Document:

EXHIBIT
      4.6

     

    
      Cell
        Genesys, Inc.

    

     

    and

     

    [                        ],
      AS WARRANT AGENT 

     

    FORM
      OF PREFERRED STOCK

    WARRANT
      AGREEMENT 

     

    DATED
      AS OF 

     

    [                        ]
      

     

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS 

     

    
      	
            	
            	
            
	
              ARTICLE
                1 ISSUANCE OF WARRANTS
                AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES

            	  	1
	
              1.1
                Issuance of
                Warrants

            	  	1
	
              1.2
                Execution and Delivery of
                Warrant Certificates

            	  	1
	
              1.3
                Issuance of Warrant
                Certificates

            	  	2
	
            	
            
	
              ARTICLE
                2 WARRANT PRICE,
                DURATION AND EXERCISE OF WARRANTS

            	  	2
	
              2.1
                Warrant
                Price

            	  	2
	
              2.2
                Duration of
                Warrants

            	  	2
	
              2.3
                Exercise of
                Warrants

            	  	2
	
            	
            
	
              ARTICLE
                3 OTHER PROVISIONS
                RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

            	  	4
	
              3.1
                No Rights as Warrant
                Securityholder Conferred by Warrants or Warrant
                Certificates

            	  	4
	
              3.2
                Lost, Stolen, Mutilated or
                Destroyed Warrant Certificates

            	  	4
	
              3.3
                Holder of Warrant
                Certificate May Enforce Rights

            	  	4
	
              3.4
                Adjustments

            	  	4
	
              3.5
                Notice to
                Warrantholders

            	  	7
	
              3.6
                If the Warrants are
                subject to acceleration by the Company, insert—Acceleration of Warrants by
                the Company

            	  	7
	
            	
            
	
              ARTICLE
                4 EXCHANGE AND
                TRANSFER OF WARRANT CERTIFICATES

            	  	8
	
              4.1
                Exchange and Transfer of
                Warrant Certificates

            	  	8
	
              4.2
                Treatment of Holders of
                Warrant Certificates

            	  	8
	
              4.3
                Cancellation of Warrant
                Certificates

            	  	9
	
            	
            
	
              ARTICLE
                5 CONCERNING THE
                WARRANT AGENT

            	  	9
	
              5.1
                Warrant
                Agent

            	  	9
	
              5.2
                Conditions of Warrant
                Agent’s Obligations

            	  	9
	
              5.3
                Resignation, Removal and
                Appointment of Successor

            	  	10

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
            	
            	
            
	
            	
            
	
              ARTICLE
                6
                MISCELLANEOUS

            	  	11
	
              6.1
                Amendment

            	  	11
	
              6.2
                Notices and Demands to the
                Company and Warrant Agent

            	  	12
	
              6.3
                Addresses

            	  	12
	
              6.4
                Governing
                Law

            	  	12
	
              6.5
                Delivery of
                Prospectus

            	  	12
	
              6.6
                Obtaining of Governmental
                Approvals

            	  	12
	
              6.7
                Persons Having Rights
                Under Warrant Agreement

            	  	12
	
              6.8
                Headings

            	  	12
	
              6.9
                Counterparts

            	  	12
	
              6.10
                Inspection of
                Agreement

            	  	12

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      Cell
        Genesys, Inc.

    

    Form
      of Preferred Stock Warrant
      Agreement 

     

    PREFERRED
      STOCK WARRANT AGREEMENT,
      dated as of
                    
between Cell
      Genesys, Inc., a Delaware corporation (the “COMPANY”) and
                    ,
      a [corporation] [national banking association] organized and existing under
      the
      laws of
                    
and having a corporate trust office in
                      ,
      as warrant agent (the “WARRANT AGENT”). 

     

    WHEREAS,
      the Company proposes to
      sell [if Warrants are sold with other securities—[title of such other securities
      being offered] (the “OTHER SECURITIES”) with] warrant certificates evidencing
      one or more warrants (the “WARRANTS” or, individually, a “WARRANT”) representing
      the right to purchase [title of Preferred Stock purchasable through exercise
      of
      Warrants] (the “WARRANT SECURITIES”), such warrant certificates and other
      warrant certificates issued pursuant to this Agreement being herein called
      the
“WARRANT CERTIFICATES”; and 

     

    WHEREAS,
      the Company desires the
      Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing
      so to act, in connection with the issuance, registration, transfer, exchange,
      exercise and replacement of the Warrant Certificates, and in this Agreement
      wishes to set forth, among other things, the form and provisions of the Warrant
      Certificates and the terms and conditions on which they may be issued,
      registered, transferred, exchanged, exercised and replaced; 

     

    NOW
      THEREFORE, in consideration of
      the premises and of the mutual agreements herein contained, the parties hereto
      agree as follows: 

     

     

    ARTICLE
      1 

    ISSUANCE
      OF WARRANTS AND EXECUTION
      AND 

    DELIVERY
      OF WARRANT CERTIFICATES

     

    1.1
      ISSUANCE OF WARRANTS. [If
      Warrants alone—Upon issuance, each Warrant Certificate shall evidence one or
      more Warrants.] [If Other Securities and Warrants—Warrants shall be [initially]
      issued in connection with the issuance of the Other Securities [but shall be
      separately transferable on and after
                    
(the “DETACHABLE DATE”)] [and shall not be separately transferable] and each
      Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced
      thereby shall represent the right, subject to the provisions contained herein
      and therein, to purchase one Warrant Security. [If Other Securities and
      Warrants—Warrant Certificates shall be initially issued in units with the Other
      Securities and each Warrant Certificate included in such a unit shall evidence
                          
Warrants for each
      [$                    
principal amount]
      [                    
shares] of Other Securities included in such unit.] 

     

    1.2
      EXECUTION AND DELIVERY OF
      WARRANT CERTIFICATES. Each Warrant Certificate, whenever issued, shall be in
      registered form substantially in the form set forth in Exhibit A hereto, shall
      be dated the date of its countersignature by the Warrant Agent and may have
      such
      letters, numbers, or other marks of identification or designation and such
      legends or endorsements printed, lithographed or engraved thereon as the
      officers of the Company executing the same may approve (execution thereof to
      be
      conclusive evidence of such approval) and as are not inconsistent with the
      provisions of this Agreement, or as may be required to comply with any law
      or
      with any rule or regulation made pursuant thereto or with any rule or regulation
      of any securities exchange on which the Warrants may be listed, or to conform
      to
      usage. The Warrant Certificates shall be signed on behalf of the Company by
      any
      of its present or future chief executive officers, presidents, senior vice
      presidents, vice presidents, chief financial officers, chief legal officers,
      treasurers, assistant treasurers, controllers, assistant controllers,
      secretaries or assistant secretaries under its corporate seal reproduced
      thereon. Such signatures may be manual or facsimile signatures of such
      authorized officers and may be imprinted or otherwise reproduced on the Warrant
      Certificates. The seal of the Company may be in the form of a facsimile thereof
      and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
      Certificates. 

     

    
      
        
        

      

      
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    No
      Warrant Certificate shall be
      valid for any purpose, and no Warrant evidenced thereby shall be exercisable,
      until such Warrant Certificate has been countersigned by the manual signature
      of
      the Warrant Agent. Such signature by the Warrant Agent upon any Warrant
      Certificate executed by the Company shall be conclusive evidence that the
      Warrant Certificate so countersigned has been duly issued hereunder.

     

    In
      case any officer of the Company
      who shall have signed any of the Warrant Certificates either manually or by
      facsimile signature shall cease to be such officer before the Warrant
      Certificates so signed shall have been countersigned and delivered by the
      Warrant Agent, such Warrant Certificates may be countersigned and delivered
      notwithstanding that the person who signed Warrant Certificates ceased to be
      such officer of the Company; and any Warrant Certificate may be signed on behalf
      of the Company by such persons as, at the actual date of the execution of such
      Warrant Certificate, shall be the proper officers of the Company, although
      at
      the date of the execution of this Agreement any such person was not such
      officer. 

     

    The
      term “holder” or “holder of a
      Warrant Certificate” as used herein shall mean any person in whose name at the
      time any Warrant Certificate shall be registered upon the books to be maintained
      by the Warrant Agent for that purpose [If Other Securities and Warrants are
      not
      immediately detachable—or upon the registration of the Other Securities prior to
      the Detachable Date. Prior to the Detachable Date, the Company will, or will
      cause the registrar of the Other Securities to, make available at all times
      to
      the Warrant Agent such information as to holders of the Other Securities as
      may
      be necessary to keep the Warrant Agent’s records up to date]. 

     

    1.3
      ISSUANCE OF WARRANT
      CERTIFICATES. Warrant Certificates evidencing the right to purchase Warrant
      Securities may be executed by the Company and delivered to the Warrant Agent
      upon the execution of this Warrant Agreement or from time to time thereafter.
      The Warrant Agent shall, upon receipt of Warrant Certificates duly executed
      on
      behalf of the Company, countersign such Warrant Certificates and shall deliver
      such Warrant Certificates to or upon the order of the Company. 

     

    ARTICLE
      2 

    WARRANT
      PRICE, DURATION AND EXERCISE
      OF WARRANTS 

     

    2.1
      WARRANT PRICE. During the period
      specified in Section 2.2, each Warrant shall, subject to the terms of this
      Warrant Agreement and the applicable Warrant Certificate, entitle the holder
      thereof to purchase the number of Warrant Securities specified in the applicable
      Warrant Certificate at an initial exercise price of
      $                         
per Warrant Security, subject to adjustment upon the occurrence of certain
      events, as hereinafter provided. Such purchase price per Warrant Security is
      referred to in this Agreement as the “Warrant Price.” 

     

    2.2
      DURATION OF WARRANTS. Each
      Warrant may be exercised in whole or in part at any time, as specified herein,
      on or after [the date thereof]
      [            ] and
      at or before
      [            ] p.m.,
      [City] time, on ________ or such later date as the Company may designate by
      notice to the Warrant Agent and the holders of Warrant Certificates mailed
      to
      their addresses as set forth in the record books of the Warrant Agent (the
      “Expiration Date”). Each Warrant not exercised at or before
      [            ] p.m.,
      [City] time, on the Expiration Date shall become void, and all rights of the
      holder of the Warrant Certificate evidencing such Warrant under this Agreement
      shall cease. 

     

    2.3
      EXERCISE OF WARRANTS.

     

    (a)
      During the period specified in
      Section 2.2, the Warrants may be exercised to purchase a whole number of
      Warrant Securities in registered form by providing certain information as set
      forth on the reverse side of the Warrant Certificate and by paying in full,
      in
      lawful money of the United States of America, [in cash or by certified check
      or
      official bank check in New York Clearing House funds] [by bank wire transfer
      in
      immediately available funds] the Warrant Price for each Warrant Security with
      respect to which a Warrant is being exercised to the Warrant Agent at its
      corporate trust office, provided that such exercise is subject to receipt within
      five business days of such 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    payment
      by the Warrant Agent of the
      Warrant Certificate with the form of election to purchase Warrant Securities
      set
      forth on the reverse side of the Warrant Certificate properly completed and
      duly
      executed. The date on which payment in full of the Warrant Price is received
      by
      the Warrant Agent shall, subject to receipt of the Warrant Certificate as
      aforesaid, be deemed to be the date on which the Warrant is exercised; provided,
      however, that if, at the date of receipt of such Warrant Certificates and
      payment in full of the Warrant Price, the transfer books for the Warrant
      Securities purchasable upon the exercise of such Warrants shall be closed,
      no
      such receipt of such Warrant Certificates and no such payment of such Warrant
      Price shall be effective to constitute the person so designated to be named
      as
      the holder of record of such Warrant Securities on such date, but shall be
      effective to constitute such person as the holder of record of such Warrant
      Securities for all purposes at the opening of business on the next succeeding
      day on which the transfer books for the Warrant Securities purchasable upon
      the
      exercise of such Warrants shall be opened, and the certificates for the Warrant
      Securities in respect of which such Warrants are then exercised shall be
      issuable as of the date on such next succeeding day on which the transfer books
      shall next be opened, and until such date the Company shall be under no duty
      to
      deliver any certificate for such Warrant Securities. The Warrant Agent shall
      deposit all funds received by it in payment of the Warrant Price in an account
      of the Company maintained with it and shall advise the Company by telephone
      at
      the end of each day on which a payment for the exercise of Warrants is received
      of the amount so deposited to its account. The Warrant Agent shall promptly
      confirm such telephone advice to the Company in writing. 

     

    (b)
      The Warrant Agent shall, from
      time to time, as promptly as practicable, advise the Company of (i) the
      number of Warrant Securities with respect to which Warrants were exercised,
      (ii) the instructions of each holder of the Warrant Certificates evidencing
      such Warrants with respect to delivery of the Warrant Securities to which such
      holder is entitled upon such exercise, (iii) delivery of Warrant
      Certificates evidencing the balance, if any, of the Warrants for the remaining
      Warrant Securities after such exercise, and (iv) such other information a
      the Company shall reasonably require. 

     

    (c)
      As soon as practicable after the
      exercise of any Warrant, the Company shall issue to or upon the order of the
      holder of the Warrant Certificate evidencing such Warrant the Warrant Securities
      to which such holder is entitled, in fully registered form, registered in such
      name or names as may be directed by such holder. If fewer than all of the
      Warrants evidenced by such Warrant Certificate are exercised, the Company shall
      execute, and an authorized officer of the Warrant Agent shall manually
      countersign and deliver, a new Warrant Certificate evidencing Warrants for
      the
      number of Warrant Securities remaining unexercised. 

     

    (d)
      The Company shall not be
      required to pay any stamp or other tax or other governmental charge required
      to
      be paid in connection with any transfer involved in the issue of the Warrant
      Securities, and in the event that any such transfer is involved, the Company
      shall not be required to issue or deliver any Warrant Security until such tax
      or
      other charge shall have been paid or it has been established to the Company’s
      satisfaction that no such tax or other charge is due. 

     

    (e)
      Prior to the issuance of any
      Warrants there shall have been reserved, and the Company shall at all times
      through the Expiration Date keep reserved, out of its authorized but unissued
      Warrant Securities, a number of shares sufficient to provide for the exercise
      of
      the Warrants. 

     

    
      
        
        

      

      
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    ARTICLE
      3 

    OTHER
      PROVISIONS RELATING TO RIGHTS

    OF
      HOLDERS OF WARRANT CERTIFICATES

     

    3.1
      NO RIGHTS AS WARRANT
      SECURITYHOLDER CONFERRED BY WARRANTS OR WARRANT CERTIFICATES. No Warrant
      Certificate or Warrant evidenced thereby shall entitle the holder thereof to
      any
      of the rights of a holder of Warrant Securities, including, without limitation,
      the right to receive the payment of dividends or distributions, if any, on
      the
      Warrant Securities or to exercise any voting rights, except to the extent
      expressly set forth in this Agreement or the applicable Warrant Certificate.
      

     

    3.2
      LOST, STOLEN, MUTILATED OR
      DESTROYED WARRANT CERTIFICATES. Upon receipt by the Warrant Agent of evidence
      reasonably satisfactory to it and the Company of the ownership of and the loss,
      theft, destruction or mutilation of any Warrant Certificate and/or indemnity
      reasonably satisfactory to the Warrant Agent and the Company and, in the case
      of
      mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant
      Agent for cancellation, then, in the absence of notice to the Company or the
      Warrant Agent that such Warrant Certificate has been acquired by a bona fide
      purchaser, the Company shall execute, and an authorized officer of the Warrant
      Agent shall manually countersign and deliver, in exchange for or in lieu of
      the
      lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant
      Certificate of the same tenor and evidencing Warrants for a like number of
      Warrant Securities. Upon the issuance of any new Warrant Certificate under
      this
      Section 3.2, the Company may require the payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in relation
      thereto and any other expenses (including the fees and expenses of the Warrant
      Agent) in connection therewith. Every substitute Warrant Certificate executed
      and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or
      destroyed Warrant Certificate shall represent an additional contractual
      obligation of the Company, whether or not the lost, stolen or destroyed Warrant
      Certificate shall be at any time enforceable by anyone, and shall be entitled
      to
      the benefits of this Agreement equally and proportionately with any and all
      other Warrant Certificates duly executed and delivered hereunder. The provisions
      of this Section 3.2 are exclusive and shall preclude (to the extent lawful)
      all other rights and remedies with respect to the replacement of mutilated,
      lost, stolen or destroyed Warrant Certificates. 

     

    3.3
      HOLDER OF WARRANT CERTIFICATE
      MAY ENFORCE RIGHTS. Notwithstanding any of the provisions of this Agreement,
      any
      holder of a Warrant Certificate, without the consent of the Warrant Agent,
      the
      holder of any Warrant Securities or the holder of any other Warrant Certificate,
      may, in such holder’s own behalf and for such holder’s own benefit, enforce, and
      may institute and maintain any suit, action or proceeding against the Company
      suitable to enforce, or otherwise in respect of, such holder’s right to exercise
      the Warrants evidenced by such holder’s Warrant Certificate in the manner
      provided in such holder’s Warrant Certificate and in this Agreement.

     

    3.4
      ADJUSTMENTS. 

     

    (a)
      In case the Company shall at any
      time subdivide its outstanding shares of [title of Preferred Stock purchasable
      through exercise of Warrants] into a greater number of shares, the Warrant
      Price
      in effect immediately prior to such subdivision shall be proportionately reduced
      and the number of Warrant Securities purchasable under the Warrants shall be
      proportionately increased. Conversely, in case the outstanding shares of [title
      of Preferred Stock purchasable through exercise of Warrants] of the Company
      shall be combined into a smaller number of shares, the Warrant Price in effect
      immediately prior to such combination shall be proportionately increased and
      the
      number of Warrant Securities purchasable under the Warrants shall be
      proportionately decreased. 

     

    (b)
      If at any time or from time to
      time the holders of [title of Preferred Stock purchasable through exercise
      of
      Warrants] (or any shares of stock or other securities at the time receivable
      upon the exercise of the Warrants) shall have received or become entitled to
      receive, without payment therefore, 

     

    (i)
      [title of Preferred Stock
      purchasable through exercise of Warrants] or any shares of stock or other
      securities which are at any time directly 

     

    
      
        
        

      

      
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    or
      indirectly convertible into or
      exchangeable for [title of Preferred Stock purchasable through exercise of
      Warrants], or any rights or options to subscribe for, purchase or otherwise
      acquire any of the foregoing by way of dividend or other distribution;

     

    (ii)
      any cash paid or payable
      otherwise than in accordance with the terms of [title of Preferred Stock
      purchasable through exercise of Warrants] or otherwise than as a cash dividend
      paid or payable out of the Company’s current or retained earnings; 

     

    (iii)
      any evidence of the Company’s
      indebtedness or rights to subscribe for or purchase the Company’s indebtedness;
      or 

     

    (iv)
      [title of Preferred Stock
      purchasable through exercise of Warrants] or additional stock or other
      securities or property (including cash) by way of spinoff, split-up,
      reclassification, combination of shares or similar corporate rearrangement
      (other than shares of [title of Preferred Stock purchasable through exercise
      of
      Warrants] issued as a stock split or adjustments in respect of which shall
      be
      covered by the terms of Section 3.4(a) above), 

     

    then
      and in each such case, the
      holder of each Warrant shall, upon the exercise of the Warrant, be entitled
      to
      receive, in addition to the number of Warrant Securities receivable thereupon,
      and without payment of any additional consideration therefore, the amount of
      stock and other securities and property (including cash and indebtedness (or
      rights to subscribe for or purchase indebtedness) which such holder would hold
      on the date of such exercise had he been the holder of record of such Warrant
      Securities as of the date on which holders of [title of Preferred Stock
      purchasable through exercise of Warrants] received or became entitled to receive
      such shares or all other additional stock and other securities and property.
      

     

    (c)
      In case of (i) any
      reclassification, capital reorganization, or change in the [title of Preferred
      Stock purchasable through the exercise of the Warrants] of the Company (other
      than as a result of a subdivision, combination or stock dividend provided for
      in
      Section 3.4(a) or Section 3.4(b) above), (ii) share exchange,
      merger or similar transaction of the Company with or into another person or
      entity (other than a share exchange, merger or similar transaction in which
      the
      Company is the acquiring or surviving corporation and which does not result
      in
      any change in the [title of Preferred Stock purchasable through the exercise
      of
      the Warrants] other than the issuance of additional shares of [title of
      Preferred Stock purchasable through the exercise of the Warrants]) or
      (iii) the sale, exchange, lease, transfer or other disposition of all or
      substantially all of the properties and assets of the Company as an entirety
      (in
      any such case, a “REORGANIZATION EVENT”), then, as a condition of such
      Reorganization Event, lawful provisions shall be made, and duly executed
      documents evidencing the same from the Company or its successor shall be
      delivered to the holders of the Warrants, so that the holders of the Warrants
      shall have the right at any time prior to the expiration of the Warrants to
      purchase, at a total price equal to that payable upon the exercise of the
      Warrants, the kind and amount of shares of stock and other securities and
      property receivable in connection with such Reorganization Event by a holder
      of
      the same number of shares of [title of Preferred Stock purchasable through
      the
      exercise of the Warrants] as were purchasable by the holders of the Warrants
      immediately prior to such Reorganization Event. In any such case appropriate
      provisions shall be made with respect to the rights and interests of the holders
      of the Warrants so that the provisions hereof shall thereafter be applicable
      with respect to any shares of stock or other securities and property deliverable
      upon exercise the Warrants, and appropriate adjustments shall be made to the
      Warrant Price payable hereunder provided the aggregate purchase price shall
      remain the same. In the case of any 

     

    
      
        
        

      

      
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    transaction
      described in clauses
      (ii) and (iii) above, the Company shall thereupon be relieved of any
      further obligation hereunder or under the Warrants, and the Company as the
      predecessor corporation may thereupon or at any time thereafter be dissolved,
      wound up or liquidated. Such successor or assuming entity thereupon may cause
      to
      be signed, and may issue either in its own name or in the name of the Company,
      any or all of the Warrants issuable hereunder which heretofore shall not have
      been signed by the Company, and may execute and deliver securities in its own
      name, in fulfillment of its obligations to deliver Warrant Securities upon
      exercise of the Warrants. All the Warrants so issued shall in all respects
      have
      the same legal rank and benefit under this Agreement as the Warrants theretofore
      or thereafter issued in accordance with the terms of this Agreement as though
      all of such Warrants had been issued at the date of the execution hereof. In
      any
      case of any such Reorganization Event, such changes in phraseology and form
      (but
      not in substance) may be made in the Warrants thereafter to be issued as may
      be
      appropriate. 

     

    The
      Warrant Agent may receive a
      written opinion of legal counsel as conclusive evidence that any such
      Reorganization Event complies with the provisions of this Section 3.4.

     

    (d)
      The Company may, at its option,
      at any time until the Expiration Date, reduce the then current Warrant Price
      to
      any amount deemed appropriate by the Board of Directors of the Company for
      any
      period not exceeding twenty consecutive days (as evidenced in a resolution
      adopted by such Board of Directors), but only upon giving the notices required
      by Section 3.5 at least ten days prior to taking such action. 

     

    (e)
      Except as herein otherwise
      expressly provided, no adjustment in the Warrant Price shall be made by reason
      of the issuance of any securities of the Company or for any other reason
      whatsoever. 

     

    (f)
      No fractional Warrant Securities
      shall be issued upon the exercise of Warrants. If more than one Warrant shall
      be
      exercised at one time by the same holder, the number of full Warrant Securities
      which shall be issuable upon such exercise shall be computed on the basis of
      the
      aggregate number of Warrant Securities purchased pursuant to the Warrants so
      exercised. Instead of any fractional Warrant Security which would otherwise
      be
      issuable upon exercise of any Warrant, the Company shall pay a cash adjustment
      in respect of such fraction in an amount equal to the same fraction of the
      last
      sales price (or bid price if there were no sales) per Warrant Security, in
      either case as reported on the New York Stock Exchange Composite Tape on the
      business day which next precedes the day of exercise or, if the Warrant
      Securities are not then listed or admitted to trading on the New York Stock
      Exchange, on the principal national securities exchange on which the Warrant
      Securities are listed or admitted to trading or, if not listed or admitted
      to
      trading on any national securities exchange, on the National Market System
      of
      the National Association of Securities Dealers, Inc. Automated Quotations System
      (“NASDAQ”), or if the Warrant Securities are not then listed or admitted to
      trading on any national securities exchange or quoted on the National Market
      System of NASDAQ, the average of the closing high bid and low asked prices
      in
      the over-the-counter market, as reported by NASDAQ, or such other system then
      in
      use, or if on any such date the Warrant Securities are not quoted by any such
      organization, an amount equal to the same fraction of the average of the closing
      bid and asked prices as furnished by any New York Stock Exchange firm selected
      from time to time by the Company for that purpose at the close of business
      on
      the business day which next precedes the day of exercise. 

     

    (g)
      Whenever the Warrant Price then
      in effect is adjusted as herein provided, the Company shall mail to each holder
      of the Warrants at such holder’s address as it shall appear on the books of the
      Company a statement setting forth the adjusted Warrant Price 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    then
      and thereafter effective under
      the provisions hereof, together with the facts, in reasonable detail, upon
      which
      such adjustment is based. 

     

    3.5
      NOTICE TO WARRANTHOLDERS. In
      case the Company shall (a) effect any dividend or distribution described in
      Section 3.4(b), (b) effect any Reorganization Event, (c) make any
      distribution on or in respect of the [title of Preferred Stock purchasable
      through the exercise of the Warrants] in connection with the dissolution,
      liquidation or winding up of the Company, or (d) reduce the then current
      Warrant Price pursuant to Section 3.4(d), then the Company shall mail to
      each holder of Warrants at such holder’s address as it shall appear on the books
      of the Warrant Agent, at least ten days prior to the applicable date hereinafter
      specified, a notice stating (x) the record date for such dividend or
      distribution, or, if a record is not to be taken, the date as of which the
      holders of record of [title of Preferred Stock purchasable through the exercise
      of Warrants] that will be entitled to such dividend or distribution are to
      be
      determined, (y) the date on which such Reorganization Event, dissolution,
      liquidation or winding up is expected to become effective, and the date as
      of
      which it is expected that holders of [title of Preferred Stock purchasable
      through the exercise of the Warrants] of record shall be entitled to exchange
      their shares of [title of Preferred Stock purchasable through the exercise
      of
      the Warrants] for securities or other property deliverable upon such
      Reorganization Event, dissolution, liquidation or winding up, or (z) the
      first date on which the then current Warrant Price shall be reduced pursuant
      to
      Section 3.4(d). No failure to mail such notice nor any defect therein or in
      the mailing thereof shall affect any such transaction or any adjustment in
      the
      Warrant Price required by Section 3.4. 

     

    3.6
      [IF THE WARRANTS ARE SUBJECT TO
      ACCELERATION BY THE COMPANY, INSERT—ACCELERATION OF WARRANTS BY THE COMPANY.

     

    (a)
      At any time on or after
                    ,
      the Company shall have the right to accelerate any or all Warrants at any time
      by causing them to expire at the close of business on the day next preceding
      a
      specified date (the “ACCELERATION DATE”), if the Market Price (as hereinafter
      defined) of the [title of Preferred Stock purchasable through the exercise
      of
      the Warrants] equals or exceeds
                    
percent (
                    %)
      of the then effective Warrant Price on any twenty Trading Days (as hereinafter
      defined) within a period of thirty consecutive Trading Days ending no more
      than
      five Trading Days prior to the date on which the Company gives notice to the
      Warrant Agent of its election to accelerate the Warrants. 

     

    (b)
“Market
      Price” for each Trading
      Day shall be, if the [title of Preferred Stock purchasable through the exercise
      of the Warrants] is listed or admitted for trading on the New York Stock
      Exchange, the last reported sale price, regular way (or, if no such price is
      reported, the average of the reported closing bid and asked prices, regular
      way)
      of [title of Preferred Stock purchasable through the exercise of the Warrants],
      in either case as reported on the New York Stock Exchange Composite Tape or,
      if
      the [title of Preferred Stock purchasable through the exercise of the Warrants]
      is not listed or admitted to trading on the New York Stock Exchange, on the
      principal national securities exchange on which the [title of Preferred Stock
      purchasable through the exercise of the Warrants] is listed or admitted to
      trading or, if not listed or admitted to trading on any national securities
      exchange, on the National Market System of NASDAQ or, if not listed or admitted
      to trading on any national securities exchange or quoted on the National Market
      System of NASDAQ, the average of the closing high bid and low asked prices
      in
      the over-the-counter market, as reported by NASDAQ, or such other system then
      in
      use, or if on any such date the shares of [title of Preferred Stock purchasable
      through the exercise of the Warrants] are not quoted by any such organization,
      the average of the closing bid and asked prices as furnished by any New York
      Stock Exchange firm selected from time to time by the Company for that purpose.
      “Trading Day” shall be each Monday through Friday, other than any day on which
      securities are not traded in the system or on the exchange that is the principal
      market for the [title of Preferred Stock purchasable through the exercise of
      the
      Warrants], as determined by the Board of Directors of the Company. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (c)
      In the event of an acceleration
      of less than all of the Warrants, the Warrant Agent shall select the Warrants
      to
      be accelerated by lot, pro rata or in such other manner as it deems, in its
      discretion, to be fair and appropriate. 

     

    (d)
      Notice of an acceleration
      specifying the Acceleration Date shall be sent by mail first class, postage
      prepaid, to each registered holder of a Warrant Certificate representing a
      Warrant accelerated at such holder’s address appearing on the books of the
      Warrant Agent not more than sixty days nor less than thirty days before the
      Acceleration Date. Such notice of an acceleration also shall be given no more
      than twenty days, and no less than ten days, prior to the mailing of notice
      to
      registered holders of Warrants pursuant to this Section 3.6, by publication
      at least once in a newspaper of general circulation in the City of New York.
      

     

    (e)
      Any Warrant accelerated may be
      exercised until
      [            ] p.m.,
      [City] time, on the business day next preceding the Acceleration Date. The
      Warrant Price shall be payable as provided in Section 2.] 

     

     

    ARTICLE
      4 

    EXCHANGE
      AND TRANSFER OF WARRANT
      CERTIFICATES 

     

    4.1
      EXCHANGE AND TRANSFER OF WARRANT
      CERTIFICATES. [If Other Securities with Warrants which are immediately
      detachable—Upon] [If Other Securities with Warrants which are not immediately
      detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged
      or transferred only together with the Other Security to which the Warrant
      Certificate was initially attached, and only for the purpose of effecting or
      in
      conjunction with an exchange or transfer of such Other Security. Prior to any
      Detachable Date, each transfer of the Other Security shall operate also to
      transfer the related Warrant Certificates. After the Detachable Date, upon]
      surrender at the corporate trust office of the Warrant Agent, Warrant
      Certificates evidencing Warrants may be exchanged for Warrant Certificates
      in
      other denominations evidencing such Warrants or the transfer thereof may be
      registered in whole or in part; provided that such other Warrant Certificates
      evidence Warrants for the same aggregate number of Warrant Securities as the
      Warrant Certificates so surrendered. The Warrant Agent shall keep, at its
      corporate trust office, books in which, subject to such reasonable regulations
      as it may prescribe, it shall register Warrant Certificates and exchanges and
      transfers of outstanding Warrant Certificates, upon surrender of the Warrant
      Certificates to the Warrant Agent at its corporate trust office for exchange
      or
      registration of transfer, properly endorsed or accompanied by appropriate
      instruments of registration of transfer and written instructions for transfer,
      all in form satisfactory to the Company and the Warrant Agent. No service charge
      shall be made for any exchange or registration of transfer of Warrant
      Certificates, but the Company may require payment of a sum sufficient to cover
      any stamp or other tax or other governmental charge that may be imposed in
      connection with any such exchange or registration of transfer. Whenever any
      Warrant Certificates are so surrendered for exchange or registration of
      transfer, an authorized officer of the Warrant Agent shall manually countersign
      and deliver to the person or persons entitled thereto a Warrant Certificate
      or
      Warrant Certificates duly authorized and executed by the Company, as so
      requested. The Warrant Agent shall not be required to effect any exchange or
      registration of transfer which will result in the issuance of a Warrant
      Certificate evidencing a Warrant for a fraction of a Warrant Security or a
      number of Warrants for a whole number of Warrant Securities and a fraction
      of a
      Warrant Security. All Warrant Certificates issued upon any exchange or
      registration of transfer of Warrant Certificates shall be the valid obligations
      of the Company, evidencing the same obligations and entitled to the same
      benefits under this Agreement as the Warrant Certificate surrendered for such
      exchange or registration of transfer. 

     

    4.2
      TREATMENT OF HOLDERS OF WARRANT
      CERTIFICATES. [If Other Securities and Warrants are not immediately
      detachable—Prior to the Detachable Date, the Company, the Warrant Agent and all
      other persons may treat the owner of the Other Security as the owner of the
      Warrant Certificates initially attached thereto for any purpose and as the
      person entitled to exercise the rights represented by the Warrants evidenced
      by
      such Warrant Certificates, any notice to the contrary notwithstanding. After
      the
      Detachable Date and prior to due presentment of a Warrant Certificate for
      registration of transfer, the] 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    [T]he
      Company, the Warrant Agent and
      all other persons may treat the registered holder of a Warrant Certificate
      as
      the absolute owner thereof for any purpose and as the person entitled to
      exercise the rights represented by the Warrants evidenced thereby, any notice
      to
      the contrary notwithstanding. 

     

    4.3
      CANCELLATION OF WARRANT
      CERTIFICATES. Any Warrant Certificate surrendered for exchange, registration
      of
      transfer or exercise of the Warrants evidenced thereby shall, if surrendered
      to
      the Company, be delivered to the Warrant Agent and all Warrant Certificates
      surrendered or so delivered to the Warrant Agent shall be promptly canceled
      by
      the Warrant Agent and shall not be reissued and, except as expressly permitted
      by this Agreement, no Warrant Certificate shall be issued hereunder in exchange
      therefor or in lieu thereof. The Warrant Agent shall deliver to the Company
      from
      time to time or otherwise dispose of canceled Warrant Certificates in a manner
      satisfactory to the Company. 

     

     

    ARTICLE
      5 

    CONCERNING
      THE WARRANT AGENT

     

    5.1
      WARRANT AGENT. The Company
      hereby appoints
                    
as Warrant Agent of the Company in respect of the Warrants and the Warrant
      Certificates upon the terms and subject to the conditions herein set forth,
      and
                    
hereby accepts such appointment. The Warrant Agent shall have the powers and
      authority granted to and conferred upon it in the Warrant Certificates and
      hereby and such further powers and authority to act on behalf of the Company
      as
      the Company may hereafter grant to or confer upon it. All of the terms and
      provisions with respect to such powers and authority contained in the Warrant
      Certificates are subject to and governed by the terms and provisions hereof.
      

     

    5.2
      CONDITIONS OF WARRANT AGENT’S
      OBLIGATIONS. The Warrant Agent accepts its obligations herein set forth upon
      the
      terms and conditions hereof, including the following to all of which the Company
      agrees and to all of which the rights hereunder of the holders from time to
      time
      of the Warrant Certificates shall be subject: 

     

    (a)
      COMPENSATION AND
      INDEMNIFICATION. The Company agrees promptly to pay the Warrant Agent the
      compensation to be agreed upon with the Company for all services rendered by
      the
      Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
      expenses (including reasonable counsel fees) incurred without negligence, bad
      faith or willful misconduct by the Warrant Agent in connection with the services
      rendered hereunder by the Warrant Agent. The Company also agrees to indemnify
      the Warrant Agent for, and to hold it harmless against, any loss, liability
      or
      expense incurred without negligence, bad faith or willful misconduct on the
      part
      of the Warrant Agent, arising out of or in connection with its acting as Warrant
      Agent hereunder, including the reasonable costs and expenses of defending
      against any claim of such liability. 

     

    (b)
      AGENT FOR THE COMPANY. In acting
      under this Warrant Agreement and in connection with the Warrant Certificates,
      the Warrant Agent is acting solely as agent of the Company and does not assume
      any obligations or relationship of agency or trust for or with any of the
      holders of Warrant Certificates or beneficial owners of Warrants. 

     

    (c)
      COUNSEL. The Warrant Agent may
      consult with counsel satisfactory to it, which may include counsel for the
      Company, and the written advice of such counsel shall be full and complete
      authorization and protection in respect of any action taken, suffered or omitted
      by it hereunder in good faith and in accordance with the advice of such counsel.
      

     

    (d)
      DOCUMENTS. The Warrant Agent
      shall be protected and shall incur no liability for or in respect of any action
      taken or omitted by it in reliance upon any Warrant Certificate, notice,
      direction, consent, certificate, affidavit, statement or other paper or document
      reasonably believed by it to be genuine and to have been presented or signed
      by
      the proper parties. 

     

    9

    
    

    

    (e)
      CERTAIN TRANSACTIONS. The
      Warrant Agent, and its officers, directors and employees, may become the owner
      of, or acquire any interest in, Warrants, with the same rights that it or they
      would have if it were not the Warrant Agent hereunder, and, to the extent
      permitted by applicable law, it or they may engage or be interested in any
      financial or other transaction with the Company and may act on, or as
      depositary, trustee or agent for, any committee or body of holders of Warrant
      Securities or other obligations of the Company as freely as if it were not
      the
      Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed
      to
      prevent the Warrant Agent from acting as trustee under any indenture to which
      the Company is a party. 

     

    (f)
      NO LIABILITY FOR INTEREST.
      Unless otherwise agreed with the Company, the Warrant Agent shall have no
      liability for interest on any monies at any time received by it pursuant to
      any
      of the provisions of this Agreement or of the Warrant Certificates.

     

    (g)
      NO LIABILITY FOR INVALIDITY. The
      Warrant Agent shall have no liability with respect to any invalidity of this
      Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s
      countersignature thereon). 

     

    (h)
      NO RESPONSIBILITY FOR
      REPRESENTATIONS. The Warrant Agent shall not be responsible for any of the
      recitals or representations herein or in the Warrant Certificates (except as
      to
      the Warrant Agent’s countersignature thereon), all of which are made solely by
      the Company. 

     

    (i)
      NO IMPLIED OBLIGATIONS. The
      Warrant Agent shall be obligated to perform only such duties as are herein
      and
      in the Warrant Certificates specifically set forth and no implied duties or
      obligations shall be read into this Agreement or the Warrant Certificates
      against the Warrant Agent. The Warrant Agent shall not be under any obligation
      to take any action hereunder which may tend to involve it in any expense or
      liability, the payment of which within a reasonable time is not, in its
      reasonable opinion, assured to it. The Warrant Agent shall not be accountable
      or
      under any duty or responsibility for the use by the Company of any of the
      Warrant Certificates authenticated by the Warrant Agent and delivered by it
      to
      the Company pursuant to this Agreement or for the application by the Company
      of
      the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty
      or responsibility in case of any default by the Company in the performance
      of
      its covenants or agreements contained herein or in the Warrant Certificates
      or
      in the case of the receipt of any written demand from a holder of a Warrant
      Certificate with respect to such default, including, without limiting the
      generality of the foregoing, any duty or responsibility to initiate or attempt
      to initiate any proceedings at law or otherwise or, except as provided in
      Section 6.2 hereof, to make any demand upon the Company. 

     

    5.3
      RESIGNATION, REMOVAL AND
      APPOINTMENT OF SUCCESSOR. 

     

    (a)
      The Company agrees, for the
      benefit of the holders from time to time of the Warrant Certificates, that
      there
      shall at all times be a Warrant Agent hereunder until all the Warrants have
      been
      exercised or are no longer exercisable. 

     

    (b)
      The Warrant Agent may at any
      time resign as agent by giving written notice to the Company of such intention
      on its part, specifying the date on which its desired resignation shall become
      effective; provided that such date shall not be less than three months after
      the
      date on which such notice is given unless the Company otherwise agrees. The
      Warrant Agent hereunder may be removed at any time by the filing with it of
      an
      instrument in writing signed by or on behalf of the Company and specifying
      such
      removal and the intended date when it shall become effective. Such resignation
      or removal shall take effect upon the appointment by the Company, as hereinafter
      provided, 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    of
      a successor Warrant Agent (which
      shall be a bank or trust company authorized under the laws of the jurisdiction
      of its organization to exercise corporate trust powers) and the acceptance
      of
      such appointment by such successor Warrant Agent. The obligation of the Company
      under Section 5.2(a) shall continue to the extent set forth therein
      notwithstanding the resignation or removal of the Warrant Agent. 

     

    (c)
      In case at any time the Warrant
      Agent shall resign, or shall be removed, or shall become incapable of acting,
      or
      shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case
      under the Federal bankruptcy laws, as now or hereafter constituted, or under
      any
      other applicable Federal or state bankruptcy, insolvency or similar law or
      shall
      consent to the appointment of or taking possession by a receiver, custodian,
      liquidator, assignee, trustee, sequestrator (or other similar official) of
      the
      Warrant Agent or its property or affairs, or shall make an assignment for the
      benefit of creditors, or shall admit in writing its inability to pay its debts
      generally as they become due, or shall take corporate action in furtherance
      of
      any such action, or a decree or order for relief by a court having jurisdiction
      in the premises shall have been entered in respect of the Warrant Agent in
      an
      involuntary case under the Federal bankruptcy laws, as now or hereafter
      constituted, or any other applicable Federal or state bankruptcy, insolvency
      or
      similar law, or a decree or order by a court having jurisdiction in the premises
      shall have been entered for the appointment of a receiver, custodian,
      liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant
      Agent or of its property or affairs, or any public officer shall take charge
      or
      control of the Warrant Agent or of its property or affairs for the purpose
      of
      rehabilitation, conservation, winding up or liquidation, a successor Warrant
      Agent, qualified as aforesaid, shall be appointed by the Company by an
      instrument in writing, filed with the successor Warrant Agent. Upon the
      appointment as aforesaid of a successor Warrant Agent and acceptance by the
      successor Warrant Agent of such appointment, the Warrant Agent shall cease
      to be
      Warrant Agent hereunder. 

     

    (d)
      Any successor Warrant Agent
      appointed hereunder shall execute, acknowledge and deliver to its predecessor
      and to the Company an instrument accepting such appointment hereunder, and
      thereupon such successor Warrant Agent, without any further act, deed or
      conveyance, shall become vested with all the authority, rights, powers, trusts,
      immunities, duties and obligations of such predecessor with like effect as
      if
      originally named as Warrant Agent hereunder, and such predecessor, upon payment
      of its charges and disbursements then unpaid, shall thereupon become obligated
      to transfer, deliver and pay over, and such successor Warrant Agent shall be
      entitled to receive, all monies, securities and other property on deposit with
      or held by such predecessor, as Warrant Agent hereunder. 

     

    (e)
      Any corporation into which the
      Warrant Agent hereunder may be merged or converted or any corporation with
      which
      the Warrant Agent may be consolidated, or any corporation resulting from any
      merger, conversion or consolidation to which the Warrant Agent shall be a party,
      or any corporation to which the Warrant Agent shall sell or otherwise transfer
      all or substantially all the assets and business of the Warrant Agent, provided
      that it shall be qualified as aforesaid, shall be the successor Warrant Agent
      under this Agreement without the execution or filing of any paper or any further
      act on the part of any of the parties hereto. 

     

    ARTICLE
      6 

    MISCELLANEOUS

     

    6.1
      AMENDMENT. This Agreement may be
      amended by the parties hereto, without the consent of the holder of any Warrant
      Certificate, for the purpose of curing any ambiguity, or of curing, correcting
      or supplementing any defective provision contained herein, or making any other
      provisions with respect to 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    matters
      or questions arising under
      this Agreement as the Company and the Warrant Agent may deem necessary or
      desirable; provided that such action shall not materially adversely affect
      the
      interests of the holders of the Warrant Certificates. 

     

    6.2
      NOTICES AND DEMANDS TO THE
      COMPANY AND WARRANT AGENT. If the Warrant Agent shall receive any notice or
      demand addressed to the Company by the holder of a Warrant Certificate pursuant
      to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
      forward such notice or demand to the Company. 

     

    6.3
      ADDRESSES. Any communication
      from the Company to the Warrant Agent with respect to this Agreement shall
      be
      addressed to
                        ,
      Attention:
                        
and any communication from the Warrant Agent to the Company with respect to
      this
      Agreement shall be addressed to Cell
      Genesys, Inc., 500 Forbes Boulevard, South San Francisco, California
      94080, Attention: General Counsel (or such other address as shall be
      specified in writing by the Warrant Agent or by the Company). 

     

    6.4
      GOVERNING LAW. This Agreement
      and each Warrant Certificate issued hereunder shall be governed by and construed
      in accordance with the laws of the State of New York. 

     

    6.5
      DELIVERY OF PROSPECTUS. The
      Company shall furnish to the Warrant Agent sufficient copies of a prospectus
      meeting the requirements of the Securities Act of 1933, as amended, relating
      to
      the Warrant Securities deliverable upon exercise of the Warrants (the
“Prospectus”), and the Warrant Agent agrees that upon the exercise of any
      Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate
      evidencing such Warrant, prior to or concurrently with the delivery of the
      Warrant Securities issued upon such exercise, a Prospectus. 

     

    The
      Warrant Agent shall not, by
      reason of any such delivery, assume any responsibility for the accuracy or
      adequacy of such Prospectus. 

     

    6.6
      OBTAINING OF GOVERNMENTAL
      APPROVALS. The Company will from time to time take all action which may be
      necessary to obtain and keep effective any and all permits, consents and
      approvals of governmental agencies and authorities and securities act filings
      under United States Federal and state laws (including without limitation a
      registration statement in respect of the Warrants and Warrant Securities under
      the Securities Act of 1933, as amended), which may be or become requisite in
      connection with the issuance, sale, transfer, and delivery of the Warrant
      Securities issued upon exercise of the Warrants, the issuance, sale, transfer
      and delivery of the Warrants or upon the expiration of the period during which
      the Warrants are exercisable. 

     

    6.7
      PERSONS HAVING RIGHTS UNDER
      WARRANT AGREEMENT. Nothing in this Agreement shall give to any person other
      than
      the Company, the Warrant Agent and the holders of the Warrant Certificates
      any
      right, remedy or claim under or by reason of this Agreement. 

     

    6.8
      HEADINGS. The descriptive
      headings of the several Articles and Sections of this Agreement are inserted
      for
      convenience only and shall not control or affect the meaning or construction
      of
      any of the provisions hereof. 

     

    6.9
      COUNTERPARTS. This Agreement may
      be executed in any number of counterparts, each of which as so executed shall
      be
      deemed to be an original, but such counterparts shall together constitute but
      one and the same instrument. 

     

    6.10
      INSPECTION OF AGREEMENT. A copy
      of this Agreement shall be available at all reasonable times at the principal
      corporate trust office of the Warrant Agent for inspection by the holder of
      any
      Warrant Certificate. The Warrant Agent may require such holder to submit his
      Warrant Certificate for inspection by it. 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties
      hereto have caused this Agreement to be duly executed, all as of the day and
      year first above written. 

     

    
       

    

    Cell
      Genesys, Inc.,

     

    By                                      
                                              
                   

     

    Its                                      
                                              
                    

     

    Attest:                                     
                                              
             

     

                                          
                                              
                         

     

    Warrant
      Agent 

     

    By                                      
                                              
                   

     

    Its                                      
                                              
                    

     

    Attest:                                     
                                              
             

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A 

     

    FORM
      OF WARRANT CERTIFICATE

    [FACE
      OF WARRANT CERTIFICATE]

     

    
      	
            	
            	
            
	[Form if Warrants are
              attached to Other Securities and
              are not immediately detachable.	  	Prior to                         , this Warrant
Certificate
              cannot be
transferred
              or exchanged
unless attached to a [Title
of Other
              Securities].]
	[Form of Legend if Warrants are not
              immediately exercisable.	  	Prior  to                         ,
              Warrants
evidenced
              by this Warrant
Certificate Cannot be
              exercised.]

    

     

    EXERCISABLE
      ONLY IF COUNTERSIGNED BY
      THE WARRANT 

    AGENT
      AS PROVIDED HEREIN

     

    VOID
      AFTER
      [            ] P.M.,
      [CITY] TIME, ON     , 

     

    
      Cell
        Genesys, Inc.,

    

     

    WARRANT
      CERTIFICATE REPRESENTING

    WARRANTS
      TO PURCHASE 

    [TITLE
      OF WARRANT SECURITIES]

     

    
      	No.                                      
                                                      
                                                      
                                                      
                    Warrants	 

    

     

    This
      certifies that
                        
or registered assigns is the registered owner of the above indicated number
      of
      Warrants, each Warrant entitling such owner [if Warrants are attached to Other
      Securities and are not immediately detachable—, subject to the registered owner
      qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined),]
      to purchase, at any time [after
      [            ] p.m.,
      [City] time, on
                        
and] on or before
      [            ] p.m.,
      [City] time, on
                        ,
             shares
      of [Title of Warrant Securities] (the “WARRANT SECURITIES”), of Cell
      Genesys, Inc., (the “COMPANY”) on the following basis: during the period
      from
                        ,
      through and including
                        ,
      the exercise price per Warrant Security will be
      $            ,
      subject to adjustment as provided in the Warrant Agreement (as hereinafter
      defined) (the “WARRANT PRICE”). The Holder may exercise the Warrants evidenced
      hereby by providing certain information set forth on the back hereof and by
      paying in full, in lawful money of the United States of America, [in cash or
      by
      certified check or official bank check in New York Clearing House funds] [by
      bank wire transfer in immediately available funds], the Warrant Price for each
      Warrant Security with respect to which this Warrant is exercised to the Warrant
      Agent (as hereinafter defined) and by surrendering this Warrant Certificate,
      with the purchase form on the back hereof duly executed, at the corporate trust
      office of [name of Warrant Agent], or its successor as warrant agent (the
“WARRANT AGENT”), which is, on the date hereof, at the address specified on the
      reverse hereof, and upon compliance with and subject to the conditions set
      forth
      herein and in the Warrant Agreement (as hereinafter defined). 

     

    The
      term “HOLDER” as used herein
      shall mean [if Warrants are attached to Other Securities and are not immediately
      detachable—prior to
                        ,
             (the
“DETACHABLE DATE”), the registered owner of the Company’s [title of Other
      Securities] to which this Warrant Certificate was initially attached, and after
      such Detachable Date,] the person in whose name at the time this Warrant
      Certificate shall be registered upon the books to be maintained by the Warrant
      Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    The
      Warrants evidenced by this
      Warrant Certificate may be exercised to purchase a whole number of Warrant
      Securities in registered form. Upon any exercise of fewer than all of the
      Warrants evidenced by this Warrant Certificate, there shall be issued to the
      Holder hereof a new Warrant Certificate evidencing Warrants for the number
      of
      Warrant Securities remaining unexercised. 

     

    This
      Warrant Certificate is issued
      under and in accordance with the Warrant Agreement dated as of
                        ,
             (the
“WARRANT AGREEMENT”), between the Company and the Warrant Agent and is subject
      to the terms and provisions contained in the Warrant Agreement, to all of which
      terms and provisions the Holder of this Warrant Certificate consents by
      acceptance hereof. Copies of the Warrant Agreement are on file at the
      above-mentioned office of the Warrant Agent. 

     

    [If
      Warrants are attached to Other
      Securities and are not immediately detachable—Prior to the Detachable Date, this
      Warrant Certificate may be exchanged or transferred only together with the
      [Title of Other Securities] (the “OTHER SECURITIES”) to which this Warrant
      Certificate was initially attached, and only for the purpose of effecting or
      in
      conjunction with, an exchange or transfer of such Other Security. Additionally,
      on or prior to the Detachable Date, each transfer of such Other Security on
      the
      register of the Other Securities shall operate also to transfer this Warrant
      Certificate. After such date, transfer of this] [If Warrants are attached to
      Other Securities and are immediately detachable—Transfer of this] Warrant
      Certificate may be registered when this Warrant Certificate is surrendered
      at
      the corporate trust office of the Warrant Agent by the registered owner or
      such
      owner’s assigns, in the manner and subject to the limitations provided in the
      Warrant Agreement. 

     

    [If
      Other Securities with Warrants
      which are not immediately detachable—Except as provided in the immediately
      preceding paragraph, after] [If Other Securities with Warrants which are
      immediately detachable or Warrants alone—After] countersignature by the Warrant
      Agent and prior to the expiration of this Warrant Certificate, this Warrant
      Certificate may be exchanged at the corporate trust office of the Warrant Agent
      for Warrant Certificates representing Warrants for the same aggregate number
      of
      Warrant Securities. 

     

    This
      Warrant Certificate shall not
      entitle the Holder hereof to any of the rights of a holder of the Warrant
      Securities, including, without limitation, the right to receive payments of
      dividends or distributions, if any, on the Warrant Securities (except to the
      extent set forth in the Warrant Agreement) or to exercise any voting rights.
      

     

    Reference
      is hereby made to the
      further provisions of this Warrant Certificate set forth on the reverse hereof,
      which further provisions shall for all purposes have the same effect as if
      set
      forth at this place. 

     

    This
      Warrant Certificate shall not
      be valid or obligatory for any purpose until countersigned by the Warrant Agent.
      

     

    IN
      WITNESS WHEREOF, the Company has
      caused this Warrant to be executed in its name and on its behalf by the
      facsimile signatures of its duly authorized officers. 

     

    
      	Dated:	                                                                             Cell
              Genesys, Inc.

    

     

    By
      ______________________________

     

    Its
      _____________________________

     

    Attest:

     

    _______________________________
      

     

    Countersigned:

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    ______________________________
      

    As
      Warrant Agent 

     

    By:
      ___________________________

     

    Authorized
      Signature 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    [REVERSE
      OF WARRANT CERTIFICATE]

    (Instructions
      for Exercise of
      Warrant) 

     

    To
      exercise any Warrants evidenced
      hereby for Warrant Securities (as hereinafter defined), the Holder must pay,
      in
      lawful money of the United States of America, [in cash or by certified check
      or
      official bank check in New York Clearing House funds] [by bank wire transfer
      in
      immediately available funds], the Warrant Price in full for Warrants exercised,
      to [Warrant Agent] [address of Warrant Agent], Attn:
                    ,
      which payment must specify the name of the Holder and the number of Warrants
      exercised by such Holder. In addition, the Holder must complete the information
      required below and present this Warrant Certificate in person or by mail
      (certified or registered mail is recommended) to the Warrant Agent at the
      appropriate address set forth above. This Warrant Certificate, completed and
      duly executed, must be received by the Warrant Agent within five business days
      of the payment. 

     

    (To
      be executed upon exercise of
      Warrants) 

     

    The
      undersigned hereby irrevocably
      elects to exercise
                    
      Warrants, evidenced by this Warrant Certificate, to purchase
                    
      shares of the [Title of Warrant Securities] (the “WARRANT SECURITIES”),
      of Cell
      Genesys, Inc., and represents that he has tendered payment for such
      Warrant Securities, in lawful money of the United States of America, [in cash
      or
      by certified check or official bank check in New York Clearing House funds]
      [by
      bank wire transfer in immediately available funds], to the order of Cell
      Genesys, Inc., c/o [insert name and address of Warrant Agent], in the
      amount of
      $                    
      in accordance with the terms hereof. The undersigned requests that said Warrant
      Securities be in fully registered form in the authorized denominations,
      registered in such names and delivered all as specified in accordance with
      the
      instructions set forth below. 

     

    If
      the number of Warrants exercised
      is less than all of the Warrants evidenced hereby, the undersigned requests
      that
      a new Warrant Certificate evidencing the Warrants for the number of Warrant
      Securities remaining unexercised be issued and delivered to the undersigned
      unless otherwise specified in the instructions below. 

     

    
      	
            	
            	
            
	
              Dated:                                     
                                                        
                                

            	 	    Name                                  
                                                      
                            
	(Please
              Print)

    

     

    
      	
            
	
              Address                                     
                                                        
                        

            
	
            
	
                                                    
                                                        
                                      

            
	
            
	
                                                    
                                                        
                                      

            
	
            
	
                                                    
                                                        
                                      

            
	
            
	
                                                    
                                                        
                                      

            
	
              (Insert
                Social Security or
                Other

              Identifying
                Number of
                Holder)

            

    

     

    Signature
      Guaranteed                                      
                                        
                                        
                                        
   

    Signature

     

    (Signature
      must conform in all
      respects 

    to
      name of holder as specified on
      the 

    face
      of this Warrant Certificate and

    must
      bear a signature guarantee by a

    bank,
      trust company or member broker
      of 

    the
      New York, Midwest or Pacific
      Stock 

    Exchange)

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    This Warrant
      may
      be exercised at the following addresses: 

     

    By
      hand
      at:                                       
                                        
                                        
                   

     

                                          
                                              
                                        
                                        
  

     

     

    By
      mail
      at:                                       
                                        
                                        
                    

     

                                          
                                              
                                        
                                        
  

     

     

    [Instructions
      as to form and
      delivery of Warrant Securities and, if applicable, Warrant Certificates
      evidencing Warrants for the number of Warrant Securities remaining
      unexercised—complete as appropriate.] 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

    [Form
      of assignment to be executed
      if 

    Warrant
      Holder desires to transfer
      Warrant) 

     

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

     

    
      	__________________________________            	 

    

     

    
      	__________________________________            	 

    

     

    
      	__________________________________            _______________________________	 

    

     

    (Please
      print name and
      address                                    Please
      insert Social Security 

    including  zip
      code)                                       
                                         or

                                           
                                              
             other
      identifying number 

     

    the
      right represented by the within
      Warrant to purchase ___________ shares of [Title of Warrant Securities]
      of Cell
      Genesys, Inc., to which the within Warrant relates and appoints
      ______________________ attorney to transfer such right on the books of the
      Warrant Agent with full power of substitution in the premises. 

     

    
      	Dated	_________________________            
              __________________________________ 

    

                                    Signature
      

     

    (Signature
      must conform in all

    respects
      to name of holder as

    specified
      on the face of the

    Warrant)

     

    Signature
      Guaranteed 

     

    
      	_________________________            	 

    

     

     

    19EXHIBIT
      4.8 

     

    CELL
      GENESYS, INC. 

     

    AND

     

                                    ,
      AS WARRANT AGENT 

     

    FORM
      OF DEPOSITARY SHARES

    WARRANT
      AGREEMENT 

     

    DATED
      AS OF 

     

    [                            ]
      

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TABLE
      OF CONTENTS 

     

    
      	
            	
            	
            	
            	
            
	
              ARTICLE
                1

            	  	
              ISSUANCE
                OF WARRANTS AND
                EXECUTION AND DELIVERY OF WARRANT CERTIFICATES

            	  	1
	
              1.1

            	  	
              Issuance
                of
                Warrants

            	  	1
	
              1.2

            	  	
              Execution
                and Delivery of
                Warrant Certificates

            	  	1
	
              1.3

            	  	
              Issuance
                of Warrant
                Certificates

            	  	2
	
            	
            	
            
	
              ARTICLE
                2

            	  	
              WARRANT
                PRICE, DURATION AND
                EXERCISE OF WARRANTS

            	  	2
	
              2.1

            	  	
              Warrant
                Price

            	  	2
	
              2.2

            	  	
              Duration
                of
                Warrants

            	  	2
	
              2.3

            	  	
              Exercise
                of
                Warrants

            	  	2
	
            	
            	
            
	
              ARTICLE
                3

            	  	
              OTHER
                PROVISIONS RELATING TO
                RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

            	  	3
	
              3.1

            	  	
              No
                Rights as Warrant
                Securityholder Conferred by Warrants or Warrant
                Certificates

            	  	3
	
              3.2

            	  	
              Lost,
                Stolen, Mutilated or
                Destroyed Warrant Certificates

            	  	3
	
              3.3

            	  	
              Holder
                of Warrant Certificate
                May Enforce Rights

            	  	4
	
              3.4

            	  	
              Adjustments

            	  	4
	
              3.5

            	  	
              Notice
                to
                Warrantholders

            	  	6
	
              3.6

            	  	
              [If
                the Warrants are subject
                to acceleration by the Company, insert—Acceleration of Warrants by the
                Company]

            	  	7
	
            	
            	
            
	
              ARTICLE
                4

            	  	
              EXCHANGE
                AND TRANSFER OF
                WARRANT CERTIFICATES

            	  	8
	
              4.1

            	  	
              Exchange
                and Transfer of
                Warrant Certificates

            	  	8
	
              4.2

            	  	
              Treatment
                of Holders of
                Warrant Certificates

            	  	8
	
              4.3

            	  	
              Cancellation
                of Warrant
                Certificates

            	  	8
	
            	
            	
            
	
              ARTICLE 5

            	  	
              CONCERNING
                THE WARRANT
                AGENT

            	  	8
	
              5.1

            	  	
              Warrant
                Agent

            	  	8
	
              5.2

            	  	
              Conditions
                of Warrant Agent’s
                Obligations

            	  	9
	
              5.3

            	  	
              Resignation,
                Removal and
                Appointment of Successor

            	  	10
	
            	
            	
            
	
              ARTICLE
                6

            	  	
              MISCELLANEOUS

            	  	11
	
              6.1

            	  	
              Amendment

            	  	11

    

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
            	
            	
            	
            
	
              6.2

            	  	
              Notices
                and Demands to the
                Company and Warrant Agent

            	  	11
	
              6.3

            	  	
              Addresses

            	  	11
	
              6.4

            	  	
              Governing
                Law

            	  	11
	
              6.5

            	  	
              Delivery
                of
                Prospectus

            	  	11
	
              6.6

            	  	
              Obtaining
                of Governmental
                Approvals

            	  	11
	
              6.7

            	  	
              Persons
                Having Rights Under
                Warrant Agreement

            	  	12
	
              6.8

            	  	
              Headings

            	  	12
	
              6.9

            	  	
              Counterparts

            	  	12
	
              6.10

            	  	
              Inspection
                of
                Agreement

            	  	12

    

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Cell
      Genesys, Inc. 

    Form
      of Depositary Shares Warrant
      Agreement 

     

    DEPOSITARY
      SHARES WARRANT AGREEMENT,
      dated as of
                    
      between Cell Genesys, Inc., a Delaware corporation (the “COMPANY”) and
                    ,
      a [corporation] [national banking association] organized and existing under
      the
      laws of
                    
      and having a corporate trust office in
                    ,
      as warrant agent (the “WARRANT AGENT”). 

     

    WHEREAS,
      the Company proposes to
      sell [if Warrants are sold with other securities — [title of such other
      securities being offered] (the “OTHER SECURITIES”) with] warrant certificates
      evidencing one or more warrants (the “WARRANTS” or, individually, a “WARRANT”)
      representing the right to purchase [title of Depositary Shares purchasable
      through exercise of Warrants] (the “WARRANT SECURITIES”), such warrant
      certificates and other warrant certificates issued pursuant to this Agreement
      being herein called the “WARRANT CERTIFICATES”; and 

     

    WHEREAS,
      the Company desires the
      Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing
      so to act, in connection with the issuance, registration, transfer, exchange,
      exercise and replacement of the Warrant Certificates, and in this Agreement
      wishes to set forth, among other things, the form and provisions of the Warrant
      Certificates and the terms and conditions on which they may be issued,
      registered, transferred, exchanged, exercised and replaced; 

     

    NOW
      THEREFORE, in consideration of
      the premises and of the mutual agreements herein contained, the parties hereto
      agree as follows: 

     

    ARTICLE
      1 

    ISSUANCE
      OF WARRANTS AND EXECUTION
      AND 

    DELIVERY
      OF WARRANT CERTIFICATES

     

    1.1
      ISSUANCE OF WARRANTS. [If
      Warrants alone — Upon issuance, each Warrant Certificate shall evidence one or
      more Warrants.] [If Other Securities and Warrants — Warrants shall be
      [initially] issued in connection with the issuance of the Other Securities
      [but
      shall be separately transferable on and after
                    
      (the “DETACHABLE DATE”)] [and shall not be separately transferable] and each
      Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced
      thereby shall represent the right, subject to the provisions contained herein
      and therein, to purchase one Warrant Security. [If Other Securities and Warrants
      — Warrant Certificates shall be initially issued in units with the Other
      Securities and each Warrant Certificate included in such a unit shall evidence
                          
      Warrants for each
      [$                    
      principal amount]
      [            
      shares] of Other Securities included in such unit.] 

     

    1.2
      EXECUTION AND DELIVERY OF
      WARRANT CERTIFICATES. Each Warrant Certificate, whenever issued, shall be in
      registered form substantially in the form set forth in Exhibit A hereto, shall
      be dated the date of its countersignature by the Warrant Agent and may have
      such
      letters, numbers, or other marks of identification or designation and such
      legends or endorsements printed, lithographed or engraved thereon as the
      officers of the Company executing the same may approve (execution thereof to
      be
      conclusive evidence of such approval) and as are not inconsistent with the
      provisions of this Agreement, or as may be required to comply with any law
      or
      with any rule or regulation made pursuant thereto or with any rule or regulation
      of any securities exchange on which the Warrants may be listed, or to conform
      to
      usage. The Warrant Certificates shall be signed on behalf of the Company by
      any
      of its present or future chief executive officers, presidents, senior vice
      presidents, vice presidents, chief financial officers, chief legal officers,
      treasurers, assistant treasurers, controllers, assistant controllers,
      secretaries or assistant secretaries under its corporate seal reproduced
      thereon. Such signatures may be manual or facsimile signatures of such
      authorized officers and may be imprinted or otherwise reproduced on the Warrant
      Certificates. The seal of the Company may be in the form of a facsimile thereof
      and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
      Certificates. 

     

    No
      Warrant Certificate shall be
      valid for any purpose, and no Warrant evidenced thereby shall be exercisable,
      until such Warrant Certificate has been countersigned by the manual signature
      of
      the Warrant Agent. 

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    Such
      signature by the Warrant Agent
      upon any Warrant Certificate executed by the Company shall be conclusive
      evidence that the Warrant Certificate so countersigned has been duly issued
      hereunder. 

     

    In
      case any officer of the Company
      who shall have signed any of the Warrant Certificates either manually or by
      facsimile signature shall cease to be such officer before the Warrant
      Certificates so signed shall have been countersigned and delivered by the
      Warrant Agent, such Warrant Certificates may be countersigned and delivered
      notwithstanding that the person who signed 

    Warrant
      Certificates ceased to be
      such officer of the Company; and any Warrant Certificate may be signed on behalf
      of the Company by such persons as, at the actual date of the execution of such
      Warrant Certificate, shall be the proper officers of the Company, although
      at
      the date of the execution of this Agreement any such person was not such
      officer. 

     

    The
      term “holder” or “holder of a
      Warrant Certificate” as used herein shall mean any person in whose name at the
      time any Warrant Certificate shall be registered upon the books to be maintained
      by the Warrant Agent for that purpose [If Other Securities and Warrants are
      not
      immediately detachable — or upon the registration of the Other Securities prior
      to the Detachable Date. Prior to the Detachable Date, the Company will, or
      will
      cause the registrar of the Other Securities to, make available at all times
      to
      the Warrant Agent such information as to holders of the Other Securities as
      may
      be necessary to keep the Warrant Agent’s records up to date]. 

     

    1.3
      ISSUANCE OF WARRANT
      CERTIFICATES. Warrant Certificates evidencing the right to purchase Warrant
      Securities may be executed by the Company and delivered to the Warrant Agent
      upon the execution of this Warrant Agreement or from time to time thereafter.
      The Warrant Agent shall, upon receipt of Warrant Certificates duly executed
      on
      behalf of the Company, countersign such Warrant Certificates and shall deliver
      such Warrant Certificates to or upon the order of the Company. 

     

    ARTICLE
      2 

    WARRANT
      PRICE, DURATION AND EXERCISE
      OF WARRANTS 

     

    2.1
      WARRANT PRICE. During the period
      specified in Section 2.2, each Warrant shall, subject to the terms of this
      Warrant Agreement and the applicable Warrant Certificate, entitle the holder
      thereof to purchase the number of Warrant Securities specified in the applicable
      Warrant Certificate at an exercise price of
      $                    
      per Warrant Security, subject to adjustment upon the occurrence of certain
      events, as hereinafter provided. Such purchase price per Warrant Security is
      referred to in this Agreement as the “WARRANT PRICE.” 

     

    2.2
      DURATION OF WARRANTS. Each
      Warrant may be exercised in whole or in part at any time, as specified herein,
      on or after [the date thereof]
      [            ]
      and at or before
      [            ]
      p.m., [City] time, on
                    
      or such later date as the Company may designate by notice to the Warrant Agent
      and the holders of Warrant Certificates mailed to their addresses as set forth
      in the record books of the Warrant Agent (the “EXPIRATION DATE”). Each Warrant
      not exercised at or before
      [            ]
      p.m., [City] time, on the Expiration Date shall become void, and all rights
      of
      the holder of the Warrant Certificate evidencing such Warrant under this
      Agreement shall cease. 

     

    2.3
      EXERCISE OF WARRANTS.

     

    (a)
      During the period specified in
      Section 2.2, the Warrants may be exercised to purchase a whole number of
      Warrant Securities in registered form by providing certain information as set
      forth on the reverse side of the Warrant Certificate and by paying in full,
      in
      lawful money of the United States of America, [in cash or by certified check
      or
      official bank check in New York Clearing House funds] [by bank wire transfer
      in
      immediately available funds] the Warrant Price for each Warrant Security with
      respect to which a Warrant is being exercised to the Warrant Agent at its
      corporate trust office, provided that such exercise is subject to receipt within
      five business days of such payment by the Warrant Agent of the Warrant
      Certificate with the form of election to purchase Warrant Securities set forth
      on the reverse side of the Warrant Certificate properly completed and duly
      executed. The date on which payment in full of the Warrant Price is received
      by
      the Warrant Agent shall, subject to receipt of the Warrant Certificate as
      aforesaid, be deemed to 

     

    
      
         

      

      
        2

        
          

        

      

      
         

    

     

    
    

    be
      the date on which the Warrant is
      exercised; provided, however, that if, at the date of receipt of such Warrant
      Certificates and payment in full of the Warrant Price, the transfer books for
      the Warrant Securities purchasable upon the exercise of such Warrants shall
      be
      closed, no such receipt of such Warrant Certificates and no such payment of
      such
      Warrant Price shall be effective to constitute the person so designated to
      be
      named as the holder of record of such Warrant Securities on such date, but
      shall
      be effective to constitute such person as the holder of record of such Warrant
      Securities for all purposes at the opening of business on the next succeeding
      day on which the transfer books for the Warrant Securities purchasable upon
      the
      exercise of such Warrants shall be opened, and the certificates for the Warrant
      Securities in respect of which such Warrants are then exercised shall be
      issuable as of the date on such next succeeding day on which the transfer books
      shall next be opened, and until such date the Company shall be under no duty
      to
      deliver any certificate for such Warrant Securities. The Warrant Agent shall
      deposit all funds received by it in payment of the Warrant Price in an account
      of the Company maintained with it and shall advise the Company by telephone
      at
      the end of each day on which a payment for the exercise of Warrants is received
      of the amount so deposited to its account. The Warrant Agent shall promptly
      confirm such telephone advice to the Company in writing. 

     

    (b)
      The Warrant Agent shall, from
      time to time, as promptly as practicable, advise the Company of (i) the
      number of Warrant Securities with respect to which Warrants were exercised,
      (ii) the instructions of each holder of the Warrant Certificates evidencing
      such Warrants with respect to delivery of the Warrant Securities to which such
      holder is entitled upon such exercise, (iii) delivery of Warrant
      Certificates evidencing the balance, if any, of the Warrants for the remaining
      Warrant Securities after such exercise, and (iv) such other information as
      the Company shall reasonably require. 

     

    (c)
      As soon as practicable after the
      exercise of any Warrant, the Company shall issue to or upon the order of the
      holder of the Warrant Certificate evidencing such Warrant the Warrant Securities
      to which such holder is entitled, in fully registered form, registered in such
      name or names as may be directed by such holder. If fewer than all of the
      Warrants evidenced by such Warrant Certificate are exercised, the Company shall
      execute, and an authorized officer of the Warrant Agent shall manually
      countersign and deliver, a new Warrant Certificate evidencing Warrants for
      the
      number of Warrant Securities remaining unexercised. 

     

    (d)
      The Company shall not be
      required to pay any stamp or other tax or other governmental charge required
      to
      be paid in connection with any transfer involved in the issue of the Warrant
      Securities, and in the event that any such transfer is involved, the Company
      shall not be required to issue or deliver any Warrant Security until such tax
      or
      other charge shall have been paid or it has been established to the Company’s
      satisfaction that no such tax or other charge is due. 

     

    (e)
      Prior to the issuance of any
      Warrants there shall have been reserved, and the Company shall at all times
      through the Expiration Date keep reserved, out of its authorized but unissued
      Warrant Securities, a number of shares sufficient to provide for the exercise
      of
      the Warrants. 

     

    ARTICLE
      3 

    OTHER
      PROVISIONS RELATING TO RIGHTS

    OF
      HOLDERS OF WARRANT CERTIFICATES

     

    3.1
      NO RIGHTS AS WARRANT
      SECURITYHOLDER CONFERRED BY WARRANTS OR WARRANT CERTIFICATES. No Warrant
      Certificate or Warrant evidenced thereby shall entitle the holder thereof to
      any
      of the rights of a holder of Warrant Securities, including, without limitation,
      the right to receive the payment of dividends or distributions, if any, on
      the
      Warrant Securities or to exercise any voting rights, except to the extent
      expressly set forth in this Agreement or the applicable Warrant Certificate.
      

     

    3.2
      LOST, STOLEN, MUTILATED OR
      DESTROYED WARRANT CERTIFICATES. Upon receipt by the Warrant Agent of evidence
      reasonably satisfactory to it and the Company of the ownership of and the loss,
      theft, 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
    

    destruction
      or mutilation of any
      Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant
      Agent and the Company and, in the case of mutilation, upon surrender of the
      mutilated Warrant Certificate to the Warrant Agent for cancellation, then,
      in
      the absence of notice to the Company or the Warrant Agent that such Warrant
      Certificate has been acquired by a bona fide purchaser, the Company shall
      execute, and an authorized officer of the Warrant Agent shall manually
      countersign and deliver, in exchange for or in lieu of the lost, stolen,
      destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the
      same tenor and evidencing Warrants for a like number of Warrant Securities.
      Upon
      the issuance of any new Warrant Certificate under this Section 3.2, the
      Company may require the payment of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in relation thereto and any other
      expenses (including the fees and expenses of the Warrant Agent) in connection
      therewith. Every substitute Warrant Certificate executed and delivered pursuant
      to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant
      Certificate shall represent an additional contractual obligation of the Company,
      whether or not the lost, stolen or destroyed Warrant Certificate shall be at
      any
      time enforceable by anyone, and shall be entitled to the benefits of this
      Agreement equally and proportionately with any and all other Warrant
      Certificates duly executed and delivered hereunder. The provisions of this
      Section 3.2 are exclusive and shall preclude (to the extent lawful) all
      other rights and remedies with respect to the replacement of mutilated, lost,
      stolen or destroyed Warrant Certificates. 

     

    3.3
      HOLDER OF WARRANT CERTIFICATE
      MAY ENFORCE RIGHTS. Notwithstanding any of the provisions of this Agreement,
      any
      holder of a Warrant Certificate, without the consent of the Warrant Agent,
      the
      holder of any Warrant Securities or the holder of any other Warrant Certificate,
      may, in such holder’s own behalf and for such holder’s own benefit, enforce, and
      may institute and maintain any suit, action or proceeding against the Company
      suitable to enforce, or otherwise in respect of, such holder’s right to exercise
      the Warrants evidenced by such holder’s Warrant Certificate in the manner
      provided in such holder’s Warrant Certificate and in this Agreement.

     

    3.4
      ADJUSTMENTS. 

     

    (a)
      In case the Company shall at any
      time subdivide its outstanding shares of [title of Depositary Shares purchasable
      through exercise of Warrants] into a greater number of shares, the Warrant
      Price
      in effect immediately prior to such subdivision shall be proportionately reduced
      and the number of Warrant Securities purchasable under the Warrants shall be
      proportionately increased. Conversely, in case the outstanding shares of [title
      of Depositary Shares purchasable through exercise of Warrants] of the Company
      shall be combined into a smaller number of shares, the Warrant Price in effect
      immediately prior to such combination shall be proportionately increased and
      the
      number of Warrant Securities purchasable under the Warrants shall be
      proportionately decreased. 

     

    (b)
      If at any time or from time to
      time the holders of [title of Preferred Stock underlying the Depositary Shares
      purchasable through exercise of Warrants] (or any shares of stock or other
      securities at the time receivable upon the exercise of the Warrants) shall
      have
      received or become entitled to receive, without payment therefore, 

     

    (i)
      [title of Preferred Stock
      underlying Depositary Shares purchasable through exercise of Warrants] or any
      shares of stock or other securities which are at any time directly or indirectly
      convertible into or exchangeable for [title of Preferred Stock underlying
      Depositary Shares purchasable through exercise of Warrants], or any rights
      or
      options to subscribe for, purchase or otherwise acquire any of the foregoing
      by
      way of dividend or other distribution; 

     

    (ii)
      any cash paid or payable
      otherwise than in accordance with the terms of [title of Preferred Stock
      underlying Depositary Shares purchasable through exercise of Warrants] or
      otherwise than as a cash dividend paid or payable out of the Company’s current
      or retained earnings; 

     

    (iii)
      any evidence of the Company’s
      indebtedness or rights to subscribe for or purchase the Company’s indebtedness;
      or 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
    

     

    (iv)
      [title of Preferred Stock
      underlying Depositary Shares purchasable through exercise of Warrants] or
      additional stock or other securities or property (including cash) by way of
      spinoff, split-up, reclassification, combination of shares or similar corporate
      rearrangement (other than shares of [title of Depositary Shares purchasable
      through exercise of Warrants] issued as a stock split or adjustments in respect
      of which shall be covered by the terms of Section 3.4(a) above),

     

    then
      and in each such case, the
      holder of each Warrant shall, upon the exercise of the Warrant, be entitled
      to
      receive, in addition to the number of Warrant Securities receivable thereupon,
      and without payment of any additional consideration therefore, the amount of
      stock and other securities and property (including cash and indebtedness (or
      rights to subscribe for or purchase indebtedness) which such holder would hold
      on the date of such exercise had he been the holder of record of such Warrant
      Securities as of the date on which holders of [title of Preferred Stock
      underlying Depositary Shares purchasable through exercise of Warrants] received
      or became entitled to receive such shares or all other additional stock and
      other securities and property. 

     

    (c)
      In case of (i) any
      reclassification, capital reorganization, or change in the [title of Depositary
      Shares purchasable through exercise of Warrants] or [title of Preferred Stock
      underlying Depositary Shares purchasable through the exercise of the Warrants]
      of the Company (other than as a result of a subdivision, combination or stock
      dividend provided for in Section 3.4(a) or Section 3.4(b) above),
      (ii) share exchange, merger or similar transaction of the Company with or
      into another person or entity (other than a share exchange, merger or similar
      transaction in which the Company is the acquiring or surviving corporation
      and
      which does not result in any change in the [title of Depositary Shares
      purchasable through exercise of Warrants] or [title of Preferred Stock
      underlying Depositary Shares purchasable through the exercise of the Warrants]
      other than the issuance of additional shares of [title of Depositary Shares
      purchasable through exercise of Warrants] or [title of Preferred Stock
      underlying Depositary Shares purchasable through the exercise of the Warrants])
      or (iii) the sale, exchange, lease, transfer or other disposition of all or
      substantially all of the properties and assets of the Company as an entirety
      (in
      any such case, a “REORGANIZATION EVENT”), then, as a condition of such
      Reorganization Event, lawful provisions shall be made, and duly executed
      documents evidencing the same from the Company or its successor shall be
      delivered to the holders of the Warrants, so that the holders of the Warrants
      shall have the right at any time prior to the expiration of the Warrants to
      purchase, at a total price equal to that payable upon the exercise of the
      Warrants, the kind and amount of shares of stock and other securities and
      property receivable in connection with such Reorganization Event by a holder
      of
      the same number of shares of [title of Depositary Shares purchasable through
      the
      exercise of the Warrants] as were purchasable by the holders of the Warrants
      immediately prior to such Reorganization Event. In any such case appropriate
      provisions shall be made with respect to the rights and interests of the holders
      of the Warrants so that the provisions hereof shall thereafter be applicable
      with respect to any shares of stock or other securities and property deliverable
      upon exercise the Warrants, and appropriate adjustments shall be made to the
      Warrant Price payable hereunder provided the aggregate purchase price shall
      remain the same. In the case of any transaction described in clauses
      (ii) and (iii) above, the Company shall thereupon be relieved of any
      further obligation hereunder or under the Warrants, and the Company as the
      predecessor corporation may thereupon or at any time thereafter be dissolved,
      wound up or liquidated. Such successor or assuming entity thereupon may cause
      to
      be signed, and may issue either in its own name or in the name of the Company,
      any or all of the Warrants issuable hereunder which heretofore shall not have
      been signed by the Company, and may execute and deliver securities in its own
      name, in fulfillment of its obligations to deliver Warrant Securities upon
      exercise of the Warrants. All the Warrants so issued shall in all respects
      have
      the same legal rank and benefit under this Agreement as the Warrants theretofore
      or thereafter issued in accordance with the terms of this Agreement as though
      all of such Warrants had been issued at the date of the execution hereof. In
      any
      case of any such Reorganization Event, such changes in phraseology and form
      (but
      not in substance) may be made in the Warrants thereafter to be issued as may
      be
      appropriate. 

     

    
      
         

      

      
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    The
      Warrant Agent may receive a
      written opinion of legal counsel as conclusive evidence that any such
      Reorganization Event complies with the provisions of this Section 3.4.

     

    (d)
      The Company may, at its option,
      at any time until the Expiration Date, reduce the then current Warrant Price
      to
      any amount deemed appropriate by the Board of Directors of the Company for
      any
      period not exceeding twenty consecutive days (as evidenced in a resolution
      adopted by such Board of Directors), but only upon giving the notices required
      by Section 3.5 at least ten days prior to taking such action. 

     

    (e)
      Except as herein otherwise
      expressly provided, no adjustment in the Warrant Price shall be made by reason
      of the issuance of any securities of the Company or for any other reason
      whatsoever. 

     

    (f)
      No fractional Warrant Securities
      shall be issued upon the exercise of Warrants. If more than one Warrant shall
      be
      exercised at one time by the same holder, the number of full Warrant Securities
      which shall be issuable upon such exercise shall be computed on the basis of
      the
      aggregate number of Warrant Securities purchased pursuant to the Warrants so
      exercised. Instead of any fractional Warrant Security which would otherwise
      be
      issuable upon exercise of any Warrant, the Company shall pay a cash adjustment
      in respect of such fraction in an amount equal to the same fraction of the
      last
      sales price (or bid price if there were no sales) per Warrant Security, in
      either case as reported on the New York Stock Exchange Composite Tape on the
      business day which next precedes the day of exercise or, if the Warrant
      Securities are not then listed or admitted to trading on the New York Stock
      Exchange, on the principal national securities exchange on which the Warrant
      Securities are listed or admitted to trading or, if not listed or admitted
      to
      trading on any national securities exchange, on the National Market System
      of
      the National Association of Securities Dealers, Inc. Automated Quotations System
      (“NASDAQ”), or if the Warrant Securities are not then listed or admitted to
      trading on any national securities exchange or quoted on the National Market
      System of NASDAQ, the average of the closing high bid and low asked prices
      in
      the over-the-counter market, as reported by NASDAQ, or such other system then
      in
      use, or if on any such date the Warrant Securities are not quoted by any such
      organization, an amount equal to the same fraction of the average of the closing
      bid and asked prices as furnished by any New York Stock Exchange firm selected
      from time to time by the Company for that purpose at the close of business
      on
      the business day which next precedes the day of exercise. 

     

    (g)
      Whenever the Warrant Price then
      in effect is adjusted as herein provided, the Company shall mail to each holder
      of the Warrants at such holder’s address as it shall appear on the books of the
      Company a statement setting forth the adjusted Warrant Price then and thereafter
      effective under the provisions hereof, together with the facts, in reasonable
      detail, upon which such adjustment is based. 

     

    3.5
      NOTICE TO WARRANTHOLDERS. In
      case the Company shall (a) effect any dividend or distribution described in
      Section 3.4(b), (b) effect any Reorganization Event, (c) make any
      distribution on or in respect of the [title of Depositary Shares purchasable
      through exercise of Warrants] or [title of Preferred Stock underlying Depositary
      Shares purchasable through the exercise of the Warrants] in connection with
      the
      dissolution, liquidation or winding up of the Company, or (d) reduce the
      then current Warrant Price pursuant to Section 3.4(d), then the Company
      shall mail to each holder of Warrants at such holder’s address as it shall
      appear on the books of the Warrant Agent, at least ten days prior to the
      applicable date hereinafter specified, a notice stating (x) the record date
      for such dividend or distribution, or, if a record is not to be taken, the
      date
      as of which the holders of record of [title of Preferred Stock underlying
      Depositary Shares purchasable through the exercise of Warrants] that will be
      entitled to such dividend or distribution are to be determined, (y) the
      date on which such Reorganization Event, dissolution, liquidation or winding
      up
      is expected to become effective, and the date as of which it is expected that
      holders of [title of Depositary Shares purchasable through the exercise of
      the
      Warrants] of record shall be entitled to exchange their shares of [title of
      Depositary Shares purchasable through the exercise of the Warrants] for
      securities or other property deliverable upon such Reorganization Event,
      dissolution, liquidation or winding up, or (z) the first date on which the
      then current Warrant Price shall be reduced pursuant to Section 3.4(d). No
      failure to mail such notice nor any defect therein or in the mailing thereof
      shall affect any such transaction or any adjustment in the Warrant Price
      required by Section 3.4. 

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
    

     

    3.6
      [IF THE WARRANTS ARE SUBJECT TO
      ACCELERATION BY THE COMPANY, INSERT — ACCELERATION OF WARRANTS BY THE COMPANY.

     

    (a)
      At any time on or after
                        ,
      the Company shall have the right to accelerate any or all Warrants at any time
      by causing them to expire at the close of business on the day next preceding
      a
      specified date (the “ACCELERATION DATE”), if the Market Price (as hereinafter
      defined) of the [title of Depositary Shares purchasable through the exercise
      of
      the Warrants] equals or exceeds
            
      percent (        %) of the then
      effective Warrant Price on any twenty Trading Days (as hereinafter defined)
      within a period of thirty consecutive Trading Days ending no more than five
      Trading Days prior to the date on which the Company gives notice to the Warrant
      Agent of its election to accelerate the Warrants. 

     

    (b)
“Market
      Price” for each Trading
      Day shall be, if the [title of Depositary Shares purchasable through the
      exercise of the Warrants] is listed or admitted for trading on the New York
      Stock Exchange, the last reported sale price, regular way (or, if no such price
      is reported, the average of the reported closing bid and asked prices, regular
      way) of [title of Depositary Shares purchasable through the exercise of the
      Warrants], in either case as reported on the New York Stock Exchange Composite
      Tape or, if the [title of Depositary Shares purchasable through the exercise
      of
      the Warrants] is not listed or admitted to trading on the New York Stock
      Exchange, on the principal national securities exchange on which the [title
      of
      Depositary Shares purchasable through the exercise of the Warrants] is listed
      or
      admitted to trading or, if not listed or admitted to trading on any national
      securities exchange, on the National Market System of NASDAQ or, if not listed
      or admitted to trading on any national securities exchange or quoted on the
      National Market System of NASDAQ, the average of the closing high bid and low
      asked prices in the over-the-counter market, as reported by NASDAQ, or such
      other system then in use, or if on any such date the shares of [title of
      Depositary Shares purchasable through the exercise of the Warrants] are not
      quoted by any such organization, the average of the closing bid and asked prices
      as furnished by any New York Stock Exchange firm selected from time to time
      by
      the Company for that purpose. “Trading Day” shall be each Monday through Friday,
      other than any day on which securities are not traded in the system or on the
      exchange that is the principal market for the [title of Depositary Shares
      purchasable through the exercise of the Warrants], as determined by the Board
      of
      Directors of the Company. 

     

    (c)
      In the event of an acceleration
      of less than all of the Warrants, the Warrant Agent shall select the Warrants
      to
      be accelerated by lot, pro rata or in such other manner as it deems, in its
      discretion, to be fair and appropriate. 

     

    (d)
      Notice of an acceleration
      specifying the Acceleration Date shall be sent by mail first class, postage
      prepaid, to each registered holder of a Warrant Certificate representing a
      Warrant accelerated at such holder’s address appearing on the books of the
      Warrant Agent not more than sixty days nor less than thirty days before the
      Acceleration Date. Such notice of an acceleration also shall be given no more
      than twenty days, and no less than ten days, prior to the mailing of notice
      to
      registered holders of Warrants pursuant to this Section 3.6, by publication
      at least once in a newspaper of general circulation in the City of New York.
      

     

    (e)
      Any Warrant accelerated may be
      exercised until [        ] p.m.,
      [City] time, on the business day next preceding the Acceleration Date. The
      Warrant Price shall be payable as provided in Section 2.] 

     

    
      
         

      

      
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    ARTICLE
      4 

    EXCHANGE
      AND TRANSFER OF WARRANT
      CERTIFICATES 

     

    4.1
      EXCHANGE AND TRANSFER OF WARRANT
      CERTIFICATES. [If Other Securities with Warrants which are immediately
      detachable — Upon] [If Other Securities with Warrants which are not immediately
      detachable — Prior to the Detachable Date, a Warrant Certificate may be
      exchanged or transferred only together with the Other Security to which the
      Warrant Certificate was initially attached, and only for the purpose of
      effecting or in conjunction with an exchange or transfer of such Other Security.
      Prior to any Detachable Date, each transfer of the Other Security shall operate
      also to transfer the related Warrant Certificates. After the Detachable Date,
      upon] surrender at the corporate trust office of the Warrant Agent, Warrant
      Certificates evidencing Warrants may be exchanged for Warrant Certificates
      in
      other denominations evidencing such Warrants or the transfer thereof may be
      registered in whole or in part; provided that such other Warrant Certificates
      evidence Warrants for the same aggregate number of Warrant Securities as the
      Warrant Certificates so surrendered. The Warrant Agent shall keep, at its
      corporate trust office, books in which, subject to such reasonable regulations
      as it may prescribe, it shall register Warrant Certificates and exchanges and
      transfers of outstanding Warrant Certificates, upon surrender of the Warrant
      Certificates to the Warrant Agent at its corporate trust office for exchange
      or
      registration of transfer, properly endorsed or accompanied by appropriate
      instruments of registration of transfer and written instructions for transfer,
      all in form satisfactory to the Company and the Warrant Agent. No service charge
      shall be made for any exchange or registration of transfer of Warrant
      Certificates, but the Company may require payment of a sum sufficient to cover
      any stamp or other tax or other governmental charge that may be imposed in
      connection with any such exchange or registration of transfer. Whenever any
      Warrant Certificates are so surrendered for exchange or registration of
      transfer, an authorized officer of the Warrant Agent shall manually countersign
      and deliver to the person or persons entitled thereto a Warrant Certificate
      or
      Warrant Certificates duly authorized and executed by the Company, as so
      requested. The Warrant Agent shall not be required to effect any exchange or
      registration of transfer which will result in the issuance of a Warrant
      Certificate evidencing a Warrant for a fraction of a Warrant Security or a
      number of Warrants for a whole number of Warrant Securities and a fraction
      of a
      Warrant Security. All Warrant Certificates issued upon any exchange or
      registration of transfer of Warrant Certificates shall be the valid obligations
      of the Company, evidencing the same obligations and entitled to the same
      benefits under this Agreement as the Warrant Certificate surrendered for such
      exchange or registration of transfer. 

     

    4.2
      TREATMENT OF HOLDERS OF WARRANT
      CERTIFICATES. [If Other Securities and Warrants are not immediately detachable
—
Prior to the Detachable Date, the Company, the Warrant Agent and all other
      persons may treat the owner of the Other Security as the owner of the Warrant
      Certificates initially attached thereto for any purpose and as the person
      entitled to exercise the rights represented by the Warrants evidenced by such
      Warrant Certificates, any notice to the contrary notwithstanding. After the
      Detachable Date and prior to due presentment of a Warrant Certificate for
      registration of transfer, the] [T]he Company, the Warrant Agent and all other
      persons may treat the registered holder of a Warrant Certificate as the absolute
      owner thereof for any purpose and as the person entitled to exercise the rights
      represented by the Warrants evidenced thereby, any notice to the contrary
      notwithstanding. 

     

    4.3
      CANCELLATION OF WARRANT
      CERTIFICATES. Any Warrant Certificate surrendered for exchange, registration
      of
      transfer or exercise of the Warrants evidenced thereby shall, if surrendered
      to
      the Company, be delivered to the Warrant Agent and all Warrant Certificates
      surrendered or so delivered to the Warrant Agent shall be promptly canceled
      by
      the Warrant Agent and shall not be reissued and, except as expressly permitted
      by this Agreement, no Warrant Certificate shall be issued hereunder in exchange
      therefor or in lieu thereof. The Warrant Agent shall deliver to the Company
      from
      time to time or otherwise dispose of canceled Warrant Certificates in a manner
      satisfactory to the Company. 

     

     

    ARTICLE
      5 

    CONCERNING
      THE WARRANT AGENT

     

    5.1
      WARRANT AGENT. The Company
      hereby appoints
                        
      as Warrant Agent of the Company in respect of the Warrants and the Warrant
      Certificates upon the terms and subject to the conditions herein set forth,
      and
      hereby accepts such appointment. The Warrant Agent shall have the powers and
      authority granted to and conferred upon it in the Warrant Certificates and
      hereby and such further powers and authority to act on behalf of the Company
      as
      the Company may hereafter grant to or confer upon it. All of the terms and
      provisions with respect to such powers and authority contained in the Warrant
      Certificates are subject to and governed by the terms and provisions hereof.
      

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
    

    5.2
      CONDITIONS OF WARRANT AGENT’S
      OBLIGATIONS. The Warrant Agent accepts its obligations herein set forth upon
      the
      terms and conditions hereof, including the following to all of which the Company
      agrees and to all of which the rights hereunder of the holders from time to
      time
      of the Warrant Certificates shall be subject: 

     

    (a)
      COMPENSATION AND
      INDEMNIFICATION. The Company agrees promptly to pay the Warrant Agent the
      compensation to be agreed upon with the Company for all services rendered by
      the
      Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
      expenses (including reasonable counsel fees) incurred without negligence, bad
      faith or willful misconduct by the Warrant Agent in connection with the services
      rendered hereunder by the Warrant Agent. The Company also agrees to indemnify
      the Warrant Agent for, and to hold it harmless against, any loss, liability
      or
      expense incurred without negligence, bad faith or willful misconduct on the
      part
      of the Warrant Agent, arising out of or in connection with its acting as Warrant
      Agent hereunder, including the reasonable costs and expenses of defending
      against any claim of such liability. 

     

    (b)
      AGENT FOR THE COMPANY. In acting
      under this Warrant Agreement and in connection with the Warrant Certificates,
      the Warrant Agent is acting solely as agent of the Company and does not assume
      any obligations or relationship of agency or trust for or with any of the
      holders of Warrant Certificates or beneficial owners of Warrants. 

     

    (c)
      COUNSEL. The Warrant Agent may
      consult with counsel satisfactory to it, which may include counsel for the
      Company, and the written advice of such counsel shall be full and complete
      authorization and protection in respect of any action taken, suffered or omitted
      by it hereunder in good faith and in accordance with the advice of such counsel.
      

     

    (d)
      DOCUMENTS. The Warrant Agent
      shall be protected and shall incur no liability for or in respect of any action
      taken or omitted by it in reliance upon any Warrant Certificate, notice,
      direction, consent, certificate, affidavit, statement or other paper or document
      reasonably believed by it to be genuine and to have been presented or signed
      by
      the proper parties. 

     

    (e)
      CERTAIN TRANSACTIONS. The
      Warrant Agent, and its officers, directors and employees, may become the owner
      of, or acquire any interest in, Warrants, with the same rights that it or they
      would have if it were not the Warrant Agent hereunder, and, to the extent
      permitted by applicable law, it or they may engage or be interested in any
      financial or other transaction with the Company and may act on, or as
      depositary, trustee or agent for, any committee or body of holders of Warrant
      Securities or other obligations of the Company as freely as if it were not
      the
      Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed
      to
      prevent the Warrant Agent from acting as trustee under any indenture to which
      the Company is a party. 

     

    (f)
      NO LIABILITY FOR INTEREST.
      Unless otherwise agreed with the Company, the Warrant Agent shall have no
      liability for interest on any monies at any time received by it pursuant to
      any
      of the provisions of this Agreement or of the Warrant Certificates.

     

    (g)
      NO LIABILITY FOR INVALIDITY. The
      Warrant Agent shall have no liability with respect to any invalidity of this
      Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s
      countersignature thereon). 

     

    (h)
      NO RESPONSIBILITY FOR
      REPRESENTATIONS. The Warrant Agent shall not be responsible for any of the
      recitals or representations herein or in the Warrant Certificates (except as
      to
      the Warrant Agent’s countersignature thereon), all of which are made solely by
      the Company. 

     

    (i)
      NO IMPLIED OBLIGATIONS. The
      Warrant Agent shall be obligated to perform only such duties as are herein
      and
      in the Warrant Certificates specifically set forth and no implied duties or
      obligations shall be read into this Agreement or the Warrant Certificates
      against the Warrant 

     

    
      
         

      

      
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    Agent.
      The Warrant Agent shall not
      be under any obligation to take any action hereunder which may tend to involve
      it in any expense or liability, the payment of which within a reasonable time
      is
      not, in its reasonable opinion, assured to it. The Warrant Agent shall not
      be
      accountable or under any duty or responsibility for the use by the Company
      of
      any of the Warrant Certificates authenticated by the Warrant Agent and delivered
      by it to the Company pursuant to this Agreement or for the application by the
      Company of the proceeds of the Warrant Certificates. The Warrant Agent shall
      have no duty or responsibility in case of any default by the Company in the
      performance of its covenants or agreements contained herein or in the Warrant
      Certificates or in the case of the receipt of any written demand from a holder
      of a Warrant Certificate with respect to such default, including, without
      limiting the generality of the foregoing, any duty or responsibility to initiate
      or attempt to initiate any proceedings at law or otherwise or, except as
      provided in Section 6.2 hereof, to make any demand upon the Company.

     

    5.3
      RESIGNATION, REMOVAL AND
      APPOINTMENT OF SUCCESSOR. 

     

    (a)
      The Company agrees, for the
      benefit of the holders from time to time of the Warrant Certificates, that
      there
      shall at all times be a Warrant Agent hereunder until all the Warrants have
      been
      exercised or are no longer exercisable. 

     

    (b)
      The Warrant Agent may at any
      time resign as agent by giving written notice to the Company of such intention
      on its part, specifying the date on which its desired resignation shall become
      effective; provided that such date shall not be less than three months after
      the
      date on which such notice is given unless the Company otherwise agrees. The
      Warrant Agent hereunder may be removed at any time by the filing with it of
      an
      instrument in writing signed by or on behalf of the Company and specifying
      such
      removal and the intended date when it shall become effective. Such resignation
      or removal shall take effect upon the appointment by the Company, as hereinafter
      provided, of a successor Warrant Agent (which shall be a bank or trust company
      authorized under the laws of the jurisdiction of its organization to exercise
      corporate trust powers) and the acceptance of such appointment by such successor
      Warrant Agent. The obligation of the Company under Section 5.2(a) shall
      continue to the extent set forth therein notwithstanding the resignation or
      removal of the Warrant Agent. 

     

    (c)
      In case at any time the Warrant
      Agent shall resign, or shall be removed, or shall become incapable of acting,
      or
      shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case
      under the Federal bankruptcy laws, as now or hereafter constituted, or under
      any
      other applicable Federal or state bankruptcy, insolvency or similar law or
      shall
      consent to the appointment of or taking possession by a receiver, custodian,
      liquidator, assignee, trustee, sequestrator (or other similar official) of
      the
      Warrant Agent or its property or affairs, or shall make an assignment for the
      benefit of creditors, or shall admit in writing its inability to pay its debts
      generally as they become due, or shall take corporate action in furtherance
      of
      any such action, or a decree or order for relief by a court having jurisdiction
      in the premises shall have been entered in respect of the Warrant Agent in
      an
      involuntary case under the Federal bankruptcy laws, as now or hereafter
      constituted, or any other applicable Federal or state bankruptcy, insolvency
      or
      similar law, or a decree or order by a court having jurisdiction in the premises
      shall have been entered for the appointment of a receiver, custodian,
      liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant
      Agent or of its property or affairs, or any public officer shall take charge
      or
      control of the Warrant Agent or of its property or affairs for the purpose
      of
      rehabilitation, conservation, winding up or liquidation, a successor Warrant
      Agent, qualified as aforesaid, shall be appointed by the Company by an
      instrument in writing, filed with the successor Warrant Agent. Upon the
      appointment as aforesaid of a successor Warrant Agent and acceptance by the
      successor Warrant Agent of such appointment, the Warrant Agent shall cease
      to be
      Warrant Agent hereunder. 

     

    (d)
      Any successor Warrant Agent
      appointed hereunder shall execute, acknowledge and deliver to its predecessor
      and to the Company an instrument accepting such appointment hereunder, and
      thereupon such successor Warrant Agent, without any further act, deed or
      conveyance, shall 

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
    

     

    become
      vested with all the
      authority, rights, powers, trusts, immunities, duties and obligations of such
      predecessor with like effect as if originally named as Warrant Agent hereunder,
      and such predecessor, upon payment of its charges and disbursements then unpaid,
      shall thereupon become obligated to transfer, deliver and pay over, and such
      successor Warrant Agent shall be entitled to receive, all monies, securities
      and
      other property on deposit with or held by such predecessor, as Warrant Agent
      hereunder. 

     

    (e)
      Any corporation into which the
      Warrant Agent hereunder may be merged or converted or any corporation with
      which
      the Warrant Agent may be consolidated, or any corporation resulting from any
      merger, conversion or consolidation to which the Warrant Agent shall be a party,
      or any corporation to which the Warrant Agent shall sell or otherwise transfer
      all or substantially all the assets and business of the Warrant Agent, provided
      that it shall be qualified as aforesaid, shall be the successor Warrant Agent
      under this Agreement without the execution or filing of any paper or any further
      act on the part of any of the parties hereto. 

     

     

    ARTICLE
      6 

    MISCELLANEOUS

     

    6.1
      AMENDMENT. This Agreement may be
      amended by the parties hereto, without the consent of the holder of any Warrant
      Certificate, for the purpose of curing any ambiguity, or of curing, correcting
      or supplementing any defective provision contained herein, or making any other
      provisions with respect to matters or questions arising under this Agreement
      as
      the Company and the Warrant Agent may deem necessary or desirable; provided
      that
      such action shall not materially adversely affect the interests of the holders
      of the Warrant Certificates. 

     

    6.2
      NOTICES AND DEMANDS TO THE
      COMPANY AND WARRANT AGENT. If the Warrant Agent shall receive any notice or
      demand addressed to the Company by the holder of a Warrant Certificate pursuant
      to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
      forward such notice or demand to the Company. 

     

    6.3
      ADDRESSES. Any communication
      from the Company to the Warrant Agent with respect to this Agreement shall
      be
      addressed to
                        ,
      Attention:
                        
      and any communication from the Warrant Agent to the Company with respect to
      this
      Agreement shall be addressed to Cell Genesys, Inc., 500 Forbes Boulevard, South
      San Francisco, California 94080, Attention: General Counsel (or such other
      address as shall be specified in writing by the Warrant Agent or by the
      Company). 

     

    6.4
      GOVERNING LAW. This Agreement
      and each Warrant Certificate issued hereunder shall be governed by and construed
      in accordance with the laws of the State of New York. 

     

    6.5
      DELIVERY OF PROSPECTUS. The
      Company shall furnish to the Warrant Agent sufficient copies of a prospectus
      meeting the requirements of the Securities Act of 1933, as amended, relating
      to
      the Warrant Securities deliverable upon exercise of the Warrants (the
“PROSPECTUS”), and the Warrant Agent agrees that upon the exercise of any
      Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate
      evidencing such Warrant, prior to or concurrently with the delivery of the
      Warrant Securities issued upon such exercise, a Prospectus. 

     

    The
      Warrant Agent shall not, by
      reason of any such delivery, assume any responsibility for the accuracy or
      adequacy of such Prospectus. 

     

    6.6
      OBTAINING OF GOVERNMENTAL
      APPROVALS. The Company will from time to time take all action which may be
      necessary to obtain and keep effective any and all permits, consents and
      approvals of governmental agencies and authorities and securities act filings
      under United States Federal and state laws (including without limitation a
      registration statement in respect of the Warrants and Warrant Securities under
      the Securities Act of 1933, as amended), which may be or become requisite in
      connection with the issuance, sale, transfer, and delivery of the Warrant
      Securities issued upon exercise of the Warrants, the issuance, sale, transfer
      and delivery of the Warrants or upon the expiration of the period during which
      the Warrants are exercisable. 

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
    

    6.7
      PERSONS HAVING RIGHTS UNDER
      WARRANT AGREEMENT. Nothing in this Agreement shall give to any person other
      than
      the Company, the Warrant Agent and the holders of the Warrant Certificates
      any
      right, remedy or claim under or by reason of this Agreement. 

     

    6.8
      HEADINGS. The descriptive
      headings of the several Articles and Sections of this Agreement are inserted
      for
      convenience only and shall not control or affect the meaning or construction
      of
      any of the provisions hereof. 

     

    6.9
      COUNTERPARTS. This Agreement may
      be executed in any number of counterparts, each of which as so executed shall
      be
      deemed to be an original, but such counterparts shall together constitute but
      one and the same instrument. 

     

    6.10
      INSPECTION OF AGREEMENT. A copy
      of this Agreement shall be available at all reasonable times at the principal
      corporate trust office of the Warrant Agent for inspection by the holder of
      any
      Warrant Certificate. The Warrant Agent may require such holder to submit his
      Warrant Certificate for inspection by it. 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    
    

     

    IN
      WITNESS WHEREOF, the parties
      hereto have caused this Agreement to be duly executed, all as of the day and
      year first above written. 

     

    Cell
      Genesys, Inc. 

     

    By
      ______________________________________ 

     

    Its
      ______________________________________ 

     

    Attest:

     

    _____________________________
      

     

    _________________________________________

     

    Warrant
      Agent 

     

    By
      ______________________________________ 

     

    Its
      ______________________________________ 

     

    Attest:

     

    ________________________________
      

     

    [SIGNATURE
      PAGE DEPOSITARY SHARES
      WARRANT AGREEMENT] 

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    
    

     

    EXHIBIT
      A 

     

    FORM
      OF WARRANT CERTIFICATE

    [FACE
      OF WARRANT CERTIFICATE]

     

    
      	
            	
            	
            
	[Form
              if
              Warrants are attached to Other Securities and are not immediately
              detachable.	  	
              Prior to                         , this
                Warrant Certificate cannot be

              transferred
                or exchanged
                unless attached to a [Title of Other Securities].]

            
	[Form
              of
              Legend if Warrants are not Evidenced by this Warrant Certificate cannot
              be
              exercised.]	  	Prior
              to
                                  ,
              Warrants immediately exercisable.

    

     

    EXERCISABLE
      ONLY IF COUNTERSIGNED BY
      THE WARRANT 

    AGENT
      AS PROVIDED HEREIN

     

    VOID
      AFTER
      [            ] P.M.,
      [CITY] TIME, ON , 

     

    CELL
      GENESYS, INC. 

     

    WARRANT
      CERTIFICATE REPRESENTING

    WARRANTS
      TO PURCHASE 

    [TITLE
      OF WARRANT SECURITIES]

     

    No.
      Warrants 

     

    This
      certifies
      that                        
or registered assigns is the registered owner of the above indicated number
      of
      Warrants, each Warrant entitling such owner [if Warrants are attached to Other
      Securities and are not immediately detachable — , subject to the registered
      owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter
      defined),] to purchase, at any time [after
      [            ] p.m.,
      [City] time, on
             and] on
      or before
      [            ] p.m.,
      [City] time, on
                        ,            
shares of [Title of Warrant Securities] (the “WARRANT SECURITIES”), of Cell
      Genesys, Inc. (the “COMPANY”) on the following basis: during the period from
                        ,
      through and including
                        ,
      the exercise price per Warrant Security will be
      $            ,
      subject to adjustment as provided in the Warrant Agreement (as hereinafter
      defined) (the “WARRANT PRICE”). The Holder may exercise the Warrants evidenced
      hereby by providing certain information set forth on the back hereof and by
      paying in full, in lawful money of the United States of America, [in cash or
      by
      certified check or official bank check in New York Clearing House funds] [by
      bank wire transfer in immediately available funds], the Warrant Price for each
      Warrant Security with respect to which this Warrant is exercised to the Warrant
      Agent (as hereinafter defined) and by surrendering this Warrant Certificate,
      with the purchase form on the back hereof duly executed, at the corporate trust
      office of [name of Warrant Agent], or its successor as warrant agent (the
“WARRANT AGENT”), which is, on the date hereof, at the address specified on the
      reverse hereof, and upon compliance with and subject to the conditions set
      forth
      herein and in the Warrant Agreement (as hereinafter defined). 

     

    The
      term “HOLDER” as used herein
      shall mean [if Warrants are attached to Other Securities and are not immediately
      detachable — prior to
                        ,
             (the
“DETACHABLE DATE”), the registered owner of the Company’s [title of Other
      Securities] to which this Warrant Certificate was initially attached, and after
      such Detachable Date,] the person in whose name at the time this Warrant
      Certificate shall be registered upon the books to be maintained by the Warrant
      Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

     

    The
      Warrants evidenced by this
      Warrant Certificate may be exercised to purchase a whole number of Warrant
      Securities in registered form. Upon any exercise of fewer than all of the
      Warrants evidenced by this Warrant Certificate, there shall be issued to the
      Holder hereof a new Warrant Certificate evidencing Warrants for the number
      of
      Warrant Securities remaining unexercised. 

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    
    

    This
      Warrant Certificate is issued
      under and in accordance with the Warrant Agreement dated as of
                        ,            
(the “WARRANT AGREEMENT”), between the Company and the Warrant Agent and is
      subject to the terms and provisions contained in the Warrant Agreement, to
      all
      of which terms and provisions the Holder of this Warrant Certificate consents
      by
      acceptance hereof. Copies of the Warrant Agreement are on file at the
      above-mentioned office of the Warrant Agent. 

     

    [If
      Warrants are attached to Other
      Securities and are not immediately detachable — Prior to the Detachable Date,
      this Warrant Certificate may be exchanged or transferred only together with
      the
      [Title of Other Securities] (the “OTHER SECURITIES”) to which this Warrant
      Certificate was initially attached, and only for the purpose of effecting or
      in
      conjunction with, an exchange or transfer of such Other Security. Additionally,
      on or prior to the Detachable Date, each transfer of such Other Security on
      the
      register of the Other Securities shall operate also to transfer this Warrant
      Certificate. After such date, transfer of this] [If Warrants are attached to
      Other Securities and are immediately detachable — Transfer of this] Warrant
      Certificate may be registered when this Warrant Certificate is surrendered
      at
      the corporate trust office of the Warrant Agent by the registered owner or
      such
      owner’s assigns, in the manner and subject to the limitations provided in the
      Warrant Agreement. 

     

    [If
      Other Securities with Warrants
      which are not immediately detachable — Except as provided in the immediately
      preceding paragraph, after] [If Other Securities with Warrants which are
      immediately detachable or Warrants alone — After] countersignature by the
      Warrant Agent and prior to the expiration of this Warrant Certificate, this
      Warrant Certificate may be exchanged at the corporate trust office of the
      Warrant Agent for Warrant Certificates representing Warrants for the same
      aggregate number of Warrant Securities. 

     

    This
      Warrant Certificate shall not
      entitle the Holder hereof to any of the rights of a holder of the Warrant
      Securities, including, without limitation, the right to receive payments of
      dividends or distributions, if any, on the Warrant Securities (except to the
      extent set forth in the Warrant Agreement) or to exercise any voting rights.
      

     

    Reference
      is hereby made to the
      further provisions of this Warrant Certificate set forth on the reverse hereof,
      which further provisions shall for all purposes have the same effect as if
      set
      forth at this place. 

     

    This
      Warrant Certificate shall not
      be valid or obligatory for any purpose until countersigned by the Warrant Agent.
      

     

    IN
      WITNESS WHEREOF, the Company has
      caused this Warrant to be executed in its name and on its behalf by the
      facsimile signatures of its duly authorized officers. 

     

    Dated:
      ___________________________

     

    Cell
      Genesys, Inc. 

     

    By
      _________________________________

     

    Its
      ________________________________

     

    Attest:

     

    ________________________________
      

     

    Countersigned:

     

    ________________________________
      

     

    ________________________________
      

    As
      Warrant Agent 

     

    By

     

    ________________________________
      

    Authorized
      Signature 

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    [REVERSE
      OF WARRANT CERTIFICATE]

     

    (Instructions
      for Exercise of
      Warrant) 

     

    To
      exercise any Warrants evidenced
      hereby for Warrant Securities (as hereinafter defined), the Holder must pay,
      in
      lawful money of the United States of America, [in cash or by certified check
      or
      official bank check in New York Clearing House funds] [by bank wire transfer
      in
      immediately available funds], the Warrant Price in full for Warrants exercised,
      to [Warrant Agent] [address of Warrant Agent], Attn:
                        ,
      which payment must specify the name of the Holder and the number of Warrants
      exercised by such Holder. In addition, the Holder must complete the information
      required below and present this Warrant Certificate in person or by mail
      (certified or registered mail is recommended) to the Warrant Agent at the
      appropriate address set forth above. This Warrant Certificate, completed and
      duly executed, must be received by the Warrant Agent within five business days
      of the payment. 

     

    (To
      be executed upon exercise of
      Warrants) 

     

    The
      undersigned hereby irrevocably
      elects to exercise Warrants, evidenced by this Warrant Certificate, to purchase
      shares of the [Title of Warrant Securities] (the “WARRANT SECURITIES”), of Cell
      Genesys, Inc. and represents that he has tendered payment for such Warrant
      Securities, in lawful money of the United States of America, [in cash or by
      certified check or official bank check in New York Clearing House funds] [by
      bank wire transfer in immediately available funds], to the order of Cell
      Genesys, Inc., c/o [insert name and address of Warrant Agent], in the amount
      of
      $ in accordance with the terms hereof. The undersigned requests that said
      Warrant Securities be in fully registered form in the authorized denominations,
      registered in such names and delivered all as specified in accordance with
      the
      instructions set forth below. 

     

    If
      the number of Warrants exercised
      is less than all of the Warrants evidenced hereby, the undersigned requests
      that
      a new Warrant Certificate evidencing the Warrants for the number of Warrant
      Securities remaining unexercised be issued and delivered to the undersigned
      unless otherwise specified in the instructions below. 

     

    
      	
            	
            	
            
	
              Dated

              ________________________________

            	 	
              Name

              ________________________________

                                                     
                     (Please
                Print)

            

    

     

    Address

    ________________________________
      

     

    ________________________________
      

     

    ________________________________
      

     

    (Insert
      Social Security or Other

     

    Identifying
      Number of Holder)

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    
    

     

    
      	
            	
            	
            
	
              Signature
                Guaranteed

            	  	
              _______________________________________

              Signature

            
	 	  	
               

              (Signature
                must conform in all
                respects

              to
                name of holder as specified
                on the

              face
                of this Warrant
                Certificate and

              must
                bear a signature
                guarantee by a

              bank,
                trust company or member
                broker of

              the
                New York, Midwest or
                Pacific Stock

              Exchange)

            

    

     

    This
      Warrant may be exercised at the
      following addresses: 

     

    By
      hand at 

     

    ______________________________________________________________________________
      

     

    ______________________________________________________________________________
      

     

    ______________________________________________________________________________
      

     

    By
      mail at 

     

     

    ______________________________________________________________________________
      

     

    ______________________________________________________________________________
      

     

    ______________________________________________________________________________
      

     

    [Instructions
      as to form and
      delivery of Warrant Securities and, if applicable, Warrant Certificates
      evidencing Warrants for the number of Warrant Securities remaining unexercised
—
complete as appropriate.] 

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    
    

     

    ASSIGNMENT

     

    [Form
      of assignment to be executed
      if 

    Warrant
      Holder desires to transfer
      Warrant] 

     

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

     

                                          
                                              
                         

     

    
      	
            	
            	
            
	                                      
                                                      
                      	  	                                      
                                                      
                
	
              (Please
                print name and
                address

              Including
                zip
                code)

            	  	
              Please
                insert Social Security
                or

              other
                identifying
                number

            

    

     

    the
      right represented by the within
      Warrant to purchase
                
      shares of [Title of Warrant Securities] of Cell Genesys, Inc. to which the
      within Warrant relates and appoints
                            
      attorney to transfer such right on the books of the Warrant Agent with full
      power of substitution in the premises. 

     

    
      	
            	
            	
            
	Dated                                     
                                   	  	                                      
                                                      
                
	 	  	                            Signature
	
            	
            
	 	  	Signature
              must conform in all respects to name of holder as specified on the
              face of
              the Warrant

    

     

    Signature
      Guaranteed 

     

                                          
                                              
  

     

    18

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