Document:

<PAGE>

                                                                    EXHIBIT 4.8

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL
AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS CORPORATION, IS
AVAILABLE.

                                                                   June 17, 1996

               WARRANT TO PURCHASE SHARES OF SERIES I CONVERTIBLE
                PREFERRED STOCK OF AMERICAN PSYCH SYSTEMS, INC.

      This certifies that _________ (the "Holder"), or its registered
assigns, for value received is entitled, subject to the adjustment and to the
other terms set forth below, to purchase from AMERICAN PSYCH SYSTEMS, INC., a
Delaware corporation (the "Company"), ______ fully paid and nonassessable
shares of the Company's $.001 par value Series I Convertible Preferred Stock
(the "Stock") at a price of $1.22 per share (the "Stock Purchase Price") at
any time on or after June 17, 1996 (the "Commencement Date") but not later
than 5:00 p.m., New York City time, on the Expiration Date (as defined
below). The Stock Purchase Price and, in some cases, the number of shares
purchasable hereunder are subject to adjustment as provided in Section 3 of
this Warrant. This Warrant and all rights hereunder, to the extent not
exercised in the manner set forth herein shall terminate and become null and
void on the Expiration Date. "Expiration' Date" means June 17, 2001.

      This Warrant is subject to the following terms and conditions:

      1.    EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES; CONVERSION
            RIGHT.

            1.1   DURATION OF EXERCISE OF WARRANT. This Warrant is exercisable
at the option of the Holder at any time or from time to time but not earlier
than on the Commencement Date or later than 5:00 p.m., New York City time, on
the Expiation Date for all or a portion of the shares of Stock which may be
purchased hereunder.

            1.2   EXERCISE OF WARRANT. Exercise of the Warrant shall be made by
surrender to the Company at its principal office, One Democracy Plaza, 6701
Democracy Boulevard, Suite 555, Bethesda, Maryland 20817 Attention: President
(or at such other location as the Company may advise the Holder in writing) of
this Warrant properly endorsed with the Subscription Agreement attached hereto
as Exhibit A duly filled in and signed and, unless the Conversion Right set
forth in Section 13 is exercised, upon payment in cash or cashier's check of the
aggregate Stock Purchase Price for the number of shares for which this Warrant
is being

<PAGE>

exercised determined in accordance with the provisions hereof. The Company
agrees that the shares of stock purchased under this Warrant shall be and are
deemed to be issued to the Holder as the record owner of such shares as of the
close of business on the date on which this Warrant shall have been surrendered
and payment made for such shares. Subject to the provisions of Section 2,
certificates for the shares of Stock so purchased, together with any other
securities or property to which the Holder is entitled upon such exercise, shall
be delivered to the Holder by the Company's transfer agent at the Company's
expense within a reasonable time after the rights represented by this Warrant
have been exercised. Each stock certificate so delivered shall be in such
denominations of Stock as may be requested by the Holder and shall be registered
in the name of the Holder or such other name as shall be designated by the
holder, subject to the limitations contained in Section 2. If, upon exercise of
this Warrant, fewer than all of the shares of Stock evidenced by this Warrant
are purchased prior to the Expiration Date of this Warrant, a new warrant
substantially in the form of, and on the terms in, this Warrant will be issued
for the remaining number of shares of Stock not purchased upon exercise of this
Warrant.

            1.3   CONVERSION RIGHT. In lieu of the payment of the Stock Purchase
Price, the Holder shall have the right (but not the obligation), to require the
Company to convert this Warrant, in whole or in part, into shares of Stock (the
`Conversion Right") as provided for in this Section 1.3. Upon exercise of the
Conversion Right, the Company shall deliver to the Holder (without payment by
the Holder of any of the Stock Purchase Price) that number of shares of Stock
equal to the quotient obtained by dividing (x) the value of the Warrant at the
time the Conversion Right is exercised (determined by subtracting the aggregate
Stock Purchase Price in effect immediately prior to the exercise of the
Conversion Right from the aggregate Fair Market Value (as hereinafter defined)
for the shares of Stock issuable upon exercise of the Warrant immediately prior
to the exercise of the Conversion Right) by (y) the Fair Market Value of one
share of Stock immediately prior to the exercise of the Conversion Right, as
determined by the Board of Directors in its good faith judgment.

            1.4   EXERCISE OF CONVERSION RIGHT. The conversion rights provided
under Section 1.3 hereof may be exercised in whole or in part and at any time
and from time to time while any Warrants remain outstanding. In order to
exercise the conversion privilege, the Holder shall surrender to the Company, at
its offices, this Warrant accompanied by a duly completed Notice of Conversion
in the form attached hereto as Exhibit B. The presentation and surrender shall
be deemed a waiver of the Holder's obligation to pay all or any portion of the
aggregate purchase price payable for the shares of Stock issuable upon exercise
of this Warrant. This Warrant (or so much thereof as shall have been surrendered
for conversion) shall be deemed to have been converted immediately prior to the
close of business on the day of surrender of such Warrant for conversion in
accordance with the foregoing provisions. As promptly as practicable on or after
the conversion date, the Company shall issue and shall deliver to the Holder (i)
a certificate or certificates representing the largest number of whole shares of
Stock to which the Holder shall be entitled as a result of the conversion, and
(ii) if the Warrant is being converted in part only, a new warrant in principal
amount equal to the unconverted portion of this Warrant. If this Warrant is
executed in whole, in lieu of any fractional shares of Stock to which the Holder
shall be entitled, the Company shall pay to the Holder cash in accordance with
the provisions of Section 12 hereof. For purposes of determining whether to
exercise the conversion rights provided under Section 1.3, the Holder may from
time to time request that the Board of Directors of the Company determine in its
good faith judgment the Fair Market Value of the Stock at such

                                       2
<PAGE>

time, which Fair Market Value would be utilized for purposes of calculating the
number of shares of Stock issuable in connection with a conversion contemplated
to be made by the Holder or any other holder of Warrants; PROVIDED that such
conversion right is exercised within ten business days of the Holders being
notified by the Company of such determination of Fair Market Value. In no event
shall any determination of Fair Market Value in accordance with the preceding
sentence obligate any Holder to exercise the Warrant or any conversion right.
The Company shall promptly advise the Holder and all other holders of Warrants
of any determination by the Board of Directors of Fair Market Value. The Company
shall not be obligated to determine such Fair Market Value on more than two
occasions in any calendar year where no exercise or conversion of Warrants
occurs on the basis of such determined value.

      2.    SHARES TO BE FULLY PAID; RESERVATION OF SHARES. The Company
covenants and agrees that all shares of Stock which may be issued upon the
exercise of this Warrant (the "Warrant Shares") and all shares of Stock issuable
upon conversion of the Warrants (the "Conversion Shares") will, upon issuance,
be duly authorized, validly issued, fully paid and nonassessable and free from
all preemptive rights of any stockholder and free of all taxes, liens and
charges with respect to the issue thereof. The Company covenants that it will
reserve and keep available a sufficient number of shares of its authorized but
unissued Stock for such exercise and/or conversion, as the case may be. The
Company will take all such reasonable action as may be necessary to assure that
such shares of Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities
exchange or automated quotation system upon which the Stock may be listed.

      3.    ADJUSTMENT OF STOCK PURCHASE PRICE AND NUMBER OF SHARES. The Stock
Purchase Price and, in some cases, the number of shares purchasable upon the
exercise of this Warrant shall be subject to adjustment from time to time upon
the occurrence of certain events described in this Section 3.

            3.1 SUBDIVISION OR COMBINATION OF STOCK AND STOCK DIVIDEND. In case
the Company shall at any time subdivide its outstanding shares of Stock into a
greater number of shares or declare a dividend upon its Stock payable solely in
shares of Stock, the Stock Purchase Price in effect immediately prior to such
subdivision or declaration shall be proportionately reduced and the number of
shares issuable upon exercise of the Warrant shall be proportionately increased.
Conversely, in case the outstanding shares of Stock of the Company shall be
combined into a smaller number of shares, the Stock Purchase Price in effect
immediately prior to such combination shall be proportionately increased, and
the number of shares issuable upon exercise of the Warrant shall be
proportionately reduced.

            3.2 NOTICE OF ADJUSTMENT. Promptly after adjustment of the Stock
Purchase Price or any increase or decrease in the number of shares purchasable
upon the exercise of this Warrant, the Company shall give written notice thereof
by first class mail, postage prepaid, addressed to the registered holder of this
Warrant at the address of such holder as shown on the books of the Company. The
notice shall be signed by the Company's chief financial officer and shall state
the effective date of the adjustment and the Stock Purchase Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of this Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based.

                                       3
<PAGE>

            3.3   OTHER NOTICES.  If at anytime:

            (a)   the Company shall declare any cash dividend upon its Stock;

            (b)   the Company shall declare any dividend upon its Stock payable
      in stock (other than a dividend payable solely in shares of Stock) or make
      any special dividend or other distribution to the holders of its Stock;

            (c)   there shall be any capital reorganization, or reclassification
      of the Stock of the Company or consolidation or merger of the Company with
      another corporation, or a sale of all or substantially all of the
      Company's 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 said cases, the Company shall give, by first class
mail (certified or registered mail in the case of any event referred to in
paragraphs (c) or (4) above, postage prepaid, addressed to the registered holder
of this Warrant at the address of such holder as shown on the books of the
Company, (i) at least 15 days' prior written notice of the date on which the
books of the Company shall close or a record shall be taken for such dividend,
distribution or subscription rights or for determining rights to vote in respect
of any such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding-up; and (ii) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up, at least 20 days' written notice of the date when the
same shall take place. Any notice given in accordance with clause (i) above
shall also specify, in the case of any such dividend, distribution or
subscription rights, the date on which the holders of Stock shall be entitled
thereto. Any notice given in accordance with clause (ii) above shall also
specify the date on which the holders of Stock shall be entitled to exchange
their Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or windingup, as the case may be. If the Holder of the Warrant does
not exercise this Warrant prior to the occurrence of an event described above,
except as provided in Sections 3.1 and 3.4, the Holder shall not be entitled to
receive the benefits accruing to existing holders of the Stock in such event.

            3.4   CHANGES IN STOCK. In case at any time following the date
hereof, the Company shall be a party to any transaction (including, without
limitation, a merger, consolidation, sale of all or substantially all of the
Company's assets or recapitalization of the Stock) in which the previously
outstanding Stock shall be changed into or exchanged for different securities of
the Company or common stock or other securities of another corporation or
interests in a noncorporate entity or other property (including cash) or any
combination of any of the foregoing (each such transaction being herein called
the "Transaction" and the date of consummation of the Transaction being herein
called the "Consummation Date"), then, as a condition of the consummation of the
Transaction, lawful and adequate provisions shall be made so that each Holder,
upon the exercise hereof at any time on or after the Consummation Date, shall be
entitled to receive; and this Warrant shall thereafter represent the right to
receive, in lieu of the Stock issuable upon such exercise prior to the
Consummation Date, the highest amount of securities or other property to which
such Holder would actually have been entitled as a

                                       4
<PAGE>

stockholder upon the consummation of the Transaction if such Holder had
exercised such Warrant immediately prior thereto. The provisions of this Section
3.4 shall similarly apply to successive Transactions.

      4.    ISSUE TAX. The issuance of certificates for shares of Stock upon the
exercise of the Warrant shall be made without charge to the holder of the
Warrant for any issue tax in respect thereof, provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the issuance and delivery of any certificate in a name
other than that of the then holder of the Warrant being exercised.

      5.    NO VOTING OR DIVIDEND RIGHTS; LIMITATION OF LIABILITY. Nothing
contained in this Warrant shall be construed as conferring upon the holder
hereof the right to vote or to consent or to receive notice as a stockholder in
respect of meetings of stockholders for the election of directors of the Company
or any other matters or any rights whatsoever as a stockholder of the Company.
Except for the adjustment to the Stock Purchase Price pursuant to Section 3.1 in
the event of a dividend on the Stock payable in shares of Stock; no dividends or
interest shall be payable or accrued in respect of this Warrant or the interest
represented hereby or the shares purchasable hereunder until, and only to the
extent that, this Warrant shall have been exercised. No provisions hereof, in
the absence of affirmative action by the holder to purchase shares of Stock, and
no mere enumeration herein of the rights or privileges of the holder hereof,
shall give rise to any liability of such holder for the Stock Purchase Price or
as a stockholder of the Company whether such liability is asserted by the
Company or by its creditors.

      6.    RESTRICTIONS ON TRANSFERABILITY OF SECURITIES COMPLIANCE WITH
            SECURITIES ACT.

            6.1 RESTRICTIONS ON TRANSFERABILITY. This Warrant, the Warrant
Shares and the Conversion Shares (collectively, the "Securities"), shall not be
transferable in the absence of Registration under the Act (as defined below) or
an exemption therefrom under said Act.

            6.2 RESTRICTIVE LEGEND. Each certificate representing the Securities
or any other securities issued in respect of the Securities upon any stock
split, stock dividend, recapitalization, merger, consolidation or similar event,
shall be stamped or otherwise imprinted with a legend substantially in the
following form (in addition to any legend required under applicable state
securities laws):

            THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER TEE
            SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND
            NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED,
            SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
            TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS
            OR AN EXEMPTION FROM REGISTRATION UNDER SAID ACT OR SUCH LAWS,
            WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND
            OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS CORPORATION,
            IS AVAILABLE.

                                       5
<PAGE>

            7.    REGISTRATION RIGHTS. The shares of Common Stock issuable upon
conversion of the Warrant Shares and the Conversion Shares (the "Underlying
Common Shares") are entitled to certain registration rights pursuant to the
Amended and Restated Registration Rights Agreement, dated June 17, 1996 (as
amended, supplemented or modified from time to time), among the Company and the
Investors (as defined therein).

            8.    RIGHTS OF FIRST REFUSAL AND CO-SALE. The Warrant Shares, the
Conversion Shares and the Underlying Common Shares are entitled to certain
rights of co-sale and first refusal pursuant to the Amended and Restated Co-Sale
and Restricted Stock Agreement, dated June 17, 1996 (as amended, supplemented or
modified from time to time), among the Company and the Investors (as defined
therein).

            9.    MODIFICATION AND WAIVER.  This Warrant and any provision
hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of the same is
sought.

            10.   NOTICES. Any notice, request or other document required or
permitted to be given or delivered to the holder hereof or the Company shall,
except as otherwise provided in this Warrant, be delivered or shall be sent by
certified or registered mail, postage prepaid, to each such holder at its
address as shown on the books of the Company.

            11.   APPLICABLE LAW.  This Warrant shall be construed and
enforced in accordance with, and the rights and obligations of the parties
shall be governed by, the laws of the State of Delaware.

            12.   DESCRIPTIVE HEADINGS.  The descriptive headings of several
sections and paragraphs of this Warrant are inserted for convenience only and
do not constitute a part of this Warrant.

            13.   LOST WARRANTS OR STOCK CERTIFICATES. The Company represents
and warrants to the Holder that upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of any Warrant or
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity and, if requested, bond reasonably satisfactory to the
Company, or in the case of any such mutilation, upon surrender and cancellation
of such Warrant or stock certificate, the Company at its expense will make and
deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.

            14.   FRACTIONAL SHARES. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share pay the holder entitled to such fraction a sum in cash equal to the Fair
Market Value of any such fractional interest as it shall appear on the public
market, or if there is no public market for such shares, then as shall be
reasonably determined by the Company.

                                       6
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer, thereunto duly authorized as of this 17th day of June,
1996.

                                          AMERICAN PSYCH SYSTEMS, INC.

                                          By:_________________________________
                                             Kenneth Kessler, M.D.
                                             President

                                       7<PAGE>

                                                                     EXHIBIT 4.9

                         UNIT PURCHASE OPTION AGREEMENT

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS,
WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE
REASONABLY SATISFACTORY TO COUNSEL FOR THIS CORPORATION, IS AVAILABLE.

                              Dated: March 30, 1994

                         Option to Purchase 15,675 Units

                       VOID AFTER 5:00 P.M. (EASTERN TIME)

                                       ON
                                  May 31, 1999

                          AMERICAN PSYCH SYSTEMS, INC.

                   Option to Purchase 15,675 Units, each Unit
                    consisting of one share of Common Stock,
                    par value $.001 per share, and a warrant
                 to purchase one-quarter share of Common Stock,
                            par value $.001 per share

      AMERICAN PSYCH SYSTEMS, INC., a Delaware corporation (the "Company"),
hereby certifies that ________________ (the "Holder"), his successors and
assigns, for value received, is entitled to purchase from the Company at any
time after the date hereof, and before 5:00 P.M. (Eastern Time) on May 31, 1999
(the "Exercise Period"), ______ Units (the "UPO Units") of the Company at a
purchase price per Unit equal to $1.00 per UPO Unit (hereinafter, the "Unit
Purchase Price", and as adjusted as provided herein, the "Exercise Price').
This Unit

<PAGE>

Purchase Option Agreement (the "UPO Agreement") represents the Unit Purchase
Option (the "UPO") pursuant to a certain Sales Agency Agreement dated as of
February 15, 1994, between the Company and KBL Healthcare, Inc. Each UPO Unit
consists of one share (the "UPO Shares") of Common Stock, par value $.001 per
share ("Common Stock"), of the Company, and one warrant expiring May 31, 1999
(the "UPO Warrants") to purchase one-quarter share of Common Stock of the
Company (the "UPO Warrant Shares"). Except for the Exercise Period, the UPO
Warrants shall be identical to the warrants included in the Units sold by the
Company pursuant to the Sales Agency Agreement (the "Unit Warrants").

      1. EXERCISE OF UPOS. Upon presentation and surrender of this UPO
Agreement, with the attached Purchase Form duly executed, at the principal
office of the Company at One Democracy Plaza, 6701 Democracy Boulevard, Suite
410, Bethesda, Maryland 20817, together with a certified or bank cashier's check
payable to the Company in the amount of the Exercise Price multiplied by the
number of Units of the Company being purchased, the Company shall deliver to the
holder hereof, as promptly as practicable, certificates representing the UPO
Shares and UPO Warrants underlying the UPO Units being purchased. This UPO may
be exercised in whole or in part; and, in case of exercise hereof in part only,
the Company, upon surrender hereof, will deliver to the Holder a new UPO
Agreement entitling said holder to purchase the number of UPO Units as to which
this UPO Agreement has not been exercised.

      2. RIGHTS AND OBLIGATIONS OF UPO HOLDERS. The holder of this UPO Agreement
shall not, by virtue hereof, be entitled to any rights of a stockholder in the
Company, either at law or in equity; PROVIDED, HOWEVER, in the event that any
certificate representing shares of the Company's Common Stock is issued to the
holder hereof upon exercise of some or all of the UPOs represented hereby, such
holder shall, for all purposes, be deemed to have become the holder of

                                       2
<PAGE>

record of such stock on the date on which this UPO Agreement, together with a
duly executed Purchase Form, was surrendered and payment of the purchase price
was made, irrespective of the date of delivery of such share certificate. The
rights of the holder of this UPO Agreement are limited to those expressed herein
and the holder of this UPO Agreement, by his acceptance hereof, consents to and
agrees to be bound by and to comply with all the provisions of this UPO
Agreement, including, without limitation, all the obligations imposed upon the
holder hereof by Section 5. In addition, the Holder of this UPO Agreement, by
accepting the same, agrees that the Company may deem and treat the person in
whose name this UPO Agreement is registered as the absolute, true and lawful
owner for all purposes whatsoever, and the Company shall not be affected by any
notice to the contrary.

      3.    UPO SHARES AND UPO WARRANTS.

            3.1 UPO SHARES. The Company covenants and agrees that all UPO Shares
delivered as part of the UPO Units upon exercise (in accordance with the terms
and conditions set forth herein) of this UPO Agreement will, upon delivery, be
duly and validly authorized and issued, fully paid and nonassessable, and free
from all stamp taxes, liens, and charges with respect to the purchase thereof.

            3.2 UPO WARRANTS. The Company covenants and agrees that all UPO
Warrants delivered upon exercise of this UPO Agreement will, upon delivery, be
duly and validly authorized and issued, valid and binding obligations of the
Company, enforceable in accordance with their terms, and free from all stamp
taxes, liens, and charges with respect to the purchase thereof. In addition, the
Company agrees at all times to reserve and keep available an

                                       3
<PAGE>

authorized number of shares of Common Stock sufficient to permit the exercise in
full of the UPOs and the UPO Warrants.

      4.    RESTRICTIONS ON TRANSFERABILITY; COMPLIANCE WITH SECURITIES ACT.

            This UPO, the UPO Shares, the UPO Warrants and the UPO Warrant
Shares shall not be transferable except in compliance with the provisions of the
Securities Act of 1933, as amended (the "Securities Act"), and state Blue Sky
laws. The Holder is purchasing the Units for the Holder's own account, for
investment and not with a view to resale or distribution except In compliance
with the Securities Act. The Holder acknowledges that each certificate
representing the UPO Shares and the UPO Warrants shall be stamped or otherwise
imprinted with a legend substantially in the form of the legend on the first
page hereof.

      5. REGISTRATION RIGHTS. The UPO Shares and the UPO Warrant Shares are
entitled to certain registration rights pursuant to that certain Registration
Rights Agreement made on behalf of KBL and its designees by the Company.

      6.    ADJUSTMENTS.

            6.1 Any event which would have the effect of causing an adjustment
to be made to the exercise price, of, or the number of shares of Common Stock or
the nature of securities issuable upon exercise of, the Unit Warrants, shall
have the same effect on the Exercise Price, the number of UPO Shares and the
nature of securities issuable upon exercise of, the UPOs represented hereby. In
addition, except for the Exercise Period, the UPO Warrants shall be identical to
the Unit Warrant, and any and all changes made to the exercise price, number of
shares of Common stock or the nature of securities issuable upon exercise of,
the Unit

                                       4
<PAGE>

Warrants shall be simultaneously made to the UPO Warrants as if the UPO Warrants
were outstanding on the date of such adjustment.

            6.2 NOTICE TO QPO HOLDERS OF ADJUSTMENT. Whenever an adjustment is
made, as herein provided, the Company shall give each Holder of UPOs a notice
(i) setting forth and describing the adjustment which has been made, the
adjusted Exercise Price and the exercise price of the UPO Warrants and the
adjusted number of shares issuable upon exercise of the UPO Units and the UPO
Warrants, and (ii) showing in reasonable detail the computations and the facts
upon which such adjustments are based.

            6.3 NOTICE TO UPO HOLDERS OF STOCK DIVIDENDS, REORGANIZATIONS, ETC.
If at any time after the date hereof any event set forth in Paragraph 3.3 of the
Unit Warrants occurs, then, in any one or more of said cases, the Company shall
cause to be mailed to the Holders of UPOs, pursuant to the provisions and time
periods set forth in Paragraph 3.3 of the Unit Warrants, written notice of the
date upon which the books of the Company shall close or a record shall be taken
for purposes of such dividend, distribution or subscription rights or upon which
such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up shall take place, as the case may be. Such notice
shall also set forth facts as shall indicate the effect of such action (to the
extent such effect may be known at the date of such notice) on the Exercise
Price and the kind and amount of the shares of stock and other securities and
property deliverable upon exercise of the UPOs. Such notice shall also specify
the date, pursuant to Paragraph 3.3 of the Unit Warrants, as of which the
Holders of record of Common Stock shall participate in said dividend,
distribution or subscription rights or shall be entitled to exchange their
shares of Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-

                                       5
<PAGE>

up, as the case may be (on which date in the event of voluntary or involuntary
dissolution, liquidation or winding-up of the Company, the right to exercise the
UPOs shall terminate).

            6.4 FRACTIONAL SHARES. The Company shall not be required to issue
any fraction of a share of Common Stock upon the exercise of the UPOs or a share
of Common Stock upon the exercise of the UPO Warrants. If more than one such UPO
or UPO Warrant shall be surrendered for exercise at one time by the same Holder,
the number of full shares of Common Stock, as the case may be, which shall be
issuable upon exercise thereof shall be computed on the basis of the aggregate
number of UPOs or UPO Warrants so exercised. If any fractional interest in a
share of Common Stock, as the case may be, shall be deliverable upon the
exercise of any UPO or UPO Warrant, the Company shall make an adjustment
therefor in cash equal to the fair market value of any such fractional interest
as it shall appear on the public market, or if there is no public market for
such shares, then as shall be reasonably determined by the Company.

      7. SURVIVAL. The various rights and obligations of the Holder hereof and
of the Company as set forth in Sections 4, 5 and 6 hereof shall survive the
exercise of the UPOs represented hereby end the surrender of this UPO Agreement,
and upon the surrender of this UPO Agreement and the exercise of all of the UPOs
represented hereby, the Holder and the Company shall, if requested, deliver to
the other its written acknowledgement of its continuing obligations under said
Sections.

      8. NOTICE. All notices required or permitted by this UPO Agreement to be
given or made by the Company shall be given or made by first class mail, postage
prepaid, addressed to the registered Holder hereof or the record owner of UPO
Units represented hereby at the address

                                       6
<PAGE>

of such Holder or owner, as the case may be, as shown on the books of the
Company. Notices required or permitted to be given to the Company shall be sent
to:

                        American Psych Systems, Inc.
                        One Democracy Plaza,
                        6701 Democracy Boulevard
                        Suite 410
                        Bethesda, Maryland  20817
                        Attention: Kenneth Kessler, M.D. President

and a copy thereof to:

                        Michael J. Wishner, Esq.
                        Michaels & Wishner, P.C.
                        1140 Connecticut Avenue, N.W.
                        Suite 900
                        Washington, D.C.  20036

      9. MUTILATED OR MISSING UPO AGREEMENT. In case this UPO Agreement shall be
mutilated, lost, stolen or destroyed, the Company may, in its discretion, issue
and deliver in exchange and substitution for and upon cancellation of the
mutilated UPO Agreement or in lieu of and substitution of the UPO Agreement
lost, stolen or destroyed, a new UPO Agreement of like tenor and representing an
equivalent right or interest, but only upon receipt of evidence satisfactory to
the Company of such loss, theft, or destruction of such UPO Agreement and, in
the case of a lost, stolen or destroyed UPO Agreement, indemnity, if requested,
also satisfactory to the Company. Applicants for such substitute UPO Agreements
shall also comply with such other reasonable regulations and pay such reasonable
charges as the Company may prescribe.

                                       7
<PAGE>

      10. GOVERNING LAW. This UPO Agreement shall be deemed made under the laws
of the State of New York and for all purposes shall be construed in accordance
with the laws of said State, except for provisions regarding conflicts of law.

                                          AMERICAN PSYCH SYSTEMS, INC.

                                          By:
                                             ---------------------------------
                                                Kenneth Kessler, M.D.
                                                President

ATTEST:

By:
   ---------------------------
      John C. Heffner
      Secretary

                                       8
<PAGE>

                                  PURCHASE FORM
                                                                       , 19
                                                           ------------    --

TO:   AMERICAN PSYCH SYSTEMS, INC.

      The undersigned hereby irrevocably elects to exercise the attached UPO to
the extent of _________ UPO Units of American Psych Systems, Inc., and hereby
makes payment of $_______ in payment of the aggregate price thereof.

      If the exercise of the UPO is not covered by a registration statement
effective under the Securities Act, the undersigned represents that

      (i) the undersigned is acquiring such UPO Units for investment for the
undersigned's own account, not as nominee or agent, and not with a view to the
sale or distribution of any part thereof and the undersigned has no present
intention of and has not signed or otherwise arranged for the selling, granting
any participation in, or otherwise distributing the same,

      (ii) the undersigned has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of the
undersigned's investment in the UPO Units,

      (iii) the undersigned has received all of the information the undersigned
has requested from the Company and considers necessary or appropriate for
deciding whether to purchase the UPO Units,

      (iv) the undersigned has the ability to bear the economic risks of the
undersigned's prospective investment,

      (v) the undersigned is able, without materially impairing the
undersigned's financial condition, to hold the UPO Units for an indefinite
period of time and to suffer complete loss on the undersigned's investment,

      (vi) the undersigned understands and agrees that (A) the undersigned may
be unable to readily liquidate the undersigned's investment in the UPO Units and
that the UPO Units must be held indefinitely unless a subsequent disposition
thereof is registered or qualified under the Securities Act and applicable state
securities or Blue Sky laws or is exempt from such registration or
qualification, and that the Company is not required to register the same or to
take any action or make such an exemption available except to the extent
provided in the registration rights set forth in Section 5 of the attached UPO;
and (B) the exemption from registration under the Securities Act afforded by
Rule 144 promulgated by the Securities and Exchange Commission ("Rule 144")
depends upon the satisfaction of various conditions by the undersigned and the
Company and that, if applicable, Rule 144 affords the basis for sales under
certain circumstances in limited amounts, and that if such exemption is utilized
by the undersigned, such conditions must be fully complied with by the
undersigned and the Company, as required by Rule 144,

<PAGE>

      (vii) the undersigned either (A) is familiar with the definition of and
the undersigned is an "accredited investor" within the meaning of such term
under Rule 501 of Regulation D promulgated under the Securities Act, or (B) is
providing a written opinion, addressed to the Company, of counsel to the
undersigned which counsel and opinion shall be reasonably satisfactory to the
Company, to the effect that the sale of the UPO Units may be made without
registration under the Securities Act or any applicable state securities and
Blue Sky laws, and

      (viii) the address set forth below is the true and correct address of the
undersigned's residence.

            INSTRUCTIONS FOR REGISTRATION AND DELIVERY OF SECURITIES

NAME:
-------------------------------------------------------------------------------
                  (Please typewrite or print in block letters)

ADDRESS (INCLUDING ZIP CODE):
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
                (Social Security or other tax identifying number)

                                          -------------------------------------

                                          By:
                                             ---------------------------------

                                       2

<PAGE>

                                 ASSIGNMENT FORM

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the Assignee named below all of the rights of the undersigned represented
by the attached UPO Agreement, with respect to the number of UPO Units set forth
below.

<TABLE>

                                                                Federal I.D. No.
  NAME OF ASSIGNEE         ADDRESS        NO. OF UPO UNITS   OR SOCIAL SECURITY NO.
  ----------------         -------        ----------------   ---------------------
<S>                      <C>            <C>                 <C>
</TABLE>

and does hereby irrevocably constitute and appoint              attorney to make
                                                   ------------
such transfer on the books of American Psych Systems, Inc. maintained for that
purpose, with full power of substitution in the premises.

Dated:                        , 19
      ------------------------    --

                                          ------------------------------------

                                          By:
                                             ---------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}]]