Document:

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                                                                     EXHIBIT 4.3

                                CONVERTIBLE NOTE

THIS NOTE AND THE COMMON STOCK INTO WHICH IT IS CONVERTIBLE (COLLECTIVELY, THE
"SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT") OR UNDER THE LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY
NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS THAT TERM IN
IS DEFINED IN REGULATION S UNDER THE ACT), UNLESS THEY ARE REGISTERED UNDER THE
ACT AND UNDER THE LAWS OF THE STATES WHERE EACH SALE IS MADE, OR AN EXEMPTION
FROM REGISTRATION REQUIREMENTS IS AVAILABLE IN THE OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY.

         FOR VALUE RECEIVED, OmniComm Systems, Inc., a Florida corporation
(hereinafter called "Borrower"), hereby promises to pay to _____________(the
"Holder") or order without demand, the sum of _________, with interest accruing
at an annual rate of ten percent (10%), on June 30, 2004 (the "Maturity Date"),
as such date may be extended by agreement of the parties hereto. This
Convertible Note is issued pursuant to a subscription agreement by and between
the Borrower and the Holder dated the date hereof (the "Subscription Agreement")
the terms and conditions of which are hereby incorporated herein by this
reference.

         The following terms shall apply to this Note:

                                    ARTICLE I
                           DEFAULT REALTED PROVISIONS

         1.1 PAYMENT GRACE PERIOD. The Borrower shall have a thirty (30) day
grace period to pay any monetary amounts due under this Note.

         1.2 CONVERSION PRIVILEGES. The Conversion Privileges set forth in
Article II shall remain in full force and effect from the date of this Note
until the Note principal and accrued interest is paid in full.

         1.3 INTEREST RATE. Borrower shall pay interest on the outstanding
principal amount of the Note (a) semi-annually on June 30th and December 31st of
each year, and if either June 30th or December 31st of any year is not a
business day then on the next succeeding business day (an "Interest Payment
Date"), at a rate of 10% per annum or (b) at the option of the Holder made in
writing to the Borrower at least 30 days prior to an Interest Payment Date, to
be carried forward as accrued interest on the Note and paid on the next Interest
Payment Date unless further deferred and, if there is no next Interest Payment
Date, paid at the Maturity Date, accelerated or otherwise, at the annual rate of
10% per annum together with such principal payment.

         1.4 INTEREST RATE ADJUSTMENT. In the event 50% of the cumulative Holder
or Holders demand registration pursuant to such registration rights as set in
the Subscription Agreement and the registration statement is not declared
effective within 90 days after the date of notice of demand, then the interest
rate on the Convertible Note beginning on the next quarter following expiration
of the 90 day period, shall be increased to 15%, and shall remain at 15% until
said registration statement is effective, at which time the interest rate shall
revert back to 10%.

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                                   ARTICLE II
                                CONVERSION RIGHTS

         2.1 The Holder shall have the right to convert the principal amount and
accrued and unpaid interest due under this Note into shares of the Borrower's
Common Stock as set forth below.

                  (a) RIGHT TO CONVERT. The holder of a Convertible Note may, at
any time, without the payment of any additional consideration therefore, convert
the then outstanding principal amount into that number of fully paid and
nonassessable shares of common stock, $.001 par value, of the Corporation (the
"Shares") as is determined by dividing the then outstanding principal amount by
$1.25 ("Conversion Price").

                  (b) MECHANICS OF CONVERSION. No fractional Shares shall be
issued upon conversion of the Convertible Note. If upon conversion of a
Convertible Note held by a registered holder, such registered holder would, but
for the provisions of this Section 2(b), receive a fraction of a Share, then in
lieu of any such fractional share to which such holder would otherwise be
entitled, the Corporation shall pay cash equal to such fraction multiplied by
the Conversion Price. Before any holder of Convertible Notes shall be entitled
to convert the same into full Shares, such holder shall surrender the
Convertible Note or Convertible Notes therefor, duly endorsed, at the office of
the Corporation or any transfer agent for the Convertible Note, and shall give
written notice by facsimile or otherwise (the "Conversion Notice") to the
Corporation at such office that such holder elects to convert the same and shall
state therein such holder's name or the name of its nominees in which such
holder wishes the certificate or certificates for Shares to be issued. The
Corporation shall, as soon as practicable thereafter, but in any event within
three business days of the date of its receipt of the Conversion Notice, issue
and deliver or cause to be issued and delivered to such holder of a Convertible
Note, or to its nominee or nominees, a certificate or certificates for the
number of Shares to which such holder shall be entitled, together with cash in
lieu of any fraction of a share. Such conversion shall be deemed to have been
made on the date that the Corporation receives the Conversion Notice by
facsimile or otherwise, and the person or persons entitled to receive the Shares
upon conversion shall be treated for all purposes as the record holder or
holders of such Shares on such date.

                  (c) NOTICES OF RECORD DATE. In the event of (i) any
declaration by the Corporation of a record date of the holders of any class of
securities for the purpose of determining the holders thereof who are entitled
to receive any dividend or other distribution or (ii) any capital reorganization
of the Corporation, any classification or recapitalization of the capital stock
of the Corporation, any merger or consolidation of the Corporation, and any
transfer of all or substantially all of the assets of the Corporation to any
other Corporation, or any other entity or person, or any voluntary or
involuntary dissolution, liquidation or winding up of the Corporation, the
Corporation shall mail to each holder of a Convertible Note at least twenty (20)
days prior to the record date specified therein, a notice specifying (A) the
date on which any such record is to be declared for the purpose of such dividend
or distribution and a description of such dividend or distribution, (B) the date
on which any such reorganization, reclassification, transfer, consolidation,
merger, dissolution, liquidation or winding up is expected to become effective
and (C) the time, if any, that is to be fixed, as to when the holders of record
of common stock (or other securities) shall be entitled to exchange their
Shares(or other securities) for securities or other property deliverable upon
such reorganization, transfer, consolidation, merger, dissolution or winding up.

                  (d) STOCK DIVIDENDS; STOCK SPLITS; ETC. In the event that the
Corporation shall (i) take a record of holders of shares of the common stock for
the purpose of determining the holders entitled to receive dividends payable in
shares of common stock, (ii) subdivide the outstanding shares of common stock,
(iii) combine the outstanding Shares into smaller number of shares or (iv)
issue, by reclassification of the common stock, any other securities of the
Corporation, then, in each such case, the Conversion Price then in effect shall
be adjusted so that upon conversion of a Convertible Note then outstanding the
number of Shares into which such Convertible Note are convertible after the
happening of any of the events described in clauses (i) through (iv) above shall
be the number of such Shares into which such shares would have been converted if
so converted immediately after the happening of such event or any record date
with respect thereto.

                                      -2-
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                  (e) COMMON STOCK RESERVED. The Corporation shall reserve and
keep available out of its authorized but unissued common stock such numbers of
Shares as shall from time to time be sufficient to effect conversion of all of
the then outstanding shares of Convertible Note. In the event there are
insufficient shares to effect a conversion, the Corporation shall increase the
number of authorized shares to effect conversion. In the event shareholder
approval is required to increase the authorized shares, the holder shall be
entitled to vote with the holders of the common stock, as a single class, where
each Convertible Note shall be entitled to that number of votes to which it
would be entitled had all of the Convertible Note had been converted into Shares
were notice of conversion given on the date of such vote. No sale or disposition
of all or substantially all of the Corporation's assets shall take place without
the approval of the holders of the Convertible Note, voting as a single class.

                  (f) VOTING RIGHTS OF CONVERTIBLE NOTE HOLDERS. Except as
provided for in Section 2(e), the holders of a Convertible Note shall not be
entitled to vote on any matters submitted to the stockholders of the
Corporation.

                  (g) RANKING. The Convertible Note shall rank senior to any
other class of capital stock of the Corporation now or hereafter issued as to
the payment of dividends and the distribution of assets on redemption,
liquidation, dissolution or winding up of the Corporation.

                                   ARTICLE III
                                   PREPAYMENT

         3.1 PREPAYMENT AT THE OPTION OF THE BORROWER. The principal amount
outstanding on the Note, and all interest accrued thereon, may be prepaid by the
Borrower, in whole but not in part; provided, that written notice is delivered
to the Holder not more than sixty (60) days nor less than thirty (30) days prior
to the applicable prepayment date. Holder may exercise any rights or options it
may nave hereunder up until any such prepayment is made.

                                   ARTICLE IV
                                EVENTS OF DEFAULT

         4.1 The occurrence of any of the following events of default ("Event of
Default") shall, at the option of the Holder hereof, make all sums or principal
and interest then remaining unpaid hereon and all other amounts payable
hereunder immediately due and payable, all without demand, presentment of
notice, or grace period, all of which hereby are expressly waived, except as set
forth below:
                  (a) FAILURE TO PAY PRINCIPAL OR INTEREST. The Borrower fails
to pay any installment of principal or interest hereon when due and such failure
continues for a period of thirty (30) days after written notice to the Borrower
from the Holder.

                  (b) BREACH OF COVENANT. The Borrower breaches any covenant or
other term or condition of this Note and such breach continues for a period of
ten (10) days after written notice to the Borrower from the Holder.

                  (c) BREACH OF REPRESENTATIONS AND WARRANTIES. Any
representation or warranty of the Borrower made herein, in the Subscription
Agreement, or in any statement or certificate given in writing pursuant hereto
or in connection herewith shall be false or misleading in any material respect.

                  (d) RECEIVER OR TRUSTEE. The Borrower shall make an assignment
for the benefit of creditors, or apply for or consent to the appointment of a
receiver or trustee for it or for a substantial part of its property or
business; or such a receiver or trustee shall otherwise be appointed.

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                  (e) JUDGMENTS. Any money judgment, writ or similar process
shall be entered or filed against Borrower or any of its property or other
assets for more than $25,000, and shall remain unvacated, unbonded or unstayed
for a period of sixty (60) days.

                  (f) BANKRUPTCY. Bankruptcy, insolvency, reorganization or
liquidation proceeding or other proceedings for relief under any bankruptcy law
or any law for the relied of debtors shall be instituted by or against the
Borrower.

                                    ARTICLE V
                                  MISCELLANEOUS

         5.1 FAILURE OR INDULGENCY NOT WAIVER. No failure or delay on the part
of Holder hereof in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege. All rights and remedied existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

         5.2 NOTICES. Any notice herein required or permitted to be given shall
be in writing and may be personally served and shall be deemed to be delivered
upon receipt or shall be deemed to have been given three (3) days after being
deposited in the United States mail, certified, registered, with postage
pre-paid and properly addressed or on receipt, or sent by fax transmission (with
the original sent by certified or registered mail or by overnight courier) and
shall be deemed to have been delivered on the day telecopied. Both Holder and
Borrower may change the addresses and fax number for service of written or fax
notice to the other as herein provided.

         5.3 AMENDMENT PROVISIONS. The term "Note" and all reference thereto, as
used throughout this instrument, shall mean this instrument as originally
executed, or later amended or supplemented, then as so amended or supplemented.

         5.4 ASSIGNABILITY. This Note shall be binding upon the Borrower and its
successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns.

         5.5 COST OF COLLECTION. If default is made in the payment of this Note,
Borrower shall pay the Holder hereof costs of collection, including attorney's
fees.

         5.6 GOVERNING LAW. This Note shall be governed by the internal laws of
the State of Florida, without regard to the principles of conflict of laws.

         IN WITNESS WHEREOF, Borrower has caused this Note to be signed by the
undersigned on this 26th day of March, 1999.

OMNICOMM SYSTEMS, INC.

By:
    ---------------------------------
    Peter S. Knezevich, Director
    and Chief Financial Officer

                                      -4-<PAGE>
                                                                     EXHIBIT 4.4

THIS OPTION AND THE WARRANTS, SHARES OF COMMON STOCK AND SHARES OF PREFERRED
STOCK ISSUABLE UPON EXERCISE OF THIS OPTION AND THE WARRANTS AND CONVERSION OF
THE PREFERRED STOCK HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT") AND MAY NOT BE TRANSFERRED IN VIOLATION OF ANY
APPLICABLE SECURITIES LAWS. THIS OPTION IS ALSO SUBJECT TO THE RESTRICTIONS ON
TRANSFER SET FORTH IN SECTION 3 HEREOF. THIS LEGEND SHALL BE ENDORSED UPON ANY
OPTION ISSUED IN EXCHANGE FOR THIS OPTION AND, UNLESS SUCH SECURITIES HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT, ON ANY WARRANTS, SHARES OF COMMON STOCK OR
SHARES OF PREFERRED STOCK ISSUABLE UPON EXERCISE OF THIS OPTION AND THE WARRANTS
OR UPON CONVERSION OF THE PREFERRED STOCK.

                     OPTION TO PURCHASE UNITS CONSISTING OF
                          WARRANTS AND PREFERRED STOCK

                                       OF

                             OMNICOMM SYSTEMS, INC.

         This is to certify that, FOR VALUE RECEIVED, Commonwealth Associates,
L.P. or assigns ("Holder"), is entitled to purchase, subject to the provisions
of this Option, from Omnicomm Systems, Inc., a Delaware corporation (the
"Company"), 0.75 Units, each Unit consisting of (a) 10,000 fully paid, validly
issued and non-assessable shares (the "Preferred Shares") of Series B
Convertible Preferred Stock of the Company ("Preferred Stock"), each share of
Preferred Stock convertible into 40 shares of common stock, par value $.01 per
share (the "Common Stock") and (b) 5-year warrants (the "Warrants") to purchase
400,000 shares of Common Stock at an exercise price of $.25 per share of Common
Stock, at an exercise price of $100,000 per Unit (the "Exercise Price"). The
number of Preferred Shares, the conversion rate of the Preferred Stock and the
number of shares of Common Stock issuable upon exercise and the exercise price
of the Warrants are subject to adjustment upon the occurrence of certain events
as set forth in Section 5 hereof.

         This Option is exercisable at any time or from time to time during the
five year period commencing on the date hereof and terminating at 5:00 p.m. New
York City time on August 31, 2006 (the "Exercise Period"). The aggregate number
shares of Common Stock issuable upon exercise of the Warrants and conversion of
the Preferred Stock deliverable upon exercise of this Option, as adjusted from
time to time, are hereinafter sometimes referred to as "Underlying Shares." This
Option was originally issued pursuant to an Agency Agreement (the "Agency
Agreement") dated August 31, 2001 between the Company and Commonwealth
Associates, L.P. ("Commonwealth"), for nominal consideration.

         The shares of Preferred Stock issuable upon exercise of this Option are
to be authorized and issued pursuant to the provisions of a Certificate of
Designations, Preferences and Rights of Series B Convertible Preferred Stock
(the "Certificate of Designation") filed with the Secretary of State of the
State of Delaware on August 31, 2001. The Warrants issuable upon exercise of
this Option are to be authorized and issued pursuant to that certain Warrant
Agreement, dated August 31, 2001, between the Company and Commonwealth (the
"Warrant Agreement").

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         (1) EXERCISE OF OPTION.

                  (a) The rights represented by this Option may be exercised at
any time during the Exercise Period, in whole or in part, by (i) the surrender
of this Option (with the purchase form at the end hereof properly executed) at
the principal executive office of the Company (or such other office or agency of
the Company as it may designate by notice in writing to the Holder at the
address of the Holder appearing on the books of the Company); and (ii) payment
to the Company of the exercise price then in effect for the number of Units
specified in the above-mentioned purchase form together with applicable stock
transfer taxes, if any. This Option shall be deemed to have been exercised, in
whole or in part to the extent specified, immediately prior to the close of
business on the date this Option is surrendered and payment is made in
accordance with the foregoing provisions of this Section 1, and the person or
persons in whose name or names the certificates for the Preferred Shares and
Warrants shall be issuable upon such exercise shall become the holder or holders
of record of such Preferred Shares and Warrants at that time and date. The
certificates for the Preferred Shares and Warrants so purchased shall be
delivered to the Holder as soon as practicable but not later than seven (7) days
after the rights represented by this Option shall have been so exercised. If
this Option should be exercised in part only, the Company shall, upon surrender
of this Option for cancellation, execute and deliver a new Option evidencing the
rights of the Holder thereof to purchase the balance of the Units purchasable
thereunder.

                  (b) At any time during the Exercise Period, the Holder may, at
its option, exchange this Option, in whole or in part (an "Option Exchange"),
into the number of Units determined in accordance with this Section (b), by
surrendering this Option at the principal office of the Company or at the office
of its stock transfer agent, if any, accompanied by a notice stating such
Holder's intent to effect such exchange, the number of Units subject to the
Option Exchange and the date on which the Holder requests that such Option
Exchange occur (the "Notice of Exchange"). The Option Exchange shall take place
on the date specified in the Notice of Exchange or, if later, the date the
Notice of Exchange is received by the Company (the "Exchange Date").
Certificates for the Preferred Shares and Warrants issuable upon such Option
Exchange and, if applicable, a new Option of like tenor evidencing the balance
of the Units remaining subject to this Option, shall be issued as of the
Exchange Date and delivered to the Holder within seven (7) days following the
Exchange Date. In connection with any Option Exchange, this Option shall
represent the right to subscribe for and acquire the number of Units (rounded to
the next highest integer) equal to (x) the number of Units specified by the
Holder in its Notice of Exchange up to the maximum number of Units subject to
this Option (the "Total Number") less (y) the number of Units equal to the
quotient obtained by dividing (A) the product of the Total Number and the
existing Exercise Price by (B) the Fair Market Value of a Unit. "Fair Market
Value of a Unit" shall by the sum of the current market value of the Underlying
Shares represented by such Unit (as adjusted in accordance with Section 5
hereof) less the exercise price associated with the exercise of the Warrants
which are part of such Unit. The current market value of the Underlying Shares
of Common Stock shall be determined as follows:

                  (i) If the Common Stock is listed on a national securities
                  exchange or admitted to unlisted trading privileges on such
                  exchange or listed for trading on the Nasdaq National Market
                  System ("NMS"), the current market value shall be the average
                  of the last reported sale price on such exchange or system for
                  the 10 trading days prior to the Exchange Date; provided that
                  if no sale is made on a day within such period or no closing
                  sale price is quoted, that day's market value shall be the
                  average of the closing bid and asked prices for such day on
                  such exchange or system; or

                  (ii) If the Common Stock is not so listed or admitted to
                  unlisted trading privileges, but is traded on the Nasdaq
                  SmallCap Market, the current market value shall be the average
                  of the closing bid and asked prices for the 10 trading days
                  prior to the Exchange Date on such market and if the Common
                  Stock is not so traded, the current market value shall be the
                  mean of the last reported bid and asked prices reported by the
                  NASD Electronic Bulletin Board for the 10 trading days prior
                  to the Exchange Date; or

                                      -2-
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                  (iii) If the Common Stock is not so listed or admitted to
                  unlisted trading privileges and bid and asked prices are not
                  so reported, the current market value shall be an amount
                  determined in a reasonable manner by the Board of Directors of
                  the Company.

         (2) RESERVATION OF SHARES. The Company shall at all times reserve for
issuance and/or delivery upon exercise of this Option such number of shares of
its Preferred Stock and the number of shares of Common Stock as shall be
required for issuance and delivery upon exercise of this Option in full and the
exercise in full of the Warrants and conversion of all the shares of Preferred
Stock issuable upon exercise of this Option.

         (3) EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF OPTION. This Option is
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company or at the office of its stock transfer
agent, if any, for other Options of different denominations entitling the holder
thereof to purchase in the aggregate the same number of shares of Preferred
Stock and Warrants purchasable hereunder. This Option may be assigned or
transferred only to a direct or indirect affiliate of Commonwealth or an
employee of or consultant to Commonwealth (a "Permitted Transferee"). Upon
surrender of this Option to the Company at its principal office or at the office
of its stock transfer agent, if any, with the Assignment Form annexed hereto
duly executed and funds sufficient to pay any transfer tax, the Company shall,
without charge, execute and deliver a new Option in the name of the Permitted
Transferee named in such instrument of assignment and this Option shall promptly
be canceled. This Option may be divided or combined with other Options which
carry the same rights upon presentation hereof at the principal office of the
Company or at the office of its stock transfer agent, if any, together with a
written notice specifying the names and denominations in which new Options are
to be issued and signed by the Holder hereof. The term "Option" as used herein
includes any Options into which this Option may be divided or exchanged. Upon
receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Option, and (in the case of loss, theft or
destruction) of reasonably satisfactory indemnification, and upon surrender and
cancellation of this Option, if mutilated, the Company will execute and deliver
a new Option of like tenor and date. Any such new Option executed and delivered
shall constitute an additional contractual obligation on the part of the
Company, whether or not this Option so lost, stolen, destroyed, or mutilated
shall be at any time enforceable by anyone.

         (4) RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder in the Company, either at law or equity,
and the rights of the Holder are limited to those expressed in the Option and
are not enforceable against the Company except to the extent set forth herein.

         (5) ANTI-DILUTION PROVISIONS.

                  (a) Upon exercise of this Option, the terms of the shares of
Preferred Stock and Warrants issuable hereunder shall be adjusted to give effect
to any anti-dilution adjustments which would have been made pursuant to Section
7 of the Certificate of Designation or Section 8 of the Warrant Agreement, as
the case may be, if such shares of Preferred Stock and Warrants had been issued
on the date hereof it being the intent of the parties that the shares of
Preferred Stock and Warrants issuable upon exercise of this Option shall be
convertible into or exercisable for the number of shares of Common Stock or such
other securities, and at an exercise price, as the holder hereof would have
received had this Option been exercised and the Preferred Stock and Warrants
been issued on the date hereof.

                  (b) In case the Company shall hereafter (i) declare a dividend
or make a distribution on its outstanding shares of Preferred Stock in shares of
Preferred Stock, (ii) subdivide or reclassify its outstanding shares of
Preferred Stock into a greater number of shares, (iii) combine or reclassify its
outstanding shares of Preferred Stock into a smaller number of shares, (iv)
effect any other reclassification, capital reorganization or change of
outstanding shares of Preferred Stock, (v) consolidate or merge the Company with
or into another corporation (other than a merger with a subsidiary in which
merger the Company is the continuing corporation and which does not result in
any reclassification, capital reorganization or other change of outstanding
shares of Preferred Stock) or (vi) sell, lease or convey to another corporation
all or substantially all of the property of the Company (collectively, a
"Transaction"), the Company shall, as a condition precedent to such transaction,

                                      -3-
<PAGE>

cause effective provisions to be made so that upon exercise of this Option the
Holder shall receive the kind and amount of securities and property which would
have been received by such Holder had this Option been exercised, and, if
applicable, the Preferred Stock converted and the Warrants exercised,
immediately prior to such Transaction and the Holder received the benefits
conferred on the holders of such securities and property as a result of such
Transaction. Any such provision shall include provision for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Option.

                  (c) If any event or condition occurs as to which other
provisions of this Section 5 are not strictly applicable or if strictly
applicable would not fairly protect the exercise or purchase rights of Options
and the Preferred Stock and Warrants issuable hereunder in accordance with the
essential intent and principles of such provisions, or which might materially
and adversely affect the exercise or purchase rights of the Holder hereunder,
then the Company shall make an adjustment in the application of such provisions,
or if necessary the applicable provisions of the Preferred Stock and Warrants,
so as to preserve without dilution the rights of the Holder. In no event shall
any adjustment under this paragraph 5 have the effect of increasing the Exercise
Price of this Option.

         (6) NOTICES.

                  (a) Whenever this Option shall be adjusted as required by the
provisions of the foregoing Section, the Company shall forthwith file in the
custody of its Secretary or an Assistant Secretary at its principal office and
with its stock transfer agent, if any, an officer's certificate showing the
adjustments determined as herein provided, setting forth in reasonable detail
the facts requiring such adjustment and the manner of computing such adjustment.
Each such officer's certificate shall be made available at all reasonable times
for inspection by the Holder and the Company shall, forthwith after each such
adjustment, mail a copy by certified mail of such certificate to the Holder or
any such holder.

                  (b) So long as this Option shall be outstanding, (i) if the
Company shall pay any dividend or make any distribution upon the Preferred Stock
or Common Stock or (ii) if the Company shall offer to the holders of Preferred
Stock or Common Stock for subscription or purchase by them any share of any
class or any other rights, (iii) if any capital reorganization of the Company,
reclassification of the capital stock of the Company, consolidation or merger of
the Company with or into another corporation, sale, lease or transfer of all or
substantially all of the property and assets of the Company to another
corporation, or voluntary or involuntary dissolution, liquidation or winding up
of the Company shall be effected, or (iv) if the Company is required to notify
the holders of Preferred Stock pursuant to the terms of the Certificate of
Designation or the holders of warrants pursuant to the terms of the Warrant
Agreement or for any reason determines to notify the holders of Preferred Stock
or such warrants, then in any such case, the Company shall cause to be mailed by
certified mail to the Holder, in the case of (i), (ii) or (iii) above, at least
fifteen days prior the date specified in (x) or (y) below, as the case may be, a
notice containing a brief description of the proposed action and stating the
date on which (x) a record is to be taken for the purpose of such dividend,
distribution or rights, or (y) such reclassification, reorganization,
consolidation, merger, conveyance, lease, dissolution, liquidation or winding up
is to take place and the date, if any is to be fixed, as of which the holders of
Preferred Stock or other securities shall receive cash or other property
deliverable upon such reclassification, reorganization, consolidation, merger,
conveyance, dissolution, liquidation or winding up or in the case of (iv) on the
date such notice is sent to the holders of Preferred Stock or warrants.

         (7) REGISTRATION UNDER THE SECURITIES ACT OF 1933. The Company agrees
to register the Underlying Shares for resale under the Securities Act of 1933,
as amended (the "Act") on the terms and subject to the conditions set forth in
Annex A to the Subscription Agreement between the Company and each of the
investors in the offering contemplated by the Agency Agreement, it being the
intent of the parties that the holder of this Option shall have all the rights
of a holder of Securities under Annex A to the Subscription Agreement and that
the Underlying Shares shall be treated as "Conversion Shares" and "Warrant
Shares" under Annex A to the Subscription Agreement.

                                      -4-
<PAGE>

         (8) GOVERNING LAW. This Option shall be governed by and in accordance
with the laws of the State of New York, without giving effect to the principles
of conflicts of law thereof.

                                             OMNICOMM SYSTEMS, INC.

                                             By:
                                                -------------------------------
Dated:               , 2001                     Name:
     ----------------                           Title:

                                      -5-
<PAGE>

                                  PURCHASE FORM

                                                          Dated ________________

         The undersigned hereby irrevocably elects to exercise the within Option
to the extent of purchasing _______ Units and hereby

         [ ]  makes payment of $_______ in payment of the actual exercise
              price thereof

          or

         [ ]  elects to effect an Option Exchange in accordance with
              Section 1(b) on _______ [DATE].

                     INSTRUCTIONS FOR REGISTRATION OF UNITS

Name
    -------------------------------------
(Please typewrite or print in block letters)

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

Signature
         --------------------------------

<PAGE>

                                 ASSIGNMENT FORM

    FOR VALUE RECEIVED, _____________ hereby sells, assigns and transfers unto

Name
    -------------------------------------
(Please typewrite or print in block letters)

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

the right to purchase Preferred Stock and Warrants represented by this Option to
the extent of _____Units as to which such right is exercisable and does hereby
irrevocably constitute and appoint ______ as Attorney, to transfer the same on
the books of the Company with full power of substitution in the premises.

Date
    -------------------------------------

Signature
        ---------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]