and vehicle
rental, clerical supplies and services, and telephone, fax and photocopying
charges. Client shall reimburse MoA&A for all such expenses upon presentation of
the invoice for the same supported by appropriate documentation.

4. SUPPORT SERVICES. Client agrees to provide MoA&A with duplicating,
secretarial and other support services at the location of the work provided they
are reasonably necessary to

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complete the work. Should such services be unavailable at the location of the
work or it is agreed that MoA&A shall provide such services, MoA&A will charge
Client for such services at its regular hourly administrative fee. Such fee will
be due and payable upon presentation of the invoice for the same.

5. RIGHTS TO WORK OUTPUT. Client shall retain exclusive rights to ownership of
all work output hereunder. Work output includes reports issued pursuant to any
Authorization, but excludes, among other things, all working papers of MoA&A and
any correspondence, memoranda, calculations, notes, etc. that MoA&A may have
used in the development of the reports above or such working papers or in the
performance of any work covered by an Authorization. With Client's consent,
MoA&A shall have the right to designate, in writing, certain work product, as
belonging to MoA&A, prior to the creation of such work product and such
designated work product will be the exclusive property of MoA&A.

6. CANCELLATION. Either party hereto may terminate this Agreement prior to the
completion of any project or work authorized hereunder by giving notice to the
other party. Upon such termination of this Agreement, Client will pay MoA&A for
all man-hours worked in accordance with Paragraph 2 hereof up to the time of any
such termination plus all outstanding and unreimbursed expenses and
administrative fees.

7. PERSONNEL. Each party hereto agrees that it will not employ or contract with
any personnel or representatives of the other party hereto during the period of
work provided for hereunder and for a period of one (1) year thereafter without
the written agreement of the other party. This prohibition on employing
personnel or representatives of the other party extends to and bars employment,
or contracting, either directly or indirectly, by each parties' principals,
owners, investors, and affiliates, and any of their successors or assigns, or
any other entities in which any of the principals, owners or investors have more
than a five percent (5%) ownership or investment interest. In the event any
personnel or representative is employed or contracted with contrary to this
paragraph, the employing/contracting party will pay the other party one-third
(1/3) of the first full year total cash compensation to be paid by the
employing/contracting party, regardless of when actually paid to the
employed/contracted personnel or representative. In any dispute under this
provision, the prevailing party will be entitled to its attorney fees and costs
from the other party.

8. INDEPENDENT CONTRACT. Neither MoA&A nor any of its personnel, nor any entity
or personnel performing work or services for MoA&A hereunder shall be deemed to
be an agent, employee, officer or director of Client. Instead, they shall be
deemed to be an independent contractor for Client, except that any personnel of
MoA&A who serves as an elected corporate officer of Client (but not MoA&A) or as
a director, executive or other employee shall be considered an agent or employee
of Client. MoA&A is a Consultant. MoA&A is being retained by Client only as a
consultant. MoA&A is not being hired or retained as an employee, officer or
director of Client. In making decisions with respect to consulting with Client
under this Agreement or taking any other action related to or in connection with
this Agreement, MoA&A shall have no liability to any third party, and shall not
be deemed to be in control of the operations of the Client, or to be an "owner
or operator" or acting as a "responsible person" or managing agent with respect
to the operation or management of the Client.

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9. LIMITATION OF LIABILITY. MoA&A assumes no responsibility or liability under
this Agreement other than to render the services called for hereunder in good
faith, and shall not be responsible for any action taken by Client in following
or declining to follow any advice or recommendations of MoA&A. MoA&A shall only
be liable to Client by reason of acts by MoA&A constituting willful or wanton
misconduct. MoA&A makes no warranties (including any warranties as to
merchantability or fitness) either expressed or implied with respect to any
product or goods supplied by MoA&A or others. Client shall be limited to the
warranties of the respective manufacturers of the products and goods supplied.
MoA&A shall not be liable for any loss or damages resulting from its performance
or failure to perform or resulting from Clients' reliance on counsel given.
MoA&A shall not be liable for any consequential or special damages arising out
of the performance of work or failure to perform work or services or for counsel
given.

10. CONFIDENTIALITY AND INDEPENDENCE. MoA&A will maintain in strict confidence
any and all information of a non-public nature relating to Client or its
business that it may gain or develop in the course of its engagement by Client
(including, without limitation, its own work product and advice to Client), and
will not disclose any such information to any person during or after its
engagement by Client except with the written consent of Client, as permitted by
law or as required by court order. In addition, if information is communicated
to MoA&A or developed by MoA&A at any time which indicates that Client or any of
its affiliates, officers, employees, or shareholders may have been or may be
involved in fraudulent activities of any nature, such information may be
disclosed to any third party as MoA&A, in its sole discretion, deems
appropriate. Upon termination of this Agreement, MoA&A will return to Client all
materials of a non-public nature received from Client in the course of its
engagement, and will either deliver to Client or destroy any copies thereof that
it may have made or received.

MoA&A receives referrals and maintains business relationships with banks,
insurance companies, financial organizations, investors, attorneys, etc. on a
regular basis and has a variety of financial interests. Such relationships and
interests, however, are always dealt with separately from Client's business. In
conjunction with the confidentiality agreement contained herein, MoA&A will not
without Client's consent during the term of this Agreement nor thereafter
knowingly provide any services to any person or entity regarding Client's
business, other than to Client.

11. DISCLAIMER OF CONTROL OVER ENVIRONMENTAL DECISIONS. MoA&A shall not exercise
authority or control over Client's operations or participate in arranging for
the disposal of hazardous wastes and shall not have the ability or power to
direct corporate activities of the Client regarding hazardous waste disposal,
storage and other practices relating in any way to Client's environmental
matters. Furthermore, MoA&A shall not control or have authority over the
activities of a facility from which hazardous substances are released and MoA&A
shall not participate in the management of such a facility. MoA&A shall not be
liable for any environmental response costs incurred by Client or others under
CERCLA or any other applicable state environmental laws and Client shall
indemnify and hold MoA&A harmless for any such costs incurred.

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12. INSURANCE INDEMNIFICATION.

     (a) During the term of MoA&A's retention by the Client during the term of
this Agreement, the Client shall maintain in full force and effect directors'
and officer's liability and commercial liability insurance (including without
limitation fidelity insurance coverage) in commercially reasonable amounts with
responsible, licensed insurance carriers which insures MoA&A and each of its
employees, representatives, contractors and agents acting in the capacity of
Executive Officer, Chief Operating Officer, director, manager, employee,
representative, agent, or other officer of the Client (whether in name or in
fact), and names MoA&A and each such individual as additional insureds thereon,
against all such liabilities ordinarily covered under such directors' and
officers' and commercial liability and fidelity coverage. Client shall provide
MoA&A with a certificate evidencing that such insurance coverage is in full
force and effect at all times during which such services are performed
hereunder.

     (b) Client shall indemnify and hold harmless MoA&A and such of its
employees, representatives, contractors and agents acting in the capacity of
Executive Officer, Chief Operating Officer, director, manager, employee,
representative, agent, or other officer of the Client (whether in name or in
fact) for and against any loss, cost or damage sustained or incurred by such
indemnified parties on account of their respective actual or alleged acts or
omissions as though they formally held such offices, directorships and/or
positions with the Client to the full extent authorized by the Business
Corporation Act of Illinois and the Client's By-Laws; provided, however, that
the foregoing indemnification shall be deemed null and void and of no effect on
the parties in the event that (and to the extent that) such indemnification
limits, terminates, novates or makes voic all or any portions of the insurance
coverage maintained and to be maintained by the Client pursuant to subparagraph
(a) above.

13. AUTHORIZATION. Client warrants and represents that this Agreement has been
duly authorized by Client's Board of Directors and that this Agreement
represents the valid and binding obligation of Client.

14. HEADINGS. Paragraph headings of this Agreement have been inserted for
convenience of reference only and shall not be construed to affect the meaning
of this Agreement.

15. GOVERNING LAW. The terms of this Agreement shall be construed, interpreted
and enforced under laws of the State of Illinois.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
first above written.

Morris Anderson & Associates, Ltd.              OPTICARE HEALTH SYSTEMS, INC.

By: /s/ Alan J. Glazer                          By: /s/ Dean J. Yimoyines
    ------------------------------                  ----------------------------
          Its President                                  Its President

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                        MoA&A WORK/PROJECT AUTHORIZATION

In accordance with our Agreement for Consulting Services dated the 16th day of
April, 2001 the undersigned Client OPTICARE HEALTH SYSTEMS, INC. hereby
authorizes MoA&A to undertake the following work and/or projects, at the
specified fees, all as stated below:

DESCRIPTION OF WORK TO BE PERFORMED

TASK #1   DIAGNOSTIC ACTIVITY

     A.   Review and analyze Client's current operations, current and
          prospective markets and products, market positions, organization and
          financial condition

     B.   Establish with Client's top management input, clearly stated
          financial, operational, and organizational objectives.

     C.   Advise Client of strategic changes and alternative courses of action,
          if any, that are required to reach the above stated objectives.

TASK #2   REVITALIZATION PLAN DEVELOPMENT

     A.   Based upon analysis findings and conclusions developed in above,
          confirm and/or prepare and document Client's formal Revitalization
          Business Plan including:

          1.   Detailed outline of Client's strategies, tactical action plans
               and related Timetables with implementation plan for sales,
               marketing, and operations, personnel and organization,
               distribution, and financing.

          2.   Detailed 12-month cash projections and statements of profit and
               loss and financial condition, including detailed underlying
               assumptions.

          3.   Support narrative convering Client history, products, services
               and operations, customer base, competition, management team, and
               financial performance and condition.

     B.   Completed Revitalization Business Plan documents will be presented to
          Client's management for use in implementing internal operating and
          marketing plans as well as presentation to stakeholders.

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TASK #3   REVITALIZATION IMPLEMENTATION

     A.   Present, negotiate and seek approval commitments from all impact
          parties to implement the Revitalization Plan.

     B.   Assist Client's management, as needed, in implementing specific
          marketing, distribution, operational and/or organization strategies
          and action plans.

TASK #4   STABILIZATION ACTIVITIES

     A.   Provide Client with qualified interim management support personnel who
          will work in conjunction with present management to operate the
          day-to-day business affairs of the Client, if and when requested. In
          addition, MoA&A will provide the services of Alan J. Glazer to provide
          the services of Chief Restructuring Officer (CRO) to work in
          conjunction with the Chief Executive Officer and reporting to the
          Board of Directors until Debt Rest, or such time as a satisfactory
          replacement can be oriented to this position. The principal activity
          of the CRO, in addition to traditional position responsibilities will
          be to oversee all of the work provided to Client by MoA&A and to
          implement the Revitalization Plan once it has been adopted.

     B.   Serve as Client's liaison with its secured lenders, creditors and
          other impact parties, to maintain stable operating relationships, and
          negotiate with those parties on behalf of Client until the
          Revitalization Plan has been adopted and implementation begun, and CRO
          at all times will be delegated and have all powers and authority as is
          necessary or appropriate to enable such CRO to carry out such
          responsiblity.

CONSULTING PROJECT FEES

Consulting fees for the work described above will be based on the following
billing rates:

                Partners & Principals                   $300-350/hour
                Senior Consultants/ Specialists         $155-275/hour
                Consultants                             $75-150/hour
                Support Staff                           $25-100/hour

Client will reimburse MoA&A for all reasonable expenses incurred under this Work
Authorization in accordance with the terms specified under Agreement for
Consulting Services dated 4/16, 2001.

Upon signing of this Authorization, MoA&A will receive a retainer of $25,000
prior to commencement of the activities described herein. Subject to the
provisions of the Agreement for Consulting Services, hourly fees and expenses
will be billed and payable on a weekly basis. The retainer above will be applied
to the last $25,000 of fees and expenses due and payable hereunder.

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CANCELLATION

This Authorization can be canceled by either party at any time prior to the
completion of this Authorization in accordance with Paragraph 6 of the
Agreement.

                                             OPTICARE HEALTH SYSTEMS, INC.

Dated:  4/16/01                              By: /s/ Dean J. Yimoyines
        -------                                  -------------------------
                                                     Its _____ President

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                                       1

                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                         OPTICARE HEALTH SYSTEMS, INC.
                           Void after October 1, 2005

               THE SALE, TRANSFER, ASSIGNMENT, PLEDGE OR HYPOTHECATION
               OF THE WARRANT REPRESENTED BELOW IS SUBJECT TO THE
               REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF
               1933, AS AMENDED (THE "ACT"). THIS WARRANT MAY NOT BE
               SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED
               UNLESS DULY REGISTERED UNDER THE ACT OR UNLESS, IN THE
               OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
               COMPANY, SUCH TRANSACTION IS EXEMPT FROM THE
               REGISTRATION PROVISIONS OF THE ACT.

This certifies that, for value received,                          ("Holder") is
entitled, subject to the terms set forth below, to purchase from OPTICARE HEALTH
SYSTEMS, INC., a Delaware corporation (the "Company"), Two Million Two Hundred
Fifty Thousand shares of Common Stock of the Company, par value $.001 per share
(the "Common Stock"), as constituted on the date hereof (the "Warrant Issue
Date"), upon surrender hereof, at the principal office of the Company referred
to below, with the Notice of Exercise form attached hereto duly executed, and
simultaneous payment therefor in lawful money of the United States or otherwise
as hereinafter provided, at the Exercise Price set forth in Section 2 below. The
number, character and Exercise Price of such shares of Common Stock are subject
to adjustment as provided below. The term "Warrant" as used herein shall include
this Warrant and any warrants delivered in substitution or exchange therefor as
provided herein.

This Warrant is issued in connection with the transactions described in that
certain Warrant Agreement dated as of October 10, 2000, by and between the
Company and the Holder (the "Warrant Agreement").

     1. Terms of Warrant. Subject to the terms and conditions set forth herein,
this Warrant shall be exercisable in whole or in part, during the term
commencing thirty (30) days following the Warrant Issue Date and ending at
5:00 p.m., Eastern Daylight Time, on October 1, 2005, and shall be void
thereafter.

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                                       2

     2. Exercise Price. The exercise price at which this Warrant may be
exercised shall be $1.00 per share of Common Stock, as adjusted from time to
time pursuant to Section 10 hereof (the "Exercise Price").

     3. Exercise of Warrant.

     (a) The purchase rights represented by this Warrant are exercisable by the
Holder in whole or in part, but not for more than the number of shares which may
then constitute the maximum number purchasable (such number being subject to
adjustment as provided in Section 10 below), at any time, or from time to time,
during the term hereof as described in Section 1 above, by the surrender of this
Warrant and the Notice of Exercise annexed hereto duly completed and executed on
behalf of the Holder, at the office of the Company (or such other office or
agency of the Company as it may designate by notice in writing to the Holder at
the address of the Holder appearing on the books of the Company), upon payment
(i) in cash or by check acceptable to the Company, (ii) by cancellation by the
Holder of indebtedness or other obligations of the Company to the Holder, or
(iii) by a combination of (i) and (ii), of the purchase price of the shares of
Common Stock to be purchased.

     (b) This Warrant shall be deemed to have been exercised immediately prior
to the close of business on the date of its surrender for exercise as provided
above, and the person entitled to receive the shares of Common Stock issuable
upon such exercise shall be treated for all purposes as the holder of record of
such shares as of the close of business on such date. As promptly as practicable
on or after such date, the Company at its expense shall issue and deliver to the
person or persons entitled to receive the same a certificate or certificates for
the number of shares of Common Stock issuable upon such exercise. In the event
that this Warrant is exercised in part, the Company at its expense will
execute and deliver a new Warrant of like tenor exercisable for the number of
shares for which this Warrant may then be exercised.

     4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. In lieu of any fractional share to which the Holder would otherwise be
entitled, the Company shall make a cash payment equal to the Exercise Price
multiplied by such fraction.

     5. Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction, on delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Company, or in
the case of mutilation, on surrender and cancellation of this Warrant, the
Company at its expense shall execute and deliver, in lieu of this Warrant, a new
Warrant of like tenor and amount.

<PAGE>

                                       3

     6. Rights of Stockholders. This Warrant shall not entitle its Holder to any
of the rights of a stockholder of the Company.

     7. Reservation of Stock. The Company covenants that during the term this
Warrant is exercisable, the Company will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of Common Stock upon the exercise of this Warrant and, from time to time, will
take all steps necessary to amend its certificate of incorporation as amended
(the "Certificate"), to provide sufficient reserves of shares of Common Stock
issuable upon exercise of the Warrant. The Company further covenants that all
shares that may be issued upon the exercise of rights represented by this
Warrant and payment of the Exercise Price, all as set forth herein, will be free
from all taxes, liens and charges in respect of the issue thereof (other than
taxes in respect of any transfer occurring contemporaneously or otherwise
specified herein). The Company agrees that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for
shares of Common Stock upon the exercise of this Warrant.

     8. Notices.

     (a) Whenever the Exercise Price or number of shares of Common Stock
purchasable hereunder shall be adjusted pursuant to Section 10 hereof, the
Company shall issue a certificate signed by its Chief Financial Officer setting
forth, in reasonable detail, the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated, and the
Exercise Price and number of shares purchasable hereunder after giving effect to
such adjustment, and shall cause a copy of such certificate to be mailed (by
first-class, postage prepaid) to the Holder of this Warrant.

     (b) In case:

          (i) the Company shall take a record of the holders of its Common Stock
(or other stock or securities at the time receivable upon the exercise of this
Warrant) for the purpose of entitling them to receive any dividend or other
distribution, or any right to subscribe for or purchase any shares of stock of
any class or any other securities, or to receive any other right, or

          (ii) of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger of the Company with or into another corporation, or any conveyance of 51%
of the assets of the Company to another corporation, or

          (iii) of any voluntary dissolution, liquidation or winding-up of the
Company,

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                                       4

then, and in each such case, the Company will mail or cause to be mailed to the
Holder a notice specifying, as the case may be (A) the date on which a record is
to be taken for the purpose of such dividend, distribution or right, and stating
the amount and character of such dividend, distribution or right, or (B) the
date on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding-up is to take place, and the
time, if any is to be fixed, as of which the holders of record of Common Stock
shall be entitled to exchange their shares of Common Stock for securities or
other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such
notice shall be mailed at least 15 days prior to the date therein specified.

     (c) All notices and other communications required or permitted hereunder
shall be in writing and shall be delivered by fax only, delivered to the
addressee with confirmed answer back on a business day during normal business
hours.

     9. Amendment.

     (a) This Warrant may not be amended except upon the written consent of the
Company and the Holder. Any amendment effected in accordance with this Section 9
shall be binding upon each future holder of this Warrant and the Company.

     (b) No waivers of, or exceptions to, any term, condition or provision of
this Warrant, in any one or more instances, shall be deemed to be, or construed
as, a further or continuing waiver of any such term, condition or provision.

     10. Adjustments. The Exercise Price and the number of shares purchasable
hereunder are subject to adjustment from time to time as follows:

          10.1 Merger, Sales of Assets, etc. If at any time while this Warrant,
or any portion thereof, is outstanding and unexpired there shall be (i) a
reorganization (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), (ii) a merger or
consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or a reverse triangular merger in which the
Company is the surviving entity but the shares of the Company's capital stock
outstanding immediately prior to the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash, or
otherwise, or (iii) a sale or transfer of the Company's properties and assets,
as or substantially as, an entirety to any other person, then, as a part of such
reorganization, merger, consolidation, sale or transfer, lawful provision shall
be made so that the holder of this Warrant shall thereafter be entitled to
receive upon exercise of this Warrant, during the period specified herein and
upon payment of the Exercise Price then in effect, the number of shares of stock
or other securities or property of the successor corporation resulting from such
reorganization, merger, consolidation, sale or transfer that a holder of the
shares deliverable upon exercise of this

<PAGE>

                                       5

Warrant would have been entitled to receive in such reorganization,
consolidation, merger, sale or transfer if this Warrant had been exercised
immediately before such reorganization, merger, consolidation, sale or transfer,
all subject to further adjustment as provided in this Section 10. The foregoing
provisions of this Section 10.1 shall similarly apply to successive
reorganization, consolidations, mergers, sales and transfers and to the stock or
securities of any other corporation that are at the time receivable upon the
exercise of this Warrant. If the per-share consideration payable to the holder
hereof for shares in connection with any such transaction is in a form other
than cash or marketable securities, then the value of such consideration shall
be determined in good faith by the Company's Board of Directors. In all events,
appropriate adjustment (as determined in good faith by the Company's Board of
Directors) shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the Holder after the transaction, to
the end that the provisions of this Warrant shall be applicable after that
event, as near as reasonably may be, in relation to any shares or other property
deliverable after that event upon exercise of this Warrant.

          10.2 Reclassification, etc. If the Company, at any time while this
Warrant, or any portion hereof, remains outstanding and unexpired, by
reclassification of securities or otherwise, shall change any of the securities
as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as
would have been issuable as a result of such change with respect to the
securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 10.

          10.3 Split, Subdivision or Combination of Shares. If the Company at
any time while this Warrant, or any portion hereof, remains outstanding and
unexpired shall split, subdivide or combine the securities as to which purchase
rights under this Warrant exist, into a different number of securities of the
same class, the Exercise Price for such securities shall be proportionately
decreased in the case of a split or subdivision or proportionately increased in
the case of a combination.

          10.4 Adjustments for Dividends in Stock or Other Securities or
Property. If while this Warrant, or any portion hereof, remains outstanding and
unexpired the holders of the securities as to which purchase rights under this
Warrant exist at the time shall have received, or, on or after the record date
fixed for the determination of eligible stockholders, shall have become entitled
to receive, without payment therefor, other or additional stock or other
securities or property (other than cash) of the Company by way of dividend, then
and in each case, this Warrant shall represent the right to acquire, in addition
to the number of shares of the security receivable upon exercise of the Warrant,
and without payment of any additional consideration therefor, the amount of such
other or additional stock or other securities or property (other than

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                                       6

cash) of the Company that such holder would hold on the date of such exercise
had it been the holder of record of the security receivable upon exercise of
this Warrant on the date hereof and had thereafter, during the period from the
date hereof to and including the date of such exercise, retained such shares
and/or all other additional stock available by it as aforesaid during such
period, giving effect to all adjustments called for during such period by the
provisions of this Section 10.

     10.5 Certificate as to Adjustments. Upon the occurrence of each adjustment
or readjustment pursuant to this Section 10, the Company at its expense shall
promptly compute such adjustment or readjustment in accordance with the terms
hereof and furnish to each Holder of this Warrant a certificate setting forth
such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Company shall, upon the written
request, at any time, of any such Holder, furnish or cause to be furnished to
such Holder a like certificate setting forth (i) such adjustments and
readjustments; (ii) the Exercise Price at the time in effect; and (iii) the
number of shares and the amount, if any, of other property that at the time
would be received upon the exercise of the Warrant.

     10.6 No Impairment. The Company will not, by any voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder by the Company, but will at all times in good faith
assist in the carrying out of all the provisions of this Section 10 and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder of this Warrant against impairment.

     11. Miscellaneous.

     11.1 Governing Law. This Warrant shall be governed by and construed
according to the laws of the State of Delaware.

     11.2 References. Unless the context otherwise requires, any reference to a
"Section" refers to a section of this Warrant. Any reference to "this Section"
refers to the whole number section in which such reference is contained.

     11.3 Definitions. Capitalized terms used in this Warrant but not defined
herein shall have the meanings set forth in the Warrant Agreement.

     11.4 Transfers. The Holder understands and agrees that the certificates
evidencing the Common Stock issuable upon exercise of this Warrant will bear an
appropriate legend evidencing the restricted natures of the Common Stock
indicating that no transfer of any of the Common Stock may be made unless such
Common Stock is registered under the Securities Act of 1933, as amended, or an
exemption from such registration is available, and that the Company will
instruct its transfer agent not to transfer any such shares of Common Stock

<PAGE>

                                        7

unless such transfer shall be made in compliance with such legend. The legend
shall be substantially in the form set forth below:

          "THE SALE, TRANSFER, ASSIGNMENT, PLEDGE OR HYPOTHECATION OF THE SHARES
          REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE REGISTRATION
          REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").
          THESE SHARES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR
          HYPOTHECATED UNLESS DULY REGISTERED UNDER THE ACT OR UNLESS, IN THE
          OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH
          TRANSACTION IS EXEMPT FROM THE REGISTRATION PROVISIONS OF THE ACT."

     IN WITNESS WHEREOF, OPTICARE HEALTH SYSTEMS, INC. has caused this Warrant
to be executed by its officers thereunto duly authorized.

Dated: October __, 2000

                                        OPTICARE HEALTH SYSTEMS, INC.

                                        By /s/ Dean J. Yimoynes
                                          --------------------------------
                                          Dean J. Yimoyines
                                          Its CEO

HOLDER:

By
  ------------------------------

<PAGE>

                                       8

                               NOTICE OF EXERCISE

TO: OPTICARE HEALTH SYSTEMS, INC.

     (1) The undersigned hereby (A) elects to purchase ______ shares of Common
Stock of OPTICARE HEALTH SYSTEMS, INC. pursuant to the provisions of Section
3(a)(i) of the attached Warrant, and tenders herewith payment of the purchased
price for such shares in full, or (B) elects to exercise this Warrant for the
purchase of _____ shares of Common Stock, pursuant to the provisions of Section
3(a)(ii) of the attached Warrant.

     (2) In exercising this Warrant, the undersigned hereby confirms and
acknowledges that the shares of Common Stock are being acquired solely for the
account of the undersigned and not as a nominee for any other party, and for
investment, and that the undersigned will not offer, sell or otherwise dispose
of any such shares of Common Stock except under circumstances that will not
result in a violation of the Securities Act of 1933, as amended, or any
applicable state securities laws.

     (3) Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                                        -------------------------------
                                        (Name)

                                        -------------------------------
                                        (Name)

     (4) Please issue a new Warrant for the unexercised portion of the Attached
Warrant in the name of the undersigned or in such other name as specified below:

                                        -------------------------------
                                        (Name)

-----------------------------------     -------------------------------
(Date)                                  (Signature)

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