Document:

EXHIBIT 4.1

         THE SECURITIES  REPRESENTED  HEREBY MAY NOT BE  TRANSFERRED  UNLESS (I)
SUCH  SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED OR ANY STATE  SECURITIES LAWS, (II) SUCH SECURITIES MAY BE SOLD
PURSUANT TO RULE 144(K), OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
REASONABLY  SATISFACTORY  TO IT THAT SUCH  TRANSFER MAY LAWFULLY BE MADE WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR QUALIFICATION  UNDER APPLICABLE
STATE SECURITIES LAWS.

         THIS  WARRANT  SHALL BE VOID AFTER 5:00 P.M.  EASTERN  TIME ON JUNE 23,
2010 (the "EXPIRATION DATE").

No. W-1

                             CATCHER HOLDINGS, INC.

                      WARRANT TO PURCHASE 20,000 SHARES OF
                    COMMON STOCK, PAR VALUE $0.001 PER SHARE

For  VALUE  RECEIVED,  Stanley  Blackburn  ("Warrantholder"),   is  entitled  to
purchase,  subject to the  provisions  of this Warrant,  from Catcher  Holdings,
Inc., a Delaware  corporation (the  "Company"),  at any time not later than 5:00
P.M.,  Eastern time, on the Expiration Date (as defined  above),  at an exercise
price per share equal to $3.74 (the exercise price in effect being herein called
the "Warrant Price"),  20,000 shares ("Warrant  Shares") of the Company's Common
Stock, par value $0.001 per share ("Common Stock"). The number of Warrant Shares
purchasable upon exercise of this Warrant and the Warrant Price shall be subject
to further adjustment from time to time as described herein.

         Section 1.  REGISTRATION.  The  Company  shall  maintain  books for the
transfer  and  registration  of the Warrant.  Upon the initial  issuance of this
Warrant,  the Company  shall issue and  register  the Warrant in the name of the
Warrantholder.

         Section  2.  TRANSFERS.   A  provided  herein,   this  Warrant  may  be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933,  as amended  (the  "Securities  Act"),  or an  exemption  from such
registration.  Subject to such  restrictions,  the Company  shall  transfer this
Warrant  from time to time upon the books to be  maintained  by the  Company for
that  purpose,   upon  surrender  thereof  for  transfer  properly  endorsed  or
accompanied by appropriate instructions for transfer and such other documents as
may be  reasonably  required  by the  Company,  including,  if  required  by the
Company,  an opinion  of the  Warrantholders'  counsel  to the effect  that such
transfer is exempt from the registration  requirements of the Securities Act, to
establish that such transfer is being made in accordance  with the terms hereof,
and a new Warrant shall be issued to the transferee and the surrendered  Warrant
shall be canceled by the Company.

         Section 3. EXERCISE OF WARRANT.  Subject to the provisions  hereof, the
Warrantholder  may exercise the Warrant in whole or in part at any time prior to
its expiration upon surrender of the Warrant, together with delivery of the duly
executed  Warrant  exercise  form attached  hereto as Appendix A (the  "Exercise
Agreement")  and payment by cash,  certified check or wire transfer of funds for
the aggregate Warrant Price for that number of Warrant Shares then being

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purchased,  to the Company  during normal  business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the Warrantholder).  The Warrant Shares
so  purchased  shall  be  deemed  to be  issued  to  the  Warrantholder  or  the
Warrantholder's  designees,  as the record owner of such shares, as of the close
of business on the date on which this Warrant  shall have been  surrendered  (or
evidence  of loss,  theft or  destruction  thereof  and  security  or  indemnity
satisfactory  to the  Company),  the Warrant  Price shall have been paid and the
completed  Exercise  Agreement shall have been delivered.  Certificates  for the
Warrant  Shares  so  purchased,  representing  the  aggregate  number  of shares
specified in the  Exercise  Agreement,  shall be delivered to the  Warrantholder
within reasonable time, not exceeding five (5) business days, after this Warrant
shall have been so exercised.  The  certificates  so delivered  shall be in such
denominations as may be requested by the  Warrantholder  and shall be registered
in the name of the  Warrantholder  or such other name as shall be  designated by
the Warrantholder. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired,  the Company shall, at its expense, at the time
of delivery of such  certificates,  deliver to the  Warrantholder  a new Warrant
representing  the number of shares with  respect to which the Warrant  shall not
then have been exercised. As used herein, "business day" means a day, other than
a Saturday  or Sunday,  on which banks in New York City are open for the general
transaction of business.

         Section  4.  COMPLIANCE  WITH THE  SECURITIES  ACT OF 1933.  Except  as
provided  in the  Subscription  Agreement,  the Company may cause the legend set
forth on the  first  page of this  Warrant  to be set forth on each  Warrant  or
similar legend on any security issued or issuable upon exercise of this Warrant,
unless  counsel for the Company is of the opinion as to any such  security  that
such legend is unnecessary.

         Section 5. PAYMENT OF TAXES. The Company will pay any documentary stamp
taxes  attributable to the initial  issuance of Warrant Shares issuable upon the
exercise  of the  Warrant;  provided,  however,  that the  Company  shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issuance or delivery of any certificates for Warrant Shares in a
name other than that of the  Warrantholder  in respect of which such  shares are
issued,  and in such case, the Company shall not be required to issue or deliver
any  certificate  for Warrant Shares or any Warrant until the person  requesting
the same has paid to the  Company the amount of such tax or has  established  to
the  Company's  reasonable  satisfaction  that  such  tax  has  been  paid.  The
Warrantholder shall be responsible for income taxes due under federal,  state or
other law, if any such tax is due.

         Section 6. MUTILATED OR MISSING WARRANTS. In case this Warrant shall be
mutilated,  lost, stolen, or destroyed,  the Company shall issue in exchange and
substitution of and upon  cancellation of the mutilated  Warrant,  or in lieu of
and  substitution  for the Warrant lost,  stolen or destroyed,  a new Warrant of
like tenor and for the  purchase  of a like number of Warrant  Shares,  but only
upon receipt of evidence  reasonably  satisfactory  of the Company of such loss,
theft or  destruction  of the  Warrant,  and with  respect to a lost,  stolen or
destroyed  Warrant,  reasonable  indemnity  or bond  with  respect  thereto,  if
requested by the Company.

         Section 7.  RESERVATION OF COMMON STOCK.  The Company hereby  covenants
that it shall keep reserved until issued (if necessary) as  contemplated by this
Section 7, out of the authorized and unissued shares of Common Stock, sufficient
shares to provide for the exercise of the rights of purchase represented by this
Warrant. -Company agrees that all Warrant Shares issued upon due exercise of the
Warrant shall be, at the time of delivery of the certificates for

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<PAGE>

such  Warrant  Shares,   duly  authorized,   validly  issues,   fully  paid  and
non-assessable shares of Common Stock of the Company.

         Section 8. ADJUSTMENTS.  Subject and pursuant to the provisions of this
Section 8, unless waived in a particular case by the Warrantholder,  the Warrant
Price and number of Warrant  Shares  subject to this Warrant shall be subject to
adjustment from time to time as set forth hereinafter.

                 (a) If the  Company  shall,  at any  time or from  time to time
while this Warrant is outstanding,  pay a dividend or make a distribution on its
Common Stock in shares of Common  Stock,  subdivide  its  outstanding  shares of
Common Stock into a greater number of shares or combine its  outstanding  shares
of Common Stock into a smaller number of shares or issue by  reclassification of
its  outstanding  shares  of  Common  Stock  any  shares  of its  capital  stock
(including  any such  reclassification  in connection  with a  consolidation  or
merger in which the Company is continuing the  corporation),  then the number of
Warrant Shares purchasable upon exercise of the Warrant and the Warrant Price in
effect  immediately  prior to the date  upon  which  such  change  shall  become
effective, shall be adjusted by the Company so that the Warrantholder thereafter
exercising  the  Warrant  shall be  entitled  to receive the number of shares of
Common Stock or other capital stock which the Warrantholder  would have received
if the Warrant had been exercised  immediately  prior to such event upon payment
of the Warrant Price. Such adjustments  shall be made successively  whenever any
event listed above shall occur.

                 (b)  Anything  herein  to  the  contrary  notwithstanding,  the
Company shall not be required to make any adjustment to the Warrant Price in the
case of the issuance of (A) capital  stock,  options or  convertible  securities
issued to  directors,  officers,  employees  or  consultants  of the  Company in
connection with their service as directors of the Company,  their  employment by
the Company or their  retention  as  consultants  by the Company  pursuant to an
equity compensation program approved by the Board of Directors of the Company or
the compensation  committee of the Board of Directors of the Company, (B) shares
of the  Common  Stock  issued  upon the  conversion  or  exercise  of options or
convertible securities issued prior to the date hereof, and (C) shares of Common
Stock  issued  or  issuable  by  reason  of a  dividend,  stock  spilt  or other
distribution  on shares  of Common  Stock  (but only to the  extent  that such a
dividend,  split or  distribution  results in an adjustment in the Warrant Price
pursuant  to the other  provisions  of this  Warrant)  (collectively,  "Excluded
Issuances").

         Section 9.  FRACTIONAL  INTEREST.  The Company shall not be required to
issue  fractions  of Warrant  Shares upon the exercise of this  Warrant.  If any
fractional  share of Common Stock would,  except for the provisions of the first
sentence of this Section 9, be deliverable upon such exercise,  the Company,  in
lieu  of  delivering  such  fractional  share,   shall  pay  to  the  exercising
Warrantholder  an amount in cash  equal to the Market  Price of such  fractional
share of Common Stock on the date of exercise.

         Section 10.  BENEFITS.  Nothing in this  Warrant  shall be construed to
give  any  person,   firm  or  corporation  (other  than  the  Company  and  the
Warrantholder)  any legal or equitable  right,  remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Company and
the Warrantholder.

         Section 11. NOTICES TO  WARRANTHOLDER.  Upon the happening of any event
requiring an adjustment of the Warrant  Price,  the Company shall  promptly give
written  notice  thereof to the  Warrantholder  at the address  appearing in the
records of the  Company,  stating the  adjusted  Warrant  Price and the adjusted

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<PAGE>

number of  Warrant  Shares  resulting  from  such  event  and  setting  forth in
reasonable  detail  the  method of  calculation  and the facts  upon  which such
calculation is based.  Failure to give such notice to the  Warrantholder  or any
defect  therein  shall not  affect  the  legality  or  validity  of the  subject
adjustment.

         Section 12. NOTICES.  Unless otherwise provided, any notice required or
permitted  under  this  Warrant  shall be given in  writing  and shall be deemed
effectively  given as hereinafter  described (i) if given by personal  delivery,
then such  notice  shall be deemed  given upon such  delivery,  (ii) if given by
telex or  facsimile,  then such  notice  shall be deemed  given upon  receipt of
confirmation of complete  transmittal,  (iii) if given by mail, then such notice
shall be deemed  given  upon the  earlier of (A)  receipt of such  notice by the
recipient  or (B) three days after such notice is deposited in first class mail,
postage prepaid,  and (iv) if given by an internationally  recognized  overnight
air  courier,  then such notice  shall be deemed  given one  business  day after
delivery to such carrier.  All notices shall be addressed as follows:  if to the
Warrantholder,  at its address as set forth in the  Company's  books and records
and, if to the Company,  at the address as follows,  or at such other address as
the  Warrantholder  or the Company may  designate by ten days'  advance  written
notice to the other:

                               If to the Company:

                               Catcher Holdings, Inc.

                               With a copy to:

                               Piliero Goldstein Kogan & Miller, LLP
                               10 East 53rd Street, 36th Floor
                               New York, NY 10022
                               Attn:  Robert D. Piliero, Esq.
                               Fax:  (212) 478-8502

         Section 13.  SUCCESSORS.  All the covenants and provisions hereof by or
for the benefit of the Warrantholder  shall bind and inure to the benefit of its
respective successors and assigns hereunder.

         Section 14. GOVERNING LAW;  CONSENT TO JURISDICTION;  WAIVER OF JURY BY
TRIAL.  This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of New York,  without  reference to the choice of law
provisions   thereof.   The  Company  and,  by  accepting   this  Warrant,   the
Warrantholder,  each  irrevocably  submits to the exclusive  jurisdiction of the
courts of the State of New York located in New York County and the United States
District  Court for the  Southern  District  of New York for the  purpose of any
suit, action or proceeding contemplated hereby. Service of process in connection
with any such suit,  action or  proceeding  may be served on each  party  hereto
anywhere  in the world by the same  methods as are  specified  for the giving of
notices under this  Warrant.  The Company and, by accepting  this  Warrant,  the
Warrantholder,  each irrevocably  consents to the jurisdiction of any such court
in any such suit, action or proceeding and to the laying of venue in such court.
The Company and, by accepting this Warrant, the Warrantholder,  each irrevocably
waives  any  objection  to the  laying  of  venue of any such  suit,  action  or
proceeding brought in such courts and irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been

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<PAGE>

brought in an  inconvenient  forum.  EACH OF THE COMPANY AND, BY ITS  ACCEPTANCE
HEREOF, THE WARRANTHOLDER  HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN
ANY LITIGATION  WITH RESPECT TO THIS WARRANT AS REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

         Section  15. NO RIGHTS AS  STOCKHOLDER.  Prior to the  exercise of this
Warrant,  the  Warrantholder  shall  not  have  or  exercise  any  rights  as  a
stockholder  of the Company by virtue of its ownership of this Warrant.

         Section 16. AMENDMENT;  WAIVER. Any term of this Warrant may be amended
or waived upon the written consent of the Company and  Warrantholder;  PROVIDED,
that the number of Warrant Shares subject to this Warrant, the Warrant Price and
the Expiration  Date may not be amended,  and the right to exercise this Warrant
may not be altered or waived, without the written consent of the Warrantholder.

         Section 17. SECTION HEADINGS.  The section headings in this Warrant are
for the  convenience of the Company and the  Warrantholder  and in no way alter,
modify, amend, limit or restrict the provisions hereof.

         IN WITNESS  WHEREOF,  the Company  has caused  this  Warrant to be duly
executed, as of the __ day of June, 2005.

                                   CATCHER HOLDINGS, INC.

                                   By:
                                      -------------------------
                                   Name: Charles Sander
                                   Title: President and Chief Executive Officer

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<PAGE>

                                   APPENDIX A
                             CATCHER HOLDINGS, INC.
                              WARRANT EXERCISE FORM

To:  Catcher Holdings, Inc.:

         The  undersigned  hereby  irrevocably  elects to exercise  the right of
purchase  represented  by the within  Warrant  ("Warrant")  for, and to purchase
thereunder  by the payment of the Warrant  Price and  surrender  of the Warrant,
___________ shares of Common Stock ("Warrant Shares") provided for therein,  and
requests that certificates for the Warrant Shares be issued as follows:

                           ------------------------------
                           Name

                           ------------------------------
                           ------------------------------
                           Address

                           ------------------------------
                           Federal Tax ID or Social Security No.

         and   delivered  by   (certified   mail  to  the  above   address,   or
electronically  (provide  DWAC  Instructions:  ____________________),  or (other
(specify):  _________________________),  and,  if the number of  Warrant  Shares
shall not be all the Warrant  Shares  purchasable  upon exercise of the Warrant,
that a new  Warrant  for the  balance of the  Warrant  Shares  purchasable  upon
exercise  of  this  Warrant  be  registered  in  the  name  of  the  undersigned
Warrantholder or the undersigned's  Assignee as below indicated and delivered to
the address stated below.

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

Note:  The  signature  must  correspond  with the name of the  Warrantholder  as
written on the first page of the Warrant in every particular, without alteration
or enlargement or any change whatever, unless the Warrant has been assigned.

                                Warrant Signature:
                                                     --------------------
                                Name (please print):
                                                     --------------------
                                                     --------------------
                                                     Address

                                                     --------------------
                                                     Federal Identification or
                                                     Social Security No.

                                       6EXHIBIT 4.2

         THE SECURITIES  REPRESENTED  HEREBY MAY NOT BE  TRANSFERRED  UNLESS (I)
SUCH  SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED OR ANY STATE  SECURITIES LAWS, (II) SUCH SECURITIES MAY BE SOLD
PURSUANT TO RULE 144(K), OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
REASONABLY  SATISFACTORY  TO IT THAT SUCH  TRANSFER MAY LAWFULLY BE MADE WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR QUALIFICATION  UNDER APPLICABLE
STATE SECURITIES LAWS.

         THIS  WARRANT  SHALL BE VOID AFTER 5:00 P.M.  EASTERN  TIME ON JUNE 23,
2010 (the "EXPIRATION DATE").

No. W-2

                             CATCHER HOLDINGS, INC.

                      WARRANT TO PURCHASE 65,000 SHARES OF
                    COMMON STOCK, PAR VALUE $0.001 PER SHARE

For VALUE  RECEIVED,  Jeff Gilford  ("Warrantholder"),  is entitled to purchase,
subject to the  provisions  of this  Warrant,  from  Catcher  Holdings,  Inc., a
Delaware  corporation  (the  "Company"),  at any time not later  than 5:00 P.M.,
Eastern time, on the Expiration  Date (as defined  above),  at an exercise price
per share equal to $3.74 (the  exercise  price in effect being herein called the
"Warrant  Price"),  65,000 shares  ("Warrant  Shares") of the  Company's  Common
Stock, par value $0.001 per share ("Common Stock"). The number of Warrant Shares
purchasable upon exercise of this Warrant and the Warrant Price shall be subject
to further adjustment from time to time as described herein.

         Section 1.  REGISTRATION.  The  Company  shall  maintain  books for the
transfer  and  registration  of the Warrant.  Upon the initial  issuance of this
Warrant,  the Company  shall issue and  register  the Warrant in the name of the
Warrantholder.

         Section  2.  TRANSFERS.   A  provided  herein,   this  Warrant  may  be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933,  as amended  (the  "Securities  Act"),  or an  exemption  from such
registration.  Subject to such  restrictions,  the Company  shall  transfer this
Warrant  from time to time upon the books to be  maintained  by the  Company for
that  purpose,   upon  surrender  thereof  for  transfer  properly  endorsed  or
accompanied by appropriate instructions for transfer and such other documents as
may be  reasonably  required  by the  Company,  including,  if  required  by the
Company,  an opinion  of the  Warrantholders'  counsel  to the effect  that such
transfer is exempt from the registration  requirements of the Securities Act, to
establish that such transfer is being made in accordance  with the terms hereof,
and a new Warrant shall be issued to the transferee and the surrendered  Warrant
shall be canceled by the Company.

         Section 3. EXERCISE OF WARRANT.  Subject to the provisions  hereof, the
Warrantholder  may exercise the Warrant in whole or in part at any time prior to
its expiration upon surrender of the Warrant, together with delivery of the duly
executed  Warrant  exercise  form attached  hereto as Appendix A (the  "Exercise
Agreement")  and payment by cash,  certified check or wire transfer of funds for
the  aggregate  Warrant  Price for that  number of  Warrant  Shares  then  being

<PAGE>

purchased,  to the Company  during normal  business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the Warrantholder).  The Warrant Shares
so  purchased  shall  be  deemed  to be  issued  to  the  Warrantholder  or  the
Warrantholder's  designees,  as the record owner of such shares, as of the close
of business on the date on which this Warrant  shall have been  surrendered  (or
evidence  of loss,  theft or  destruction  thereof  and  security  or  indemnity
satisfactory  to the  Company),  the Warrant  Price shall have been paid and the
completed  Exercise  Agreement shall have been delivered.  Certificates  for the
Warrant  Shares  so  purchased,  representing  the  aggregate  number  of shares
specified in the  Exercise  Agreement,  shall be delivered to the  Warrantholder
within reasonable time, not exceeding five (5) business days, after this Warrant
shall have been so exercised.  The  certificates  so delivered  shall be in such
denominations as may be requested by the  Warrantholder  and shall be registered
in the name of the  Warrantholder  or such other name as shall be  designated by
the Warrantholder. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired,  the Company shall, at its expense, at the time
of delivery of such  certificates,  deliver to the  Warrantholder  a new Warrant
representing  the number of shares with  respect to which the Warrant  shall not
then have been exercised. As used herein, "business day" means a day, other than
a Saturday  or Sunday,  on which banks in New York City are open for the general
transaction of business.

         Section  4.  COMPLIANCE  WITH THE  SECURITIES  ACT OF 1933.  Except  as
provided  in the  Subscription  Agreement,  the Company may cause the legend set
forth on the  first  page of this  Warrant  to be set forth on each  Warrant  or
similar legend on any security issued or issuable upon exercise of this Warrant,
unless  counsel for the Company is of the opinion as to any such  security  that
such legend is unnecessary.

         Section 5. PAYMENT OF TAXES. The Company will pay any documentary stamp
taxes  attributable to the initial  issuance of Warrant Shares issuable upon the
exercise  of the  Warrant;  provided,  however,  that the  Company  shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issuance or delivery of any certificates for Warrant Shares in a
name other than that of the  Warrantholder  in respect of which such  shares are
issued,  and in such case, the Company shall not be required to issue or deliver
any  certificate  for Warrant Shares or any Warrant until the person  requesting
the same has paid to the  Company the amount of such tax or has  established  to
the  Company's  reasonable  satisfaction  that  such  tax  has  been  paid.  The
Warrantholder shall be responsible for income taxes due under federal,  state or
other law, if any such tax is due.

         Section 6. MUTILATED OR MISSING WARRANTS. In case this Warrant shall be
mutilated,  lost, stolen, or destroyed,  the Company shall issue in exchange and
substitution of and upon  cancellation of the mutilated  Warrant,  or in lieu of
and  substitution  for the Warrant lost,  stolen or destroyed,  a new Warrant of
like tenor and for the  purchase  of a like number of Warrant  Shares,  but only
upon receipt of evidence  reasonably  satisfactory  of the Company of such loss,
theft or  destruction  of the  Warrant,  and with  respect to a lost,  stolen or
destroyed  Warrant,  reasonable  indemnity  or bond  with  respect  thereto,  if
requested by the Company.

         Section 7.  RESERVATION OF COMMON STOCK.  The Company hereby  covenants
that it shall keep reserved until issued (if necessary) as  contemplated by this
Section 7, out of the authorized and unissued shares of Common Stock, sufficient
shares to provide for the exercise of the rights of purchase represented by this
Warrant. -Company agrees that all Warrant Shares issued upon due exercise of the
Warrant shall be, at the time of delivery of the certificates for

                                       2
<PAGE>

such  Warrant  Shares,   duly  authorized,   validly  issues,   fully  paid  and
non-assessable shares of Common Stock of the Company.

         Section 8. ADJUSTMENTS.  Subject and pursuant to the provisions of this
Section 8, unless waived in a particular case by the Warrantholder,  the Warrant
Price and number of Warrant  Shares  subject to this Warrant shall be subject to
adjustment from time to time as set forth hereinafter.

                 (a) If the  Company  shall,  at any  time or from  time to time
while this Warrant is outstanding,  pay a dividend or make a distribution on its
Common Stock in shares of Common  Stock,  subdivide  its  outstanding  shares of
Common Stock into a greater number of shares or combine its  outstanding  shares
of Common Stock into a smaller number of shares or issue by  reclassification of
its  outstanding  shares  of  Common  Stock  any  shares  of its  capital  stock
(including  any such  reclassification  in connection  with a  consolidation  or
merger in which the Company is continuing the  corporation),  then the number of
Warrant Shares purchasable upon exercise of the Warrant and the Warrant Price in
effect  immediately  prior to the date  upon  which  such  change  shall  become
effective, shall be adjusted by the Company so that the Warrantholder thereafter
exercising  the  Warrant  shall be  entitled  to receive the number of shares of
Common Stock or other capital stock which the Warrantholder  would have received
if the Warrant had been exercised  immediately  prior to such event upon payment
of the Warrant Price. Such adjustments  shall be made successively  whenever any
event listed above shall occur.

                 (b)  Anything  herein  to  the  contrary  notwithstanding,  the
Company shall not be required to make any adjustment to the Warrant Price in the
case of the issuance of (A) capital  stock,  options or  convertible  securities
issued to  directors,  officers,  employees  or  consultants  of the  Company in
connection with their service as directors of the Company,  their  employment by
the Company or their  retention  as  consultants  by the Company  pursuant to an
equity compensation program approved by the Board of Directors of the Company or
the compensation  committee of the Board of Directors of the Company, (B) shares
of the  Common  Stock  issued  upon the  conversion  or  exercise  of options or
convertible securities issued prior to the date hereof, and (C) shares of Common
Stock  issued  or  issuable  by  reason  of a  dividend,  stock  spilt  or other
distribution  on shares  of Common  Stock  (but only to the  extent  that such a
dividend,  split or  distribution  results in an adjustment in the Warrant Price
pursuant  to the other  provisions  of this  Warrant)  (collectively,  "Excluded
Issuances").

         Section 9.  FRACTIONAL  INTEREST.  The Company shall not be required to
issue  fractions  of Warrant  Shares upon the exercise of this  Warrant.  If any
fractional  share of Common Stock would,  except for the provisions of the first
sentence of this Section 9, be deliverable upon such exercise,  the Company,  in
lieu  of  delivering  such  fractional  share,   shall  pay  to  the  exercising
Warrantholder  an amount in cash  equal to the Market  Price of such  fractional
share of Common Stock on the date of exercise.

         Section 10.  BENEFITS.  Nothing in this  Warrant  shall be construed to
give  any  person,   firm  or  corporation  (other  than  the  Company  and  the
Warrantholder)  any legal or equitable  right,  remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Company and
the Warrantholder.

         Section 11. NOTICES TO  WARRANTHOLDER.  Upon the happening of any event
requiring an adjustment of the Warrant  Price,  the Company shall  promptly give
written  notice  thereof to the  Warrantholder  at the address  appearing in the
records of the Company, stating the adjusted

                                       3
<PAGE>

Warrant  Price and the adjusted  number of Warrant  Shares  resulting  from such
event and setting forth in reasonable  detail the method of calculation  and the
facts upon which such  calculation is based.  Failure to give such notice to the
Warrantholder or any defect therein shall not affect the legality or validity of
the subject adjustment.

         Section 12. NOTICES.  Unless otherwise provided, any notice required or
permitted  under  this  Warrant  shall be given in  writing  and shall be deemed
effectively  given as hereinafter  described (i) if given by personal  delivery,
then such  notice  shall be deemed  given upon such  delivery,  (ii) if given by
telex or  facsimile,  then such  notice  shall be deemed  given upon  receipt of
confirmation of complete  transmittal,  (iii) if given by mail, then such notice
shall be deemed  given  upon the  earlier of (A)  receipt of such  notice by the
recipient  or (B) three days after such notice is deposited in first class mail,
postage prepaid,  and (iv) if given by an internationally  recognized  overnight
air  courier,  then such notice  shall be deemed  given one  business  day after
delivery to such carrier.  All notices shall be addressed as follows:  if to the
Warrantholder,  at its address as set forth in the  Company's  books and records
and, if to the Company,  at the address as follows,  or at such other address as
the  Warrantholder  or the Company may  designate by ten days'  advance  written
notice to the other:

                                    If to the Company:

                                    Catcher Holdings, Inc.

                                    With a copy to:

                                    Piliero Goldstein Kogan & Miller, LLP
                                    10 East 53rd Street, 36th Floor
                                    New York, NY 10022
                                    Attn:  Robert D. Piliero, Esq.
                                    Fax:  (212) 478-8502

         Section 13.  SUCCESSORS.  All the covenants and provisions hereof by or
for the benefit of the Warrantholder  shall bind and inure to the benefit of its
respective successors and assigns hereunder.

         Section 14. GOVERNING LAW;  CONSENT TO JURISDICTION;  WAIVER OF JURY BY
TRIAL.  This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of New York,  without  reference to the choice of law
provisions   thereof.   The  Company  and,  by  accepting   this  Warrant,   the
Warrantholder,  each  irrevocably  submits to the exclusive  jurisdiction of the
courts of the State of New York located in New York County and the United States
District  Court for the  Southern  District  of New York for the  purpose of any
suit, action or proceeding contemplated hereby. Service of process in connection
with any such suit,  action or  proceeding  may be served on each  party  hereto
anywhere  in the world by the same  methods as are  specified  for the giving of
notices under this  Warrant.  The Company and, by accepting  this  Warrant,  the
Warrantholder,  each irrevocably  consents to the jurisdiction of any such court
in any such suit, action or proceeding and to the laying of venue in such court.
The Company and, by accepting this Warrant, the Warrantholder,  each irrevocably
waives  any  objection  to the  laying  of  venue of any such  suit,  action  or
proceeding brought in such courts and irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been

                                       4
<PAGE>

brought in an  inconvenient  forum.  EACH OF THE COMPANY AND, BY ITS  ACCEPTANCE
HEREOF, THE WARRANTHOLDER  HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN
ANY LITIGATION  WITH RESPECT TO THIS WARRANT AS REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

         Section  15. NO RIGHTS AS  STOCKHOLDER.  Prior to the  exercise of this
Warrant,  the  Warrantholder  shall  not  have  or  exercise  any  rights  as  a
stockholder  of the Company by virtue of its ownership of this Warrant.

         Section 16. AMENDMENT;  WAIVER. Any term of this Warrant may be amended
or waived upon the written consent of the Company and  Warrantholder;  PROVIDED,
that the number of Warrant Shares subject to this Warrant, the Warrant Price and
the Expiration  Date may not be amended,  and the right to exercise this Warrant
may not be altered or waived, without the written consent of the Warrantholder.

         Section 17. SECTION HEADINGS.  The section headings in this Warrant are
for the  convenience of the Company and the  Warrantholder  and in no way alter,
modify, amend, limit or restrict the provisions hereof.

         IN WITNESS  WHEREOF,  the Company  has caused  this  Warrant to be duly
executed, as of the __ day of June, 2005.

                                  CATCHER HOLDINGS, INC.

                                  By:
                                     --------------------------------
                                  Name:  Charles Sander
                                  Title: President and Chief Executive Officer

                                       5
<PAGE>

                                   APPENDIX A
                             CATCHER HOLDINGS, INC.
                              WARRANT EXERCISE FORM

To:  Catcher Holdings, Inc.:

         The  undersigned  hereby  irrevocably  elects to exercise  the right of
purchase  represented  by the within  Warrant  ("Warrant")  for, and to purchase
thereunder  by the payment of the Warrant  Price and  surrender  of the Warrant,
___________ shares of Common Stock ("Warrant Shares") provided for therein,  and
requests that certificates for the Warrant Shares be issued as follows:

                           ------------------------------
                           Name

                           ------------------------------
                           ------------------------------
                           Address

                           ------------------------------
                           Federal Tax ID or Social Security No.

         and   delivered  by   (certified   mail  to  the  above   address,   or
electronically  (provide  DWAC  Instructions:  ____________________),  or (other
(specify):  _________________________),  and,  if the number of  Warrant  Shares
shall not be all the Warrant  Shares  purchasable  upon exercise of the Warrant,
that a new  Warrant  for the  balance of the  Warrant  Shares  purchasable  upon
exercise  of  this  Warrant  be  registered  in  the  name  of  the  undersigned
Warrantholder or the undersigned's  Assignee as below indicated and delivered to
the address stated below.

Dated: _______________, ____

Note:  The  signature  must  correspond  with the name of the  Warrantholder  as
written on the first page of the Warrant in every particular, without alteration
or enlargement or any change whatever, unless the Warrant has been assigned.

                                Warrant Signature:
                                                      -------------------------

                                Name (please print):
                                                      -------------------------
                                                      -------------------------
                                                      Address

                                                      -------------------------
                                                      Federal Identification or
                                                      Social Security No.

                                       6

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