Document:

THIS DEBENTURE HAS BEEN ACQUIRED FOR  INVESTMENT  PURPOSES ONLY AND HAS NOT
BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR UNDER ANY
APPLICABLE  STATE  SECURITIES  LAWS. THIS DEBENTURE MAY NOT BE SOLD OR OTHERWISE
TRANSFERRED OR PLEDGED,  EXCEPT PURSUANT TO AN EFFECTIVE  REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR SUCH  APPLICABLE  STATE  SECURITIES  LAWS, OR IF THE
PROPOSED TRANSFER MAY BE EFFECTED WITHOUT  REGISTRATION UNDER THE SECURITIES ACT
OR REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

     THIS  DEBENTURE IS SUBJECT TO THE TERMS AND  PROVISIONS  OF THE  SECURITIES
PURCHASE  AGREEMENT  AMONG  INFOCROSSING,  INC., AND CAHILL,  WARNOCK  STRATEGIC
PARTNERS FUND, L.P., STRATEGIC ASSOCIATES,  L.P., CAMDEN PARTNERS STRATEGIC FUND
II-A, L.P., AND CAMDEN PARTNERS  STRATEGIC FUND II-B, L.P., DATED AS OF FEBRUARY
1, 2002,  AS AMENDED FROM TIME TO TIME,  AND THE HOLDERS OF THIS  DEBENTURE  ARE
ENTITLED TO THE BENEFITS THEREOF.

                               INFOCROSSING, INC.

                        12% SENIOR SUBORDINATED DEBENTURE

$____________                                                   February 1, 2002

SECTION 1. GENERAL; INTEREST.

     1.1 General. For value received, INFOCROSSING, INC., a Delaware corporation
(the "Company") (the Company, including any successors of the Company (by way of
merger, consolidation,  sale or otherwise), the "Payor"), hereby promises to pay
to the order of Cahill,  Warnock  Strategic  Partners Fund, L.P. or such payee's
successors  or assigns (the  "Payee"),  $____________  or such lesser  principal
amount,  plus any accrued and unpaid interest thereon and all other  obligations
arising hereunder (the  "Indebtedness"),  which may be outstanding  hereunder on
February 1, 2005 (the "Maturity  Date"),  provided,  however,  that the Maturity
Date may be extended until February 1, 2006 at the sole option of the Payor upon
written notice to the Payee  delivered at least 60 days before the Maturity Date
as in effect  prior to giving  effect to such  extension or such earlier date as
all  obligations  under the Debenture have been paid in full provided,  further,
that the Payor may not extend the Maturity Date if a Default has occurred.  This
Debenture is one of the Debentures  (each a "Debenture"  and  collectively,  the
"Debentures")  issued pursuant to that certain  Securities  Purchase  Agreement,
dated as of  February  1, 2002 (the  "Purchase  Agreement"),  by and between the
Payor,  Cahill  Warnock  Strategic  Partners  Fund,  L.P.,  a  Delaware  limited
partnership ("CW"),  Strategic Associates,  L.P., a Delaware limited partnership
("SA"),   Camden  Partners   Strategic  Fund  II-A,  L.P.,  a  Delaware  limited
partnership  ("Camden II-A"),  and Camden Partners  Strategic Fund II-B, L.P., a
Delaware limited partnership  ("Camden II-B" and together with CW, SA and Camden
II-A,  each a "Payee" and  collectively,  the  "Payees").  The unpaid  principal
amount of this Debenture and the accrued and unpaid interest  thereon,  shall be
payable in U.S.  Dollars by wire transfer of immediately  available funds to the
account of the Payee or by certified or official bank check

<PAGE>

payable  to the Payee  mailed to the  Payee at the  address  of the Payee as set
forth on the records of the Payor or such other  address as shall be  designated
in writing by the Payee to the Payor.  Capitalized  terms used and not otherwise
defined herein have the meanings ascribed thereto in the Purchase Agreement.

     1.2  Guaranty.   This  Debenture  is  unconditionally   guaranteed  by  the
Subsidiaries  of the Payor (the  "Guarantors"),  pursuant to a Guaranty (each, a
"Guaranty")  executed and delivered on the date hereof by each Subsidiary of the
Payor,  to which  reference  is made for a statement of the nature and extent of
the benefits and security for this Debenture  afforded thereby and the rights of
the holder of this Debenture and the Guarantor in respect hereof.

     1.3  Interest.  The  Payor  promises  to pay  interest  on the  outstanding
principal  amount  of this  Debenture  at the rate of (i) 12% per  annum for the
period commencing on the date hereof (the "Closing Date") and ending on February
1, 2004,  (ii) 13% per annum for the period  commencing  on February 1, 2004 and
ending on the Maturity Date or such earlier date as all  obligations  under this
Debenture have been paid in full,  and (iii),  if the Maturity Date is extended,
14% per annum  commencing on February 1, 2005 and ending on the Maturity Date as
so extended or such earlier date as all  obligations  under the  Debenture  have
been  paid in full  (the  "Interest  Rate");  provided,  however,  that upon the
occurrence  of an Event of Default,  the Payor  promises to pay  interest on the
outstanding  principal amount of this Debenture at the rate of seventeen percent
(17%) per annum (or, if less, to the maximum rate allowed under  applicable law)
("Default  Interest")  from the date that such Event of Default has occurred and
is continuing  until the date such Event of Default is cured,  waived in writing
by the Payee or all Indebtedness under this Debenture has been paid in full. The
Payor shall pay interest (the  "Interest  Amount")  semi-annually  in arrears on
each July 31 and  January  31 of each  year or, if any such date  shall not be a
Business Day, on the next succeeding Business Day to occur after such date (each
date upon which  interest  shall be so payable,  an  "Interest  Payment  Date").
Interest  shall be  payable,  at the  option of the  Payor,  in (i) cash in U.S.
Dollars by wire transfer to Payee of immediately  available  funds equal to such
Interest  Amount,  (ii) additional  Debentures in an aggregate  principal amount
equal to the aggregate Interest Amount due to the Payee on such Interest Payment
Date ("PIK  Debentures")  with  Additional  Warrants (as such term is defined in
Section  2  below),  or  (iii) a  combination  of cash and PIK  Debentures  with
Additional Warrants.  The Payor shall signify its election to make payment of an
Interest Amount in the form of cash or PIK Debentures with Additional  Warrants,
or a  combination  of cash  and PIK  Debentures  with  Additional  Warrants,  by
notifying  the Payee of such  election  at least  twenty (20) days prior to each
Interest  Payment  Date.  If the Payor fails to give notice under the  preceding
sentence,  the payment shall be made in cash.  Interest on this Debenture  shall
accrue daily,  and compound  semi-annually,  from the date of issuance until the
date of repayment in full of the principal  amount of this  Debenture,  plus any
accrued and unpaid interest thereon.  Interest shall be computed on the basis of
a 365-day year and the actual number of days elapsed. Subject to Applicable Law,
any interest that shall accrue on Default  Interest on this  Debenture and shall
not have been paid in full on or before the next Interest  Payment Date to occur
after the  Interest  Payment Date on which the Default  Interest  became due and
payable  shall itself be deemed to be overdue  interest on this  Debenture.  PIK
Debentures  shall  contain  terms and  conditions  (including  rate of interest)
substantially  similar (except for the date of issuance and aggregate  principal
amount thereof) as those in this Debenture.  "Business Day" shall mean any other
day

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                                      -2-

other than a Saturday,  a Sunday or a day on which banking  institutions  in New
York City, New York are not required to be open.

SECTION 2. WARRANT.

     As part of the consideration for the loan evidenced by this Debenture,  the
Payor has authorized and issued,  initially,  warrants to purchase (the "Initial
Warrants") 2 million  shares of the Common Stock,  par value $.01 per share,  of
the Payor (the  "Common  Stock") to the Payee.  The  Initial  Warrants  shall be
exercisable in accordance  with the terms and conditions of that certain Warrant
Agreement, of even date herewith, between the Payor and the Payees (the "Warrant
Agreement").  If the  Payor  elects  to pay any of the  Interest  Amount  in PIK
Debentures, the Payor will issue additional warrants (the "Additional Warrants")
as more fully set forth in the Warrant  Agreement.  Notwithstanding  anything to
the  contrary  set forth  herein no  Additional  Warrants  shall be issued  with
respect to any PIK Debentures  issued prior to February 1, 2004;  provided that,
to the extent that any  Debentures  remain  outstanding  on such date, the Payor
shall issue  Additional  Warrants to purchase  one (1) share of Common Stock for
each $10.00 aggregate  principal amount of PIK Debentures actually issued on, or
prior to, February 1, 2004, and, thereafter,  shall issue Additional Warrants in
respect of all PIK Debentures in accordance with the terms thereof.  The Initial
Warrants and this Debenture are not attached and may be separately assigned. Any
PIK Debentures  and Additional  Warrants to be issued also shall not be attached
and may be separately assigned.

SECTION 3. PREPAYMENT.

     3.1 Prepayment at the Option of the Payor.

          (a)  Prepayment  in Full.  The  principal  amount  of this  Debenture,
     together with the accrued and unpaid  interest  thereon,  may be prepaid in
     whole, without premium, at the option of the Payor at any time.

          (b) Partial Prepayment.  At the Payor's option, the Payor may make one
     (and only one) partial  prepayment of at least 50% of the principal  amount
     of this Debenture,  without  premium,  together with the accrued and unpaid
     interest thereon, at any time.

     3.2 Mandatory  Prepayment.  Unless  agreed to in writing by the Payee,  the
Payor shall be required to prepay all Indebtedness:

               (i) upon a Change of Control.  The Payor shall  provide the Payee
     with written  notice ten (10)  business  days prior to a Change of Control.
     For purposes of this Section 3.2 only,  "Change of Control" means any event
     or series of events that results in (A) any Person or entity (an "Acquiring
     Person") other than (x) one or more members of the Control  Group,  and (y)
     the  Payees and their  Affiliates,  obtaining  at least 35% of the  Payor's
     Common Stock  (calculated on a  fully-diluted  basis),  provided,  that the
     acquisition  by an Acquiring  Person of more than 35% of the Payor's Common
     Stock shall not be a Change of Control so long as the Control Group and the
     Payees  jointly  hold more of the Payor's  Common  Stock  (calculated  on a
     fully-diluted   basis)  than  the   Acquiring   Person;   (B)  the  merger,
     consolidation, reorganization, recapitalization, dissolution or liquidation
     of the Payor as a result of which the stockholders of the Payor immediately
     prior to

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                                      -3-

     giving effect to such  transaction  do not own more than 50% or more of the
     securities  of the Payor  ordinarily  entitled to vote for the  election of
     Directors,  immediately after giving effect to such  transactions;  (C) any
     sale,  lease,  exchange or other transfer of all, or substantially  all, of
     the assets of the Payor and its  Subsidiaries  taken as a whole; or (D) the
     adoption of a plan leading to the  liquidation or dissolution of the Payor.
     "Person" means any individual, partnership,  corporation, limited liability
     company,   joint  venture,   association,   joint-stock   company,   trust,
     unincorporated organization,  government or agency or political subdivision
     thereof, or other entity.  "Control Group" shall include Zach Lonstein,  DB
     Capital Investors, L.P., Sandler Capital Partners V, L.P., Sandler Internet
     Partners,   L.P.  and  Sandler  Co-Investment   Partners,  L.P.  and  their
     Affiliates; and

               (ii) pursuant to Section 4 hereof.

SECTION 4. EVENTS OF DEFAULT.

     4.1 Definition. In each case of the happening of the following events (each
of which is an "Event of  Default"  or, if the  giving of notice or the lapse of
time or both is  required,  then,  prior to such  notice  or  lapse  of time,  a
"Default"),

          (a) (i) if a default  occurs in the due  observance or  performance of
     any covenant or agreement of the Payor to be observed or performed pursuant
     to Section 6.1,  Section 6.2,  Section 6.4,  Section 6.6, or Section 6.7 of
     the  Purchase  Agreement  and such  default  shall  continue  for more than
     fifteen (15) days after notice  thereof from Payee;  or (ii) if any default
     occurs in the due observance or performance of any covenant or agreement of
     the Payor to be observed or performed  pursuant to Section 5.7, Section 6.3
     or Section 6.5 of the Purchase Agreement;

          (b) if a default  occurs in the due  observance or  performance of any
     covenant or agreement of the Payor to be observed or performed  pursuant to
     the terms of this Debenture or any of the Financing  Documents  (other than
     those set forth in Section  4.1(a) above) and such default  shall  continue
     for more than forty-five (45) days after notice thereof from the Payee;

          (c) if a default  occurs in the payment of any  principal  or interest
     under this Debenture and such default shall continue for more than ten (10)
     business days from the date such payment is due;

          (d) if any  representation or warranty of the Payor in this Debenture,
     the  Purchase  Agreement  or that  certain  Escrow  Agreement  of even date
     herewith,  by and among the Payor, the Payee and the Escrow Agreement named
     therein  shall prove to have been false in any material  respects  upon the
     Closing Date or if such representation or warranty is made as of a specific
     date, as of such date;

          (e) if any  representation  or warranty of any Subsidiary of the Payor
     in any  Guaranty  shall prove to have been false in any  material  respects
     upon the Closing Date;

          (f) the  lenders  under any  senior  credit  facility  accelerate  the
     payment of principal or interest under such senior credit facility;

<PAGE>

                                      -4-

          (g) if the Payor shall (1) discontinue its business,  (2) apply for or
     consent to the appointment of a receiver,  trustee, custodian or liquidator
     of it or any of its property, (3) admit in writing its inability to pay its
     debts as they  mature,  (4) make a general  assignment  for the  benefit of
     creditors, or (5) file a voluntary petition in bankruptcy, or a petition or
     an answer seeking  reorganization  or an arrangement with creditors,  or to
     take advantage of any bankruptcy, reorganization,  insolvency, readjustment
     of debt,  dissolution  or  liquidation  laws,  or an answer  admitting  the
     material allegations of a petition filed against it in any proceeding under
     any such law;

          (h) there  shall be filed  against the Payor an  involuntary  petition
     seeking  reorganization  of the  Payor or the  appointment  of a  receiver,
     trustee,  custodian or liquidator of the Payor or a substantial part of its
     assets, or an involuntary petition under any bankruptcy,  reorganization or
     insolvency law of any jurisdiction, whether now or hereafter in effect;

          (i) if final  judgment(s)  for the  payment  of money in  excess of an
     aggregate  amount of $750,000 shall be rendered against the Payor and shall
     remain  undischarged  for a period of 30 consecutive days during which such
     judgment and any levy or execution  thereof shall not have been effectively
     stayed or vacated; and

          (j) any violation of ERISA that could reasonably be expected to result
     in  liability to the Payor in excess of  $250,000.  "ERISA"  shall mean the
     Employee  Retirement  Income  Security  Act of 1974,  as  amended,  and all
     regulations and rules issued thereunder, or any successor law.

then, upon the occurrence of each and every such Event of Default (other than an
Event of Default specified in Sections 4.1(f) or (g)) and at any time thereafter
during the  continuance  of such  Event of  Default,  the  holders of at least a
majority  in  the  aggregate  principal  amount  of the  outstanding  Debentures
(including,  without  limitation,  PIK Debentures) may, by written notice to the
Payor declare the principal and accrued and unpaid interest on all Debentures to
be  immediately  due and payable.  If an Event of Default  specified in Sections
4.1(f) or (g) occurs,  the  principal  and  accrued and unpaid  interest on this
Debenture  and  all  other  Debentures   (including,   without   limitation  PIK
Debentures),  shall ipso facto become due and payable without any declaration or
other act on the part of the holders thereof. The holders of at least a majority
in aggregate principal amount of the outstanding Debentures (including,  without
limitation,   PIK  Debentures)   may,  by  notice  to  the  Company  rescind  an
acceleration  and its consequences if the rescission would not conflict with any
judgment  or decree and if all  existing  Events of  Default  have been cured or
waived  except  nonpayment  of principal or interest  that has become due solely
because of acceleration. No such rescission shall affect any subsequent Event of
Default or impair any right consequent thereto. ("Financing Documents" means the
Purchase Agreement,  the Registration  Rights Agreement,  the Warrant Agreement,
the  Stockholders'  Agreement,  the  Escrow  Agreement,  the  Management  Rights
Agreement, the Guaranty Agreement, and each document,  certificate or instrument
delivered in connection).

     4.2 Failure to Obtain Stockholder  Consent. In addition to any other remedy
available to the Payee hereunder (including acceleration of this Debenture),  if
the Company does not obtain the Required Stockholder Approval (as defined in the
Purchase  Agreement)  before the

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                                      -5-

earlier to occur of (i) the  occurrence  of an Event of Default or (ii) the date
of the Company's next annual meeting of its stockholders,  the Payor promises to
pay a cash payment equal to seventeen  percent  (17%) of the Initial  Amount per
annum from such date until the occurrence of the Required Stockholder Approval.

     4.3  Remedies  on  Default,  Etc. In case any one or more Events of Default
shall occur and be continuing  and  acceleration  of this  Debenture  shall have
occurred,  the Payee may, among other things, proceed to protect and enforce its
rights  by an action at law,  suit in  equity or other  appropriate  proceeding,
whether for the specific performance of any agreement contained herein or in the
Purchase Agreement, or for an injunction against a violation of any of the terms
hereof or  thereof  or in and of the  exercise  of any power  granted  hereby or
thereby or by law. No right  conferred  upon the Payee hereby or by the Purchase
Agreement shall be exclusive of any other right referred to herein or therein or
now or  hereafter  available  at law, in equity,  by statute or  otherwise.  4.4
Waiver of Past  Defaults.  The holders of a majority in the aggregate  principal
amount  of  the  outstanding  Debentures  (including,  without  limitation,  PIK
Debentures) may waive an existing Event of Default and its consequences.  When a
Default is waived,  it is deemed  cured,  but no such waiver shall extend to any
subsequent or other Default or impair any consequent right.

     4.5  Control  by  Majority.  The  holders of a  majority  in the  aggregate
principal amount of the outstanding Debentures  (including,  without limitation,
PIK  Debentures)  may  direct  the  time,  method  and place of  conducting  any
proceeding for any remedy available to the holders of such Debenture.

SECTION 5. SUBORDINATION.

     5.1  Agreement  to  Subordinate.  The  Payor  agrees,  and each  holder  of
Debentures by accepting a Debenture agrees,  that the Indebtedness  evidenced by
the  Debentures is  subordinated  in right of payment,  to the extent and in the
manner  provided in this  Section 5, to the prior  payment in full of all Senior
Indebtedness of the Payor and that the  subordination  is for the benefit of and
enforceable by the holders of such Senior Indebtedness.  The Debentures shall in
all respects rank pari passu with all other Senior Subordinated  Indebtedness of
the Payor and only indebtedness of the Payor that is Senior  Indebtedness of the
Company shall rank senior to the  Debentures in accordance  with the  provisions
set forth herein.

     5.2 Liquidation,  Dissolution, Bankruptcy. Upon any payment or distribution
of t he assets of the Payor to creditors upon a total or partial  liquidation or
a total or partial dissolution of the Payor or in a bankruptcy,  reorganization,
insolvency,  receivership  or similar  proceeding  relating  to the Payor or its
property:

          (a) holders of Senior  Indebtedness  of the Payor shall be entitled to
     receive  payment  in full of such  Senior  Indebtedness  before  holders of
     Debentures  shall be  entitled  to  receive  any  payment of  principal  or
     interest on the Debentures; and

          (b) until the Senior  Indebtedness  of the Payor is paid in full,  any
     payment or  distribution  to which holders of Debentures  would be entitled
     but for this Section 5 shall

<PAGE>

                                      -6-

     be made to holders  of such  Senior  Indebtedness  as their  interests  may
     appear,  except that holders of Debentures  may receive shares of stock and
     any debt securities that are subordinated to such Senior Indebtedness to at
     least the same extent as the Debentures.

     5.3 Default on Senior Indebtedness. The Payor may not pay the principal of,
premium (if any) or interest on the Debentures and may not otherwise repurchase,
redeem or otherwise retire any Debentures  (collectively,  "pay the Debentures")
if (a) any  Senior  Indebtedness  of the  Payor is not paid  when due or (b) any
other default on such Senior Indebtedness occurs and the maturity of such Senior
Indebtedness is accelerated in accordance with its terms unless, in either case,
(i) the  default  has been  cured or waived and any such  acceleration  has been
rescinded  or (ii) such  Senior  Indebtedness  has been paid in full:  provided,
however,  that the Payor may pay the Debentures  without regard to the foregoing
if  the  Payor  receives   written  notice   approving  such  payment  from  the
Representative  (as such term is defined in Section  5.12  below) of such Senior
Indebtedness  with respect to which either of the events set forth in clause (a)
or (b) of this sentence has occurred and is continuing.  During the  continuance
of any  default  (other  than a default  described  in clause  (a) or (b) of the
preceding  sentence)  with  respect  to any  Senior  Indebtedness  of the  Payor
pursuant to which the  maturity  thereof  may be  accelerated  immediately  with
further   notice  (except  such  notice  as  may  be  required  to  effect  such
acceleration) or the expiration of any applicable  grace periods,  the Payor may
not pay the Debenture for a period (a "Payment Blockage Period") commencing upon
the receipt by the Payor of written notice (a "Blockage Notice") of such default
from the  Representative of such Senior  Indebtedness  specifying an election to
effect a Payment  Blockage  Period and ending 180 days thereafter (or earlier if
such Payment  Blockage  Period is terminated  (a) by written notice to the Payor
from the Person or Persons who gave such  Blockage  Notice,  (b) by repayment in
full of such Senior  Indebtedness or (c) because the default giving rise to such
Blockage  Notice  is  no  longer  continuing).  Notwithstanding  the  provisions
described in the immediately  preceding  sentence (but subject to the provisions
contained  in the first  sentence of this  Section),  unless the holders of such
Senior Indebtedness or the Representative of such holders shall have accelerated
the maturity of such Senior  Indebtedness,  the Payor may resume payments on the
Debentures after the end of such Payment  Blockage Period,  including any missed
payments.  For  purposes of this  Section,  no default or event of default  that
existed  or was  continuing  on the  date  of the  commencement  of any  Payment
Blockage Period with respect to the Senior Indebtedness  initiating such Payment
Blockage  Period  shall  be,  or be made,  the  basis of the  commencement  of a
subsequent Payment Blockage Period unless such default or event of default shall
have been cured or waived for a period of not less than 90 consecutive days.

     5.4 Acceleration of Payment of Debentures.  If payment of the Debentures is
accelerated because of an Event of Default,  the Payor shall promptly notify the
holders of the Senior Indebtedness of the Payor (or their Representative) of the
acceleration.  If any Senior  Indebtedness of the Payor is outstanding the Payor
may not pay the  Debentures  until five  Business Days after such holders or the
Representative of such Senior  Indebtedness  receive notice of such acceleration
and, thereafter, may pay the Debentures only if this Section 5 otherwise permits
payment at that time.

     5.5 When  Distribution  Must Be Paid  Over.  If a  distribution  is made to
holders of

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                                      -7-

Debentures that because of this Section 5 should not have been made to them, the
holders of Debentures  who receive the  distribution  shall hold it in trust for
holders  of  Senior  Indebtedness  of the Payor and pay it over to them as their
interests may appear.

     5.6 Subrogation. After all Senior Indebtedness of the Payor is paid in full
and  until the  Debentures  are paid in full,  holders  of  Debentures  shall be
subrogated  to the  rights of  holders of such  Senior  Indebtedness  to receive
distributions applicable to Senior Indebtedness.  A distribution made under this
Section 5 to holders of such Senior Indebtedness which otherwise would have been
made to holders  of  Debentures  is not,  as  between  the Payor and  holders of
Debentures, a payment by the Payor on such Senior Indebtedness.

     5.7 Relative Rights.  This Section 5 defines the relative rights of holders
of Debentures and holders of Senior  Indebtedness of the Payor.  Nothing in this
Section 5 of Debentures shall:

          (a)  impair,  as  between  the Payor and  holders of  Debentures,  the
     obligation  of the  Payor,  which is  absolute  and  unconditional,  to pay
     principal of (premium, if any) and interest on the Debentures in accordance
     with their terms; or

          (b) prevent any holder of  Debentures  from  exercising  its available
     remedies  upon an Event of  Default,  subject  to the  rights of holders of
     Senior Indebtedness of the Payor to receive distributions otherwise payable
     to such holder of Debentures.

     5.8  Subordination  May Not Be Impaired by Payor. No right of any holder of
Senior   Indebtedness  of  the  Payor  to  enforce  the   subordination  of  the
indebtedness evidenced by the Debentures shall be impaired by any act or failure
to act by the Payor or by its failure to comply with this Section 5.

     5.9 Distribution or Notice to Representative. Whenever a distribution is to
be made or a notice given to holders of Senior  Indebtedness  of the Payor,  the
distribution may be made and the notice given to their Representative (if any).

     5.10  Section  5 Not To  Prevent  Events  of  Default  or  Limit  Right  to
Accelerate.  The failure to make a payment  pursuant to the Debentures by reason
of any  provision in this Section 5 shall not be  construed  as  preventing  the
occurrence  of an Event of  Default.  Nothing  in this  Section 5 shall have any
effect on the right of the holders of Debentures  to accelerate  the maturity of
the Debentures.

     5.11  Reliance  by  Holders  of  Senior   Indebtedness   on   Subordination
Provisions.  Each holder of a Debenture by accepting such Debenture acknowledges
and agrees that the foregoing subordination  provisions are, and are intended to
be, an inducement and a consideration to each holder of any Senior  Indebtedness
of the Payor, whether such Senior Indebtedness was created or acquired before or
after the issuance of the  Debentures,  to acquire and  continue to hold,  or to
continue  to hold,  such  Senior  Indebtedness  and such  holder of such  Senior
Indebtedness  shall be deemed  conclusively to have relied on such subordination
provisions in acquiring and  continuing to hold, or in continuing to hold,  such
Senior Indebtedness.

     5.12  Definitions.  As used  herein,  the  following  terms  shall have the
following meanings:

<PAGE>

                                      -8-

     "Representative"  shall mean the trustee,  agent or representative (if any)
for any issue of Senior Indebtedness;

     "Senior  Indebtedness"  shall have the  meaning set forth in Section 6.2 of
the Purchase Agreement; and

     5.13 "Senior Subordinated Indebtedness" shall have the meaning set forth in
Section 6.2 of the Purchase Agreement.

SECTION 6. COVENANTS.

     The  Payor  agrees  to comply  with and of the  covenants  set forth in the
Purchase Agreement (including,  without limitation,  Articles V and VI) and such
covenants are incorporated herein by reference thereto.

SECTION 7. DEFENSES.

     The  obligations of the Payor under this Debenture  shall not be subject to
reduction, limitation,  impairment,  termination, defense, set-off, counterclaim
or recoupment for any reason.

SECTION 8. EXCHANGE OR REPLACEMENT OF DEBENTURE.

     8.1 The Payee may, at its option, in person or by duly authorized attorney,
surrender this Debenture for exchange,  at the principal  business office of the
Payor,  and the Payee will  receive in exchange  therefor,  a new  Debenture  or
Debentures,  as the case may be,  in the same  principal  amount  as the  unpaid
principal  amount of this Debenture and bearing interest at the same annual rate
as this Debenture,  such new Debenture, or Debentures, as the case may be, to be
dated as of the date of this  Debenture  and to be in such  principal  amount as
remains  unpaid and payable to such person or persons,  or order,  as the Payees
may designate in writing.

     8.2 Upon receipt by the Payor of evidence  satisfactory  to it of the loss,
theft, destruction, or mutilation of this Debenture, and (in case of loss, theft
or  destruction)  of an  indemnity  reasonably  satisfactory  to  it,  and  upon
surrender and  cancellation  of this  Debenture,  if  mutilated,  the Payor will
deliver a new Debenture of like tenor in lieu of this  Debenture.  Any Debenture
delivered in accordance  with the provisions of this Section 8 shall be dated as
of the date of this Debenture.

SECTION 9. EXTENSION OF MATURITY.

     Should  the  principal  of or  interest  on this  Debenture  become due and
payable  on other  than a Business  Day,  the  maturity  date  thereof  shall be
extended to the next  succeeding  Business  Day,  and, in the case of principal,
interest shall be payable thereon at the rate per annum herein  specified during
such extension.

SECTION 10. ATTORNEYS' AND COLLECTION FEES.

     Should any  obligation  of Payor under this  Debenture  (including  without
limitation,  the  Indebtedness or any part thereof,  evidenced by this Debenture
and  interest  or any part  thereof)  be

<PAGE>

                                      -9-

collected  at law or in equity or in  bankruptcy,  receivership  or other  court
proceedings,  or  this  Debenture  be  placed  in the  hands  of  attorneys  for
collection,  the Payor agrees to pay, in addition to principal  and interest due
and payable hereon,  all reasonable  costs of collection,  including  reasonable
attorneys'  fees and expenses,  incurred by the Payee in collecting or enforcing
this Debenture.

SECTION 11. WAIVERS.

     11.1 The Payor waives presentment,  demand for payment, notice of dishonor,
notice of  protest  and all other  notices or  demands  in  connection  with the
delivery, acceptance, performance or default of this Debenture.

     11.2 No delay by any Payee in exercising any power or right hereunder shall
operate  as a waiver  of any power or right,  nor  shall any  single or  partial
exercise of any power or right preclude other or further  exercise  thereof,  or
the exercise of any other power or right  hereunder or otherwise;  and no waiver
whatsoever or  modification  of the terms hereof shall be valid unless set forth
in writing by any Payee and then only to the extent set forth therein.

SECTION 12. AMENDMENTS AND WAIVERS.

     No  provision  of this  Debenture  may be amended or waived  except if such
amendment  and waiver is in writing and is signed,  in the case of an amendment,
by the Payee, or, in the case of a waiver, by the holders of at least a majority
in the aggregate  principal  amount of the  outstanding  Debentures  (including,
without limitation, PIK Debentures).

SECTION 13. GOVERNING LAW.

     This  Debenture  is made and  delivered  in, and shall be  governed  by and
construed in accordance  with the laws of the State of New York (without  giving
effect to principles of conflicts of laws).

SECTION 14. NOTICES.

     All notices, consents,  requests,  reports, demands or other communications
hereunder  (collectively,  "Notices")  shall  be in  writing  and  may be  given
personally,  by registered  mail, fax or by Federal  Express (or other reputable
overnight delivery service):

         if to Payee, to it at:

         Cahill, Warnock Strategic Partners Fund, L.P.
         c/o Camden Partners, Inc.
         One South Street
         Suite 2150
         Baltimore, MD 21202
         Attention:  David L. Warnock
         Tel:  410.895.3800
         Fax:  410.895.3805

<PAGE>

                                      -10-

         with a copy to:

         Wilmer, Cutler & Pickering
         100 Light Street
         Baltimore, MD 21202
         Attention:  Jay Watkins, Esq.
         Tel:  410.986.2800
         Fax: 410.986.2828

         if to Infocrossing, Inc., to it at:

         2 Christie Heights Street
         Leonia, NJ  07605
         Attention:  Zach Lonstein
         Tel:  201.840.8717
         Fax:  201.840.7126

         with a copy to:

         White & Case LLP
         1155 Avenue of the Americas
         New York, New York 10036
         Attn: S. Ward Atterbury, Esq.
         Telephone:  212.819.8331
         Fax:  212.354.8113

or to such other address or such other person as the addressee  party shall have
last  designated  by notice to the other party.  All Notices  shall be deemed to
have been given (i) when delivered  personally,  (ii) three (3) days after being
sent by registered mail with proper postage prepaid,  (iii) upon transmission by
fax and  receipt  of  confirmation  of such  transmission  by the  sender's  fax
machine, or (iv) one day after being sent by Federal Express (or other reputable
overnight delivery service) with proper postage prepaid.

SECTION 15. SEVERABILITY.

     If any  provision  of this  Debenture  is held  in any  jurisdiction  to be
invalid,  prohibited or unenforceable for any reason, such provision, as to such
jurisdiction,   shall  be  ineffective,   without   invalidating  the  remaining
provisions of this Debenture or affecting the validity or enforceability of such
provision  in  any  other  jurisdiction.  Notwithstanding  the  foregoing,  such
provision shall  automatically be amended to the extent (but only to the extent)
necessary  to  make  it  not  invalid,   prohibited  or  unenforceable  in  such
jurisdiction, without invalidating the remaining provisions of this Debenture or
amending or affecting the validity or  enforceability  of such  provision in any
other jurisdiction.

<PAGE>

                                      -11-

SECTION 16. ASSIGNMENT.

     Payor may not assign its rights or  obligations  hereunder  to any  Person,
without  the  prior  written  consent  of  Payee,  such  consent  shall  not  be
unreasonably  withheld.  Payee may  assign  any of its  rights  and  obligations
hereunder to any one of its Affiliates.  "Affiliate"  means, with respect to (i)
the Payor, any other Person directly or indirectly  controlling,  controlled by,
or under direct or indirect common control with the Payor;  and (ii) the Payees,
any current or former  members of or any general or limited  partners or retired
partners  of any of the  Payees,  or any  Person  or  entity  that  directly  or
indirectly,  through  one or more  intermediaries,  controls,  with the  general
partner  of the  Payees,  the  Payees.  For the  purposes  of  this  definition,
"control"  when used with  respect to any  Person  means the power to direct the
management and policies of such Person, directly or indirectly,  whether through
the  ownership of voting  securities,  by contract or  otherwise;  and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

SECTION 17. NO IMPAIRMENT.

     The Payor will not, by amendment of its  Certificate  of  Incorporation  or
through  any  reorganization,   transfer  of  assets,   consolidation,   merger,
dissolution,  or any other similar voluntary action,  avoid or seek to avoid the
observance or performance of any of the terms of this Debenture, but will at all
times in good faith use its  reasonable  best  efforts to assist in the carrying
out of all such terms and in the taking of all such  actions as may be necessary
or  appropriate  in order to protect the rights of the Payor against  impairment
due to such event.  Without limiting the generality of the foregoing,  the Payor
will not consolidate with or merge into any other person or entity or permit any
such person or entity to consolidate or merge into the Payor,  unless such other
person (or, in the case of a merger or consolidation in which the Company is the
surviving entity,  the person issuing the securities  involved in such merger or
consolidation)  shall expressly assume in writing and will be bound by all terms
of this Debenture.

                            (Signature page follows)

<PAGE>

     IN  WITNESS  WHEREOF,  the  Payor  has duly  executed  and  delivered  this
Debenture as of the date first written above.

                                 INFOCROSSING, INC.

                                 By:
                                    --------------------------------------------
                                     Name:    Zach Lonstein
                                     Title:   Chief Executive Officer and
                                              Chairman of the Board of DirectorsEXECUTION COPY

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

                                WARRANT AGREEMENT

                                   Dated as of

                                February 1, 2002

                                     between

                               Infocrossing, Inc.

                                   as Issuer,

                                       and

                         the Warrantholders Party Hereto

                       -----------------------------------
                              Common Stock Warrants
                                       of
                               Infocrossing, Inc.
                      -------------------------------------

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

<PAGE>

                                WARRANT AGREEMENT

     WARRANT AGREEMENT dated as of February 1, 2002, between, Infocrossing,
Inc., a Delaware corporation (the "Company"), and each of the warrantholders
party hereto (collectively, with their successors and assigns, the
"Warrantholders").

                              W I T N E S S E T H:

     WHEREAS, the Company proposes, among other things, to issue and sell
pursuant to a Securities Purchase Agreement, dated the date hereof, among the
Company, Cahill Warnock Strategic Partners Fund, L.P., a Delaware limited
partnership, Strategic Associates, L.P., a Delaware limited partnership, Camden
Partners Strategic Fund II-A, L.P., a Delaware limited partnership, Camden
Partners Strategic Fund II-B, L.P., a Delaware limited partnership (the
"Securities Purchase Agreement"), Senior Subordinated Debentures due 2005 in the
aggregate principal amount of $10,000,000 (the "Debentures"); and

     WHEREAS, in connection with the issuance of the Debentures, the Company
agrees to issue to each of the Warrantholders warrants to purchase shares of the
common stock, par value $.01 of the Company (the "Common Stock") pursuant to the
terms and conditions set forth herein (the "Initial Warrants"); and

     WHEREAS, the Company will issue additional warrants (the "Additional
Warrants" and, together with the Initial Warrants, the "Warrants") if and when
the Company pays interest accruing on the Debentures by the issuance of
additional Debentures (the "PIK Debentures"); and

     WHEREAS, the execution and delivery of this Agreement is a condition to the
consummation of the transactions contemplated by the Securities Purchase
Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual agreements
herein, the Company hereby agrees as follows for the equal and ratable benefit
of the Warrantholders:

                                    ARTICLE I
                                   Definitions

     Section 1.01. Definitions.

     "Affiliate" means, with respect to (i) the Company, any other Person
directly or indirectly controlling, controlled by, or under direct or indirect
common control with, the Company; and (ii) the Warrantholders, any current or
former members of or any general or limited partners or retired partners of any
of the Purchasers, or any Person or entity that directly or indirectly, through
one or more intermediaries, controls, with the general partner of
Warrantholders, the Warrantholders. For the purposes of this definition,
"control" when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
<PAGE>

the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

     "Agreement" means this Warrant Agreement as amended or supplemented from
time to time.

     "Board of Directors" or "Board" means the Board of Directors of the Company
or any committee thereof duly authorized to act on behalf of such Board.

     "Business Day" means each day that is not a Saturday, Sunday or other day
on which banking institutions in New York, New York are authorized or required
by law to close.

     "Cashless Exercise Ratio" means a fraction, the numerator of which is the
excess of the Current Market Value per share of Common Stock on the Exercise
Date over the Exercise Price per share as of the Exercise Date and the
denominator of which is the Current Market Value per share of the Common Stock
on the Exercise Date.

     "Capital Stock" means (i) with respect to any Person that is a corporation,
any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock and (ii) with respect to any other
Person, any and all partnership or other equity interests of such Person.

     "Commission" means the United States Securities and Exchange Commission.

     "Current Market Value" per share of Common Stock or any other security at
any date means (i) if the security is not registered under the Exchange Act, the
value of the security, determined in good faith by the Board of Directors and
certified in a board resolution, or (ii) if the security is registered under the
Exchange Act, the average of the daily closing bid prices (or the equivalent in
an over-the-counter market) for each Business Day during the period commencing
30 Business Days before such date and ending on the date one day prior to such
date, or if the security has been registered under the Exchange Act for less
than 30 consecutive Business Days before such date, the average of the daily
closing bid prices (or such equivalent) for all of the Business Days before such
date for which daily closing bid prices are available; provided, however, that
if the closing bid price is not determinable for at least five Business Days in
such period, the "Current Market Value" of the security shall be determined as
if the security were not registered under the Exchange Act.

     "Debenture Issue Date" means the date on which the Debentures are issued.

     "Exchange Act" means, as of any date, the Securities Exchange Act of 1934,
as amended through such date, and the rules and regulations promulgated
thereunder in effect on such date.

     "Exercise Date" means, for a given Warrant, the day on which such Warrant
is exercised pursuant to Section 3.04.

     "GAAP" means as of any date, United States generally accepted accounting
principles, consistently applied, as in effect on such date.

                                       2
<PAGE>

     "Holder" means the Person in whose name a Warrant is registered on the
Warrant Registrar's books.

     "Indebtedness" means all of the amounts owed under the Debentures,
including, without limitation, all accrued and unpaid interest and all other
obligations arising thereunder.

     "Issue Date" means the date on which the Warrants are initially issued.

     "Officer" means the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer, the President, any Vice President, the
Treasurer or the Secretary of the Company.

     "Person" means any individual, corporation, partnership, joint venture,
limited liability company, association, joint-stock company, trust,
unincorporated organization, government or any agency or political subdivision
thereof or any other entity.

     "PIK Debenture" has the meaning assigned to it in the Third Recital hereto.

     "PIK Debenture Issue Date" means the date on which the PIK Debentures are
issued.

     "Preferred Stock", as applied to the Capital Stock of any Person, means
Capital Stock of any class or classes (however designated) which is preferred as
to the payment of dividends, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over shares
of Capital Stock of any other class of such Person.

     "Securities" means the Warrants and the Warrant Shares.

     "Securities Act" means, as of any date, the Securities Act of 1933, as
amended as of such date and the rules and regulations of the Commission
promulgated thereunder in effect as of such date.

     "Securities Purchase Agreement" has the meaning assigned to it in the
recitals hereto.

     "Stockholders' Agreement" means the Second Amended and Restated
Stockholders' Agreement, dated as of the date hereof, to be entered into by and
between the Company and the parties thereto.

     "Subsidiary" means, with respect to any Person (i) a corporation a majority
of whose capital stock with voting power, under ordinary circumstances, to elect
directors is at the time, directly or indirectly, owned by such Person, by a
subsidiary of such Person, or by such Person and one or more subsidiaries of
such Person, (ii) a partnership in which such Person or a subsidiary of such
Person is, at the date of determination, a general partner of such partnership
and has the power to direct the policies and management of such partnership or
(iii) any other Person (other than a corporation) in which such Person, a
subsidiary of such Person or such Person and one or more subsidiaries of such
Person, directly or indirectly, at the date of determination thereof, has (A) at

                                       3
<PAGE>

least a majority ownership interest or (B) the power to elect or direct the
election of a majority of the directors or other governing body of such Person.

     "Uniform Commercial Code" shall mean the New York Uniform Commercial Code,
as in effect from time to time.

     "Warrant Certificates" mean the registered certificates issued by the
Company under this Agreement representing the Warrants.

     "Warrant Percentage" shall mean, with respect to a Warrantholder, the
percentage of Warrants held by such Warrantholder when compared to the number of
Warrants held by all Warrantholders. The Warrant Percentage for each
Warrantholder is set forth on Schedule A next to the name of such Warrantholder.

     "Warrant Shares" mean the shares of Common Stock (and any other securities)
for which the Warrants are exercisable or which have been issued upon exercise
of Warrants.

     Section 1.02. Other Definitions.

          Term                                          Defined in Section
          ----                                          ------------------
 "Additional Warrants"                                      Third Recital
 "Additional Warrant Expiration Date"                       3.02(b)
 "Cashless Exercise"                                        3.04
 "Common Stock"                                             Second Recital
 "Common Stock Record Date"                                 4.07
 "Company"                                                  Preamble
 "Debentures"                                               First Recital
 "Default"                                                  2.14
 "Exercise Price"                                           3.01
 "Exercise Rate"                                            4.01
 "Initial Warrants"                                         Second Recital
 "Initial Warrant Expiration Date                           3.02(b)
 "non-electing share"                                       4.05
 "Partial Prepayment"                                       2.02
 "Prepayment Fraction"                                      2.03
 "protected purchaser"                                      2.11
 "Stock Registrar"                                          3.07
 "Stock Transfer Agent"                                     3.05
 "Transfer Notice"                                          2.10
 "Warrant"                                                  Third Recital
 "Warrantholder"                                            Preamble
 "Warrant Registrar"                                        2.09

     Section 1.03. Rules of Construction. Unless the context otherwise requires:

          (i) a defined term has the meaning assigned to it;

                                       4
<PAGE>

          (ii) an accounting term not otherwise defined has the meaning assigned
     to it in accordance with GAAP as in effect as of the date hereof;

          (iii) "or" is not exclusive;

          (iv) "including" means including without limitation; and

          (v) words in the singular include the plural and words in the plural
     include the singular.

                                   ARTICLE II
                              Warrant Certificates

     Section 2.01. Issuance of Warrants. On the date hereof, the Company shall
issue to the Warrantholders Initial Warrants to purchase an aggregate of
2,000,000 shares of Common Stock. Each Warrantholder shall receive a warrant for
the number of shares of Common Stock set forth next to such Warrantholder's name
on Schedule A attached hereto.

     Section 2.02. Reduction of Initial Warrants Upon Repayment in Full. Subject
to Section 2.14, if the Company repays all of the Indebtedness under the
Debentures before the first anniversary of the Debenture Issue Date, 1,500,000
Initial Warrants will be immediately cancelled. If the Company repays all of the
Indebtedness under the Debentures after the first anniversary and before the
third anniversary of the Debenture Issue Date, the amount of shares for which
the Initial Warrants are exercisable shall be reduced by multiplying 62,500
shares by the number of full months between the date of the repayment in full
and the third anniversary of the Debenture Issue Date; it being understood that
at no time will the Company be permitted to cancel more than 1,500,000 Initial
Warrants, provided, however, that if the Company exercises its right to make a
partial prepayment as set forth in Section 3.1(b) of the Debenture (a "Partial
Prepayment"), this Section 2.02 shall not apply and the shares for which the
Initial Warrants are exercisable shall be reduced in accordance with Section
2.03 below.

     Section 2.03. Reduction of Initial Warrants upon Partial Prepayment.
Subject to Section 2.14, if the Company makes a Partial Prepayment, the amount
of shares for which the Initial Warrants are exercisable shall be reduced in an
amount equal to the product of (x) the number of Initial Warrants that would
then be reduced pursuant to Section 2.02, assuming full repayment of the
Debentures, and (y) a fraction, the numerator of which shall be the aggregate
principal amount of Debentures actually prepaid and the denominator of which
shall be equal to the aggregate principal amount of Debentures outstanding on
the date of such Partial Prepayment (the "Prepayment Fraction").

     Section 2.04. Reduction of Initial Warrants upon Full Prepayment Following
Partial Prepayment. Subject to Section 2.14, in the event of a full repayment of
all of the Indebtedness under the Debenture that is both (i) after a Partial
Prepayment; and (ii) before the third anniversary of the Debenture Issuance
Date, the amount of shares for the which the Initial Warrants are exercisable
shall be further reduced in an amount equal to the product of (x) the number of
Initial Warrants that would then be reduced pursuant to Section 2.02, assuming
full repayment of the Debentures, and (y) one (1) minus the Prepayment Fraction.

                                       5
<PAGE>

     Section 2.05. Issuance of Additional Warrants. In the event that the
Company elects to repay any portion of the interest due on the Debentures in the
form of PIK Debentures, the Company shall upon and as of the due date of such
interest payment, issue Additional Warrants (on terms and conditions identical
to the Initial Warrants) to purchase the number of shares of Common Stock equal
to one share for each ten dollars ($10.00) of interest paid in the form of PIK
Debentures, provided, however, that the Additional Warrants shall not be issued
until the two-year anniversary of the Debenture Issue Date, provided, further,
subject to Section 2.14, that no Additional Warrants shall be issued if all of
the Indebtedness outstanding under the Debentures has been repaid in full before
the two year anniversary of the Debenture Issue Date; and provided, further,
that the exercise price of the Additional Warrants shall be the price equal to
the average of the daily closing bid prices (or the equivalent in an
over-the-counter market) for each Business Day during the period commencing 30
Business Days before such date and ending on the date one day prior to such
date, or if the security has been registered under the Exchange Act for less
than 30 consecutive Business Days before such date, the average of the daily
closing bid prices (or such equivalent) for all of the Business Days before such
date for which daily closing bid prices are available.

     Section 2.06. Multiple Warrantholders. All Warrants issued by the Company
shall be issued separately to the Warrantholders in accordance with each
Warrantholder's Warrant Percentage set forth on Schedule A.

     Section 2.07. Form and Dating. The Warrant Certificates shall each be
substantially in the form of Exhibit A hereto, which is hereby incorporated in
and expressly made a part of this Agreement. The Warrant Certificates may have
notations, legends or endorsements required by law, stock exchange rule,
agreements to which the Company is subject, if any, or usage. Each Warrant
Certificate shall be dated the date that it is executed by the Company.

     Section 2.08. Execution and Countersignature. Two Officers shall sign the
Warrant Certificates for the Company by manual or facsimile signature. If an
Officer whose signature is on a Warrant Certificate no longer holds that office
at the time the Company issues the Warrant Certificate, the Warrant Certificate
shall be valid nevertheless.

     Section 2.09. Warrant Registrar. The Company shall maintain an office or
agency where Warrants may be presented for registration of transfer, exchange or
exercise (the "Warrant Registrar"). The Warrant Registrar shall keep a register
of the Warrants and of their transfer, exchange or exercise. The Company may
have one or more co-registrars. The Company may act as Warrant Registrar. The
term Warrant Registrar includes any co-registrars. The Company shall initially
serve as Warrant Registrar in connection with the Warrants.

     The Company shall enter into an appropriate agency agreement with any
Warrant Registrar not a party to this Agreement. The agreement shall implement
the provisions of this Agreement that relate to such agent. The Company shall
notify the Warrantholders of the name and address of any such agent. If the
Company fails to maintain a Warrant Registrar, the Company shall act as such.

                                       6
<PAGE>

     The Company may remove any Warrant Registrar upon written notice to such
Warrant Registrar and to the Warrantholders; provided, however, that no such
removal shall become effective until (1) acceptance of an appointment by a
successor as evidenced by an appropriate agreement entered into by the Company
and such successor Warrant Registrar and delivered to the Warrantholders or (2)
notification to the Warrantholders that the Company shall serve as Warrant
Registrar until the appointment of a successor in accordance with clause (1)
above. The Warrant Registrar may resign at any time upon written notice. The
Company and the Warrant Registrar may deem and treat the Person in whose name a
Warrant Certificate is registered as the absolute owner of such Warrant
Certificate for all purposes whatsoever and neither the Company and the Warrant
Registrar shall be affected by notice to the contrary.

     Section 2.10. Transfer and Exchange. The Warrants shall be issued in
registered form and shall be transferable only upon the surrender of a Warrant
Certificate for registration of transfer and in compliance with the provisions
of this Agreement. When a Warrant is presented to the Warrant Registrar with a
request to register a transfer, the Warrant Registrar shall register the
transfer as requested if the requirements of Section 8-401(a) of the Uniform
Commercial Code are met. When Warrants are presented to the Warrant Registrar
with a request to exchange them for an equal number of Warrants of other
denominations, the Warrant Registrar shall make the exchange as requested if the
requirements of Section 8-401(a)(1) and (2) of the Uniform Commercial Code are
met. To permit registration of transfers and exchanges, the Company shall
execute Warrant Certificates at the Warrant Registrar's request. The Company may
require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges in connection with any transfer, exchange or exercise
pursuant to this Section 2.10.

     Subject to the restrictions set forth in this Section 2.10, each
Warrantholder may at any time and from time to time freely transfer its Warrant
and the Warrant Shares in whole or in part. No Warrant has been, and the Warrant
Shares at the time of their issuance may not be, registered under the Securities
Act, and, except as provided in any separate agreement providing for
registration rights, nothing herein contained shall be deemed to require the
Company to so register any Warrant or Warrant Shares. The Warrants and the
Warrant Shares are issued or issuable subject to the provisions and conditions
contained herein, and every Holder of a Warrant or Warrant Shares by accepting
such Warrant or Warrant Shares agrees with the Company to such provisions and
conditions, and represents to the Company that such Warrant has been acquired
and the Warrant Shares will be acquired for the account of such Warrantholder
for investment and not with a view to or for sale in connection with any
distribution thereof.

     Except as otherwise permitted by this Section 2.10, each Warrant (including
each Warrant issued upon the transfer of any Warrant) and all Warrant Shares
shall be stamped or otherwise imprinted with legends in substantially the
following form:

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
     RESTRICTIONS AGAINST TRANSFER SET FORTH IN A SECOND AMENDED AND RESTATED
     STOCKHOLDERS' AGREEMENT (THE "STOCKHOLDERS' AGREEMENT") DATED AS OF
     FEBRUARY 1, 2002, AS MAY BE AMENDED FROM TIME TO TIME. A COPY OF SUCH
     STOCKHOLDERS AGREEMENT HAS BEEN FILED IN THE OFFICE OF THE COMPANY LOCATED

                                       7
<PAGE>

     AT 2 CHRISTIE HEIGHTS STREET, LEONIA, NEW JERSEY 07605, WHERE THE SAME MAY
     BE INSPECTED DAILY DURING BUSINESS HOURS.

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR THE SECURITIES
     LAWS OF ANY STATE OF THE UNITED STATES. SUCH SECURITIES MAY NOT BE OFFERED,
     SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE
     ABSENCE OF SUCH REGISTRATION OTHER THAN PURSUANT TO AN EXEMPTION FROM SUCH
     REGISTRATION REQUIREMENTS.

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THAT
     CERTAIN WARRANT AGREEMENT (THE "WARRANT AGREEMENT") DATED AS OF FEBRUARY 1,
     2002. PURSUANT TO SECTION 2 OF THE WARRANT AGREEMENT THE NUMBER OF SHARES
     MAY BE SUBJECT TO REDUCTION FOR WHICH THIS WARRANT MAY BE EXERCISED AS
     PROVIDED THEREIN. A COPY OF SUCH WARRANT AGREEMENT HAS BEEN FILED IN THE
     OFFICE OF THE COMPANY LOCATED AT 2 CHRISTIE HEIGHTS STREET, LEONIA, NEW
     JERSEY 07605, WHERE THE SAME MAY BE INSPECTED DAILY DURING BUSINESS HOURS.

     Transfers of Warrants and Warrant Shares are subject to restrictions as
provided in the Stockholders' Agreement. Prior to any transfer or attempted
transfer of any Warrants, the Holder of such Warrants shall give 10 days' prior
written notice (a "Transfer Notice") to the Company of such Holder's intention
to effect such transfer, describing the manner and circumstances of the proposed
transfer, and, if requested by the Company, obtain from counsel to such Holder
who shall be reasonably satisfactory to the Company, an opinion that the
proposed transfer of such Warrants may be effected without registration under
the Securities Act. After receipt of the Transfer Notice and opinion, the
Company shall, within five days thereof, so notify the Holder of such Warrants
and such Holder shall thereupon be entitled to transfer such Warrants, in
accordance with the terms of the Transfer Notice. Each Warrant issued upon such
transfer shall bear the restrictive legends set forth above, unless, with
respect to the legend in paragraph (a) above, in the opinion of such counsel
such legend is not required in order to ensure compliance with the Securities
Act. The Holder of the Warrants giving the Transfer Notice shall not be entitled
to transfer such Warrants until receipt of notice from the Company under this
Section 2.10.

     Section 2.11. Replacement Certificate. If a mutilated Warrant is
surrendered to the Company or if a Warrantholder claims that the Warrant
Certificate has been lost, destroyed or wrongfully taken, the Company shall use
all reasonable efforts to execute a replacement Warrant Certificate if the
requirements of Section 8-405 of the Uniform Commercial Code are met, such that
the Warrantholder (i) notifies the Company within a reasonable time after he has
notice of such loss, destruction or wrongful taking and the Company does not
register a transfer prior to receiving such notification, (ii) makes such
request to the Company prior to the Warrant being acquired by a protected
purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
"protected purchaser") and (iii) satisfies any other reasonable requirements of
the Company. If required by the Company, such Warrantholder shall furnish an
indemnity bond sufficient in the reasonable judgment of the Company to protect

                                       8
<PAGE>

the Company from any loss that it may suffer if a Warrant is replaced. The
Company may charge the Warrantholder for its expenses in replacing a Warrant
Certificate. Every replacement Warrant is an additional obligation of the
Company.

     The provisions of this Section 2.11 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
of mutilated, lost, destroyed or wrongfully taken Securities.

     Section 2.12. Outstanding Warrants. Warrants outstanding at any time are
all Warrant Certificates executed by the Company except for those canceled by
it, those delivered to it for cancellation and those described in this Section
2.12 as not outstanding. A Warrant does not cease to be outstanding because an
Affiliate of the Company holds the Warrant. A Warrant ceases to be outstanding
if the Company holds the Warrant.

     If a Warrant Certificate is replaced pursuant to Section 2.11, it ceases to
be outstanding unless the Company receives proof satisfactory to it that the
replaced Warrant Certificate is held by a protected purchaser.

     Section 2.13. Cancellation. The Company at any time may cancel Warrant
Certificates which have been surrendered for registration of transfer, exchange,
exercise or cancellation. The Company and no one else shall cancel all Warrant
Certificates surrendered for registration of transfer, exchange, exercise or
cancellation. The Company may not issue new Warrant Certificates to replace
Warrants Certificates that have been exercised or Warrants which the Company has
purchased or otherwise acquired.

     Section 2.14. Default. Notwithstanding anything to the contrary contained
herein, upon the occurrence of a Default (as defined in the Debenture) all
Initial Warrants will no longer be subject to reduction as set forth in Sections
2.02, 2.03 or 2.04 and all Additional Warrants (if any) shall immediately be
issued notwithstanding the application of Section 2.05.

                                  ARTICLE III
                                 Exercise Terms

     Section 3.01. Exercise. Each Warrant shall initially entitle the Holder
thereof, subject to adjustment pursuant to the terms of this Agreement, to
purchase one (1) share of Common Stock. The exercise price (the "Exercise
Price") of each Warrant is $5.86 per share (which is equal to the Current Market
Value on the date hereof), subject to adjustment pursuant to Article IV hereof.

     Section 3.02. Time of Exercise; Separability

          (a) Subject to the terms and conditions set forth herein, the Warrants
     shall be exercisable at any time and from time to time on any Business Day
     on or after the Issue Date; provided, that no Initial Warrant shall be
     exercisable until it is no longer subject to cancellation. Further, until
     approval of the Company has been received pursuant to Section 5.7 of the
     Purchase Agreement, no Warrants may be exercised if such exercise, together
     with all exercises of Warrants results in the issuance by the Company of
     more than 1,066,705 shares of Common Stock (which equals 19.999% of the

                                       9
<PAGE>

     number of shares of Common Stock outstanding on the trading day immediately
     preceding the date hereof).

          (b) No Initial Warrant shall be exercisable after January 30, 2007
     (the "Initial Warrant Expiration Date") and no Additional Warrant shall be
     exercisable after the five-year anniversary of the issue date of such
     Additional Warrants (the "Additional Warrant Expiration Date").

          (c) The Initial Warrants will be separately transferable, subject to
     compliance with applicable securities laws, on the Debenture Issue Date and
     the Additional Warrants will be separately transferable, subject to
     compliance with applicable securities laws on the PIK Debenture Issue Date.

     Section 3.03. Expiration. An Initial Warrant shall terminate and become
void as of the earlier of (i) the close of business on the Initial Warrant
Expiration Date or (ii) the date such Initial Warrant is exercised. An
Additional Warrant shall terminate and become void as of the earlier of (i) the
close of business on the Additional Warrant Expiration Date or (ii) the date
such Additional Warrant is exercised. The Company shall give notice not less
than 90, and not more than 120, days prior to the Initial Warrant Expiration
Date or Additional Warrant Expiration Date, as applicable, to the Holders of all
then outstanding Warrants to the effect that the Warrants will terminate and
become void as of the close of business on the Initial Warrant Expiration Date
or Additional Warrant Expiration Date, as applicable; provided, however, that if
the Company fails to give notice as provided in this Section 3.03, the Initial
Warrants will nevertheless terminate on the Initial Warrant Expiration Date and
the Additional Warrants will nevertheless terminate on the Additional Warrant
Expiration Date.

     Section 3.04. Manner of Exercise. Warrants may be exercised upon (i)
surrender to the Warrant Registrar at its office of the related Warrant
Certificate, together with the form of election attached thereto to purchase
Common Stock duly filled in and signed by the Holder thereof; (ii) payment to
the Company of the Exercise Price for each Warrant Share or other security
issuable upon the exercise of such Warrants then exercised; or (iii) by the
election of Cashless Exercise set forth below. Such payment shall be made (i) in
cash or by certified or official bank check payable to the order of the Company
or by wire transfer of funds to an account designated by the Company for such
purpose or (ii) without the payment of cash, by reducing the number of shares of
Common Stock obtainable upon the exercise of a Warrant and payment of the
Exercise Price in cash so as to yield a number of shares of Common Stock upon
the exercise of such Warrant equal to the product of (a) the number of shares of
Common Stock issuable as of the Exercise Date upon the exercise of such Warrant
(if payment of the Exercise Price were being made in cash) and (b) the Cashless
Exercise Ratio. An exercise of a Warrant in accordance with the immediately
preceding clause (ii) is herein called a "Cashless Exercise". Upon surrender of
a Warrant Certificate representing more than one Warrant in connection with the
Holder's option to elect a Cashless Exercise, the number of shares of Common
Stock deliverable upon a Cashless Exercise shall be equal to the number of
shares of Common Stock issuable upon the exercise of Warrants that the Holder
specifies are to be exercised pursuant to a Cashless Exercise multiplied by the
Cashless Exercise Ratio. All provisions of this Agreement shall be applicable
with respect to a surrender of a Warrant Certificate pursuant to a Cashless
Exercise for less than the full number of Warrants represented thereby. Subject
to Section 3.02, the rights represented by the Warrants shall be exercisable at
the election of the Warrantholders thereof either in full at any time or from

                                       10
<PAGE>

time to time in part and in the event that a Warrant Certificate is surrendered
for exercise of less than all the Warrants represented by such Warrant
Certificate at any time prior to the Initial Warrant Expiration Date in the case
of the Initial Warrants and the Additional Warrant Expiration Date in the case
of Additional Warrants, a new Warrant Certificate representing the remaining
Warrants shall be issued.

     Section 3.05. Issuance of Warrant Shares. Subject to Section 2.11, upon the
surrender of Warrant Certificates and payment of the per share Exercise Price or
election of a Cashless Exercise, as set forth in Section 3.04, the Company shall
issue and cause the transfer agent for the Common Stock ("Stock Transfer Agent")
to countersign and deliver to or upon the written order of the Warrantholder and
in such name or names as the Holder may designate, a certificate or certificates
for the number of full Warrant Shares so purchased upon the exercise of such
Warrants or other securities or property to which it is entitled, registered or
otherwise, to the Person or Persons entitled to receive the same (including any
depositary institution so designated by a Warrantholder), together with cash as
provided in Section 3.06 in respect of any fractional Warrant Shares otherwise
issuable upon such exercise. Such certificate or certificates shall be deemed to
have been issued and any Person so designated therein shall be deemed to have
become a Holder of record of such Warrant Shares as of the date of the surrender
of such Warrant Certificates and payment of the per share Exercise Price or
election of a Cashless Exercise, as aforesaid; provided, however, that if, at
such date, the transfer books for the Warrant Shares shall be closed, the
certificates for the Warrant Shares in respect of which such Warrants are then
exercised shall be issuable as of the date on which such books shall next be
opened and until such date the Company shall be under no duty to deliver any
certificates for such Warrant Shares; provided further, however, that such
transfer books, unless otherwise required by law, shall not be closed at any one
time for a period longer than 90 calendar days.

     Section 3.06. Fractional Warrant Shares. The Company shall not be required
to issue fractional Warrant Shares on the exercise of Warrants. If more than one
Warrant shall be exercised in full at the same time by the same Warrantholder,
the number of full Warrant Shares which shall be issuable upon such exercise
shall be computed on the basis of the aggregate number of Warrant Shares which
may be purchasable pursuant thereto. If any fraction of a Warrant Share would,
except for the provisions of this Section 3.06, be issuable upon the exercise of
any Warrant (or specified portion thereof), the Company shall pay an amount in
cash equal to the Current Market Value per Warrant Share, as determined on the
day immediately preceding the date the Warrant is presented for exercise,
multiplied by such fraction, computed to the nearest whole cent.

     Section 3.07. Reservation of Warrant Shares. The Company shall at all times
keep reserved out of its authorized shares of Common Stock a number of shares of
Common Stock sufficient to provide for the exercise of all outstanding Warrants.
The registrar for the Common Stock (the "Stock Registrar") shall at all times
until the Initial Warrant Expiration Date in the case of the Initial Warrants
and the Additional Warrant Expiration Date in the case of the Additional
Warrants reserve such number of authorized shares as shall be required for such
purpose. The Company will keep a copy of this Agreement on file with the Stock
Transfer Agent. The Company will supply such Stock Transfer Agent with duly
executed stock certificates for such purpose and will itself provide or
otherwise make available any cash which may be payable as provided in Section

                                       11
<PAGE>

3.06. The Company will furnish to such Stock Transfer Agent a copy of all
notices of adjustments (and certificates related thereto) transmitted to each
Holder.

     The Company covenants that all Warrant Shares which may be issued upon
exercise of Warrants shall, upon issue, be fully paid, nonassessable, free from
all taxes and free from all liens, charges and security interests with respect
to the issue thereof.

     Section 3.08. No Dilution or Impairment. The Company (a) will not permit
the par or nominal value of any Warrant Shares issuable upon the exercise of
Warrants to exceed the amount payable therefor upon such exercise, (b) will take
all reasonable action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant
Shares on the exercise of the Warrants from time to time outstanding and (c)
will not take any action which results in any adjustment of the Exercise Rate
(as such term is defined in Section 4.01 below) if the total number of shares of
Common Stock (or other securities) issuable after the action upon the exercise
of all of the Warrants would exceed the total number of shares of Common Stock
(or other securities) then authorized by the Company's Certificate of
Incorporation and available for the issuance of shares of Common Stock (or other
securities) upon such exercise.

                                   ARTICLE IV
                            ANTIDILUTION PROVISIONS

     Section 4.01. General. The number of shares of Common Stock issuable upon
the exercise of each Warrant (the "Exercise Rate") is subject to adjustment from
time to time upon the occurrence of the events enumerated in this Article IV.
The Exercise Rate shall initially be 1.0000.

     Section 4.02. Adjustment for Common Stock Dividends. If the Company shall
hereafter pay a dividend or make a distribution to holders of any of its
securities in shares of Common Stock, the Exercise Rate in effect at the opening
of business on the date following the date fixed for the determination of
shareholders entitled to receive such dividend or other distribution shall be
increased by multiplying such Exercise Rate by a fraction of which the numerator
shall be the sum of the number of shares of Common Stock outstanding at the
close of business on the Common Stock Record Date (as defined in Section 4.07)
and the total number of shares constituting such dividend or other distribution
and the denominator shall be the number of shares of Common Stock outstanding at
the close of business on the Common Stock Record Date fixed for such
determination, such increase to become effective immediately after the opening
of business on the day following the Common Stock Record Date. If any dividend
or distribution of the type described in this Section 4.02 is declared but not
so paid or made, the Exercise Rate shall again be adjusted to the Exercise Rate
which would then be in effect if such dividend or distribution had not been
declared.

     Section 4.03. Adjustment for Issuances of Common Stock, Options, Warrants,
Rights and Convertible or Exchangeable Securities. If the Company shall issue,
sell or distribute any shares of Common Stock or offer or issue, sell or
distribute options, rights or warrants to any Person entitling them to subscribe

                                       12
<PAGE>

for or purchase shares of Common Stock or issue, sell or distribute convertible
or exchangeable securities which are convertible or exchangeable for shares of
Common Stock, in each case, at a price per share less than the Exercise Price,
the Exercise Rate shall be adjusted so that the same shall equal the rate
determined by multiplying the Exercise Rate in effect at the opening of business
on the date immediately prior to such sale, issuance or distribution of shares,
options, rights, warrants or exchangeable or convertible securities by a
fraction of which the numerator shall be the number of shares of Common Stock
outstanding at the close of business on such date plus the total number of
additional shares of Common Stock to be issued, sold or distributed or subject
to such options, rights, warrants or exchangeable or convertible securities for
subscription or purchase and of which the denominator shall be the number of
shares of Common Stock outstanding at the close of business on such date plus
the number of shares of Common Stock which the aggregate offering price of the
total number of shares of Common Stock to be issued, sold or distributed or
subject to such options, rights, warrants or exchangeable or convertible
securities would purchase at the Exercise Price. Such adjustment shall become
effective immediately after the opening of business on the day following the
issuance, sale or distribution of such shares, options, rights, warrants or
exchangeable or convertible securities. To the extent that shares of Common
Stock are not delivered pursuant to such options, rights, warrants or
exchangeable or convertible securities, upon the expiration or termination of
such options, rights, warrants or exchangeable or convertible securities the
Exercise Rate shall again be adjusted to be the Exercise Rate which would then
be in effect had the adjustments made upon the issuance, sale or distributions
of such options, rights, warrants or exchangeable or convertible securities been
made on the basis of delivery of only the number of shares of Common Stock
actually delivered. If such shares, options, rights, warrants or exchangeable or
convertible securities are not so issued, the Exercise Rate shall again be
adjusted to be the Exercise Rate which would then be in effect if such date
fixed for the determination of shareholders entitled to receive such shares,
options, rights, warrants or exchangeable or convertible securities had not been
fixed. In determining whether any shares, options, rights, warrants or
exchangeable or convertible securities entitle the Holders to subscribe for or
purchase shares of Common Stock at less than the Exercise Price per share, and
in determining the aggregate offering price of such shares of Common Stock,
there shall be taken into account any consideration received for such options,
rights, warrants or exchangeable or convertible securities, with the value of
such consideration, if other than cash, to be determined in good faith by the
Board of Directors and the amount of any exercise price or subscription price
required to be paid upon exercise of such options, rights, warrants or
exchangeable or convertible securities. No adjustment of the Exercise Rate shall
be made if such adjustment would result in a decrease of the number of shares
issuable upon application of the adjusted Exercise Rate.

     Section 4.04. Adjustment upon Subdivision, Reclassification or Combination
of Common Stock. If the outstanding shares of Common Stock shall be subdivided
or reclassified into a greater number of shares of Common Stock, the Exercise
Rate in effect at the opening of business on the day following the day upon
which such subdivision or reclassification becomes effective shall be
proportionately increased, and, conversely, if the outstanding shares of Common
Stock shall be combined into a smaller number of shares of Common Stock, the
Exercise Rate in effect at the opening of business on the day following the day
upon which such combination becomes effective shall be proportionately reduced,
such increase or reduction, as the case may be, to become effective immediately
after the opening of business on the day following the day upon which such
subdivision or combination becomes effective.

                                       13
<PAGE>

     Section 4.05. Adjustments for Mergers, Consolidations, etc. In case of any
consolidation of the Company with, or merger of the Company into, any other
corporation, or in case of any merger of another corporation into the Company
(other than a merger that does not result in any reclassification, conversion,
exchange or cancellation of outstanding shares of Common Stock of the Company),
or in case of any sale, conveyance or transfer of all or substantially all the
assets of the Company, the Holder of each Warrant shall have the right
thereafter, during the period such Warrant shall be exercisable in accordance
with its terms, to exercise such Warrant for the kind and amount of securities,
cash and other property receivable upon such consolidation, merger, conveyance
or transfer by a holder of the number of shares of shares of Common Stock of the
Company into which such Warrant might have been exercised immediately prior to
such consolidation, merger, conveyance or transfer, assuming such Holder of
shares of Common Stock of the Company failed to exercise his rights of election,
if any, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, conveyance or transfer (provided
that, if the kind or amount of securities, cash and other property receivable
upon such consolidation, merger, conveyance or transfer is not the same for each
Common Share of the Company in respect of which such rights of election shall
not have been exercised ("nonelecting share"), then for the purpose of this
Section 4.05 the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, conveyance or transfer by each
nonelecting share shall be deemed to be the kind and amount so receivable per
share by a plurality of the nonelecting shares). Such securities shall provide
for adjustments which, for events subsequent to the effective date of the
triggering event, shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article IV. The above provisions of this
Section 4.05 shall similarly apply to successive consolidations, mergers,
conveyances or transfers. The Company shall deliver written notice at least five
(5) Business Days prior to any consummation of the events enumerated in the
first sentence of this Section 4.05.

     Section 4.06. Other Events. If any event occurs as to which the foregoing
provisions of this Article IV are not strictly applicable or, if strictly
applicable, would not, in the good faith judgment of the Board of Directors,
fairly and adequately protect the purchase rights of the Warrants in accordance
with the essential intent and principles of such provisions, then such Board of
Directors shall make such adjustments in the application of such provisions, in
accordance with such essential intent and principles, as shall be reasonably
necessary, in the good faith opinion of such Board of Directors, to protect such
purchase rights as aforesaid, but in no event shall any such adjustment have the
effect of decreasing the Exercise Rate or decreasing the number of Warrant
Shares issuable upon exercise of the Warrants.

     Section 4.07. Certain Definitions. For purposes of this Article IV, the
following term shall have the meaning indicated:

     "Common Stock Record Date" shall mean, with respect to any dividend,
distribution or other transaction or event in which the holders of Common Stock
have the right to receive any cash, securities or other property or in which the
Common Stock (or other applicable security) is exchanged for or converted into
any combination of cash, securities or other property, the date fixed for
determination of shareholders entitled to receive such cash, securities or other
property (whether such date is fixed by the Board of Directors or by statute,
contract or otherwise).

                                       14
<PAGE>

     Section 4.08. Deferral of Certain Adjustments. No adjustment in the
Exercise Rate shall be required unless such adjustment would require an increase
or decrease of at least 1% in such rate; provided, however, that any adjustments
which by reason of this Section 4.08 are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. All
calculations under this Article IV shall be made by the Company and shall be
rounded to fourth decimal place. No adjustment need be made for a change in the
par value or no par value of the Common Stock.

     Section 4.09. Officers Certificate; Notice of Adjustment. Whenever the
Exercise Rate is adjusted as herein provided, the Company shall promptly file
with the Warrant Registrar an Officers' certificate setting forth the Exercise
Rate after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. Promptly after delivery of such certificate, the
Company shall prepare a notice of such adjustment of the Exercise Rate setting
forth the adjusted Exercise Rate and the date on which each adjustment becomes
effective and shall mail such notice of such adjustment of the Exercise Rate to
each Warrantholder at such Warrantholder's last address appearing on the
register of Warrantholders maintained by the Warrant Registrar for that purpose
within 20 days of the effective date of such adjustment. Failure to deliver such
notice shall not affect the legality or validity of any such adjustment.

     Section 4.10. Right to Delay Issuance of Incremental Common Stock. In any
case in which this Article IV provides that an adjustment shall become effective
immediately after a Common Stock Record Date for an event, the Company may defer
until the occurrence of such event issuing to any holder of Warrants exercised
after such Common Stock Record Date and before the occurrence of such event the
additional shares of Common Stock issuable upon such exercise by reason of the
adjustment required by such event over and above the shares of Common Stock
issuable upon such exercise before giving effect to such adjustment.

     Section 4.11. Treasury Shares Disregarded. For purposes of this Article IV,
the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company. The Company shall not pay any
dividend or make any distribution on shares of Common Stock held in the treasury
of the Company.

     Section 4.12. No Adjustment for Certain Issuances. Notwithstanding anything
to the contrary set forth herein, this Article IV shall not apply, and no
adjustment to the Exercise Rate shall be made with respect to (i) compensatory
or incentive stock options (or any shares of Common Stock issued upon the
exercise thereof) issued pursuant to employee stock option plans of the Company
which have been approved by the Board of Directors of the Company, (ii)
issuances of Common Stock to employees, officers, directors and consultants of
the Company, pursuant to employee benefit plans approved by the Board of
Directors of the Company, (iii) shares of Common Stock issued upon the
conversion of the Series A Preferred Stock; (iv) shares of Common Stock issuable
under warrants, options or convertible securities (including shares issued as a
result of the operation of any anti-dilution provisions contained therein) of
the Company outstanding on the date hereof; (v) shares of Common Stock (or
options, rights, warrants or exchangeable or convertible securities) issued or
issuable as an inducement to senior lenders of the Company to advance sums or
otherwise to make financial accommodations, or as compensation to senior lenders
for advancing sums or otherwise making financial accommodations, to the Company
or one or more of its Subsidiaries, to the extent such issuance is approved by
the Board of Directors which in the aggregate (together with issuances pursuant
to clause (vi) hereof) shall not exceed 5% of the Company's equity securities on

                                       15
<PAGE>

a fully-diluted basis as of the date hereof; or (vi) shares of Common Stock (or
options, rights, warrants or exchangeable or convertible securities) issued or
issuable in consideration of the acquisition by the Company of the assets,
Capital Stock or other equity interests on, or in connection with a joint
venture with, another entity (including, without limitation, shares issued to
key employees of such sellers), to the extent such issuance is approved by the
Board of Directors which in the aggregate (together with issuances pursuant to
clause (v) hereof) shall not exceed 5% of the Company's equity securities on a
fully-diluted basis as of the date hereof.

     Section 4.13. Notice of Certain Adjustments. If the Company shall take any
action requiring an adjustment to the Exercise Rate pursuant to this Article IV,
then the Company shall cause to be filed with the Warrant Registrar, and shall
cause to be mailed to all Warrantholders at their last addresses as they shall
appear in the Warrant Register, at least 20 Business Days (or 10 Business Days
in any case specified in clause 4.02 or 4.03 above) prior to the applicable date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, rights or warrants, or, if
a record is not to be taken, the date as of which the holders of shares of
Common Stock of record to be entitled to such dividend, distribution, rights or
warrants are to be determined or (y) the date on which a reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is
expected to become effective, and the date as of which it is expected that
holders of shares of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding-up. Failure to give the notice required by this Section
4.13 or any defect therein shall not affect the legality or validity of any
dividend, distribution, right, warrant, reclassification, consolidation, merger,
sale transfer, dissolution, liquidation or winding-up, or the vote upon any such
action.

     Section 4.14. Adjustment to Warrant Certificate. The form of Warrant
Certificate need not be changed because of any adjustment made pursuant to this
Article IV, and Warrant Certificates issued after such adjustment may state the
same Exercise Price and the same number of shares of Common Stock issuable upon
exercise of the Warrants as are stated in the Warrant Certificates initially
issued pursuant to this Agreement. The Company, however, may at any time in its
sole discretion make any change in the form of Warrant Certificate that it may
deem appropriate to give effect to such adjustments and that does not affect the
substance of the Warrant Certificate, and any Warrant Certificate thereafter
issued or countersigned, whether in exchange or substitution for an outstanding
Warrant Certificate or otherwise, may be in the form as so changed.

                                   ARTICLE V
                                  Miscellaneous

     Section 5.01. Persons Benefiting. Nothing in this Agreement is intended or
shall be construed to confer upon any Person other than the Company and the
Warrantholders any right, remedy or claim under or by reason of this Agreement
or any part hereof.

                                       16
<PAGE>

     Section 5.02. Rights of Warrantholders. Holders of unexercised Warrants are
not entitled to (i) receive dividends or other distributions, (ii) receive
notice of or vote at any meeting of the stockholders, (iii) consent to any
action of the stockholders, (iv) receive notice of any other proceedings of the
Company, (v) exercise any preemptive right or (vi) exercise any other rights
whatsoever as stockholders of the Company with respect to the unexercised
Warrants, but if such Holder is a stockholder, nothing in this Agreement shall
be construed as diminishing the rights of conferred upon such Holder in its
capacity as a stockholder.

     Section 5.03. Amendment. Any amendment or supplement to this Agreement
shall require the written consent of the Warrantholders of a majority of the
then outstanding Warrants. The consent of each Warrantholder affected shall be
required for any amendment pursuant to which the Exercise Price would be
increased, the Exercise Rate would be decreased (other than pursuant to
adjustments provided herein) or the antidilution provisions in Article IV are
altered in a manner which adversely affects the Warrantholders. In determining
whether the Warrantholders of the required number of Warrants have concurred in
any direction, waiver or consent, Warrants owned by the Company or by any Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company shall be disregarded and deemed not to be
outstanding. Also, subject to the foregoing, only Warrants outstanding at the
time shall be considered in any such determination.

     Section 5.04. Notices. Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail addressed as follows:

          Infocrossing, Inc.
          2 Christie Heights Street
          Leonia, New Jersey 07605
          Attn:  Zach Lonstein, Chief Executive Officer

          with a copy to:

          White & Case LLP
          1155 Avenue of the Americas
          New York, New York 10036
          Attn: S. Ward Atterbury, Esq.
          Telephone:  (212) 819-8331
          Fax:  (212) 354-8113

     The Company by notice to the Warrantholders may designate additional or
different addresses for subsequent notices or communications.

     Any notice or communication mailed to a Warrantholder shall be mailed to
the Warrantholder at the Warrantholder's address as it appears on the Company's
records and shall be sufficiently given if so mailed within the time prescribed.

     Failure to mail a notice or communication to a party hereto or any defect
in it shall not affect its sufficiency with respect to other parties hereto. If
a notice or communication is mailed in the manner provided above, it is duly
given, whether or not the addressee receives it.

                                       17
<PAGE>

     Section 5.05. Governing Law. THIS AGREEMENT AND THE WARRANTS SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

     Section 5.06. Successors. All agreements of the Company in this Agreement
and the Warrant Certificates shall bind its successors.

     Section 5.07. Multiple Originals; Fax Signatures. The parties may sign any
number of copies of this Agreement. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to
prove this Agreement. Any signature page delivered by a fax machine or telecopy
machine shall be binding to the same extent as an original signature page, with
regard to any agreement subject to the terms hereof or any amendment thereto.
Any party who delivers such a signature page agrees to later deliver an original
counterpart to any party which requests it.

     Section 5.08. Table of Contents. The table of contents and headings of the
Articles and Sections of this Agreement have been inserted for convenience of
reference only, are not intended to be considered a part hereof and shall not
modify or restrict any of the terms or provisions hereof.

     Section 5.09. Severability. The provisions of this Agreement are severable,
and if any clause or provision shall be held invalid, illegal or unenforceable
in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Agreement in any jurisdiction.

                          Signatures on following page.

                                       18
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first written above.

                                         INFOCROSSING, INC.

                                         By:
                                            ------------------------------------
                                            Name:  Zach Lonstein
                                            Title: Chief Executive Officer

WARRANTHOLDERS:

CAMDEN PARTNERS STRATEGIC FUND II-A, L.P.

By:  Camden Partners Strategic II, LLC,
     its General Partner

By:
     ------------------------------------
     Name:  David L. Warnock
     Title: Managing Member

CAMDEN PARTNERS STRATEGIC FUND II-B, L.P.

By:  Camden Partners Strategic II, LLC,
     its General Partner

By:
     ------------------------------------
     Name:  David L. Warnock
     Title: Managing Member

CAHILL, WARNOCK STRATEGIC PARTNERS FUND, L.P.

By:  Cahill, Warnock Strategic Partners, LP,
     its General Partner

By:
     ------------------------------------
     Name:  David L. Warnock
     Title: General Partner
<PAGE>

STRATEGIC ASSOCIATES, L.P.

By:  Cahill, Warnock Strategic Partners, L.P.,
     its General Partner

By:
     ------------------------------------
     Name:  David L. Warnock
     Title: General Partner

<PAGE>

                                                                       EXHIBIT A

                                 FORM OF FACE OF

                              COMMON STOCK WARRANT
                                       OF
                               INFOCROSSING, INC.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS AGAINST TRANSFER SET FORTH IN A SECOND AMENDED AND RESTATED
STOCKHOLDERS' AGREEMENT (THE "STOCKHOLDERS' AGREEMENT") DATED AS OF FEBRUARY 1,
2002, AS MAY BE AMENDED FROM TIME TO TIME. A COPY OF SUCH STOCKHOLDERS AGREEMENT
HAS BEEN FILED IN THE OFFICE OF THE COMPANY LOCATED AT 2 CHRISTIE HEIGHTS
STREET, LEONIA, NEW JERSEY 07605, WHERE THE SAME MAY BE INSPECTED DAILY DURING
BUSINESS HOURS.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR THE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OTHER THAN PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THAT CERTAIN
WARRANT AGREEMENT (THE "WARRANT AGREEMENT") DATED AS OF FEBRUARY 1, 2002.
PURSUANT TO SECTION 2 OF THE WARRANT AGREEMENT THE NUMBER OF SHARES MAY BE
SUBJECT TO REDUCTION FOR WHICH THIS WARRANT MAY BE EXERCISED AS PROVIDED
THEREIN. A COPY OF SUCH WARRANT AGREEMENT HAS BEEN FILED IN THE OFFICE OF THE
COMPANY LOCATED AT 2 CHRISTIE HEIGHTS STREET, LEONIA, NEW JERSEY 07605, WHERE
THE SAME MAY BE INSPECTED DAILY DURING BUSINESS HOURS.
<PAGE>

No. [     ]

                              COMMON STOCK WARRANT
                                       OF
                               INFOCROSSING, INC.

     THIS CERTIFIES THAT [ ], or its registered assigns, is the registered
holder of Common Stock Warrants (the "Warrants"). Each Warrant entitles the
holder thereof (the "Holder"), at its option and subject to the provisions
contained herein and in the Warrant Agreement referred to below, to purchase
from Infocrossing, Inc., a Delaware corporation ("the Company"), [_____] shares
of Common Stock, par value of $.01 per share, of the Company, subject to
adjustment from time to time pursuant to Section [__] of the Warrant Agreement
(the "Common Stock") at the per share exercise price of $[___] (the "Exercise
Price") or by Cashless Exercise referred to below. This Warrant shall terminate
and become void as of the close of business on [January ___, 2007] (the
"Expiration Date") or upon the exercise hereof as to all the shares of Common
Stock subject hereto. The number of shares issuable upon exercise of the
Warrants and the Exercise Price per share shall be subject to adjustment from
time to time as set forth in the Warrant Agreement (as defined below).

     This Warrant Certificate is issued under and in accordance with a Warrant
Agreement dated as of February __, 2002 (the "Warrant Agreement"), between the
Company and various Warrantholders party thereto (the "Warrantholders"), and is
subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate consents by
acceptance hereof. The Warrant Agreement is hereby incorporated herein by
reference and made a part hereof. Reference is hereby made to the Warrant
Agreement for a full statement of the respective rights, limitations of rights,
duties and obligations of the Company and the Warrantholders. Capitalized terms
used but not defined herein shall have the meanings ascribed thereto in the
Warrant Agreement. A copy of the Warrant Agreement may be obtained for
inspection by the Holder hereof upon written request to the Company at 2
Christie Heights Street, Leonia, New Jersey 07605, Attention: Chief Executive
Officer.

     Subject to the terms of the Warrant Agreement, the Warrants may be
exercised in whole or in part (i) by presentation of this Warrant Certificate
with the Election to Purchase attached hereto duly executed and with the
simultaneous payment of the Exercise Price in cash (subject to adjustment) to
the Company for the account of the Company or (ii) by Cashless Exercise. Payment
of the Exercise Price in cash shall be made by certified or official bank check
payable to the order of the Company or by wire transfer of funds to an account
designated by the Company for such purpose. Payment by Cashless Exercise shall
be made without the payment of cash by reducing the amount of Common Stock that
would be obtainable upon the exercise of a Warrant and payment of the Exercise
Price in cash so as to yield a number of shares of Common Stock upon the
exercise of such Warrant equal to the product of (1) the number of shares of
Common Stock for which such Warrant is exercisable as of the Exercise Date (if
the Exercise Price were being paid in cash) and (2) a fraction, the numerator of
which is the excess of the Current Market Value per share of Common Stock on the
Exercise Date over the Exercise Price per share as of the Exercise Date and the
denominator of which is the Current Market Value per share of the Common Stock
on the Exercise Date.

<PAGE>

     As provided in the Warrant Agreement and subject to the terms and
conditions therein set forth, the Warrants shall be exercisable at any time and
from time to time on any Business Day after the Issue Date; provided, however,
that no Warrant shall be exercisable after the Expiration Date.

     As provided in the Warrant Agreement, the Exercise Rate is subject to
adjustment upon the happening of certain events.

     The Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection with the transfer or
exchange of the Warrant Certificates pursuant to the terms of the Warrant
Agreement, but not for any exchange or original issuance (not involving a
transfer) with respect to temporary Warrant Certificates, the exercise of the
Warrants or the Warrant Shares.

     Upon any partial exercise of the Warrants, there shall be countersigned and
issued to the Warrantholder hereof a new Warrant Certificate representing those
Warrants which were not exercised. This Warrant Certificate may be exchanged at
the office of the Company by presenting this Warrant Certificate properly
endorsed with a request to exchange this Warrant Certificate for other Warrant
Certificates evidencing an equal number of Warrants. No fractional Warrant
Shares will be issued upon the exercise of the Warrants, but the Company shall
pay an amount in cash equal to the Current Market Value per Warrant Share on the
day immediately preceding the date the Warrant is exercised, multiplied by the
fraction of a Warrant Share that would be issuable on the exercise of any
Warrant.

     All shares of Common Stock issuable by the Company upon the exercise of the
Warrants shall, upon such issue, be duly and validly issued and fully paid and
non-assessable.

     The Warrantholder in whose name the Warrant Certificate is registered may
be deemed and treated by the Company as the absolute owner of the Warrant
Certificate for all purposes whatsoever and the Company shall not be affected by
notice to the contrary.

     The Warrants do not entitle any Warrantholder hereof to any of the rights
of a stockholder of the Company.

                            (Signature page follows)
<PAGE>

     This Warrant Certificate shall not be valid or obligatory for any purpose
until it shall have been countersigned by the Company.

                                      INFOCROSSING, INC.

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

Attest:

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

DATED:
<PAGE>

                   FORM OF ELECTION TO PURCHASE WARRANT SHARES
                 (to be executed only upon exercise of Warrants)

                               INFOCROSSING, INC.

     The undersigned hereby irrevocably elects to exercise __________________
Warrants to acquire shares of Common Stock, par value $.001 per share, of
Infocrossing, Inc. (the "Company"), (i) at an exercise price per share of Common
Stock of $[___] (subject to adjustment as provided in the Warrant Agreement) or
(ii) through Cashless Exercise and otherwise on the terms and conditions
specified in the Warrant Certificate and the Warrant Agreement, surrenders this
Warrant Certificate and all right, title and interest therein to the Company and
directs that the shares of Common Stock deliverable upon the exercise of such
Warrants be registered or placed in the name and at the address specified below
and delivered thereto.

     Check method of exercise:

     Exercise at $[___] per share of Common Stock (subject to adjustment as
provided in the Warrant Agreement): ___

     Cashless Exercise: _____

Date:
       ------------------, -------

                                                             (1)
-------------------------------------------------------------
(Signature of Owner)

(Street Address)

-------------------------------------------------------------
(City)    (State)   (Zip Code)

Signature Guaranteed by:

-------------------------------------------------------------
Securities and/or check to be issued to:

--------------
(1)  The signature must correspond with the name as written upon the face of the
Warrant Certificate in every particular, without alteration or enlargement or
any change whatever, and must be guaranteed by a national bank or trust company
or by a member firm of any national securities exchange.
<PAGE>

Please insert social security or identifying number:

Name:

Street Address:

City, State and Zip Code:

A new Warrant Certificate evidencing any unexercised Warrants evidenced by the
within Warrant Certificate is to be issued to:

Please insert social security or identifying number:

Name:

Street Address:

City, State and Zip Code:
<PAGE>

                                   Schedule A

                            Purchaser               Committed Investment Amounts
Camden Partners Strategic Fund II-A, L.P.                 $ 5,192,000.00
One South Street, Suite 2150
Baltimore, Maryland  21202
Attn: Mr. David L. Warnock

Camden Partners Strategic Fund II-B, L.P.                 $   308,000.00
One South Street, Suite 2150
Baltimore, Maryland  21202
Attn: Mr. David L. Warnock

Cahill, Warnock Strategic Partners Fund, L.P.             $ 4,410,000.00
One South Street, Suite 2150
Baltimore, Maryland  21202
Attn: Mr. David L. Warnock

Strategic Associates, L.P.                                $    90,000.00
One South Street, Suite 2150
Baltimore, Maryland  21202
Attn: Mr. David L. Warnock

                                         TOTAL:           $10,000,000.00
<PAGE>

                                 ASSIGNMENT FORM

To assign this Warrant, fill in the form below:

I or we assign and transfer this Warrant to

(Print or type assignee's name, address and zip code)
(Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint           agent to transfer this Warrant on the books of
the Company. The agent may substitute another to act for him.

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

Date:                   Your Signature:
     -----------------                 -----------------------------------------

--------------
(1)  The signature must correspond with the name as written upon the face of the
Warrant Certificate in every particular, without alteration or enlargement or
any change whatever, and must be guaranteed by a national bank or trust company
or by a member firm of any national securities exchange.

<PAGE>

                                TABLE OF CONTENTS
                                                                            Page

ARTICLE I Definitions.........................................................1

Section 1.01.  Definitions....................................................1
Section 1.02.  Other Definitions..............................................4
Section 1.03.  Rules of Construction..........................................4

ARTICLE II Warrant Certificates...............................................5

Section 2.01.  Issuance of Warrants...........................................5
Section 2.02.  Reduction of Initial Warrants Upon Repayment in Full...........5
Section 2.03.  Reduction of Initial Warrants upon Partial Prepayment..........5
Section 2.04.  Reduction of Initial Warrants upon Full Prepayment
               Following Partial Prepayment...................................5
Section 2.05.  Issuance of Additional Warrants................................6
Section 2.06.  Multiple Warrantholders........................................6
Section 2.07.  Form and Dating................................................6
Section 2.08.  Execution and Countersignature.................................6
Section 2.09.  Warrant Registrar..............................................6
Section 2.10.  Transfer and Exchange..........................................7
Section 2.11.  Replacement Certificate........................................8
Section 2.12.  Outstanding Warrants...........................................9
Section 2.13.  Cancellation...................................................9
Section 2.14.  Default........................................................9

ARTICLE III Exercise Terms....................................................9

Section 3.01.  Exercise...................................................... 9
Section 3.02.  Time of Exercise; Separability................................ 9
Section 3.03.  Expiration....................................................10
Section 3.04.  Manner of Exercise............................................10
Section 3.05.  Issuance of Warrant Shares....................................11
Section 3.06.  Fractional Warrant Shares.....................................11
Section 3.07.  Reservation of Warrant Shares.................................11
Section 3.08.  No Dilution or Impairment.....................................12

ARTICLE IV ANTIDILUTION PROVISIONS...........................................12

Section 4.01.  General.......................................................12
Section 4.02.  Adjustment for Common Stock Dividends.........................12
Section 4.03.  Adjustment for Issuances of Common Stock, Options,
               Warrants, Rights and Convertible or Exchangeable
               Securities....................................................12
Section 4.04.  Adjustment upon Subdivision, Reclassification or
               Combination of Common Stock...................................13
Section 4.05.  Adjustments for Mergers, Consolidations, etc..................14
Section 4.06.  Other Events..................................................14
Section 4.07.  Certain Definitions...........................................14
Section 4.08.  Deferral of Certain Adjustments...............................15
Section 4.09.  Officers Certificate; Notice of Adjustment....................15
Section 4.10.  Right to Delay Issuance of Incremental Common Stock...........15
Section 4.11.  Treasury Shares Disregarded...................................15
Section 4.12.  No Adjustment for Certain Issuances...........................15
Section 4.13.  Notice of Certain Adjustments.................................16
Section 4.14.  Adjustment to Warrant Certificate.............................16

ARTICLE V Miscellaneous......................................................16

Section 5.01.  Persons Benefiting............................................16
Section 5.02.  Rights of Warrantholders......................................17
Section 5.03.  Amendment.....................................................17
Section 5.04.  Notices.......................................................17
Section 5.05.  Governing Law.................................................18
Section 5.06.  Successors....................................................18
Section 5.07.  Multiple Originals; Fax Signatures............................18
Section 5.08.  Table of Contents.............................................18
Section 5.09.  Severability..................................................18

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