Document:

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                                                                     EXHIBIT 4.2

                                     BY-LAWS

                                       OF

                              AIQ ACQUISITION CORP.

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                                TABLE OF CONTENTS

<TABLE>
<S>               <C>                                                                                           <C>
ARTICLE 1.        OFFICES.......................................................................................  1
         1.1      Registered Office.............................................................................  1
         1.2      Offices.......................................................................................  1

ARTICLE 2         CORPORATE SEAL................................................................................  1
         2.1      Corporate Seal................................................................................  1

ARTICLE 3         SHAREHOLDERS..................................................................................  1
         3.1      Regular Meetings..............................................................................  1
         3.2      Special Meeting...............................................................................  2
         3.3      Quorum........................................................................................  2
         3.4      Voting........................................................................................  2
         3.5      Notice of Meeting.............................................................................  2
         3.6      Proxies.......................................................................................  2
         3.7      Closing Transfer Books........................................................................  3
         3.8      Record Date...................................................................................  3
         3.9      Presiding Officer.............................................................................  3
         3.10     Written Action by Shareholders................................................................  3

ARTICLE 4         DIRECTORS.....................................................................................  3
         4.1      General Powers................................................................................  3
         4.2      Number........................................................................................  3
         4.3      Qualifications and Term of Office.............................................................  3
         4.4      Quorum........................................................................................  4
         4.5      Action of Directors...........................................................................  4
         4.6      Meetings......................................................................................  4
         4.7      Meeting by Electronic Communications..........................................................  4
         4.8      Compensation..................................................................................  4
         4.9      Committee.....................................................................................  4
         4.10     Action by Absent Director.....................................................................  5
         4.11     Removal of Directors by Board of Directors....................................................  5
         4.12     Vacancies.....................................................................................  5
         4.13     Written Action by All of the Directors........................................................  5
         4.14     Dissent from Action...........................................................................  5

ARTICLE 5         OFFICERS......................................................................................  5
         5.1      Election of Officers..........................................................................  5
         5.2      Term of Office................................................................................  5
         5.3      President/Chief Executive Officer.............................................................  6
         5.4      Treasurer/Chief Financial Officer.............................................................  6
         5.5      Vice President................................................................................  6
         5.6      Secretary.....................................................................................  7
</TABLE>

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<TABLE>
<S>               <C>                                                                                           <C>
         5.7      Chairman of the Board.........................................................................  7
         5.8      Assistant Officers............................................................................  7

ARTICLE 6         INDEMNIFICATION...............................................................................  7

ARTICLE 7         SHARES AND THEIR TRANSFER.....................................................................  7
         7.1      Certificates of Shares........................................................................  7
         7.2      Uncertificated Shares.........................................................................  7
         7.3      Issuance of Shares............................................................................  8
         7.4      Transfer of Shares............................................................................  8
         7.5      Lost Certificates.............................................................................  8
         7.6      Transfer Agent and Registrar..................................................................  8
         7.7      Facsimile Signature...........................................................................  8

ARTICLE 8         FINANCIAL AND PROPERTY MANAGEMENT.............................................................  9
         8.1      Checks........................................................................................  9
         8.2      Deposits......................................................................................  9
         8.3      Voting Securities Held by Corporation.........................................................  9
         8.4      "S" Corporation Status........................................................................  9
         8.5      Minimum Annual Distribution...................................................................  9

ARTICLE 9         AMENDMENTS....................................................................................  9
</TABLE>

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                                     BY-LAWS

                                       OF

                              AIQ ACQUISITION CORP.

                                    ARTICLE 1
                                     OFFICES

         1.1 REGISTERED OFFICE. The registered office of the Corporation shall
be located within the State of Minnesota as set forth in the Articles of
Incorporation. The Board of Directors shall have authority to change the
registered office of the Corporation and a statement evidencing any such change
shall be filed with the Secretary of State of Minnesota as required by law.

         1.2 OFFICES. The Corporation may have other offices, including its
principal business office, either within or without the State of Minnesota.

                                    ARTICLE 2
                                 CORPORATE SEAL

         2.1 CORPORATE SEAL. The Board of Directors shall determine whether or
not the Corporation will adopt a corporate seal. If a corporate seal is adopted,
inscribed on the corporate seal shall be the name of the Corporation and the
words "Corporate Seal," and when so directed by the Board of Directors, a
duplicate of the seal may be kept and used by the Secretary of the Corporation.

                                    ARTICLE 3
                                  SHAREHOLDERS

         3.1 REGULAR MEETINGS. Regular meetings of the shareholders shall be
held at the Corporation's registered office or at such other place within or
without the State of Minnesota as is designated by the Board of Directors.
Regular meetings may be held annually or on a less frequent periodic basis, as
established by a resolution of the Board of Directors, or may be held on call by
the Board of Directors from time to time as and when the Board determines. At
each regular meeting, the shareholders shall elect qualified successors for
directors who serve for an indefinite term or whose terms have expired or are
due to expire within six (6) months after the date of the meeting, and may
transact such other business which properly comes before them.

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Notwithstanding the foregoing, if a regular meeting of the shareholders has not
been held for a period of fifteen (15) months, a shareholder or group of
shareholders holding three percent (3%) or more of the issued and outstanding
voting shares of the Corporation may demand that a regular meeting of the
shareholders be held by giving written notice to the President or Treasurer of
the Corporation. Within thirty (30) days after receipt of the notice, the Board
shall cause a regular meeting of the shareholders to be called and held within
ninety (90) days after receipt of the notice. Any regular meeting held pursuant
to such a demand by a shareholder or shareholders shall be held within the
county where the principal executive office of the Corporation is located.

         3.2 SPECIAL MEETING. Special meetings of the shareholders may be called
by the President, by a Vice-President in the absence of the President, by the
Treasurer, or by the Board of Directors or any two or more members thereof.
Special meetings may also be called by one or more shareholders holding ten
percent (10%) or more of the issued and outstanding voting shares of the
Corporation by delivering to the President or Treasurer a written demand for a
special meeting, which demand shall state the purposes of such meeting. Within
thirty (30) days after receipt of the written demand, the Board of Directors
shall call a special meeting of the shareholders to be held within ninety (90)
days after receipt of the written demand. Any special meeting held pursuant to
such written demand shall be held within the county where the principal
executive office of the Corporation is located.

         3.3 QUORUM. Business may be transacted at any duly held meeting of the
shareholders at which a quorum is present. The holders of a majority of the
voting power of the shares entitled to vote at a meeting are a quorum. The
shareholders present at the meeting may continue to transact business until
adjournment, even though a number of shareholders withdraw leaving less than a
quorum. If a quorum is not present at any meeting, those shareholders present
have the power to adjourn the meeting from time to time until the requisite
number of voting shares are present. The date, time and place of the reconvened
meeting shall be announced at the time of adjournment and notice of the
reconvened meeting shall be given to all shareholders who were not present at
the time of adjournment. Any business which might have been transacted at the
meeting which was adjourned may be transacted at the reconvened meeting.

         3.4 VOTING. At each shareholders' meeting, every shareholder having the
right to vote is entitled to vote in person or by proxy. Shareholders have one
(1) vote for each share having voting power standing in their name on the books
of the Corporation, unless otherwise provided in the Articles of Incorporation,
or these By-Laws, or in the terms of the shares. All elections and questions
shall be decided by a majority vote of the number of shares entitled to vote and
represented at any meeting at which there is a quorum, except as otherwise
required by statute, the Articles of Incorporation, these By-Laws, or by
agreement among the shareholders.

         3.5 NOTICE OF MEETING. Notice of regular or special meetings of the
shareholders shall be given by an officer or agent of the Corporation to each
shareholder shown on the books of the Corporation to be the holder of record of
shares entitled to vote at the meeting. If the notice is to be mailed, then the
notice must be mailed to each shareholder at the shareholder's address as shown
on the books of the Corporation at least five (5) calendar days prior to the

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meeting. If the notice is not mailed, then the notice must be given at least
forty-eight (48) hours prior to the meeting. The notice must contain the date,
time and place of the meeting, and in the case of a special meeting, must also
contain a statement of the purpose of the meeting. In no event shall notice be
given more than sixty (60) days prior to the meeting. If a plan of merger,
exchange, sale or other disposition of all or substantially all of the assets of
the Corporation is to be considered at a meeting of shareholders, notice of such
meeting shall be given to every shareholder, whether or not entitled to vote,
not less than fourteen (14) days prior to the date of such meeting.

         3.6 PROXIES. At all meetings of shareholders, a shareholder may vote by
proxy executed in writing by the shareholder or by his duly authorized
attorney-in-fact. Such proxies must be filed with an officer of the Corporation
before or at the time of the meeting. No proxy shall be valid after eleven (11)
months from the date of its execution, unless otherwise provided in the proxy.

         3.7 CLOSING TRANSFER BOOKS. The Board of Directors may close the stock
transfer books for a period of time which does not exceed sixty (60) days
preceding any of the following: the date of any meeting of shareholders; the
payment of dividends; the allotment of rights; or the change, conversion, or
exchange of shares.

         3.8 RECORD DATE. In lieu of closing the stock transfer books, the Board
of Directors may fix in advance a date, not exceeding sixty (60) days preceding
the date of any of the events described in Section 3.7, as a record date for the
determination of which shareholders are entitled (i) to notice of and to vote at
any meeting and any meeting subsequent to adjournment, (ii) to receive any
dividend or allotment of rights, or (iii) to exercise the rights in respect to
any change, conversion, or exchange of shares. If a record date is fixed by the
Board of Directors, only those shareholders of record on the record date shall
be entitled to receive notice of and to vote at the meeting and any meeting
subsequent to adjournment or to exercise such rights, as the case may be,
notwithstanding any transfer of any shares on the books of the Corporation after
the record date so fixed. If the share transfer books are not closed and no
record date is fixed for determination of the shareholders of record, then the
date on which notice of the meeting is mailed or the date of adoption of a
resolution of the Board of Directors declaring a dividend, allotment of rights,
change, conversion or exchange of shares, as the case may be, shall be the
record date for such determination.

         3.9 PRESIDING OFFICER. The Chief Executive Officer of the Corporation
shall preside over all meetings of the shareholders. In the absence of the Chief
Executive Officer, the shareholders may choose any person present to act as
presiding officer.

         3.10 WRITTEN ACTION BY SHAREHOLDERS. Any action which may be taken at a
meeting of the shareholders may be taken without a meeting and notice if a
consent in writing, setting forth the action so taken, is signed by all of the
shareholders entitled to notice of a meeting for such purpose.

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                                   ARTICLE 4.
                                    DIRECTORS

         4.1 GENERAL POWERS. The property, affairs and business of the
Corporation shall be managed by the Board of Directors which shall initially
consist of seven (7) directors. In addition to the powers and authorities by
these By-Laws expressly conferred upon it, the Board may exercise all such
powers of the Corporation and do all such lawful acts and things as are not by
law, the Articles of Incorporation or these By-Laws directed or required to be
exercised or done by the shareholders.

         4.2 NUMBER. The number of directors may be either increased or
decreased by resolution of the shareholders at their regular meetings or at a
special meeting called for that purpose. The number of directors may be
increased by resolution adopted by the affirmative vote of a majority of the
Board of Directors. Any newly created directorships established by the Board of
Directors shall be filled by a majority vote of the directors serving at the
time of increase.

         4.3 QUALIFICATIONS AND TERM OF OFFICE. Directors need not be
shareholders or residents of the State of Minnesota. The Board of Directors
shall be elected by the shareholders at their regular meeting and at any special
shareholders' meeting called for that purpose. A director shall hold office
until the annual meeting for the year in which his or her term expires and until
the director's successor is elected and qualifies, or until the earlier death,
resignation, removal, or disqualification of the director.

         4.4 QUORUM. A majority of the Board of Directors constitutes a quorum
for the transaction of business; provided, however, that if any vacancies exist
by reason of death, resignation, or otherwise, a majority of the remaining
directors constitutes a quorum. If less than a quorum is present at any meeting,
a majority of the directors present may adjourn the meeting from time to time
without further notice.

         4.5 ACTION OF DIRECTORS. The acts of a majority of the directors
present at a meeting at which a quorum is present are the acts of the Board of
Directors.

         4.6 MEETINGS. Meetings of the Board of Directors may be held from time
to time at any place, within or without the State of Minnesota, that the Board
of Directors may select. If the Board of Directors fails to select a place for a
meeting, the meeting shall be held at the principal executive office of the
Corporation. The President or any director may call a meeting of the Board of
Directors by giving notice to all directors of the date, time and place of the
meeting. If the notice is to be mailed, then the notice must be mailed to each
director at least five (5) calendar days prior to the meeting. If the notice is
not to be mailed, then the notice must be given at least forty-eight (48) hours
prior to the meeting. If the date, time and place of the meeting of the Board of
Directors has been announced at a previous meeting of the Board of Directors, no
additional notice of such meeting is required, except that notice shall be given
to all directors who were not present at the previous meeting. Notice of the
meeting of the Board of Directors need not state the purpose of the meeting. A
director may orally or in writing waive

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notice of the meeting. Attendance by a director at a meeting of the Board of
Directors also constitutes a waiver of notice of such meeting, unless the
director objects at the beginning of the meeting to the transaction of business
because the meeting allegedly is not lawfully called or convened and such
director does not participate thereafter in the meeting.

         4.7 MEETING BY ELECTRONIC COMMUNICATIONS. A conference among directors
by any means of communication through which the directors may simultaneously
hear each other during the conference constitutes meeting of the Board of
Directors if the number of directors participating in the conference would be
sufficient to constitute a quorum at a meeting, and if the same notice is given
of the conference as would be required for a Board of Directors meeting under
these By-Laws. In any Board of Directors meeting, a director may participate by
any means of communication through which the director, other directors so
participating, and all directors physically present at the meeting may
simultaneously hear each other during the meeting.

         4.8 COMPENSATION. Directors may receive such compensation as may be
determined from time to time by resolution of the Board of Directors.

         4.9 COMMITTEE. By the affirmative vote of a majority of the directors,
the Board of Directors may establish a committee or committees having the
authority of the Board of Directors in the management of the business of the
Corporation to the extent provided in the resolution adopted by the Board of
Directors. A committee shall consist of one or more persons, who need not be
directors, that have been appointed by affirmative vote of a majority of the
directors present. A majority of the members of the committee present at any
meeting of the committee is a quorum for the transaction of business, unless a
larger or smaller proportion or number is provided in the resolution approved by
the Board of Directors. Minutes of any meetings of committees created by the
Board of Directors shall be available upon request to members of the committee
and to any director.

         4.10 ACTION BY ABSENT DIRECTOR. A director may give advance written
consent or opposition to a proposal to be acted upon at a Board of Directors
meeting by giving a written statement to the President, Treasurer, or any
director which sets forth the proposal to be voted on and contains a statement
of the director's voting preference with regard to the proposal. An advance
written statement does not constitute presence of the director for purposes of
determining a quorum, but the advance written statement shall be counted in the
vote on the subject proposal provided that the proposal acted on at the meeting
is substantially the same or has substantially the same effect as the proposal
set forth in the advance written statement. The advance written statement by a
director on a proposal shall be included in the records of the Board of
Directors' action on the proposal.

         4.11 REMOVAL OF DIRECTORS BY BOARD OF DIRECTORS. Any director who has
been elected by the Board of Directors to fill a vacancy on the Board of
Directors, or to fill a directorship created by action of the Board of
Directors, and who has not subsequently been reelected by the shareholders, may
be removed by a majority vote of all directors constituting the Board, exclusive
of the director whose removal is proposed.

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         4.12 VACANCIES. Any vacancy on the Board of Directors may be filled by
vote of the remaining directors, even though less than a quorum.

         4.13 WRITTEN ACTION BY ALL OF THE DIRECTORS. Any action which may be
taken at a meeting of the Board of Directors may be taken without a meeting and
notice thereof if a consent in writing setting forth the action taken is signed
by the number of directors required to take the same action at a duly held
meeting of the Board of Directors at which all of the directors are present. If
a written action is signed by less than all the directors, any director not
signing the action will be notified as soon as reasonably possible of the
content of the action and the effective date of the action. Failure to provide
the notice does not invalidate the written action. A director who does not sign
or consent to the written action has no liability for the action or actions so
taken.

         4.14 DISSENT FROM ACTION. A director of the Corporation who is present
at a meeting of the Board of Directors at which any action is taken shall be
presumed to have assented to the action taken unless the director objects at the
beginning of the meeting to the transaction of business because the meeting is
not lawfully called or convened and does not participate thereafter, or unless
the director votes against the action at the meeting, or is prohibited from
voting on the action.

                                   ARTICLE 5.
                                    OFFICERS

         5.1 ELECTION OF OFFICERS. The Board of Directors shall from time to
time, elect a Chief Executive Officer, who may also be designated as President,
and a Chief Financial Officer, who may also be designated as Treasurer. The
Board of Directors may elect, but shall not be required to elect, a Secretary,
one or more Vice Presidents, and a Chairman of the Board. In addition, the Board
of Directors may elect such other officers and agents as it may deem necessary.
The officers shall exercise such powers and perform such duties as are
prescribed by applicable statutes, the Articles of Incorporation, the By-Laws,
or as may be determined from time to time by the Board of Directors. Any number
of offices may be held by the same person.

         5.2 TERM OF OFFICE. The officers shall hold office until their
successors are elected and qualify; provided, however, that any officer may be
removed with or without cause by the affirmative vote of a majority of the
directors present at a Board of Directors meeting at which a quorum is present.

         5.3 PRESIDENT/CHIEF EXECUTIVE OFFICER. The President/Chief Executive
Officer shall:

                  (a)      Have general active management of the business of the
                           Corporation;

                  (b)      When present, preside at all meetings of the
                           shareholders;

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                  (c)      When present, and if there is not a Chairman of the
                           Board, preside at all meetings of the Board of
                           Directors;

                  (d)      See that all orders and resolutions of the Board of
                           Directors are carried into effect;

                  (e)      Sign and deliver in the name of the Corporation any
                           deeds, mortgages, bonds, contracts or other
                           instruments pertaining to the business of the
                           Corporation, except in cases in which the authority
                           to sign and deliver is required by law to be
                           exercised by another person or is expressly delegated
                           by the Articles of Incorporation or By-Laws or by the
                           Board of Directors to some other officer or agent of
                           the Corporation;

                  (f)      Maintain records of and, whenever necessary, certify
                           all proceedings of the Board of Directors and the
                           shareholders; and

                  (g)      Perform all other duties prescribed by the Board of
                           Directors.

All other officers shall be subject to the direction and authority of the
President/Chief Executive Officer.

         5.4 TREASURER/CHIEF FINANCIAL OFFICER. The Treasurer/Chief Financial
Officer shall:

                  (a)      Keep accurate financial records for the Corporation;

                  (b)      Deposit all money, drafts and checks in the name of
                           and to the credit of the Corporation in the banks and
                           depositories designated by the Board of Directors;

                  (c)      Endorse for deposit all notes, checks and drafts
                           received by the Corporation as ordered by the Board
                           of Directors, making proper vouchers therefor;

                  (d)      Disburse corporate funds and issue checks and drafts
                           in the name of the Corporation, as ordered by the
                           Board of Directors;

                  (e)      Render to the President/Chief Executive Officer and
                           the Board of Directors, whenever requested, an
                           account of all transactions by the Treasurer/Chief
                           Financial Officer and of the financial condition of
                           the Corporation; and

                  (f)      Perform all other duties prescribed by the Board of
                           Directors or by the President/Chief Executive
                           Officer.

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         5.5 VICE PRESIDENT. Each Vice President, if any, shall have such powers
and perform such duties as may be specified in these By-Laws or prescribed by
the Board of Directors. If the President/Chief Executive Officer is absent or
disabled, the Vice President shall succeed to the President's powers and duties.
If there are two or more Vice Presidents, the order of succession shall be
determined by seniority of election or as otherwise prescribed by the Board of
Directors.

         5.6 SECRETARY. The Secretary, if any, shall attend all meetings of the
shareholders and the Board of Directors. The Secretary shall act as clerk and
shall record all the proceedings of the meetings in the minute book of the
Corporation and shall give proper notice of meetings of shareholders and the
Board of Directors. The Secretary shall keep the seal of the Corporation, if
any, and shall affix the seal to any instrument requiring it and shall attest
the seal, and shall perform such other duties as may be prescribed from time to
time by the Board of Directors.

         5.7 CHAIRMAN OF THE BOARD. The Chairman of the Board, if any, shall
preside at all meetings of the Board of Directors and shall perform such other
duties as may from time to time be assigned by the Board of Directors.

         5.8 ASSISTANT OFFICERS. In the event of absence or disability of any
Vice President, Secretary or the Treasurer/Chief Financial Officer, the
assistant to such officer, if any, shall succeed to the powers and duties of the
absent officer until the principal officer resumes his duties or a replacement
is elected by the Board of Directors. If there are two or more assistants, the
order of succession shall be determined through seniority by the order in which
elected or as otherwise prescribed by the Board of Directors. The assistant
officers shall exercise such other powers and duties as may be delegated to them
from time to time by the Board of Directors or the principal officer under whom
they serve, but at all times shall remain subordinate to the principal officers
they are designated to assist.

                                   ARTICLE 6.
                                 INDEMNIFICATION

         The Corporation shall indemnify its officers, directors, employees and
agents to the full extent permitted by the laws of the State of Minnesota, as
now in effect, or as the same may be hereafter modified.

                                   ARTICLE 7.
                            SHARES AND THEIR TRANSFER

         7.1 CERTIFICATES OF SHARES. Unless the Board of Directors has provided
that the Corporation's shares are to be uncertified, every owner of shares of
the Corporation shall be entitled to a certificate, to be in such form as the
Board of Directors prescribes, certifying the number of shares owned by such
shareholder. The certificates for shares shall be numbered in the order in which
they are issued and shall be signed in the name of the Corporation by the
President/Chief Executive Officer or a Vice President and by the Secretary or
Assistant Secretary, or the Treasurer/Chief Financial Officer, or any other
officer of the Corporation authorized by the Board of Directors and shall have
the corporate seal, if any, affixed thereto. A record shall be kept of the name
of the person owning the

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shares represented by each certificate, the respective issue dates thereof, and
in the case of cancellation, the respective dates of cancellation. Except as
provided in Section 7.5 of this Article, every certificate surrendered to the
Corporation for exchange or transfer shall be cancelled, and no other
certificate shall be issued in exchange for any existing certificate until such
existing certificate is cancelled.

         7.2 UNCERTIFICATED SHARES. The Board of Directors by a majority vote of
directors present at a duly called meeting may provide that any or all shares of
classes or series of shares are to be uncertificated shares. In that case, any
shareholder who is issued uncertificated shares shall be provided with the
information legally required to be disclosed in a certificate.

         7.3 ISSUANCE OF SHARES. The Board of Directors is authorized to issue
shares of the capital stock of the Corporation up to the number of shares
authorized by the Articles of Incorporation. Shares may be issued for any
consideration (including, without limitation, money or other tangible or
intangible property received by the Corporation or to be received by the
Corporation under a written agreement, or services rendered to the Corporation
or to be rendered to the Corporation under a written agreement) which is
authorized by a resolution approved by the affirmative vote of a majority of the
directors present, valuing all nonmonetary consideration and establishing a
price in money or other consideration, or a minimum price, or a general formula
or method by which the price will be determined. Upon authorization by
resolution approved by the affirmative vote of a majority of the directors
present, the Corporation may, without any new or additional consideration, issue
shares of its authorized and unissued capital stock in exchange for or in
conversion of its outstanding shares, or issue its own shares pro rata to its
shareholders or the shareholders of one or more classes or series, to effectuate
share dividends or splits, including reverse share splits. No shares of a class
or series shall be issued to the holder of the shares of another class or
series, unless issuance is either expressly provided for in the Articles of
Incorporation or is approved at a meeting by the affirmative vote of the holders
of a majority of the voting power of all shares of the same class or series as
the shares to be issued.

         7.4 TRANSFER OF SHARES. An owner of shares of common stock of the
Corporation or any subsequent shareholder may not sell, transfer, assign, pledge
or encumber all or any part of any shares owned by the shareholder (the
"Shares") without first offering such Shares to the Corporation. The Corporation
may repurchase the Shares for an amount which is the lesser of the of the
proposed sale price or the "book value" of the Shares. "Book Value" per share
shall be the book value of the Corporation divided by the number of shares
outstanding. The Corporation shall have thirty (30) days to exercise its right
to purchase the Shares. A restrictive legend outlining any restriction will be
placed upon the certificate representing the Shares purchased hereby. In the
event of the death of a shareholder, the Corporation shall have the option to
redeem shares held by the deceased shareholder. The option shall expire ninety
(90) days after the Corporation receives notice that a personal representative
has been appointed for the estate of a deceased shareholder. The redemption
price shall be the Book Value of the Shares. Unless otherwise specifically
stated, the terms and conditions of this Section shall be superseded by the
terms of any Buy-Sell Agreement adopted by the Corporation and its shareholders.

         7.5 LOST CERTIFICATES. Any shareholder claiming a certificate for
shares has been lost or destroyed shall make an affidavit or affirmation of that
fact in such form as the Board of Directors may

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require and shall, if the directors so require, give the Corporation a bond of
indemnity in form and with one or more sureties satisfactory to the Board of
Directors and in an amount determined by the Board of Directors, to indemnify
the Corporation against any claim that may be made against it on account of the
alleged loss or destruction of the certificate. A new certificate may then be
issued in the same tenor for the same number of shares as the one alleged to
have been lost or destroyed.

         7.6 TRANSFER AGENT AND REGISTRAR. The Board of Directors may appoint
one or more transfer agents or transfer clerks and one or more registrars and
may require all certificates for shares to bear the signature or signatures of
any of them.

         7.7 FACSIMILE SIGNATURE. When any certificate is manually signed by a
transfer agent, a transfer clerk, or a registrar appointed by the Board of
Directors to perform such duties, a facsimile or engraved signature of the
officers and a facsimile corporate seal, if any, may be inscribed on the
certificate in lieu of the actual signatures and seal.

                                   ARTICLE 8.
                        FINANCIAL AND PROPERTY MANAGEMENT

         8.1 CHECKS. All checks, drafts, other orders for the payment of money,
notes or other evidences of indebtedness issued in the name of the Corporation
shall be signed by the President or Treasurer, or any other officer or officers,
agent or agents of the Corporation, as may from time to time be determined by
resolution of the Board of Directors.

         8.2 DEPOSITS. All funds of the Corporation not otherwise employed shall
be deposited from time to time to the credit of the Corporation in such banks,
trust companies, or other depositories as the Board of Directors may select.

         8.3 VOTING SECURITIES HELD BY CORPORATION. The President, or other
officer or agent designated by the Board of Directors, shall have full power and
authority on behalf of the Corporation to attend, act at, and vote at any
meeting of security or interest holders of other corporations or entities in
which the Corporation may hold securities or interests. At the meeting, the
President or other designated agent shall possess and exercise any and all
rights and powers incident to the ownership of the securities or interest which
the Corporation holds.

                                    ARTICLE 9
                                   AMENDMENTS

         The Board of Directors of the Corporation is expressly authorized to
make By-Laws of the Corporation and from time to time to adopt, amend or repeal
By-Laws so made to the extent and in the manner prescribed in the Minnesota
Statutes. The Board of Directors shall not adopt, amend, or repeal a By-Law
fixing a quorum for meetings of shareholders, prescribing procedures for
removing directors or filling vacancies in the Board of Directors, or fixing the
number of directors or their classifications, qualifications, or terms of
office, but may adopt or amend a By-Law to increase the number of directors, nor
shall the Board of Directors adopt, amend or repeal Sections 7.4, 8.4 or 8.5.
The

                                      -10-
<PAGE>   14

authority in the Board of Directors is subject to the power of the voting
shareholders to adopt, change or repeal the By-Laws by a vote of shareholders
holding a majority of the shares entitled to vote and present or represented at
any regular meeting or special meeting called for that purpose.

Date of Adoption:  January 30, 2001                /s/ William M. Mower
                 ---------------------      ------------------------------------
                                                          Secretary

                                      -11-<PAGE>   1
                                                                     Exhibit 4.3

                                WARRANT AGREEMENT

         WARRANT AGREEMENT dated as of August 1, 2001 by and between Active IQ
Technologies, Inc., a Minnesota corporation (the "Company"), and Firstar Bank,
N.A., as Warrant Agent (the "Warrant Agent").

         A. In connection with the Company's merger transaction with activeIQ
Technologies Inc., the Company is obligated to issue to the former shareholders
of such corporation up to 5,008,101 Redeemable Class B Warrants (the "Warrants")
evidencing the right to purchase an aggregate of up to 5,008,101 authorized but
previously unissued shares of Common Stock, $.01 par value per share, of the
Company (the "Common Stock").

         B. The Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent desires so to act, in connection with the
issuance, registration, transfer, exchange and exercise of the Warrants.

         NOW THEREFORE, it is agreed as follows:

                                   ARTICLE I.
                     APPOINTMENT OF WARRANT AGENT; ISSUANCE,
                   FORM AND EXECUTION OF WARRANT CERTIFICATES

         Section 1.1. Appointment of Warrant Agent. The Company hereby appoints
the Warrant Agent to act as agent for the Company, and the Warrant Agent hereby
accepts the agency established herein and agrees to perform its agency duties in
accordance with the terms and conditions of this Warrant Agreement.

         Section 1.2. Warrant Certificates. The Company shall execute and
deliver to the Warrant Agent certificates which the Company has authorized to
represent the Warrants ("Warrant Certificates"). The Warrant Certificates shall
be substantially as set forth in Exhibit A hereto and may have such legends,
summaries or endorsements printed, lithographed or engraved thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of
this Warrant Agreement, or as may be required to comply with any law or with any
rule or regulation relating to listing of the Warrants on the Nasdaq Stock
Market, including the Nasdaq Small Cap Market System, or on any stock exchange
or to conform to usage. The Warrant Certificates shall be dated with the date of
their issuance.

         Section 1.3. Execution of Warrant Certificates. The Warrant
Certificates shall be executed on behalf of the Company by a duly authorized
officer of the Company, either manually or by facsimile signature printed
thereon. The Warrant Certificates shall be manually countersigned by the Warrant
Agent and shall not be valid for any purpose unless so countersigned. Any
Warrant Certificate may be signed on behalf of the Company by the person who at
the actual date of the signing of such Warrant Certificate shall have been the
proper officer of the Company, although at the date of issuance of such Warrant
Certificate any such person has ceased to be such officer of the Company.

                                   ARTICLE II.
                              EXERCISE OF WARRANTS

         Section 2.1. Exercise. Any or all of the Warrants represented by each
Warrant Certificate may be exercised, in whole or in part, by the holder thereof
on or before 5:00 p.m., Minneapolis time, on April 30, 2006, unless extended by
the Company, by surrender of the Warrant Certificate with the Purchase Form,

<PAGE>   2

which is printed on the reverse thereof (or a reasonable facsimile thereof) duly
executed by such holder, to the Warrant Agent at its principal office in
Milwaukee, Wisconsin, accompanied by payment, in cash or by certified or
official bank check payable to the order of the Company, in an amount equal to
the product of the number of shares of Common Stock issuable upon exercise of
the Warrants represented by such Warrant Certificate, as adjusted pursuant to
the provisions of Article III hereof, multiplied by the exercise price of Five
and 50/100 Dollars ($5.50), as adjusted pursuant to the provisions of Article
III hereof (such price as so adjusted from time to time being herein called the
"Exercise Price"), and such holder shall be entitled to receive such number of
fully paid and nonassessable shares of Common Stock, as so adjusted, at the time
of such exercise.

         Section 2.2. Time of Exercise. Each exercise of Warrants shall be
deemed to have been effective immediately prior to the close of business on the
business day on which the Warrant Certificate relating to such Warrants shall
have been surrendered to the Warrant Agent as provided in Section 2.1, and at
such time the person or persons in whose name or names any certificate or
certificates for shares of Common Stock shall be issuable upon such exercise as
provided in Section 2.3, shall be deemed to have become the holder or holders of
record thereof.

         Section 2.3. Issuance of Shares of Common Stock; No Fractional Shares.
As soon as practicable after the exercise of any Warrant, and in any event
within ten (10) days after receipt by the Warrant Agent of the notice of
exercise under Section 2.1, the Company at its expense (including the payment by
it of any applicable issue taxes) will cause to be issued in the name of and
delivered to the holder thereof or as such holder (upon payment by such holder
of any applicable transfer taxes) may direct,

              (a) a certificate or certificates for the number of fully paid and
         nonassessable shares of Common Stock to which such holder shall be
         entitled upon such exercise plus, in lieu of any fractional share to
         which such holder would otherwise be entitled, an amount in cash equal
         to such fraction multiplied by the then current value of a share of
         Common Stock, such current value to be determined as follows:

                                (i) if the Common Stock shall be listed or
                           admitted to unlisted trading privileges on any single
                           national securities exchange, then such current value
                           shall be computed on the basis of the last reported
                           sale price of the Common Stock on such exchange on
                           the last business day prior to the date of the
                           exercise of such Warrant upon which a sale shall have
                           been effected; or

                                (ii) if the Common Stock shall not be so listed
                           or admitted to unlisted trading privileges and bid
                           and asked prices therefor in the over-the-counter
                           market shall be reported by Nasdaq, including the
                           SmallCap Market System, then such current value shall
                           be the last reported sale on the last business day
                           prior to the date of the exercise of such Warrant,
                           or, in the event the last reported sale is
                           unavailable, the average of the closing bid and asked
                           prices on the last business day prior to the date of
                           the exercise of such Warrant as so reported; or

                                (iii) if the Common Stock shall be listed or
                           admitted to unlisted trading privileges on more than
                           one national securities exchange or one or more
                           national securities exchanges and in the
                           over-the-counter market, then such current value
                           shall, if different as a result of calculation under
                           the applicable method(s) described above in this
                           Section, be deemed to be the higher number calculated
                           in connection therewith; or

                                       2
<PAGE>   3

                                (iv) if the Common Stock shall not be so listed
                           or admitted to unlisted trading privileges and such
                           bid and asked prices shall not be so reported, then
                           such current value shall be computed on the basis of
                           the book value of Common Stock as of the close of
                           business on the last day of the month immediately
                           preceding the date upon which such Warrant was
                           exercised, as determined by the Company,

                           and

              (b) in case such exercise includes only part of the Warrants
         represented by any Warrant Certificate, a new Warrant Certificate or
         Warrant Certificates of like tenor, calling in the aggregate on the
         face or faces thereof for the number of shares of Common Stock equal
         (without giving effect to any adjustment therein) to the number of such
         shares called for on the face of such Warrant Certificate minus the
         number of such shares designated by the holder for such exercise as
         provided in Section 2.1. Warrants, represented by a properly assigned
         Warrant Certificate, may be exercised by a new holder without first
         having a new Warrant Certificate issued.

         Section 2.4. Extension of Exercise Period; Change of Exercise Price.
The Company may, upon notice given to the Warrant Agent, and without the consent
of the holders of the Warrant Certificates, (i) reduce the Exercise Price during
all or any portion of the originally stated exercise period, or (ii) extend the
period over which the Warrants are exercisable beyond April 30, 2006, and
increase the Exercise Price for any period the Warrant exercise period is
extended. In the case of the extension of the exercise period or a change in the
Exercise Price, the Company must provide the Warrant Agent and the
Warrantholders of record notice of such extension of the exercise period,
specifying, as the case may be, the time to which such exercise period is
extended, or specifying the new Exercise Price and the periods for which such
new Exercise Price is in effect, a reasonable time prior to the date such
extension or new Exercise Price is to take effect, such reasonable time to be
commercially reasonable and consistent with applicable securities laws and
regulations.

                                  ARTICLE III.
                             ANTIDILUTION PROVISIONS

         Section 3.1.  Adjustment of Exercise Price.

         (a) The Exercise Price shall be subject to the following adjustments.
In the event that:

                           (i) any dividends on any class of stock of the
                  Company payable in Common Stock or securities convertible into
                  Common Stock shall be paid by the Company;

                           (ii) the Company shall subdivide its then outstanding
                  shares of Common Stock into a greater number of shares; or

                           (iii) the Company shall combine outstanding shares of
                  Common Stock, by reclassification or otherwise;

         then, in any such event, the Exercise Price in effect immediately prior
         to such event shall (until adjusted again pursuant hereto) be adjusted
         immediately after such event to a price (calculated to the nearest full
         cent) determined by dividing (A) the number of shares of Common Stock
         outstanding immediately prior to such event, multiplied by the then
         existing Exercise Price, by (B) the total number of shares of Common
         Stock outstanding immediately after such event (including the

                                       3
<PAGE>   4

         maximum number of shares of Common Stock issuable in respect of any
         securities convertible into Common Stock), and the resulting quotient
         shall be the adjusted Exercise Price per share.

              (b) No adjustment of the Exercise Price shall be made if the
         amount of such adjustments shall be less than one cent per share, but
         in such case any adjustment that would otherwise be required to be made
         shall be carried forward and shall be made at the time and together
         with the next subsequent adjustment which, together with any adjustment
         or adjustments so carried forward, shall amount to not less than one
         cent per share.

         Section 3.2. Adjustment of Number of Shares Purchasable on Exercise of
Warrants. Upon each adjustment of the Exercise Price pursuant to Section 3.1,
the registered holder of each Warrant shall thereafter (until another such
adjustment) be entitled to purchase at the adjusted Exercise Price the number of
shares, calculated to the nearest full share, obtained by multiplying the number
of shares specified in such Warrant (as adjusted as a result of all adjustments
in the Exercise Price in effect prior to such adjustment) by the Exercise Price
in effect prior to such adjustment and dividing the product so obtained by the
adjusted Exercise Price.

         Section 3.3. Notice as to Adjustment. Upon any adjustment of the
Exercise Price and an increase or decrease in the number of shares of Common
Stock purchasable upon the exercise of the Warrants, then, and in each such
case, the Company shall within twenty (20) days after the effective date of such
adjustment give written notice thereof, by first class mail, postage prepaid,
addressed to each registered Warrantholder at the address of such Warrantholder
as shown on the books of the Company, which notice shall state the adjusted
Exercise Price and the increased or decreased number of shares purchasable upon
the exercise of the Warrants, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.

         Section 3.4. Effect of Reorganization, Reclassification, Merger, Etc.
If at any time while any Warrant is outstanding there should be any capital
reorganization or reclassification of the capital stock of the Company (other
than the issue of any shares of Common Stock in subdivision of outstanding
shares of Common Stock by reclassification or otherwise and other than a
combination of shares provided for in Section 3.1 hereof) or any consolidation
or merger of the Company with another corporation or any sale, conveyance, lease
or other transfer by the Company of all or substantially all of its assets to
any other corporation, the holder of any Warrant shall, during the remainder of
the period such Warrant is exercisable, be entitled to receive, upon payment of
the Exercise Price, the number of shares of stock or other securities or
property of the Company, or of the successor corporation resulting from such
consolidation or merger, or of the corporation to which the assets of the
Company has been sold, conveyed, leased or otherwise transferred, as the case
may be, to which the Common Stock (and any other securities and property) of the
Company, deliverable upon the exercise of such Warrant, would have been entitled
upon such capital reorganization, reclassification of capital stock,
consolidation, merger, sale, conveyance, lease or other transfer if such Warrant
had been exercised immediately prior to such capital reorganization,
reclassification of capital stock, consolidation, merger, sale, conveyance,
lease or other transfer; and, in any such case, appropriate adjustment (as
determined by the Board of Directors of the Company) shall be made in the
application of the provisions set forth in this Warrant Agreement with respect
to the rights and interests thereafter of the Warrantholders to the end that the
provisions set forth in this Warrant Agreement (including the adjustment of the
Exercise Price and the number of shares issuable upon the exercise of the
Warrants) shall thereafter be applicable, as near as may be reasonably
practicable, in relation to any shares or other property thereafter deliverable
upon the exercise of the Warrants as if the Warrants had been exercised
immediately prior to such capital reorganization, reclassification of capital
stock, such consolidation, merger, sale, conveyance, lease or other transfer and
the Warrantholders had carried out the terms of the exchange as provided for by
such capital reorganization, reclassification, consolidation or merger. The
Company shall

                                       4
<PAGE>   5

not effect any such capital reorganization, consolidation, merger or transfer
unless, upon or prior to the consummation thereof, the successor corporation or
the corporation to which the property of the Company has been sold, conveyed,
leased or otherwise transferred shall assume by written instrument the
obligation to deliver to the holder of each Warrant such shares of stock,
securities, cash or property as in accordance with the foregoing provisions such
holder shall be entitled to purchase.

         Section 3.5.  Prior Notice as to Certain Events.  In case at any time:

              (a) The Company shall pay any dividend upon its Common Stock
         payable in stock or make any distribution (other than cash dividends)
         to the holders of its Common Stock; or

              (b) The Company shall offer for subscription pro rata to the
         holders of its Common Stock any additional shares of stock of any class
         or any other rights; or

              (c) There shall be any capital reorganization or reclassification
         of the capital stock of the Company, or consolidation or merger of the
         Company with, or sale, conveyance, lease or other transfer of all or
         substantially all of its assets to, another corporation; or

              (d) There shall be a voluntary or involuntary dissolution,
         liquidation or winding up of the Company;

then in any one or more of such cases, the Company shall give prior written
notice, by first class mail, postage prepaid, addressed to each registered
Warrantholder at the address of such Warrantholder as shown on the books of the
Company, of the date on which (i) the books of the Company shall close or a
record shall be taken for such stock dividend, distribution or subscription
rights or (ii) such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding up shall take place, as the case may
be. Such notice shall also specify the date as of which the holders of the
Common Stock of record shall participate in such dividend, distribution or
subscription rights or shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation, or
winding up, as the case may be. Such written notice shall be given at least
twenty (20) days prior to the action in question and not less than twenty (20)
days prior to the record date or the date on which the Company's transfer books
are closed in respect thereto.

         Section 3.6. Certain Obligations of the Company. The Company will not,
by amendment of its articles 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 Agreement or the Warrant
Certificate, but will at all times in good faith assist in the carrying out of
all such terms. Without limiting the generality of the foregoing, the Company
(a) will 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
such stock upon the exercise of all Warrants from time to time outstanding, and
(b) will not (i) transfer all or substantially all of its properties and assets
to any other person or entity, or (ii) consolidate with or merge into any other
entity where the Company is not the continuing or surviving entity, or (iii)
permit any other entity to consolidate with or merge into the Company where the
Company is the continuing or surviving entity but, in connection with such
consolidation or merger, the Common Stock then issuable upon the exercise of the
Warrants shall be changed into or exchanged for shares or other securities or
property of any other entity unless, in any such case, the other entity
acquiring such properties and assets, continuing or surviving after such
consolidation or merger or issuing or distributing such shares or other
securities or property, as the case may be, shall expressly assume in writing
and be bound by all the terms of this Warrant Agreement and the Warrant
Certificates.

                                       5
<PAGE>   6

         Section 3.7. Reservation and Listing of Common Stock. The Company will
at all times reserve and keep available, solely for issuance and delivery upon
the exercise of the Warrants, all shares of Common Stock from time to time
issuable upon such exercise. All such shares shall be authorized and, when
issued upon such exercise, shall be validly issued, fully paid and nonassessable
with no liability on the part of the holder thereof. The Company, at its
expense, will list on each national securities exchange on which any Common
Stock may at any time be listed, subject to official notice of issuance, and
will maintain such listing of, the shares of Common Stock from time to time
issuable upon the exercise of the Warrants.

         Section 3.8. Registration Rights; Registration or Exemption for Common
Stock.

              (a) If at any time the Company shall propose to file any
         registration statement (other than a registration statement on Form
         S-4, Form S-8 or any similarly inappropriate form, or any successor
         forms thereto) under the Securities Act of 1933, as amended (the
         "Securities Act") covering a public offering of the Company's Common
         Stock (a "Registration Statement"), it will notify the holder of the
         Warrants at least twenty (20) days prior to each such filing (a
         "Registration Notice") and will use its best efforts to include in such
         Registration Statement (to the extent permitted by applicable
         regulation), the shares of Common Stock issuable to the Warrantholders
         upon exercise of the Warrants to the extent requested by such holder
         within ten (10) days after receipt of notice of such filing (which
         request shall specify the interest in the Warrants or the shares
         issuable upon exercise thereof intended to be sold or disposed of by
         such holder and describe the nature of any proposed sale or other
         disposition thereof); provided, however, that if a greater number of
         shares of Common Stock issuable upon exercise of the Warrants is
         offered for participation in the proposed offering that in the
         reasonable opinion of the managing underwriter(s) of the proposed
         offering can be accommodated without adversely affecting the proposed
         offering, then the amount of shares of Common Stock issuable upon
         exercise of the Warrants proposed to be offered by such holders for
         registration, as well as the number of securities of any other selling
         shareholders participating in the registration, shall be
         proportionately reduced to a number deemed satisfactory by the managing
         underwriter(s). The Company shall bear all expenses incurred in
         connection with the preparation, filing and amendment of any
         Registration Statements, except that the Warrantholders shall pay all
         fees, disbursements and expenses of any counsel or expert retained by
         such holders and all underwriting discounts and commissions, filing
         fees and any transfer or other taxes relating to the shares of Common
         Stock issuable upon exercise of the Warrants included in such
         Registration Statements. The Warrantholders agree to cooperate with the
         Company in the preparation and filing of any such Registration
         Statements, and in the furnishing of information concerning the
         Warrantholder for inclusion therein, or in any efforts by the Company
         to establish that the proposed sale is exempt from the Securities Act
         as to any proposed distribution. Notwithstanding the foregoing, the
         Company shall be under no obligation to include any of the shares of
         Common Stock issuable upon exercise of the Warrants with respect to any
         Warrantholder that has not provided such information requested by the
         Company in the registration notice within ten (10) days after any such
         holders' receipt thereof, the Company shall have no obligation to
         include any of such holders' shares of Common Stock issuable upon
         exercise of the Warrants in the Registration Statement.

              (b) The Company will use its best efforts (a) at all times the
         Warrants are exercisable to maintain an effective registration
         statement under the Securities Act covering Common Stock issuable upon
         exercise of the Warrants, (b) from time to time to amend or supplement
         the prospectus contained in such registration statement to the extent
         necessary in order to comply with applicable law, (c) to qualify for
         exemption from the registration requirements of the Act the Common
         Stock issuable upon exercise of the Warrants, and (d) to maintain
         exemptions or qualifications, in those jurisdictions in which the
         original registration statement relating to the Warrants was initially
         qualified, to permit the exercise of the Warrants and the issuance of
         the Common Stock pursuant to such exercise. The Warrant Agent shall
         have no responsibility for the maintenance of such exemptions or
         qualifications or for liabilities arising from the exercise or
         attempted exercise of Warrants in jurisdictions where exemptions or
         qualifications have not been maintained or are otherwise unavailable.

                                       6
<PAGE>   7

                                   ARTICLE IV.
                             REDEMPTION OF WARRANTS

         Section 4.1. Redemption Price. The Warrants may be redeemed at the
option of the Company, at any time after April 30, 2002 following a period of 14
consecutive trading days where the per share average closing bid price of the
Common Stock exceeds Seven and 50/100 Dollars ($7.50), on notice as set forth in
Section 4.2, and at a redemption price equal to $.01 per Warrant; provided,
however, that the Warrants may not be redeemed by the Company unless the Common
Stock issuable upon exercise of the Warrants has been registered with the
Securities and Exchange Commission or are otherwise freely tradable. For
purposes of this Section, the closing bid price of the Common Stock shall be
determined by the closing bid price as reported by Nasdaq so long as the Common
Stock is quoted on the Nasdaq National Market or Small Cap Market Systems and,
if the Common Stock is listed on a national securities exchange, shall be
determined by the last reported sale price on the primary exchange on which the
Common Stock is traded.

         Section 4.2. Notice of Redemption. In the case of any redemption of
Warrants, the Company or, at its request, the Warrant Agent in the name of and
at the expense of the Company shall give notice of such redemption to the
holders of the Warrants to be redeemed as hereinafter provided in this Section
4.2. Notice of redemption to the holders of Warrants shall be given by mailing
by first-class mail a notice of such redemption not less than thirty (30) days
prior to the date fixed for redemption. Any notice which is given in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the holder receives the notice. In any case, failure duly to give such
notice, or any defect in such notice, to the holder of any Warrant Certificate
shall not affect the validity of the proceedings for the redemption of Warrants
represented by any other Warrant Certificate. Each such notice shall specify the
date fixed for redemption, the place of redemption and the redemption price of
$.01 at which each Warrant is to be redeemed, and shall state that payment of
the redemption price of the Warrants will be made on surrender of the Warrants
at such place of redemption, and that if not exercised by the close of business
on the date fixed for redemption, the exercise rights of the Warrants identified
for redemption shall expire unless extended by the Company. Such notice shall
also state the current Exercise Price and the date on which the right to
exercise the Warrants will expire unless extended by the Company.

         Section 4.3. Payment of Warrants on Redemption; Deposit of Redemption
Price. If notice of redemption shall have been given as provided in Section 4.2,
the redemption price of $.01 per Warrant shall, unless the Warrant is
theretofore exercised pursuant to the terms hereof, become due and payable on
the date and at the place stated in such notice. On and after such date of
redemption, provided that cash sufficient for the redemption thereof shall then
be deposited by the Company with the Warrant Agent for that purpose, the
exercise rights of the Warrants identified for redemption shall expire. On
presentation and surrender of Warrant Certificates at such place of payment in
such notice specified, the Warrants identified for redemption shall be paid and
redeemed at the redemption price of $.01 per Warrant. Prior to the date fixed
for redemption, the Company shall deposit with the Warrant Agent an amount of
money sufficient to pay the redemption price of all the Warrants identified for
redemption. Any monies which shall have been deposited with the Warrant Agent
for redemption of Warrants and which are not required for that purpose by reason
of exercise of Warrants shall be repaid to the Company upon delivery to the
Warrant Agent of evidence satisfactory to it of such exercise.

                                   ARTICLE V.
                      CERTAIN OTHER PROVISIONS RELATING TO
                    RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

         Section 5.1. No Rights of Shareholders. The Warrant Certificates shall
be issued in registered form only. No Warrant Certificate shall entitle the
holder thereof to any of the rights of a holder of shares of

                                       7
<PAGE>   8

Common Stock of the Company, including, without limitation, the right to vote,
to receive dividends and other distributions, or to receive any notice of, or to
attend, meetings of holders of Common Stock or any other proceedings of the
Company.

         Section 5.2. Loss, Theft, Destruction or Mutilation of Warrant
Certificates. Upon receipt by the Warrant Agent of evidence reasonably
satisfactory to the Warrant Agent of the loss, theft, destruction or mutilation
of any Warrant Certificate, and (a) in the case of any such loss, theft, or
destruction, upon delivery to the Warrant Agent of an indemnity bond in form and
amount, and issued by a bonding company, reasonably satisfactory to the Company,
or (b) in the case of any such mutilation, upon surrender to and cancellation by
the Warrant Agent of such Warrant Certificate, the Company at its expense will
execute and cause the Warrant Agent to countersign and deliver, in lieu thereof,
a new Warrant Certificate of like tenor.

         Section 5.3. Transfer Agent; Cancellation of Warrant Certificates;
Unexercised Warrants. Firstar Bank, N.A. (and any successor), as transfer agent
(the "Transfer Agent"), is hereby irrevocably authorized and directed at all
times to reserve such number of authorized and unissued shares of Common Stock
as shall be sufficient to permit the exercise in full of all Warrants from time
to time outstanding. The Company will keep a copy of this Agreement on file with
the Transfer Agent. The Warrant Agent, and any successor thereto, is hereby
irrevocably authorized to requisition from time to time from the Transfer Agent
certificates for shares of Common Stock required for exercise of Warrants. The
Company will supply the Transfer Agent with duly executed certificates for
shares of Common Stock for such purpose and will make available any cash
required in settlement of fractional share interests. All Warrant Certificates
surrendered upon the exercise or redemption of Warrants shall be cancelled by
the Warrant Agent and shall thereafter be delivered to the Company; such
cancelled Warrant Certificates, with the Purchase Form on the reverse thereof
duly filled in and signed, shall constitute conclusive evidence as between the
parties hereto of the numbers of shares of Common Stock which shall have been
issued upon exercises of Warrants. Promptly after the last day on which the
Warrants are exercisable (set forth in Section 2.1 above), the Warrant Agent
shall certify to the Company the aggregate number of Warrants then outstanding
and unexercised. No shares of Common Stock shall be subject to reservation with
respect to Warrants not exercised prior to the time and date identified in
Section 2.1 above as the last time and date at which Warrants may be exercised.

                                   ARTICLE VI.
                  TRANSFER AND EXCHANGE OF WARRANT CERTIFICATES

         Section 6.1. Warrant Register; Transfer or Exchange of Warrant
Certificates. The Warrant Agent shall cause to be kept at the principal office
of the Warrant Agent a register (the "Warrant Register") in which, subject to
such reasonable regulations as the Company may prescribe, provisions shall be
made for the registration of transfers and exchanges of Warrant Certificates.
Upon surrender for transfer or exchange of any Warrant Certificates, properly
endorsed, to the Warrant Agent, the Warrant Agent at the Company's expense will
issue and deliver to or upon the order of the holder thereof a new Warrant
Certificate or Warrant Certificates of like tenor, in the name of such holder or
as such holder (upon payment by such holder of any applicable transfer taxes)
may direct, calling in the aggregate on the face or faces thereof for the number
of shares of Common Stock called for on the face of the Warrant Certificate so
surrendered. Any Warrant Certificate surrendered for transfer or exchange shall
be cancelled by the Warrant Agent and shall thereafter be delivered to the
Company.

         Section 6.2. Identity of Warrantholders. Until a Warrant Certificate is
transferred in the Warrant Register, the Company and the Warrant Agent may treat
the person in whose name the Warrant Certificate is registered as the absolute
owner thereof and of the Warrants represented thereby for all purposes,
notwithstanding any notice to the contrary, except that, if and when any Warrant
Certificate is properly assigned in blank, the Company and the Warrant Agent may
(but shall not be obligated to) treat the bearer

                                       8
<PAGE>   9

thereof as the absolute owner of the Warrant Certificate and of the Warrants
represented thereby for all purposes, notwithstanding any notice to the
contrary.

                                  ARTICLE VII.
                          CONCERNING THE WARRANT AGENT

         Section 7. 1. Taxes. The Company will, from time to time, promptly pay
to the Warrant Agent, or make provision satisfactory to the Warrant Agent for
the payment of, all taxes and charges that may be imposed by the United States
or any State upon the Company or the Warrant Agent upon the transfer or delivery
of shares of Common Stock upon the exercise of Warrants, but the Company shall
not be obligated to pay any tax imposed in connection with any transfer involved
in the delivery of a certificate for shares of Common Stock in any name other
than that of the registered holder of the Warrant Certificate surrendered in
connection with the purchase thereof.

         Section 7.2.  Replacement of Warrant Agent in Certain Circumstances.

              (a) The Warrant Agent may resign its duties and be discharged from
         all further duties and liabilities hereunder after giving thirty (30)
         days' notice in writing to the Company, except that such shorter notice
         may be given as the Company shall, in writing, accept as sufficient.
         The Company may discharge the Warrant Agent at any time with or without
         reason, effective upon thirty (30) days written notice to the Warrant
         Agent or such shorter period as the Warrant Agent shall, in writing,
         accept as sufficient. If the office of Warrant Agent becomes vacant by
         resignation, discharge, incapacity to act or otherwise, the Company
         shall appoint in writing a new Warrant Agent. If the Company shall fail
         to make such appointment within a period of thirty (30) days after it
         has been notified in writing of such resignation or incapacity by the
         resigning or incapacitated Warrant Agent or by the holder of a Warrant
         Certificate, then the holder of any Warrant Certificate may apply to
         any court of competent jurisdiction for the appointment of a new
         Warrant Agent. Any new Warrant Agent, whether appointed by the Company
         or by such a court, shall be a corporation organized, doing business
         and in good standing under the laws of the United States or of the
         State of Minnesota, and which is authorized under such laws to exercise
         corporate trust powers and is subject to supervision or examination by
         Federal or State authority. Any new Warrant Agent appointed hereunder
         shall execute, acknowledge and deliver to the Company an instrument
         accepting such appointment hereunder and thereupon such new Warrant
         Agent without any further act or deed shall become vested with all the
         rights, powers, duties and responsibilities of the Warrant Agent
         hereunder with like effect as if it had been named as the Warrant
         Agent; but if for any reason it becomes necessary or expedient to have
         the former Warrant Agent execute and deliver any further assurance,
         conveyance, act or deed, the same shall be done and shall be legally
         and validly executed and delivered by the former Warrant Agent. Not
         later than the effective date of any such appointment the Company shall
         file notice thereof with the former Warrant Agent. The Company shall
         promptly give notice of any such appointment to the holders of the
         Warrant Certificates by mail to their addresses as shown in the Warrant
         Register. Failure to file or give such notice, or any defect therein,
         shall not affect the legality or validity of the appointment of the
         successor Warrant Agent.

              (b) Any company into which the Warrant Agent or any new Warrant
         Agent may be merged or converted or with which it may be consolidated
         or any company resulting from any merger, conversion or consolidation
         to which the Warrant Agent shall be a party shall be the successor
         Warrant Agent under this Warrant Agreement without any further act;
         provided that if such company would not be eligible for appointment as
         a successor Warrant Agent under the provisions of paragraph (a) of this
         Section 7.2 the Company shall forthwith appoint a new Warrant Agent in
         accordance with such provisions. Any such successor Warrant Agent may
         adopt the prior countersignature of any predecessor Warrant Agent and
         deliver Warrant Certificates countersigned

                                       9
<PAGE>   10

and not delivered by such predecessor Warrant Agent or may countersign Warrant
Certificates either in the name of any predecessor Warrant Agent or the name of
the successor Warrant Agent.

         Section 7.3. Remuneration of Warrant Agent. The Company will pay the
Warrant Agent reasonable remuneration for its services as Warrant Agent
hereunder and will reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties
hereunder.

         Section 7.4. Further Assurances. The Company will perform, exercise,
acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may
reasonably be required by the Warrant Agent for the carrying out or performing
by the Warrant Agent of the provisions of this Warrant Agreement.

         Section 7.5.  Limitations on Liabilities of the Warrant Agent.

                       (a) The Warrant Agent may consult with legal counsel (who
                  may be legal counsel for the Company), and the opinion of such
                  counsel shall be full and complete authorization and
                  protection of the Warrant Agent as to any action taken or
                  omitted by it in good faith and in accordance with such
                  opinion.

                       (b) Whenever, in the performance of its duties under this
                  Warrant Agreement, the Warrant Agent shall deem it necessary
                  or desirable that any matter be proved or established, or that
                  any instructions with respect to the performance of its duties
                  hereunder be given, by the Company prior to taking or
                  suffering any action hereunder, such matter (unless other
                  evidence in respect thereof be herein specifically prescribed)
                  may be deemed to be conclusively proved and established, or
                  such instructions may be given, by a certificate or instrument
                  signed by an officer of the Company and delivered to the
                  Warrant Agent; and such certificate or instrument shall be
                  full authorization to the Warrant Agent for any action taken
                  or suffered in good faith by it under the provisions of this
                  Warrant Agreement in reliance upon such certificate or
                  instrument; but in its discretion the Warrant Agent may in
                  lieu thereof accept other evidence of such matter or may
                  require such further or additional evidence as it may deem
                  reasonable.

                       (c) The Warrant Agent shall be liable hereunder only for
                  its own negligence or willful misconduct. The Warrant Agent
                  shall act hereunder solely as agent, and its duties shall be
                  determined solely by the provisions hereof. The Company agrees
                  to indemnify the Warrant Agent and save it harmless against
                  any and all liabilities, including judgments, costs and
                  counsel fees, for anything done or omitted by the Warrant
                  Agent in the execution of this Warrant Agreement except as a
                  result of the Warrant Agent's negligence or willful
                  misconduct.

                       (d) The Warrant Agent shall not be liable for or by
                  reason of any of the statements of fact or recitals contained
                  in this Warrant Agreement or in the Warrant Certificates
                  (except its countersignature thereof) or be required to verify
                  the same, but all such statements and recitals are and shall
                  be deemed to have been made by the Company only.

                       (e) The Warrant Agent shall not be under any
                  responsibility in respect to the validity or execution of any
                  Warrant Certificate (except its countersignature thereof); nor
                  shall it be responsible for any breach by the Company of any
                  covenant or condition contained in this Warrant Agreement or
                  in any Warrant Certificate; nor shall it be responsible for
                  the making

                                       10
<PAGE>   11

                  of any adjustment in the Exercise Price, or number of shares
                  issuable upon exercise of the Warrant Certificates or
                  responsible for the manner, method or amount of any such
                  adjustment or the facts that would require any such
                  adjustment; nor shall it by any act hereunder be deemed to
                  make any representation or warranty as to the authorization or
                  reservation of any shares of Common Stock to be issued
                  pursuant to this Warrant Agreement or any Warrant Certificate
                  or as to whether any shares of Common Stock or other
                  securities are or will be validly authorized and issued and
                  fully paid and nonassessable.

         Section 7.6. Amendment and Modification. The Warrant Agent may, without
the consent or concurrence of the holders of the Warrant Certificates, by
supplemental agreement or otherwise, join with the Company in making any changes
or corrections in this Warrant Agreement that they shall have been advised by
counsel (a) are required to cure any ambiguity or to correct any defective or
inconsistent provision or clerical omission or mistake or manifest error herein
contained, (b) add to the obligations of the Company in this Warrant Agreement
further obligations thereafter to be observed by it, or surrender any right or
power reserved to or conferred upon the Company in this Warrant Agreement, or
(c) do not or will not adversely affect, alter or change the rights, privileges
or immunities of the holders of Warrant Certificates not provided for under this
Warrant Agreement; provided, however, that any term of this Warrant Agreement or
any Warrant Certificate may be changed, waived, discharged or terminated by an
instrument in writing signed by each party against which enforcement of such
change, waiver, discharge or termination is sought, or by which the same is to
be performed or observed.

                                  ARTICLE VIII.
                                  OTHER MATTERS

         Section 8.1. Successors and Assigns. All the covenants and provisions
of this Warrant Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and
assigns.

         Section 8.2. Notices. Any notice or demand authorized by this Warrant
Agreement to be given or made by the Warrant Agent or by the holder of any
Warrant Certificate to or on the Company shall be sufficiently given or made if
sent by first class or registered mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the Warrant Agent) as
follows:

                  Active IQ Technologies, Inc.
                  601 Carlson Parkway, Suite 1550
                  Minnetonka, MN 55305

Any notice or demand authorized by this Warrant Agreement to be given or made by
the holder of any Warrant Certificate or by the Company to or on the Warrant
Agent shall be sufficiently given or made if sent by first class or registered
mail, postage prepaid, addressed (until another address is filed in writing by
the Warrant Agent with the Company) as follows:

                  Firstar Bank, N.A.
                  Corporate Trust Services
                  1555 North River Center Drive, Suite 301
                  Milwaukee, WI  53201

         Section 8.3. Governing Law. This Warrant Agreement and the Warrant
Certificates are being delivered in the State of Minnesota and shall be
construed and enforced in accordance with and governed by the laws of such
State.

                                       11
<PAGE>   12

         Section 8.4. No Benefits Conferred. Nothing in this Warrant Agreement
expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the Company, the Warrant Agent, and the holders of the
Warrant Certificates, any right, remedy or claim under or by reason of this
Agreement or of any covenant, condition, stipulation, promise or agreement
herein; and all covenants, conditions, stipulations, promises and agreements in
this Warrant Agreement contained shall be for the sole and exclusive benefit of
the Company, the Warrant Agent, their respective successors and the holders of
the Warrant Certificates.

         Section 8.5. Headings. The descriptive headings used in this Warrant
Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

         IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by
the parties hereto as of the day and year first above written.

                                 ACTIVE IQ TECHNOLOGIES, INC.

                                 By /s/ Kenneth W. Brimmer
                                    --------------------------------------------
                                    Its Chairman and Chief Executive Officer

                                 FIRSTAR BANK, N.A.

                                 By /s/ Philip Meyer
                                    --------------------------------------------
                                    Its Trust Officer

                                       12

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