Document:

Exhibit 10.3

                             SUBSCRIPTION AGREEMENT
                                 ORDINARY SHARES
                                 TNCI UK Limited

                                February 12, 2002

TO:  TNCI UK LIMITED
     The Mill
     Lodge Lane
     Derby DE1 3HB
     England
     Tel: 44(0) 1332 202 172
     Fax: 44(0) 1332 202 173
     Attention: Stephen J. Ollier, Managing Director

Gentlemen:

     1.  SUBSCRIPTION.  The investor  named below hereby agrees to subscribe for
21,112,470  ordinary shares of 0.01p each ("Ordinary  Shares") in the capital of
TNCI UK Limited, a company incorporated under the laws of England and Wales (the
"Company"),  at a price per  Ordinary  Share of $0.0758.  The number of Ordinary
Shares  subscribed  for  shall  equal  51% of the  Company's  outstanding  share
capital,  which shall consist of actual shares  outstanding  and employee  stock
options and warrants.  The aggregate  consideration payable for the subscription
shall be $1,600,000.  Payment of the subscription price shall be made on signing
of this  Agreement  and  shall  consist  of  $1,000,000  by wire of  immediately
available funds pursuant to the instructions  attached hereto as Exhibit "B" and
a $600,000 note payable  within 90 days after the date hereof (the "Note").  The
form of Note is attached hereto as Exhibit "A".

     2. ADDITIONAL  TERMS.  Investor  acknowledges and understands  that: (i) as
consideration  for its  services in  connection  with this  transaction,  Global
Technologies,  Ltd., a Delaware corporation  ("Global"),  shall receive warrants
exercisable  for 2,069,850  Ordinary  Shares  (representing  5% of the Company's
outstanding  share  capital) and a grant of the exclusive  distributorship  with
respect to any of the Company's  products or technologies  for the rail industry
for the United States of America;  and (ii) as consideration for its services in
connection  with this  transaction,  the  Company  shall  enter  into a two-year
management and consulting  agreement with Ocean Castle  Partners LLC, which such
agreement shall provide for payment of $33,000 per month.

     3. CONDITIONS. It shall be a condition to investor's obligation to fund the
purchase price:

       (i)    That  Global  shall have  converted  its debt  position to equity,
              except for $48,000 in advances  that Company shall repay to Global
              in 12 monthly instalments  beginning with the month in which funds
              are received by the Company  pursuant  hereto and then  continuing
              for the next 11 months on the first day thereof.

       (ii)   That Global shall have  provided a letter to the Company  pursuant
              to which Global waives any preferential rights that it may have in
              connection  with its  Preference  Shares  until  such  time as the
              Company has sufficient authorized Ordinary Shares to allow for the
              conversion by Global of its Preference  Shares to Ordinary Shares,
              and that at such time,  Global  shall  direct that its  Preference
              Shares be so converted.

       (iii)  That the investor  shall have the right to designate a majority of
              the directors of the Company's board.
<PAGE>
     4.  REPRESENTATIONS  AND  WARRANTIES  OF  SUBSCRIBER.   By  executing  this
Subscription Agreement, the investor signatory hereto represents and warrants to
Company that such investor has the full right, power,  authority and capacity to
execute and deliver this Agreement and to perform its obligations hereunder; and
that this  Agreement  has been duly  authorized,  executed and  delivered by the
investor  and  constitutes  the legal,  valid and  binding  obligation  thereof,
enforceable against the investor in accordance with its terms.

     5.   REPRESENTATIONS   AND   WARRANTIES  OF  COMPANY.   By  executing  this
Subscription  Agreement,  Company  represents  and warrants that Company has the
full right, power,  authority and capacity to execute and deliver this Agreement
and to perform its  obligations  hereunder;  that this  Agreement  has been duly
authorized,  executed and  delivered by the Company and  constitutes  the legal,
valid and binding obligations of the Company, enforceable against the Company in
accordance with its terms; and that the Ordinary Shares being issued pursuant to
this  Agreement,  and any Ordinary  Shares  issued upon exercise of any warrants
subscribed for pursuant to the terms hereof, are duly authorized, validly issued
and fully paid. In addition,  the Company hereby represents and warrants that at
such time as the  Company's  Ordinary  Shares  become  publicly  tradable in the
United  Kingdom,  any  and all  restrictions  on  transfer  of  Ordinary  Shares
contained in the Company's  organization  documents shall be of no further force
or effect.

     6. MISCELLANEOUS.

          (a) BINDING AND  BENEFIT.  This  Agreement  shall be binding  upon and
inure to the benefit of the parties hereto and their respective heirs,  personal
representatives, successors and permitted assigns.

          (b) INDULGENCES, ETC. Neither the failure nor any delay on the part of
either  party to  exercise  any right,  remedy,  power or  privilege  under this
Agreement  shall  operate as a waiver  thereof,  nor shall any single or partial
exercise of any right,  remedy, power or privilege preclude any other or further
exercise of the same or of any other  right,  remedy,  power or  privilege,  nor
shall any waiver of any right,  remedy,  power or privilege  with respect to any
occurrence  be construed as a waiver of such right,  remedy,  power or privilege
with respect to any other occurrence.  No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.

          (c) CONTROLLING LAW. This Agreement and all questions  relating to its
validity,  interpretation,  performance and enforcement shall be governed by and
construed in accordance with the laws of the England and Wales.

          (d) EXECUTION IN  COUNTERPARTS.  This Agreement may be executed in any
number of  counterparts,  each of which  shall be deemed  to be an  original  as
against  any party  whose  signature  appears  thereon,  and all of which  shall
together  constitute one and the same  instrument.  This Agreement  shall become
binding when one or more  counterparts  hereof,  individually or taken together,
shall  bear  the  signatures  of all  of the  parties  reflected  hereon  as the
signatories.

          (e)  PROVISIONS  SEPARABLE.  The  provisions  of  this  Agreement  are
independent of and separable from each other, and no provision shall be affected
or rendered  invalid or  unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part.

          (f) ENTIRE AGREEMENT. This Agreement contains the entire understanding
between  the parties  hereto with  respect to the  subject  matter  hereof,  and
supersedes  all  prior  and   contemporaneous   agreements  and  understandings,
inducements or conditions, express or implied, oral or written, except as herein
contained.  The  express  terms  hereof  control  and  supersede  any  course of
performance and/or usage of the trade inconsistent with any of the terms hereof.
This  Agreement  may not be modified or amended  other than by an  agreement  in
writing.
<PAGE>
          (g) PARAGRAPH  HEADINGS.  The Paragraph and  subparagraph  headings in
this Agreement have been inserted for  convenience of reference  only; they form
no part of this Agreement and shall not affect its interpretation.

          (h)  GENDER,  ETC.  Words used  herein,  regardless  of the number and
gender  specifically  used,  shall be deemed and  construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter,
as the context indicates is appropriate.

          (i)  NON-ASSIGNMENT.  The  investor  agrees not to  assign,  charge or
otherwise deal with this Agreement in any way without the prior written  consent
of the Company.

             [The balance of this page is left blank intentionally.]

<PAGE>
                                 TNCI UK LIMITED
                COUNTERPART SUBSCRIPTION AGREEMENT SIGNATURE PAGE

     Investor,  desiring to  subscribe  for Ordinary  Shares of the Company,  by
executing this Signature  Page hereby  accepts,  adopts and agrees to all terms,
conditions  and  representations  of the  foregoing  Subscription  Agreement and
agrees to subscribe for the number of Ordinary Shares stated below.

Number of Ordinary Shares  subscribed for:  21,112,470,  constituting 51% of the
outstanding share capital of the Company, including employee stock options.

Investor shall transfer via wire transfer of immediately  available  funds to an
account  designated  by the Company:  $1,000,000.  In addition,  investor  shall
execute and deliver to Company the Note.

Dated: February 12, 2002

SIGNATURE BELOW:
Individuals:

------------------------------------         -----------------------------------
(Investor's Signature)                       (Print Investor's Name

Entities:

ROYAL HILL COMPANY, a BVI company
(Name of Entity)

/s/ Mark Weinberg
------------------------------------         M. Weinberg
(Signature of Authorized Signatory           (Print Authorized Signatory's Name)
for Entity)

                                             President
                                             (Authorized Signatory's Title)

Principal Address:                           Mailing Address, if different from
                                             Principal Address:

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

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

------------------------------------         -----------------------------------
<PAGE>
                                   ACCEPTANCE

     This Subscription for Ordinary Shares of TNCI UK Limited is hereby accepted
by TNCI UK Limited.

DATED:  February 12, 2002.

                                             TNCI UK Limited

                                             By: /s/ Stephen J. Ollier
                                                 -------------------------------
                                                      Authorized Signatory
<PAGE>
                                    EXHIBIT A

                                 PROMISSORY NOTE

Principal Sum: $600,000                             Dated: February 12, 2002

Holder:  TNCI UK Limited
Address: The Mill
         Lodge Lane
         Derby, DE1 3HB
         England
         Attention: Managing Director

     ROYAL HILL COMPANY,  a company  incorporated  under the laws of the British
Virgin Islands (the "Company"),  hereby promises to pay the Principal Sum to the
order of Holder, its successors or permitted assigns, on the date (the "Maturity
Date"),  which  is the  earlier  of (i) the date  that is 90 days  from the date
hereof or (ii) the date on which Holder gives an  Acceleration  Declaration  (as
defined  below).  This Note shall not bear interest  prior to the Maturity Date.
This Note shall accrue  interest  after the Maturity Date at the rate of 18% per
annum (or, if less,  the highest rate  permitted by law)  ("Default  Interest").
Payment shall be made to Holder in  immediately  available  funds at the address
set forth above or by wire transfer of immediately  available  funds pursuant to
the wire instructions attached hereto as Exhibit "A".

     The  Company  may at any time  prepay  the  outstanding  principal  balance
represented  by this  Note,  in  whole.  Any  such  prepayment  shall be by wire
transfer of immediately available funds in accordance with the wire instructions
provided  by Holder  that are  attached  hereto as Exhibit  "A",  together  with
written notice to Holder advising it of such prepayment.

     An "event of default"  with  respect to this Note shall exist if any of the
following shall occur:

     (i) The Company shall breach or fail to comply with any material  provision
     of this Note and such breach or failure to comply  shall  continue  for two
     days after written notice by Holder to the Company for a monetary  default,
     and  five  days  after  written  notice  by  Holder  to the  Company  for a
     non-monetary default.

     (ii) A receiver,  liquidator  or trustee of the Company or of a substantial
     part of its  properties  shall be  appointed  by court order and such order
     shall  remain in  effect  for more than 30 days;  or the  Company  shall be
     adjudicated bankrupt or insolvent; or a substantial part of the property of
     the Company shall be sequestered by court order and such order shall remain
     in effect for more than 30 days;  or a petition to  reorganize  the Company
     under  any  bankruptcy,  reorganization  or  insolvency  law shall be filed
     against the Company  and shall not be  dismissed  within 30 days after such
     filing.
<PAGE>
     (iii) The Company shall file a petition in voluntary  bankruptcy or request
     reorganization  under any provision of any  bankruptcy,  reorganization  or
     insolvency  law, or shall consent to the filing of any petition  against it
     under any such law.

     (iv) The Company shall make an assignment for the benefit of its creditors,
     or admit in writing its inability to pay its debts generally as they become
     due, or consent to the appointment of a receiver,  trustee or liquidator of
     the Company, or of all or any substantial part of its properties.

     If an event of default referred to above shall occur, the Holder may at any
time  thereafter,  in addition to Holder's other remedies,  by written notice to
the Company (an  "Acceleration  Declaration"),  declare the principal  amount of
this Note,  plus any Default  Interest and any other amounts due hereunder to be
due and payable immediately.

     All notices and other  communications  required  or  permitted  to be given
hereunder  shall be in writing  and shall be given by  delivery  in  person,  by
facsimile,  recognized overnight courier,  e-mail, or by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows: (i) if to
the Holder, to such address,  e-mail address or facsimile number as is set forth
in the  heading  hereof  or as the  Holder  shall  furnish  to  the  Company  in
accordance  with  this  paragraph,  and  (ii)  if to the  Company,  to it at its
headquarters  office,  e-mail address or facsimile number as set forth below, or
to such other  address as the Company  shall furnish to the Holder in accordance
with this paragraph. Delivery in person shall be deemed received by the intended
recipient thereof upon delivery,  by recognized overnight courier two days after
receipt by such  courier,  by e-mail  upon  actual  receipt,  by  registered  or
certified  mail five days after  posted,  and by fax at the time  indicated  for
delivery  by  a  facsimile  transmission  confirmation  sheet  produced  by  the
facsimile machine that originated the facsimile transmission.

     This Note shall be governed and  construed in  accordance  with the laws of
England and Wales  applicable  to agreements  made and to be performed  entirely
within such  jurisdiction.  The courts in London,  England shall have  exclusive
jurisdiction over this instrument and the enforcement hereof.

     The  Company  waives  protest,  notice of protest,  presentment,  dishonor,
notice of dishonor and demand.

     If any provision of this Note shall for any reason be held to be invalid or
unenforceable,  such invalidity or  unenforceability  shall not affect any other
provision  hereof,  but this  Note  shall be  construed  as if such  invalid  or
unenforceable provision had never been contained herein.

     The waiver of any event of default or the failure of the Holder to exercise
any right or remedy to which it may be entitled  shall not be deemed a waiver of
any subsequent event of default or of the Holder's right to exercise that or any
other right or remedy to which the Holder is entitled.

     The Holder of this Note shall be  entitled  to recover  its legal and other
costs of  collecting  on this Note,  and such costs shall be deemed added to the
principal amount of this Note.
<PAGE>
     This Note may be changed,  terminated or otherwise modified only in writing
executed by the party against whom such modification is sought to be enforced.

     Any notices  required  hereunder to the Company shall be sent,  e-mailed or
faxed to the Company's principal business address at:

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

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

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

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

             Fax No.
                     --------------------------

             e-mail
                     --------------------------

            [THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Note to be duly executed on
the date first above written.

ROYAL HILL COMPANY

By: /s/ Mark Weinberg
    ---------------------------------
Name: Mark Weinberg
Title: President
<PAGE>
                                    EXHIBIT A

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

                                WIRE INSTRUCTIONS

BANK OF SCOTLAND
15 QUEEN STREET
NOTTINGHAM, NG1 2BL
ENGLAND

SORT CODE 12-09-26
ACCOUNT NO.: 07804USD01
BENEFICIARY: TNCI UK LTD

<PAGE>
                                    EXHIBIT B

BANK OF SCOTLAND
15 QUEEN STREET
NOTTINGHAM, NG1 2BL
ENGLAND

SORT CODE 12-09-26
ACCOUNT NO.: 07804USD01
BENEFICIARY: TNCI UK LTDExhibit 10.4

                                     WARRANT
                 TO PURCHASE ORDINARY SHARES OF TNCI UK LIMITED

                          Void after February 12, 2007

     THIS IS TO CERTIFY  THAT,  in  consideration  of its services in connection
with  securing  certain  financing for TNCI UK Limited,  a company  incorporated
under the laws of England and Wales (the "Company"), ONE HUNDRED DOLLARS ($100),
and other good and valuable consideration,  the receipt and sufficiency of which
are hereby acknowledged,  GLOBAL TECHNOLOGIES,  LTD., a Delaware corporation, or
registered assigns  ("Holder"),  is entitled to purchase from the Company at any
time or from  time to time  prior  to 5:00  p.m.  (Eastern  Standard  Time),  on
February 12, 2007 (the "Expiration Time"), TWO MILLION SIXTY-NINE THOUSAND EIGHT
HUNDRED AND FIFTY  (2,069,850)  ordinary  shares of 0.01p each in the capital of
the Company  ("Ordinary  Shares"),  at an exercise price of $0.0758 per Ordinary
Share (the "Exercise  Price"),  all subject to adjustment and upon the terms and
conditions as hereinafter provided. To the extent not exercised previously, this
Warrant will become void at the Expiration Time. Certain  capitalized terms used
in this Warrant are defined in ARTICLE 5.

                                   ARTICLE 1
                              EXERCISE OF WARRANTS

     1.01. METHOD OF EXERCISE.

          (a) This  Warrant is  exercisable  in whole or in part at any time and
from time to time prior to the Expiration Time. To exercise this Warrant, Holder
shall deliver to the Company, at the registered office of the Company,  (i) this
Warrant,  (ii) a written notice,  in substantially  the form of the Subscription
Notice  attached  hereto,  of such  Holder's  election to exercise this Warrant,
which  notice  shall   specify  that  the  Warrant  is  being   exercised,   the
denominations of the share  certificate or certificates  desired and the name or
names in which such  certificates  are to be  registered,  (iii)  payment of the
Exercise Price with respect to such shares, and (iv) any representation required
hereby. Such payment may be made, at the option of Holder, by cash, certified or
bank cashier's check or wire transfer.

          (b) Within  three (3) days  after  receipt  of the items  referred  to
above,  the  Company  shall  execute  and  deliver or cause to be  executed  and
delivered,  in  accordance  with  the  Subscription  Notice,  a  certificate  or
certificates  representing  the aggregate number of Ordinary Shares specified in
the  Subscription  Notice.  The share  certificate or  certificates so delivered
shall be in such  denominations  as may be  specified in such notice or, if such
notice shall not specify denominations,  shall be in the amount of the number of
<PAGE>
Ordinary Shares for which the Warrant is being exercised, and shall be issued in
the name of Holder or such  other  name or names as shall be  designated  in the
Subscription Notice.

          (c) If this Warrant  shall have been  exercised  only in part,  at the
time of delivery of the share  certificate  or  certificates,  the Company shall
deliver to Holder a new Warrant  evidencing the rights to purchase the remaining
Ordinary Shares called for by this Warrant, which new Warrant shall in all other
respects be identical  to this  Warrant or, at the  election of the Company,  an
appropriate notation shall be made on this Warrant, which shall then be returned
to Holder.

          (d) The  Company  shall  pay all  expenses,  taxes  (if any) and other
charges  payable in connection  with the  preparation,  issuance and delivery of
share  certificates and new Warrants,  except that, if share certificates or new
Warrants shall be registered in a name or names other than the name of Holder in
whose name this  Warrant is  registered,  funds  sufficient  to pay all transfer
taxes payable as a result of such  transfer  shall be paid by Holder at the time
of  delivering  the  Subscription  Notice or promptly  upon receipt of a written
request of the Company for payment.

     1.02.  SHARES TO BE FULLY  PAID AND  NON-ASSESSABLE.  All  Ordinary  Shares
issued upon the exercise of this Warrant shall be validly issued, fully paid and
non-assessable  and free from all taxes,  liens and charges  with respect to the
issue  thereof  (other than transfer  taxes).  In addition,  the Company  hereby
represents  and  warrants  that at such time as the  Company's  Ordinary  Shares
become  publicly  tradable in the United  Kingdom,  any and all  restrictions on
transfer of Ordinary Shares  contained in the Company's  organization  documents
shall be of no further force or effect.

     1.03. NO FRACTIONAL SHARES TO BE ISSUED.  The Company shall not be required
to issue fractions of Ordinary Shares upon exercise of this Warrant.

                                   ARTICLE 2
                       TRANSFER, EXCHANGE AND REPLACEMENT
                                   OF WARRANTS

     2.01.  OWNERSHIP  OF WARRANT.  The Company may deem and treat the person in
whose  name  this   Warrant   is   registered   as  Holder   and  owner   hereof
(notwithstanding  any  notations  of  ownership  or writing  hereon  made by any
person)  for all  purposes  and  shall  not be  affected  by any  notice  to the
contrary,  until  presentation  of this Warrant for  registration of transfer as
provided in this ARTICLE 2.

     2.02. LOSS, THEFT,  DESTRUCTION OR MUTILATION OF WARRANTS.  Upon receipt of
evidence  satisfactory  to  the  Company  of the  loss,  theft,  destruction  or
mutilation  of any  Warrant  and,  in  the  case  of any  such  loss,  theft  or
destruction,  upon receipt of indemnity or security  reasonably  satisfactory to
the  Company  or,  in the  case  of any  such  mutilation,  upon  surrender  and
cancellation of such Warrant, the Company will make and deliver, in lieu of such
lost,  stolen,  destroyed or mutilated  Warrant, a new Warrant of like tenor and

                                      -2-
<PAGE>
representing  the right to purchase the same aggregate number of Ordinary Shares
as provided for in such lost, stolen, destroyed or mutilated Warrant.

     2.03.  TRANSFER  OF  WARRANT.  The  Company  agrees  to  maintain,  at  its
registered  office,  books for the  registration  of transfers of this  Warrant.
Transfer of this Warrant and all rights  hereunder  shall be  registered on such
books,  upon  surrender of this Warrant to the Company,  together with a written
assignment of this Warrant duly executed by Holder or a duly authorized agent or
attorney,  with signatures  guaranteed by a bank or securities  broker or dealer
registered  with  Securities  and  Exchange  Commission  (unless  Holder  is the
original holder of the Warrant or the Company waives the requirement), and funds
sufficient to pay any transfer taxes payable upon such transfer.  Upon surrender
of this  Warrant to the  Company,  the Company  shall  execute and deliver a new
Warrant  or  Warrants  in the  name  of the  assignee  or  assignees  and in the
denominations specified in the instrument of assignment,  and this Warrant shall
promptly be canceled.  Notwithstanding the foregoing, a Warrant may be exercised
by a transferee  without having a new Warrant  issued.  The Company shall not be
required to register  any  transfers  if Holder fails to furnish to the Company,
after a request therefor,  evidence reasonably  satisfactory to the Company that
such  transfer  is in  compliance  with  all  applicable  laws.  Notwithstanding
anything to the contrary  contained in this Warrant,  the Holder of this Warrant
may not assign,  charge or  otherwise  deal with this Warrant in any way without
the prior written consent of the Company; provided, however, that the Holder may
assign this Warrant in whole or in part to any of its  employees  without  first
obtaining the written consent of the Company.

     2.04  TRANSFER   RESTRICTION.   By  acceptance  of  this  Warrant,   Holder
acknowledges  that Holder is  acquiring  for Holder's own account and not with a
view to distribution or resale.

                                   ARTICLE 3
                     ANTIDILUTION PROVISIONS; CERTAIN EVENTS

     3.01. CERTAIN  ADJUSTMENTS.  If the Company (a) pays a dividend in Ordinary
Shares  or  makes  a  distribution  in  Ordinary  Shares,   (b)  subdivides  its
outstanding Ordinary Shares, (c) combines its outstanding Ordinary Shares into a
smaller  number of Ordinary  Shares,  (d) makes a  distribution  on its Ordinary
Shares in shares of its capital stock other than  Ordinary  Shares or (e) issues
by  reclassification  or  reorganization  other securities of the Company to all
Holders of Ordinary Shares, the Board of Directors of the Company shall cause an
adjustment to be made in the number of shares  purchasable upon exercise of this
Warrant  and the  Exercise  Price so that the  Holder of this  Warrant  shall be
entitled to receive the kind and number of Ordinary  Shares or other  securities
of the  Company  which the  Holder  would have  owned or have been  entitled  to
receive if this Warrant had been exercised in full immediately prior to any such
event or any record date with respect  thereto.  An adjustment  made pursuant to
this SECTION 3.01 shall become  effective  immediately  after the record date in
the case of a dividend or distribution and immediately  after the effective date
in the case of a subdivision,  combination,  reclassification or reorganization,
and prompt written notice thereof shall be given to the Holder.

                                      -3-
<PAGE>
     3.02. NEW WARRANTS. Notwithstanding anything herein to the contrary, if the
Company  issues a new Warrant in whole or partial  replacement  of this  Warrant
upon the transfer, combination, division or partial exercise of this Warrant, in
replacement of a loss,  theft,  destruction or mutilation of this Warrant or for
any other  reason,  the new Warrant,  at the Company's  option,  may reflect any
adjustments theretofore made pursuant to this ARTICLE 3.

     3.03.  CONSOLIDATION,  MERGER  OR  SALE  OF  ASSETS.  In the  event  of any
consolidation or merger of the Company with or into another  corporation  (other
than a merger in which merger the Company is the continuing corporation and that
does not result in any reclassification,  capital reorganization or other change
of outstanding  Ordinary  Shares of the class issuable upon exercise or exchange
of this Warrant) or in the event of any sale,  lease,  transfer or conveyance to
another  corporation of the property and assets of the Company as an entirety or
substantially  as  an  entirety,   this  Warrant  shall   automatically   become
exercisable for the kind and amount of shares of stock and other  securities and
property  (including cash) receivable upon such  consolidation,  merger, sale or
conveyance  by a holder of the number of  Ordinary  Shares  that might have been
received  upon  exercise or exchange of this Warrant  immediately  prior to such
consolidation,  merger,  sale or conveyance.  The Company shall,  as a condition
precedent to such transaction, cause effective provisions to be made so that the
acquiring or succeeding person or entity assumes and agrees to the provisions of
this SECTION 3.03, including without limitation by way of issuing a supplemental
warrant.  Any such provision shall include provisions for adjustments in respect
of such  shares of stock and other  securities  and  property  that  shall be as
nearly equivalent as may be practicable to the adjustments  provided for in this
Warrant.  The foregoing provisions of this SECTION 3.03 shall similarly apply to
successive  consolidations,  mergers,  sales or  conveyances.  Notice of any the
events  described  in this SECTION 3.03 shall be given to the Holder at the same
time that notice thereof is first provided to the shareholders of the Company.

                                    ARTICLE 4
                                  MISCELLANEOUS

     4.01.  NOTICES.  All notices,  requests,  demands and other  communications
required or permitted  hereunder shall be in writing and shall, unless otherwise
expressly  required,  be deemed to have been duly given,  made and received only
when delivered  (personally,  by courier service such as Federal Express,  or by
other  messenger) or when deposited in the United Kingdom or United States mail,
registered  or  certified  mail,  postage  prepaid,  return  receipt  requested,
addressed  as set  forth  herein.  In the  case of the  Company,  such  notices,
requests, demands and other communications shall be addressed to:

                                      -4-
<PAGE>
         TNCI UK Limited
         The Mill
         Lodge Lane
         Derby, DE1 3HB
         England
         Attention:  Managing Director
         Facsimile No.: 011 44 1332 202173

In the case of Holder, such notices,  requests, demands and communications shall
be  addressed  to its address as shown on the books  maintained  by the Company,
unless Holder shall notify the Company that notices and communications should be
sent to a different address, in which case such notices and communications shall
be sent to the  address (or telex  number)  specified  by Holder.  Any party may
alter the  address to which  communications  are to be sent by giving  notice in
conformity with the foregoing provision. In addition, notices shall be deemed to
have been duly given,  made and received when  transmitted  via facsimile to the
Company to its designated  facsimile machine number or to the intended recipient
party at the facsimile machine number of such intended  recipient party as shown
above  or in the  Company's  records,  provided  that a  facsimile  transmission
confirmation  generated  by the  facsimile  machine  from  which  the  facsimile
transmission originated can be produced.

     4.02. AMENDMENTS.  The provisions of this Warrant may be amended,  modified
or waived only with the written consent of the Company and Holder.

     4.03. COVENANTS TO BIND SUCCESSOR AND ASSIGNS. All covenants, stipulations,
promises and  agreements  in this  Warrant by or on behalf of the Company  shall
bind its successors and assigns,  whether so expressed or not, and shall benefit
Holder and Holder's heirs, executors,  personal representatives,  successors and
assigns.

     4.04. NO RIGHTS AS  SHAREHOLDER.  This Warrant shall not entitle  Holder to
any rights as a shareholder  of the Company  either in law or in equity,  unless
and until Holder  exercises  the right to purchase  Ordinary  Shares as provided
herein and subject to the provisions of SECTION 1.01 hereof.

     4.05. NO  IMPAIRMENT.  The Company shall not by any action avoid or seek to
avoid the  observance or  performance  of any of the terms of this Warrant,  but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such actions as may be necessary or  appropriate to protect
the rights of Holder against impairment.  Without limiting the generality of the
foregoing,  the  Company  will (a) take all such action as may be  necessary  or
appropriate  in order that the Company may validly and legally  issue fully paid
and  non-assessable  Ordinary Shares upon the exercise of this Warrant,  and (b)
use its best efforts to obtain all such  authorizations,  exemptions or consents
from any public regulatory body having jurisdiction  thereof as may be necessary
to enable the Company to perform its obligations under this Warrant.

     4.06  NUMBER OF DAYS.  In  computing  the number of days for the purpose of
this  Warrant,  all days shall be  counted,  including  Saturdays,  Sundays  and
statutory holidays;  provided, however, that if the final day of any time period

                                      -5-
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falls on a Saturday,  Sunday or statutory holiday,  then such final day shall be
deemed to be the next day which is not a Saturday, Sunday or such holiday.

     4.07  CONTROLLING  LAW. This  Agreement  and all questions  relating to its
validity,  interpretation,  performance and enforcement shall be governed by and
construed in accordance with the laws of England and Wales.

                                    ARTICLE 5
                                   DEFINITIONS

     The following terms, as used in this Warrant, have the following respective
meanings:

          "Ordinary  Shares" has the meaning set forth in the first paragraph of
this Warrant, subject to adjustment pursuant to ARTICLE 3.

          "Company"  has the  meaning set forth in the first  paragraph  of this
Warrant.

          "Exercise  Price" has the meaning set forth in the first  paragraph of
this Warrant, subject to adjustment pursuant to ARTICLE 3.

          "Expiration  Time" has the meaning set forth in the first paragraph of
this Warrant.

          "Holder"  has the  meaning  set forth in the first  paragraph  of this
Warrant.

                                      -6-
<PAGE>
     IN WITNESS  WHEREOF,  the Company has caused this Warrant to be executed as
of February 12, 2002.

                                        TNCI UK Limited

                                        By: /s/ Stephen J. Ollier
                                            ------------------------------------
                                            Name:  Stephen J. Ollier
                                            Title: Managing Director

                                      -7-
<PAGE>
                               SUBSCRIPTION NOTICE

                  (To be executed for exercise of the Warrant)

To TNCI UK Limited:

     The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the attached Warrant for, and to purchase thereunder, __________*
Ordinary  Shares,  as provided for therein,  and tenders herewith payment of the
full Exercise Price, paid in the form of:

                      [ ] cash
                      [ ] certified or bank officer's check
                      [ ] wire transfer

     Note: Specify form of payment by checking appropriate box.

* COMPLETE  THIS  NUMBER  BASED UPON THE NUMBER OF SHARES  STATED ON THE FACE OF
THIS  WARRANT  BEFORE ANY  ADJUSTMENTS  PURSUANT TO ARTICLE 3. THE COMPANY  WILL
ADVISE  HOLDER OR ASSIGNS ON REQUEST ABOUT ANY  ADJUSTMENTS  THAT HAVE BEEN MADE
AND THE  EQUIVALENT  NUMBER OF SHARES OR OTHER  SECURITIES  THAT ARE ISSUABLE IN
LIEU OF ONE ORDINARY SHARE OUTSTANDING AS OF THE DATE THE WARRANT WAS ORIGINALLY
ISSUED, AS WELL AS ANY ADJUSTMENTS THAT HAVE BEEN MADE IN THE EXERCISE PRICE.

     Please issue a certificate or certificates  for such Ordinary Shares in the
following name(s) and denomination(s) (if no contrary instructions are stated, a
single certificate will be issued in the name of Holder):

(NAME)                                       (NAME)
      ---------------------------------            -----------------------------
(ADDRESS)                                    (ADDRESS)
         ------------------------------               --------------------------

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

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

Denominations:                               Denominations:
              -------------------------      -----------------------------------

     If said number of shares shall not be all the shares issuable upon exercise
of the attached Warrant, a new Warrant is to be issued in the name of Holder for
the balance remaining of such shares less any fraction of a share paid in cash.

Dated: ______________ ____, ______

                                             -----------------------------------
                                             Note:  The above  signature  should
                                             correspond exactly with the name on
                                             the face of the attached Warrant or
                                             with  the  name  of  the   assignee
                                             appearing  in the  assignment  form
                                             below.
<PAGE>
                                   ASSIGNMENT

                 (To be executed for assignment of the Warrant)

     For value  received,  the  undersigned  holder of the within Warrant hereby
sells, assigns and transfers unto the assignee named below the attached Warrant,
to the extent of __________ * Ordinary Shares,  together with all rights,  title
and  interest  therein,   and  hereby   irrevocably   constitutes  and  appoints
____________________  as attorney to transfer  said  Warrant on the books of the
Company,  with full power of  substitution  in the premises.  The address of the
assignee is:

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

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

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

* COMPLETE  THIS  NUMBER  BASED UPON THE NUMBER OF SHARES  STATED ON THE FACE OF
THIS  WARRANT  BEFORE ANY  ADJUSTMENTS  PURSUANT TO ARTICLE 3. THE COMPANY  WILL
ADVISE  HOLDER OR ASSIGNS ON REQUEST ABOUT ANY  ADJUSTMENTS  THAT HAVE BEEN MADE
AND THE EQUIVALENT  NUMBER OF SHARES OR OTHER PROPERTY THAT ARE ISSUABLE IN LIEU
OF ONE ORDINARY  SHARE  OUTSTANDING  AS OF THE DATE THIS WARRANT WAS  ORIGINALLY
ISSUED, AS WELL AS ANY ADJUSTMENTS THAT HAVE BEEN MADE IN THE EXERCISE PRICE. IF
NO AMOUNT IS STATED, THE ENTIRE INTEREST IN THIS WARRANT WILL BE TRANSFERRED.

Dated: ___________ __, ____

                                             -----------------------------------
                                             Note:  The above  signature  should
                                             correspond exactly with the name on
                                             the face of the attached Warrant.

                                             -----------------------------------
                                             Signature Guaranteed

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