Document:

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                                                                   EXHIBIT 4.2.2
                          SECURITIES RIGHTS AGREEMENT

          This SECURITIES RIGHTS AGREEMENT (this "Agreement") is entered into as
of August __, 2001 by and among Salon Media Group, Inc., a Delaware corporation
(the "Company"), and the undersigned purchasers of Series A Preferred Stock of
the Company and the holders of Warrants to purchase Common Stock (the
"Purchasers") listed on Exhibits A and B hereto.  The Company and such holders
                        ----------------
are sometimes referred to herein collectively as the "Parties" or each
individually as a "Party."

                                   RECITALS
                                   --------

          WHEREAS, certain stockholders and warrant holders of the Company hold
registration rights pursuant to that certain Fourth Amended and Restated Rights
Agreement dated January 12, 2000 (the "Current Rights Agreement");

          WHEREAS, the Securities Purchase Agreement dated August __, 2001 (the
"Purchase Agreement") between the Company and the Purchasers provides that a
condition to the Purchasers' obligations thereunder is that such Purchasers
shall enter into this Agreement which grants Purchasers certain registration
rights consistent with but subordinate to the registration rights granted under
the Current Rights Agreement; and

          WHEREAS, in order to induce the Company and the Purchasers to enter
into the Purchase Agreement, the parties hereto desire to enter into this
Agreement.

                                   AGREEMENT
                                   ---------

          In consideration of the foregoing and of the mutual promises and
covenants contained herein, the Parties agree as follows:

          1.   Registration Rights.
               -------------------

               1.1  Certain Definitions. As used in this Agreement, the
                    -------------------
following terms shall have the following respective meanings:

                    (a) "Commission" shall mean the Securities and Exchange
Commission or any other federal agency at the time administering the Securities
Act.

                    (b) "Holder" means any person or persons to whom Registrable
Securities were originally issued or permitted transferees under Section 1.11
hereof who hold Registrable Securities.

                    (c) "Registrable Securities" means (i) the shares of the
Company's Series A Preferred Stock issued and sold by the Company pursuant to
the Purchase Agreement and Common Stock issued or issuable upon conversion of
such Series A Preferred Stock, and

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(ii) the Warrant Stock identified on Exhibit B and (iii) stock issued in respect
                                     ---------
of the stock referred to in (i) and (ii) as a result of a stock split, stock
dividend, recapitalization or the like, which have not been sold to the public.
Except for subsections 1.3, 1.4, 1.9 and 2.4 of this Agreement or as otherwise
provided herein, Registrable Securities shall also mean shares of Common Stock
identified on Exhibit B hereto. Notwithstanding anything herein to the contrary,
              ---------
securities held by a Holder shall not be Registrable Securities in the event
such Holder would be able to sell all such Registrable Securities on an
unrestricted basis and without volume limitation pursuant to Rule 144
promulgated under the Securities Act (or any successor rule).

          (d) The terms "register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

          (e) "Registration Expenses" shall mean all expenses, except as
otherwise stated below, incurred by the Company in complying with Sections 1.2,
and 1.3 hereof, including, without limitation, all registration, qualification
and filing fees, printing expenses, escrow fees, fees and disbursements of
counsel for the Company, blue sky fees and expenses, the expense of any special
audits incident to or required by any such registration (but excluding the
compensation of regular employees of the Company which shall be paid in any
event by the Company) and including the reasonable fees and costs of one special
counsel for the Holders whose shares are being registered.

          (f) "Securities Act" shall mean the Securities Act of 1933, as
amended, or any similar federal statute and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

          (g) "Selling Expenses" shall mean all underwriting discounts, selling
commissions and stock transfer taxes applicable to the securities registered by
the Holders and all reasonable fees and disbursements of counsel for the selling
Holders (other than those included in Registration Expenses).

          (h) "Warrant Stock" means the shares of the Company's capital stock
issuable upon exercise of outstanding warrants issued to the Purchasers listed
on Exhibit B.
   ---------

     1.2  Company Registration.
          --------------------

          (a) Notice of Registration.  If, at any time prior to June 23, 2004,
              ----------------------
the Company shall determine to register any of its securities, either for its
own account or the account of a security holder or holders, other than (i) a
registration relating solely to employee benefit plans, (ii) a registration
relating solely to a transaction under Rule 145 under the Securities Act, or
(iii) a registration effected pursuant to Section 1.3 hereof, the Company will:

              (i)  promptly give to each Holder written notice thereof; and

              (ii) include in such registration (and any related qualification
under blue sky laws or other compliance), and in any underwriting involved
therein, all the Registrable Securities specified in a written request or
requests, made within twenty (20) days after receipt of such written notice from
the Company, by any Holder.

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          (b) Underwriting.  If the registration of which the Company gives
              ------------
notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice given
pursuant to Section 1.2(a)(i).  In such event the right of any Holder to
registration pursuant to Section 1.2 shall be conditioned upon such Holder's
participation in such underwriting to the extent provided herein.  All Holders
proposing to distribute their securities through such underwriting shall
(together with the Company and the other Holders distributing their securities
through such underwriting) enter into an underwriting agreement in customary
form with the managing underwriter selected for such underwriting by the
Company, but subject to the reasonable approval of Holders holding a majority of
the Registrable Securities to be included in such registration.  Notwithstanding
any other provision of this Section 1.2, if the managing underwriter determines
in its good faith judgment that marketing factors require limitation of the
number of shares to be underwritten, the managing underwriter may limit the
Registrable Securities to be included in such registration.  The Company shall
so advise all Holders and the number of shares of securities that may be
included in the registration and underwriting (other than in behalf of the
Company) shall first be allocated on a pro rata basis among all Holders in
proportion to the respective amounts of the Registrable Securities held by all
Holders and then, if additional Registrable Securities may be included, among
all other Holders, in each case in proportion, as nearly as practicable, to the
respective amounts of Registrable Securities held by such Holders; provided,
                                                                   --------
however, unless otherwise agreed upon by the holders of a majority of the shares
-------
desiring to participate in the offering, in no event shall the amount of
Registrable Securities of the Holders included in the offering be reduced below
twenty percent (20%) of the total amount of securities included in such
offering. No securities of the Company held by parties other than the Holders or
the Company shall be included in any registration and underwriting to which this
Section applies if the number of Registrable Securities that would otherwise
have been included in such registration and underwriting will thereby be
limited. If any Holder disapproves of the terms of any such underwriting, he may
elect to withdraw therefrom by written notice to the Company and the managing
underwriter.

     1.3  Registration on Form S-3.
          ------------------------

          (a) If any Holder or Holders holding in the aggregate not less than
ten percent of the then outstanding Registrable Securities (the "Initiating
Holders"), request that the Company file a registration statement on Form S-3
(or any successor form to Form S-3) for a public offering of shares of the
Registrable Securities the reasonably anticipated aggregate price to the public
of which would exceed $500,000, and the Company is a registrant entitled to use
Form S-3 to register the Registrable Securities for such an offering, the
Company shall use its best efforts to cause such Registrable Securities to be
registered for the offering on such form and to cause such Registrable
Securities to be qualified in such jurisdictions as the Holder or Holders may
reasonably request; provided, however, that the Company shall not be required to
effect more than one registration pursuant to this Section 1.3(a) in any six
month period.

          (b) Notwithstanding the foregoing, the Company shall not be obligated
to take any action pursuant to Section 1.3(a):

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          (i)    in any particular jurisdiction in which the Company would be
required to execute a general consent to service of process in effecting such
registration, qualification or compliance unless the Company is already subject
to service in such jurisdiction and except as may be required by the Securities
Act;

          (ii)   within 180 days after the effective date of any registration of
the Company under the Securities Act, other than a registration relating solely
to employee benefit plans or a registration relating solely to a transaction
under Rule 145 under the Securities Act; or

          (iii)  if the Company shall furnish to such Holder a certificate
signed by the President of the Company stating that in good faith judgment of
the Board of Directors it would be seriously detrimental to the Company or its
shareholders for registration statements to be filed in the near future, then
the Company's obligation to use its best efforts to file a registration
statement shall be deferred for a period not to exceed ninety days from the
receipt of the request to file such registration by such Holder, provided that
the Company may not use this right more than once in any twelve month period.

     (c)  Underwriting. In the event that a registration pursuant to Section 1.3
          ------------
is for a registered public offering involving an underwriting, the Company shall
so advise the Holders by promptly giving written notice of the proposed
registration to all other Holders. In such event, the right of any Holder to
participate in such registration shall be conditioned upon such Holder's
participation in the underwriting arrangements required by this Section 1.3, and
the inclusion of such Holder's Registrable Securities in the underwriting to the
extent requested shall be limited to the extent provided herein.

   The Company shall (together with all Holders proposing to distribute their
securities through such underwriting) enter into an underwriting agreement in
customary form with the managing underwriter selected for such underwriting by a
majority in interest of the Initiating Holders, as applicable, but subject to
the Company's reasonable approval. Notwithstanding any other provision of this
Section 1.3, if the managing underwriter advises the Initiating Holders, in
writing that, in its good faith judgment, marketing factors require a limitation
of the number of shares to be underwritten, then the Company shall so advise all
participating Holders and the number of shares of Registrable Securities that
may be included in the registration and underwriting shall be allocated among
all Holders thereof in proportion, as nearly as practicable, to the respective
amounts of Registrable Securities held by such Holders at the time of filing the
registration statement. No Registrable Securities excluded from the underwriting
by reason of the underwriter's marketing limitation shall be included in such
registration. If the underwriter has not limited the number of Registrable
Securities to be underwritten, the Company may include securities for its own
account (or for the account of other shareholders) in such registration if the
underwriter so agrees and if the number of Registrable Securities that would
otherwise have been included in such registration and underwriting will not
thereby be limited.

   If the number of Registrable Securities excluded from the underwriting
exceeds fifty percent (50%) of the total Registrable Securities requested to be
included in such underwriting by the Holders, then Holders of a majority of the
Registrable Securities requested to be included

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in such underwriting may elect to terminate the registration and underwriting
and such terminated registration shall not count as a registration effected
under this Section 1.3.

     If any Holder of Registrable Securities disapproves of the terms of the
underwriting, such person may elect to withdraw therefrom by written notice to
the Company, the managing underwriter and the Initiating Holders.

          1.4  Expenses of Registration.  All Registration Expenses shall be
               ------------------------
borne by the Company.  All Selling Expenses relating to securities registered on
behalf of the Holders shall be borne by the Holders of such securities pro rata
on the basis of the number of shares so registered.

          1.5  Registration Procedures.  In the case of each registration,
               -----------------------
qualification or compliance effected by the Company pursuant to this Section 1,
the Company will keep each Holder advised in writing as to the initiation of
each registration and such amendment thereof and as to the completion thereof.
At its expense the Company will:

               (a) Prepare and file with the Commission a registration statement
with respect to such securities and use its best efforts to cause such
registration statement to become and remain effective for at least one hundred
twenty days or until the distribution described in the Registration Statement
has been completed;

               (b) Furnish to the Holders participating in such registration and
to the underwriters of the securities being registered such reasonable number of
copies of the registration statement, preliminary prospectus, final prospectus
and such other documents as such Holders or underwriters may reasonably request
in order to facilitate the public offering of such securities.

               (c) Prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement.

               (d) Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or blue sky
laws of such jurisdictions as shall be reasonably requested by the Holders,
provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions.

               (e) In the event of any underwritten public offering, enter into
and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

               (f) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a

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material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing.

          (g) Use its best efforts to furnish, at the request of any Holder
requesting registration of Registrable Securities pursuant to this Section 1, on
the date that such Registrable Securities are delivered to the underwriters for
sale in connection with a registration pursuant to this Section 1, if such
securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement
with respect to such securities becomes effective, (i) an opinion, dated such
date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and to
the Holders requesting registration of Registrable Securities and (ii) a letter
dated such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed
to the underwriters, if any, and to the Holders requesting registration of
Registrable Securities.

     1.6  Indemnification.
          ---------------

          (a) The Company will indemnify each Holder, each of its officers and
directors and partners, and each person controlling such person within the
meaning of Section 15 of the Securities Act, with respect to which registration,
qualification or compliance has been effected pursuant to this Section 1, and
each underwriter, if any, and each person who controls any underwriter within
the meaning of Section 15 of the Securities Act, against all expenses, claims,
losses, damages or liabilities (or actions in respect thereof), including any of
the foregoing incurred in settlement of any litigation, commenced or threatened,
arising out of or based on any untrue statement (or alleged untrue statement) of
a material fact contained in any registration statement, prospectus, offering
circular or other document, or any amendment or supplement thereto, incident to
any such registration, qualification or compliance, or based on any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading, or any violation by the Company of the
Securities Act or any Rule or regulation promulgated under the Securities Act
applicable to the Company in connection with any such registration,
qualification or compliance, and the Company will reimburse each such Holder,
each of its officers and directors, and each person controlling such Holder,
each such underwriter and each person who controls any such underwriter, for any
legal and any other expenses reasonably incurred in connection with
investigating, preparing or defending any such claim, loss, damage, liability or
action, provided that the Company will not be liable to any such person in any
such case to the extent that any such claim, loss, damage, liability or expense
arises out of or is based on any untrue statement or omission (or alleged untrue
statement or omission), made in reliance upon and in conformity with written
information furnished to the Company by an instrument duly executed by such
Holder, controlling person or underwriter and stated to be specifically for use
therein or the preparation thereby.

          (b) Each Holder will, if Registrable Securities held by such Holder
are included in the securities as to which such registration, qualification or
compliance is being effected, indemnify the Company, each of its directors and
officers, each underwriter, if any, of

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the Company's securities covered by such a registration statement, each person
who controls the Company or such underwriter within the meaning of Section 15 of
the Securities Act, and each other such Holder, each of its officers and
directors and each person controlling such Holder within the meaning of Section
15 of the Securities Act, against all claims, losses, damages and liabilities
(or actions in respect thereof) arising out of any untrue statement (or alleged
untrue statement) of a material fact contained in any such registration
statement, prospectus, offering circular or other document, or any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse
the Company, such Holders, such directors, officers, persons, underwriters or
control persons for any legal or any other expenses reasonably incurred in
connection with investigating, preparing or defending any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular
or other document in reliance upon and in conformity with written information
furnished to the Company by an instrument duly executed by such Holder and
stated to be specifically for use therein or the preparation thereby.
Notwithstanding the foregoing, the liability of each Holder under this
subsection (b) shall be limited to an amount equal to the aggregate proceeds
received by such Holder from the sale of Registrable Securities in such
registration.

          (c) Each party entitled to indemnification under this Section 1.8 (the
"Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not unreasonably be
withheld), and the Indemnified Party may participate in such defense at such
party's expense, and provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Section 1 unless the failure to give such notice is
materially prejudicial to an Indemnifying Party's ability to defend such action
and provided further, that the Indemnifying Party shall not assume the defense
for matters as to which there is a conflict of interest or separate and
different defenses. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation. Notwithstanding the foregoing, if (i) the Company and the
Indemnified Party have mutually agreed in writing to the retention of such
counsel or (ii) the named parties in any such action, suit or proceeding
(including impleaded parties) include the Company and the Indemnified Party, and
representation of the Company and the Indemnified Party by the same counsel
would, in the opinion of counsel to the Indemnified Party, create a conflict;
provided further that, unless otherwise agreed by the Company, if the Company is
obligated to pay the fees and expenses of such counsel, the Company shall be
obligated to pay only the fees and expenses associated with one attorney or law
firm, as applicable, for the Indemnified Party, as well as the fees and expenses
associated with local counsel.

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          1.7  Information by Holder.  The Holders of securities included in any
               ---------------------
registration shall furnish to the Company such information regarding such
Holders, the Registrable Securities held by them and the distribution proposed
by such Holders as the Company may reasonably request in writing and as shall be
required in connection with any registration, qualification or compliance
referred to in this Section 1.

          1.8  Rule 144 Reporting.  With a view to making available the benefits
               ------------------
of certain rules and regulations of the Commission which may at any time permit
the sale of the Registrable Securities to the public without registration, after
such time as a public market exists for the Common Stock of the Company, the
Company agrees to use its best efforts to:

               (a) Make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
after the effective date that the Company becomes subject to the reporting
requirements of the Securities Act or the Securities Exchange Act of 1934 (the
"Exchange Act").

               (b) Use its best efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements);

               (c) So long as a Holder owns any Registrable Securities to
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144 (at any
time after ninety days after the effective date of the first registration
statement filed by the Company for an offering of its securities to the general
public), and of the Securities Act and the Exchange Act (at any time after it
has become subject to such reporting requirements), a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents
of the Company and other information in the possession of or reasonably
obtainable by the Company as a Holder may reasonably request in availing itself
of any Rule or regulation of the Commission allowing a Holder to sell any such
securities without registration. The Company will take action reasonably
requested by a Holder to facilitate the transfer of Registrable Securities
pursuant to Rule 144 of the Securities Act of 1933.

          1.9  Transfer of Registration Rights.  The rights to cause the Company
               -------------------------------
to register securities granted to the Holders under this Agreement may be
assigned to a transferee or assignee in connection with any transfer or
assignment of Registrable Securities by a Holder provided that: (i) such
assignment or transfer may otherwise be effected in accordance with applicable
securities laws, (ii) such assignee or transferee agrees to be bound by the
terms and conditions of this Agreement, and (iii) either (A) such assignee or
transferee acquires at least 100,000 shares of Registrable Securities
(appropriately adjusted for stock splits, combinations, dividends, distributions
and recapitalizations) not sold to the public, or (B) such assignee or
transferee is a partner or limited partner, shareholder, subsidiary, affiliate,
family member, family trust or the estate of the Holder.

          1.10 Rights Subordinate to the Current Rights Agreement.  Pursuant to
               --------------------------------------------------
Section 1.5 of the Current Rights Agreement, the Company and the undersigned
Holders, agree that all rights and obligations under this Agreement are
subordinate to the rights and obligations as between the Company and the parties
thereto in the Current Rights Agreement.

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     2.   Affirmative Covenants of the Company and Purchasers.
          ---------------------------------------------------

          2.1  Cooperation of Other Purchasers.  Each Purchaser agrees to
               -------------------------------
cooperate with the Company in all reasonable respects in complying with the
terms and provisions of the letter agreement between the Company and Wasserstein
SBIC Ventures II, L.P. ("WSV"), a copy of which is attached hereto as Exhibit C,
                                                                      ---------
regarding small business matters (the "Small Business Sideletter"), including
without limitation, voting to approve amending the Company's Certificate of
Incorporation, the Company's bylaws or this Agreement in a manner reasonably
acceptable to the Purchasers and WSV or any Regulated Holder (as defined in the
Small Business Sideletter) entitled to make such request pursuant to the Small
Business Sideletter in order to remedy a Regulatory Problem (as defined in the
Small Business Sideletter). Anything contained in this Section 2 to the contrary
notwithstanding, no Investor shall be required under this Section 2 to take any
action that would adversely affect in any material respect such Investor's
rights under this Agreement or as an Investor of the Company.

          2.2  Covenant Not to Amend.  The Company and each Purchaser agrees not
               ---------------------
to vote in favor of or take any action relating to the Series A Preferred Stock
of the Company, or amend or waive the voting or other provisions of the
Company's Certificate of Incorporation, the Company's bylaws, this Agreement or
the other agreements delivered in connection with the issuance and sale of the
Series A Preferred Stock of the Company if such action, amendment or waiver
would cause any Regulated Holder to have a Regulatory Problem (as defined in the
Small Business Sideletter).  WSV agrees to notify the Company if it would have a
Regulatory Problem promptly after it has notice of such action, amendment or
waiver.

     3.   Miscellaneous.
          -------------

          3.1  Governing Law.  This Agreement shall be governed in all respects
               -------------
by the laws of the State of California as applied to transactions taking place
between California residents and wholly within the State of California

          3.2  Survival.  The representations, warranties, covenants and
               --------
agreements made herein shall survive any investigation made by any Preferred
Holder and the closing of the transactions contemplated hereby.

          3.3  Successors and Assigns.  Except as otherwise provided herein, the
               ----------------------
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.

          3.4  Entire Agreement; Amendment.  This Agreement constitutes the full
               ---------------------------
and entire understanding and agreement between the parties with regard to the
subjects hereof, and no party shall be liable or bound to any other party in any
manner by any warranties, representations or covenants except as specifically
set forth herein.  With the written consent of the Company and beneficial
Holders of at least two-thirds of the then outstanding Registrable Securities,
the obligations of the Company and the rights of the Holders of the Registrable
Securities under this Agreement may be waived (either generally or in a
particular instance, either retroactively or prospectively, and either for a
specified period of time or indefinitely), and with the same consent the
Company, when authorized by resolution of its Board of Directors,

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may enter into a supplementary agreement for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement; provided, however, that no such modification, amendment or
                --------  -------
waiver shall reduce the aforesaid percentage of Registrable Securities without
the consent of all of the Holders of the Registrable Securities. Upon the
effectuation of each such waiver, consent, agreement of amendment or
modification, the Company shall promptly give written notice thereof to the
record holders of the Registrable Securities who have not previously consented
thereto in writing. This Agreement or any provision hereof may be changed,
waived, discharged of terminated only by a statement in writing signed by the
party against which enforcement of the change, waiver, discharge or termination
is sought, except to the extent provided in this Section 2.4

               3.5  Notices, etc. All notices and other communications required
                    ------------
or permitted hereunder shall be in writing and shall be delivered personally,
mailed by certified or registered mail, postage prepaid, return receipt
requested, or by courier, addressed (a) if to any Preferred Holder or Holder, at
such Holder's address as set forth in the Company's records, or at such other
address as such Holder shall have furnished to the Company in writing, or (b) if
to the Company, at 22/nd/ Fourth Street, 16th Floor, San Francisco, CA 94103, or
at such other address as the Company shall have furnished to such Holders in
writing. Notices that are mailed shall be deemed to have been given five days
after deposit in the United States mail and notices delivered personally or by
courier shall be deemed to have been given upon delivery to recipient's address.

               3.6  Delays or Omissions. Except as expressly provided herein, no
                    -------------------
delay or omission to exercise any right, power or remedy accruing to any Holder,
upon any breach or default of the Company under this Agreement, shall impair any
such right, power or remedy of such Holder nor shall it be construed to be a
waiver of any such breach or default, or an acquiescence therein, or of or in
any similar breach or default thereafter occurring; nor shall any waiver of any
single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of any Holder of any breach or default under
this Agreement, or any waiver on the part of any Holder of any provisions or
conditions of this agreement, must be in writing and shall be effective only to
the extent specifically set forth in such writing. All remedies, either under
this Agreement or by law or otherwise afforded to any Holder, shall be
cumulative and not alternative.

               3.7  Counterparts. This Agreement may be executed in any number
                    ------------
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

     Severability.  If any provision of this Agreement, or the application
     ------------
thereof, shall for any reason and to any extent be invalid or unenforceable the
remainder of this Agreement and application of such provision to persons or
circumstances shall be interpreted so as best to reasonably effect the intent of
the parties hereto, the parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision
which will achieve to the extent possible, the economic, business and other
purposes of the void or unenforceable provision.

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     IN WITNESS WHEREOF, the parties hereto have executed this Securities Rights
Agreement as of the date first written above.

                                   SALON MEDIA GROUP, INC.

                                   By:____________________________________
                                        Michael O'Donnell, President

                                        HOLDER:

                                   By:____________________________________

                                   Name:__________________________________

                                   Title:_________________________________<PAGE>

                                                                   EXHIBIT 4.2.3

EXCEPT AS OTHERWISE PROVIDED IN THIS WARRANT, THE SECURITIES EVIDENCED BY THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS (i) THERE IS
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING SUCH SECURITIES, (ii)
THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR (iii) THE COMPANY
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY
SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT.

                            SALON MEDIA GROUP, INC.

                         COMMON STOCK PURCHASE WARRANT

          1.   Price and Number of Shares Subject to Warrant.  FOR VALUE
               ----------------------------------------------
RECEIVED and subject to the terms and conditions herein set forth,
[___________], (the "Purchaser"), is entitled to purchase from Salon Media
                     ---------
Group, Inc., a Delaware corporation (the "Company"), at any time after 5:00 p.m.
                                          -------
California time on August 9, 2001 and before the termination of this Warrant
pursuant to Section 12 below, at a price per share equal to $0.2875, as adjusted
in accordance with Section 3 below (the "Warrant Price"), that number of shares
                                         -------------
indicated in Section 2 below of fully paid and nonassessable shares of the
Common Stock of the Company (which Common Stock currently trades on the NASDAQ
National Market), as adjusted pursuant to Section 3 (the "Warrant Shares").
                                                          --------------

          2.   Number of Shares of Warrant Shares.  The number of Warrant Shares
               ----------------------------------
for which this Warrant is exercisable is equal to [___________________] shares
of the Common Stock of the Company.

          3.   Adjustment of Warrant Price and Warrant Shares.  The number of
               -----------------------------------------------
shares of Warrant Shares issuable upon the exercise of this Warrant and the
exercise price thereof shall be subject to adjustment from time to time, and the
Company agrees to provide notice upon the happening of certain events, as
follows:

               (a) Merger, Sale of Assets, etc. If at any time the Company
                   ---------------------------
proposes to (i) consolidate with or merge with or sell or convey all or
substantially all of its assets to any other corporation or entity, or (ii)
distribute stock, securities or other assets to the holders of Common Stock in
exchange for their shares of the Company's Common Stock, then the Company shall
give the holder of this Warrant thirty (30) days advance notice of the effective
date of such transaction and to the extent the Warrant has not been exercised in
full by the effective date of such transaction, this Warrant shall terminate.
The foregoing notwithstanding, a merger or consolidation of the Company with or
into another corporation after which the
<PAGE>

shareholders of the Company immediately prior to such transaction hold more than
fifty percent (50%) of the voting power of the surviving entity, shall not
result in termination of this Warrant; instead this Warrant shall be exchanged
for a warrant of the surviving corporation that shall entitle the holder hereof
to acquire upon the exercise thereof the number of shares of stock or other
property to which the holder of the number of shares of the Warrant Shares which
are subject to this Warrant on the effective date of the merger would have been
entitled to receive for such securities under the terms of the merger.

          (b)  Reclassification, etc.  If the Company at any time shall, by
               ----------------------
subdivision, combination or reclassification of securities or otherwise, change
any of the securities to which purchase rights under this Warrant exist into the
same or a different number of securities of any class or classes, this Warrant
shall thereafter entitle its holder to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities which were subject to the purchase rights under this Warrant
immediately prior to such subdivision. combination, reclassification or other
change. If shares of the class of the Company's stock for which this Warrant is
being exercised are subdivided or combined into a greater or smaller number of
shares of stock, the Warrant Price shall be proportionately reduced in the case
of subdivision of shares or proportionately increased in the case of combination
of shares, in both cases by the ratio which the total number of shares of such
class of stock to be outstanding immediately after such event bears to the total
number of shares of such class of stock outstanding immediately prior to such
event.

          (c)  Adjustment for Dividends in Stock.  In case at any time or from
               ---------------------------------
time to time on or after the date hereof the holders of the shares of the
Company's capital stock of the same class and series as the Warrant Shares (or
any shares of stock or other securities at the time receivable upon the exercise
of this Warrant) shall have received, or, on or after the record date fixed for
the determination of eligible shareholders, shall have become entitled to
receive, without payment therefor, other or additional stock of the Company by
way of dividend, then and in each case, the holder of this Warrant shall, upon
the exercise hereof, be entitled to receive, in addition to the number of shares
of Warrant Shares receivable thereupon, and without payment of any additional
consideration therefor, the amount of such other or additional stock of the
Company which such holder would hold on the date of such exercise had it been
the holder of record of such Warrant Shares on the date hereof and had
thereafter, during the period from the date hereof to and including the date of
such exercise, retained such shares and/or all other additional stock receivable
by it as aforesaid during such period, giving effect to all adjustments called
for during such period by paragraph (c) of this Section 3.

          (d)  Adjustment of Warrant Price.
               ---------------------------

               (i)  Special Definitions.  For purposes of this Section 3(d),
                    -------------------
the following definitions shall apply:

                    (A)   "Options" shall mean rights, options or warrants to
subscribe for, purchase or otherwise acquire either Common Stock or Convertible
Securities (as defined below).
<PAGE>

                    (B)       "Convertible Securities" shall mean any evidences
of indebtedness, shares or other securities convertible into or exchangeable for
Common Stock.

                    (C)       "Additional Shares of Common Stock" shall mean all
shares of Common Stock issued (or, pursuant to Section 3(d) below, deemed to be
issued) by the Company after the Warrant Issue Date (as defined below), other
than shares of Common Stock issued or issuable:

                    (I)       upon conversion of shares of Series A Preferred
Stock;

                    (II)      shares to officers, directors or employees of, or
consultants to, the Company pursuant to a warrant, stock grant, option agreement
or plan, purchase plan or other employee stock incentive program or agreement
approved by the Board of Directors;

                    (III)     in connection with the acquisition by the Company
of another business entity or majority ownership thereof approved by the Board
of Directors;

                    (IV)      shares or warrants issued to lease companies, real
estate lessors, banks or financial institutions, in connection with any lease or
debt financing transaction approved by the Board of Directors;

                    (V)       shares of Common Stock or Preferred Stock issuable
upon exercise of warrants outstanding as of the date of this Certificate of
Designation;

                    (VI)      in connection with a transaction described in
Section 3(d)(vi);

                    (VII)     in connection with a strategic investment and/or
acquisition of technology or intellectual property approved by the Board of
Directors;

                    (VIII)    by way of dividend or other distribution on shares
of Common Stock excluded from the definition of Additional Shares of Common
Stock by the foregoing clauses (1) through (7).

                    (D)       "Warrant Issue Date" shall mean the date on which
the Warrant was first issued by the Company.

               (ii) No Adjustment of Warrant Price. No adjustment in the Warrant
                    ------------------------------
Price shall be made with respect to the issuance of Additional Shares of Common
Stock unless the consideration per share for an Additional Share of Common Stock
issued or deemed to be issued by the Company is less than the Warrant Price in
effect on the date of, and immediately prior to, such issue.
<PAGE>

          (iii)     Deemed Issue of Additional Shares of Common Stock. In the
                    -------------------------------------------------
event the Company at any time or from time to time after the Warrant Issue Date
shall issue any Options or Convertible Securities or shall fix a record date for
the determination of holders of any class of securities entitled to receive any
such Options or Convertible Securities, then the maximum number of shares (as
set forth in the instrument relating thereto without regard to any provisions
contained therein for a subsequent adjustment of such number) of Common Stock
issuable upon the exercise of such Options or, in the case of Convertible
Securities, the conversion or exchange of the Convertible Securities shall be
deemed to be Additional Shares of Common Stock issued as of the time of the
issuance of such Option or Convertible Security or, in case such a record date
shall have been fixed, as of the close of business on such record date:

                    (A)  except as provided in Section 3(d)(iii)(B) and
3(d)(iii)(C) below, no further adjustment in the Warrant Price shall be made
upon the subsequent issue of Convertible Securities or shares of Common Stock
upon the exercise of such Options or conversion or exchange of such Convertible
Securities;

                    (B)  if such Options or Convertible Securities by their
terms provide, with the passage of time or otherwise, for any change in the
consideration payable to the Company, or change in the number of shares of
Common Stock issuable, upon the exercise, conversion or exchange thereof (other
than under or by reason of provisions designed to protect against dilution), a
Warrant Price computed upon the original issue thereof (or upon the occurrence
of a record date with respect thereto) and any subsequent adjustments based
thereon, shall, upon any such increase or decrease becoming effective, be
recomputed to reflect such increase or decrease insofar as it affects such
Options or the rights of conversion or exchange under such Convertible
Securities;

                    (C)  upon the expiration of any such Options or Convertible
Securities, the Warrant Price, to the extent in any way affected by or computed
using such Options or Convertible Securities, shall be recomputed to reflect the
issuance of only the number of shares of Common Stock actually issued upon the
exercise of such Options or Convertible Securities; and

                    (D)  no readjustment pursuant to Section 3(d)(iii) clauses
(B) and (C) above shall have the effect of increasing the Warrant Price to an
amount which exceeds the lower of (1) the Warrant Price on the original
adjustment date or (2) the Warrant Price that would have resulted from any
issuance of Additional Shares of Common Stock between the original adjustment
date and such readjustment date.

                    (iv) Adjustment of Warrant Price Upon Issuance of Additional
                         -------------------------------------------------------
Shares of Common Stock Below Purchase Price. In the event this Corporation shall
-------------------------------------------
issue Additional Shares of Common Stock (including Additional Shares of Common
Stock deemed to be issued pursuant to Section 3(d)(iii)), after the Warrant
Issue Date, without consideration or for a consideration per share less than the
Warrant Price in effect on the date of and immediately prior to such issue (such
issuance price being referred to herein as the "Dilution Price"), then and in
each such event the Warrant Price shall automatically be adjusted as set forth
in this Section 3(d)(iv), unless otherwise provided in this Section 3(d)(i).
<PAGE>

                    (A)  Adjustment Formula. Whenever the Conversion Price is
                         ------------------
adjusted by Section 3(d)(iv), the new Warrant Price shall be determined by
multiplying the Warrant Price then in effect by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such issue plus the number of shares of Common Stock which the
aggregate consideration received by the Company for the total number of
Additional Shares of Common Stock so issued would purchase at such Warrant Price
in effect immediately prior to such issuance, and the denominator of which shall
be the number of shares of Common Stock outstanding immediately prior to such
issues plus the number of such additional shares of Common Stock so issued. For
the purposes of this paragraph, the number of outstanding shares of Common Stock
shall be deemed to include the Common Stock issuable on conversion of all other
outstanding Preferred Stock, upon conversion or exercise of any other
outstanding Convertible Securities and upon exercise of all vested Options (and
assuming conversion of Convertible Securities issuable upon exercise of
Options).

               (iv) Determination of Consideration. For purposes of this Section
                    ------------------------------
3(d), the consideration received by the Company for the issue of any Additional
Shares of Common Stock shall be computed as follows:

                    (A)  Cash and Property:  Such consideration shall:
                         -----------------

                         (1)  insofar as it consists of cash, be computed at the
aggregate amount of cash received by the Company before deducting any reasonable
discounts, commissions or other expenses allowed, paid or incurred by the
Company for any underwriting or otherwise in connection with the issuance and
sale thereof;

                         (2)  insofar as it consists of property other than
cash, be computed at the fair value thereof at the time of such issue, as
determined by Board in the good faith exercise of its reasonable business
judgment; and

                         (3)  in the event Additional Shares of Common Stock are
issued together with other shares or securities or other assets of the Company
for consideration which covers both, be the proportion of such consideration so
received, computed as provided in clauses (1) and (2) above, as determined in
good faith by the Board.

                    (B)  Options and Convertible Securities. The consideration
                         ----------------------------------
per share received by the Company for Additional Shares of Common Stock deemed
to have been issued pursuant to Section 3(d), relating to Options and
Convertible Securities, shall be determined by dividing:

                              (1)  the total amount, if any, received or
receivable by the Company as consideration for the issue of such Options or
Convertible Securities, plus the minimum aggregate amount of additional
consideration (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Company upon the exercise of such Options or the
conversion or exchange of such Convertible Securities, or in the case of Options
for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities, by
<PAGE>

                              (2)  the maximum number of shares of Common Stock
(as set forth in the instruments relating thereto, without regard to any
provision contained therein for a subsequent adjustment of such number) issuable
upon the exercise of such Options or the conversion or exchange of such
Convertible Securities.

          4.   No Stockholder Rights.  This Warrant, by itself, as distinguished
               ----------------------
from any shares purchased hereunder, shall not entitle its holder to any of the
rights of a stockholder of the Company.

          5.   Exercise of Warrant.  This Warrant may be exercised in whole or
               -------------------
part by the holder, at any time after the date hereof and prior to the
termination of this Warrant, by the surrender of this Warrant, together with the
Notice of Exercise attached hereto as Attachment 1, duly completed and executed
                                      ------------
at the principal office of the Company, accompanied by payment in full of the
Warrant Price in cash or by check with respect to the shares of Warrant Shares
being purchased.  This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for
exercise as provided above, and the person entitled to receive the shares of
Warrant Shares issuable upon such exercises shall be treated for all purposes as
holder of such shares of record as of the close of business on such date.  As
promptly as practicable after such date, the Company shall issue and deliver to
the person or persons entitled to receive the same a certificate or certificates
for the number of full shares of Warrant Shares issuable upon such exercise.

          6.   Conversion.  In lieu of exercising this Warrant or any portion
               ----------
hereof by paying cash, the holder hereof shall have the right to convert this
Warrant or any portion hereof and  receive Warrant Shares by executing and
delivering to the Company at its principal office the written notice of
conversion in the form attached hereto as Attachment 2, respectively, specifying
                                          ------------
the portion of the Warrant to be converted, and accompanied by this Warrant.
The number of shares of Warrant Shares to be issued upon such conversion shall
be computed using the following formula:

     X = (P)(Y)(A-B)/A

     Where     X =     the number of shares of Warrant Shares to be issued to
                       the holder for the portion of the Warrant being
                       converted.

               P =     the portion in the form of a fraction of the Warrant
                       being converted.

               Y =     the total number of shares of Warrant Shares issuable
                       upon exercise of the Warrant in full.

               A =     the fair market value of one share of Warrant Shares
                       which shall mean the last reported sale price per share
                       of the Common Stock as reported on the Nasdaq National
                       Market (or if the Common Stock is not then listed on the
                       Nasdaq National Market, then such last reported sale
                       price on a national securities exchange or other
                       nationally recognized exchange or trading system) on the
                       day upon
<PAGE>

                    which the holder delivered its notice of conversion to the
                    Company, or if no such price is reported on such day, such
                    price on the next preceding business day for which such
                    price is reported.

               B =  the Warrant Price on the day upon which the holder delivered
                    its notice of conversion to the Company.

Any portion of this Warrant that is converted shall be immediately canceled.

          7.   Certificate of Adjustment.  Whenever the Warrant Price or number
               --------------------------
or type of securities issuable upon exercise of this Warrant is adjusted, as
herein provided, the Company shall deliver to the record holder of this Warrant
a certificate of an officer or other authorized person of the Company setting
forth the nature of such adjustment and a brief statement of the facts requiring
such adjustment.

          8.   Sale or Transfer of Warrant.  The Purchaser shall not sell or
               ---------------------------
transfer this Warrant other than to an affiliate of Purchaser.  For the purposes
of this Agreement, an "Affiliate" shall mean any partner, limited partner or
member of Purchaser or any person or entity that directly or indirectly through
one or more intermediaries controls or is controlled by or is under common
control with Purchaser.

          9.   Successors and Assigns.  The terms and provisions of this Warrant
               ----------------------
shall inure to the benefit of, and be binding upon the Company, its successors
and assigns.  This Warrant cannot be assigned by Purchaser, except to an
Affiliate, without the express written consent of the Company.

          10.  Representations and Covenants of the Company.  The Company makes
               --------------------------------------------
the following representations and covenants:

               (a) Authorization. All corporate action on the part of the
                   -------------
Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Warrant, the performance of all
obligations of the Company hereunder and thereunder, and the authorization,
issuance (or reservation for issuance), sale and delivery of the Warrant Shares
issuable hereunder has been taken or will be taken prior to the Closing, and
this Warrant constitutes valid and legally binding obligations of the Company,
enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors' rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) to the extent the indemnification
provisions contained in this Warrant may be limited by applicable federal or
state securities laws.

               (b) Valid Issuance of Common Stock.  The Warrant Shares issuable
                   ------------------------------
hereunder, when issued, sold and delivered in accordance with the terms of this
Warrant for the consideration expressed herein, will be duly and validly issued,
fully paid and nonassessable, and will be free of restrictions on transfer other
than restrictions on transfer under this Warrant and under applicable state and
federal securities laws.
<PAGE>

          (c) Reservation of Common Stock.  The Common Stock issuable upon
              ---------------------------
exercise or conversion of this Warrant has been duly and validly reserved. The
Company will at all times during the term of the Warrant have authorized and
reserved a sufficient number of shares of Common Stock to provide for the
exercise rights represented by the Warrant, free from preemptive rights.  In the
event the number of authorized but unissued shares of Common Stock are not
sufficient to permit exercise of the Warrant, the Company will take any such
corporate action necessary to increase its authorized but unissued shares of
common Stock to permit such exercise.

          (d) Company Action.  The Company will at all times during the term of
              --------------
this Warrant act in good faith to assist in the carrying out of all of the
provisions of this Warrant.  The Company will at all times during the term of
the Warrant take any and all action as may be necessary or appropriate to
protect the exercise of the rights of the Purchaser under this Warrant.

     11.  Representations and Covenants of the Purchaser.  This Warrant has
          ----------------------------------------------
been entered into by the Company in reliance upon the following representations
and covenants of the Purchaser:

          (a) Investment Purpose.  The right to acquire Common Stock contained
              ------------------
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Purchaser has no present intention of
selling or engaging in any public distribution of the same except pursuant to a
registration or exemption.

          (b) Private Issue.  The Purchaser understands (i) that the Common
              -------------
Stock issuable upon exercise of the purchase rights under this Warrant is not
registered under the Securities Act of 1933 Act or qualified under applicable
state securities laws on the ground that the issuance contemplated by this
Warrant will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company's reliance on such exemption is predicated on
the representations set forth in this Section

          (c) Financial Risk.  The Purchaser has such knowledge and experience
              --------------
in financial and business matters as to be capable of evaluating the merits and
risks of its investment, and has the ability to bear the economic risks of its
investment.

          (d) Accredited Investor.  Purchaser is an "accredited investor" within
              -------------------
the meaning of SEC Rule 501 of Regulation D, as presently in effect.

          (e) Authorization.  This Warrant constitutes the Purchaser's valid and
              -------------
legally binding obligation, enforceable in accordance with its terms.

          (f) Disclosure of Information.  Purchaser believes it has received all
              -------------------------
the information it considers necessary or appropriate for deciding whether to
purchase the rights under this Warrant. Purchaser further represents that it has
had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the Warrant and the Common Stock issuable
upon exercise of the purchase rights thereunder.
<PAGE>

          (g)  Investment Experience.  Purchaser is an investor in securities of
               ---------------------
companies and acknowledges that it is able to fend for itself, can bear the
economic risk of its investment and has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and
risks of the investment in the Company's stock. If other than an individual,
Purchaser also represents that it has not been organized for the purpose of
acquiring the rights under this Warrant.

          (h)  Legends.  It is understood that the Common Stock issuable upon
               -------
exercise of the rights under this Warrant may bear one or all of the following
legends:

               (i)   "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
 BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND
 ARE "RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT.
 THE SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED
 EXCEPT (i) IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE
 SHARES UNDER THE ACT OR (ii) IN COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO
 AN OPINION OF COUNSEL, THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS
 TO SAID SALE, OFFER OR DISTRIBUTION."

               (ii)  Any legend required by the laws of the State of California
 or other states, including any legend required by the California Department of
 Corporations and Sections 417 and 418 of the Corporations Code.

     12.  Termination. Unless otherwise terminated pursuant to Section 3 (a)
          -----------
above, this Warrant shall terminate at 5:00 p.m., California time, on the fifth
anniversary of the date hereof.

     13.  Notices. Unless otherwise provided, any notice required or permitted
          -------
under this Warrant shall be given in writing and shall be deemed effectively
given upon personal delivery to the party to be notified or upon deposit with
the United States Post Office, by registered or certified mail, postage prepaid
and addressed to the party to be notified at the address supplied by Purchaser
to the Company or at such other address as Purchaser shall designate by ten days
advance written notice to the Company.

     14.  Miscellaneous. This Warrant shall be governed by the laws of the State
          -------------
of California, as such laws are applied to contracts to be entered into and
performed entirely in California by California residents. The headings in this
Warrant are for purposes of convenience and reference only, and shall not be
deemed to constitute a part hereof. Any provision of this Warrant may be
amended, waived or modified upon the written consent of the Company, and the
Purchaser; provided, however that each other Purchaser of a Warrant shall, at
           --------  -------
its option, be entitled to amend, waive or modify the Warrant held by such
Purchaser in a similar manner.
<PAGE>

Upon delivery of written notice to the Company by the Purchaser, this Warrant
shall be deemed amended, waived or modified in the same manner as any other
Warrant.  Any amendment or waiver effected in accordance with this Section 14
shall be binding upon the Company, the Purchaser and each transferee of this
Warrant.

                                    SALON MEDIA GROUP, INC.

                                    Signed:_____________________________________
                                            Michael O'Donnell, President

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