Document:

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                                                                   EXHIBIT 10.12

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR
OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT
OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

                            WARRANT TO PURCHASE STOCK

CORPORATION: PlanetOut Corporation, a Delaware corporation
NUMBER OF SHARES: 3,333
CLASS OF STOCK: Series B Preferred
INITIAL EXERCISE PRICE: Shall equal the lesser of (i) the closing price of the
Series B Preferred stock or (ii) $7.50 per share
ISSUE DATE: May 17, 1999
EXPIRATION DATE: May 17, 2004

         THIS WARRANT CERTIFIES THAT, for the agreed upon value of $1.00 and for
other good and valuable consideration, SILICON VALLEY BANK ("Holder") is
entitled to purchase the number of fully paid and nonassessable shares of the
class of securities (the "Shares") of the corporation (the "Company") at the
initial exercise price per Share (the "Warrant Price") all as set forth above
and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions
and upon the terms and conditions set forth in this Warrant.

ARTICLE 1. EXERCISE

                  1.1      Method of Exercise. Holder may exercise this Warrant
by delivering a duly executed Notice of Exercise in substantially the form
attached as Appendix 1 to the principal office of the Company. Unless Holder is
exercising the conversion right set forth in Section 1.2, Holder shall also
deliver to the Company a check for the aggregate Warrant Price for the Shares
being purchased.

                  1.2      Conversion Right. In lieu of exercising this Warrant
as specified in Section 1.1, Holder may from time to time convert this Warrant,
in whole or in part, into a number of Shares determined by dividing (a) the
aggregate fair market value of the Shares or other securities otherwise issuable
upon exercise of this Warrant minus the aggregate Warrant Price of such Shares
by (b) the fair market value of one Share. The fair market value of the Shares
shall be determined pursuant to Section 1.4.

                  1.3      Intentionally Omitted

                  1.4      Fair Market Value. If the Shares are traded in a
public market, the fair market value of the Shares shall be the closing price of
the Shares (or the closing price of the Company's stock into which the Shares
are convertible) reported for the business day immediately before Holder
delivers its Notice of Exercise to the Company. If the Shares are not traded in
a public market, the Board of Directors of the Company shall determine fair
market value in its reasonable good faith judgment. The foregoing
notwithstanding, if Holder advises the Board of Directors in writing that Holder
disagrees with such determination, then the Company and Holder shall promptly
agree upon a reputable investment banking firm to undertake such valuation. If
the valuation of such investment banking firm is greater than that determined by
the Board of Directors, then all fees and expenses of such investment banking
firm shall be paid by the Company. In all other circumstances, such fees and
expenses shall be paid by Holder.

                  1.5      Delivery of Certificate and New Warrant. Promptly
after Holder exercises or converts this Warrant, the Company shall deliver to
Holder certificates for the Shares acquired and, if this Warrant has not been
fully exercised or converted and has not expired, a new Warrant representing the
Shares not so acquired.

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

                  1.7      Repurchase on Sale, Merger, or Consolidation of the
Company.

                           1.7.1.   "Acquisition". For the purpose of this
Warrant, "Acquisition" means any sale, license, or other disposition of all or
substantially all of the assets of the Company, or any reorganization,
consolidation, or merger of the Company where the holders of the Company's
securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction.

                           1.7.2.   Assumption of Warrant. Upon the closing of
any Acquisition the successor entity shall assume the obligations of this
Warrant, and this Warrant shall be exercisable for the same securities, cash,
and property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the
record date for the Acquisition and subsequent closing. The Warrant Price shall
be adjusted accordingly.

                           1.7.3.   Purchase Right. Notwithstanding the
foregoing, at the election of Holder, the Company shall purchase the unexercised
portion of this Warrant for cash upon the closing of any Acquisition for an
amount equal to (a) the fair market value of any consideration that would have
been received by Holder in consideration of the Shares had Holder exercised the
unexercised portion of this Warrant immediately before the record date for
determining the shareholders entitled to participate in the proceeds of the
Acquisition, less (b) the aggregate Warrant Price of the Shares, but in no event
less than zero.

 ARTICLE 2. ADJUSTMENTS TO THE SHARES.

                  2.1      Stock Dividends, Splits, Etc. If the Company declares
or pays a dividend on its common stock (or the Shares if the Shares are
securities other than common stock) payable in common stock, or other securities
subdivides the outstanding common stock into a greater amount of common stock,
or, if the Shares are securities other than common stock, subdivides the Shares
in a transaction that increases the amount of common stock into which the Shares
are convertible, then upon exercise of this Warrant, for each Share acquired,
Holder shall receive, without cost to Holder, the total number and kind of
securities to which Holder would have been entitled had Holder owned the Shares
of record as of the date the dividend or subdivision occurred.

                  2.2      Reclassification, Exchange or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant, Holder shall be entitled to receive, upon exercise
or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or
other event. Such an event shall include any automatic conversion of the
outstanding or issuable securities of the Company of the same class or series as
the Shares to common stock pursuant to the terms of the Company's Articles of
Incorporation upon the closing of a registered public offering of the Company's
common stock. The Company or its successor shall promptly issue to Holder a new
Warrant for such new securities or other property. The new Warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, substitutions,
or other events.

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                  2.3      Adjustments for Combinations. Etc. If the outstanding
Shares are combined or consolidated, by reclassification or otherwise, into a
lesser number of shares, the Warrant Price shall be proportionately increased.

                  2.4      Adjustments for Diluting Issuances. The Warrant Price
and the number of Shares issuable upon exercise of this Warrant or, if the
Shares are Preferred Stock, the number of shares of common stock issuable upon
conversion of the Shares, shall be subject to adjustment, from time to time in
the manner set forth on Exhibit A in the event of Diluting Issuances (as defined
on Exhibit A).

                  2.5      No Impairment. The Company shall not, by amendment of
its Articles of Incorporation or through a 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 to be observed or performed under this Warrant by the Company, but
shall at all times in good faith assist in carrying out of all the provisions of
this Article 2 and in taking all such action as may be necessary or appropriate
to protect Holder's rights under this Article against impairment. If the Company
takes any action affecting the Shares or its common stock other than as
described above that adversely affects Holder's rights under this Warrant, the
Warrant Price shall be adjusted downward and the number of Shares issuable upon
exercise of this Warrant shall be adjusted upward in such a manner that the
aggregate Warrant Price of this Warrant is unchanged.

                  2.6      Fractional Shares. No fractional Shares shall be
issuable upon exercise or conversion of the Warrant and the number of Shares to
be issued shall be rounded down to the nearest whole Share. If a fractional
share interest arises upon any exercise or conversion of the Warrant, the
Company shall eliminate such fractional share interest by paying Holder amount
computed by multiplying the fractional interest by the fair market value of a
full Share.

                  2.7      Certificate as to Adjustments. Upon each adjustment
of the Warrant Price, the Company at its expense shall promptly compute such
adjustment, and furnish Holder with a certificate of its Chief Financial Officer
setting forth such adjustment and the facts upon which such adjustment is based.
The Company shall, upon written request, furnish Holder a certificate setting
forth the Warrant Price in effect upon the date thereof and the series of
adjustments leading to such Warrant Price.

ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

                  3.1      Representations and Warranties. The Company hereby
represents and warrants to the Holder as follows:

                           (a)      The initial Warrant Price referenced on the
first page of this Warrant is not greater than (i) the price per share at which
the Shares were last issued in an arms-length transaction in which at least
$500,000 of the Shares were sold and (ii) the fair market value of the Shares as
of the date of this Warrant.

                           (b)      All Shares which may be issued upon the
exercise of the purchase right represented by this Warrant, and all securities,
if any, issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws.

                           (c)      The capitalization table attached hereto is
true and correct.

                  3.2      Notice of Certain Events. If the Company proposes at
any time (a) to declare any dividend or distribution upon its common stock,
whether in cash, property, stock, or other securities and whether or not a
regular cash dividend; (b) to offer for subscription pro rata to the holders of
any class or series of its stock any additional shares of stock of any class or
series or other rights; (c) to effect any

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reclassification or recapitalization of common stock; (d) to merge or
consolidate with or into any other corporation, or sell, lease, license, or
convey all or substantially all of its assets, or to liquidate, dissolve or wind
up; or (e) offer holders of registration rights the opportunity to participate
in an underwritten public offering of the company's securities for cash, then,
in connection with each such event, the Company shall give Holder (1) at least
20 days prior written notice of the date on which a record will be taken for
such dividend, distribution, or subscription rights (and specifying the date on
which the holders of common stock will be entitled thereto) or for determining
rights to vote, if any, in respect of the matters referred to in (c) and (d)
above; (2) in the case of the matters referred to in (c) and (d) above at least
20 days prior written notice of the date when the same will take place (and
specifying the date on which the holders of common stock will be entitled to
exchange their common stock for securities or other property deliverable upon
the occurrence of such event); and (3) in the case of the matter referred to in
(e) above, the same notice as is given to the holders of such registration
rights.

                  3.3      Information Rights. So long as the Holder holds this
Warrant and/or any of the Shares, the Company shall deliver to the Holder (a)
promptly after mailing, copies of all notices or other written communications to
the shareholders of the Company, (b) within ninety (90) days after the end of
each fiscal year of the Company, the annual audited financial statements of the
Company certified by independent public accountants of recognized standing and
(c) such other financial statements required under and in accordance with any
loan documents between Holder and the Company (or if there are no such
requirements [or if the subject loan(s) no longer are outstanding]), then within
forty-five (45) days after the end of each of the first three quarters of each
fiscal year, the Company's quarterly, unaudited financial statements.

                  3.4      Registration Under Securities Act of 1933, as
amended. The Company agrees that the Shares or, if the Shares are convertible
into common stock of the Company, such common stock, shall be subject to the
registration rights set forth on Exhibit B, if attached.

ARTICLE 4. MISCELLANEOUS.

                  4.1      Term; Notice of Expiration. This Warrant is
exercisable, in whole or in part, at any time and from time to time on or before
the Expiration Date set forth above. The Company shall give Holder written
notice of Holder's right to exercise this Warrant in the form attached as
Appendix 2 not more than 90 days and not less than 30 days before the Expiration
Date. If the notice is not so given, the Expiration Date shall automatically be
extended until 30 days after the date the Company delivers the notice to Holder.

                  4.2      Legends. This Warrant and the Shares (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form:

        THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
        1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
        WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT
        TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
        CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

                  4.3      Compliance with Securities Laws on Transfer. This
Warrant and the Shares issuable upon exercise this Warrant (and the securities
issuable, directly or indirectly, upon conversion of the Shares, if any) may not
be transferred or assigned in whole or in part without compliance with
applicable federal and state securities laws by the transferor and the
transferee, (including, without limitation, the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, as reasonably requested by the Company). The Company shall not require
Holder to provide an opinion of counsel if the transfer is to an affiliate of
Holder or if there is no material question as

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to the availability of current information as referenced in Rule 144(c), Holder
represents that it has complied with Rule 144(d) and (e) in reasonable detail,
the selling broker represents that it has complied with Rule 144(f), and the
Company is provided with a copy of Holders notice of proposed sale.

                  4.4      Transfer Procedure. Subject to the provisions of
Section 4.3 Holder may transfer all or part of this Warrant or the Shares
issuable upon exercise of this Warrant (or the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) at any time to Silicon Valley
Bancshares or The Silicon Valley Bank Foundation, or to any affiliate of Holder,
or, to any other transferee by giving the Company notice of the portion of the
Warrant being transferred setting forth the name, address and taxpayer
identification number of the transferee and surrendering this Warrant to the
Company for reissuance to the transferee(s) (and Holder if applicable). Unless
the Company is filing financial information with the SEC, pursuant to the
Securities Exchange Act of 1934, the Company shall have the right to refuse to
transfer any portion of this Warrant to any person who directly competes with
the Company.

                  4.5      Notices. All notices and other communications from
the Company to the Holder, or vice versa, shall be deemed delivered and
effective when given personally or mailed by first-class registered or certified
mail, postage prepaid, at such address as may have been furnished to the
Company or the Holder, as the case may be, in writing by the Company or such
holder from time to time. All notices to be provided under this Warrant shall be
send to the following address:

                           Silicon Valley Bank
                           Attn: Treasury Department HG 250
                           2003 Tasman Drive
                           Santa Clara, CA 95054

                  4.6      Waiver. This Warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought.

                  4.7      Attorneys Fees. In the event of any dispute between
the parties concerning the terms and provisions of this Warrant, the party
prevailing in such dispute shall be entitled to collect from the other party all
costs incurred in such dispute, including reasonable attorneys' fees.

                  4.8      Governing Law. This Warrant shall be governed by and
construed in accordance with the laws of the State of California, without giving
effect to its principles regarding conflicts of law.

                                             "COMPANY"

                                             PLANETOUT CORPORATION

                                             By: /s/ Megan J. Smith
                                                 ------------------------------
                                             Name: Megan J. Smith
                                                   ----------------------------
                                                   (Print)
                                             Title: CEO & Chairman of the Board,
                                                    President or Vice President

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                                              By: /s/ Thomas P. Rielly
                                                  ------------------------------
                                              Name: Thomas P. Rielly
                                                    ----------------------------
                                                    (Print)
                                              Title: Chief Financial Officer,
                                                     Secretary, Assistant
                                                     Treasurer or Assistant
                                                     Secretary

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                                                                   EXHIBIT 10.13

                  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
                  ACT OF 1933 OR THE LAWS OF ANY STATE. SUCH SECURITIES AND ANY
                  SECURITIES ISSUED HEREUNDER MAY NOT BE SOLD OR OTHERWISE
                  TRANSFERRED UNLESS THEY ARE REGISTERED UNDER SUCH ACT AND
                  APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM
                  REGISTRATION IS AVAILABLE.

                                                                400,000 Warrants

                             PLANETOUT CORPORATION

                              WARRANT CERTIFICATE

                  This warrant certificate ("Warrant Certificate") certifies
that for value received in consideration for certain services rendered pursuant
to that certain letter agreement dated as of January 21, 2000 by and between
Allen & Company Incorporated and PlanetOut Corporation (the "Engagement Letter")
Allen & Company Incorporated or registered assigns (the "Holder") is the owner
of the number of warrants ("Warrants") specified above, each of which entitles
the Holder thereof to purchase, at any time on or before the Expiration Date
(hereinafter defined), one fully paid and non-assessable share of Series B
Preferred Stock, $0.001 par value ("Preferred Stock"), of PlanetOut.com, Inc., a
Delaware corporation (the "Company"), at a purchase price of $9.124 per share of
Common Stock in lawful money of the United States of America in cash or by
certified or cashier's check or a combination of cash and certified or cashier's
check, subject to adjustment as hereinafter provided.

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                  1.       Warrant; Purchase Price

                  Each Warrant shall entitle the Holder to purchase one share of
Preferred Stock of the Company and the purchase price payable upon exercise of
the Warrants shall initially be $9.124 per share of Preferred Stock, subject to
adjustment as hereinafter provided (the "Purchase Price"). The Purchase Price
and number of shares of Preferred Stock issuable upon exercise of each Warrant
are subject to adjustment as provided in Article 6.

                  2.       Exercise; Expiration Date

                  2.1      The Warrants are exercisable, at the option of the
Holder, at any time after issuance and at or before 5:00 p.m. New York time on
the Expiration Date, upon surrender of this Warrant Certificate to the Company
together with a duly completed Notice of Exercise, in the form attached hereto
as Exhibit A, and payment of an amount equal to the Purchase Price times the
number of Warrants to be exercised. In the case of exercise of less than all the
Warrants represented by this Warrant Certificate, the Company shall cancel the
Warrant Certificate upon the surrender thereof and shall execute and deliver a
new Warrant Certificate for the balance of such Warrants. In connection with an
exercise of this Warrant, if the Holder desires to simultaneously convert the
Preferred Stock into the Company's Common Stock pursuant to the terms of the
Preferred Stock, the Holder shall so state in its Notice of Exercise.

                  2.2      The term "Expiration Date" shall mean 5:00 p.m. New
York time on January 21, 2005, or if such date shall in the State of New York be
a holiday or a day on which banks are authorized to close, then 5:00 p.m. New
York time the next following date which in the State of New York is not a
holiday in a day on which banks are authorized to close.

                  3.       Registration and Transfer on Company Books

                  3.1      The Company shall maintain books for the registration
and transfer of the Warrants and the registration and transfer of the shares of
Preferred Stock issued upon exercise of the Warrants. The Company may, by
written notice to the Holder, appoint an agent for the purpose of maintaining
the register referred to in this Section 3.1, issuing the Preferred Stock or
other securities then issuable upon the exercise of this Warrant, exchanging
this Warrant, replacing this Warrant, or any or an of the foregoing. Thereafter,
any such registration, issuance, exchange or replacement, as the case may be,
shall be made at the office of such agent.

                  3.2      Prior to due presentment for registration of transfer
of this Warrant Certificate, or the shares of Preferred Stock issued upon
exercise of the Warrants, the Company may deem and treat the registered Holder
as the absolute owner thereof.

                  3.3      Neither this Warrant Certificate, nor the Warrants
represented hereby, may be sold, assigned, pledged or otherwise transferred
voluntarily by the Holder, other than to officers or directors of the Holder,
without the consent of the Company. The Company shall register upon its books
any permitted transfer of a Warrant Certificate, upon surrender of same to the
Company with a written instrument of transfer duly executed by the registered
Holder or by a duly authorized attorney, and evidence of payment of all
applicable transfer taxes, if any. Upon any such registration

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of transfer, new Warrant Certificate(s) shall be issued to the transferee(s) and
the surrendered Warrant Certificate shall be canceled by the Company. A Warrant
Certificate may also be exchanged, at the option of the Holder, for new Warrant
Certificates representing in the aggregate the number of Warrants evidenced by
the Warrant Certificate surrendered.

                  4.       Reservation of Shares

                  The Company covenants that it will at all times reserve and
keep available out of its authorized Preferred Stock, solely for the purpose of
issue upon exercise of the Warrants, such number of shares of Preferred Stock as
shall then be issuable upon the exercise of all outstanding Warrants. The
Company covenants that all shares of Preferred Stock which shall be issuable
upon exercise of the Warrants shall be duly and validly issued and fully paid
and non-assessable and free from all taxes, liens and charges with respect to
the issue thereof, and that upon issuance such shares shall be (or shall be
convertible into securities that shall be) listed on each national securities
exchange, if any, on which the other shares of outstanding Common Stock of the
Company are then listed.

                  5.       Loss or Mutilation

                  Upon receipt by the Company of reasonable evidence of the
ownership of and the loss, theft, destruction or mutilation of any Warrant
Certificate and, in the case of loss, theft or destruction, of indemnity
reasonably satisfactory to the Company, or, in the case of mutilation, upon
surrender and cancellation of the mutilated Warrant Certificate, the Company
shall execute and deliver in lieu thereof a new Warrant Certificate representing
an equal number of Warrants.

                  6.       Adjustment of Purchase Price and Number of Shares
Deliverable

                  6.1      The number of shares of Preferred Stock or other
security purchasable upon the exercise of each Warrant (such shares being
referred to in this Section 6 as the "Warrant Shares") and the Purchase Price
with respect to the Warrant Shares shall be subject to adjustment as follows:

                  (a)      In case the Company shall (i) declare a dividend or
         make a distribution on its Preferred Stock payable in shares of its
         capital stock, (ii) subdivide its outstanding shares of Preferred
         Stock, through stock split or otherwise, (iii) combine its outstanding
         shares of Preferred Stock, into a smaller number of shares of Preferred
         Stock, or (iv) issue by reclassification of its of Preferred Stock
         (including any reclassification in connection with a consolidation or
         merger in which the Company is the continuing corporation) other
         securities of the Company, the number and/or nature of Warrant Shares
         purchasable upon exercise of each Warrant immediately prior thereto
         shall be adjusted so that the Holder shall be entitled to receive the
         kind and number of Warrant Shares or other securities of the Company
         which he would have owned or have been entitled to receive after the
         happening of any of the events described above, had such Warrant been
         exercised immediately prior to the happening of such event or any
         record date with respect thereto. Any adjustment made pursuant to this
         paragraph (a) shall become effective retroactively as of the record
         date of such event.

                  (b)      In the event of any capital reorganization or any
         reclassification of the capital stock of the Company or in case of the
         consolidation or merger of the Company with another

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         corporation (other than a consolidation or merger in which the
         outstanding shares of the Company's Common Stock are not converted into
         or exchanged for other rights or interests), or in the case of any
         sale, transfer or other disposition to another corporation of all or
         substantially all the properties and assets of the Company, the Holder
         of each Warrant shall thereafter be entitled to purchase (and it shall
         be a condition to the consummation of any such reorganization,
         reclassification, consolidation, merger, sale, transfer or other
         disposition that appropriate provisions shall be made so that such
         Holder shall thereafter be entitled to purchase) the kind and amount of
         shares of stock and other securities and property (including cash)
         which the Holder would have been entitled to receive had such Warrants
         been exercised immediately prior to the effective date of such
         reorganization, reclassification, consolidation, merger, sale,
         transfer or other disposition; and in any such case appropriate
         adjustments shall be made in the application of the provisions of this
         Article 6 with respect to rights and interest thereafter of the Holder
         of the Warrants to the end that the provisions of this Article 6 shall
         thereafter be applicable, as near as reasonably may be, in relation to
         any shares or other property thereafter purchasable upon the exercise
         of the Warrants. The provisions of this Section 6.1(b) shall similarly
         apply to successive reorganizations, reclassifications, consolidations,
         mergers, sales, transfers or other dispositions. If the per share
         consideration payable to the Holder hereof for shares in connection
         with any such transaction is in a form other than cash or marketable
         securities, then the value of such consideration shall be determined in
         good faith by the Company's Board of Directors.

                  (c)      Whenever the number of Warrant Shares purchasable
         upon the exercise of each Warrant is adjusted, as provided in this
         Section 6.1, the Purchase Price with respect to the Warrant Shares
         shall be adjusted by multiplying such Purchase Price immediately prior
         to such adjustment by a fraction, of which the numerator shall be the
         number of Warrant Shares purchasable upon the exercise of each Warrant
         immediately prior to such adjustment, and of which the denominator
         shall be the number of Warrant Shares so purchasable immediately
         thereafter.

                  6.2      In the event the Company shall declare a dividend, or
make a distribution to the holders of its Preferred Stock generally, whether in
cash, property or assets of any kind, including any dividend payable in stock or
securities of any other issuer owned by the Company (excluding regularly payable
cash dividends declared from time to time by the Company's Board of Directors,
the Purchase Price of each Warrant shall be reduced, without any further action
by the parties hereto, by the Per Share Value (as hereinafter defined) of the
dividend. For purposes of this Section 6.2, the "Per Share Value" of a cash
dividend or other distribution shall be the dollar amount of the distribution on
each Share of Preferred Stock and the "Per Share Value" of any dividend or
distribution other than cash shall be equal to the fair market value of such
non-cash distribution on each share of Preferred Stock as determined in good
faith by the Board of Directors of the Company.

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<PAGE>

                  6.3      No adjustment in the number of Warrant Shares
purchasable under the Warrants, or in the Purchase Price with respect to the
Warrant Shares, shall be required unless such adjustment would require an
increase or decrease of at least 1% in the number of Warrant Shares issuable
upon the exercise of such Warrant, or in the Purchase Price thereof; provided,
however, that any adjustments which by reason of this Section 6.3 are not
required to be made shall be carried forward and taken into account in any
subsequent adjustment. All final results of adjustments to the number of Warrant
Shares and the Purchase Price thereof shall be rounded to the nearest one
thousandth of a share or the nearest cent, as the case may be. Anything in this
Section 6 to the contrary notwithstanding, the Company shall be entitled, but
shall not be required, to make such changes in the number of Warrant Snares
purchasable upon the exercise of each Warrant, or in the Purchase Price thereof,
in addition to those required by such Section, as it in its discretion shall
determine to be advisable in order that any dividend or distribution in shares
of Preferred Stock, subdivision, reclassification or combination of shares of
Preferred Stock, issuance of rights, warrants or options to purchase Preferred
Stock, or distribution of shares of stock other than Preferred Stock, evidences
of indebtedness or assets, (other than distributions of cash out of retained
earnings) or convertible or exchangeable securities hereafter made by the
Company to the holders of its Preferred Stock shall not result in any tax to the
holders of its Preferred Stock or securities convertible into Preferred Stock.

                  6.4      Whenever the number of Warrant Shares purchasable
upon the exercise of each Warrant or the Purchase Price of such Warrant Shares
is adjusted, as herein provided, the Company shall mail to the Holder at the
address of the Holder shown on the books of the Company, a notice of such
adjustment or adjustments, prepared and signed by the Chief Financial Officer or
Secretary of the Company, which sets forth the number of Warrant Shares
purchasable upon the exercise of each Warrant and the Purchase Price of such
Warrant Shares after such adjustment, a brief statement of the facts requiring
such adjustment and the computation by which such adjustment was made.

                  6.5      In the event that at any time prior to the expiration
of the Warrants and prior to their exercise:

                  (a)      the Company shall declare any distribution; or

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

                  (c)      any notice shall be required to be mailed to the
         holders of Preferred Stock pursuant to the Company's Certificate of
         Incorporation;

(each such event hereinafter being referred to as a "Notification Event"), the
Company shall cause to be mailed to the Holder, not less than 10 days prior to
the record date, if any, in connection with such Notification Event (provided,
however, that if there is no record date, or if 10 days prior notice is
impracticable, as soon as practicable) written notice specifying the nature of
such event and the effective date of, or the date on which the books of the
Company shall close or a record shall be taken with respect to, such event. Such
notice shall also set forth facts indicating the effect of such action (to the
extent such effect may be known at the date of such notice) on the Purchase
Price and the kind and amount of the shares of stock or other securities or
property deliverable upon exercise

                                       5
<PAGE>

of the Warrants.

                  6.6      The form of Warrant Certificate need not be changed
because of any change in the Purchase Price, the number of Warrant Shares
issuable upon the exercise of a Warrant or the number of Warrants outstanding
pursuant to this Section 6, and Warrant Certificates issued before or after such
change may state the same Purchase Price, the same number of Warrants, and the
same number of Warrant Shares issuable upon exercise of Warrants as are stated
in the Warrant Certificates theretofore issued pursuant to this Agreement. The
Company may, however, at any time, in its sole discretion, make any change in
the form of Warrant Certificate that it may deem appropriate and that does not
affect the substance thereof, and any Warrant Certificates thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant
Certificate or otherwise, may be in the form as so changed.

                  7.       Conversion Rights

                  7.1      In lieu of exercise of any portion of the Warrants as
provided in Section 2.1 hereof, the Warrants represented by this Warrant
Certificate (or any portion thereof) may, at the election of the Holder, be
converted into the whole number of Warrant Shares equal to: (1) the product of
(a) the number of Warrants to be so converted, (b) the number of Warrant Shares
(disregarding any fractional share amount) then issuable upon the exercise of
each Warrant and (c) the excess, if any, of (i) the Market Price Per Share (as
determined pursuant to Section 9.2) with respect to the date of conversion over
(ii) the Purchase Price in effect on the business day next preceding the date of
conversion, divided by (2) the Market Price Per Share with respect to the date
of conversion.

                  7.2      The Conversion rights provided under this Section 7
may be exercised in whole or in part and at any time and from time to time with
respect to any Warrants that are exercisable. In order to exercise the
conversion privilege, the Holder shall surrender to the Company, at its offices,
this Warrant Certificate accompanied by a duly completed Notice of Conversion in
the form attached hereto as Exhibit B. The Warrants (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 Certificate 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 number of Warrant Shares to which the Holder shall be entitled
as a result of the conversion, and (ii) if the Warrant Certificate is being
converted in part only, a new certificate in principal amount equal to the
unconverted portion of the Warrant Certificate. In connection with a conversion
of this Warrant, if the Holder desires to simultaneously convert the Preferred
Stock into the Company's Common Stock pursuant to the terms of the Preferred
Stock, the Holder shall so state in its Notice of Conversion.

                  8.       Voluntary Adjustment by the Company

                  The Company may, at its option, at any time during the term of
the Warrants, reduce the then current Purchase Price to any amount deemed
appropriate by the Board of Directors of the Company and/or extent the date of
the expiration of the Warrants.

                  9.       Fractional Shares and Warrants; Determination of
Market Price Per Share

                                       6
<PAGE>

                  9.1      Anything contained herein to the contrary
notwithstanding, the Company shall not be required to issue any fraction of a
share of Warrant Shares in connection with the exercise of Warrants. Warrants
may not be exercised in such number as would result (except for the provisions
of this paragraph) in the issuance of a fraction of a share of Warrant Shares
unless the Holder is exercising all Warrants then owned by the Holder. In such
event, the Company shall, upon the exercise of all of such Warrants, issue to
the Holder the largest aggregate whole number of shares of Warrant Shares called
for thereby upon receipt of the Purchase Price for all of such Warrants and pay
a sum in cash equal to the remaining fraction of a share of Warrant Shares,
multiplied by its Market Price Per Share (as determined pursuant to Section 9.2
below) as of the last business day preceding the date on which the Warrants are
presented for exercise.

                  9.2      As used herein, the "Market Price Per Share" with
respect to any date shall mean, following the initial public offering of the
Company's Common Stock, the fair market value of the Preferred Stock per share
based on (i) the closing price per share of Company's Common Stock for the
trading day immediately preceding such date and (ii) the then existing
conversion rate of the Preferred Stock into the Company's Common Stock. The
closing price for each such day shall be the last sale price regular way or, in
case no such sale takes place on such day, the average of the closing bid and
asked prices regular way, in either case on the principal securities exchange on
which the shares of Common Stock of the Company are listed or admitted to
trading, the last sale price, or in case no sale takes place on such day, the
average of the closing bid and asked prices of the Common Stock on NASDAQ or
any comparable system, or if the Common Stock is not reported on NASDAQ, or a
comparable system, the average of the closing bid and asked prices as furnished
by two members of the National Association of Securities Dealers, Inc. selected
from time to time by the Company for that purpose. If such bid and asked prices
are not available, then "Market Price Per Share" shall be equal to the fair
market value of the Preferred Stock as determined in good faith by the Board of
Directors of the Company.

                  10.      Registration Rights

                  The Holder shall become a party to the Investor Rights
Agreement dated September 30, 1999 of the Company, as a "Holder" as defined
under said agreement, and the shares of common stock issuable upon exercise of
the Warrant shall be included as "Registrable Securities" under said agreement.

                  11.      Governing Law

                  This Warrant Certificate shall be governed by and construed in
accordance with the laws of the State of California.

                                       7
<PAGE>

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
executed by its officers thereunto duly authorized and its corporate seal to be
affixed hereon, as of this 21st day of January, 2000.

                                              PlanetOut Corporation

                                              By: /s/ Megan J. Smith
                                                  ------------------------------
                                                  Name: Megan J. Smith
                                                  Title: CEO

                                       8
<PAGE>

                                                                       EXHIBIT A

                               NOTICE OF EXERCISE

                  The undersigned hereby irrevocably elects to exercise,
pursuant to Section 2 of the Warrant Certificate accompanying this Notice of
Exercise,___________Warrants of the total number of Warrants owned by the
undersigned pursuant to the accompanying Warrant Certificate, and herewith makes
payment of the Purchase Price of such shares in full.

                                    _____________________
                                    Name of Holder

                                    _____________________
                                    Signature

                                    Address:

                                    _____________________
                                    _____________________
                                    _____________________

                                       9
<PAGE>

                                                                       EXHIBIT B

                              NOTICE OF CONVERSION

The undersigned hereby irrevocably elects to convert, pursuant to Section 7 of
the Warrant Certificate accompanying this Notice of Conversion,
____________Warrants of the total number of Warrants owned by the undersigned
pursuant to the accompanying Warrant Certificate into shares of the Preferred
Stock of the Company (the "Shares").

The number of Shares to be received by the undersigned shall be calculated in
accordance with the provisions of Section 7.1 of the accompanying Warrant
Certificate.

                                    _____________________
                                    Name of Holder

                                    _____________________
                                    Signature

                                    Address:

                                    _____________________
                                    _____________________
                                    _____________________

                                       10

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