Document:

EXHIBIT 4.3

THE SECURITIES EVIDENCED BY THIS INSTRUMENT MAY NOT BE SOLD OR OFFERED FOR SALE
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED ("SECURITIES ACT") AND APPLICABLE
SECURITIES LAWS OF ANY STATE OR JURISDICTION, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED.

VOID AFTER 5:00 P.M. EASTERN TIME, April 30, 2006

                                 PURCHASE OPTION

                               For the Purchase of

                                   ______ Units

                                       of

                              Kirlin Holding Corp.

                            (A Delaware Corporation)

1.       Purchase Option.
         ---------------

         THIS CERTIFIES THAT, in consideration of $_____ duly paid by or on
behalf of ______________ (the "Holder" or in the event of a transfer or
assignment "Holders"), as registered owner of this Purchase Option, to Kirlin
Holding Corp. ("Company"), Holder is entitled, at any time or from time to time
commencing on May 1, 2002 and ending on April 30, 2006 ("Expiration Date"), but
not thereafter, to subscribe for, purchase and receive, in whole or in part,
______ Units of the Company. Each whole Unit consists of (i) 100,000 shares of
the Company's common stock ("Common Stock" or "Shares"); (ii) 50,000 Class A
Warrants; and (iii) 50,000 Class B Warrants, as hereinafter described (together
the "Warrants"). Each Unit is identical to those Units issued to investors
pursuant to the offering ("Offering") described in Company's Term Sheet dated
August 1, 2001, as amended by the Supplement dated August 31, 2001 (together,
the "Term Sheet"). The Warrants included in the Units are identical to the
warrants of the Company being sold in the Offering contemplated by the Term
Sheet. If the Expiration Date of this Purchase Option is a day on which banking
institutions are authorized by law to close, then this Purchase Option may be
exercised on the next succeeding day that is not such a day in accordance with
the terms herein. During the period ending on the Expiration Date, the Company
agrees not to take any action that would terminate the Purchase Option. This
Purchase Option is initially exercisable at $120,000.00 per whole Unit. The term
"Exercise Price" shall mean the initial exercise price or, if adjustments
thereto have been made, the adjusted exercise price.

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2.       Exercise.
         ---------

         2.1    Exercise Form. In order to exercise this Purchase Option, the
exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Option and payment of the Exercise
Price in cash or by certified check or official bank check for the securities
being purchased. If the subscription rights represented hereby shall not be
exercised at or before 5:00 p.m., Eastern time, on the Expiration Date this
Purchase Option shall become and be void without further force or effect, and
all rights represented hereby shall cease and expire.

         2.2    Legend. Each certificate for the securities purchased under this
Purchase Option shall bear a legend as follows unless such securities have been
registered under the Securities Act of 1933, as amended ("Securities Act"):

                  "The securities represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended
                  ("Securities Act"), or applicable state law. The securities
                  may not be offered for sale, sold or otherwise transferred
                  except pursuant to an effective registration statement under
                  the Securities Act, or pursuant to an exemption from
                  registration under the Securities Act and applicable state
                  law."

         2.3    Conversion Right.

                2.3.1   Determination of Amount. In lieu of the payment of the
Exercise Price in the manner required by Section 2.1, the Holder may elect to
(but is not obligated to) convert any exercisable but unexercised portion of
this Purchase Option ("Exercisable Portion") into securities and upon such
conversion the Company will deliver to the Holder (without payment by the Holder
of any of the Exercise Price in cash) that number of Units equal to the product
obtained by multiplying (a) the Exercisable Portion by (b) the quotient obtained
from dividing (z) the "Value" (as defined below) of the Exercisable Portion by
(y) the product obtained by multiplying (A) the "Market Price" of a whole Unit
as determined below as of the second trading day prior to the date the Company
receives the Purchase Option being converted pursuant to Section 2.3.2 hereof
("Determination Date") by (B) the Exercisable Portion. The "Value" of the
Exercisable Portion equals the remainder derived from subtracting (i) the
Exercise Price of a whole Unit multiplied by the Exercisable Portion from (ii)
the Market Price of a whole Unit multiplied by the Exercisable Portion. As used
herein, the "Market Price" of a whole Unit equals 100,000 multiplied by the
average of the last reported sale price of a share of Common Stock for each of
the five trading days immediately preceding the Determination Date as officially
reported by the principal securities exchange on which the Common Stock is
listed or admitted to trading, or, in case the Common Stock is not listed or
admitted to trading on any national securities exchange or if any such exchange
on which the Common Stock is listed is not its principal trading market, the
average last reported sale price of the Common Stock for the five trading days
immediately preceding the Determination Date as furnished by the National
Association of Securities Dealers, Inc. ("NASD") through the Nasdaq National
Market or SmallCap Market, or, if applicable, the OTC Bulletin Board, or if the
Common Stock is not listed or admitted to trading on any of the foregoing
markets, or similar organization, as determined in good faith by resolution of
the Board of Directors of the Company, based upon the best information available
to it.

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                2.3.2   Exercise of Conversion Right. The conversion right may
be exercised by the Holder on any business day on or after the First Closing and
not later than the Expiration Date by delivering to the Company this Purchase
Option with a duly executed exercise form attached hereto with the conversion
section completed.

3.     Transfer.
       ---------

       3.1    Assignment. In order to make any permitted assignment, the Holder
must deliver to the Company the assignment form attached hereto duly executed
and completed, together with this Purchase Option and payment of all transfer
taxes, if any, payable in connection therewith. The Company shall immediately
transfer this Purchase Option on the books of the Company and shall execute and
deliver a new Purchase Option or Purchase Options of like tenor to the
appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of shares of Preferred Stock purchasable hereunder or such portion of
such number as shall be contemplated by any such assignment.

        3.2   Restrictions Imposed by the Securities Act. This Purchase Option
and the securities underlying this Purchase Option shall not be transferred
unless and until (i) the Purchase Option is exercisable, (ii) the Company has
received the opinion of counsel for the Holder that this Purchase Option or the
securities underlying this Purchase Option, as the case may be, may be
transferred pursuant to an exemption from registration under the Securities Act
and applicable state law, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the
opinion of Graubard Miller shall be deemed satisfactory evidence of the
availability of an exemption), or (iii) a registration statement relating to
this Purchase Option, or the securities underlying this Purchase Option as the
case may be, has been filed by the Company and declared effective by the
Securities and Exchange Commission and compliance with applicable state
securities laws.

4.     New Purchase Options to be Issued.
       ---------------------------------

       4.1    Partial Exercise or Transfer. Subject to the restrictions in
Section 3 hereof, this Purchase Option may be exercised or assigned in whole
or in part as of the First Closing. In the event of the exercise or assignment
hereof in part only, upon surrender of this Purchase Option for cancellation,
together with the duly executed exercise or assignment form and funds sufficient
to pay any Exercise Price and/or transfer tax, the Company shall cause to be
delivered to the Holder without charge a new Purchase Option of like tenor to
this Purchase Option in the name of the Holder evidencing the right of the
Holder to purchase the aggregate number of shares of Preferred Stock (or Common
Stock, as the case may be) purchasable hereunder as to which this Purchase
Option has not been exercised or assigned.

       4.2    Lost Certificate. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result
of such loss, theft, mutilation or destruction shall constitute a substitute
contractual obligation on the part of the Company.

                                       3
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5.     Registration Rights.
       -------------------

       5.1    Rights. The Company hereby grants the Holder hereof with
respect to the Common Stock underlying the Purchase Option and the shares of
Common Stock underlying the Warrants underlying the Purchase Option
(collectively "Registrable Securities") the same registration rights including
but not limited to rights to notice, payment of registration expenses and
indemnification afforded the subscribers in the Offering set forth in Section
7.1 of the Subscription Agreement for each Subscriber.

       5.2    Exercise of Purchase of Options. Nothing contained in
this Purchase Option shall be construed as requiring the Holder(s) to exercise
their Purchase Options prior to or after the initial filing of any registration
statement or the effectiveness thereof.

6.     Adjustments.
       -----------

       6.1    Adjustments to Exercise Price and Number of Securities. The
Exercise Price and the number of Units underlying the Purchase Option shall
be subject to adjustment from time to time as hereinafter set forth:

              6.1.1   Stock Dividends, Recapitalization, Reclassification,
Split-Ups. If after the date hereof, the number of outstanding shares of Common
Stock is increased by a stock dividend payable in shares of Common Stock or by a
split-up, recapitalization or reclassification of shares of Common Stock or
other similar event, then, on the effective date thereof, the number of Units
issuable on exercise of this Purchase Option shall be increased in proportion to
such increase in outstanding shares. For example, if the Company declares a
two-for-one stock dividend and at the time of such dividend this Purchase Option
is for the purchase of 0.10 Unit at $120,000.00 per whole Unit (each Class A
Warrant and Class B Warrant underlying the Units is exercisable for $1.50 and
$2.50 per share, respectively), upon effectiveness of the dividend, this
Purchase Option will be adjusted to allow for the purchase of 0. 20 Unit at
$60,000 per Unit (each Class A Warrant and Class B Warrant underlying the Units
exercisable for $.75 and $1.25 per share, respectively).

              6.1.2   Aggregation of Shares. If after the date hereof, and
subject to the provisions of Section 6.2, the number of outstanding shares of
Common Stock is decreased by a consolidation, combination or reclassification of
shares of Common Stock or other similar event, then, upon the effective date
thereof, the number of Units issuable on exercise of this Purchase Option shall
be decreased in proportion to such decrease in outstanding shares.

              6.1.3   Adjustments in Exercise Price. Whenever the number of
Units issuable upon exercise of this Purchase Option is adjusted, as provided in
this Section 6.1, the Exercise Price shall be adjusted (to the nearest cent) by
multiplying such Exercise Price immediately prior to such adjustment by a
fraction (x) the numerator of which shall be the number of Units purchasable
upon the exercise of this Purchase Option immediately prior to such adjustment,
and (y) the denominator of which shall be the number of Units so purchasable
immediately thereafter.

              6.1.4   Replacement of Securities upon Reorganization, etc. In
case of any reclassification or reorganization of the outstanding shares of
Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or
that solely affects the par value of such shares of Common Stock, or in the case

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of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Option shall have the right thereafter
(until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable
hereunder immediately prior to such event, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, by a Holder of the number of shares of
Common Stock of the Company obtainable upon exercise of this Purchase Option and
the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by
Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
6.1.1, 6.1.2, 6.1.3 and this Section 6.1.4. The provisions of this Section 6.1.4
shall similarly apply to successive reclassifications, reorganizations, mergers
or consolidations, sales or other transfers.

              6.1.5   Changes in Form of Purchase Option. This form of Purchase
Option need not be changed because of any change pursuant to this Section, and
Purchase Options issued after such change may state the same Exercise Price and
the same number of Units as are stated in the Purchase Options initially issued
pursuant to this Agreement. The acceptance by any Holder of the issuance of new
Purchase Options reflecting a required or permissive change shall not be deemed
to waive any rights to a prior adjustment or the computation thereof.

         6.2  Elimination of Fractional Interests. The Company shall not be
required to issue certificates representing fractions of Units upon the exercise
or transfer of this Purchase Option, nor shall it be required to issue scrip or
pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up or
down to the nearest whole number of Units or other securities, properties or
rights.

7.       Reservation and Listing. The Company shall at all times reserve and
keep available out of its authorized shares of Common Stock, solely for the
purpose of issuance upon exercise of the Purchase Options or the Warrants, such
number of shares of Common Stock or other securities, properties or rights as
shall be issuable upon the exercise thereof. The Company covenants and agrees
that, upon exercise of the Purchase Options and payment of the Exercise Price
therefor, all shares of Common Stock and other securities issuable upon such
exercise shall be duly and validly issued, fully paid and non-assessable and not
subject to preemptive rights of any stockholder. The Company further covenants
and agrees that upon exercise of the Warrants, if any, underlying the Units
issuable upon exercise of this Purchase Option and payment of the respective
exercise prices therefor, all shares of Common Stock and other securities
issuable upon such exercise shall be duly and validly issued, fully paid and
non-assessable and not subject to preemptive rights of any stockholder. As long
as the Purchase Options shall be outstanding, the Company shall use its best
efforts to cause all (i) shares of Common Stock underlying the Units issuable
upon exercise of the Purchase Options, (ii) Warrants issuable upon exercise of
the Purchase Options and (iii) shares of Common Stock issuable upon exercise of
the Warrants underlying the Units, to be listed (subject to official notice of
issuance) on all securities exchanges (or, if applicable on Nasdaq) on which the
Common Stock or the Warrants issued pursuant to the Memorandum are then listed
and/or quoted.

                                       5
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8.       Certain Notice Requirements.
         ---------------------------

         8.1    Holder's Right to Receive Notice. Nothing herein shall be
construed as conferring upon the Holders the right to vote or consent or to
receive notice as a stockholder for the election of directors or any other
matter, or as having any rights whatsoever as a stockholder of the Company. If,
however, at any time prior to the expiration of this Purchase Option and its
exercise, any of the events described in Section 8.2 shall occur, then, in one
or more of said events, the Company shall give written notice of such event at
least five business days prior to the date fixed as a record date or the date of
closing of the transfer books for the determination of the stockholders entitled
to such dividend, distribution, conversion or exchange of securities or
subscription rights, or entitled to vote on such proposed dissolution,
liquidation, winding up, sale, merger or consolidation. Such notice shall
specify such record date or the date of the closing of the transfer books, as
the case may be.

         8.2    Events Requiring Notice. The Company shall be required to give
the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall set a record date for the purpose of determining the
record holders of its shares of Common Stock or Warrants entitled to receive a
dividend or distribution on or with respect to such shares, or (ii) if the
Company shall offer to all the holders of shares of Common Stock or Warrants any
additional shares of capital stock of the Company or securities convertible into
or exchangeable for shares of capital stock of the Company, or any option, right
or warrant to subscribe therefor, or (iii) if there shall occur a dissolution,
liquidation or winding up of the Company or a sale of all or substantially all
of its property, assets and business, or a merger or consolidation with another
entity in which the Company is not the surviving entity.

         8.3     Notice of Change. If any event occurs that would require a
notice to be sent to a holder of Common Stock or Warrants during the time this
Purchase Option is outstanding, the Company shall also send such notice to the
Holder(s) hereof.

         8.4     Transmittal of Notices. All notices, requests, consents and
other communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made on the date of delivery if delivered personally or
sent by overnight courier, with acknowledgment of receipt to the party to which
notice is given, or on the fifth day after mailing if mailed to the party to
whom notice is to be given, by registered or certified mail, return receipt
requested, postage prepaid and properly addressed as follows: (i) if to the
registered Holder of this Purchase Option, to the address of such Holder as
shown on the books of the Company, or (ii) if to the Company, to its principal
executive office.

9.       Miscellaneous.
         -------------

         9.1    Amendments. The Company and Kirlin Securities, Inc., may from
time to time supplement or amend this Purchase Option without the approval of
any of the Holders in order to cure any ambiguity, to correct or supplement any
provision contained herein that may be defective or inconsistent with any other
provisions herein, or to make any other provisions in regard to matters or
questions arising hereunder that the Company and Kirlin Securities, Inc. may
deem necessary or desirable and that the Company and Kirlin Securities, Inc.
deem shall not adversely affect the interest of the Holders. All other
modifications or amendments shall require the written consent of the party
against whom enforcement of the modification or amendment is sought.

                                       6

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         9.2    Headings. The headings contained herein are for the sole purpose
of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase
Option.

         9.3    Entire Agreement. This Purchase Option (together with the other
agreements and documents being delivered pursuant to or in connection with this
Purchase Option) constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

         9.4    Binding Effect. This Purchase Option shall inure solely to the
benefit of and shall be binding upon, the Holder and the Company and their
respective successors, legal representatives and assigns, and no other person
shall have or be construed to have any legal or equitable right, remedy or claim
under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

         9.5    Governing Law; Submission to Jurisdiction. This Purchase Option
shall be governed by and construed and enforced in accordance with the laws of
the State of New York, without giving effect to conflict of laws. The Company
hereby agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Option shall be brought and enforced in the
courts of the State of New York or of the United States of America for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim. The Company agrees
that the prevailing party(ies) in any such action shall be entitled to recover
from the other party(ies) all of its or their reasonable attorneys' fees and
expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor.

         9.6    Waiver, Etc. The failure of the Company or the Holder at any
time to enforce any of the provisions of this Purchase Option shall not be
deemed or construed to be a waiver of any such provision, nor in any way to
affect the validity of this Purchase Option or any provision hereof or the right
of the Company or any Holder thereafter to enforce each and every provision of
this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment
of any of the provisions of this Purchase Option shall be effective unless set
forth in a written instrument executed by the party or parties against whom or
which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

         9.7    Execution in Counterparts. This Purchase Option may be executed
in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

                                       7
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         9.8    Exchange Agreement. As a condition of the Holder's receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete exercise of this Purchase Option by Holder, if the Company and Kirlin
Securities, Inc. enter into an agreement ("Exchange Agreement") pursuant to
which they agree that all outstanding Purchase Options will be exchanged for
securities or cash or a combination of both, then Holder shall agree to such
exchange and become a party to the Exchange Agreement.

                            [SIGNATURE PAGE FOLLOWS]

                                       8
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         IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of October 30, 2001.

                                    Kirlin Holding Corp.

                                    By:
                                       ---------------------------------
                                          Anthony J. Kirincic, President

                                       9

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Form to be used to exercise Purchase Option:

Kirlin Holding Corp.

Date: ______________________ _______, ___________

         The undersigned hereby elects irrevocably to exercise the within
Purchase Option and to purchase _______ Units of Kirlin Holding Corp. and hereby
makes payment of $____________ (at the rate of $_____ per share) in payment of
the Exercise Price pursuant thereto. Please issue the securities underlying this
Purchase Option in accordance with the instructions given below.

or
--

         The undersigned hereby irrevocably elects to exercise the attached
Purchase Option and to purchase ___ Units of Kirlin Holding Corp. by surrender
of the unexercised portion of the attached Purchase Option (with a "Value" of
$______ based on a "Current Market Price" of $______). Please issue the
securities comprising the Units as to which this Purchase Option is exercised in
accordance with the instructions given below.

                                    Signature ________________________________
                                    Print Name _______________________________

         NOTICE: The signature to this form must correspond with the name as
written upon the face of the within Purchase Option in every particular without
alteration or enlargement or any change whatsoever.

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name
(Print in Block Letters)

Address

                                       10
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Form to be used to assign Purchase Option:

ASSIGNMENT

         (To be executed by the registered Holder to effect a transfer of the
within Purchase Option):

         FOR VALUE RECEIVED, _____________________________________________ does
hereby sell, assign and transfer unto ____________________________ the right to
purchase _____________ Units of Kirlin Holding Corp.("Company") evidenced by the
within Purchase Option and does hereby authorize the Company to transfer such
right on the books of the Company.

Dated:  _________________ ______, _______

         NOTICE: The signature to this form must correspond with the name as
written upon the face of the within Purchase Option in every particular without
alteration or enlargement or any change whatsoever.

                                       11EXHIBIT 4.4

THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT AND HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED ("ACT"), OR APPLICABLE STATE SECURITIES
LAWS. THIS WARRANT AND THE WARRANT SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR PURSUANT TO AN EXEMPTION THEREFROM UNDER THE ACT AND SUCH LAWS,
SUPPORTED BY AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY AND
ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. THIS WARRANT AND THE
COMPANY'S SUBSCRIPTION AGREEMENT WITH THE HOLDER SET FORTH THE COMPANY'S
OBLIGATIONS TO REGISTER FOR RESALE THE WARRANT SHARES. A COPY OF SUCH
SUBSCRIPTION AGREEMENT IS AVAILABLE FOR INSPECTION AT THE COMPANY'S OFFICE.

THIS WARRANT MAY NOT, IN ANY EVENT, BE TRANSFERRED TO ANY PERSON OR ENTITY THAT
IS NOT AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501, PROMULGATED UNDER
THE ACT.

No.______                                                   For the Purchase of
                                                                   ______Shares

                              KIRLIN HOLDING CORP.
                                     CLASS A
                             REDEEMABLE COMMON STOCK
                                PURCHASE WARRANT

         Kirlin Holding Corp., a Delaware corporation ("Company"), hereby
certifies that, for value received, NAME ("Registered Holder"), or Registered
Holder's registered assigns is entitled, subject to the terms set forth below,
to purchase from the Company, at any time or from time to time during the period
commencing on May 1, 2002 ("Commencement Date") and ending on April 30, 2006,
_____________ ("Initial Number") shares of common stock, $0.0001 par value, of
the Company ("Common Stock"), at an initial exercise price of $1.50. This
Warrant is one of a series of Warrants of even date herewith. The number of
shares of Common Stock purchasable upon exercise of this Warrant, and the
exercise price per share, each as adjusted from time to time pursuant to the
provisions of this Warrant, are hereinafter referred to as the "Warrant Shares"
and the "Exercise Price," respectively.
1.       Exercise.

         (a)   This Warrant may be exercised by the Registered Holder, in whole
or in part, by the surrender of this Warrant (with the Notice of Exercise Form
attached hereto duly executed by such Registered Holder) at the principal office
of the Company, or at such other office or agency as the Company may designate,
accompanied by payment in full, in lawful money of the United States, of an
amount equal to the then applicable Exercise Price multiplied by the number of
Warrant Shares then being purchased upon such exercise.

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         (b)    Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this
Warrant shall have been surrendered to the Company as provided in subsection
1(a) above. At such time, the person or persons in whose name or names any
certificates for Warrant Shares shall be issuable upon such exercise as provided
in subsection 1(c) below shall be deemed to have become the holder or holders of
record of the Warrant Shares represented by such certificates.

         (c)    Within three business days after the exercise of the purchase
right represented by this Warrant, the Company at its expense will use its best
efforts to cause to be issued in the name of, and delivered to, the Registered
Holder, or, subject to the terms and conditions hereof, to such other individual
or entity as such Holder (upon payment by such Holder of any applicable transfer
taxes) may direct:

                (i)   a certificate or certificates for the number of full
shares of Warrant Shares to which such Registered Holder shall be entitled upon
such exercise plus, in lieu of any fractional share to which such Registered
Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof, and

               (ii)   in case such exercise is in part only, a new Warrant or
Warrants (dated the date hereof) of like tenor, stating on the face or faces
thereof the number of shares currently stated on the face of this Warrant minus
the number of such shares purchased by the Registered Holder upon such exercise
as provided in subsection 1(a) above (prior to any adjustments made thereto
pursuant to the provisions of this Warrant).

         (d)   The Company shall not be required upon the exercise of this
Warrant to issue any fractional shares, but shall make an adjustment thereof in
cash on the basis of the last sale price (as defined in Section 3) of the
Company's Common Stock on the trading day immediately prior to the date of
exercise, applicable.

2.       Adjustments. Until this Warrant is exercised or redeemed or expires by
its terms, the following adjustments shall be made:

         (a)    Split, Subdivision or Combination of Shares. If the outstanding
shares of the Company's Common Stock shall be subdivided or split into a greater
number of shares or a dividend in Common Stock shall be paid in respect of
Common Stock, the Exercise Price in effect immediately prior to such subdivision
or at the record date of such dividend shall, simultaneously with the
effectiveness of such subdivision or split or immediately after the record date
of such dividend (as the case may be), be proportionately decreased. If the
outstanding shares of Common Stock shall be combined or reverse split into a
smaller number of shares, the Exercise Price in effect immediately prior to such
combination or reverse split shall, simultaneously with the effectiveness of
such combination or reverse split, be proportionately increased. When any
adjustment is required to be made in the Exercise Price, the number of Warrant
Shares purchasable upon the exercise of this Warrant shall be changed to the
number determined by dividing (i) an amount equal to the number of shares
issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Exercise Price in effect immediately prior to such adjustment,
by (ii) the Exercise Price in effect immediately after such adjustment.

                                       2
<Page>

         (b)    Reclassification, Reorganization, Consolidation or Merger. If
there is any reclassification of the Common Stock (other than a change in par
value or a subdivision or combination as provided for in subsection 2(a) above),
or any reorganization, consolidation or merger of the Company with or into
another entity (other than a merger or reorganization with respect to which the
Company is the continuing corporation and that does not result in any
reclassification of the Common Stock), or a transfer of all or substantially all
of the assets of the Company, or the payment of a liquidating distribution,
then, as part of any such reorganization, reclassification, consolidation,
merger, sale or liquidating distribution, lawful provision shall be made so that
the Registered Holder of this Warrant shall have the right thereafter to receive
upon the exercise hereof (to the extent, if any, still exercisable) the kind and
amount of shares of stock or other securities or property that such Registered
Holder would have been entitled to receive if, immediately prior to any such
reorganization, reclassification, consolidation, merger, sale or liquidating
distribution, as the case may be, such Registered Holder had held the number of
shares of Common Stock that were then purchasable upon the exercise of this
Warrant, provided, that, in the case of any such liquidating distribution, the
value of such property (as reasonably determined by the Company's Board of
Directors) exceeds the Exercise Price. In any such case, appropriate adjustment
(as reasonably determined by the Board of Directors of the Company) shall be
made in the application of the provisions set forth herein with respect to the
rights and interests thereafter of the Registered Holder of this Warrant such
that the provisions set forth in this Section 2 (including provisions with
respect to the Exercise Price) shall thereafter be applicable, as nearly as is
reasonably practicable, in relation to any shares of stock or other securities
or property thereafter deliverable upon the exercise of this Warrant.

         (c)    Price Adjustment. No adjustment in the per share Exercise Price
shall be required unless such adjustment would require an increase or decrease
in the Exercise Price by at least $0.01; provided, however, that any adjustments
that by reason of this subsection are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
under this Section 2 shall be made to the nearest cent or to the nearest 1/100th
of a share, as the case may be.

         (d)    Price Reduction. Notwithstanding any other provision set forth
in this Warrant, at any time and from time to time during the period that this
Warrant is exercisable, the Company in it sole discretion may reduce the
Exercise Price or extend the period during which this Warrant is exercisable.

         (e)    No Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company but will at all
times in good faith assist in the carrying out of all the provisions of this
Section 2 and in the taking of all such actions as may be necessary or
appropriate in order to protect against impairment of the rights of the
Registered Holder of this Warrant to adjustments in the Exercise Price.

         (f)    Notice of Adjustment. Upon the happening of any event requiring
an adjustment of the Exercise Price hereunder, the Company shall give written
notice thereof to the Registered Holder of this Warrant stating the adjusted
Exercise Price and the adjusted number of Warrant Shares resulting from such
event and setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based.

                                       3
<Page>

3.       Redemption. This Warrant may be redeemed by the Company, upon not less
than 30 days' prior written notice to the Registered Holder, at the redemption
price of $0.01 per share for every share of Common Stock purchasable upon
exercise hereof at the time of such redemption ("Redemption Price"), if the last
sale price of a share of Common Stock has been equal to or greater than 150% of
the then Exercise Price on each of the 10 consecutive trading days ending on the
third day prior to the day on which notice of redemption is given to the
Registered Holder; provided, however, that this Warrant may be redeemed only if,
on the date on which notice is given and at all times up to the subsequent date
fixed for redemption, (i) this Warrant is exercisable into shares of Common
Stock registered for resale under the Securities Act pursuant to an effective
and current registration statement, and (ii) the Common Stock subject to this
Warrant is then listed on a national securities exchange, the Nasdaq National
Market or the Nasdaq SmallCap Market or quoted on the NASD OTC Bulletin Board or
similar electronic trading facility. For purposes of this Section 3, "last sale
price" shall mean (i) if the Common Stock is listed on a national securities
exchange or quoted on the Nasdaq National Market or Nasdaq SmallCap Market, the
last sale price of the Common Stock in the principal trading market for the
Common Stock as reported by the exchange or Nasdaq, as the case may be; (ii) if
the Common Stock is not listed on a national securities exchange or quoted on
the Nasdaq National Market or Nasdaq SmallCap Market or the NASD OTC Bulletin
Board, but is traded in the residual over-the-counter market, the closing bid
price for the Common Stock on the last trading day preceding the date in
question for which such quotations are reported by the National Quotation
Bureau, Incorporated or similar publisher of such quotations; and (iii) if the
fair market value of the Common Stock cannot be determined pursuant to clause
(i) or (ii) above, such price as the Board of Directors of the Company shall
determine, in good faith. This Warrant may not be redeemed unless each and every
condition set forth in this Section 3 is satisfied. On and after the date of
redemption the holder shall have only the right to receive $0.01 per share of
Common Stock purchasable upon exercise hereof at the time of such redemption.

4.       Limitation on Sales. Each holder of this Warrant acknowledges that this
Warrant and the Warrant Shares have not been registered under the Securities Act
of 1933, as amended ("Act"), as of the date of issuance hereof and agrees not to
sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant, or any Warrant Shares issued upon its exercise, in the absence of (i)
an effective registration statement under the Act as to this Warrant or such
Warrant Shares, as the case may be, and registration or qualification of this
Warrant or such Warrant Shares, as the case may be, under any applicable Blue
Sky or state securities law then in effect or (ii) an opinion of counsel,
satisfactory to the Company, that such registration and qualification are not
required. In addition, this Warrant may only be transferred to a transferee who
certifies in writing to the Registered Holder and to the Company that such
transferee is an "accredited investor" within the meaning of Rule 501(a)
promulgated by the Securities and Exchange Commission under the Act.

         The Company shall be under no obligation to issue the shares covered by
such exercise unless and until the Registered Holder shall have executed an
investment letter in form and substance satisfactory to the Company, including a
warranty at the time of such exercise that it is then an "accredited investor"
within the meaning of Rule 501(c) promulgated by the Securities and Exchange
Commission under the Act, is acquiring such shares for its own account, and will
not transfer the Warrant Shares unless pursuant to an effective and current
registration statement under the Act or an exemption from the registration
requirements of the Act and any other applicable restrictions, in which event
the Registered Holder shall be bound by the provisions of a legend or legends to
such effect that shall be endorsed upon the certificate(s) representing the
Warrant Shares issued pursuant to such exercise. In such event, the Warrant
Shares issued upon exercise hereof shall be imprinted with a legend in
substantially the following form:

                                       4
<Page>

            This security has been acquired for investment and has not
            been registered under the Securities Act of 1933, as amended,
            or applicable state securities laws. This security may not be
            sold, pledged or otherwise transferred in the absence of such
            registration or pursuant to an exemption therefrom under said
            Act and such laws, supported by an opinion of counsel,
            reasonably satisfactory to the Company and its counsel, that
            such registration is not required.

5.       Registration  Rights of Warrant  Holder.  The Company has agreed to
register this Warrant and the Warrant Shares for resale in accordance with the
Subscription Agreement entered into between the Company and the Registered
Holder.

6.       Notices of Record Date.  In case:

         (a)    the Company shall take a record of the holders of its Common
Stock (or other stock or securities at the time deliverable upon the exercise of
this Warrant) for the purpose of entitling or enabling them to receive any
dividend or other distribution, or to receive any right to subscribe for or
purchase any shares of any class or any other securities, or to receive any
other right, or

         (b)    of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the surviving entity), or any
transfer of all or substantially all of the assets of the Company, or

         (c)    of the voluntary or involuntary dissolution, liquidation or
winding-up of the Company, then, and in each such case, the Company will mail or
cause to be mailed to the Registered Holder of this Warrant a notice specifying,
as the case may be, (i) the date on which a record is to be taken for the
purpose of such dividend, distribution or right, and stating the amount and
character of such dividend, distribution or right, or (ii) the effective date on
which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or such other
stock or securities at the time deliverable upon the exercise of this Warrant)
shall be entitled to exchange their shares of Common Stock (or such other stock
or securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up. Such notice shall be mailed at least fifteen (15)
days prior to the record date or effective date for the event specified in such
notice, provided that the failure to mail such notice shall not affect the
legality or validity of any such action.

7.       Reservation of Stock. The Company will at all times reserve and keep
available, solely for issuance and delivery upon the exercise of this Warrant,
such Warrant Shares and other stock, securities and property, as from time to
time shall be issuable upon the exercise of this Warrant.

8.       Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

                                       5
<Page>

9.       Transfers, etc.

         (a)    The Company (or an agent of the Company) will maintain a
register containing the names and addresses of the Registered Holders of this
Warrant. Any Registered Holder may change its, his or her address as shown on
the warrant register by written notice to the Company requesting such change.

         (b)    Until any transfer of this Warrant is made in the warrant
register, the Company may treat the Registered Holder of this Warrant as the
absolute owner hereof for all purposes; provided, however, that if and when this
Warrant is properly assigned in blank, the Company may (but shall not be
obligated to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

10.      No Rights as Stockholder. Until the exercise of this Warrant, the
Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company.

11.       Successors. The rights and obligations of the parties to this Warrant
will inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors, assigns, pledgees, transferees and purchasers.
Without limiting the foregoing, the registration rights referred to in Section 5
of this Warrant shall inure to the benefit of the Registered Holder and all the
Registered Holder's successors, heirs, pledgees, assignees, transferees and
purchasers of this Warrant and the Warrant Shares.

12.       Change or Waiver. Any term of this Warrant may be changed or waived
only by an instrument in writing signed by the party against whom enforcement of
the change or waiver is sought.

13.      Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

14.      Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York as such laws are applied to
contracts made and to be fully performed entirely within that state between
residents of that state except to the extent the laws of the State of Delaware
mandatorily apply because the Company is incorporated in the State of Delaware.

15.      Jurisdiction and Venue. The Company (i) agrees that any legal suit,
action or proceeding arising out of or relating to this Warrant shall be
instituted exclusively in New York State Supreme Court, County of New York or in
the United States District Court for the Southern District of New York, (ii)
waives any objection to the venue of any such suit, action or proceeding and the
right to assert that such forum is not a convenient forum, and (iii) irrevocably
consents to the jurisdiction of the New York State Supreme Court, County of New
York, and the United States District Court for the Southern District of New York
in any such suit, action or proceeding, and the Company further agrees to accept
and acknowledge service or any and all process that may be served in any such
suit, action or proceeding in New York State Supreme Court, County of New York
or in the United States District Court for the Southern District of New York in
person or by certified mail addressed as provided in the following Section.

                                       6

<Page>

16.       Mailing of Notices, etc. All notices and other communications under
this Warrant (except payment) shall be in writing and shall be sufficiently
given if delivered to the addressees in person, by Federal Express or similar
overnight courier service, or if mailed, postage prepaid, by certified mail,
return receipt requested, as follows:

Registered Holder:                    To his or her last  known  address as
                                      indicated on the Company's books and
                                      records.

The Company:                          Kirlin Holding Corp.
                                      6901 Jericho Turnpike
                                      Syosset, New York 11791
                                      Attention: President

In either case, with a copy to:       Graubard Miller
                                      600 Third Avenue
                                      New York, New York  10016
                                      Attn: Peter M. Ziemba, Esq.
                                      Fax: (212) 818-8881

or to such other address as any of them, by notice to the others, may designate
from time to time. Notice shall be deemed given (a) when personally delivered,
(b) the scheduled delivery date if sent by Federal Express or other overnight
courier service or (c) the fifth day after sent by certified mail.

Executed this 30th day of October, 2001.

                              Kirlin Holding Corp.

                              By: ______________________________
                                  Name:
                                  Title:

                                       7
<Page>

                               Notice of Exercise
                     To Be Executed by the Registered Holder
                          In Order to Exercise Warrants

         The undersigned Registered Holder hereby irrevocably elects to exercise
______ Warrants represented by this Warrant, and to purchase the shares of
Common Stock issuable upon the exercise of such Warrants, and requests that
certificates for such shares of Common Stock shall be issued in the name of

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

-------------------------------------
|                                    |
-------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                     (please print or type name and address)

and be delivered to

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                     (please print or type name and address)

and if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Registered Holder
at the address stated below.

Dated: ____________________       _____________________________________________
                                 (Signature of Registered Holder)

                                 ______________________________________________

                                 ______________________________________________
                                 (Address)

                                 ______________________________________________
                                 (Taxpayer Identification Number)

                                 ______________________________________________
                                 Signature Guaranteed

THE SIGNATURE ON THE EXERCISE FORM OR THE ASSIGNMENT FORM MUST CORRESPOND TO THE
NAME AS WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
MIDWEST STOCK EXCHANGE.

                                       8
<Page>

                                 ASSIGNMENT FORM
                     To be executed by the Registered Holder
                           In order to Assign Warrants

FOR VALUE RECEIVED,____________________________________ hereby sell, assigns
and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

-------------------------------------
|                                    |
-------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

-------------------------------------------------------------------------------
                     (please print or type name and address)

______________________ of the Warrants represented by this Warrant, and hereby
irrevocably constitutes and appoints ________________________ Attorney to
transfer this Warrant on the books of the Company, with full power of
substitution in the premises.

Dated: ____________________        ____________________________________________
                                  (Signature of Registered Holder)

                                   _____________________________________________
                                  (Signature Guaranteed)

THE SIGNATURE ON THE EXERCISE FORM OR THE ASSIGNMENT FORM MUST CORRESPOND TO THE
NAME AS WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
MIDWEST STOCK EXCHANGE.

                      CERTIFICATION OF STATUS OF TRANSFEREE
                TO BE EXECUTED BY THE TRANSFEREE OF THIS WARRANT

         The undersigned transferee hereby certifies to the registered Holder
and to Kirlin Holding Corp.. that the transferee is an "accredited investor"
within the meaning of Rule 501 of Regulation D promulgated under the Securities
Act of 1933, as amended.

Dated: ____________________        ____________________________________________
                                  (Signature of Registered Holder)

                                       9

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