Document:

MITEK SYSTEMS, INC.

                          SECURITIES PURCHASE AGREEMENT

                                  June 11, 2004

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                                TABLE OF CONTENTS

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1.       Agreement to Sell and Purchase........................................3

2.       Fees and Warrant......................................................3

3.       Closing, Delivery and Payment.........................................4
         3.1      Closing......................................................4
         3.2      Delivery.....................................................4

4.       Representations and Warranties of the Company.........................4
         4.1      Organization, Good Standing and Qualification................4
         4.2      Subsidiaries.................................................5
         4.3      Capitalization; Voting Rights................................5
         4.4      Authorization; Binding Obligations...........................6
         4.5      Liabilities..................................................6
         4.6      Agreements; Action...........................................6
         4.7      Obligations to Related Parties...............................7
         4.8      Changes......................................................8
         4.9      Title to Properties and Assets; Liens, Etc...................9
         4.10     Intellectual Property........................................9
         4.11     Compliance with Other Instruments...........................10
         4.12     Litigation..................................................10
         4.13     Tax Returns and Payments....................................10
         4.14     Employees...................................................10
         4.15     Registration Rights and Voting Rights.......................11
         4.16     Compliance with Laws; Permits...............................11
         4.17     Environmental and Safety Laws ..............................11
         4.18     Valid Offering..............................................12
         4.19     Full Disclosure.............................................12
         4.20     Insurance...................................................12
         4.21     SEC Reports.................................................12
         4.22     Listing.....................................................13
         4.23     No Integrated Offering......................................13
         4.24     Stop Transfer...............................................13
         4.25     Dilution....................................................13
         4.26     Patriot Act.................................................13

5.       Representations and Warranties of the Purchaser......................14
         5.1      No Shorting.................................................14
         5.2      Requisite Power and Authority...............................14
         5.3      Investment Representations..................................14
         5.4      Purchaser Bears Economic Risk...............................15
         5.5      Acquisition for Own Account.................................15
         5.6      Purchaser Can Protect Its Interest..........................15
         5.7      Accredited Investor ........................................15

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         5.8      Legends.....................................................15

6.       Covenants of the Company.............................................16
         6.1      Stop-Orders.................................................16
         6.2      Listing.....................................................16
         6.3      Market Regulations..........................................17
         6.4      Reporting Requirements......................................17
         6.5      Use of Funds................................................17
         6.6      Access to Facilities........................................17
         6.7      Taxes ......................................................17
         6.8      Insurance...................................................17
         6.9      Intellectual Property.......................................18
         6.10     Properties..................................................19
         6.11     Required Approvals..........................................19
         6.12     Reissuance of Securities....................................20
         6.13     Opinion ....................................................20
         6.14     Margin Stock................................................20

7.       Covenants of the Purchaser...........................................21
         7.1      Confidentiality ............................................21
         7.2      Non-Public Information......................................21

8.       Covenants of the Company and Purchaser Regarding Indemnification.....21
         8.1      Company Indemnification.....................................21
         8.2      Purchaser's Indemnification.................................21

9.       Conversion of Convertible Note.......................................21
         9.1      Mechanics of Conversion.....................................21

10.      Registration Rights..................................................23
         10.1     Registration Rights Granted.................................23
         10.2     Offering Restrictions.......................................23

11.      Miscellaneous........................................................23
         11.1     Governing Law...............................................23
         11.2     Survival....................................................24
         11.3     Successors..................................................24
         11.4     Entire Agreement............................................24
         11.5     Severability................................................24
         11.6     Amendment and Waiver........................................24
         11.7     Delays or Omissions.........................................24
         11.8     Notices.....................................................24
         11.9     Attorneys' Fees.............................................26
         11.10    Titles and Subtitles........................................26
         11.11    Facsimile Signatures; Counterparts..........................26
         11.12    Broker's Fees...............................................26
         11.13    Construction................................................26

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                          SECURITIES PURCHASE AGREEMENT

         THIS  SECURITIES  PURCHASE  AGREEMENT  (this  "Agreement")  is made and
entered into as of June 11, 2004, by and between MITEK SYSTEMS, INC., a Delaware
corporation  (the  "Company"),  and Laurus Master Fund,  Ltd., a Cayman  Islands
company (the "Purchaser").

                                    RECITALS

         WHEREAS,  the Company has  authorized  the sale to the  Purchaser  of a
Convertible Term Note in the aggregate principal amount of Three Million Dollars
($3,000,000  ) (the  "Note"),  which  Note is  convertible  into  shares  of the
Company's  common stock,  $0.001 par value per share (the "Common  Stock") at an
initial  fixed  conversion  price of $0.70  per share of  Common  Stock  ("Fixed
Conversion Price");

         WHEREAS,  the  Company  wishes to issue a warrant to the  Purchaser  to
purchase  up to  860,000  shares  of the  Company's  Common  Stock  (subject  to
adjustment as set forth therein) in connection with Purchaser's  purchase of the
Note;

         WHEREAS,  Purchaser  desires to  purchase  the Note and the Warrant (as
defined in Section 2) on the terms and conditions set forth herein; and

         WHEREAS,  the Company desires to issue and sell the Note and Warrant to
Purchaser on the terms and conditions set forth herein.

                                    AGREEMENT

         NOW,  THEREFORE,  in  consideration  of the foregoing  recitals and the
mutual promises, representations, warranties and covenants hereinafter set forth
and for other good and valuable  consideration,  the receipt and  sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

         1.  Agreement  to  Sell  and  Purchase1.  Pursuant  to  the  terms  and
conditions  set forth in this  Agreement,  on the  Closing  Date (as  defined in
Section  3), the  Company  agrees to sell to the  Purchaser,  and the  Purchaser
hereby  agrees to purchase  from the Company a Note in the  aggregate  principal
amount of  $3,000,000  convertible  in  accordance  with the terms  thereof into
shares of the Company's  Common Stock in  accordance  with the terms of the Note
and this Agreement. The Note purchased on the Closing Date shall be known as the
"Offering."  A form of the Note is  annexed  hereto as  Exhibit A. The Note will
mature on the Maturity Date (as defined in the Note). Collectively, the Note and
Warrant and Common Stock issuable in payment of the Note, upon conversion of the
Note and upon exercise of the Warrant are referred to as the "Securities."

         2. Fees and Warrant. On the Closing Date:

                  (a)  The  Company  will issue and  deliver to the  Purchaser a
Warrant to purchase up to 860,000 shares of Common Stock in connection  with the

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Offering  (the  "Warrant")  pursuant to Section 1 hereof.  The  Warrant  must be
delivered on the Closing Date. A form of Warrant is annexed hereto as Exhibit B.
To the  extent  applicable,  All  the  representations,  covenants,  warranties,
undertakings, and indemnification herein, and other rights made or granted to or
for the benefit of the Purchaser by the Company  herein are hereby also made and
granted in respect of the Warrant on the date hereof.

                  (b)  Subject to the terms of Section  2(d) below,  the Company
shall pay to Laurus Capital  Management,  LLC,  manager of Purchaser,  a closing
payment  in an  amount  equal to  three  and  one-half  percent  (3.50%)  of the
aggregate  principal amount of the Note. The foregoing fee is referred to herein
as the "Closing Payment."

                  (c)   The  Company  shall  reimburse  the  Purchaser  for  its
reasonable  expenses  (including legal fees and expenses) incurred in connection
with  the  preparation  and  negotiation  of  this  Agreement  and  the  Related
Agreements (as hereinafter  defined),  and expenses  incurred in connection with
the Purchaser's  due diligence  review of the Company and its  Subsidiaries  (as
defined in Section  6.8) and all related  matters.  Amounts  required to be paid
under this  Section  2(c) will be paid on the Closing  Date and shall be $29,500
for such expenses referred to in this Section 2(c).

                  (d)  The Closing  Payment and the expenses  referred to in the
preceding  clause (c) (net of deposits  previously paid by the Company) shall be
paid at closing out of funds held  pursuant to a Funds Escrow  Agreement of even
date  herewith  among the  Company,  Purchaser,  and an Escrow Agent (the "Funds
Escrow Agreement") and a disbursement letter (the "Disbursement Letter").

         3. Closing, Delivery and Payment3. .

                  3.1 Closing.  Subject to the terms and conditions  herein, the
closing of the  transactions  contemplated  hereby (the  "Closing"),  shall take
place on the date hereof, at such time or place as the Company and Purchaser may
mutually agree (such date is hereinafter referred to as the "Closing Date").

                  3.2  Delivery.  Pursuant to the Funds Escrow  Agreement in the
form  attached  hereto as Exhibit D, at the  Closing on the  Closing  Date,  the
Company will deliver to the  Purchaser,  among other things,  a Note in the form
attached as Exhibit A  representing  the principal  amount of  $3,000,000  and a
Warrant in the form attached as Exhibit B in the Purchaser's  name  representing
860,000  Warrant  Shares and the  Purchaser  will deliver to the Company,  among
other  things,  the amounts set forth in the  Disbursement  Letter by  certified
funds or wire transfer.

         4.  Representations  and Warranties of the Company.  The Company hereby
represents and warrants to the Purchaser as follows (which  representations  and
warranties are supplemented by, and subject to, the Company's  filings under the
Securities  Exchange Act of 1934  (collectively,  the "Exchange  Act  Filings"),
copies of which have been provided to the Purchaser:

                  4.1 Organization, Good Standing and Qualification. The Company
is a corporation duly organized, validly existing and in good standing under the

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laws of its  jurisdiction of  organization.  The Company has the corporate power
and  authority  to own and operate  its  properties  and assets,  to execute and
deliver  (i) this  Agreement,  (ii) the Note and the  Warrant  to be  issued  in
connection  with this  Agreement,  (iii) the Security  Agreement dated as of the
date hereof between the Company and the Purchaser,  (iv) the Registration Rights
Agreement  relating to the  Securities  dated as of the date hereof  between the
Company and the Purchaser,  (v) the Escrow Agreement dated as of the date hereof
among the Company,  the Purchaser  and the escrow agent  referred to therein and
(vi) all other agreements related to this Agreement and the Note and referred to
herein (the  preceding  clauses (ii) through  (vi),  collectively,  the "Related
Agreements"), to issue and sell the Note and the shares of Common Stock issuable
upon conversion of the Note (the "Note  Shares"),  to issue and sell the Warrant
and the Warrant  Shares,  and to carry out the  provisions of this Agreement and
the Related Agreements and to carry on its business as presently conducted.  The
Company  is duly  qualified  and is  authorized  to do  business  and is in good
standing  as a  foreign  corporation  in all  jurisdictions,  except  for  those
jurisdictions in which the failure to do so has not had, or could not reasonably
be expected to have, individually or in the aggregate, a material adverse effect
on  the  business,  assets,   liabilities,   financial  condition,   properties,
operations of the Company (a "Material Adverse Effect").

                  4.2 Subsidiaries.  Each direct and indirect  Subsidiary of the
Company,  the  direct  owner of such  Subsidiary  and its  percentage  ownership
thereof,  is set forth on Schedule  4.2.  For the purpose of this  Agreement,  a
"Subsidiary"  of any person or entity  means (i) a  corporation  or other entity
whose shares of stock or other ownership  interests having ordinary voting power
(other than stock or other ownership  interests having such power only by reason
of the happening of a contingency)  to elect a majority of the directors of such
corporation,  or other persons or entities performing similar functions for such
person or entity, are owned, directly or indirectly, by such person or entity or
(ii) a corporation or other entity in which such person or entity owns, directly
or indirectly, more than 50% of the equity interests at such time.

                  4.3 Capitalization; Voting Rights.

                  (a)  The  authorized  capital stock of the Company,  as of the
date hereof,  consists of 21,000,000  shares,  of which 20,000,000 are shares of
Common Stock, par value $0.001 per share,  11,389,481shares of which were issued
and outstanding as of May 12, 2004, and 1,000,000 are shares of preferred stock,
par value $0.001 per share, of which no shares are issued and outstanding.

                  (b)  Except as disclosed on Schedule 4.3,  other than: (i) the
shares  reserved for issuance under the Company's  stock option plans;  and (ii)
shares  which  may  be  issued  pursuant  to  this  Agreement  and  the  Related
Agreements,  there  are no  outstanding  options,  warrants,  rights  (including
conversion  or  preemptive  rights  and  rights  of  first  refusal),  proxy  or
stockholder  agreements,  or  arrangements  or  agreements  of any  kind for the
purchase or  acquisition  from the Company of any of its  securities.  Except as
disclosed  on Schedule  4.3,  neither the offer,  issuance or sale of any of the
Note or Warrant,  or the  issuance of any of the Note Shares or Warrant  Shares,
nor the  consummation  of any transaction  contemplated  hereby will result in a
change  in the price or number of any  securities  of the  Company  outstanding,
under  anti-dilution or other similar  provisions  contained in or affecting any
such securities.

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                  (c)  All issued and outstanding shares of the Company's Common
Stock:  (i) have been duly  authorized and validly issued and are fully paid and
nonassessable;  and (ii) were issued in compliance with all applicable state and
federal laws concerning the issuance of securities.

                  (d)  The rights,  preferences,  privileges and restrictions of
the shares of the Common  Stock are as stated in the  Company's  Certificate  of
Incorporation (the "Charter"). The Note Shares and Warrant Shares have been duly
and validly reserved for issuance. When issued in compliance with the provisions
of this Agreement and the Company's Charter and, as applicable, the Note and the
Warrant,  the Securities will be validly issued,  fully paid and  nonassessable,
and  will be free of any  liens or  encumbrances;  provided,  however,  that the
Securities may be subject to restrictions on transfer under state and/or federal
securities laws as set forth herein or as otherwise required by such laws at the
time a transfer is proposed.

                  4.4 Authorization;  Binding Obligations.  All corporate action
on the  part of the  Company,  its  officers  and  directors  necessary  for the
authorization of this Agreement and the Related  Agreements,  the performance of
all obligations of the Company hereunder and under the Related Agreements at the
Closing  and,  the  authorization,  sale,  issuance and delivery of the Note and
Warrant has been taken or will be taken prior to the Closing. This Agreement and
the Related  Agreements,  when  executed and delivered and to the extent it is a
party thereto,  will be valid and binding obligations of the Company enforceable
in accordance with their terms, except:

                  (a)   as  limited  by   applicable   bankruptcy,   insolvency,
reorganization,  moratorium  or  other  laws of  general  application  affecting
enforcement of creditors' rights; and

                  (b)   general   principles   of  equity  that   restrict   the
availability of equitable or legal remedies.

                  (c) The sale of the Note and the subsequent  conversion of the
Note into Note Shares are not and will not be subject to any  preemptive  rights
or rights of first refusal that have not been properly  waived or complied with.
The  issuance  of the  Warrant  and the  subsequent  exercise of the Warrant for
Warrant  Shares  are not and will not be  subject  to any  preemptive  rights or
rights of first refusal that have not been properly waived or complied with.

                  4.5  Liabilities.  The  Company  does not have any  contingent
liabilities,  except  current  liabilities  incurred in the  ordinary  course of
business and liabilities disclosed in any Exchange Act Filings.

                  4.6 Agreements; Action. Except as set forth on Schedule 4.6 or
as disclosed in any Exchange Act Filings:

                  (a)  There  are no  agreements,  understandings,  instruments,
contracts,  judgments,  orders, writs or decrees to which the Company is a party
or to its  knowledge  by which it is bound which may  involve:  (i)  obligations
(contingent  or otherwise)  of, or payments to, the Company in excess of $50,000
(other than obligations of, or payments to, the Company arising from purchase or
sale agreements  entered into in the ordinary  course of business);  or (ii) the
transfer or license of any patent, copyright,  trade secret or other proprietary
right to or from the Company (other than licenses arising in the ordinary course

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of business from the purchase of "off the shelf" or other  standard  products of
the Company) ; or (iii) provisions  restricting the development,  manufacture or
distribution of the Company's products or services;  or (iv)  indemnification by
the Company in excess of $50,000 in the aggregate with respect to  infringements
of proprietary rights.

                  (b)  Since  September  30,  2003,  the  Company  has not:  (i)
declared or paid any dividends,  or authorized or made any distribution  upon or
with  respect to any class or series of its capital  stock;  (ii)  incurred  any
indebtedness  for money borrowed or any other  liabilities  (other than ordinary
course  obligations)  individually  in  excess  of  $50,000  or,  in the case of
indebtedness  and/or  liabilities  individually less than $50,000,  in excess of
$100,000 in the aggregate; (iii) made any loans or advances to any person not in
excess,  individually or in the aggregate, of $100,000, other than advances made
in the  ordinary  course of business  for travel  expenses  or other  legitimate
business purpose; or (iv) sold, exchanged or otherwise disposed of of its assets
or rights in excess of an  aggregate  consideration  of $25,000,  other than the
sale of its inventory in the ordinary course of business.

                  (c)  For the purposes of  subsections  (a) and (b) above,  all
indebtedness,  liabilities, agreements,  understandings,  instruments, contracts
and proposed transactions involving the same person or entity (including persons
or entities the Company has reason to believe are affiliated therewith) shall be
aggregated for the purpose of meeting the  individual  minimum dollar amounts of
such subsections.

                  4.7  Obligations  to Related  Parties.  Except as set forth on
Schedule 4.7, there are no  obligations  of the Company to officers,  directors,
stockholders or employees of the Company other than:

                  (a) for payment of salary for services  rendered and for bonus
payments;

                  (b) reimbursement  for reasonable  expenses incurred on behalf
of the Company;

                  (c)  for  other  standard  employee  benefits  made  generally
available to all employees (including stock option agreements  outstanding under
any stock option plan approved by the Board of Directors of the Company); and

                  (d) obligations listed in the Company's  financial  statements
or disclosed in any of its Exchange Act Filings.

Except as described  above or set forth on Schedule  4.7,  none of the officers,
directors  of the  Company  or any  members  of their  immediate  families,  are
indebted to the Company,  individually or in the aggregate, in excess of $50,000
or have any direct or indirect  ownership  interest  in any firm or  corporation
with which the  Company is  affiliated  or with which the Company has a business
relationship,  or any firm or corporation which competes with the Company, other
than passive  investments in publicly traded companies  (representing  less than
one percent (1%) of such company) which may compete with the Company.  Except as
described  above, no agreements,  understandings  or proposed  transactions  are
contemplated  between the Company and any  officer,  director,  or any member of
their immediate families directly or indirectly. Except as set forth on Schedule

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4.7, the Company is not a guarantor or  indemnitor  of any  indebtedness  of any
other person, firm or corporation.

                  4.8 Changes.  Since September 30, 2003, except as disclosed in
any Exchange  Act Filing or in any  Schedule to this  Agreement or to any of the
Related Agreements, there has not been:

                  (a) any change in the business, assets, liabilities, financial
condition,  properties or operations of the Company,  which,  individually or in
the aggregate, has had or could reasonably be expected to have, a Material
Adverse Effect;

                  (b) any  resignation or termination of any officer or group of
employees of the Company;

                  (c)  any material  change,  except in the  ordinary  course of
business,  in the  contingent  obligations  of the  Company by way of  guaranty,
endorsement, indemnity, warranty or otherwise;

                  (d) any damage, destruction or loss, whether or not covered by
insurance,  which has had, or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect;

                  (e) to the Company's knowledge,  after due inquiry, any waiver
by the Company of a valuable right or of a material debt owed to it;

                  (f)  any direct or indirect material loans made by the Company
to any  stockholder,  employee,  officer or director of the Company,  other than
advances made in the ordinary course of business;

                  (g) any material  change in any  compensation  arrangement  or
agreement with any employee, officer, director or stockholder;

                  (h) any  declaration  or  payment  of any  dividend  or  other
distribution of the assets of the Company;

                  (i)  to  the  Company's  knowledge,   any  labor  organization
activity related to the Company;

                  (j) any debt,  obligation  or liability  incurred,  assumed or
guaranteed by the Company,  except those for immaterial  amounts and for current
liabilities incurred in the ordinary course of business;

                  (k)  any  sale,   assignment   or  transfer  of  any  patents,
trademarks, copyrights, trade secrets or other intangible assets;

                  (l) any change in any material  agreement to which the Company
is a  party  or by  which  it is  bound  which,  either  individually  or in the
aggregate,  has had, or could reasonably be expected to have, a Material Adverse
Effect;

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                  (m) any other event or condition of any character that, either
individually  or in the aggregate,  has had, or could  reasonably be expected to
have, a Material Adverse Effect; or

                  (n) any  arrangement or commitment by the Company to do any of
the acts described in subsection (a) through (m) above.

                  4.9 Title to Properties and Assets;  Liens, Etc. Except as set
forth  on  Schedule  4.9,  the  Company  has good  and  marketable  title to its
properties  and assets,  and good title to its leasehold  estates,  in each case
subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than:

                  (a) those  resulting  from  taxes  which  have not yet  become
delinquent;

                  (b)  minor  liens  and  encumbrances  which do not  materially
detract from the value of the property subject thereto or materially  impair the
operations of the Company; and

                  (c) those that have otherwise arisen in the ordinary course of
business.

All facilities,  machinery,  equipment,  fixtures, vehicles and other properties
owned,  leased or used by the Company are in good operating condition and repair
(except for ordinary  wear and tear) and are  reasonably  fit and usable for the
purposes for which they are being used. Except as set forth on Schedule 4.9, the
Company is in compliance  with all material terms of each lease to which it is a
party or is otherwise bound.

                  4.10 Intellectual Property.

                  (a)  The Company owns or possesses  sufficient legal rights to
all patents, trademarks,  service marks, trade names, copyrights, trade secrets,
licenses,  information and other proprietary rights and processes  necessary for
its  business as now  conducted  and to the  Company's  knowledge  as  presently
proposed  to be  conducted  (the  "Intellectual  Property"),  without  any known
infringement of the rights of others. There are no outstanding options, licenses
or agreements of any kind relating to the foregoing  proprietary  rights, nor is
the Company  bound by or a party to any options,  licenses or  agreements of any
kind with  respect to the  patents,  trademarks,  service  marks,  trade  names,
copyrights,  trade secrets,  licenses,  information and other proprietary rights
and  processes  of any other  person  or entity  other  than  such  licenses  or
agreements  arising from the purchase of "off the shelf" or standard products of
the Company.

                  (b)  The Company has not received any communications  alleging
that the Company has  violated any of the patents,  trademarks,  service  marks,
trade names,  copyrights  or trade  secrets or other  proprietary  rights of any
other person or entity, nor is the Company aware of any basis therefor.

                  (c) The Company does not believe it is or will be necessary to
utilize any inventions,  trade secrets or proprietary  information of any of its
employees made prior to their employment by the Company,  except for inventions,
trade secrets or proprietary  information that have been rightfully  assigned to
the Company.

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                  4.11 Compliance with Other Instruments.  The Company is not in
violation  or  default of (x) any term of its  Charter or Bylaws,  or (y) of any
provision  of any  indebtedness,  mortgage,  indenture,  contract,  agreement or
instrument  to which  it is  party  or by which it is bound or of any  judgment,
decree,  order or writ,  which violation or default,  in the case of this clause
(y), has had, or could reasonably be expected to have, either individually or in
the aggregate,  a Material  Adverse  Effect.  Other than as contemplated by this
Agreement and the Related Agreements, the execution, delivery and performance of
and compliance  with this Agreement and the Related  Agreements to which it is a
party,  and the  issuance  and sale of the  Note by the  Company  and the  other
Securities  by the Company each pursuant  hereto and thereto,  will not, with or
without  the  passage of time or giving of notice,  result in any such  material
violation, or be in conflict with or constitute a default under any such term or
provision, or result in the creation of any mortgage,  pledge, lien, encumbrance
or charge upon any of the properties or assets of the Company or the suspension,
revocation,  impairment,  forfeiture  or  nonrenewal  of  any  permit,  license,
authorization or approval applicable to the Company,  its business or operations
or any of its  assets  or  properties  which  has had,  or could  reasonably  be
expected to have,  either  individually or in the aggregate,  a Material Adverse
Effect.

                  4.12 Litigation.  Except as set forth on Schedule 4.12 hereto,
there is no  action,  suit,  proceeding  or  investigation  pending  or,  to the
Company's knowledge,  currently threatened against the Company that prevents the
Company from entering  into this  Agreement or the Related  Agreements,  or from
consummating the transactions  contemplated hereby or thereby, or which has had,
or  could  reasonably  be  expected  to  have,  either  individually  or in  the
aggregate,  a  Material  Adverse  Effect or could  result  in any  change in the
current equity ownership of the Company,  nor is the Company aware that there is
any basis to assert any of the foregoing.  The Company is not a party or subject
to the  provisions  of any order,  writ,  injunction,  judgment or decree of any
court  or  government  agency  or  instrumentality.  There is no  action,  suit,
proceeding  or  investigation  by the  Company  currently  pending  or which the
Company intends to initiate.

                  4.13 Tax Returns and  Payments.  The Company has timely  filed
all tax returns (federal, state and local) required to be filed by it. All taxes
shown to be due and payable on such returns,  any assessments  imposed,  and all
other taxes due and payable by the Company on or before the  Closing,  have been
paid or will be paid  prior to the time they  become  delinquent.  Except as set
forth on Schedule 4.13, the Company has not been advised:

                  (a) that any of its  returns,  federal,  state or other,  have
been or are being audited as of the date hereof; or

                  (b) of any  deficiency in  assessment or proposed  judgment to
its federal, state or other taxes.

The Company has no knowledge of any  liability of any tax to be imposed upon its
properties  or assets as of the date of this  Agreement  that is not  adequately
provided for.

                  4.14  Employees.  Except as set forth on  Schedule  4.14,  the
Company has no collective bargaining agreements with any of its employees. There
is no labor union organizing  activity  pending or, to the Company's  knowledge,
threatened with respect to the Company.  Except as disclosed in the Exchange Act

                                       10
<PAGE>

Filings  or on  Schedule  4.14,  the  Company  is not a party to or bound by any
currently effective  employment  contract,  deferred  compensation  arrangement,
bonus plan,  incentive plan, profit sharing plan,  retirement agreement or other
employee compensation plan or agreement. To the Company's knowledge, no employee
of the Company,  nor any consultant with whom the Company has contracted,  is in
violation  of any  term  of any  employment  contract,  proprietary  information
agreement or any other agreement relating to the right of any such individual to
be employed by, or to contract  with,  the Company  because of the nature of the
business to be conducted  by the Company;  and to the  Company's  knowledge  the
continued  employment  by  the  Company  of  its  present  employees,   and  the
performance of the Company's  contracts with its independent  contractors,  will
not  result in any such  violation.  The  Company  is not aware  that any of its
employees is  obligated  under any contract  (including  licenses,  covenants or
commitments  of any  nature) or other  agreement,  or  subject to any  judgment,
decree or order of any court or administrative agency, that would interfere with
their  duties to the Company.  The Company has not received any notice  alleging
that any such  violation has  occurred.  Except for employees who have a current
effective employment agreement with the Company, except as set forth on Schedule
4.14 hereto,  no employee of the Company has been granted the right to continued
employment by the Company or to any material compensation  following termination
of  employment  with the  Company . Except as set forth on  Schedule  4.14,  the
Company  is not aware  that any  officer,  key  employee  or group of  employees
intends to terminate his, her or their employment with the Company, nor does the
Company have a present intention to terminate the employment of any officer, key
employee or group of employees.

                  4.15  Registration  Rights  and Voting  Rights.  Except as set
forth on Schedule  4.15 and except as disclosed  in Exchange  Act  Filings,  the
Company is presently not under any  obligation,  and has not granted any rights,
to register any of the Company's presently outstanding  securities or any of its
securities  that may  hereafter be issued.  Except as set forth on Schedule 4.15
and except as disclosed in Exchange Act Filings, to the Company's knowledge,  no
stockholder  of the Company has entered into any  agreement  with respect to the
voting of equity securities of the Company.

                  4.16  Compliance  with Laws;  Permits.  The  Company is not in
violation of any applicable statute, rule,  regulation,  order or restriction of
any domestic or foreign  government or any  instrumentality or agency thereof in
respect of the conduct of its business or the ownership of its properties  which
has had, or could reasonably be expected to have, either  individually or in the
aggregate,  a Material  Adverse  Effect.  No governmental  orders,  permissions,
consents,  approvals  or  authorizations  are  required  to be  obtained  and no
registrations  or  declarations  are required to be filed in connection with the
execution  and  delivery  of this  Agreement  or any Related  Agreement  and the
issuance  of any of the  Securities,  except  such as has been duly and  validly
obtained or filed,  or with  respect to any filings  that must be made after the
Closing,  as will be filed in a timely  manner.  The  Company  has all  material
franchises,  permits,  licenses  and any  similar  authority  necessary  for the
conduct of its  business as now being  conducted by it, the lack of which could,
either  individually  or in the  aggregate,  reasonably  be  expected  to have a
Material Adverse Effect.

                  4.17 Environmental and Safety Laws. To the Company's knowledge
after due and careful inquiry, the Company is not in violation of any applicable
statute,  law or regulation  relating to the environment or occupational  health

                                       11
<PAGE>

and  safety,  and to its  knowledge,  no  material  expenditures  are or will be
required in order to comply with any such existing  statute,  law or regulation.
Except as set forth on Schedule 4.17, no Hazardous  Materials (as defined below)
are used or have been used,  stored,  or  disposed  of by the Company or, to the
Company's knowledge, by any other person or entity on any property owned, leased
or used by the Company.  For the purposes of the preceding sentence,  "Hazardous
Materials" shall mean:

                  (a)  materials  which  are  listed  or  otherwise  defined  as
"hazardous" or "toxic" under any applicable local, state, federal and/or foreign
laws and regulations that govern the existence and/or remedy of contamination on
property,  the protection of the environment from contamination,  the control of
hazardous wastes, or other activities involving hazardous substances,  including
building materials; or

                  (b) any petroleum products or nuclear materials.

                  4.18   Valid   Offering.   Assuming   the   accuracy   of  the
representations and warranties of the Purchaser contained in this Agreement, the
offer,  sale and issuance of the Securities will be exempt from the registration
requirements of the Securities Act of 1933, as amended (the  "Securities  Act"),
and will have been registered or qualified (or are exempt from  registration and
qualification) under the registration,  permit or qualification  requirements of
all applicable state securities laws.

                  4.19 Full  Disclosure.  The Company has provided the Purchaser
with all information  requested by the Purchaser in connection with its decision
to purchase the Note and Warrant, including all information the Company believes
is  reasonably  necessary  to  make  such  investment  decision.   Neither  this
Agreement,  the Related  Agreements  nor the exhibits and  schedules  hereto and
thereto nor any other  document  delivered  by the Company to  Purchaser  or its
attorneys or agents in connection herewith or therewith or with the transactions
contemplated hereby or thereby,  contain any untrue statement of a material fact
nor omit to state a  material  fact  necessary  in order to make the  statements
contained  herein or therein,  in light of the  circumstances  in which they are
made, not misleading.  Any financial projections and other estimates provided to
the  Purchaser  by the Company  were based on the  Company's  experience  in the
industry and on  assumptions  of fact and opinion as to future  events which the
Company, at the date of the issuance of such projections or estimates,  believed
to be reasonable.

                  4.20 Insurance.  The Company has general  commercial,  product
liability, fire and casualty insurance policies with coverages which the Company
believes are customary for  companies  similarly  situated to the Company in the
same or similar business.

                  4.21 SEC Reports.  Except as set forth on Schedule  4.21,  the
Company has filed all proxy statements,  reports and other documents required to
be filed by it under the Securities Exchange Act 1934, as amended (the "Exchange
Act").  The Company has  furnished or made  available to the  Purchaser  via the
EDGAR System copies of: (i) its Annual Report on Form 10-KSB for the fiscal year
ended September 30, 2003 ; and (ii) its Quarterly Reports on Form 10-QSB for the
fiscal  quarters  ended  December 31, 2003 and March 31, 2004 , and the Form 8-K
filings which it has made during the fiscal year 2003 to date (collectively, the
"SEC  Reports").  Except as set forth on Schedule 4.21,  each SEC Report was, at

                                       12
<PAGE>

the time of its filing,  in substantial  compliance with the requirements of its
respective form and none of the SEC Reports,  nor the financial  statements (and
the notes thereto)  included in the SEC Reports,  as of their respective  filing
dates,  contained any untrue  statement of a material fact or omitted to state a
material fact required to be stated  therein or necessary to make the statements
therein,  in  light  of the  circumstances  under  which  they  were  made,  not
misleading.

                  4.22 Trading.  The Company's Common Stock is traded on the OTC
Bulletin Board ("OTCBB") and satisfies all  requirements for the continuation of
such trading. The Company has not received any notice that its Common Stock will
be  ineligible  to be traded on the OTCBB or that its Common Stock does not meet
all requirements for such continued trading .

                  4.23 No Integrated  Offering.  Neither the Company, nor any of
its  affiliates,  nor any person acting on its or their behalf,  has directly or
indirectly  made any offers or sales of any security or solicited  any offers to
buy any  security  under  circumstances  that would  cause the  offering  of the
Securities  pursuant to this Agreement or any Related Agreement to be integrated
with prior  offerings  by the Company for purposes of the  Securities  Act which
would prevent the Company from selling the Securities pursuant to Rule 506 under
the Securities  Act, or any  applicable  exchange-related  stockholder  approval
provisions,  nor will the Company or any of its affiliates or subsidiaries  take
any  action or steps that  would  cause the  offering  of the  Securities  to be
integrated with other offerings.

                  4.24 Stop Transfer.  The Securities are restricted  securities
as of the date of this  Agreement.  The Company will not issue any stop transfer
order or other order  impeding the sale and  delivery of any of the  Securities,
except as required by applicable state or federal securities laws.

                  4.25 Dilution. The Company specifically  acknowledges that its
obligation  to issue the shares of Common Stock upon  conversion of the Note and
exercise of the Warrant is binding upon the Company and  enforceable  regardless
of the  dilution  such  issuance  may have on the  ownership  interests of other
shareholders of the Company.

                  4.26 Patriot Act. The Company  certifies  that, to the best of
Company's  knowledge,  the Company has not been designated,  and is not owned or
controlled,  by a "suspected terrorist" as defined in Executive Order 13224. The
Company  hereby  acknowledges  that  the  Purchaser  seeks  to  comply  with all
applicable  laws  concerning  money  laundering  and  related   activities.   In
furtherance of those efforts, the Company hereby represents, warrants and agrees
that:  (i)  none of the  cash or  property  that  the  Company  will pay or will
contribute  to the  Purchaser  has been or shall be derived from, or related to,
any  activity  that is deemed  criminal  under  United  States law;  and (ii) no
contribution or payment by the Company to the Purchaser, to the extent that they
are within the Company's control shall cause the Purchaser to be in violation of
the United  States Bank  Secrecy  Act,  the United  States  International  Money
Laundering  Control  Act  of  1986  or the  United  States  International  Money
Laundering Abatement and Anti-Terrorist Financing Act of 2001. The Company shall
promptly notify the Purchaser if any of these representations  ceases to be true
and accurate regarding the Company.  The Company agrees to provide the Purchaser
any  additional  information  regarding  the Company  that the  Purchaser  deems
necessary or convenient to ensure compliance with all applicable laws concerning
money laundering and similar activities. The Company understands and agrees that

                                       13
<PAGE>

if at any time it is discovered  that any of the foregoing  representations  are
incorrect,  or if otherwise  required by applicable law or regulation related to
money laundering  similar  activities,  the Purchaser may undertake  appropriate
actions to ensure  compliance with  applicable law or regulation,  including but
not limited to segregation  and/or  redemption of the Purchaser's  investment in
the Company.  The Company  further  understands  that the  Purchaser may release
confidential  information  about the Company and, if applicable,  any underlying
beneficial  owners,  to  proper  authorities  if  the  Purchaser,  in  its  sole
discretion,  determines  that it is in the best  interests  of the  Purchaser in
light of relevant rules and  regulations  under the laws set forth in subsection
(ii) above.

         5.  Representations  and  Warranties  of the  Purchaser.  The Purchaser
hereby  represents and warrants to the Company as follows (such  representations
and  warranties do not lessen or obviate the  representations  and warranties of
the Company set forth in this Agreement)

                  5.1 No Shorting.  The Purchaser or any of its  affiliates  and
investment  partners has not,  will not and will not cause any person or entity,
directly or indirectly, to engage in "short sales" of the Company's Common Stock
or any other hedging strategies  utilizing the Company's Common Stock as long as
the Note shall be outstanding.

                  5.2  Requisite  Power and  Authority.  The  Purchaser  has all
necessary power and authority under all applicable  provisions of law to execute
and deliver this  Agreement  and the Related  Agreements  and to carry out their
provisions.  All corporate  action on  Purchaser's  part required for the lawful
execution and delivery of this Agreement and the Related Agreements have been or
will be  effectively  taken  prior to the  Closing.  Upon  their  execution  and
delivery,  this Agreement and the Related  Agreements  will be valid and binding
obligations of Purchaser, enforceable in accordance with their terms, except:

                  (a)   as  limited  by   applicable   bankruptcy,   insolvency,
reorganization,  moratorium  or  other  laws of  general  application  affecting
enforcement of creditors' rights; and

                  (b) as limited by general  principles  of equity that restrict
the availability of equitable and legal remedies.

                  5.3 Investment Representations. Purchaser understands that the
Securities are being offered and sold pursuant to an exemption from registration
contained in the Securities Act based in part upon  Purchaser's  representations
contained in the Agreement, including, without limitation, that the Purchaser is
an "accredited investor" within the meaning of Regulation D under the Securities
Act of 1933, as amended (the "Securities  Act"). The Purchaser  confirms that it
has  received  or has had  full  access  to all  the  information  it  considers
necessary or appropriate to make an informed investment decision with respect to
the Note and the Warrant to be purchased by it under this Agreement and the Note
Shares and the Warrant Shares acquired by it upon the conversion of the Note and
the exercise of the Warrant,  respectively.  The Purchaser further confirms that
it has had an opportunity to ask questions and receive  answers from the Company
regarding the Company's business, management and financial affairs and the terms
and conditions of the Offering,  the Note, the Warrant and the Securities and to
obtain  additional  information  (to  the  extent  the  Company  possessed  such

                                       14
<PAGE>

information  or  could  acquire  it  without  unreasonable  effort  or  expense)
necessary to verify any  information  furnished to the Purchaser or to which the
Purchaser had access.

                  5.4  Purchaser   Bears   Economic   Risk.  The  Purchaser  has
substantial   experience  in  evaluating  and  investing  in  private  placement
transactions  of  securities  in companies  similar to the Company so that it is
capable of evaluating  the merits and risks of its investment in the Company and
has the  capacity  to protect its own  interests.  The  Purchaser  must bear the
economic risk of this investment  until the Securities are sold pursuant to: (i)
an  effective  registration  statement  under  the  Securities  Act;  or (ii) an
exemption from registration is available with respect to such sale.

                  5.5  Acquisition  for Own Account.  The Purchaser is acquiring
the  Note and  Warrant  and the  Note  Shares  and the  Warrant  Shares  for the
Purchaser's  own account for investment  only, and not as a nominee or agent and
not with a view towards or for resale in connection with their distribution.

                  5.6  Purchaser   Can  Protect  Its  Interest.   The  Purchaser
represents that by reason of its, or of its management's, business and financial
experience,  the  Purchaser has the capacity to evaluate the merits and risks of
its  investment in the Note,  the Warrant and the  Securities and to protect its
own  interests  in  connection  with  the  transactions   contemplated  in  this
Agreement,  and the Related  Agreements.  Further,  the Purchaser is aware of no
publication  of  any   advertisement   in  connection   with  the   transactions
contemplated in the Agreement or the Related Agreements.

                  5.7 Accredited  Investor.  Purchaser  represents that it is an
accredited investor within the meaning of Regulation D under the Securities Act.

                  5.8 Legends.

                  (a)   The Note shall bear substantially the following legend:

                  "THIS NOTE AND THE COMMON STOCK  ISSUABLE  UPON  CONVERSION OF
                  THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED,  OR ANY APPLICABLE,  STATE  SECURITIES LAWS.
                  THIS NOTE AND THE COMMON STOCK  ISSUABLE  UPON  CONVERSION  OF
                  THIS  NOTE MAY NOT BE  SOLD,  OFFERED  FOR  SALE,  PLEDGED  OR
                  HYPOTHECATED  IN  THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
                  STATEMENT  AS TO THIS NOTE OR SUCH  SHARES  UNDER SAID ACT AND
                  APPLICABLE  STATE  SECURITIES  LAWS OR AN  OPINION  OF COUNSEL
                  REASONABLY  SATISFACTORY  TO MITEK  SYSTEMS,  INC.  THAT  SUCH
                  REGISTRATION IS NOT REQUIRED."

                  (b)  The Note Shares and the Warrant Shares,  if not issued by
DWAC  system (as  hereinafter  defined),  shall bear a legend  which shall be in
substantially the following:

                                       15
<PAGE>

                  "THE  SHARES  REPRESENTED  BY THIS  CERTIFICATE  HAVE NOT BEEN
                  REGISTERED  UNDER THE SECURITIES  ACT OF 1933, AS AMENDED,  OR
                  ANY APPLICABLE, STATE SECURITIES LAWS. THESE SHARES MAY NOT BE
                  SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
                  OF AN EFFECTIVE  REGISTRATION  STATEMENT UNDER SUCH SECURITIES
                  ACT  AND  APPLICABLE  STATE  LAWS  OR AN  OPINION  OF  COUNSEL
                  REASONABLY  SATISFACTORY  TO MITEK  SYSTEMS,  INC.  THAT  SUCH
                  REGISTRATION IS NOT REQUIRED."

                  (c) The Warrant shall bear substantially the following legend:

                  "THIS WARRANT AND THE COMMON SHARES  ISSUABLE UPON EXERCISE OF
                  THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
                  OF 1933, AS AMENDED,  OR ANY APPLICABLE STATE SECURITIES LAWS.
                  THIS WARRANT AND THE COMMON  SHARES  ISSUABLE UPON EXERCISE OF
                  THIS  WARRANT MAY NOT BE SOLD,  OFFERED  FOR SALE,  PLEDGED OR
                  HYPOTHECATED  IN  THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
                  STATEMENT  AS TO THIS  WARRANT  OR THE  UNDERLYING  SHARES  OF
                  COMMON STOCK UNDER SAID ACT AND  APPLICABLE  STATE  SECURITIES
                  LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO MITEK
                  SYSTEMS, INC. THAT SUCH REGISTRATION IS NOT REQUIRED."

         6. Covenants of the Company.  The Company covenants and agrees with the
Purchaser as follows:

                  6.1  Stop-Orders.  The  Company  will  advise  the  Purchaser,
promptly  after it receives  notice of issuance by the  Securities  and Exchange
Commission (the "SEC"), any state securities  commission or any other regulatory
authority  of any stop  order  or of any  order  preventing  or  suspending  any
offering  of  any  securities  of  the  Company,  or of  the  suspension  of the
qualification  of the Common  Stock of the Company  for  offering or sale in any
jurisdiction, or the initiation of any proceeding for any such purpose.

                  6.2 Trading.  The Company shall promptly secure the trading of
the shares of Common Stock  issuable  upon  conversion  of the Note and upon the
exercise of the Warrant on the OTCBB (the "Principal Market") as required by the
Registration  Rights  Agreement and shall  maintain such trading  eligibility so
long as any other  shares of Common  Stock shall be so traded . The Company will
maintain  the  trading of its Common  Stock on the  Principal  Market,  and will
comply in all material respects with the Company's  reporting,  filing and other
obligations under the bylaws or rules of the National  Association of Securities
Dealers ("NASD") and such exchanges, as applicable.

                                       16
<PAGE>

                  6.3 Market Regulations. The Company shall notify the SEC, NASD
and applicable state authorities, in accordance with their requirements,  of the
transactions  contemplated by this Agreement, and shall take all other necessary
action and  proceedings as may be required and permitted by applicable law, rule
and  regulation,  for the legal  and valid  issuance  of the  Securities  to the
Purchaser and promptly provide copies thereof to the Purchaser.

                  6.4 Reporting Requirements.  The Company will timely file with
the SEC all  reports  required  to be filed  pursuant  to the  Exchange  Act and
refrain from terminating its status as an issuer required by the Exchange Act to
file reports  thereunder  even if the  Exchange Act or the rules or  regulations
thereunder would permit such termination.

                  6.5 Use of  Funds.  The  Company  agrees  that it will use the
proceeds  of the  sale of the Note  and  Warrant  for  general  working  capital
purposes only.

                  6.6  Access  to  Facilities.   The  Company  will  permit  any
representatives designated by the Purchaser (or any successor of the Purchaser),
upon  reasonable  notice and during  normal  business  hours,  at such  person's
expense and accompanied by a representative of the Company, to:

                  (a) visit and inspect any of the properties of the Company;

                  (b) examine the corporate and financial records of the Company
(unless such  examination is not permitted by federal,  state or local law or by
contract) and make copies thereof or extracts therefrom; and

                  (c)  discuss the affairs, finances and accounts of the Company
with the directors, officers and independent accountants of the Company.

Notwithstanding  the  foregoing,  the Company  will not  provide  any  material,
non-public   information  to  the  Purchaser   unless  the  Purchaser   signs  a
confidentiality  agreement and otherwise  complies with Regulation FD, under the
federal securities laws.

                  6.7 Taxes.  The Company will  promptly pay and  discharge,  or
cause to be paid  and  discharged,  when  due and  payable,  all  lawful  taxes,
assessments and governmental charges or levies imposed upon the income, profits,
property or  business  of the  Company;  provided,  however,  that any such tax,
assessment,  charge  or levy  need  not be paid if the  validity  thereof  shall
currently  be  contested  in good faith by  appropriate  proceedings  and if the
Company  shall  have set  aside on its  books  adequate  reserves  with  respect
thereto,  and  provided,  further,  that the  Company  will pay all such  taxes,
assessments, charges or levies forthwith upon the commencement of proceedings to
foreclose any lien which may have attached as security therefor.

                  6.8  Insurance.  The Company will keep its assets which are of
an insurable  character  insured by  financially  sound and  reputable  insurers
against loss or damage by fire,  explosion and other risks  customarily  insured
against by companies in similar business similarly situated as the Company;  and
the Company  will  maintain,  with  financially  sound and  reputable  insurers,
insurance  against other hazards and risks and liability to persons and property
to the  extent  and in the  manner  which the  Company  reasonably  believes  is
customary for companies in similar  business  similarly  situated as the Company

                                       17
<PAGE>

and to the extent  available on commercially  reasonable  terms. The Company and
each of its  Subsidiaries  will jointly and severally bear the full risk of loss
from any loss of any nature whatsoever with respect to the assets pledged to the
Purchaser  as  security  for its  obligations  hereunder  and under the  Related
Agreements.  At the  Company's own cost and expense in amounts and with carriers
reasonably  acceptable  to Purchaser,  the Company and each of the  Subsidiaries
shall (i) keep all its insurable  properties  and  properties in which it has an
interest insured against the hazards of fire, flood,  sprinkler  leakage,  those
hazards covered by extended coverage  insurance and such other hazards,  and for
such  amounts,  as is customary in the case of companies  engaged in  businesses
similar to the  Company's  or the  respective  Subsidiary's  including  business
interruption insurance;  (ii) maintain a bond in such amounts as is customary in
the case of  companies  engaged in  businesses  similar to the  Company's or the
Subsidiary's   insuring   against   larceny,   embezzlement  or  other  criminal
misappropriation  of insured's  officers and  employees who may either singly or
jointly  with  others  at any time  have  access  to the  assets or funds of the
Company  either  directly or through  governmental  authority  to draw upon such
funds or to direct  generally the  disposition  of such assets;  (iii)  maintain
public and product liability insurance against claims for personal injury, death
or  property  damage  suffered  by  others;  (iv)  maintain  all  such  worker's
compensation or similar insurance as may be required under the laws of any state
or  jurisdiction  in which the Company or the Subsidiary is engaged in business;
and (v) furnish  Purchaser  with (x) copies of all  policies and evidence of the
maintenance  of such  policies at least  thirty (30) days before any  expiration
date, (y) excepting the Company's workers' compensation policy,  endorsements to
such policies  naming  Purchaser as  "co-insured"  or  "additional  insured" and
appropriate  loss payable  endorsements  in form and substance  satisfactory  to
Purchaser, naming Purchaser as loss payee, and (z) evidence that as to Purchaser
the  insurance  coverage  shall not be  impaired  or  invalidated  by any act or
neglect of the Company or any Subsidiary and the insurer will provide  Purchaser
with at least  thirty (30) days notice  prior to  cancellation.  The Company and
each Subsidiary  shall instruct the insurance  carriers that in the event of any
loss  thereunder,  the carriers  shall make payment for such loss to the Company
and/or the Subsidiary and Purchaser jointly. In the event that as of the date of
receipt of each loss  recovery  upon any such  insurance,  the Purchaser has not
declared  an event of  default  with  respect  to this  Agreement  or any of the
Related  Agreements,   then  the  Company  shall  be  permitted  to  direct  the
application of such loss recovery proceeds toward investment in property,  plant
and equipment that would comprise  "Collateral"  secured by Purchaser's security
interest  pursuant  to its  security  agreement,  with any  surplus  funds to be
applied  toward payment of the  obligations of the Company to Purchaser.  In the
event that  Purchaser has properly  declared an event of default with respect to
this  Agreement  or any of the  Related  Agreements,  then all  loss  recoveries
received by Purchaser upon any such  insurance  thereafter may be applied to the
obligations of the Company hereunder and under the Related  Agreements,  in such
order as the Purchaser may determine. Any surplus (following satisfaction of all
Company  obligations to Purchaser)  shall be paid by Purchaser to the Company or
applied as may be otherwise  required by law. Any  deficiency  thereon  shall be
paid by the Company or the Subsidiary, as applicable, to Purchaser, on demand.

                  6.9 Intellectual  Property. The Company shall maintain in full
force and effect its corporate existence, rights and franchises and all licenses
and other  rights to use  Intellectual  Property  owned or  possessed  by it and
reasonably deemed to be necessary to the conduct of its business.

                                       18
<PAGE>

                  6.10 Properties.  The Company will keep its properties in good
repair, working order and condition, reasonable wear and tear excepted, and from
time to time  make all  needful  and  proper  repairs,  renewals,  replacements,
additions  and  improvements  thereto;  and the Company will at all times comply
with  each  provision  of all  leases  to which it is a party or under  which it
occupies  property if the breach of such provision could  reasonably be expected
to have a Material Adverse Effect.

                  6.11  Confidentiality.  The  Company  agrees  that it will not
disclose, including without limitation, in any public announcement,  the name of
the Purchaser,  unless  expressly agreed to by the Purchaser or unless and until
such disclosure (i) is required by law or applicable  regulation,  and then only
to the extent of such requirement or (ii) the Purchaser has previously agreed to
the language of the proposed  disclosure.  Purchaser  acknowledges that promptly
following  Closing,  the Company will issue a press  release,  the text of which
shall have been  approved  by  Purchaser,  and will file with the SEC a Form 8-K
Current Report with respect to this  Agreement,  the Related  Agreements and the
transactions  contemplated  hereunder and  thereunder,  and the Purchaser  shall
cooperate with the Company in connection with such required disclosure.

                  6.12 Required  Approvals.  For so long as twenty-five  percent
(25%) of the principal amount of the Note is outstanding,  the Company,  without
the prior written consent of the Purchaser, shall not:

                  (a) directly or indirectly declare or pay any dividends;

                  (b)  liquidate,  dissolve or effect a material  reorganization
(it being understood that in no event shall the Company  dissolve,  liquidate or
merge with any other  person or entity  (unless  the  Company  is the  surviving
entity);

                  (c) become subject to (including,  without limitation,  by way
of amendment to or  modification  of) any agreement or  instrument  which by its
terms would (under any  circumstances)  restrict the Company's  right to perform
the provisions of this Agreement or any of the agreements contemplated thereby;

                  (d)  materially  alter or change the scope of the  business of
the Company;

                  (e) create,  incur, assume or suffer to exist any indebtedness
(exclusive  of trade debt and debt incurred to finance the purchase of equipment
(not in excess of five  percent  (5%) per annum of the fair market  value of the
Company's  assets)  whether  secured or unsecured  other than (x) the  Company's
indebtedness to Laurus,  (y) indebtedness set forth on Schedule 6.12(e) attached
hereto and made a part hereof and any  refinancings or  replacements  thereof on
terms no less  favorable  to the  Purchaser  than the debt being  refinanced  or
replaced,  and (z) any indebtedness  incurred in connection with the purchase of
assets in the ordinary course of business,  and any refinancings or replacements
thereof on terms no less favorable to the Purchaser than the indebtedness  being
refinanced or replaced;  (ii) cancel any  indebtedness  owing to it in excess of
$50,000 in the aggregate  during any 12 month period;  (iii) assume,  guarantee,
endorse or otherwise  become directly or contingently  liable in connection with

                                       19
<PAGE>

any  obligations  of any other  Person,  except the  endorsement  of  negotiable
instruments by the Company for deposit or collection or similar  transactions in
the ordinary course of business; and

                  (f) make  investments  in, make any loans or  advances  to, or
transfer  assets  to,  any  of  its  Subsidiaries,  other  than  any  immaterial
investments,  loans, advances and/or asset transfers made in the ordinary course
of business.

                  6.13  Reissuance of Securities.  The Company agrees to reissue
certificates  representing  the  Securities  without  the  legends  set forth in
Section 5.8 above at such time as:

                  (a)  the  holder  thereof  is  permitted  to  dispose  of such
Securities pursuant to Rule 144(k) under the Securities Act; or

                  (b) upon resale subject to an effective registration statement
after such Securities are registered under the Securities Act.

The Company  agrees to  cooperate  with the  Purchaser  in  connection  with all
resales  pursuant  to Rule 144(d) and Rule  144(k) and  provide  legal  opinions
necessary  to allow such resales  provided  the Company and its counsel  receive
reasonably  requested  representations from the selling Purchaser and broker, if
any.

                  6.14 Opinion. On the Closing Date, the Company will deliver to
the  Purchaser  an  opinion  reasonably  acceptable  to the  Purchaser  from the
Company's  legal  counsel in  substantially  the form in  Exhibit C hereto.  The
Company will provide, at the Company's expense, such other legal opinions in the
future as are  reasonably  necessary for the conversion of the Note and exercise
of the Warrant.

                  6.15  Margin  Stock.  The  Company  will not permit any of the
proceeds  of the  Note or the  Warrant  to be used  directly  or  indirectly  to
"purchase"  or  "carry"  "margin  stock" or to repay  indebtedness  incurred  to
"purchase" or "carry"  "margin stock" within the respective  meanings of each of
the quoted  terms under  Regulation  U of the Board of  Governors of the Federal
Reserve System as now and from time to time hereafter in effect.

                  6.16 Lockbox Arrangement for Company Accounts.  On or prior to
the Closing  Date,  (i) Company shall cause,  and provide  evidence to Purchaser
that it has caused,  any and all of its account  debtors  with respect to any of
its Accounts (as defined in the Uniform Commercial Code as in effect on the date
hereof  in the State of New York  (the  "UCC"))  to remit  their  payments  to a
lockbox account maintained at Commerce Bank (the "Lockbox Account") and (ii) the
Company  shall  enter into,  and cause  Commerce  Bank to enter into,  a control
agreement  with the  Purchaser,  which  control  agreement  (x)  shall  grant to
Purchaser a first  priority  security  interest  in the Lockbox  Account and any
other deposit account related thereto and be, to the  satisfaction of Purchaser,
sufficient to perfect such security  interest pursuant to the UCC, and (y) shall
be in form and substance  otherwise  satisfactory  to the Purchaser and Commerce
Bank.  The Purchaser  hereby  agrees to terminate its security  interests in the
Lockbox  Account upon the earlier to occur of the date upon which (A) the sum of
$1,000,000 aggregate  outstanding principal remains on the Note and (B) June 11,
2006.

                                       20
<PAGE>

                  6.17 Stock Pledge. No later than sixty (60) days following the
date hereof,  the Company  shall take all actions  necessary  and  adviseable to
grant to Purchaser a perfected pledge and security  interest (or its equivalent)
in of all of the equity  interests of Mitek Systems,  Ltd. owned by the Company,
such pledge and security interest being granted to secure the obligations of the
Company set forth in this  Agreement  and the Related  Agreements,  in each case
pursuant to documentation  governed by the jurisdiction of organization of Mitek
Systems Ltd. (the "Stock Pledge Documentation"). The Company shall reimburse the
Purchaser for any and all reasonable  legal fees and other expenses  incurred by
the Purchaser in connection  with the  preparation,  execution,  negotiation and
delivery of the Stock Pledge Documentation.

         7. Covenants of the Purchaser.  The Purchaser covenants and agrees with
the Company as follows:

                  7.1  Confidentiality.  The  Purchaser  agrees that it will not
disclose,  and will not  include  in any  public  announcement,  the name of the
Company,  unless  expressly  agreed to by the  Company  or unless and until such
disclosure  is required by law or  applicable  regulation,  and then only to the
extent of such requirement.

                  7.2 Non-Public Information. The Purchaser agrees not to effect
any sales in the shares of the  Company's  Common Stock while in  possession  of
material,  non-public  information  regarding  the  Company if such sales  would
violate applicable securities law.

         8. Covenants of the Company and Purchaser Regarding Indemnification.

                  8.1 Company Indemnification.  The Company agrees to indemnify,
hold harmless,  reimburse and defend  Purchaser,  each of Purchaser's  officers,
directors,  agents,  affiliates,  control persons,  and principal  shareholders,
against  any  claim,  cost,  expense,  liability,  obligation,  loss  or  damage
(including reasonable legal fees) of any nature, incurred by or imposed upon the
Purchaser   which   results,   arises  out  of  or  is  based   upon:   (i)  any
misrepresentation  by  Company  or breach of any  warranty  by  Company  in this
Agreement, any Related Agreement or in any exhibits or schedules attached hereto
or  thereto;  or (ii) any  breach or default  in  performance  by Company of any
covenant or  undertaking  to be  performed  by Company  hereunder,  or any other
agreement entered into by the Company and Purchaser relating hereto.

                  8.2   Purchaser's   Indemnification.   Purchaser   agrees   to
indemnify,  hold  harmless,  reimburse  and defend the  Company  and each of the
Company's officers, directors, agents, affiliates, control persons and principal
shareholders,  at  all  times  against  any  claim,  cost,  expense,  liability,
obligation,  loss or damage  (including  reasonable  legal  fees) of any nature,
incurred by or imposed upon the Company which results, arises out of or is based
upon:  (i) any  misrepresentation  by  Purchaser  or breach of any  warranty  by
Purchaser in this Agreement or in any exhibits or schedules  attached  hereto or
any Related Agreement; or (ii) any breach or default in performance by Purchaser
of any covenant or  undertaking to be performed by Purchaser  hereunder,  or any
other agreement entered into by the Company and Purchaser relating hereto.

         9. Conversion of Convertible Note.

                  9.1 Mechanics of Conversion.

                                       21
<PAGE>

                  (a)  Provided  the  Purchaser  has notified the Company of the
Purchaser's  intention  to sell the Note Shares and the Note Shares are included
in an effective registration statement or are otherwise exempt from registration
when sold:  (i) Upon the  conversion  of the Note or part  thereof,  the Company
shall,  at its own cost and expense,  take all necessary  action  (including the
issuance  of an  opinion  of  counsel  reasonably  acceptable  to the  Purchaser
following  a request by the  Purchaser)  to assure that the  Company's  transfer
agent  shall  issue  shares  of the  Company's  Common  Stock in the name of the
Purchaser (or its nominee in compliance with applicable  securities law) or such
other persons as designated by the Purchaser in accordance  with Section  9.1(b)
hereof and in such denominations to be specified representing the number of Note
Shares  issuable  upon such  conversion;  and (ii) The Company  warrants that no
instructions  other  than these  instructions  have been or will be given to the
transfer  agent of the Company's  Common Stock and that after the  Effectiveness
Date (as defined in the  Registration  Rights  Agreement) the Note Shares issued
will be  transferable  subject to the prospectus  delivery  requirements  of the
Securities Act and the provisions of this Agreement.

                  (b) Purchaser will give notice of its decision to exercise its
right to convert the Note or part thereof by telecopying or otherwise delivering
an executed and completed  notice of the number of shares to be converted to the
Company  (the "Notice of  Conversion").  The  Purchaser  will not be required to
surrender the Note until the  Purchaser  receives a credit to the account of the
Purchaser's   prime  broker   through  the  DWAC  system  (as  defined   below),
representing  the Note Shares or until the Note has been fully  satisfied.  Each
date on which a Notice of  Conversion  is telecopied or delivered to the Company
in accordance  with the provisions  hereof shall be deemed a "Conversion  Date."
Pursuant  to the terms of the  Notice of  Conversion,  the  Company  will  issue
instructions  to the transfer agent  accompanied by an opinion of counsel within
one (1) business day of the date of the delivery to the Company of the Notice of
Conversion  and shall  cause the  transfer  agent to transmit  the  certificates
representing the Conversion Shares to the Holder by crediting the account of the
Purchaser's  prime broker with the Depository  Trust Company ("DTC") through its
Deposit  Withdrawal Agent  Commission  ("DWAC") system within three (3) business
days after  receipt by the Company of the Notice of  Conversion  (the  "Delivery
Date").

                  (c) The Company  understands  that a delay in the  delivery of
the Note Shares in the form  required  pursuant  to Section 9 hereof  beyond the
Delivery Date could result in economic loss to the Purchaser.  In the event that
the Company fails to direct its transfer agent to deliver the Note Shares to the
Purchaser via the DWAC system within the time frame set forth in Section  9.1(b)
above and the Note Shares are not  delivered  to the  Purchaser  by the Delivery
Date, as  compensation to the Purchaser for such loss, the Company agrees to pay
late  payments to the Purchaser for late issuance of the Note Shares in the form
required  pursuant to Section 9 hereof upon conversion of the Note in the amount
equal to the greater of: (i) $500 per business day after the Delivery  Date;  or
(ii) the Purchaser's actual damages from such delayed delivery.  Notwithstanding
the  foregoing,  the Company will not owe the Purchaser any late payments if the
delay in the delivery of the Note Shares  beyond the Delivery Date is solely out
of the control of the  Company  and the  Company is actively  trying to cure the
cause of the delay.  The  Company  shall pay any  payments  incurred  under this
Section in  immediately  available  funds upon demand and, in the case of actual
damages,  accompanied by reasonable documentation of the amount of such damages.
Such documentation shall show the number of shares of Common Stock the Purchaser
is  forced to  purchase  (in an open  market  transaction)  which the  Purchaser

                                       22
<PAGE>

anticipated  receiving  upon such  conversion,  and shall be  calculated  as the
amount by which (A) the Purchaser's  total purchase price  (including  customary
brokerage  commissions,  if any) for the  shares  of Common  Stock so  purchased
exceeds (B) the aggregate  principal  and/or  interest  amount of the Note,  for
which such Conversion Notice was not timely honored.

Nothing  contained herein or in any document  referred to herein or delivered in
connection  herewith  shall be deemed to  establish  or require the payment of a
rate of  interest  or other  charges  in  excess  of the  maximum  permitted  by
applicable law. In the event that the rate of interest or dividends  required to
be paid or other charges  hereunder  exceed the maximum amount permitted by such
law, any payments in excess of such maximum  shall be credited  against  amounts
owed by the Company to a Purchaser and thus refunded to the Company.

         10. Registration Rights.

                  10.1  Registration  Rights Granted.  The Company hereby grants
registration rights to the Purchaser pursuant to a Registration Rights Agreement
dated as of even date herewith between the Company and the Purchaser.

                  10.2 Offering Restrictions.  Except as previously disclosed in
the SEC  Reports  or in the  Exchange  Act  Filings,  or stock or stock  options
granted to employees or directors of the Company (these  exceptions  hereinafter
referred  to as the  "Excepted  Issuances"),  the  Company  will not  issue  any
securities with a continuously variable/floating conversion feature which are or
could be (by conversion or registration)  free-trading  securities (i.e.  common
stock  subject  to a  registration  statement)  prior to the full  repayment  or
conversion of the Note (together  with all accrued and unpaid  interest and fees
related thereto (the "Exclusion Period").

         11. Miscellaneous.

                  11.1 Governing Law. THIS AGREEMENT AND EACH RELATED  AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN  ACCORDANCE  WITH THE LAWS OF THE STATE OF
NEW YORK,  WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION BROUGHT
BY EITHER PARTY AGAINST THE OTHER  CONCERNING THE  TRANSACTIONS  CONTEMPLATED BY
THIS  AGREEMENT  AND EACH RELATED  AGREEMENT  SHALL BE BROUGHT ONLY IN THE STATE
COURTS OF NEW YORK OR IN THE  FEDERAL  COURTS  LOCATED IN THE STATE OF NEW YORK.
BOTH  PARTIES  AND THE  INDIVIDUALS  EXECUTING  THIS  AGREEMENT  AND THE RELATED
AGREEMENTS ON BEHALF OF THE COMPANY AGREE TO SUBMIT TO THE  JURISDICTION OF SUCH
COURTS  AND  WAIVE  TRIAL BY JURY.  IN THE  EVENT  THAT  ANY  PROVISION  OF THIS
AGREEMENT OR ANY RELATED AGREEMENT  DELIVERED IN CONNECTION  HEREWITH IS INVALID
OR  UNENFORCEABLE  UNDER  ANY  APPLICABLE  STATUTE  OR RULE OF  LAW,  THEN  SUCH
PROVISION  SHALL  BE  DEEMED  INOPERATIVE  TO THE  EXTENT  THAT IT MAY  CONFLICT
THEREWITH  AND SHALL BE DEEMED  MODIFIED TO CONFORM WITH SUCH STATUTE OR RULE OF
LAW. ANY SUCH PROVISION WHICH MAY PROVE INVALID OR  UNENFORCEABLE  UNDER ANY LAW
SHALL NOT AFFECT THE VALIDITY OR  ENFORCEABILITY  OF ANY OTHER PROVISION OF THIS
AGREEMENT OR ANY RELATED AGREEMENT.

                                       23
<PAGE>

                  11.2 Survival. The representations,  warranties, covenants and
agreements made herein shall survive any investigation made by the Purchaser and
the  closing of the  transactions  contemplated  hereby to the  extent  provided
therein.  All statements as to factual  matters  contained in any certificate or
other  instrument  delivered by or on behalf of the Company  pursuant  hereto in
connection  with the  transactions  contemplated  hereby  shall be  deemed to be
representations and warranties by the Company hereunder solely as of the date of
such certificate or instrument.

                  11.3  Successors.   Except  as  otherwise  expressly  provided
herein,  the  provisions  hereof  shall  inure to the benefit of, and be binding
upon, the successors,  heirs, executors and administrators of the parties hereto
and shall inure to the benefit of and be enforceable by each person who shall be
a holder of the Securities  from time to time,  other than the holders of Common
Stock which has been sold by the Purchaser  pursuant to Rule 144 or an effective
registration  statement.  Purchaser  may not assign its  rights  hereunder  to a
competitor of the Company.

11.4 Entire Agreement60.  . This Agreement, the Related Agreements, the exhibits
and  schedules  hereto and thereto and the other  documents  delivered  pursuant
hereto  constitute the full and entire  understanding  and agreement between the
parties with regard to the subjects hereof and no party shall be liable or bound
to any other in any manner by any  representations,  warranties,  covenants  and
agreements except as specifically set forth herein and therein.

11.5 Severability61.  . In case any provision of the Agreement shall be invalid,
illegal or  unenforceable,  the  validity,  legality and  enforceability  of the
remaining provisions shall not in any way be affected or impaired thereby.

                  11.6 Amendment and Waiver.

                  (a) This  Agreement  may be amended or modified  only upon the
written consent of the Company and the Purchaser.

                  (b)  The  obligations  of the  Company  and the  rights of the
Purchaser  under this  Agreement may be waived only with the written  consent of
the Purchaser.

                  (c)  The  obligations  of the  Purchaser and the rights of the
Company under this Agreement may be waived only with the written  consent of the
Company.

                  11.7  Delays  or  Omissions.  It is  agreed  that no  delay or
omission to exercise any right,  power or remedy accruing to any party, upon any
breach,  default or  noncompliance  by another party under this Agreement or the
Related  Agreements,  shall impair any such right, power or remedy, nor shall it
be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence  therein, or of or in any similar breach,  default or noncompliance
thereafter occurring. All remedies,  either under this Agreement, or the Related
Agreements,  by law or otherwise  afforded to any party, shall be cumulative and
not alternative.

                  11.8  Notices.  All notices  required or  permitted  hereunder
shall be in writing and shall be deemed effectively given:

                                       24
<PAGE>

                  (a) upon personal delivery to the party to be notified;

                  (b)  when sent by confirmed  facsimile  if sent during  normal
business hours of the recipient, if not, then on the next business day;

                  (c)  three  (3)  business  days  after  having  been  sent  by
registered or certified mail, return receipt requested, postage prepaid; or

                  (d)  one (1) day after  deposit with a  nationally  recognized
overnight courier,  specifying next day delivery,  with written  verification of
receipt.

All communications shall be sent as follows:

       If to the Company, to:       Mitek Systems, Inc.
                                    14145 Danielson Street
                                    Suite B
                                    Poway, California 92064

                                    Attention: Chief Financial Officer
                                    Facsimile: 858-513-4622

                                    With a copy to:

                                    Luce Forward Hamilton & Scripps LLP
                                    600 West Broadway, Suite 2600
                                    San Diego, California    92101

                                    Attention: P. Blake Allen, Esq.
                                    Facsimile: 619-645-5357

       If to the Purchaser, to:     Laurus Master Fund, Ltd.
                                    c/o Ironshore Corporate Services ltd.
                                    P.O. Box 1234 G.T.
                                    Queensgate House, South Church Street
                                    Grand Cayman, Cayman Islands
                                    Facsimile: 345-949-9877

                                    With a copy to:

                                    John E. Tucker, Esq.
                                    825 Third Avenue 14th Floor
                                    New York, New York 10022
                                    Facsimile: 212-541-4434

or at such  other  address as the  Company or the  Purchaser  may  designate  by
written notice to the other parties hereto given in accordance herewith.

                                       25
<PAGE>

                  11.9 Attorneys'  Fees. In the event that any suit or action is
instituted to enforce any provision in this Agreement,  the prevailing  party in
such dispute shall be entitled to recover from the losing party all fees,  costs
and  expenses  of  enforcing  any right of such  prevailing  party under or with
respect to this Agreement,  including,  without limitation, such reasonable fees
and  expenses  of  attorneys  and  accountants,  which  shall  include,  without
limitation, all fees, costs and expenses of appeals.

                  11.10  Titles and  Subtitles.  The titles of the  sections and
subsections  of the Agreement are for  convenience of reference only and are not
to be considered in construing this Agreement.

                  11.11 Facsimile Signatures;  Counterparts.  This Agreement may
be executed by facsimile  signatures and in any number of counterparts,  each of
which shall be an  original,  but all of which  together  shall  constitute  one
instrument.

                  11.12  Broker's  Fees.  Except as set forth on Schedule  11.12
hereof,  Each  party  hereto  represents  and  warrants  that no agent,  broker,
investment banker,  person or firm acting on behalf of or under the authority of
such party  hereto is or will be entitled to any broker's or finder's fee or any
other  commission  directly or indirectly in  connection  with the  transactions
contemplated  herein.  Each party hereto  further agrees to indemnify each other
party for any  claims,  losses or  expenses  incurred  by such other  party as a
result of the representation in this Section 11.12 being untrue.

                  11.13  Construction.  Each party  acknowledges  that its legal
counsel  participated  in the  preparation  of this  Agreement  and the  Related
Agreements  and,  therefore,  stipulates  that  the  rule of  construction  that
ambiguities  are to be resolved  against the drafting party shall not be applied
in the interpretation of this Agreement to favor any party against the other.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       26
<PAGE>

         IN WITNESS  WHEREOF,  the parties  hereto have executed the  SECURITIES
PURCHASE AGREEMENT as of the date set forth in the first paragraph hereof.

COMPANY:                                   PURCHASER:

MITEK SYSTEMS, INC.                        LAURUS MASTER FUND, LTD.

By:                                        By:
   ----------------------------------         ----------------------------------
Name:                                      Name:
     --------------------------------           --------------------------------
Title:                                     Title:
      -------------------------------            -------------------------------

                                       27THIS  WARRANT  AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
           EXERCISE OF THIS  WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE
           SECURITIES  ACT OF 1933, AS AMENDED,  OR ANY STATE  SECURITIES
           LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE
           OF THIS WARRANT MAY NOT BE SOLD,  OFFERED FOR SALE, PLEDGED OR
           HYPOTHECATED  IN  THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
           STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE
           STATE  SECURITIES  LAWS OR AN OPINION  OF  COUNSEL  REASONABLY
           SATISFACTORY TO MITEK SYSTEMS,  INC. THAT SUCH REGISTRATION IS
           NOT REQUIRED.

            Right to Purchase up to 860,000 Shares of Common Stock of
                               Mitek Systems, Inc.
                              --------------------
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No.  _________________                                 Issue Date: June 11, 2004

         MITEK  SYSTEMS,  INC., a  corporation  organized  under the laws of the
State of Delaware hereby certifies that, for value received, LAURUS MASTER FUND,
LTD.,  or assigns (the  "Holder"),  is entitled,  subject to the terms set forth
below, to purchase from the Company (as defined herein) from and after the Issue
Date of this Warrant and at any time or from time to time before 5:00 p.m.,  New
York time, through the close of business June 11, 2011 (the "Expiration  Date"),
up  to  860,000  fully  paid  and  nonassessable  shares  of  Common  Stock  (as
hereinafter  defined),  $0.001 par value per share,  at the applicable  Exercise
Price per share (as defined  below).  The number and character of such shares of
Common  Stock  and the  applicable  Exercise  Price per  share  are  subject  to
adjustment as provided herein.

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

                  (a) The term "Company"  shall include Mitek Systems,  Inc. and
         any  corporation  which shall succeed,  or assume the  obligations  of,
         Mitek Systems, Inc. hereunder.

                  (b) The term "Common Stock" includes (i) the Company's  common
         stock,  par value $0.001 per share;  and (ii) any other securities into
         which  or for  which  any of the  securities  described  in (a)  may be
         converted  or  exchanged  pursuant  to  a  plan  of   recapitalization,
         reorganization, merger, sale of assets or otherwise.

                  (c) The term  "Other  Securities"  refers to any stock  (other
         than  Common  Stock) and other  securities  of the Company or any other
         person  (corporate or otherwise) which the holder of the Warrant at any
         time shall be  entitled  to  receive,  or shall have  received,  on the
         exercise of the Warrant,  in lieu of or in addition to Common Stock, or
         which at any time  shall be  issuable  or shall  have  been  issued  in

                                       1
<PAGE>

         exchange  for or in  replacement  of Common  Stock or Other  Securities
         pursuant to Section 4 or otherwise.

                  (d) The "Exercise  Price"  applicable under this Warrant shall
         be as follows:

                           (i) a price of $0.79  for the  first  230,000  shares
                  acquired hereunder;

                           (ii) a price of $0.85  for the  next  230,000  shares
                  acquired hereunder; and

                           (iii) a price  of  $0.92  for any  additional  shares
                  acquired hereunder.

         Exercise of Warrant.

                  Number of Shares  Issuable upon  Exercise.  From and after the
date hereof  through and  including  the  Expiration  Date,  the Holder shall be
entitled  to receive,  upon  exercise  of this  Warrant in whole or in part,  by
delivery of an original or fax copy of an exercise  notice in the form  attached
hereto  as  Exhibit A (the  "Exercise  Notice"),  shares of Common  Stock of the
Company, subject to adjustment pursuant to Section 4.

                  Fair Market  Value.  For  purposes  hereof,  the "Fair  Market
Value" of a share of Common  Stock as of a particular  date (the  "Determination
Date") shall mean:

                  IF THE COMPANY'S  COMMON STOCK IS TRADED ON THE AMERICAN STOCK
         EXCHANGE OR ANOTHER  NATIONAL  EXCHANGE OR IS QUOTED ON THE NATIONAL OR
         SMALLCAP  MARKET OF THE NASDAQ STOCK MARKET,  INC.("NASDAQ"),  THEN THE
         CLOSING  OR LAST  SALE  PRICE,  RESPECTIVELY,  REPORTED  FOR  THE  LAST
         BUSINESS DAY IMMEDIATELY PRECEDING THE DETERMINATION DATE.

                  IF THE  COMPANY'S  COMMON  STOCK IS NOT TRADED ON THE AMERICAN
         STOCK  EXCHANGE  OR ANOTHER  NATIONAL  EXCHANGE OR ON THE NASDAQ BUT IS
         TRADED ON THE NASD OTC BULLETIN BOARD,  THEN THE MEAN OF THE AVERAGE OF
         THE CLOSING BID AND ASKED  PRICES  REPORTED  FOR THE LAST  BUSINESS DAY
         IMMEDIATELY PRECEDING THE DETERMINATION DATE.

                  EXCEPT AS  PROVIDED  IN CLAUSE  (D)  BELOW,  IF THE  COMPANY'S
         COMMON STOCK IS NOT PUBLICLY TRADED, THEN AS THE HOLDER AND THE COMPANY
         AGREE OR IN THE ABSENCE OF AGREEMENT BY ARBITRATION IN ACCORDANCE  WITH
         THE  RULES  THEN IN  EFFECT OF THE  AMERICAN  ARBITRATION  ASSOCIATION,
         BEFORE  A  SINGLE  ARBITRATOR  TO BE  CHOSEN  FROM A PANEL  OF  PERSONS
         QUALIFIED  BY  EDUCATION  AND  TRAINING  TO  PASS ON THE  MATTER  TO BE
         DECIDED.

                  IF THE  DETERMINATION  DATE  IS  THE  DATE  OF A  LIQUIDATION,
         DISSOLUTION  OR WINDING  UP, OR ANY EVENT  DEEMED TO BE A  LIQUIDATION,
         DISSOLUTION OR WINDING UP PURSUANT TO THE COMPANY'S  CHARTER,  THEN ALL
         AMOUNTS TO BE PAYABLE PER SHARE TO HOLDERS OF THE COMMON STOCK PURSUANT
         TO THE CHARTER IN THE EVENT OF SUCH LIQUIDATION, DISSOLUTION OR WINDING
         UP,  PLUS ALL OTHER  AMOUNTS TO BE PAYABLE  PER SHARE IN RESPECT OF THE
         COMMON  STOCK  IN  LIQUIDATION  UNDER  THE  CHARTER,  ASSUMING  FOR THE
         PURPOSES OF THIS CLAUSE (D) THAT ALL OF THE SHARES OF COMMON STOCK THEN
         ISSUABLE  UPON  EXERCISE  OF  THE  WARRANT  ARE   OUTSTANDING   AT  THE
         DETERMINATION DATE.

                  Company  Acknowledgment.  The Company will, at the time of the
exercise of the Warrant,  upon the request of the holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

                  Trustee for Warrant Holders. In the event that a bank or trust
company  shall have been  appointed  as trustee  for the  holders of the Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in

                                       2
<PAGE>

its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

         Procedure for Exercise.

                  Delivery of Stock Certificates, Etc., on Exercise. The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of  business  on the date on which  this  Warrant  shall  have been
surrendered and payment made for such shares in accordance herewith.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within  three (3) business  days  thereafter,  the Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the  Holder,  or as such  Holder  (upon
payment  by  such  Holder  of any  applicable  transfer  taxes)  may  direct  in
compliance with applicable  securities  laws, a certificate or certificates  for
the number of duly and validly issued,  fully paid and  nonassessable  shares of
Common  Stock (or Other  Securities)  to which such Holder  shall be entitled on
such exercise,  plus, in lieu of any fractional share to which such holder would
otherwise be entitled,  cash equal to such fraction  multiplied by the then Fair
Market  Value  of one  full  share,  together  with  any  other  stock  or other
securities and property  (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

                  Exercise.  Payment  may  be  made  either  (i) in  cash  or by
certified or official  bank check  payable to the order of the Company  equal to
the applicable  aggregate  Exercise Price,  (ii) by delivery of the Warrant,  or
shares of Common  Stock  and/or  Common Stock  receivable  upon  exercise of the
Warrant in accordance  with Section (b) below,  or (iii) by a combination of any
of the  foregoing  methods,  for the number of Common  Shares  specified in such
Exercise  Notice (as such  exercise  number  shall be  adjusted  to reflect  any
adjustment in the total number of shares of Common Stock  issuable to the Holder
per the terms of this  Warrant)  and the Holder  shall  thereupon be entitled to
receive  the  number  of  duly  authorized,   validly  issued,   fully-paid  and
non-assessable  shares of  Common  Stock (or  Other  Securities)  determined  as
provided herein.  Notwithstanding any provisions herein to the contrary,  if the
Fair  Market  Value of one share of Common  Stock is greater  than the  Exercise
Price (at the date of  calculation  as set forth  below),  in lieu of exercising
this Warrant for cash, the Holder may elect to receive shares equal to the value
(as determined  below) of this Warrant (or the portion thereof being  exercised)
by  surrender of this Warrant at the  principal  office of the Company  together
with the  properly  endorsed  Exercise  Notice in which event the Company  shall
issue to the  Holder a number  of  shares of  Common  Stock  computed  using the
following formula:

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

        Where X = the  number  of  shares  of  Common  Stock to be issued to the
                  Holder

              Y = the  number of shares of Common  Stock  purchasable  under the
                  Warrant  or,  if  only a  portion  of  the  Warrant  is  being
                  exercised,  the portion of the Warrant being exercised (at the
                  date of such calculation)

              A = the Fair  Market  Value of one share of the  Company's  Common
                  Stock (at the date of such calculation)

              B = Exercise Price (as adjusted to the date of such calculation)

        Effect of Reorganization, Etc.; Adjustment of Exercise Price.

                  Reorganization,  Consolidation,  Merger,  Etc.  In case at any
time or from time to time,  the Company shall (a) effect a  reorganization,  (b)
consolidate  with or  merge  into  any  other  person,  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and

                                       3
<PAGE>

adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise  hereof as provided in Section 1 at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such  dissolution,  as the case may be,  shall  receive,  in lieu of the
Common  Stock (or Other  Securities)  issuable  on such  exercise  prior to such
consummation or such effective date, the stock and other securities and property
(including  cash) to which  such  Holder  would  have  been  entitled  upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant,  immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

                  Dissolution.  In the event of any  dissolution  of the Company
following the transfer of all or substantially  all of its properties or assets,
the Company,  concurrently with any distributions  made to holders of its Common
Stock,  shall at its expense  deliver or cause to be delivered to the Holder the
stock and other  securities  and property  (including  cash,  where  applicable)
receivable  by the Holder of the  Warrant  pursuant to Section  3.1,  or, if the
Holder shall so instruct the Company,  to a bank or trust  company  specified by
the Holder and having its  principal  office in New York,  NY as trustee for the
Holder of the Warrant (the "Trustee").

                  Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable on the exercise of this Warrant after the  consummation  of
such   reorganization,   consolidation  or  merger  or  the  effective  date  of
dissolution  following  any such  transfer,  as the case  may be,  and  shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer,  the person acquiring all or substantially all of the
properties  or assets of the  Company,  whether  or not such  person  shall have
expressly  assumed  the terms of this  Warrant as  provided in Section 4. In the
event  this  Warrant  does not  continue  in full  force  and  effect  after the
consummation of the transactions described in this Section 3, then the Company's
securities and property  (including  cash, where  applicable)  receivable by the
Holders  of  the  Warrant  will  be  delivered  to  Holder  or  the  Trustee  as
contemplated by Section 3.2.

         Extraordinary  Events  Regarding  Common  Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock,  (b) subdivide its outstanding
shares of Common  Stock,  or (c)  combine its  outstanding  shares of the Common
Stock into a smaller  number of shares of the Common  Stock,  then, in each such
event,  the Exercise  Price  shall,  simultaneously  with the  happening of such
event,  be adjusted by multiplying  the then Exercise  Price by a fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common  Stock  outstanding  immediately  after such event,  and the
product so obtained shall  thereafter be the Exercise Price then in effect.  The
Exercise Price, as so adjusted,  shall be readjusted in the same manner upon the
happening of any successive  event or events described herein in this Section 4.
The  number of shares of Common  Stock  that the  holder of this  Warrant  shall
thereafter,  on the  exercise  hereof as  provided  in Section 1, be entitled to
receive shall be increased to a number  determined by multiplying  the number of
shares of Common  Stock that would  otherwise  (but for the  provisions  of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the  Exercise  Price that would  otherwise  (but for the  provisions  of this
Section 4) be in effect, and (b) the denominator is the Exercise Price in effect
on the date of such exercise.

         Certificate  as to  Adjustments.  In  each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the  Warrant,  the Company at its expense  will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of the  Warrant  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any

                                       4
<PAGE>

additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Exercise Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each  such  certificate  to the  holder  of the  Warrant  and any
Warrant agent of the Company (appointed pursuant to Section 11 hereof).

         Reservation  of Stock,  Etc.,  Issuable on  Exercise  of  Warrant.  The
Company will at all times  reserve and keep  available,  solely for issuance and
delivery  on the  exercise  of the  Warrant,  shares of  Common  Stock (or Other
Securities) from time to time issuable on the exercise of the Warrant.

         Assignment;  Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without  limitation,  the  provision  of  a  legal  opinion  from  the
Transferor's  counsel (at the  Company's  expense)  that such transfer is exempt
from the  registration  requirements  of applicable  securities  laws,  and with
payment by the  Transferor  of any  applicable  transfer  taxes)  will issue and
deliver  to or on the  order of the  Transferor  thereof a new  Warrant  of like
tenor, in the name of the Transferor and/or the transferee(s)  specified in such
Transferor  Endorsement Form (each a "Transferee"),  calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the face or faces of the Warrant so surrendered by the Transferor.

         Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

         Registration  Rights.  The  Holder  of this  Warrant  has been  granted
certain  registration  rights by the Company.  These registration rights are set
forth  in a  Registration  Rights  Agreement  entered  into by the  Company  and
Purchaser dated as of even date of this Warrant.

         Maximum  Exercise.  The Holder  shall not be entitled to exercise  this
Warrant on an exercise date, in connection  with that number of shares of Common
Stock  which would be in excess of the sum of (i) the number of shares of Common
Stock  beneficially  owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this proviso is being made on
an exercise date,  which would result in beneficial  ownership by the Holder and
its affiliates of more than 4.99% of the  outstanding  shares of Common Stock of
the Company on such date.  For the  purposes  of the proviso to the  immediately
preceding sentence,  beneficial ownership shall be determined in accordance with

                                       5
<PAGE>

Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13d-3 thereunder.  Notwithstanding the foregoing,  the restriction  described in
this  paragraph  may be revoked upon 75 days prior notice from the Holder to the
Company and is  automatically  null and void upon an Event of Default  under the
Note.

         Warrant Agent. The Company may, by written notice to the each Holder of
the Warrant,  appoint an agent for the purpose of issuing Common Stock (or Other
Securities)  on the exercise of this Warrant  pursuant to Section 1,  exchanging
this  Warrant  pursuant to Section 7, and  replacing  this  Warrant  pursuant to
Section 8, or any of the foregoing,  and thereafter any such issuance,  exchange
or replacement, as the case may be, shall be made at such office by such agent.

         Transfer on the Company's  Books.  Until this Warrant is transferred on
the books of the Company,  the Company may treat the registered holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

         Notices,  Etc. All notices and other communications from the Company to
the  Holder  of this  Warrant  shall be  mailed  by first  class  registered  or
certified mail,  postage prepaid,  at such address as may have been furnished to
the Company in writing by such Holder or, until any such Holder furnishes to the
Company an  address,  then to, and at the  address  of, the last  Holder of this
Warrant who has so furnished an address to the Company.

         Voluntary Adjustment by the Company. The Company may at any time during
the term of this Warrant  reduce the then current  Exercise  Price to any amount
and for any period of time deemed  appropriate  by the Board of Directors of the
Company.

         Miscellaneous. This Warrant and any term hereof may be changed, waived,
discharged  or terminated  only by an instrument in writing  signed by the party
against which  enforcement of such change,  waiver,  discharge or termination is
sought.  This Warrant shall be governed by and construed in accordance  with the
laws of State of New York without regard to principles of conflicts of laws. Any
action brought concerning the transactions contemplated by this Warrant shall be
brought only in the state courts of New York or in the federal courts located in
the state of New York;  provided,  however,  that the Holder may choose to waive
this  provision  and  bring  an  action  outside  the  state  of New  York.  The
individuals  executing  this Warrant on behalf of the Company agree to submit to
the  jurisdiction  of such courts and waive trial by jury. The prevailing  party
shall be entitled to recover from the other party its reasonable attorney's fees
and  costs.  In the event  that any  provision  of this  Warrant  is  invalid or
unenforceable  under any applicable  statute or rule of law, then such provision
shall be deemed  inoperative  to the extent that it may conflict  therewith  and
shall be deemed  modified to conform  with such statute or rule of law. Any such
provision  which  may prove  invalid  or  unenforceable  under any law shall not
affect the validity or  enforceability  of any other  provision of this Warrant.
The headings in this Warrant are for purposes of reference  only,  and shall not
limit  or  otherwise  affect  any  of  the  terms  hereof.   The  invalidity  or
unenforceability  of any provision hereof shall in no way affect the validity or
enforceability  of any other provision  hereof.  The Company  acknowledges  that
legal counsel  participated in the  preparation of this Warrant and,  therefore,
stipulates  that the rule of  construction  that  ambiguities are to be resolved
against the drafting  party shall not be applied in the  interpretation  of this
Warrant to favor any party against the other party.

                                       6
<PAGE>

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS.]

                                       7

<PAGE>

         IN WITNESS  WHEREOF,  the Company has  executed  this Warrant as of the
date first written above.

                                           MITEK SYSTEMS, INC.

WITNESS:
                                           By:
                                              ----------------------------------
                                           Name:
                                                --------------------------------
                                           Title:
                                                 -------------------------------

                                       8
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:      Mitek Systems, Inc.

         Attention:  Chief Financial Officer

         The  undersigned,  pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

________ ________ shares of the Common Stock covered by such Warrant; or

________ the maximum  number of shares of Common  Stock  covered by such Warrant
         pursuant to the cashless exercise procedure set forth in Section 2.

         The  undersigned  herewith makes payment of the full Exercise Price for
such  shares  at the  price per share  provided  for in such  Warrant,  which is
$___________. Such payment takes the form of (check applicable box or boxes):

________ $________ in lawful money of the United States; and/or

________ the  cancellation  of  such  portion  of  the  attached  Warrant  as is
         exercisable for a total of _______ shares of Common Stock (using a Fair
         Market Value of $_______  per share for purposes of this  calculation);
         and/or

________ the  cancellation  of such  number  of  shares  of  Common  Stock as is
         necessary,  in accordance with the formula set forth in Section 2.2, to
         exercise  this Warrant with respect to the maximum  number of shares of
         Common Stock purchasable  pursuant to the cashless  exercise  procedure
         set forth in Section 2.

         The  undersigned  requests  that the  certificates  for such  shares be
issued in the name of, and  delivered  to  ______________________________  whose
address is ___________________________________________________________________ .

         The  undersigned  represents  and warrants that all offers and sales by
the  undersigned of the securities  issuable upon exercise of the within Warrant
shall be made pursuant to  registration of the Common Stock under the Securities
Act of 1933, as amended (the "Securities  Act") or pursuant to an exemption from
registration under the Securities Act.

Dated:
       ------------------------        -----------------------------------------
                                       (Signature must conform to name of holder
                                       as specified on the face of the Warrant)

                                        Address:
                                                 -------------------------------

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

                                      A-1
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

         For  value  received,   the  undersigned  hereby  sells,  assigns,  and
transfers  unto the person(s)  named below under the heading  "Transferees"  the
right represented by the within Warrant to purchase the percentage and number of
shares of Common  Stock of Mitek  Systems,  Inc.  into which the within  Warrant
relates  specified  under the  headings  "Percentage  Transferred"  and  "Number
Transferred," respectively,  opposite the name(s) of such person(s) and appoints
each such person Attorney to transfer its respective right on the books of Mitek
Systems, Inc. with full power of substitution in the premises.

                                                 Percentage            Number
Transferees            Address                   Transferred         Transferred
-----------            -------                   -----------         -----------

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

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

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

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

Dated:
       ------------------------        -----------------------------------------
                                       (Signature must conform to name of holder
                                       as specified on the face of the Warrant)

                                       Address:
                                                --------------------------------

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

                                       SIGNED IN THE PRESENCE OF:

                                       -----------------------------------------
                                                          (Name)
ACCEPTED AND AGREED:
[TRANSFEREE]

------------------------------------
             (Name)

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