Document:

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                                                                   EXHIBIT 10.22

     THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF
     HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY
     NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE
     TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
     UNDER THE SECURITIES ACT OF 1933, OR AN OPINION OF COUNSEL
     REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
     REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER
     SUCH ACT.

                       WARRANT TO PURCHASE COMMON STOCK
                                      of
                               PETOPIA.COM, INC.

                          Void after January 21, 2005

          This Warrant is issued to NBC-PETO Holding, Inc. ("NBC") ("Holder") by
Petopia.com, Inc., a Delaware corporation (the "Company"), on January 21, 2000
(the "Warrant Issue Date").  This Warrant is issued in consideration of NBC's
execution and delivery of that certain Letter Agreement, dated as of the date
hereof by and between the Company and NBC (the "Letter Agreement").

1.   Purchase Shares.  Subject to the terms and conditions hereinafter set
     ---------------
forth, the Holder is entitled, upon surrender of this Warrant at the principal
office of the Company (or at such other place as the Company shall notify the
holder hereof in writing), to purchase from the Company Nine Hundred Seventeen
Thousand Seven Hundred Forty Nine (917,749) fully paid and nonassessable shares
of Common Stock of the Company, as constituted on the Warrant Issue Date (the
"Common Stock").  The number of shares of Common Stock issuable pursuant to this
Section 1 (the "Shares") shall be subject to adjustment pursuant to Section 8
hereof.

2.   Exercise Price.  The purchase price for the Shares shall be equal to $7.50,
     --------------
as adjusted from time to time pursuant to Section 8 hereof (the "Exercise
Price").  The purchase price shall be payable in cash.

3.   Exercise Period.  This Warrant shall be exercisable, in whole or in part,
     ---------------
during the term commencing on the Warrant Issue Date and ending at 5:00 p.m. on
January 21, 2005 (the "Expiration Date").
                       ---------------

4.   Method of Exercise.  While this Warrant remains outstanding and exercisable
     ------------------
in accordance with Section 3 above, the Holder may exercise, in whole or in
part, the purchase rights evidenced hereby.  Such exercise shall be effected by:

     (a)  the surrender of the Warrant, together with a duly executed copy of
the form of Notice of Exercise attached hereto, on or prior to the Expiration
Date, to the Secretary of the Company at its principal offices; and
<PAGE>

     (b)  the payment to the Company of an amount equal to the aggregate
Exercise Price for the number of Shares being purchased immediately following
the later of (i) delivery of the Notice of Exercise or (ii) termination or
expiration of any waiting period under the HSR Act (as defined below), if
applicable.

If the Warrant shall be exercised for less than the total number of shares of
Common Stock then issuable upon exercise, promptly after surrender of the
Warrant upon such exercise (but no later than twenty (20) days after such
surrender), the Company will execute and deliver a new Warrant, dated the date
hereof, evidencing the right of the Holder to the balance of the Common Stock
purchasable hereunder upon the same terms and conditions set forth herein.
Notwithstanding anything to the contrary contained herein, the Holder may elect
to receive a net issuance of Common Stock pursuant to Section 5 when converting
this Warrant in part.

Notwithstanding anything to the contrary contained herein, following NBC's
delivery of the Notice of Exercise to the Company on or prior to the Expiration
Date, NBC and the Company party shall use their reasonable commercial efforts to
take promptly, or cause to be taken, all actions, and to do promptly, or cause
to be done, all things necessary, proper or advisable under applicable laws and
regulations to consummate and make effective the delivery of the Common Stock,
to obtain all necessary waivers, consents and approvals and to effect all
necessary registrations and filings, including, without limitation and to the
extent applicable, an appropriate filing of a Notification and Report Form
pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(the "HSR Act") with respect to the transactions contemplated hereby, and to
remove any injunctions or other impediments or delays, legal or otherwise, in
order to consummate and make effective the transactions contemplated by this
Warrant; provided that neither NBC, the Company nor any of their Affiliates
shall be required to make any disposition, including, without limitation, any
disposition of, or any agreement to hold separate, any subsidiary, asset or
business, and neither NBC, the Company nor any of their Affiliates shall be
required to make any payment of money (other than the payment of filing fees and
legal expenses) nor shall any party or its Affiliates be required to comply with
any condition or undertaking or take any action which, individually or in the
aggregate, would, in the case of NBC, materially and adversely affect the
economic benefits to NBC of this Warrant or in the case of the Company,
materially and adversely affect the business of the Company.

5.   Net Exercise.  In lieu of exercising this Warrant pursuant to Section 4,
     ------------
the Holder may elect to receive, without the payment by the Holder of any
additional consideration, shares of Common Stock equal to the value of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at
the principal office of the Company together with the Notice of Exercise, in
which event the Company shall issue to the holder hereof a number of shares of
Common Stock computed using the following formula:

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

Where:    X =  The number of shares of Common Stock to be issued to the Holder
               pursuant to this net exercise;

                                       2
<PAGE>

          Y =  The number of Shares in respect of which the net issue election
               is made;

          A =  The fair market value of one share of the Common Stock at the
               time the net issue election is made;

          B =  The Exercise Price (as adjusted to the date of the net issuance).

For purposes of this Section 5, the fair market value of one share of Common
Stock as of a particular date shall be determined as follows:  (i) if traded on
a securities exchange or through the Nasdaq National Market, the value shall be
deemed to be the closing price of the securities on such exchange on the trading
day immediately preceding the date of delivery of the Notice of Exercise (it
being understood that the original Warrant may be surrendered on the subsequent
day if such original Warrant is provided to an overnight courier service (eg,
Federal Express) on the date of delivery of such Notice); (ii) if traded over-
the-counter, the value shall be deemed to be the average of the closing bid or
sale prices (whichever is applicable) on the trading day immediately preceding
the date of delivery of the Notice of Exercise (it being understood that the
original Warrant may be surrendered on the subsequent day if such original
Warrant is provided to an overnight courier service (eg, Federal Express) on the
date of delivery of such Notice); and (iii) if there is no public market for the
Common Stock, the value shall be the fair market value thereof, as determined in
good faith by the Board of Directors of the Company.  Notwithstanding the
foregoing, if the Warrant is being exercised upon the closing of the Company's
initial underwritten public offering of common stock (the "IPO"), the value will
be the initial "Price to Public" of one share of such Common Stock specified in
the final prospectus with respect to such offering.

6.   Certificates for Shares.  Upon the exercise of the purchase rights
     -----------------------
evidenced by this Warrant, one or more certificates for the number of Shares so
purchased shall be issued as soon as practicable thereafter (with appropriate
restrictive legends, if applicable), and in any event within the later of (a)
twenty (20) days of the delivery of the Notice of Exercise or (b) three (3) days
after the expiration or termination of any waiting period under the HSR Act.

7.   Issuance of Shares.  The Company covenants that the Shares, when issued
     ------------------
pursuant to the exercise of this Warrant, will be duly and validly issued, fully
paid and nonassessable and free from all taxes, liens and charges with respect
to the issuance thereof.  The Company shall pay all taxes and any and all United
States federal, state and local taxes and other charges that may be payable in
connection with the preparation, issuance and delivery of the certificates
representing Common Stock issued hereunder.

8.   Adjustment of Exercise Price and Number of Shares.  The number of and kind
     -------------------------------------------------
of securities purchasable upon exercise of this Warrant and the Exercise Price
shall be subject to adjustment from time to time as follows:

          (a)  Subdivisions, Combinations and Other Issuances.  If the Company
               ----------------------------------------------
     shall at any time prior to the expiration of this Warrant subdivide its
     Common Stock, by split or otherwise, or combine its Common Stock, or issue
     additional shares of its Common Stock as a dividend with respect to any
     shares of its

                                       3
<PAGE>

     Common Stock, the number of Shares issuable on the exercise of this Warrant
     shall forthwith be proportionately increased in the case of a subdivision
     or stock dividend, or proportionately decreased in the case of a
     combination. Appropriate adjustments shall also be made to the Exercise
     Price, but the aggregate Exercise Price for the total number of Shares
     purchasable under this Warrant (as adjusted) shall remain the same. Any
     adjustment under this Section 8(a) shall become effective at the close of
     business on the date the subdivision or combination becomes effective, or
     as of the record date of such dividend, or in the event that no record date
     is fixed, upon the making of such dividend.

          (b)  Reclassification, Reorganization and Consolidation.  In case of
               --------------------------------------------------
     any reclassification, capital reorganization, merger, consolidation or
     other change in the Common Stock of the Company (other than as a result of
     a subdivision, combination or stock dividend provided for in Section 8(a)
     above), then, as a condition of such reclassification, reorganization,
     merger, consolidation or other change, lawful provision shall be made, and
     duly executed documents evidencing the same from the Company or its
     successor shall be delivered to the Holder, so that the Holder shall have
     the right at any time prior to the expiration of this Warrant to purchase,
     at a total price equal to that payable upon the exercise of this Warrant,
     the kind and amount of shares of stock and other securities and property
     receivable in connection with such reclassification, reorganization, merger
     or change by a holder of the same number of shares of Common Stock as were
     purchasable by the Holder immediately prior to such reclassification,
     reorganization, merger or change. In any such case appropriate provisions
     shall be made with respect to the rights and interest of the Holder so that
     the provisions hereof shall thereafter be applicable with respect to any
     shares of stock or other securities and property deliverable upon exercise
     hereof, and appropriate adjustments shall be made to the Exercise Price
     hereunder, provided the aggregate Exercise Price shall remain the same.

          (c)  No Impairment.  The Company shall not, by amendment of its
               -------------
     Certificate of Incorporation or through a 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 under this
     Warrant by the Company, but shall at all times in good faith assist in
     carrying out of all the provisions of this Section 8 and in taking all such
     action as may be necessary or appropriate to protect the Holder's rights
     under this Section 8 against impairment. If the Company takes any action
     affecting Common Stock other than as described above that adversely affects
     Holder's rights under this Warrant, the Exercise Price shall be adjusted
     downward.

                                       4
<PAGE>

          (d)  Notice.  Upon any adjustment of the Exercise Price and any
               ------
     increase or decrease in the number of shares of Common Stock purchasable
     upon the exercise or conversion of this Warrant, then, and in each such
     case, the Company, as promptly as practicable thereafter, shall give
     written notice thereof to the Holder of this Warrant at the address of such
     Holder as shown on the books of the Company which notice shall state the
     Exercise Price as adjusted and the increased or decreased number of shares
     purchasable upon the exercise or conversion of this Warrant, setting forth
     in reasonable detail the method of calculation of each.

9.   No Fractional Shares or Scrip.  No fractional shares or scrip representing
     -----------------------------
fractional shares shall be issued upon the exercise of this Warrant, but in lieu
of such fractional shares the Company shall make a cash payment therefor on the
basis of the Exercise Price then in effect.

10.  No Stockholder Rights.  Prior to exercise of this Warrant, the Holder shall
     ---------------------
not be entitled to any rights of a stockholder with respect to the Shares,
including (without limitation) the right to vote such Shares, receive dividends
or other distributions thereon, exercise preemptive rights or be notified of
stockholder meetings, and such holder shall not be entitled to any notice or
other communication concerning the business or affairs of the Company.  However,
nothing in this Section 10 shall limit the right of the Holder to be provided
the Notices required under this Warrant.

11.  Transfers of Warrant.  This Warrant and all rights hereunder may not be
     --------------------
transferred by Holder either in whole or in part; provided, however, that
subject to compliance with applicable federal and state securities laws, and
upon written notice to the Company, Holder may transfer this Warrant in whole
(i) to a wholly-owned subsidiary of the Holder, (ii) to an entity or corporation
that acquires all or substantially all of the assets of the Holder, or (iii) to
the surviving corporation of a merger or consolidation of the Holder as a result
of which the stockholders of the Holder immediately prior to such transaction
hold less than fifty percent (50%) of the voting power of the surviving
corporation.  The transfer shall be recorded on the books of the Company upon
the surrender of this Warrant, properly endorsed, to the Company at its
principal offices, and the payment to the Company of all transfer taxes and
other governmental charges imposed on such transfer.

12.  Successors and Assigns.  The terms and provisions of this Warrant shall
     ----------------------
inure to the benefit of, and be binding upon, the Company and the Holders hereof
and their respective successors and assigns.

13.  Amendments and Waivers.  Any term of this Warrant may be amended and the
     ----------------------
observance of any term of this Warrant may be waived (either generally or in a
particular instance and either retroactively or prospectively), with the written
consent of the Company and the Holder.  Any waiver or amendment effected in
accordance with this Section shall be binding upon each holder of any Shares
purchased under this Warrant at the time outstanding (including securities into
which such Shares have been converted), each future holder of all such Shares,
and the Company.

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<PAGE>

14.  Notices.  All notices required under this Warrant shall be deemed to have
     -------
been given or made for all purposes (i) upon personal delivery, (ii) upon
confirmation receipt (or oral confirmation) that the communication was
successfully sent to the applicable number if sent by facsimile; (iii) one day
after being sent, when sent by professional overnight courier service, or (iv)
five days after posting when sent by registered or certified mail.  Notices to
the Company shall be sent to the principal office of the Company (or at such
other place as the Company shall notify the Holder hereof in writing).  Notices
to the Holder shall be sent to the address of the Holder on the books of the
Company (or at such other place as the Holder shall notify the Company hereof in
writing).

15.  Reservation of Stock.  On and after the Warrant Issuance Date, the Company
     --------------------
will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of Common Stock upon the exercise of this
Warrant.  Issuance of this Warrant shall constitute full authority to the
Company's officers who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for shares of Common Stock
issuable upon the exercise or conversion of this Warrant.

16.  Captions.  The section and subsection headings of this Warrant are inserted
     --------
for convenience only and shall not constitute a part of this Warrant in
construing or interpreting any provision hereof.

17.  Representation and Warranties.  The Company hereby makes all the
     -----------------------------
representations and warranties set forth in Section 2 of the Series D Preferred
Stock Purchase Agreement dated November 29, 1999, as amended on the date hereof,
by and among the Company, the Holder and certain other investors, except as set
forth on a Schedule of Exceptions attached thereto as Exhibit C.
                                                      ---------

18.  Loss, Theft, Destruction or Mutilation of Warrant.  Upon receipt by the
     -------------------------------------------------
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it,  and upon
surrender and cancellation of this Warrant, if mutilated, the Company will make
and deliver a new Warrant of like tenor and dated as of such cancellation or
delivery, in lieu of this Warrant.

19.  Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the
     ---------------------------------
taking of any action or the expiration of any right required or granted herein
shall be a Saturday or a Sunday or shall be a legal holiday in San Francisco,
California,  then such action may be taken or such right may be exercised on the
next succeeding day not a legal holiday in San Francisco, California.

20.  Governing Law.  This Warrant shall be governed by the laws of the State of
     -------------
California as applied to agreements among California residents made and to be
performed entirely within the State of California.

                                       6
<PAGE>

          IN WITNESS WHEREOF, Petopia.com, Inc. caused this Warrant to be
executed by an officer thereunto duly authorized.

                                        PETOPIA.COM, INC.

                                        By: /s/ Andrea C. Reisman
                                            ---------------------------------
                                        Name:  Andrea C. Reisman
                                        Title: Chief Executive Officer<PAGE>

                                                                   EXHIBIT 10.23

                             EXPLANATORY ADDENDUM
                      TO STOCK PURCHASE WARRANT SERIES B
                                   NO. B-___

                               January 18, 2000

     In connection with the merger (the "Merger") of C/R Catalog Corp. (the
"Company") with and into ICOD Acquisition Corp. ("Petopia Sub"), a Delaware
corporation and wholly owned subsidiary of Petopia.com, Inc., a Delaware
corporation ("Petopia"), pursuant to an Agreement and Plan of Merger, dated
December 29, 1999 (the "Merger Agreement"), by and among Petopia, Petopia Sub
and the Company, this warrant has become exercisable at a price based on
Petopia's Series E Preferred Stock.

     Accordingly, this warrant for the purchase of the Company's Common Stock
has become a warrant for the purchase of the consideration paid and payable by
Petopia in the Merger. The consideration in the Merger included cash, a
promissory note and shares of Petopia Series E Preferred Stock. Upon your full
exercise of this warrant, you will be entitled to receive:

     1.   Up to ______ shares of Petopia Series E Preferred Stock;

     2.   $____________, and

     3.   Up to $____________ (in promissory note if you exercise prior to June
          18, 2000, or cash if you exercise thereafter).

Note that Item I may be decreased because certain of the shares subject to this
warrant are also subject to the Escrow and Indemnity Agreement pursuant to which
certain warrant shares may be "reclaimed" by Petopia upon the occurrence of
indemnifiable breaches by the Company of its representations and warranties in
the Merger Agreement.

Item 3 will be decreased by any legal and accounting expenses that the Company
has 'incurred beyond amounts that Petopia agreed to pay pursuant to the Merger
Agreement.

     Your per share exercise price will be the stated value per share of Petopia
Series E Preferred Stock ($5.6061 per share).

                                    PETOPIA.COM, INC,
<PAGE>

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY STATE, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF REGISTRATION OR DELIVERY OF AN OPINION OF COUNSEL OR OTHER EVIDENCE
SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER ALL
APPLICABLE SECURITIES LAWS IS AVAILABLE.

                               C/R CATALOG CORP.

                        Stock Purchase Warrant Series B
                           Expiring October 29, 2004

No. B-___                                                     October 29, 1999

     C/R CATALOG CORP., a Delaware corporation (the "Company"), for value
received, hereby certifies that ________________, is entitled, subject to the
conditions, restrictions and limitations set forth herein, to purchase from the
Company, in whole or in part, at any time following any Exercise Event (as
hereinafter defined) and prior to 5:00 p.m.  New York time on October 29, 2004
(the "Expiration Date"), up to a maximum of _______ duly authorized, validly
issued, fully paid and nonassessable shares of Common Stock (the "Issuable
Common Stock"), par value $.01 per share (the "Common Stock"), of the Company at
the market value, which is determined by the applicable Exercise Event as
defined herein (the "Purchase Price Per Share"), all subject to the terms,
conditions, restrictions and limitations set forth below in this Warrant.

     This Warrant is one of the Common Stock Purchase Warrants Series B (the
"Warrants", such term to include all Warrants issued in substitution therefor)
originally issued by the Company to purchase an aggregate of a maximum of
165,002 shares of Common Stock, or Other Securities (as hereafter defined), of
the Company, subject to adjustment as provided in Section 1.1 and Section 2.
Certain capitalized terms used in this Warrant are defined in Section 6 hereof;
references to an "Exhibit" are, unless other-wise specified, to one of the
Exhibits attached to this Warrant and references to a "Section" are, unless
otherwise specified, to one of the Sections of this Warrant.

SECTION 1.  EXERCISE OF WARRANT.
            -------------------

     Section 1.1  Manner of Exercise.  This Warrant may be exercised by the
                  ------------------
holder hereof, in whole or in part, at any time and from time to time, following
an Exercise Event during normal business hours on any Business Day prior to 5:00
p.m., New York, New York time on the Expiration Date by surrender of this
Warrant to the Company at the office of the Company pursuant to Section 9,
accompanied by a subscription in substantially the form annexed hereto duly
executed by such holder and by payment by immediately available funds or
personal check payable to the order of the Company, in the amount obtained by
multiplying (a) the number of shares of Issuable Common Stock, as may be
adjusted below, designated in such subscription by (b) the Purchase Price Per
Share, whereupon such holder shall be entitled to receive the number
<PAGE>

of duly authorized, validly issued, fully paid and nonassessable shares of
Common Stock. For purposes of this Warrant, an Exercise Event is defined as the
first to occur of any of the following events:

     (i)   venture capital funding (or other equity based financing) is obtained
which results in (a) gross cash proceeds received by the Company of not less
than one million dollars ($1,000,000) (referred to as "Capital Funding") and (b)
a valuation of the Company (the "Valuation Sum"), determined by the Capital
Funding which such determination shall be binding upon the holder of this
Warrant, equal to or greater than fifteen million dollars ($15,000,000) without
taking into account the proceeds of the Capital Funding; or

     (ii)  an initial registered public offering of the Company's Common Stock;
or

     (iii) (a)  a bona fide sale to a third Person in a single or series of
related transactions by the shareholders of the Company of more than fifty
percent (50%) of the voting stock of the Company; (b) a merger or consolidation
in which the Company is a party wherein the shareholders of the Company
immediately before the transaction do not retain immediately after the
transaction, in substantially the same proportions as their ownership of shares
of the Company's voting stock immediately before the transaction, direct or
indirect beneficial ownership of more than fifty percent (50%) of the total
combined voting power of the outstanding voting stock of the Company or the
Person or Persons to which the assets of the Company were transferred, as the
case may be; or (c) the sale, exchange, or transfer of all or substantially all
of the assets of the Company.

Provided, however, in the event that the Valuation Sum defined in Section
------------------
1.1(i)(b) is greater than ten million dollars ($10,000,000), but less than
fifteen million dollars ($15,000,000), this Warrant shall be exercisable to
purchase that number of shares of Common Stock equal to the product of (w) the
Valuation Sum minus $10,000,000, divided by $5,000,000, and multiplied by (x)
the Issuable Common Stock,

     Section 1.2  When Exercise Effective.  Each exercise of this Warrant shall
                  -----------------------
be deemed to have been effected immediately prior to the close of business on
the Business Day on which this Warrant shall have been surrendered to the
Company as provided in Section 1.1, and at such time the person or persons in
whose name or names any certificate or certificates for shares of Common Stock
shall be issuable upon such exercise as provided in Section 1.3 shall be deemed
to become the holder or holders of record thereof.

     Section 1.3  Delivery of Stock Certificates, etc.  As soon as practicable
                  ------------------------------------
after the exercise of this Warrant, in whole or in part, and in any event within
ten Business Days thereafter (except as provided in Section 1.7 below), the
Company at its expense (including the payment by it of any applicable issue
taxes) will cause to be issued in the name of and delivered to the holder hereof
or, subject to Section 3.3, as such holder (upon payment, by such holder of any
applicable transfer taxes) may direct, a certificate or certificates (bearing
the restrictive legend set forth in Section 3) for the number of duly
authorized, validly issued, fully paid and nonassessable shares of Common Stock
to which such holder shall be entitled upon such exercise.

                                      -2-
<PAGE>

     Section 1.4  Maintenance of Shares.  The Company will at all times maintain
                  ---------------------
a sufficient number of authorized shares of Common Stock, free of liens and
preemptive rights or other options to purchase, to provide for the exercise of
this Warrant.

     Section 1.5  Replacement Warrants.  If this Warrant should be exercised in
                  --------------------
part only, the Company shall, upon surrender of this Warrant, execute and
deliver a new Warrant evidencing the rights of the holder thereof to purchase
the balance of the shares of Issuable Common Stock purchasable hereunder.

     Section 1.6  Other Securities.  In the event of a Capital Funding, the
                  ----------------
holder hereof shall have the right to convert this Warrant (in lieu of the
conversion to Issuable Common Stock hereunder) into the kind of stock or
securities (the "Other Securities"), provided that such Other Securities have a
feature allowing conversion to Common Stock, issued in connection with such
Capital Funding, equal in number to (a) the total number of shares of Issuable
Common Stock issuable hereunder or (b) if the Other Securities are convertible
into Common Stock at a conversion ratio other than 1:1 as of the original date
of issuance of the Other Securities, then the number of Other Securities that,
on an as-converted to Common Stock basis (at the conversion rate existing on the
original date of issuance of such Other Securities), is equal to the total
number of shares of Issuable Common Stock issuable upon conversion of this
Warrant, at the most favorable price and favorable terms as such Other
Securities issued to the Persons investing in the Capital Funding, unless a
majority of the holders of these Warrants waive their rights under this Section
1.6, which shall be effective to all holders of these Warrants.

     In the event this Warrant becomes exercisable for Other Securities, then
any references herein to Issuable Common Stock shall refer to the Other
Securities.

     Section 1.7  Cashless Exercise.  The holder of this Warrant shall have the
                  -----------------
right upon the exercise of this warrant to surrender for cancellation a portion
of this Warrant to the Company for the number of shares (the "Surrendered
Shares") specified in the holder's subscription delivered to the Company
pursuant to Section 1.1, by delivery to the Company with such subscription
written instructions from such holder to apply the "Appreciated Value" (as
defined below) of the Surrendered Shares to payment of the Warrant Price for
shares subject to this Warrant that were not surrendered for cancellation.  The
term "Appreciated Value" shall mean the excess of (a) the fair market value; of
one share of Issuable Common Stock, as determined in good faith by the Board of
Directors of the Company, or the closing price of the Common Stock if publicly
traded, at the time of exercise under this Section 1.7, over (b) the Purchase
Price Per Share.  Upon any exercise pursuant to this Section 1.7, the Company
shall deliver stock certificates as provided in Section 1.3 within ten Business
Days after determination of the Appreciated Value.

     Section 1.8  Automatic Exercise.  If this Warrant shall not have been
                  ------------------
exercised in full on or before the Expiration Date, then this Warrant shall be
automatically exercised, without further action on the part of the holder
hereof, in full (and the holder hereof shall be deemed to be a holder of the
Issuable Common Stock issued upon such automatic exercise) on and as of the day
of the Expiration Date, unless at any time on or before such Expiration Date,
the holder hereof shall notify the Company in writing that no such automatic
exercise is to occur.  Payment

                                      -3-
<PAGE>

of the exercise price due in connection with any such automatic exercise
pursuant to this Section 1.8 shall be made by application of the cashless
exercise feature set forth in Section 1.7. As promptly as practicable following
such automatic exercise, and in any event within the time period provided for in
Section 1.7, the Company shall cause to be issued and delivered to the holder
hereof a certificate registered in the name of such holder representing the
shares of Issuable Common Stock available for issuance in connection with such
automatic exercise of this Warrant minus the number of shares of Issuable Common
Stock applied in payment of the exercise price in accordance with Section 1.7.

SECTION 2      ADJUSTMENT, DILUTION OR IMPAIRMENT.
               ----------------------------------

     Section 2.1  Reclassification; Merger.  In the event, while this Warrant
                  ------------------------
shall remain outstanding, there shall be any consolidation or merger of the
Company with another corporation (other than a merger with another corporation
in which the Company is a continuing corporation and which does not result in
any reclassification or change of outstanding securities issuable upon exercise
of this Warrant), or a sale to another corporation of all or substantially all
of the property of the Company (otherwise than for a consideration which, apart
from the assumption of liabilities, consists entirely of cash), or any
transaction in which in excess of 50% of the Company's voting power is
transferred pursuant to a bona fide sale, or a reclassification of the Common
Stock of the Company into securities including other than Common Stock, the
holder of this Warrant shall thereafter have the right to convert this Warrant
into the kind and amount of shares of stock and other securities and property
receivable upon such consolidation, sale, merger or reclassification by a holder
of the number of shares of Common Stock into which this Warrant could have been
converted immediately prior to such consolidation, merger or reclassification.
The instruments effecting such consolidation, sale, merger or reclassification,
and, where appropriate, the certificate of incorporation of the surviving or
resulting or purchasing corporation shall provide for such conversion rights and
for adjustments which shall be as nearly as equivalent as practical to the
adjustments provided for in this Section 2, and the provisions of this paragraph
2.1 shall similarly apply to successive consolidations, mergers, sales or
reclassifications.  In case securities or property other than Common Stock shall
be issuable or deliverable upon conversion as aforesaid, then all references to
Common Stock in this Section 2.1 shall be deemed to apply, so far as appropriate
and as nearly as may be, to such other securities or property.

     Section 2.2  Subdivision or Combination of Issuable Common Stock.  If the
                  ---------------------------------------------------
Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its Common Stock, the Purchase Price Per Share shall be
adjusted (to the nearest $.01) and proportionately increased in the case of a
subdivision or decreased in the case of a combination from and after the date of
determination of shareholders entitled to receive such dividend or distribution,
to that price determined by multiplying the Purchase Price Per Share in effect
immediately prior to such date of determination by a fraction (i) the numerator
of which shall be the total number of shares of stock outstanding immediately
prior to such dividend or distribution, and (ii) the denominator of which shall
be the total number of shares of stock outstanding immediately after such
dividend or distribution.
                                      -4-
<PAGE>

     Section 2.3  Stock Dividends.  If the Company at any time while this
                  ---------------
Warrant is outstanding and unexpired shall pay a dividend with respect to stock
payable in, or make any other distribution with respect to Common Stock (except
any distribution specifically provided for in the foregoing Section 2.1 and 2.2
or in accordance with an Exercise Event) of, Common Stock, then the Purchase
Price Per Share shall be adjusted (to the nearest $.01), from and after the date
of determination of shareholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Purchase Price Per
Share in effect immediately prior to such date of determination by a fraction
(i) the numerator of which shall be the total number of shares of stock
outstanding immediately prior to such dividend or distribution, and (ii) the
denominator of which shall be the total number of shares of stock outstanding
immediately after such dividend or distribution.

     Section 2.4  Adjustment of Number of Shares of Issuable Common Stock.  Upon
                  -------------------------------------------------------
each adjustment in either Section 2.2 or 2.3, the number of shares of stock
purchasable hereunder shall be adjusted, to the nearest whole share, to the
product obtained by multiplying the number of shares of Issuable Common Stock
purchasable hereunder immediately prior to such adjustment by a fraction (i) the
numerator of which shall be the Purchase Price Per Share immediately prior to
such adjustment, and (ii) the denominator of which shall be the Purchase Price
Per Share immediately after the adjustment pursuant to Section 2.2 or 2.3.

     Section 2.5  Fractional Shares.  No fractional shares of Issuable Common
                  -----------------
Stock will be issued in connection with any exercise hereunder, and all
fractional shares shall be rounded up to the nearest whole share.

SECTION 3 RESTRICTIVE LEGENDS; RESTRICTIONS ON TRANSFER; STOCKHOLDERS' AGREEMENT
          ----------------------------------------------------------------------

     Section 3.1  Restrictive Legends.  Each Warrant originally issued pursuant
                  -------------------
to the Agreement and each Warrant issued upon direct or indirect transfer or in
substitution for any Warrant pursuant to Section 4 shall be stamped or otherwise
imprinted with a legend in substantially the following form:

          "THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE
     OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS
     OF ANY STATE, AND THE UNDERLYING SHARES ARE SUBJECT TO A
     SHAREHOLDER AGREEMENT DATED JULY 2,1999, AS AMENDED, AND MAY
     NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
     REGISTRATION OR DELIVERY OF AN OPINION OF COUNSEL OR OTHER
     EVIDENCE SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM
     REGISTRATION UNDER ALL APPLICABLE SECURITIES LAWS IS
     AVAILABLE."

Unless at any time shares of Common Stock to be represented by certificates
issued hereunder are registered under the Securities Act, each certificate for
Common Stock issued upon the exercise of any Warrant, and each certificate
issued upon the direct or indirect transfer of any
                                      -5-
<PAGE>

such Common Stock, shall be stamped or otherwise imprinted with a legend in
substantially the following form:

          "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
     STATE, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE
     ABSENCE OF REGISTRATION OR DELIVERY OF AN OPINION OF COUNSEL OR
     OTHER EVIDENCE SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM
     REGISTRATION UNDER ALL APPLICABLE SECURITIES LAWS IS AVAILABLE."

     Section 3.3  Restrictions on Transfer.  A holder of a Warrant may not
                  ------------------------
transfer a Warrant unless the transfer is exempt from the registration
requirements of the Securities Act and all applicable state securities laws and
the transfer would not adversely affect the exemption from any such registration
requirements relied upon by the Company in the original issuance of the
Warrants.  A holder of a Warrant agrees, prior to any transfer or attempted
transfer of such Warrant, to give written notice to the Company of such holder's
intention to effect such transfer not less than 10 Business Days prior to the
date of such transfer.  Each such notice shall describe the manner and
circumstances of the proposed transfer in sufficient detail and shall contain an
undertaking by the person giving such notice to furnish such other information
as may be reasonably required to enable counsel to the Company to determine
whether an opinion of counsel with regard to the availability of an exemption
from such registration will be required to be provided with regard to such
proposed transfer.  If an opinion of counsel or other evidence to the effect
that the proposed transfer of such Warrant may be effected without registration
under the Securities Act or any state securities laws is determined to be
required, the Company will, as promptly as practicable, so inform the proposed
transferor.  If, upon provision of such opinion or other evidence, such opinion
of counsel or other evidence is acceptable to counsel for the Company in its
reasonable discretion, the Company shall, as promptly as practicable, so notify
the holder of such Warrant or in writing and such holder shall thereupon be
entitled to transfer such Warrant in accordance with the terms of the notice
delivered by such holder to the Company.  Provided, however, that no opinion of
counsel shall be necessary with respect to transfers made to existing
shareholders of the Company and notice thereof shall be provided to the Company
as soon as reasonably practicable.

     If such opinion of counsel or other evidence is not acceptable to counsel
for the Company in its reasonable discretion, the Company shall, as promptly as
practicable, so notify the holder of such Wan-ant (such notice to include the
reasons for the Company's determination that such opinion is not acceptable),
and the Company shall not be obligated to effect such transfer of the Warrants
except pursuant to an offering registered under the Securities Act and any
applicable state securities laws.

SECTION 4 OWNERSHIP, TRANSFER AND SUBSTITUTION OF WARRANTS.
          ------------------------------------------------

     Section 4.1  Ownership of Warrants.  The Company may treat the person in
                  ---------------------
whose name any Warrant is registered on the register kept at the principal
office of the Company as the owner and holder thereof for all purposes,
notwithstanding any notice to the contrary, except that,

                                      -6-
<PAGE>

if and when any Warrant is properly assigned in blank, the Company may (but
shall not be obligated to) treat the bearer thereof as the owner of such Warrant
for all purposes, notwithstanding any notice to the contrary. Subject to Section
3, a Warrant, if properly assigned, may be exercised by a new holder without
first having a new Warrant issued.

     Section 4.2  Office; Transfer and Exchange of Warrants.  The Company will
                  -----------------------------------------
maintain an office where notices, presentations and demands in respect of this
Warrant may be made upon it.  Such office shall be maintained at the principal
office of the Company in New York, New York, as set forth in Section 9 hereof
until such time as the Company shall give the holders of the Warrants at least
ten Business Days prior written notice if it shall determine to change the
location of the office designated pursuant to this Section.

          Upon the surrender of any Warrant, properly endorsed, for registration
of transfer or for exchange at the office or agency of the Company maintained
pursuant to Section 4.2, the Company at its expense will (subject to compliance
with Section 3, if applicable) execute and deliver to or upon the order of the
holder thereof a new Warrant or Warrants of like tenor, in the name of such
holder or as such holder (upon payment by such holder of any applicable transfer
taxes) may direct, calling in the aggregate on the face or faces thereof for the
number of shares of Common Stock called for on the face or faces of the Warrant
or Warrants so surrendered.

     Section 4.3  Replacement of Warrants.  Upon receipt of evidence reasonably
                  -----------------------
satisfactory to the Company of the loss, theft, destruction or mutilation of any
Warrant and upon delivery of indemnity reasonably satisfactory to the Company in
form and amount or, in the case of any such mutilation, upon surrender of such
Warrant for cancellation at the office or agency of the Company maintained
pursuant to Section 4.2, the Company at its expense will execute and deliver, in
lieu thereof, a new Warrant of like tenor.

SECTION 5 TERMINATION
          -----------

     At 5:00 p.m., New York, New York time on October 29, 2004, this Warrant
shall terminate and expire and no longer be exercisable.

SECTION 6 DEFINITIONS
          -----------

     As used herein, unless the context otherwise requires, the following terms
have the following respective meanings:

     Business Day: any day other than a Saturday, Sunday or any other day on
     ------------
which commercial banks are authorized by law to be closed in New York, New York.

     Common Stock: the meaning specified in the opening paragraphs of this
     ------------
Warrant, such term to include any stock into which such Common Stock shall have
been changed or any stock resulting from any reclassification of such Common
Stock.

     Company: the meaning specified in the opening paragraph of this Warrant,
     -------
including any corporation that shall succeed to or assume the obligations of the
Company hereunder.

                                      -7-
<PAGE>

     Person: a corporation, association, partnership, organization, business,
     ------
individual, government or political subdivision thereof or a governmental
agency.

     Securities Act: 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.

     Transfer: any sale, assignment, pledge or other disposition of any
     --------
security, or of any interest therein, that could constitute a "sale" as that
term is defined in Section 2(3) of the Securities Act.

     Warrants: the meaning specified in the opening paragraphs of this Warrant.
     --------

SECTION 7 REMEDIES.
          --------

     The Company stipulates that the remedies at law of the holder of this
Warrant in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Warrant are not and
will not be adequate, and that, to the extent permitted by applicable law, such
terms may be specifically enforced by a decree for the specific performance of
any agreement contained herein or by an injunction against a violation of any of
the terms hereof or otherwise.

SECTION 8 NO RIGHTS OR LIABILITIES AS STOCKHOLDER
          ---------------------------------------

     Nothing contained in this Warrant shall be construed as conferring upon the
holder hereof any rights as a stockholder of the Company or as imposing any
obligation on such holder to purchase any securities or as imposing any
liabilities on such holder as a stockholder of the Company, whether such
obligation or liabilities are asserted by the Company or by creditors of the
Company.

SECTION 9 NOTICES
          -------

     All notices and other communications provided for herein shall be delivered
by first class mail or overnight delivery, postage prepaid, addressed or by
telegraph or telecopy with receipt confirmed (a) if to any holder of any
Warrant, at the registered address of such holder as set forth in the register
kept at the principal office of the Company or at such other address as any
holder may notify the Company in writing, or (b) if to the Company, at its
principal office, 151 W. 25th Street, New York, NY 10001, telecopy at 212-242-
2816 or at the address of such other principal office of the Company as the
Company shall have furnished to each holder of any Warrants in writing with ten
(10) Business Days prior notice; provided, however, that the exercise of any
                                 --------  -------
Warrant shall be effective in the manner provided in Section 1.

SECTION 10  MISCELLANEOUS
            -------------

This Warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which
enforcement of such change, waiver, discharge or termination is sought. Any
provision of this Warrant prohibited or unenforceable in

                                      -8-
<PAGE>

any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the Company
waives any provision of law which shall render any provision hereof prohibited
or unenforceable in any respect. This Warrant shall be governed by the laws of
the State of Delaware. The headings of this Warrant are inserted for convenience
only and shall not be deemed to constitute a part hereof.

                                      -9-
<PAGE>

                                    C/R CATALOG CORP.

                                    By:
                                        -------------------------------
                                           Scott Vertrees, President

     Certain shares of Series E Preferred Stock, par value $0.0001 per share, of
     Petopia.com, Inc. (''Petopia'') to be issued upon exercise of this Common
     Stock Purchase Warrant may be subject to the terms and conditions of a
     certain Escrow and Indemnity Agreement by and among Petopia and the
     stockholders and warrant holders listed therein. Copies of such Agreement
     may be obtained upon written request to the Secretary of Petopia at 1200
     Folsom Street, San Francisco, CA 94103.

                                     -10-

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