Document:

<PAGE>

                                                                     Exhibit 4.2

THE SECURITIES OF SPIROS DEVELOPMENT CORPORATION II, INC., A DELAWARE COMPANY
(THE "COMPANY") EVIDENCED HEREBY ARE SUBJECT TO AN OPTION OF THE HOLDER OF A
MAJORITY OF THE SPECIAL COMMON STOCK OF THE COMPANY, AS DESCRIBED IN THE AMENDED
AND RESTATE CERTIFICATE OF INCORPORATION OF THE COMPANY, TO PURCHASE SUCH
SECURITIES AT AN AGREED UPON PRICE, EXERCISABLE BY NOTICE GIVEN AT ANY TIME
BEGINNING ON THE CLOSING DATE OF THE UNIT OFFERING OF THE CALLABLE COMMON STOCK,
PAR VALUE $0.001 PER SHARE (THE "CALLABLE COMMON STOCK"), OF SPIROS DEVELOPMENT
CORPORATION II, INC. AND THE WARRANTS (THE "WARRANTS") TO PURCHASE ONE-FOURTH OF
ONE COMMON SHARE COMMON SHARES OF DURA PHARMACEUTICALS, INC. ("DURA") AND ENDING
ON THE EARLIER OF (I) DECEMBER 31, 2002, (II) THE 90TH DAY AFTER THE DATE THE
COMPANY PROVIDES SUCH HOLDER WITH QUARTERLY FINANCIAL STATEMENTS OF THE COMPANY
SHOWING CASH OR CASH EQUIVALENTS OF LESS THAN $5,000,000 OR (III) THE DATE OF
TERMINATION BY THE COMPANY OF THAT CERTAIN TECHNOLOGY LICENSE AGREEMENT,
DEVELOPMENT AGREEMENT OR MANUFACTURING AND MARKETING AGREEMENT DATED ON OR ABOUT
DECEMBER 22, 1997. COPIES OF THE AMENDED AND RESTATED CERTIFICATE OF
INCORPORATION OF THE COMPANY ARE AVAILABLE AT THE OFFICES OF THE COMPANY, 7475
LUSK BOULEVARD, SAN DIEGO, CALIFORNIA 92121, ATTENTION: MITCHELL R. WOODBURY AND
WILL BE FURNISHED TO ANY SHAREHOLDER OF THE COMPANY ON REQUEST AND WITHOUT COST.

                     SPIROS DEVELOPMENT CORPORATION II, INC.
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                               CUSIP 848936 10 0               CERTIFICATE NO. 1

              FULLY PAID AND NON-ASSESSABLE CALLABLE COMMON STOCK,
                         PAR VALUE OF $.001 PER SHARE OF
                     SPIROS DEVELOPMENT CORPORATION II, INC.

         THIS CERTIFIES that Cede & Co. is the owner of 6,325,000 Shares of
Callable Common Stock of SPIROS DEVELOPMENT CORPORATION II, INC. (the
"Company"), transferable on the books of the Company by the holder hereof, in
person or by duly authorized attorney, upon surrender of this Certificate
properly endorsed. This certificate and the shares represented hereby are
subject to the laws of Delaware, and to the Amended and Restated Certificate of
Incorporation of the Company as now or hereafter amended (copies of which are on
file at the offices of the Company and the Transfer Agent), which are made a
part hereof with the same force and effect as if they were set forth herein, to
all of which the holder, by acceptance hereof, assents. This certificate is not
valid unless countersigned by the Transfer Agent and registered by the
Registrar.

         IN WITNESS WHEREOF, the Company has caused the signatures of its duly
authorized officers and the of its corporate seal to be hereunto affixed.

         Dated:  January 1, 2000

                          SPIROS DEVELOPMENT CORPORATION II, INC.,
                          a Delaware corporation

                          By:   /s/ David S. Kabakoff
                             ---------------------------------------------------
                                 David S. Kabakoff
                                 Chairman, President and Chief Executive Officer

                          By:   /s/ John R. Cook
                             ---------------------------------------------------
                                 John R. Cook
                                 Secretary

Transfer Agent and Registrar:
CHASEMELLON SHAREHOLDER SERVICES, L.L.C.

By:    /s/ Brenda Buth
   ------------------------------
Name:       Brenda Buth
     ----------------------------
Title:      Unit Manager
     ----------------------------

<PAGE>

         The Company will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative participating,
optional, or other special rights of each class of stock or series thereof and
the qualifications, limitations or restrictions of such preferences and/or
rights. Such requests shall be made to the Company's Secretary at the principal
office of the Company.

         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM    -   as tenants in common
TEN ENT    -   as tenants by the entireties
JT TEN     -   as joint tenants with right of survivorship and not as tenants in
               common

UNIF GIFT MIN ACT                  Custodian
                  -----------               ------------------------------------
                    (Cust)                                 (Minor)
                    under Uniform Gifts to Minors Act
                                                     ---------------------------
                                                               (State)

UNIF TRF MIN ACT                   Custodian (until age                        )
                  -----------                          ------------------------
                    (Cust)
                                                        under Uniform Transfers
                    -----------------------------------
                    (Minor)
                    to Minors Act
                                 -----------------------------------------------
                                                     (State)

Additional abbreviations may also be used though not in the above list.

         For Value Received, ________________________ hereby sell, assign and
transfer unto

Please insert Social Security or Other
Identifying Number of Assignee:

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

--------------------------------------------------------------------------------
(please print or typewrite name and address, including zip code, or assignee)

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

__________________________________________________ Shares of the Callable Common
Stock represented by the Certificate within, and do hereby irrevocably
constitute and appoint___________________ Attorney, to transfer the said same on
the books of the within named Company, with full power of substitution in the
premises.

Dated:
       -------------------
                                       -----------------------------------------
                                       Signature

                                       -----------------------------------------
                                       Signature

                                       Notice: The signature(s) to
                                       this assignment must correspond
                                       with the name as written upon
                                       the face of the Certificate, in
                                       every particular, without
                                       alteration or enlargement, or
                                       any change whatever.

Signature(s) Guaranteed:

By:
   ------------------------------------------------
The signature must be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with member-
ship in an approved signature guarantee medallion
program), pursuant to S.E.C. Rule 17Ad-15.<PAGE>

                                                                    Exhibit 4.1

                                MICROVISION, INC.
                            a Washington corporation

                          COMMON STOCK PURCHASE WARRANT

                               Certificate No. 11

THESE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR APPLICABLE STATE SECURITIES LAWS. THESE WARRANTS ARE
"RESTRICTED SECURITIES" AS DEFINED IN RULE 144 UNDER THE ACT AND MAY NOT BE
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL ACCEPTABLE TO
THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

     This is to certify that, for value received and subject to the terms and
conditions set forth below, Microvision, Inc., a Washington corporation (the
"Company"), promises and agrees to sell and issue to Josephthal & Co. Inc.
32,695 fully paid and nonassessable shares of Common Stock, at a price of $20.32
per share, at any time up to and until 5:00 p.m., Seattle, Washington time, on
April 1, 2004, as described more fully in Section 2 below.

     This Warrant Certificate is issued subject to the following terms and
conditions:

1.   DEFINITIONS OF CERTAIN TERMS. Except as may be otherwise clearly required
by the context, the following terms have the following meanings:

     1.1  "Common Stock" means the common stock, no par value, of the Company.

     1.2  "Company" means Microvision, Inc., a Washington corporation.

     1.3  "Holder" means any person owning Registrable Shares.

     1.4  "Exercise Price" means $20.32 per share, subject to adjustment from
          time to time pursuant to the provisions hereof.

     1.5  "Register," "registration," and "registered" refer to a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act, and the declaration or ordering of effectiveness of such
registration statement by the U.S. Securities and Exchange Commission (the
"SEC").

                                      -1-
<PAGE>

     1.6  "Registrable Shares" means the shares of Common Stock issued or
issuable upon exercise of the Warrants.

     1.7  "Securities" means the securities obtained or obtainable upon exercise
of the Warrants or securities obtained or obtainable upon exercise, exchange, or
conversion of such securities.

     1.8 "Securities Act" means the Securities Act of 1933, as amended.

     1.9  "Transfer Agent" means the transfer agent for the Common Stock.

     1.10 "Warrant Certificate" means a certificate evidencing Warrants.

     1.11 "Warrantholder" means a record holder of Warrants or Securities.

     1.12 "Warrants" means the warrants evidenced by this certificate or any
similar certificate issued in replacement of any such certificate.

2.   EXERCISE OF WARRANTS. All or any part of the Warrants evidenced by this
Certificate may be exercised by surrendering this Warrant Certificate, together
with appropriate instructions, duly executed by the Warrantholder or by his or
her duly authorized attorney-in-fact, at the office of the Company, 19910 North
Creek Parkway, Bothell, WA 98011, or at such other office or agency as the
Company may designate, accompanied by payment in U.S. funds in full, in cash or
certified or cashier's check, of the Exercise Price payable with respect to the
Warrants being exercised. Upon such surrender and payment, the Company will
provide the Warrantholder with a form of subscription for the Securities to be
obtained on exercise of the Warrants. Subject to the terms and conditions of
this Warrant Certificate, the Company will, as soon as practicable after said
surrender and payment and completion of such subscription by the Warrantholder,
make arrangements with its Transfer Agent to mail to the Warrantholder at the
address specified in the subscription a certificate or certificates evidencing
the Securities subscribed for. If fewer than all the Warrants evidenced by this
Warrant Certificate are exercised, the Company will, upon such exercise, execute
and deliver to the Warrantholder a new Warrant Certificate (dated the date
hereof), in form and tenor similar to this Warrant Certificate, evidencing the
Warrants not exercised. The Securities to be obtained on exercise of the
Warrants will be deemed to have been issued, and any person exercising the
Warrants will be deemed to have become a holder of record of those Securities,
as of the date of the issuance of a certificate or certificates evidencing the
Securities. The securities laws of the United States and certain states thereof
or other jurisdictions may require that a registration statement registering the
Securities to be issued on exercise of the Warrants be effective, or that an
exemption from registration be available, before the Company may issue the
Securities to the Warrantholder. The Company will use its best efforts to take
such actions under the Act and the laws of various states and other
jurisdictions as may be required to cause the issuance of Securities upon
exercise of Warrants to comply with applicable securities laws. However, the
Company will not be required to honor the exercise of Warrants if, in the
opinion of the Company's Board of Directors, upon advice of counsel, the
issuance of

                                      -2-
<PAGE>

Securities upon such exercise would be unlawful. In such event, the Company may
elect to redeem Warrants submitted for exercise for a price equal to the
difference between (i) the closing price of the Securities on the date of
submission of the subscription for exercise of Warrants, as reported by the
principal exchange or quotation service upon or through which the Securities are
then principally traded or quoted (the "Exchange"), and (ii) the Exercise Price
at the time of submission of the Securities subscribed for. In the event of such
redemption, the Company will pay to the Warrantholder the above-described
redemption price within ten business days after the Warrantholder's submission
of the subscription for the Securities.

3.   ADJUSTMENTS IN CERTAIN EVENTS. The number, class and price of Securities
for which this Warrant Certificate may be exercised are subject to adjustment
from time to time upon the happening of certain events as follows:

          3.1  If the outstanding shares of Common Stock are divided into a
greater number of shares or a dividend in stock is paid on the Common Stock, the
number of shares of Common Stock for which the Warrants are then exercisable
will be proportionately increased and the Exercise Price will be proportionately
reduced. Conversely, if the outstanding shares of Common Stock are combined into
a smaller number of shares of Common Stock, the number of shares of Common Stock
for which the Warrants are then exercisable will be proportionately reduced and
the Exercise Price will be proportionately increased. The increases and
reductions provided for in this Section 3.1 will be made with the intent and, as
nearly as practicable, the effect that neither the percentage of the total
equity of the Company obtainable on exercise of the Warrants nor the price
payable for such percentage upon such exercise will be affected by any event
described in this Section 3.1.

          3.2  In case of any change in the Common Stock through merger,
consolidation, reclassification, reorganization, recapitalization, partial or
complete liquidation, or other change in the capital structure of the Company,
then, as a condition of the change in the capital structure of the Company,
lawful and adequate provision will be made so that the holder of this Warrant
Certificate will have the right thereafter to receive upon the exercise of the
Warrants the kind and amount of shares of stock or other securities or property
to which he would have been entitled if, immediately prior to such merger,
consolidation, reclassification, reorganization, recapitalization, liquidation,
or other change in capital structure, the Warrantholder had held the number of
shares of Common Stock obtainable upon the exercise of the Warrants. In such
event, the Exercise Price will be proportionately adjusted. In any such case,
appropriate adjustment will be made in the application of the provisions set
forth herein with respect to the rights and interest thereafter of the
Warrantholder, to the end that the provisions set forth herein will thereafter
be applicable, as nearly as reasonably may be, in relation to any shares of
stock or other property thereafter deliverable upon the exercise of the
Warrants. The Company will not permit any change in its capital structure to
occur unless the issuer of the shares of stock or other securities to be
received by the holder of this Warrant Certificate, if not the Company, agrees
to be bound by and comply with the provisions of this Warrant Certificate.

                                      -3-
<PAGE>

          3.3  When any adjustment is required to be made in the number of
shares of Common Stock, other securities or the property purchasable upon
exercise of the Warrants, the Company will promptly determine the new number of
such shares or other securities or property purchasable upon exercise of the
Warrants and (i) prepare and retain on file a statement describing in reasonable
detail the method used in arriving at the new number of such shares or other
securities or property purchasable upon exercise of the Warrants and (ii) cause
a copy of such statement to be mailed to the Warrantholder within 30 days after
the date when the event giving rise to the adjustment occurred.

          3.4  No fractional shares of Common Stock or other securities will be
issued in connection with the exercise of any Warrants, but the Company will
pay, in lieu of fractional shares, a cash payment therefor on the basis of the
closing price of the Securities as reported by the Exchange on the day
immediately prior to exercise.

4.   REGISTRATION RIGHTS.

          4.1  PIGGYBACK REGISTRATION. At any time during the period commencing
on September 28, 1999, and expiring at 5:00 p.m., Seattle, Washington time, on
April 1, 2004, whenever the Company proposes to register any of its securities
under the Securities Act (other than pursuant to a registration on Form S-8 or
S-4) and the Company is not prohibited from including the Registrable Shares on
such registration statement, the Company will give by registered mail at least
30 days prior written notice to all Holders of Registrable Shares of its
intention to effect such a registration, and the Company will include in such
registration all Registrable Shares with respect to which the Company has
received written requests for inclusion therein within 20 days after the Company
has effectively given notice of the proposed registration, except that if, in
connection with any underwritten public offering for the account of the Company
the managing underwriter(s) thereof shall impose a limitation on the number of
shares of Common Stock which may be included in the registration statement
because, in such underwriter(s)' judgment, marketing or other factors dictate
such limitation is necessary to facilitate public distribution, then the Company
shall be obligated to include in such registration statement only such limited
portion of the Registrable Shares with respect to which such Holder has
requested inclusion hereunder as the underwriter shall permit. Any exclusion of
Registrable Shares shall be made pro rata among the Holders seeking to include
Registrable Shares, in proportion to the number of Registrable Shares sought to
be included by such Holders; provided, however, that the Company shall not
exclude any Registrable Shares unless the Company has first excluded all
outstanding securities, the holders of which are not entitled to inclusion of
such securities in such registration statement or are not entitled to pro rata
inclusion with the Registrable Shares; and provided, further, however, that,
after giving effect to the immediately preceding proviso, any exclusion of
Registrable Shares shall be made pro rata with holders of other securities
having the right to include such securities in the registration statement other
than holders of securities entitled to inclusion of their securities in such
registration statement by reason of demand registration rights (except to the
extent any existing agreements otherwise provide). No right to registration of
Registrable Shares under this Section 4.1 shall be construed to limit any
registration required under Section 4.2 hereof. If an offering in connection
with which a Holder is entitled to registration under this Section

                                      -4-
<PAGE>

4.1 is an underwritten offering, then each Holder whose Registrable Shares are
included in such registration statement shall, unless otherwise agreed by the
Company, offer and sell such Registrable Shares in an underwritten offering
using the same underwriter or underwriters and, subject to the provisions of
this Agreement, on the same terms and conditions as other shares of Common Stock
included in such underwritten offering. Notwithstanding the provisions of this
Section 4.1, the Company shall have the right at any time after it shall have
given written notice pursuant to this Section 4.1 to elect not to file any such
proposed registration statement, or to withdraw the same after the filing but
prior to the effective date thereof.

          4.2  DEMAND REGISTRATION. At any time during the period commencing on
September 28, 1999, and expiring at 5:00 p.m., Seattle, Washington time, on
April 1, 2004, the Holder(s) of at least 50% of the Registrable Shares then
outstanding shall have the right, exercisable by written notice to the Company,
to have the Company prepare and file with the SEC, on one occasion, a
registration statement on Form S-3 covering the resale of the Registrable
Shares. Upon receipt of such request, provided that the Company is a registrant
entitled to use Form S-3 to register the Registrable Shares for such resale, the
Company shall promptly give written notice of the proposed registration to all
other Holders. The Company shall use its best efforts to file a registration
statement on Form S-3 covering the resale of the Registrable Shares, together
with all or such portion of the Registrable Shares of any other Holders joining
in such request as are specified in a written request given within 15 days after
the Company has effectively given notice of the proposed registration, and to
cause such registration statement to become effective and remain effective for
180 days, subject to the terms of this Agreement.

          4.3  Notwithstanding the foregoing: (i) the Company shall not be
obliged to effect a registration pursuant to Section 4.2 in the period starting
60 days before the Company's good faith estimated date of filing of, and ending
90 days after the effective date of, a registration statement pertaining to an
underwritten public offering of securities for the account of the Company (other
than a registration relating solely to the sale of securities to participants in
a Company stock option or stock purchase plan, or a registration on any form
that does not include substantially the same information that would be required
to be included in a registration statement covering the sale of the Registrable
Shares, or a registration on Form S-4), if the Company is at all times during
such period diligently and in good faith pursuing such registration, PROVIDED,
HOWEVER, that the Company shall promptly notify the Holders of any decision to
abandon or indefinitely delay such public offering; (ii) the Company shall not
be obliged to register for any Holder such number of Registrable Shares as such
Holder may sell freely in a broker's transaction pursuant to Rule 144 under the
Securities Act within three months of the date of the request for registration;
(iii) if the Company shall furnish to the Holders a certificate signed by the
President of the Company stating that, in the good faith judgment of the Board
of Directors of the Company, it could be seriously detrimental to the Company
and its shareholders for such Form S-3 registration to be effected at such time,
in which event the Company shall have the right to defer the filing of the Form
S-3 registration statement for a period of not more than 90 days after receipt
of the request of the Holders under this Section 4; and (iv) the Company shall
not be obliged to effect a registration in any particular jurisdiction in which
the Company would be required to qualify to do business or to

                                      -5-
<PAGE>

execute a general consent to service of process in effecting such registration
qualification or compliance.

5.   EXPENSES OF REGISTRATION. The Company shall pay all expenses other than
underwriting discounts, commissions and fees and disbursements of legal counsel
for the selling Holders relating to the Registrable Shares incurred in
connection with registrations, filings or qualifications pursuant to this
Agreement, including (without limitation) all registration, filing and
qualification fees, printing and accounting fees, and fees and disbursements of
counsel for the Company.

6.   OBLIGATIONS OF THE COMPANY. When required by this Agreement to register
Registrable Shares, the Company shall, as promptly as reasonably possible:

     6.1  Prepare and file with the SEC a registration statement covering such
Registrable Shares and use its best efforts to cause such registration statement
to become effective, and, keep such registration statement continuously
effective for up to 180 days or such shorter period as will terminate when all
the Registrable Shares covered by the registration statement have been sold.

     6.2  Prepare and file with the SEC any amendments and supplements to the
registration statement and the prospectus used in connection with it needed to
comply with the Securities Act with respect to the sale of all Registrable
Shares covered by such registration statement.

     6.3  Give the Holders the number of copies of preliminary and final
prospectuses, in conformity with the requirements of the Securities Act, and
other documents that they reasonably request to facilitate the sale of their
Registrable Shares.

     6.4  Use its best efforts to register and qualify the Registrable Shares
covered by such registration statement under securities or Blue Sky laws of such
jurisdictions that the Holders request, PROVIDED that the Company shall not be
required in connection therewith to qualify to do business or to file a general
consent to service of process in any such jurisdictions.

     6.5  Notify each holder of Registrable Shares covered by such registration
statement, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

     6.6  Cause all Registrable Shares registered hereunder to be listed in each
securities exchange or market in which similar securities issued by the Company
are listed.

     6.7  Furnish, at the request of any Holder requesting registration of
Registrable Shares, on the date that such Registrable Shares are delivered to
the underwriters for sale in

                                      -6-
<PAGE>

connection with a registration, if such Registrable Shares are being sold
through underwriters, (i) an opinion, dated such date, of the counsel
representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, and to the Holders requesting
registration of Registrable Shares, and (ii) a letter, dated such date, from the
independent certified public accountants of the Company, in form and substance
as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the underwriters
and to the Holders requesting registration of Registrable Shares.

     6.8  Indemnify and hold any Holder harmless against any losses, claims,
damages or liabilities to which such Holder may become subject under the
Securities Act insofar as such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) arise out of or are based upon (i)
any untrue statement or alleged untrue statement of any material fact contained
in the Registration Statement, or any amendment or supplement thereto, or (ii)
the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement, or omission or alleged
omission made in the Registration Statement, or such amendment or supplement, in
reliance upon and in conformity with written information furnished to the
Company by or through the Holder specifically for use in the preparation
thereof.

     6.9  Deliver promptly to each Holder participating in the offering, upon
request thereby, copies of all correspondence between the SEC and the Company,
its counsel or auditors and all memoranda relating to discussions with the SEC
or its staff with respect to the registration statement, and permit each Holder
to do such investigation, upon reasonable advance notice, with respect to
information contained in or omitted from the registration statement, as it deems
reasonably necessary to comply with applicable securities laws or rules of the
National Association of Securities Dealers, Inc. ("NASD"). Such investigation
shall include access to books, records and properties of the Company, and the
opportunity to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times
as any such Holder shall reasonably request.

7.   HOLDER'S INFORMATION. The Company is obliged to take actions to register
Registrable Shares under this Agreement only if the Holders requesting
registration give the Company on a timely basis all information regarding
themselves, their Registrable Shares, and their intended method of disposition
of such securities as shall be reasonably required to effect the registration of
their Registrable Shares.

8.   RESERVATION OF SECURITIES. The Company agrees that the number of shares of
Common Stock and other Securities sufficient to provide for the exercise of the
Warrants upon the basis set forth above will at all times during the term of the
Warrants be reserved for exercise.

9.   VALIDITY OF SECURITIES. All Securities delivered upon the exercise of the
Warrants will be duly and validly issued in accordance with their terms, and the
Company will pay all

                                      -7-
<PAGE>

documentary and transfer taxes, if any, in respect of the original issuance
thereof upon exercise of the Warrants.

10.  LEGENDING OF SECURITIES. All certificates representing Securities delivered
upon the exercise of the Warrants shall be impressed with a legend indicating
that the Securities are not registered under the Act and reciting that the
transfer thereof is restricted, such legend to be in a form acceptable to
counsel for the Company.

11.  TRANSFER PROHIBITED. This Warrant and all rights hereunder may not be
transferred or assigned without prior written approval of the Company. Any
transfer effected without the prior written approval of the Company shall be
void.

12.  NO RIGHTS AS A SHAREHOLDER. Except as otherwise provided herein, the
Warrantholder will not, by virtue of ownership of Warrants, be entitled to any
rights as a shareholder of the Company.

13.  OWNERSHIP. The Company, and its Transfer Agent, and any agent of the
Company or its Transfer Agent may treat the bearer of this Warrant Certificate
as the absolute owner of the Warrants evidenced hereby for the purpose of
exercising the Warrants and for all other purposes whatsoever, and
notwithstanding any notice of ownership or writing thereon, or any notice of
previous loss or theft or other interest therein.

14.  NOTICE. Any notices required or permitted to be given hereunder may be
given in writing personally or by mail or other comparable delivery service at
the address determined below or at such other address as the party receiving
notice has theretofore furnished to the notifying party:

If to the Company:

          19910 North Creek Parkway
          Bothell, WA  98011
          Attn:  Richard A. Raisig, Chief Financial Officer

If to the Warrantholder:

          at the address furnished
          by the Warrantholder in such
          Warrantholder's Subscription
          Agreement.

Any notice given by mail will be deemed effectively given 48 hours after mailing
when deposited in the United States mail, registered or certified mail, return
receipt requested, postage prepaid and addressed as specified above. Any notice
given by courier or other comparable form of delivery service will be deemed
effectively given at the date and time recorded for such delivery in the records
of the delivery service.

                                      -8-
<PAGE>

15.  APPLICABLE LAW. This Certificate will be governed by and construed in
accordance with the laws of the State of Washington.

     Dated as of April 1, 1999.

                                        MICROVISION, INC.

                                        By:____________________________________
                                             Richard A. Raisig
                                             Chief Financial Officer

                                      -9-

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