Document:

CONTINUING SECURED LIMITED GUARANTY
                       -----------------------------------

          FOR  VALUABLE  CONSIDERATION,  the  receipt  of  which  is  hereby
acknowledged, and to induce HEARTLAND BANK, a federal savings bank ("Lender") to
make  loans  and  advance  credit  to  THE  FEMALE  HEALTH  COMPANY  ("FHC"  or
"Borrower"),  a  Wisconsin corporation, and in consideration of any such loan or
advance  of  credit,  the signer hereof, ___________________, "Guarantor", dated
and  effective  as of May 18, 2001, unconditionally guarantees full payment when
due  of  all  Liabilities  (as hereinafter defined) of Borrower to Lender.  This
shall  be  a  continuing  guaranty.

          1.     The  term  "Liabilities"  or a "Liability" as used herein shall
include  any  and  all  indebtedness  and  obligations  of  Borrower  to Lender,
including  extensions,  renewals or refundings thereof (and extensions, renewals
or  refundings  made  after notice of termination or revocation hereof), whether
such  be direct or indirect, liquidated or unliquidated, absolute or contingent,
joint  or  several,  now existing or hereafter arising, due or to become due and
whether  or  not originally contracted with Lender, including interests acquired
by Lender through whole or partial assignment of an item which would have been a
Liability  if  created  between  Borrower  and  Lender.  "Liabilities"  or  a
"Liability"  shall  also include all or any portion of any Liability of Borrower
to  Lender  which  is  assumed by any other person or entity with or without the
consent  of  Lender,  and  Guarantor hereby guarantees the repayment of any such
indebtedness  or  obligation  so  assumed  by  any  such  person  or  entity.
"Liabilities"  or  a  "Liability"  shall  further  include all costs incurred by
Lender  in  efforts  to  collect any Liability or to enforce the undertakings of
Guarantor  hereunder, including expenses, reasonable attorneys' fees (whether or
not  there  is  litigation),  court  costs  and all costs in connection with any
proceedings under the United States Bankruptcy Code.  Guarantor waives notice of
acceptance  of  this  Guaranty,  notice  of extension, renewal, refunding of any
Liability  and  the incurrence of any existing Liability and any Liability which
has  not  yet  actually  accrued  (the  latter type of Liability being sometimes
hereinafter  referred  to  as  an  "Inchoate Liability").  All Liabilities shall
conclusively  be  presumed  to  have  been  created or accepted by the Lender in
reliance  on  this  Guaranty.  Notwithstanding  anything set forth herein to the
contrary, the undersigned's liability hereunder for Liabilities shall not exceed
the SUM OF (a) _____________________________ Dollars ($___________________) PLUS
(b)  all  costs  and  expenses,  including  without  limitation,  the reasonable
attorneys'  fees  and expenses paid or incurred by the Lender in efforts enforce
the  undertakings  of  the  undersigned  hereunder.

          2.     This  Guaranty  is  delivered  in  connection with that certain
Promissory  Note  in the original principal amount of $2,000,000.00, dated as of
even  date  herewith,  by  Borrower  in  favor  of Lender (as amended, modified,
extended,  restated  or  replaced  from  time to time, the "Note"), and (b) that
certain  Loan  Agreement, dated as of the date herewith, by and between Borrower
and  Lender  (as  amended, modified, extended, restated or replaced from time to
time,  the  "Loan  Agreement")).  Capitalized terms used herein, but not defined
herein,  shall have the meanings ascribed to such terms as set forth in the Loan
Agreement.

          3.     This  is  a  continuing,  secured,  limited,  absolute  and
unconditional  guaranty of payment and performance and not merely of collection,
and  continues  in  full  force  and  effect

<PAGE>
until  the  Liabilities  have  been  fully and indefeasibly paid in cash and the
Lender  has  no other commitment to extend credit or make advances to or for the
account  of  Borrower.  Guarantor's liability with respect to the Liabilities is
primary,  not  secondary.  Upon the occurrence and during the continuance of any
Event  of  Default,  Lender may proceed directly against Guarantor without first
proceeding  against  Borrower, any other person or entity liable for the payment
or  performance  of the Liabilities, or any collateral or other security for the
Liabilities or for this Guaranty, including, but not limited to, the Warrant (as
hereinafter  defined).

          4.     Guarantor  waives notice of acceptance of this Guaranty, notice
of  extension,  renewal,  refunding  of  any Liability and the incurrence of any
existing  Liability  and  any  Inchoate  Liability.  All  Liabilities  shall
conclusively  be presumed to have been created or accepted by Lender in reliance
on  this  Guaranty.

          5.     Guarantor represents and warrants to Lender that: (a) he or she
or  it  has  adequate  means  to  obtain  from  Borrower  on  a continuing basis
information concerning the financial condition of Borrower, and Guarantor is not
relying  on  Lender to provide such information either now or in the future; (b)
the  extension  of credit by Lender pursuant to the Note constitutes an economic
benefit  to Guarantor at least equal to the amount of its obligations hereunder;
(c)  this  Guaranty  constitutes  the  legal,  valid  and  binding obligation of
Guarantor, enforceable against Guarantor in accordance with its terms, except to
the  extent  that the enforceability thereof against Guarantor may be limited by
bankruptcy,  insolvency,  reorganization,  moratorium  or similar laws affecting
creditor's  rights  generally or by equitable principles of general application;
(d)  the  execution  of  this  Guaranty  by  Guarantor,  and  the performance by
Guarantor of its obligations under this Guaranty, will not violate or constitute
a  default  under  any material agreement of Guarantor, or any material law, and
will not, except as expressly contemplated or permitted in this Guaranty, result
in  any  lien or security interest being imposed on any of Guarantor's property;
(e) there are no pending or threatened material proceedings involving Guarantor;
and (f) Guarantor is in compliance with all material laws.  All representations,
warranties,  and  covenants  of Guarantor contained herein survive the execution
and delivery of this Guaranty, and terminate only upon the full and indefeasible
payment  of all of the Liabilities and when the Lender has no further obligation
to extend credit to or for the account of Borrower.  Guarantor hereby waives all
errors and omissions in connection with the administration of the Liabilities by
Lender  and  any  other  act  or  omission  of  Lender  that change the scope of
Guarantor's  risk  hereunder  (except  errors,  acts or omissions in bad faith).

          6.     This  Guaranty  shall  not  supersede  any  earlier guaranty of
Guarantor  in  which  Lender  has  an  interest  nor shall any later guaranty of
Guarantor  in  which  Lender  has  an  interest  be  construed to supersede this
Guaranty.  The  effect of any earlier or later guaranty shall be cumulative with
this Guaranty, and this shall be the case whether the interest of Lender in such
earlier or later guaranty derives from arrangements made directly with Guarantor
or  indirectly by way of Lender being a transferee of all or part of obligations
of  Borrower  guaranteed  by  Guarantor.

          7.     The  obligations  of  Guarantor  hereunder  shall  apply to all
Liabilities,  including Inchoate Liabilities, arising prior to notice in writing
from  Guarantor  that  Guarantor  will  not  be  responsible  for  any  further
Liabilities  or  notice  from  a  Guarantor's  personal

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<PAGE>
representative  that  Guarantor  has  died or been adjudicated incompetent.  Any
such  notice,  to  be  effective,  must  be  actually  received  by  Lender.
Notwithstanding  the  giving  of such notice, the obligations of Guarantor shall
continue  in full force and effect as to all Liabilities then existing including
Inchoate  Liabilities  and  to any Liabilities thereafter arising, to the extent
that  Lender  may  be  bound  or permitted by contract or otherwise to create or
permit the creation of additional Liabilities including those which may or might
have  been  Inchoate  Liabilities  at  the  time  such  notice  is  given.

          8.     Guarantor  waives  notice  of  default  by  Borrower  on  any
Liability,  and  it  shall  not  be  a condition to the obligations of Guarantor
hereunder  that  Lender  notify  him,  her  or  it  of  any  such  default.

          9.     It  shall  not  be  a condition to the obligations of Guarantor
hereunder  that Lender pursue or preserve remedies against Borrower or any other
party  primarily  or  secondarily liable on any Liability or that Lender enforce
its  rights  against  any collateral for any Liability or for this Guaranty, and
Guarantor  waives  any requirement that Lender so proceed.  Guarantor shall have
no  right  of  subrogation  and  hereby waives all rights of Lender hereunder on
account  of payment by any guarantor of a Liability until all of the Liabilities
are  paid  in  full  and  waives the right to participate in any security now or
hereafter  held  by  Lender; provided, however, that once all of the Liabilities
                             --------  -------
are paid in full, Guarantor shall have rights of subrogation with respect to any
security  for  the Liabilities.  Any obligation or liability owing from Borrower
to  Guarantor  or  held  by  Guarantor  shall  be subordinated to payment of all
Liabilities  and, if appropriate, shall be so marked with an appropriate legend.

          10.     All  payments  received from Guarantor shall be deemed to have
been made by Borrower, unless Lender is otherwise advised in writing by Borrower
or  Guarantor.

          11.     Lender  is  authorized from time to time, without notice to or
consent  of Guarantor (any requirement of such notice or consent being waived by
Guarantor)  to  renew, extend, refund or amend the terms, including changing the
interest rate, of any Liability or any agreement pursuant to which any Liability
is  created  or  security therefor is held, in any manner to surrender, release,
realize  upon  or  deal with collateral for the Liabilities, exercise or refrain
from  exercising  rights  against Borrower or any other guarantor and to settle,
release  or  otherwise  enter into agreements regarding the Liabilities with any
party  primarily  or  secondarily  liable  on  any  Liability.  Guarantor hereby
expressly  waives  any  requirement  of notice to or consent of Guarantor to any
other  change  in  the  Liabilities  including  a  change  in the organizational
structure  or  ownership  of  Borrower.  Lender may apply any collateral for the
Liabilities  in such order as it may elect and without any obligation to account
to  Guarantor  for  the  manner  or  order  of  application.

          12.     The  obligations  of Guarantor hereunder shall not be impaired
by  failure  on  the  part of Lender to realize upon, perfect any interest in or
protect  any  of  the  Liabilities  or  any  security  therefor,  nor shall such
obligations  be  impaired  by  any  impairment, modification, change, release or
limitation  of  any  Liability,  or  any release of Borrower, resulting from the
operation  of  any  present or future provision of the Revised Bankruptcy Act or
other  similar  statute,  or  from  the  decision  of  any  court.

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          13.     Guarantor  will  deliver  to  Lender,  within thirty (30) days
after  the filing thereof, copies of all federal and state tax returns, together
with  current  personal  financial  statements of Guarantor in a form reasonably
acceptable  to  Lender.  Guarantor  represents  and  warrants  that  all  of the
information  contained  in  each  such financial statement are true, correct and
accurate  in  all  material respects.  Guarantor further represents and warrants
that  any and all liens and/or encumbrances on Guarantor's respective assets are
fully  disclosed,  reflected  and  described  in  said  financial  statements.

          14.     This  Guaranty  shall  inure  to  the  benefit  of  and may be
enforced  by Lender, its successors and assigns and any party to whom all or any
part  of  a  Liability  may be sold, transferred, negotiated or assigned for all
such  Liabilities.  If  all  or  part  of  a  Liability  is  sold,  transferred,
negotiated  or assigned, Lender shall have the right to enforce this Guaranty as
to  the  remainder.

          15.     Actions  to  enforce this Guaranty may be brought successively
against  Guarantor  or  one or more of the other guarantors jointly or severally
and  against  less  than all without impairing or affecting the rights of Lender
against  the  others.  No release, with or without consideration, nor any action
or  inaction by Lender as regards less than all such guarantors shall impair the
rights  of  Lender  against  the  others.  However,  all  guarantors,  including
Guarantor,  agree  among  themselves  that no release, compounding or settlement
shall  impair  their  rights  as  among  themselves.

          16.     Guarantor  understands  and  agrees  that  this Guaranty will,
unless  expressly otherwise agreed, be secured by all collateral previously, now
or  hereafter  pledged  to  Lender  by  Guarantor  and  any  security  interest
previously,  now or hereafter granted Lender by Guarantor whether such pledge or
grant  of  security  interest  specifically  relates  to the Liabilities or not.

          17.     Guarantor understands and agrees that in the event any payment
made  by or on behalf of Borrower respecting any Liability or any portion of any
such  payment shall at any time be repaid by the recipient in compliance with an
order  (whether  or  not final) by a court of competent jurisdiction pursuant to
any provision of the Revised Bankruptcy Act as now existing or hereafter amended
or  applicable  state law, the Liabilities shall not be deemed to have been paid
to  the  extent  of  the  repayment  so made, the obligations of Guarantor shall
continue  in  full  force  and effect and such recipient, whether or not that be
Lender,  will  continue  to  be  entitled to the full benefits of this Guaranty,
notwithstanding any termination of this Guaranty or the cancellation of any note
or  other  agreement  evidencing  the  Liabilities.

          18.     Guarantor's liability under this Guaranty will not be reduced,
extinguished,  discharged or released by, and Guarantor is not entitled to raise
as  a  defense,  and Guarantor waives notice of: any invalidity, irregularity or
unenforceability  of  any  Liability;  any  existing  or  future  offset, claim,
counterclaim or defense of Borrower, Guarantor or any other party against Lender
or  against payment of the Liabilities (whether such offset, claim, counterclaim
or  defense  arises  in  connection  with  the  Liabilities  or the transactions
creating the Liabilities or otherwise); waivers of defaults or Events of Default
or other waivers under the Loan Agreement, Note or the Pledge Agreement; release
of  or  non-perfection  with  respect  to  any  or  all  of the security for the
Liabilities;  taking  or  accepting  of  any  other  security or collateral for,

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<PAGE>
or  guaranty  of,  any  or  all  of the Liabilities; and other acts or omissions
which,  in  the  absence  of  this  Section  18  would  operate so as to reduce,
                                    -----------
extinguish,  discharge  or  release  Guarantor's  liability  under this Guaranty
(except for payment by Guarantor of the Liabilities or the full and indefeasible
payment  of  the  Liabilities  and  when the Lender has no further obligation to
extend  credit  to  or  for the account of Borrower).  Guarantor understands and
agrees that this Guaranty remains fully enforceable notwithstanding any defenses
that  Borrower may assert on the Liabilities, or on any Liability, including but
not  limited to failure of consideration, breach of warranty, statute of frauds,
statute  of  limitations,  accord  and  satisfaction  and  usury.

          19.     Guarantor hereby waives (i) diligence, presentment, demand for
payment,  protest  or  notice,  whether  of  nonpayment,  dishonor,  protest  or
otherwise,  (ii)  any  and  all  claims,  counterclaims  or defenses based upon,
related  to  or  arising out of (a) any matter referred to in Section 18 of this
                                                              ----------
Guaranty,  (b)  any  issue  as  to  whether any sale or other disposition of any
collateral or other security for the Liabilities was conducted in a commercially
reasonable  fashion,  (c)  any  election of remedies by Lender, and (d) a theory
that  this  Guaranty  should be strictly construed against Lender, and (iii) all
other  defenses  under  applicable law that would, but for this clause (iii), be
available  to  Guarantor  as  a defense against, or a reduction, extinguishment,
discharge  or  release  of  its obligations under, this Guaranty (other than the
full  and  indefeasible  payment  of  the Liabilities and when the Lender has no
further  obligation  to  extend  credit  to  or  for  the  account of Borrower).

          20.     Guarantor  agrees  that,  while  any  of  the  Liabilities are
outstanding,  Guarantor  will not, without Lender's prior written consent (which
will  not  be  unreasonably withheld or delayed), transfer a material portion of
Guarantor's  assets,  including  transfers into a trust.  In the event Guarantor
desires to transfer any of its assets into a trust, the trust documents shall be
delivered  to  Lender  for  its  review  and  approval.  In  the event the trust
documents  are approved by Lender and Lender consents to such transfer, Lender's
consent thereto shall be conditioned upon such trust executing a guaranty of the
Liabilities  in  favor of Lender.  Guarantor acknowledges that Lender is relying
on  Guarantor's  assets  and  the  Pledge  Agreement  to  support the ability of
Guarantor  to  pay  the  Liabilities  and  that, consequently, any such transfer
without  Lender's  prior  written  consent  while  any  of  the  Liabilities are
outstanding  would  be  a  conveyance of assets to the trust intended to hinder,
delay  or  defraud  Guarantor's  creditors  generally  and  Lender specifically.

          21.     This  Guaranty is secured by a certain Pledge Agreement, dated
as of even date herewith (the "Pledge Agreement"), wherein Guarantor has granted
Lender  a  lien and security interest in Guarantor's warrant for the purchase of
shares  in  FHC  (the  "Warrants"), the corresponding shares of FHC stock in the
event  the  Warrants  are  exercised,  and  the  associated  Registration Rights
Agreement.  As  further  security  for  this Guaranty, Guarantor grants Lender a
security  interest  in any and all deposits (general or special, time or demand,
provisional  or final) at any time held and other indebtedness at any time owing
by  Lender  to  or for the credit or the account of Guarantor (collectively, the
"Deposits").  Upon  the  occurrence  and  during the continuance of any event of
default  under  any  instruments  evidencing  the  Liabilities, Lender is hereby
authorized at any time and from time to time, to the fullest extent permitted by
law,  to  set  off and apply the Deposits against any and all of the Liabilities
irrespective of whether or not Lender shall have made any demand on Borrower and
although  such  obligations  may  be  contingent  or  unmatured.

                                        5
<PAGE>
          22.     With  the exception of any earlier or later guaranty agreement
of Guarantor referred to in Section 6 hereof, Guarantor warrants, represents and
                            ---------
agrees  that this Guaranty, together with any exhibits or schedules incorporated
herein,  fully  incorporates  the entire understanding and agreement between the
parties  concerning  the  subject matter hereof and supersedes any and all prior
understandings  and  agreements,  whether  oral  or written, between the parties
respecting  the  subject  matter  hereof.  No  course  of  dealing,  course  of
performance  or  trade usage, and no parol evidence of any nature, shall be used
to supplement or modify any of the terms hereof, nor are there any conditions to
the  full  effectiveness  of  this  Guaranty.

          23.     WITHOUT  LIMITING  THE RIGHT OF THE LENDER TO BRING ANY ACTION
OR  PROCEEDING AGAINST GUARANTOR OR AGAINST PROPERTY OF GUARANTOR ARISING OUT OF
OR RELATING TO THIS GUARANTY OR GUARANTOR'S LIABILITY HEREUNDER (AN "ACTION") IN
THE  COURTS  OF OTHER JURISDICTIONS, GUARANTOR HEREBY IRREVOCABLY SUBMITS TO AND
ACCEPTS  THE  EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT SITTING IN MISSOURI OR
ANY  MISSOURI  STATE COURT SITTING IN THE CITY OR COUNTY OF ST. LOUIS, MISSOURI,
AND  GUARANTOR  HEREBY  IRREVOCABLY  AGREES  THAT  ANY  ACTION  MAY BE HEARD AND
DETERMINED  IN  SUCH  MISSOURI  STATE COURT OR IN SUCH FEDERAL COURT.  GUARANTOR
HEREBY  IRREVOCABLY  WAIVES  AND  DISCLAIMS,  TO  THE  FULLEST  EXTENT THAT SUCH
GUARANTOR  MAY  EFFECTIVELY  DO SO, ANY DEFENSE OR OBJECTION (INCLUDING, WITHOUT
LIMITATION,  ANY DEFENSE OR OBJECTION TO VENUE BASED ON THE GROUNDS OF FORUM NON
CONVENIENS) WHICH SUCH GUARANTOR MAY NOW OR HEREAFTER HAVE TO THE MAINTENANCE OF
AN  ACTION  IN ANY SUCH JURISDICTION.  NOTWITHSTANDING THE FOREGOING: (I) LENDER
HAS  THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST GUARANTOR OR, HIS, HER,
ITS  OR  THEIR  PROPERTY  IN  ANY  COURT  OF ANY OTHER JURISDICTION LENDER DEEMS
NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON ANY COLLATERAL, REAL ESTATE, THE
PLEDGE  AGREEMENT  OR  OTHER  SECURITY FOR THE LIABILITIES, AND (II) EACH OF THE
PARTIES  HERETO  ACKNOWLEDGES  THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE
IMMEDIATELY  PRECEDING  SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE
THOSE  JURISDICTIONS.  GUARANTOR  HEREBY IRREVOCABLY AGREES THAT THE SUMMONS AND
COMPLAINT  OR  ANY  OTHER  PROCESS IN ANY ACTION IN ANY SUCH JURISDICTION MAY BE
SERVED  BY  MAILING (USING CERTIFIED OR REGISTERED MAIL, POSTAGE PREPAID) TO THE
OFFICE  OR  RESIDENCE  ADDRESS  OF  SUCH  GUARANTOR  SET  FORTH BELOW OR BY HAND
DELIVERY  TO  A  PERSON  OF  SUITABLE  AGE AND DISCRETION AT SUCH ADDRESS.  SUCH
SERVICE WILL BE COMPLETE ON THE DATE SUCH PROCESS IS SO MAILED OR DELIVERED, AND
GUARANTOR  SHALL  HAVE  THIRTY  DAYS FROM SUCH COMPLETION OF SERVICE IN WHICH TO
RESPOND  IN  THE  MANNER  PROVIDED  BY LAW.  GUARANTOR MAY ALSO BE SERVED IN ANY
OTHER  MANNER PERMITTED BY LAW, IN WHICH EVENT GUARANTOR'S TIME TO RESPOND SHALL
BE  THE  TIME  PROVIDED  BY  LAW.

                                        6
<PAGE>
          24.     GUARANTOR  AND  THE  LENDER  HEREBY  EXPRESSLY AND IRREVOCABLY
WAIVE  AND  DISCLAIM  ALL  RIGHT  TO  TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM  ARISING  OUT  OF OR RELATING TO ANY LIABILITY UNDER THIS GUARANTY.

          25.     The word "Guarantor" as used herein refers to the undersigned,
his,  her,  its or their respective heirs, legal representatives, successors and
assigns and shall be read in the singular when this Guaranty is executed by only
one  Guarantor  or  where  the  context  otherwise  requires.

          26.     In  the event there is more than one Guarantor hereunder, this
Guaranty  may be executed in several counterparts, each of which shall be deemed
an  original  but all of which shall constitute one and the same instrument.  In
addition,  this  Guaranty may contain more than one counterpart of the signature
pages  and  this  Guaranty  may be executed by the affixing of the signatures of
each  Guarantor  to  one  of  such  counterpart  signature  pages,  all  of such
counterpart  signature  pages  to be read as though one, and they shall have the
same  force  and  effect  as though each Guarantor had signed the same signature
page.  For  purposes  of  this  Guaranty, a document (or signature page thereto)
signed and transmitted by Facsimile machine or telecopier is to be treated as an
original  document.

          27.     All  notices,  consents,  requests  and demands to or upon the
respective  parties  hereto  must be in writing, and will be deemed to have been
given  or made when delivered in person to those persons listed on the signature
pages  hereof  or  when deposited in the United States mail, postage prepaid, or
the overnight courier services, when delivered to the overnight courier service,
or in the case of telex or telecopy notice, when sent, verification received, in
each case addressed as set forth on the signature pages hereof, or to such other
address  as either party may designate by notice to the other in accordance with
the  terms  of  this Section.  No notice given to or demand made on Guarantor by
Lender  entitles  Guarantor  to  notice  or  demand  in  any  other  instance.

          28.     Each  of the rights and remedies of Lender under this Guaranty
is in addition to all of its other rights and remedies under applicable law, and
nothing  in  this  Guaranty  may  be  construed  as  limiting any such rights or
remedies.

          29.     Any  provision  of  this  Guaranty  which  is  prohibited,
unenforceable or not authorized in any jurisdiction is, as to such jurisdiction,
ineffective  to  the  extent  of  such  prohibition,  unenforceability  or
nonauthorization  without  invalidating  the  remaining  provisions  hereof  or
affecting  the  validity,  enforceability  or  legality of such provision in any
other  jurisdiction unless the ineffectiveness of such provision would result in
such  a  material change as to cause completion of the transactions contemplated
hereby  to  be  unreasonable.

          30.     This  Guaranty  is  to  be  governed  by  and  construed  and
interpreted  in  accordance  with  the  internal  Laws  of the State of Missouri
applicable  to  contracts  made  and  to  be performed wholly within such state,
without  regard  to  choice  or  conflicts  of  law  principles.

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<PAGE>
          31.     Guarantor, by executing this Guaranty, acknowledges receipt of
a copy of this Guaranty and that said Guarantor has had an opportunity to review
the  terms  and  conditions  hereof.

          32.     In  addition  to  the  waivers  set  forth  above,  if  now or
hereafter Borrower is or shall become insolvent and the Liabilities shall not at
all  times  until  paid  be  fully  secured  by  collateral pledged by Borrower,
Guarantor  hereby  waives  and  relinquishes in favor of Lender and Borrower and
their  respective successors and assigns any claim or right to payment Guarantor
may  now  have  or hereafter have or acquire against Borrower, by subrogation or
otherwise,  so  that  at  no  time  shall Guarantor be or become a "creditor" of
Borrower  within  the  meaning  of  11  U.S.C.  Section 547(b), or any successor
provision  of  the  Federal  Bankruptcy  Code.

             THIS GUARANTY CONTAINS A BINDING JURY WAIVER PROVISION.

          IN  WITNESS  WHEREOF,  this Guaranty has been duly executed as of even
date  herewith.

                                       --------------------------------------
                                       Print  Name:  ____________________

WITNESS:

____________________________
Print  Name:  __________________

                                       Guarantor's  Address:
                                       _______________________
                                       _______________________
                                       _______________________
                                       _______________________  (telephone  no.)
                                       _______________________  (facsimile  no.)

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<PAGE>

STATE  OF  ____________          )
                                 )     SS
COUNTY  OF  _____________        )

     On  this  ____  day of _______________, 2001, before me personally appeared
______________________,  to  me  known  to  be  the persons described in and who
executed the foregoing instrument, and acknowledged that he executed the same as
his/her  free  act  and  deed.

     IN  TESTIMONY  WHEREOF, I have hereunto set my hand and affixed my official
seal  in  the  County and State aforesaid, the day and year first above written.

                                         _______________________________________
                                         Notary  Public

My  term  expires:

_________________________

                                        9PLEDGE  AGREEMENT
                               -----------------

     This  PLEDGE  AGREEMENT (this "Agreement") is dated as of the ______ day of
May,  2001, between HEARTLAND BANK, a federal savings bank ("Lender"), having an
address  of  212  South  Central  Avenue, Suite 200, Clayton, Missouri 63105 and
________________________________,  having an address of ________________________
("Pledgor").

                   W  I  T  N  E  S  S  E  T  H   T  H  A  T  :

     WHEREAS,  the  Lender  has  made  a  loan  to  The Female Health Company, a
Wisconsin  corporation ("FHC") pursuant to a certain Loan Agreement, dated as of
even date herewith by and between Lender and FHC (as amended, modified, restated
or  replaced  from  time  to  time,  the  "Loan  Agreement");

     WHEREAS,  pursuant to the terms of the Loan Agreement, Lender has agreed to
make  certain  loans  to  FHC  consisting  of  a loan in an amount not to exceed
$2,000,000 (collectively, the "Loan"), as evidenced by a certain promissory note
executed  by FHC in favor of Lender, dated as of even date herewith (as amended,
modified,  restated  or  replaced  from  time  to  time,  the  "Note");

     WHEREAS,  the  Loan  is  guaranteed by a certain Continuing Secured Limited
Guaranty,  dated as of even date herewith executed by Pledgor in favor of Lender
(the  "Guaranty");

     WHEREAS,  the  Lender  has required as a condition, among others, to making
the  Loan  to  FHC,  and  in order to guarantee the prompt and complete payment,
observance  and  performance  of  all  of  the  indebtedness,  obligations  and
liabilities  of  FHC  owing to Lender under the Loan Agreement, the Note and the
other  loan  documents executed in connection therewith (collectively, the "Loan
Documents")  (all  such  indebtedness,  obligations  and  liabilities  of  FHC,
including the Obligations (as defined in the Loan Agreement), as the same may be
extended, renewed and modified, together with all liabilities and obligations of
the  Pledgor  to the Lender hereunder and under the Guaranty, including, without
limitation,  all  interest  payments, attorneys' fees and other charges becoming
due  thereunder  or  in  connection  therewith,  and  including  any amendments,
modifications,  replacements,  and  restatements  thereof  being  hereinafter
collectively  referred  to  as, the "Liabilities"), that the Pledgor execute and
deliver  this  Agreement  to  Lender  as  security  for  the  guarantee  of such
Liabilities  by  Pledgor;

     WHEREAS, in order to induce the Lender to make the financial accommodations
and extensions of credit to FHC contemplated by the Loan Agreement and to accept
the Guaranty, which, it is acknowledged, the Lender is doing so in reliance upon
this  Agreement,  Pledgor  desires  to  enter into this Agreement and pledge and
grant  a  security  interest  to  the  Lender  in  the collateral as hereinafter
described.

<PAGE>
     NOW,  THEREFORE,  for  and  in  consideration  of  the foregoing and of any
financial accommodations or extensions of credit (including, without limitation,
any  loan  or  advance  by  renewal,  refinancing or extension of the agreements
described  hereinabove or otherwise) heretofore, now or hereafter made to or for
the  benefit  of  FHC  and  Pledgor  by  Lender  and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties  hereto  agree  as  follows:

     1.     Grant  of  Security  Interest. Pledgor hereby pledges to Lender, and
            -----------------------------
grants to Lender as security for the prompt and complete payment, observance and
performance of the Liabilities, a lien and security interest in (i) that certain
Warrant  dated  [_____________]  and  expiring on [______________], _________ to
purchase  [__________________]  shares  of  common  stock of FHC (the "Shares"),
executed by FHC and assigned and delivered to Pledgor of even date herewith (the
"Warrant"),  (ii)  any and all shares of the capital stock of FHC at any time or
from time to time issued or otherwise distributed pursuant to the Warrant, (iii)
the  Registration Rights Agreement, dated as of even date herewith, entered into
by  and  between  Pledgor  and  FHC  whereby  FHC  agrees  to  provide  certain
registration  rights under the Securities Act of 1933 to Pledgor with respect to
the  Shares  (the  "Registration  Rights  Agreement"), (iv) all dividends, cash,
securities,  instruments  and  other property from time to time paid, payable or
otherwise distributed in respect of or in exchange for any or all of the Warrant
and such Shares, (v) any and all distributions made by Pledgor in respect of the
Warrant and the Shares, whether in cash or in kind, by way of dividends or stock
splits, or pursuant to a merger or consolidation or otherwise, or any substitute
security  issued  upon conversion, reorganization or otherwise, (vi) any and all
other  property  hereafter delivered to Pledgor or Lender in substitution for or
in addition to any of the foregoing (including without limitation all securities
issued  pursuant  to  any shareholder agreement, stock purchase agreement, stock
purchase rights or other agreement with respect to stock of FHC to which Pledgor
may  now or hereafter be a party), all certificates and instruments representing
or  evidencing  such  property  and  all  cash, securities, interest, dividends,
rights,  and  other  property  at  any  time  and  from  time  to time received,
receivable  or otherwise distributed in respect of or in exchange for any or all
thereof,  and (vii) any and all proceeds of any of the foregoing (the foregoing,
together  with the property and interests in the property described in Section 7
                                                                       ---------
and  8  below,  being hereinafter collectively referred to as the "Collateral").
     -

     2.     Perfection  of Security Interest.  The Pledgor agrees (i) to execute
            --------------------------------
and  deliver  to  Lender  such  uniform  commercial code financing statements as
Lender  may  reasonably request with respect to the Collateral, (ii) deliver the
Warrant to Lender, and (iii) to take such other steps as Lender may from time to
time  request  to  perfect  Lender's  security  interest in the Collateral under
applicable  law.

     3.     Representations.  Pledgor  represents,  warrants,  acknowledges  and
            ---------------
agrees  that  at  all  times  while  the  Liabilities  are  outstanding:

          (a) The Pledgor is the sole, direct, legal and beneficial owner of the
     Collateral.

          (b)  The  Pledgor  has  full  power  and  authority to enter into this
     Agreement.

                                        2
<PAGE>
          (c)  There are no restrictions upon the voting rights associated with,
     or  the  transfer  of,  any  of  the  Collateral.

          (d)  The Pledgor has the right (i) upon conversion of the Warrant into
     Shares,  to  vote  the  Collateral, and (ii) to pledge and grant a security
     interest  in  all  or  any part of the Collateral free of any lien or other
     charge,  encumbrance  or  restriction.

          (e)  The  Pledgor  has  the  right  to transfer all or any part of the
     Collateral  free  of  any lien or other charge, encumbrance or restriction.

          (f) The Collateral and all proceeds of the Collateral shall constitute
     security for any and all of the Liabilities and may be held for the payment
     thereof  for  such  periods  and  applied thereto at such times and in such
     order  as the Lender from time to time may deem appropriate, whether or not
     the  Liabilities for which the same are held or applied are in existence at
     the time of delivery of this Agreement or the Collateral and whether or not
     such  Liabilities  are  contingent,  unliquidated  or  unmatured.

          (g)  Pledgor  shall  keep  the Collateral free from all other security
     interests,  liens  or encumbrances. Pledgor shall procure, execute, endorse
     and  deliver  all  documents  which  the  Lender  may reasonably require to
     protect,  enforce  or  otherwise  effectuate  the  Lender's  rights  in the
     Collateral,  including  but  not  limited  to  execution and delivery of an
     Assignment  of  Warrant  in  the  form  attached  hereto  as  Exhibit A and
                                                                   ----------
     Assignment  of Registration of Rights Agreement in the form attached hereto
     as Exhibit B.
        ----------

          (h)  Pledgor  will  do  and  perform  all  reasonable acts that may be
     necessary and appropriate to maintain, preserve and protect and perfect the
     security  interest  of  Lender  in  the  Collateral.

          (i)  Pledgor  will  not surrender or lose possession of (other than to
     the  Lender), exchange, sell, convey, transfer, assign or otherwise dispose
     of  or  transfer  the  Collateral or any right , title or interest therein.

          (j)  There  are  no  shareholders  agreements,  voting  trusts,  proxy
     agreement  or  other agreements or understandings which affect or relate to
     the  rights  of  Lender  in  the  Collateral  created  hereunder.

          (k)  No  effective  financing  statement  naming  Pledgor  as  debtor,
     assignor,  grantor,  mortgagor,  pledgor  or  the  like  and  covering  the
     Collateral is on file in any filing or recording office in any jurisdiction
     except for any such financing statement as may be filed in favor of Lender.

                                        3
<PAGE>
     4.     Upon  the occurrence of an Event of Default (as hereinafter defined)
under  this  Agreement:

          (a)  Lender  may  take  any  action with respect to the Collateral and
     exercise  all  rights  of  conversion,  exchange, subscription or any other
     rights, privileges or options pertaining to the Collateral as if the Lender
     were  the  absolute  owner  thereof;

          (b)  The  Lender  shall  have  the  right,  for and in the name of the
     Pledgor,  to  execute  endorsements,  assignments  or  other instruments of
     conveyance  or  transfer  with  respect  to  the Collateral, to endorse any
     checks, drafts, money orders and other instruments relating thereto, to sue
     for,  collect, receive and give acquittance for all moneys due or to become
     due  in  connection  with  the Collateral and otherwise to file any claims,
     take  any  action or institute, defend, settle or adjust any actions, suits
     or  proceedings  with  respect  to the Collateral, execute any and all such
     other  documents  and instruments, and do any and all such acts and things,
     as  the Lender may deem necessary or desirable to protect, collect, realize
     upon  and  preserve  the  Collateral,  to  enforce the Lender's rights with
     respect to the Collateral and to accomplish the purposes of this Agreement.

          (c)  The  Lender  shall  have  the  continuing  right  to  retain  the
     Collateral  so  long as any Liability remains in existence, even though the
     same  may  be  unliquidated,  unmatured  or  contingent.

     5.     Pledgor  hereby  confirms  that  it  has  contemporaneously herewith
delivered  to Lender the Collateral, in suitable form for transfer and delivery,
together  with  duly executed instruments of transfer or assignment, all in form
and  substance  satisfactory  to  Lender.

     6.     Subsequent  Changes Affecting Collateral.  The Pledgor represents to
            ----------------------------------------
Lender  that  the  Pledgor  has  made  his/her/its  own arrangements for keeping
informed  of  changes  or potential changes affecting the Collateral (including,
but  not limited to, payment of distributions, reorganization or other exchanges
and  voting  rights),  and  the  Pledgor  agrees  that  Lender  shall  have  no
responsibility  or  liability  for  informing the Pledgor of any such changes or
potential  changes  or for taking any action or omitting to take any action with
respect  thereto.

     7.     Collateral  Adjustments.  In the event that, during the term of this
            -----------------------
Agreement,  any  reclassification,  readjustment  or other change is declared or
made in the capital structure of the Company (including, without limitation, the
issuance  of  additional  interests  in  the  Company), then Lender shall have a
Security  Interest  in  all  interests  issued  to or acquired by the Pledgor in
respect  of  the  Collateral  by reason of any such change or exercise, and such
interests  shall  become  part  of  the  Collateral.

     8.     Warrants,  Options  and Other Rights.  In the event that, during the
            ------------------------------------
term  of this Agreement, additional subscription warrants or any other rights or
options  shall  be  issued  by  the Company in connection with the Collateral or
otherwise  issued  to  or  acquired  by  the  Pledgor,  then Lender shall have a
Security  Interest  in  such  warrants,  rights  and options, and such warrants,
rights  and  options  shall  become  part  of  the  Collateral.

                                        4
<PAGE>
     9.     No  Discharge.  The  Pledgor  shall  remain  bound  and  his/her/its
            -------------
liabilities  hereunder  shall be unconditional, irrespective of (i) the validity
or  enforceability,  avoidance  or  subordination  of  the Liabilities, (ii) the
absence of any attempt to collect the Liabilities from Borrower, all or any part
of  the  Liabilities  or other action to enforce the same or the election of any
remedy  by Lender, (iii) the waiver, consent, extension, forbearance or granting
of any indulgence by Lender with respect to any provision of the Loan Documents,
(iv)  failure  by  Lender to take any steps to perfect and maintain its Security
Interest  in,  or  to  preserve  its  rights  to, any of the Collateral, (v) the
election  by  Lender  in  any  proceeding  instituted  under  Chapter  11 of the
Bankruptcy  Code  involving  either  Pledgor  of  the  application  of  Section
1111(b)(2)  of  the  Bankruptcy  Code, (vi) any borrowing or grant of a Security
Interest  by  either  Pledgor, as debtor-in-possession, under Section 364 of the
Bankruptcy Code, (vii) the disallowance under Section 502 of the Bankruptcy Code
of  all or any portion of the claims of Lender for repayment of the Liabilities,
or  (viii)  any  other  circumstance which might otherwise constitute a legal or
equitable  discharge  or  defense  of a guarantor, or of the Pledgor, all of the
foregoing  being  expressly  waived  by  the  Pledgor.

     10.     Waivers.  Pledgor  hereby  waives  any  requirement  of  diligence,
             -------
presentment,  demand of payment, filing of claims with a court in the event of a
receivership  or bankruptcy of either Pledgor, protest or notice with respect to
the  Liabilities,  the  benefit  of any statutes of limitations, and all demands
whatsoever  (and  shall  not  require that the same be made on the Pledgor) as a
condition  precedent  to the Pledgor's liabilities hereunder, and covenants that
this  Agreement  will  not  be  discharged.

     11.     Restrictions.  The  Pledgor  shall  not,  without the prior written
             ------------
consent  of  Lender, in each instance, which consent may be withheld in the sole
and  absolute  discretion  of  Lender,  convey,  assign,  hypothecate, transfer,
dispose  of  or  encumber,  or  permit  the  conveyance,  assignment,  transfer,
hypothecation,  disposal  or  encumbrance  of  all  or  any part of any legal or
beneficial  interest  in  the  Collateral.

     12.     Default;  Remedies  after  a  Default.  Any  one  or  more  of  the
             -------------------------------------
following  constitutes an "Event of Default" hereunder (a) any representation or
warranty  made  by  a Pledgor herein proves to have been untrue or misleading in
any material respect when made, (b) default in the payment of any sum due on any
Liability,  (c)  as  to  Pledgor,  adjudication  of  incompetence,  dissolution,
insolvency,  making  an assignment for the benefit of creditors or suffering the
appointment  of  a receiver or commencement of a proceeding under any bankruptcy
or other debtor's relief law, whether voluntary or involuntary, (d) death of the
Pledgor,  (e)  seizure  of  or  loss  or  damage  to  the  Collateral or sale or
encumbrance  thereof,  (f)  a violation by a Pledgor of any of the provisions or
conditions  of  this  Agreement,  or  failure  by Pledgor to perform any term or
provision  of this or any other agreement with the Lender or the existence of an
event  of  default under any such other agreement, which agreements include, but
are  not  limited  to,  the  Guaranty,  or  (g)  the occurrence of any "Event of
Default"  under the Loan Agreement, to the extent not otherwise described above.
Upon  the  occurrence  and  during  the continuation of any Event of Default, in
addition to all other rights and remedies of Lender under the Loan Agreement, at
law  or  in  equity:

                                        5
<PAGE>
          (i)  Lender  may  at  any  time exercise any and all of its rights and
     pursue  any  and  all  of  its  remedies  under  the  UCC,  under any other
     applicable  law,  and  pursuant  to  this  Agreement  and  the  other  Loan
     Documents,  including  selling  some or all of the Pledge Collateral at any
     public  sale  or,  at  private  sale  without  advertisement if in Lender's
     reasonable  judgment such private sale would result in a greater sale price
     than  a  public  sale.  Pledgor agrees that in the event of a private sale,
     Lender  may solicit offers to buy the Collateral, or any part of it, from a
     limited  number  of investors deemed by Lender, in its reasonable judgment,
     to be financially responsible parties who might be interested in purchasing
     the  Collateral.  If  Lender  solicits  such offers, then the acceptance by
     Lender  of  the  highest  offer  obtained therefrom shall be deemed to be a
     commercially  reasonable  method  of  disposing  of such Collateral. In the
     event  Lender  elects  to  proceed  with  respect  to  some  or  all of the
     Collateral,  whenever  applicable provisions of the UCC require that notice
     be  reasonable,  ten  (10)  calendar days notice will be deemed reasonable.
     Lender  will  not  be  obligated  to make any sale of any of the Collateral
     regardless  of  notice  of  sale  having been given. Lender may adjourn any
     public  or  private  sale from time to time by announcement at the time and
     place fixed therefor, and such sale may, without further notice, be made at
     the  time and place to which it was so adjourned. Lender may bid and become
     a  purchaser at any such sale, if public, and upon any such sale Lender may
     collect,  receive,  and  hold  and  apply, as provided herein, the proceeds
     thereof  to  the payment of the Liabilities, and assign and deliver some or
     all  of the Collateral to the purchaser at any such sale. The proceeds from
     any  such  sale  will  be  applied in accordance with the terms of the Loan
     Agreement.

          (ii)  Lender  may, at any time in its discretion and without notice to
     Pledgor,  transfer  any or all of the Collateral to, or register any or all
     of  the  Collateral  in  the name of, Lender or any of its nominees. Lender
     will  use  reasonable efforts to notify Pledgor, but will not be liable for
     any  failure  to  notify.

          (iii)  The  Pledgor  will  pay  to  Lender  all  reasonable  expenses
     (including,  without limitation, court costs and attorneys' and paralegals'
     fees  and  expenses)  of,  or  incident  to, (i) the administration of this
     Agreement,  (ii)  the custody or preservation of, or the sale or collection
     of  or other realization upon, any of the Collateral, (iii) the exercise or
     enforcement  of  any of the rights of Lender hereunder, or (iv) the failure
     by  the  Pledgor  to  perform  or  observe  any  provision  hereof.

The  Lender's  rights  hereunder  shall  continue unimpaired notwithstanding the
availability  of  additional  collateral, any release of or substitution for any
other  collateral,  any  act  or  omission  impairing  the  Lender's lien on the
Collateral  including  failure  to  perfect  the  same, any extension (including
extension  of  time for payment), renewal, substitution, alteration, compromise,
settlement,  surrender,  release  or other such agreement or action modifying or
varying  the  terms  of  or  otherwise  affecting  any of the Liabilities or the
Collateral.

                                        6
<PAGE>
     13.     Term.  This  Agreement  shall remain in full force and effect until
             ----
all  of  the Liabilities shall have been indefeasibly paid and satisfied in full
and  all  of the obligations of Borrower under the Loan Agreement, and the other
Loan  Documents  shall  have  been  terminated.

     14.     The  Lender's  Exercise  of  Rights and Remedies at Such Time as an
             -------------------------------------------------------------------
Event  of  Default  Exists.  Notwithstanding  anything  set  forth herein to the
--------------------------
contrary,  it  is  hereby  expressly  agreed that Lender may exercise any of the
rights  and  remedies  provided in this Agreement or the other Loan Documents at
any  time  that  an  Event  of  Default  exists.

     15.     Definitions.  The  singular shall include the plural and vice versa
             -----------
and  any  gender shall include any other gender as the context may require.  All
capitalized terms not otherwise defined herein shall have the meanings set forth
in  the  Guaranty.

     16.     Successors  and  Assigns.  This Agreement shall be binding upon and
             ------------------------
inure  to  the  benefit of the Pledgor, Lender, and their respective successors,
heirs and assigns.  The word "Pledgor" wherever used herein refers to the person
executing  this  Agreement and the heirs, legal representatives, successors, and
assigns  of  such  Pledgor.

     17.     Applicable Law.  This Agreement shall be governed by, and construed
             --------------
and enforced in accordance with, the laws of the State of Missouri applicable to
contracts  made  and to be performed within such State, without giving effect to
its conflicts of laws principles or rules.  Whenever possible, each provision of
this  Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be held to be
prohibited  or invalid under applicable law, such provision shall be ineffective
only  to  the extent of such prohibition or invalidity, without invalidating the
remainder  of  such  provision  or  the  remaining provisions of this Agreement.

     18.     Further  Assurances.  The  Pledgor  agrees that they will cooperate
             -------------------
with  the  Lender  and  will  execute  and  deliver, or cause to be executed and
delivered,  all  such  other  stock  powers, proxies, instruments, documents and
resignations  of  officers  and directors, and will take all such other actions,
including, without limitation, the filing of financing statements, as Lender may
reasonably  request  from  time to time in order to carry out the provisions and
purposes  hereof.

     19.     Lender  Appointed  Attorney-in-Fact. Pledgor hereby appoints Lender
             -----------------------------------
as  such  Pledgor's attorney-in-fact, with full authority in the place and stead
of the Pledgor and in the name of the Pledgor or otherwise, from time to time in
Lender's  discretion  following  the occurrence and during the continuance of an
Event  of  Default to take any action and to execute any instrument which Lender
may  deem  necessary  to  accomplish  the purposes of this Agreement, including,
without limitation, to receive, endorse and collect all instruments made payable
to  the  Pledgor  representing  any  distribution,  interest  payment  or  other
distribution  in  respect of the Collateral or any part thereof and to give full
discharge for the same.  This power of attorney created under this Section being
                                                                   -------
coupled  with  an interest, shall be irrevocable for the term of this Agreement.

                                        7
<PAGE>
     20.     Lender's  Duty. Lender shall not be liable for any acts, omissions,
             --------------
errors  of  judgment  or  mistakes of fact or law including, without limitation,
acts,  omissions,  errors or mistakes with respect to the Collateral, except for
those  arising out of or in connection with Lender's gross negligence or willful
misconduct.  Without  limiting the generality of the foregoing, Lender shall not
be  under  any  obligation to take any steps necessary to preserve rights in the
Collateral  against  any  other  parties  but  may  do so at its option, and all
reasonable  expenses  incurred  in  connection  therewith  shall be for the sole
account  of  the  Pledgor, and shall be added to the Liabilities secured hereby.

     21.     Notices.  Any  notice,  request,  demand, statement or consent made
             -------
hereunder  shall  be  in  writing  and  shall be deemed duly given if personally
delivered,  sent  by  certified  mail,  return  receipt  requested, or sent by a
nationally  recognized commercial overnight delivery service with provisions for
a  receipt,  postage or delivery charges prepaid, and shall be deemed given when
postmarked  or  placed  in  the  possession of such mail or delivery service and
addressed  to  the  addressees  set  forth  in  the  Preamble  hereof.

     22.     Cumulative  Rights.  No  failure  by Lender to exercise or delay in
             ------------------
exercising  any of its rights hereunder shall constitute a waiver thereof and no
single  or  partial  exercise  of  any right shall preclude the further exercise
thereof  or the exercise of any other right.  All rights of the Lender hereunder
or under any instrument or other agreement binding on Pledgor are cumulative and
not  in  substitution  of  any other rights at law or equity with respect to the
Collateral  or  the  collection  of  the  Liabilities.  All  such  rights may be
exercised  from  time  to  time.

     22.     CONSENT  TO JURISDICTION.  WITHOUT LIMITING THE RIGHT OF THE LENDER
             ------------------------
TO  BRING ANY ACTION OR PROCEEDING AGAINST THE PLEDGOR OR AGAINST THE COLLATERAL
ARISING  OUT  OF  OR  RELATING  TO  THEIR  OBLIGATIONS  UNDER THIS AGREEMENT (AN
"ACTION")  IN  THE COURTS OF OTHER JURISDICTIONS, THE PLEDGOR HEREBY IRREVOCABLY
SUBMITS  TO  THE  JURISDICTION OF ANY MISSOURI STATE OR FEDERAL COURT HAVING ITS
SITUS  IN ST. LOUIS CITY OR COUNTY, MISSOURI, AND THE PLEDGOR HEREBY IRREVOCABLY
AGREES  THAT  ANY  ACTION  MAY BE HEARD AND DETERMINED IN SUCH MISSOURI STATE OR
FEDERAL  COURT.  THE  PLEDGOR  HEREBY  IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
THEY  MAY  EFFECTIVELY  DO  SO,  THE  DEFENSE  OF  AN  INCONVENIENT FORUM TO THE
MAINTENANCE  OF  ANY  ACTION  IN  ANY  JURISDICTION.

     23.     WAIVER OF JURY TRIAL.  PLEDGOR HEREBY WAIVES, TO THE FULLEST EXTENT
             --------------------
PERMITTED  BY  APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH
RESPECT  TO,  IN  CONNECTION  WITH,  OR  ARISING  OUT  OF  THIS  AGREEMENT,  THE
COLLATERAL,  OR THE VALIDITY, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF,
OR  ANY  OTHER  CLAIM  OR DISPUTE, HOWSOEVER ARISING, BETWEEN PLEDGOR ON THE ONE
HAND,  AND  LENDER  ON  THE  OTHER  HAND.

                                        8
<PAGE>
     24.     Counterparts.  This  Agreement  may  be  executed  in  separate
             ------------
counterparts, each of which shall be an original and all of which taken together
shall  constitute  one  and  the  same  instrument.

     25.     Section  Headings;  Recitals.  The  section headings herein are for
             ----------------------------
convenience  of  reference  only,  and  shall  not  affect  in  any  way  the
interpretation  of  any of the provisions hereof.  The recitals set forth herein
are  hereby  incorporated  into and form a part of this Agreement, the truth and
accuracy of which is evidenced by each party's execution hereof and certifies to
Lender  that  the  pledge of the Collateral as above provided has been noted and
entered  in  the  books  and  records  of  the  capital  stock  of  the Company.

     IN  WITNESS WHEREOF, the Pledgor and Lender have executed this Agreement as
of  the  day  and  year  first  above  written.

                              "LENDER"

                              HEARTLAND  BANK

                              By:  __________________________________________
                                 Name:  _____________________________________
                                 Title:  ____________________________________

                              "PLEDGOR"

                              ______________________________
                              Name:     ________________________

                                        9
<PAGE>

Receipt  of a copy of this Pledge Agreement is hereby acknowledged by THE FEMALE
HEALTH  COMPANY, a Wisconsin corporation, which hereby consents to pledge of the
Collateral  pursuant  to  the  terms  of  the  Pledge  Agreement.

                              THE  FEMALE  HEALTH  COMPANY

                              By:  __________________________________________
                                 Name:  _____________________________________
                                 Title:  ____________________________________

                                       10
<PAGE>
                                    EXHIBIT A
                                    ---------

                              ASSIGNMENT OF WARRANT

          For  value  received, _____________________________ hereby  sells,
assigns  and  transfers  unto _______________________ the  attached  Warrant,
together  with  all  rights,  title  and  interest  therein,  and  does  hereby
irrevocably  constitute and appoint _______________________ attorney to transfer
said Warrant on the books of The Female Health Company, a Wisconsin corporation,
with  full  power  of  substitution  in  the  premises,

                                   ---------------------------------------------
                                   Note:    The  above  signature  should
                                            correspond exactly with the name on
                                            the face of the attached Collateral.

                                       11
<PAGE>
                                    EXHIBIT B
                                    ---------

                  ASSIGNMENT  OF REGISTRATION RIGHTS AGREEMENT

          For  value  received, _____________________________ hereby  sells,
assigns  and  transfers  unto _______________________ the  attached Registration
Rights  Agreements,  together  with  all rights, title and interest therein, and
does  hereby irrevocably constitute and appoint _______________________ attorney
to  transfer said Warrant on the books of The Female Health Company, a Wisconsin
corporation,  with  full  power  of  substitution  in  the  premises,

                                   ---------------------------------------------
                                   Note:    The  above  signature  should
                                            correspond exactly with the name on
                                            the face of the attached Collateral.

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}]]