Document:

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                                                                   EXHIBIT 10.16

                          REGISTRATION RIGHTS AGREEMENT

                            dated as of April 1, 2000

                                      among

                         FIREARMS TRAINING SYSTEMS, INC.

                                       and

                THE INSTITUTIONAL HOLDERS SET FORTH ON SCHEDULE I

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                          REGISTRATION RIGHTS AGREEMENT

                  REGISTRATION RIGHTS AGREEMENT (this "Agreement") dated as of
April 1, 2000 among Firearms Training Systems, Inc., a Delaware corporation (the
"Company"), and the entities set forth on Schedule I (the "Institutional
Holders").

                                    RECITALS

                  WHEREAS, the Company, FATS, INC., a Delaware corporation
("FATS"), and the Institutional Holders are parties to the Second Amended and
Restated Credit Agreement and Partial Exchange Agreement dated as of April 1,
2000 (the "Credit Agreement"), pursuant to which, among other things, the
Institutional Holders purchased shares of common stock and preferred stock of
the Company (the "Recapitalization"); and

                  WHEREAS, the parties hereto hereby desire to set forth the
Holders' rights and the Company's obligations to cause the registration of the
Registrable Securities pursuant to the Securities Act;

                  NOW, THEREFORE, in consideration of the purchase by the
Institutional Holders of the Shares and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

                  Section 1.        Definitions and Usage.

                  As used in this Agreement:

                  1.1.     Definitions.

                  "Agent" shall mean the principal placement agent on an agented
placement of Registrable Securities.

                  "Centre Holders" means Centre Capital Investors II, L.P., a
Delaware limited partnership, Centre Capital Off-Shore Investors II, L.P., a
Delaware limited partnership, Centre Capital Tax-Exempt Investors II, L.P., a
Delaware limited partnership and Centre Partners Coinvestment, L.P., a Delaware
limited partnership and any other Person defined as a Holder within the meaning
of the Centre Registration Rights Agreement.

                  "Centre Registration Rights Agreement" means the Registration
Rights Agreement dated as of July 31, 1996 among the Company and the Centre
Holders, as amended.

                  "Centre Securities" means the securities which constitute
Registrable Securities for the purposes of the Centre Registration Rights
Agreement.

                  "Class A Common Stock" means the Class A Common Stock, par
value $.00001 per share, of the Company.

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                  "Class B Common Stock" means the Class B Non-voting Common
Stock, par value $.00001 per share, of the Company.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "Common Stock" shall mean (i) the Class A Common Stock and
Class B Common Stock of the Company, and (ii) shares of capital stock of the
Company issued by the Company in respect of or in exchange for shares of such
Class A Common Stock or Class B Common Stock in connection with any stock
dividend or distribution, stock split-up, recapitalization, recombination or
exchange by the Company generally of shares of such Class A Common Stock or
Class B Common Stock.

                  "Continuously Effective", with respect to a specified
registration statement, shall mean that it shall not cease to be effective and
available for Transfers of Registrable Securities thereunder for longer than
either (i) any ten (10) consecutive business days, or (ii) an aggregate of
fifteen (15) business days during the period specified in the relevant provision
of this Agreement.

                  "Demanding Holders" shall have the meaning set forth in
Section 2.1(a).

                  "Demand Registration" shall have the meaning set forth in
Section 2.1(a).

                  "Exchange Act" shall mean the Securities Exchange Act of 1934.

                  "Holder" or "Holders" shall mean, as applicable, the
Institutional Holders and any Person to which rights under this Agreement are
transferred pursuant to Section 10 hereof.

                  "Initial Public Offering" means the first offering of shares
of Common Stock registered pursuant to the Securities Act.

                  "Institutional Holders" has the meaning set forth in the
initial paragraph of this Agreement.

                  "Majority Selling Holders" means, with respect to a specified
registration pursuant to this Agreement, those Selling Holders whose Registrable
Securities included in such registration represent a majority of the Registrable
Securities of all Selling Holders included therein.

                  "Other Securities" means those shares of Common Stock or other
securities convertible into, exercisable for or exchangeable for, shares of
Common Stock and that do not constitute Primary Securities or Registrable
Securities.

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

                  "Piggyback Registration" shall have the meaning set forth in
Section 3.

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                  "Primary Securities" means the authorized but unissued shares
of Common Stock and shares of Common Stock held by the Company in its treasury.

                  "Register", "registered", and "registration" shall refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the declaration or
ordering by the Commission of effectiveness of such registration statement or
document.

                  "Registrable Securities" shall mean: (i) the Shares owned by
the Holders on the date hereof, and/or owned by the Holders on the date of
determination; (ii) any shares of Common Stock issued as (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued
as) a dividend or other distribution with respect to, or in exchange by the
Company generally for, or in replacement by the Company generally of, such
Shares; and (iii) any securities issued in exchange for Shares in any merger or
reorganization of the Company; provided, however, that Registrable Securities
shall not include any securities which have theretofore been registered and sold
pursuant to the Securities Act or which have been transferred pursuant to Rule
144 or any similar rule promulgated by the Commission pursuant to the Securities
Act; provided, further, that Registrable Securities shall not include any
securities issued to the Centre Holders from time to time except those Shares
issued to the Centre Holders pursuant to the Credit Agreement or as dividends or
other distributions with respect thereto, or in exchange by the Company
generally therefor, or in replacement by the Company generally thereof, or in
exchange therefor in any merger or reorganization of the Company; provided
further, the Company shall have no obligation under Sections 2 and 3 to register
any Registrable Securities of a Holder if the Company shall deliver to the
Holder an opinion of counsel reasonably satisfactory to the Holder and its
counsel to the effect that the proposed sale or disposition of all of the
Registrable Securities for which registration was requested does not require
registration under the Securities Act for a sale or disposition in a single
public sale in the manner contemplated by the Holder, and offers to remove any
and all legends restricting transfer from the certificates evidencing such
Registrable Securities.

                  "Registrable Securities Then Outstanding" shall mean, with
respect to a specified determination date, all of the Registrable Securities
owned by the Holders on such date.

                  "Registration Expenses" shall have the meaning set forth in
Section 6.1.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended.

                  "Securities Exchange and Release Agreement" means the
Securities Exchange and Release Agreement dated as of April 1, 2000 among the
Company and the Centre Holders.

                  "Selling Holders" shall mean, with respect to a specified
registration pursuant to this Agreement, Holders whose Registrable Securities
are included in such registration.

                  "Shares" shall mean shares of Common Stock or other securities
convertible into, exercisable for or exchangeable for, shares of Common Stock.

                  "Transfer," with respect to any securities, shall mean and
include the act of selling, giving, transferring, creating a trust for (voting
or otherwise), assigning or otherwise

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disposing of such securities (other than pledging, hypothecating or otherwise
transferring as security) (and correlative words shall have correlative
meanings); provided however, that any transfer or other disposition upon
foreclosure or other exercise of remedies of a secured creditor after an event
of default under or with respect to a pledge, hypothecation or other transfer as
security shall constitute a "Transfer."

                  "Underwriters' Representative" shall mean the managing
underwriter, or, in the case of a co-managed underwriting, the managing
underwriter designated as the Underwriters' Representative by the co-managers.

                  "Violation" shall have the meaning set forth in Section 7.1.

                  1.2.     Usage.

                  (a)      References to a Person are also references to its
assigns and successors in interest (by means of merger, consolidation or sale of
all or substantially all the assets of such Person or otherwise, as the case may
be).

                  (b)      References to Registrable Securities "owned" by a
Holder shall include Registrable Securities beneficially owned by such Person
but which are held of record in the name of a nominee, trustee, custodian, or
other agent.

                  (c)      The definitions set forth herein are equally
applicable both to the singular and plural forms and the feminine, masculine and
neuter forms of the terms defined.

                  (d)      The "date of" any notice or request given pursuant to
this Agreement shall be determined in accordance with Section 11.

                  (e)      References to a document are to it as amended, waived
and otherwise modified from time to time and references to a statute or other
governmental rule are to it as amended and otherwise modified from time to time
(and references to any provision thereof shall include references to any
successor provision).

                  (f)      References to Sections or to Schedules or Exhibits
are to sections hereof or schedules or exhibits hereto unless the context
otherwise requires.

                  (g)      The term "including" and correlative terms shall be
deemed to be followed by without limitation whether or not followed by such
words or words of like import.

                  (h)      The term "hereof" and similar terms refer to this
Agreement as a whole.

                  Section 2.        Demand Registration.

                  2.1.     (a) At any time on or after the date of this
Agreement, if one or more Holders that own an aggregate of a majority of the
Registrable Securities Then Outstanding shall make a written request to the
Company (the "Demanding Holders"), the Company shall cause there to be promptly
filed with the Commission a registration statement meeting the requirements of
the Securities Act (a "Demand Registration"), and each Demanding Holder shall

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be entitled to have included therein (subject to Section 2.6) all or such number
of Registrable Securities as such Demanding Holder shall request in writing;
provided, however, that no request may be made pursuant to this Section 2.1 if
within nine (9) months prior to the date of such request a Demand Registration
pursuant to this Section 2.1 shall have been satisfied (as provided in Section
2.3). Any request made pursuant to this Section 2.1 shall be addressed to the
attention of the Secretary of the Company with a copy to the President of the
Company, and shall specify the number of Registrable Securities to be
registered, the intended methods of disposition thereof and that the request is
for a Demand Registration pursuant to this Section 2.1(a).

                  (b)      The Company shall be entitled to postpone for up to
120 days from receipt of the written request for a Demand Registration the
filing of any Demand Registration otherwise required to be prepared and filed
pursuant to this Section 2.1, if the Board determines, in its good faith
reasonable judgment, that such registration and the Transfer of Registrable
Securities contemplated thereby would materially interfere with, or require
premature disclosure of, (A) any financing, acquisition or reorganization
involving the Company or any of its material wholly owned subsidiaries or (B)
any other material contract under active negotiation by the Company or any of
its subsidiaries, disclosure of which is prohibited by applicable regulation,
and the Company promptly gives the Demanding Holders notice of such
determination; provided, however, that the Company shall not have postponed
pursuant to this Section 2.1 (b) the filing of any other Demand Registration
otherwise required to be prepared and filed pursuant to this Section 2.1 during
the 6 month period ended on the date of the relevant request pursuant to Section
2.1(a); and provided further, that, the Company shall file any Demand
Registration postponed pursuant to this Section 2.1 (b) as soon as reasonably
practicable following the cessation of the conditions specified in clauses (A)
or (B) of this Section 2.l(b) if prior to the expiration of the 120-day period.

                  2.2.     Following receipt of a request for a Demand
Registration, the Company shall:

                  (a)      File the Demand Registration with the Commission as
promptly as practicable, and shall use the Company's reasonable best efforts to
have the Demand Registration declared effective under the Securities Act as soon
as reasonably practicable, in each instance giving due regard to the need to
prepare current financial statements, conduct due diligence and complete other
actions that are reasonably necessary to effect a registered public offering.

                  (b)      Use the Company's reasonable best efforts to keep the
Demand Registration Continuously Effective for up to 120 days or until such
earlier date as of which all the Registrable Securities included in the Demand
Registration shall have been disposed of in the manner described in the Demand
Registration. Notwithstanding the foregoing, if for any reason the effectiveness
of a Demand Registration pursuant to this Section 2 is postponed as permitted by
Section 2.1(b) the foregoing period shall be extended by the aggregate number of
days of such postponement.

                  (c)      Whenever the Company shall have received a demand
pursuant to Section 2.1(a) to effect the registration of any Registrable Shares,
the Company shall promptly give written notice of such proposed registration to
all Holders. Any Holder may, within thirty (30)

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days after receipt of such notice, request in writing that all of such Holder's
Registrable Shares, or any portion thereof designated by such Holder, be
included in the registration.

                  2.3.     The Company shall not be obligated to effect more
than ten (10) Demand Registrations. For purposes of the preceding sentence,
registration shall not be deemed to have been effected (i) unless a registration
statement with respect thereto has become effective, (ii) if after such
registration statement has become effective, such registration or the related
offer, sale or distribution of Registrable Securities thereunder is interfered
with by any stop order, injunction or other order or requirement of the
Commission or other governmental agency or court for any reason not attributable
to the Selling Holders and such interference is not thereafter eliminated, or
(iii) if the conditions to closing specified in the underwriting agreement, if
any, entered into in connection with such registration are not satisfied or
waived, other than by reason of a failure on the part of the Selling Holders. If
the Company shall have complied with its obligations under this Agreement, a
right to demand a registration pursuant to this Section 2 shall be deemed to
have been satisfied upon the earlier of (x) the date as of which all of the
Registrable Securities included therein shall have been disposed of pursuant to
a registration statement, and (y) the date as of which such Demand Registration
shall have been Continuously Effective for a period of 120 days, provided no
stop order or similar order, or proceedings for such an order, is thereafter
entered or initiated.

                  2.4.     The Company may, at its sole option, elect to satisfy
a request for a Demand Registration on Form S-2 or Form S-3 promulgated under
the Securities Act (or any successor forms thereto), if such forms are then
available to the Company; provided, however, that the Majority Selling Holders
or the Underwriters' Representative of the proposed offering shall have the
right to require that the Company disclose in the registration statement and
form of prospectus included therein the type of information that would be
required in a Form S-1 registration statement if the Underwriters'
Representative reasonably deems such disclosure to be advisable in order to
successfully market the securities intended to be sold in such offering.

                  2.5.     If any registration pursuant to Section 2 involves an
underwritten offering (whether on a "firm," "best efforts" or "all reasonable
efforts" basis or otherwise), or an agented offering, the Majority Selling
Holders shall have the right to select the managing underwriter and lead manager
to administer such underwritten offering or the lead placement agent for such
agented offering: provided, however, that each Person so selected shall be
reasonably acceptable to the Company; and provided, further, that the Company
shall have the right to select a co-managing underwriter or co-manager to
administer an underwritten offering and a co-placement agent if an agented
offering, provided that each Person so selected by the Company shall be
reasonably acceptable to the Majority Selling Holders.

                  2.6.     (a) With respect to any registration pursuant to this
Section 2, the Company may include in such registration any Primary Securities
or Other Securities, including Other Securities held by the Centre Holders;
provided, however, that if the Underwriters' Representative or Agent advises the
Company in writing (with a copy to each Selling Holder) that the inclusion of
all Registrable Securities of the Selling Holders, the Primary Securities and
the Other Securities proposed to be included would materially interfere with the
successful marketing (including pricing) of the Registrable Securities proposed
to be included in such

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registration, then the number of Registrable Securities, Primary Securities and
Other Securities proposed to be included in such registration shall be included
in the following order:

                           (i)      (A) first, the Registrable Securities
                  requested to be included in such registration by the Selling
                  Holders pursuant to this Section 2; (B) second, the Centre
                  Common Stock requested to be included in such registration
                  pursuant to the Centre Registration Rights Agreement; (C)
                  third, all Other Securities being registered, pro rata based
                  on the proportionate share of the aggregate of such Other
                  Securities; and (D) fourth, the Primary Securities.

                  (b)      Whenever the Company shall effect a registration
pursuant to this Section 2 in connection with an underwritten offering by one or
more Selling Holders of Registrable Securities, if such Selling Holders have
requested the inclusion therein of more than one class of Registrable
Securities, and the Underwriters' Representative or Agent advises each such
Selling Holder in writing that, in its opinion, the inclusion of more than one
class of Registrable Securities would adversely affect such offering, the
Demanding Holders holding at least a majority of the Registrable Securities
proposed to be sold therein by them shall decide which class of Registrable
Securities shall be included therein in such offering and the related
registration, and the other class shall be excluded.

                  2.7.     Restrictions on Public Sale by the Company. The
Company agrees (i) that it will not effect or permit any of its subsidiaries to
effect any public sale or distribution of any securities similar to those being
registered, or any securities convertible into or exchangeable or exercisable
for such securities (other than any such sale or distribution of such securities
in connection with any merger or consolidation by the Company or a material
subsidiary thereof or the acquisition by the Company or a subsidiary thereof of
the capital stock or substantially all of the assets of any other Person),
during the fourteen days prior to, and during the 90-day period beginning on,
the later of the effective date of any registration statement relating to a
Demand Registration (except as part of such registration statement and subject
to Section 2.6) or the commencement of a public distribution of Registrable
Securities pursuant to a Demand Registration; and (ii) that any agreement
entered into pursuant to which the Company issues or agrees to issue any
privately placed securities during the period describe in clause (i) above with
respect to a specific Demand Registration shall contain a provision under which
holders of such securities agree not to effect any public sales or distribution
of any such securities during such period, in each case including a sale
pursuant to Rule 144 or Rule 144A under the Securities Act (except as part of
any such registration, if permitted); provided, however, that the provisions of
this paragraph shall not prevent the conversion or exchange of any securities
pursuant to their terms into or for other securities.

                  Section 3.        Piggyback Registration.

                  3.1.     If at any time the Company proposes to register
(including for this purpose a registration effected by the Company for
shareholders of the Company other than the Holders) Shares under the Securities
Act in connection with a public offering solely for cash on Forms S-1, S-2 or
S-3 (or any replacement or successor forms), the Company shall promptly, at
least 30 days prior to the anticipated filing date of the registration statement
for the offering if on Form S-1 and at least 15 days prior to the anticipated
filing date of the registration statement for such

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offering if on Form S-2 or S-3, give the Holders written notice of such
registration. Upon the written request of a Holder given within 15 days
following the date of such notice, the Company shall use its reasonable best
efforts to cause to be registered under the Securities Act all the Registrable
Securities that such Holder shall have requested to be registered (a "Piggyback
Registration"); provided, however, that such right of inclusion shall be limited
as set forth in Section 3.2 and Section 3.3. The Company shall have the absolute
right to withdraw or cease to prepare or file any registration statement for any
offering referred to in this Section 3 without any obligation or liability to
the Holders.

                  3.2.     With respect to a registration by the Company for its
own account or for a shareholder (except for the Centre Holders exercising
rights pursuant to Section 2 of the Centre Registration Rights Agreement), if
the Underwriters' Representative or Agent shall advise the Company in writing
(with a copy to each Selling Holder) that, in its opinion, the amount of
Registrable Securities requested to be included in such registration would
materially interfere with the successful marketing (including pricing) of such
offering, or the timing thereof, then the Company will include in such
registration, to the extent of the amount and class which the Company is so
advised can be sold without such material interference in such offering:

                  (a)      (i) first, all securities proposed to be sold by the
Company for its own account; and (ii) second, the Registrable Securities
requested to be included in such registration by the Selling Holders pursuant to
this Section 3 and the Centre Securities requested to be included in such
registration pursuant to the Centre Registration Rights Agreement, pro rata
based on the proportionate share of the aggregate of such Registrable Securities
and such Centre Securities; (iii) third, all Other Securities being registered
pursuant to the exercise of contractual rights comparable to the rights granted
in this Section 3, and determined pro rata based on the proportionate share of
the aggregate of such Other Securities, and (iv) fourth, any Other Securities
not covered by clause (iii) requested to be included in such registration pro
rata based on the proportionate share of the aggregate of such Other Securities.

                  3.3.     With respect to a registration for the Centre Holders
in connection with an exercise of rights pursuant to Section 2 of the Centre
Registration Rights Agreement, if the Underwriters' Representative or Agent
shall advise the Company in writing (with a copy to each Selling Holder) that,
in its opinion, the amount of Registrable Securities requested to be included in
such registration would materially interfere with the successful marketing
(including pricing) of such offering, or the timing thereof, then the Company
will include securities in such registration, to the extent of the amount and
class which the Company is so advised can be sold without such material
interference in such offering, in accordance with the provisions of Section 2.6
of the Centre Registration Rights Agreement.

                  Section 4.        Registration Procedures. Whenever required
under Section 2 or Section 3 to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as practicable:

                  4.1.     Prepare and file with the Commission a registration
statement with respect to such Registrable Securities and use the Company's
reasonable best efforts to cause such registration statement to become
effective: provided, however, that before filing a registration statement or
prospectus or any amendments or supplements thereto, including documents

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incorporated by reference after the initial filing of the registration statement
and prior to effectiveness thereof, the Company shall furnish to one firm of
counsel selected by the Selling Holders copies of all such documents in the form
substantially as proposed to be filed with the Commission for review and comment
by such counsel prior to filing.

                  4.2.     Prepare and file with the Commission such
post-effective amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Securities Act and rules
thereunder with respect to the disposition of all securities covered by such
registration statement so that neither such registration statement nor any
related prospectus shall contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein not misleading and so that such registration statement
and prospectus will otherwise comply with all applicable legal requirements. If
the registration is for an underwritten offering, the Company shall amend the
registration statement or supplement the prospectus whenever required by the
terms of the underwriting agreement entered into pursuant to Section 5.2. Upon
written notice from the Company to the Holders of the requirement of such
amendment or supplement, and pending such amendment or supplement, each such
Holder shall cease making offers or Transfers of Registrable Securities pursuant
to the prospectus to be so amended or supplemented. In the event that any
Registrable Securities included in a registration statement subject to, or
required by, this Agreement remain unsold at the end of the period during which
the Company is obligated to use its reasonable best efforts to maintain the
effectiveness of such registration statement, the Company may file a
post-effective amendment to the registration statement for the purpose of
removing such Registrable Securities from registered status.

                  4.3.     Furnish to each Selling Holder, without charge, such
numbers of copies of the registration statement, any pre-effective or
post-effective amendment thereto, the prospectus, including each preliminary
prospectus and any amendments or supplements thereto (in each case including all
exhibits thereto), in each case in conformity with the requirements of the
Securities Act and the rules thereunder, and such other related documents as any
such Selling Holder may reasonably request in order to facilitate the
disposition of Registrable Securities owned by such Selling Holder.

                  4.4.     Use the Company's reasonable efforts (i) to register
and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such states or jurisdictions, domestic or
foreign, as shall be reasonably requested by the Underwriters' Representative or
Agent (as applicable, or if inapplicable, in states designated by the Majority
Selling Holders), and (ii) to obtain the withdrawal of any order suspending the
effectiveness of a registration statement, or the lifting of any suspension of
the qualification (or exemption from qualification) of the offer and transfer of
any of the Registrable Securities in any jurisdiction, at the earliest possible
moment; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions.

                  4.5.     In the event of any underwritten or agented offering,
enter into and perform the Company's obligations under an underwriting or agency
agreement (including indemnification and contribution obligations of
underwriters or agents), in usual and customary

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form, with the managing underwriter or underwriters of or agents for such
offering. The Company shall also cooperate with the Majority Selling Holders and
the Underwriters' Representative or Agent for such offering in the marketing
within the United States of America of the Registrable Securities, including
taking reasonable steps to make available the Company's officers, accountants,
counsel, premises, books and records for such purpose, but the Company shall not
be required to incur any material out-of-pocket expense pursuant to this
sentence.

                  4.6.     Promptly notify each Selling Holder of any stop order
issued or threatened to be issued by the Commission in connection therewith (and
take all reasonable actions required to prevent the entry of such stop order or
to remove it if entered).

                  4.7.     Make available for inspection by any Selling Holder,
any underwriter participating in such offering and the representatives of such
Selling Holder and underwriter and any attorney, accountant or other
professional retained by such Selling Holder, all financial and other records,
corporate documents and other information as shall be reasonably requested by
them, and provide the Selling Holder, any underwriter participating in such
offering and the representatives of such Selling Holder and underwriter the
reasonable opportunity to discuss the business affairs of the Company with its
principal executives and independent public accountants who have certified the
audited financial statements included in such registration statement, in each
case all as necessary to enable them to exercise their due diligence
responsibility under the Securities Act; provided, however, that information
that the Company determines, in good faith, to be confidential and which the
Company advises such Person in writing is confidential shall not be disclosed
unless such Person signs a confidentiality agreement in customary form or the
related Selling Holder agrees to be responsible for such Person's breach of
confidentiality on terms reasonably satisfactory to the Company.

                  4.8.     Use the Company's reasonable best efforts to obtain a
so-called "comfort letter" from its independent public accountants, legal
opinions of counsel to the Company addressed to the Selling Holders and any
underwriter, auditor's consents and experts' cooperation as may be required or
desirable to complete the registration process, in customary form and covering
such matters of the type customarily covered by such letters, opinions or
consents, and in a form that shall be reasonably satisfactory to the Majority
Selling Holders and any underwriter. The Company shall furnish to each Selling
Holder a signed counterpart of any such comfort letter, opinions or consents.
Delivery of any such comfort letter, opinions or consents, shall be subject to
the recipient furnishing such written representations, or acknowledgments as are
customarily provided by selling shareholders who receive such comfort letters,
opinions or consents.

                  4.9.     Provide and cause to be maintained a transfer agent
and registrar for all Registrable Securities covered by such registration
statement from and after a date not later than the effective date of such
registration statement.

                  4.10.    Use reasonable best efforts to cause the Registrable
Securities covered by such registration statement (i) to be listed on the New
York Stock Exchange or, if the Common Stock is not then listed or admitted to
trading thereon, on the principal national securities exchange on which such
Common Stock is then listed or admitted to trading or, if such Common Stock is
not then listed or admitted to trading on any national securities exchange, on
the

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NASDAQ Stock Market, and (ii) to be registered with or approved by such other
United States or state governmental agencies or authorities as may be necessary
by virtue of the business and operations of the Company to enable the Selling
Holders to consummate the disposition of the Registrable Securities.

                  4.11.    Use the Company's reasonable efforts to provide a
CUSIP number for the Registrable Securities prior to the effective date of the
first registration statement including Registrable Securities.

                  4.12.    Notify each Selling Holder of such Registrable
Securities, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such
prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading and promptly make available to each Selling
Holder any such supplement or amendment.

                  4.13.    Otherwise use its best efforts to comply with all
applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement
covering a period of twelve months, beginning within three months after the
effective date of the registration statement, which earnings statement shall
satisfy the provisions of Section 11 (a) of the Securities Act.

                  4.14.    Take such other actions as are reasonably required in
order to expedite or facilitate the disposition of Registrable Securities
included in each such registration.

                  Section 5.        Holders' Obligations. It shall be a
condition precedent to the obligations of the Company to effect a registration
pursuant to this Agreement with respect to the Registrable Securities of any
Selling Holder that such Selling Holder shall:

                  5.1.     Furnish to the Company such information regarding
such Selling Holder, the number of the Registrable Securities owned by it, and
the intended method of disposition of such securities as shall be required to
effect the registration of such Selling Holder's Registrable Securities, and to
cooperate with the Company in preparing such registration.

                  5.2.     Agree, in a Piggyback Registration, to sell their
Registrable Securities to the underwriters at the same price and on
substantially the same terms and conditions as the Company or the other Persons
on whose behalf the registration statement was being filed have agreed to sell
their Shares.

                  5.3.     Execute the underwriting agreement agreed to by the
Majority Selling Holders (in the case of a registration under Section 2) or the
Company and the Majority Selling Holders (in the case of a registration under
Section 3). In an underwriting agreement executed by both the Company and the
Selling Holders, representations and warranties made by the Company for the
benefit of the underwriter(s) shall also be made to and for the benefit of the
Selling Holders and representations and warranties made by the Selling Holders
for the benefit of the underwriter(s) shall also be made to and for the benefit
of the Company.

<PAGE>   13

                  Section 6.        Expenses of Registration. Expenses in
connection with registrations pursuant to this Agreement shall be allocated and
paid as follows:

                  6.1.     With respect to each Demand Registration, the Company
shall bear and pay all expenses incurred in connection with any registration,
filing, or qualification of Registrable Securities for each Selling Holder,
including all registration, filing and National Association of Securities
Dealers, Inc. fees, all fees and expenses of complying with securities or blue
sky laws (including reasonable fees and disbursements of counsel in connection
with blue sky qualifications of the Registrable Securities), all word
processing, duplicating and printing expenses (including expenses of printing
prospectuses), messenger and delivery expenses, internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the fees and expenses incurred in
connection with the listing of the securities to be registered on each
securities exchange, the reasonable fees and disbursements of counsel for the
Company and of the Company's independent public accountants, including the
expenses of "cold comfort" letters required by or incident to such performance
and compliance, the reasonable fees and expenses of any special experts retained
by the Company in connection with such registration, and fees and expenses of
other Persons retained by the Company (the "Registration Expenses"), but
excluding underwriting discounts and commissions relating to Registrable
Securities (which shall be paid by the Selling Holders); provided, however, that
the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 2 if the registration is subsequently
withdrawn at the request of the Majority Selling Holders (in which case all
Selling Holders shall bear such expense), unless Holders whose Registrable
Securities constitute a majority of the Registrable Securities then outstanding
agree that such withdrawn registration shall constitute one of the Demand
Registrations under Section 2 hereof. In addition, if the first Demand
Registration is the Initial Public Offering, the Company shall pay fifty percent
(50%) of the reasonable attorneys' fees and expenses of one counsel (who shall
be reasonably acceptable to the Company) for the Selling Holders in such Demand
Registration, excluding any attorneys' fees and expenses of counsel for tax
advice or analysis related to or in connection with such Demand Registration.

                  6.2.     The Company shall bear and pay all Registration
Expenses incurred in connection with any Piggyback Registration pursuant to
Section 3, but excluding underwriting discounts and commissions relating to
Registrable Securities (which shall be paid on a pro rata basis by the Selling
Holders and shall be on the same terms as those paid by the Company for Primary
Securities included in the registration, if any Primary Securities are
included).

                  6.3.     Any failure of the Company to pay any Registration
Expenses as required by this Section 6 shall not relieve the Company of its
obligations under this Agreement.

                  Section 7.        Indemnification; Contribution. If any
Registrable Securities are included in a registration statement under this
Agreement:

                  7.1.     To the extent permitted by applicable law, the
Company shall indemnify and hold harmless each Selling Holder, each Person, if
any, who controls such Selling Holder within the meaning of the Securities Act,
and each officer, director, partner, member, employee, agent, representative and
attorney of such Selling Holder and such controlling Person, against any and all
losses, claims, damages, liabilities and expenses (joint or several), including

<PAGE>   14

reasonable attorneys' fees and disbursements and reasonable expenses of
investigation, incurred by such Person pursuant to any actual or threatened
action, suit, proceeding or investigation, or to which any of the foregoing
Persons may become subject under the Securities Act, the Exchange Act or other
federal or state laws, insofar as such losses, claims, damages, liabilities and
expenses arise out of or are based upon any of the following statements,
omissions or violations (collectively a "Violation"):

                  (a)      Any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein, or any amendments
or supplements thereto;

                  (b)      The omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading; or

                  (c)      Any violation or alleged violation by the Company of
the Securities Act, the Exchange Act, any applicable state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
applicable state securities law;

provided, however, that the indemnification required by this Section 7.1 shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or expense if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld nor delayed), nor
shall the Company be liable to an indemnified party in any such case for any
such loss, claim, damage, liability or expense to the extent that it arises
solely out of or is solely based upon a Violation which occurs in reliance upon
and in conformity with written information furnished to the Company by such
indemnified party expressly for use in connection with such registration;
provided, further, that the indemnity agreement contained in this Section 7
shall not apply to any underwriter to the extent that any such loss is based on
or arises out of an untrue statement or alleged untrue statement of a material
fact, or an omission or alleged omission to state a material fact, contained in
or omitted from any preliminary prospectus if the final prospectus shall correct
such untrue statement or alleged untrue statement, or such omission or alleged
omission, and a copy of the final prospectus has not been sent or given to such
person at or prior to the confirmation of sale to such person if such
underwriter was under an obligation to deliver such final prospectus and failed
to do so. The Company shall also indemnify underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the
distribution, their officers, directors, agents and employees and each person
who controls such persons (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) to the same extent as provided above with
respect to the indemnification of the Selling Holders.

                  7.2.     To the extent permitted by applicable law, each
Selling Holder, severally and not jointly, shall indemnify and hold harmless the
Company, each of its directors, each of its officers who shall have signed the
registration statement, each Person, if any, who controls the Company within the
meaning of the Securities Act, any other Selling Holder, any controlling Person
of any such other Selling Holder and each officer, director, partner, member,
employee, agent, representative and attorney of such other Selling Holder and
such controlling Person, against any and all losses, claims, damages,
liabilities and expenses (joint and several), including reasonable attorneys'
fees and disbursements and reasonable expenses of investigation, incurred

<PAGE>   15

by such Person pursuant to any actual or threatened action, suit, proceeding or
investigation, or to which any of the foregoing Persons may otherwise become
subject under the Securities Act, the Exchange Act or other federal or state
laws, insofar as such losses, claims, damages, liabilities and expenses arise
out of or are based upon any Violation, in each case to the extent (and only to
the extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Selling Holder expressly for use in
connection with such registration; provided, however, that (x) the
indemnification required by this Section 7.2 shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or expense if settlement
is effected without the consent of the relevant Selling Holder of Registrable
Securities, which consent shall not be unreasonably withheld, and (y) in no
event shall the amount of any indemnity under this Section 7.2 exceed the gross
proceeds from the applicable offering received by such Selling Holder.

                  7.3.     Promptly after receipt by an indemnified party under
this Section 7 of notice of the commencement of any action, suit, proceeding,
investigation or threat thereof made in writing for which such indemnified party
may make a claim under this Section 7, such indemnified party shall deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own counsel, with the fees and disbursements and
expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party
within a reasonable time following the commencement of any such action, if
materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
7 but shall not relieve the indemnifying party of any liability that it may have
to any indemnified party otherwise than pursuant to this Section 7. Any fees and
expenses incurred by the indemnified party (including any fees and expenses
incurred in connection with investigating or preparing to defend such action or
proceeding) shall be paid to the indemnified party, as incurred, within thirty
(30) days of written notice thereof to the indemnifying party (regardless of
whether it is ultimately determined that an indemnified party is not entitled to
indemnification hereunder). Any such indemnified party shall have the right to
employ separate counsel in any such action, claim or proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be the expenses of such indemnified party unless (i) the indemnifying
party has agreed to pay such fees and expenses or (ii) the indemnifying party
shall have failed to promptly assume the defense of such action, claim or
proceeding or (iii) the named parties to any such action, claim or proceeding
(including any impleaded parties) include both such indemnified party and the
indemnifying party, and such indemnified party shall have been advised by
counsel that there may be one or more legal defenses available to it which are
different from or in addition to those available to the indemnifying party and
that the assertion of such defenses would create a conflict of interest such
that counsel employed by the indemnifying party could not faithfully represent
the indemnified party (in which case, if such indemnified party notifies the
indemnifying party in writing that it elects to employ separate counsel at the
expense of the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such action, claim or

<PAGE>   16

proceeding on behalf of such indemnified party, it being understood, however,
that the indemnifying party shall not, in connection with any one such action,
claim or proceeding or separate but substantially similar or related actions,
claims or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of
more than one separate firm of attorneys (together with appropriate local
counsel) at any time for all such indemnified parties, unless in the reasonable
judgment of such indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such
action, claim or proceeding, in which event the indemnifying party shall be
obligated to pay the fees and expenses of such additional counsel or counsels).
No indemnifying party shall be liable to an indemnified party for any settlement
of any action, proceeding or claim without the written consent of the
indemnifying party, which consent shall not be unreasonably withheld or delayed.

                  7.4.     If the indemnification required by this Section 7
from the indemnifying party is unavailable to an indemnified party hereunder in
respect of any losses, claims, damages, liabilities or expenses referred to in
this Section 7:

                  (a)      The indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and indemnified parties in connection with the actions
which resulted in such losses, claims, damages, liabilities or expenses, as well
as any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified parties shall be determined by reference to,
among other things, whether any Violation has been committed by, or relates to
information supplied by, such indemnifying party or indemnified parties, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such Violation. The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in
Section 7.1 and Section 7.2, any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding.

                  (b)      The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 7.4 were determined by
pro rata allocation or by any other method of allocation which does not take
into account the equitable considerations referred to in Section 7.4(a). No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11
(f) of the Securities Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation.

                  (c)      In no event shall the total of amounts paid pursuant
to this Section 7.4 by any Selling Holder exceed the gross proceeds from the
applicable offering received by such Selling Holder.

                  7.5.     If indemnification is available under this Section 7,
the indemnifying parties shall indemnify each indemnified party to the full
extent provided in this Section 7 without regard to the relative fault of such
indemnifying party or indemnified party or any other equitable consideration
referred to in Section 7.4.

<PAGE>   17

                  7.6.     The obligations of the Company and the Selling
Holders of Registrable Securities under this Section 7 shall survive the
completion of any offering of Registrable Securities pursuant to a registration
statement under this Agreement, and otherwise.

                  7.7.     Nothing contained in this Section 7 shall be deemed
to give the Company the right to refuse to file any registration statement
pursuant to Sections 2 or 3 or otherwise take any action required thereunder.

                  Section 8.        Holdback. Each Holder entitled pursuant to
this Agreement to have Registrable Securities included in a registration
statement prepared pursuant to this Agreement, if so requested by the
Underwriters' Representative or Agent in connection with an offering of any
securities covered by a registration statement filed by Company, whether or not
Holder's securities are included therein, shall not effect any public sale or
distribution of shares of Common Stock or any securities convertible into or
exchangeable or exercisable for shares of Common Stock, including a sale
pursuant to Rule 144 under the Securities Act (except as part of such
underwritten or agented registration), during the 15-day period prior to, and
during the 90-day period beginning on, the date such registration statement is
declared effective under the Securities Act by the Commission, provided that
such Holder is timely notified of such effective date in writing by the Company
or such Underwriters' Representative or Agent; and provided further that the
90-day period may be extended for up to 90 additional days (for a total of 180
days from the effective date of the registration statement) if the Underwriters'
Representative or Agent in good faith advises the Company that such extension is
advisable and requests an extension and such Holder is timely notified of the
extension of the period and the ending date of such period as extended.

                  Section 9.        Amendment, Modification and Waivers; Further
Assurances.

                  (a)      This Agreement may be amended with the consent of the
Company and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if the Company shall
have obtained the written consent to such amendment, action or omission to act
of Holders owning a majority in amount of the Registrable Securities Then
Outstanding.

                  (b)      No waiver of any terms or conditions of this
Agreement shall operate as a waiver of any other breach of such terms and
conditions or any other term or condition, nor shall any failure to enforce any
provision hereof operate as a waiver of such provision or of any other provision
hereof. No written waiver hereunder, unless it by its own terms explicitly
provides to the contrary, shall be construed to effect a continuing waiver of
the provisions being waived and no such waiver in any instance shall constitute
a waiver in any other instance or for any other purpose or impair the right of
the party against whom such waiver is claimed in all other instances or for all
other purposes to require full compliance with such provision.

                  (c)      Each of the parties hereto shall execute all such
further instruments and documents and take all such further action as any other
party hereto may reasonably require in order to effectuate the terms and
purposes of this Agreement.

<PAGE>   18

                  9.1.     No Conflicts; Other Registration Rights.

                  (a)      The Company shall not enter into any agreement,
contract or understanding, written or unwritten, inconsistent with any provision
of this Agreement.

                  (b)      The Company shall not grant any right of registration
under the Securities Act relating to any of its securities to any Person unless
the Holders shall be entitled to have included in any such registration the
Registrable Securities owned by them in accordance with Section 3 of this
Agreement.

                  9.2.     Public Information. The Company covenants that it
will file the reports required to be filed by it under the Securities Act or the
Exchange Act and the rules and regulations adopted by the Commission thereunder
and will take such further action as any Holder may reasonably request, all to
the extent required from time to time to enable the Holders to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by (i) Rule 144 or, if applicable, Regulation S under
the Securities Act, as such Rule or Regulation may be amended from time to time,
or (ii) any other rule or regulation hereafter adopted by the Commission
permitting the sale of securities without registration under the Securities Act.
At the request of any Holder, the Company will deliver to such Holder a written
statement as to whether it has complied with such requirements.

                  Section 10.       Assignment of Registration Rights. A Holder
may assign its rights under the Agreement to any Person to whom the Holder sells
or Transfers any of the Registrable Securities owned by it (other than a sale of
securities pursuant to Rule 144 under the Securities Act or a registration
pursuant to this Agreement or a sale or Transfer in connection with the sale of
all or substantially all of the outstanding Shares of the Company); provided,
however, that no assignment shall increase the number of registrations otherwise
required to be provided by the Company hereunder or increase, with respect to
any registration statement filed by the Company, the amount of Registration
Expenses payable by the Company.

                  Section 11.       Miscellaneous.

                  11.1.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

                  11.2.    Consent to Jurisdiction and Service of Process. Any
action, suit or claim arising out of or relating to this Agreement shall be
instituted in any federal court of the State of New York or in any state court
located in the State of New York, and each party agrees not to assert, by way of
motion, as a defense or otherwise, in any such action, suit or proceeding, any
claim that it is not subject personally to the jurisdiction of such court, that
the action, suit or proceeding is brought in an inconvenient forum, that the
venue of the action, suit or proceeding is improper or that this Agreement or
the subject matter hereof may not be enforced in or by such court. Each party
further irrevocably submits to the jurisdiction of such court in any such
action, suit or proceeding. Any and all service of process and any other notice
in any such action, suit or proceeding shall be effective against any party
given personally or by registered or certified mail,

<PAGE>   19

return receipt requested, or by any other means of mail that requires a signed
receipt, postage prepaid, mailed to such party as herein provided, or by
personal service on such party. Nothing herein contained shall be deemed to
affect the right of any party to serve process in any manner permitted by law or
to commence legal proceedings or otherwise proceed against any other party in
any other jurisdiction.

                  11.3.    Notices. All notices and requests given pursuant to
this Agreement shall be in writing and shall be made by hand-delivery,
first-class mail (registered or certified, return receipt requested), confirmed
facsimile or overnight air courier guaranteeing next business day delivery to
the relevant address specified on Schedule I to this Agreement. Except as
otherwise provided in this Agreement, the date of each such notice and request
shall be deemed to be, and the date on which each such notice and request shall
be deemed given shall be: at the time delivered, if personally delivered or
mailed; when receipt is acknowledged, if sent by facsimile; and the next
business day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next business day delivery.

                  11.4.    Entire Agreement; Integration. This Agreement
supersedes all prior agreements between or among any of the parties hereto with
respect to the subject matter contained herein and therein (other than the
Centre Registration Rights Agreement), and such agreements embody the entire
understanding among the parties relating to such subject matter.

                  11.5.    Injunctive Relief. Each of the parties hereto
acknowledges that in the event of a breach by any of them of any material
provision of this Agreement, the aggrieved party may be without an adequate
remedy at law. Each of the parties therefore agrees that in the event of such a
breach hereof the aggrieved party may elect to institute and prosecute
proceedings to enforce specific performance or to enjoin the continuing breach
hereof. By seeking or obtaining any such relief, the aggrieved party shall not
be precluded from seeking or obtaining any other relief to which it may be
entitled.

                  11.6.    Section Headings. Section headings are for
convenience of reference only and shall not affect the meaning of any provision
of this Agreement.

                  11.7.    Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original, and all of which
shall together constitute one and the same instrument. All signatures need not
be on the same counterpart.

                  11.8.    Severability. If any provision of this Agreement
shall be invalid or unenforceable, such invalidity or unenforceability shall not
affect the validity and enforceability of the remaining provisions of this
Agreement, unless the result thereof would be unreasonable, in which case the
parties hereto shall negotiate in good faith as to appropriate amendments
hereto.

                  11.9.    Filing. A copy of this Agreement and of all
amendments thereto shall be filed at the principal executive office of the
Company.

                  11.10.   Termination. This Agreement (other than Section 7
hereof) shall terminate in its entirety on such date as there shall be no
Registrable Securities outstanding, provided that

<PAGE>   20

any shares of Common Stock previously subject to this Agreement shall not be
Registrable Securities following the sale of any such shares in an offering
registered pursuant to this Agreement.

                  11.11.   Attorneys' Fees. In any action or proceeding brought
to enforce any provision of this Agreement, or where any provision hereof is
validly asserted as a defense, the successful party shall be entitled to recover
reasonable attorneys' fees (including any fees incurred in any appeal) in
addition to its costs and expenses and any other available remedy.

                  11.12.   No Third Party Beneficiaries. Except as expressly set
forth herein, including pursuant to Section 7 hereof, with respect to Holders,
nothing herein expressed or implied is intended to confer upon any person, other
than the parties hereto or their respective permitted assigns, successors, heirs
and legal representatives, any rights, remedies, obligations or liabilities
under or by reason of this Agreement.

<PAGE>   21

                  IN WITNESS WHEREOF, this Agreement has been duly executed by
the parties hereto as of the date first written above.

                                  FIREARMS TRAINING SYSTEMS, INC.

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

                                  BANK OF AMERICA, N.A.,

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

                                  U.S. BANK NATIONAL ASSOCIATION

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

                                  FIRST SOURCE FINANCIAL LLP, BY SOURCE
                                  FINANCIAL, AS ITS GENERAL PARTNER

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

<PAGE>   22

                                  BHF (USA) CAPITAL CORPORATION

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

                                  CENTRE CAPITAL INVESTORS II, L.P.
                                  CENTRE CAPITAL TAX-EXEMPT
                                  INVESTORS II, L.P.
                                  CENTRE CAPITAL OFFSHORE INVESTORS
                                  II, L.P.

                                  By: Centre Partners II, L.P.,
                                      as General Partner

                                  By: Centre Partners Management, LLC.,
                                      as Attorney-in-fact

                                  By:
                                     -------------------------------------------
                                      Managing Director

                                  CENTRE PARTNERS COINVESTMENT, L.P.,

                                  By: Centre Partners II LLC,
                                      as General Partner

                                  By:
                                     -------------------------------------------
                                       Managing Director

<PAGE>   23

                                   SCHEDULE I

<TABLE>
<CAPTION>
PARTY                                                ADDRESS
-----                                                -------

INSTITUTIONAL HOLDERS:
----------------------

<S>                                                  <C>
BANK OF AMERICA, N.A..                               Attention: Reinhard Freimuth
                                                     Bank of America, N.A., Special Asset Group-East
                                                     Global Corporate & Investment Banking
                                                     Bank of America Plaza
                                                     NC 1-002-31-31
                                                     Fax (704) 386-1759)

U.S. BANK NATIONAL ASSOCIATION                       Attention: Richard Mikos, VP
                                                     Special Assets
                                                     MPFP2516
                                                     601 Second Avenue, South
                                                     Minneapolis, MN 55402-4302
                                                     Fax (612) 973-2148

FIRST SOURCE FINANCIAL LLP                           Attention: Jeff Cerny
                                                     2850 West Golf Road
                                                     5th Floor
                                                     Rolling Meadows, IL 60008
                                                     Fax (847) 734-7910

BHF (USA) CAPITAL CORPORATION                        Attention: Mr. Thomas J. Leissl
                                                     590 Madison Avenue
                                                     New York, NY 10022-5574
                                                     Fax (212) 756-5536

CENTRE CAPITAL INVESTORS II, L.P.                    Attention: Scott Perekslis
                                                     Centre Partners Management LLC
                                                     30 Rockefeller Plaza
                                                     New York, New York 10020
                                                     Fax (212) 332-5801

CENTRE CAPITAL TAX-EXEMPT INVESTORS                  Attention: Scott Perekslis
II, L.P.                                             Centre Partners Management LLC
                                                     30 Rockefeller Plaza
                                                     New York, New York 10020
                                                     Fax (212) 332-5801
</TABLE>

<PAGE>   24

<TABLE>
<S>                                                  <C>
CENTRE CAPITAL OFFSHORE INVESTORS II,                Attention: Scott Perekslis
II, L.P.                                             Centre Partners Management LLC
                                                     30 Rockefeller Plaza
                                                     New York, New York 10020
                                                     Fax (212) 332-5801

CENTRE PARTNERS COINVESTMENT, L.P.                   Attention: Scott Perekslis
                                                     Centre Partners Management LLC
                                                     30 Rockefeller Plaza
                                                     New York, New York 10020
                                                     Fax (212) 332-5801
</TABLE><PAGE>   1
                                                                   EXHIBIT 10.22

THIS AMENDED WARRANT AND THE SHARES OF STOCK PURCHASABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY STATE, AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN COMPLIANCE WITH,
OR PURSUANT TO AN EXEMPTION FROM, THE REQUIREMENTS OF SUCH ACT OR SUCH LAWS.

Number of Shares of Class A Common Stock: ________ (being the Shares initially
subject to this Warrant plus all additional Shares subject to Warrants
distributable to the Warrant holder as a portion of the Unit Dividends Paid on
the Series A Preferred Stock held by such holder through March 31, 2000; in each
case, converted from Class B Non-voting Common Stock to Class A Common Stock)

Amended Warrant No. B-____

                                 AMENDED WARRANT

                       To Purchase Class A Common Stock of

                         FIREARMS TRAINING SYSTEMS, INC.

         THIS IS TO CERTIFY THAT ________________________, or its registered
assigns, is entitled, at any time prior to the Expiration Date (as hereinafter
defined), to purchase from FIREARMS TRAINING SYSTEMS, INC., a Delaware
corporation (the "Company"), __________ shares of Class A Common Stock (as
hereinafter defined and subject to adjustment as provided herein), in whole or
in part, including fractional parts, at a purchase price of $1.00 per share, all
on the terms and conditions hereinafter set forth.

1.       DEFINITIONS

         As used in this Warrant, the following terms have the respective
meanings set forth below:

         "Additional Shares of Common Stock" shall mean all shares of Common
Stock issued by Company after the Closing Date, other than Warrant Stock.

         "Business Day" means each day on which banking institutions in New York
are not required or authorized by law or executive order to close.

         "Class A Common Stock" shall mean the Class A Voting Common Stock,
$0.000006 par value, of the Company as constituted on the Closing Date.

         "Class B Common Stock" shall mean the Class B Non-voting Common Stock,
$0.000006 par value, of the company as constituted on the Closing Date.

         "Closing Date" shall have the meaning set forth in the Purchase
Agreement.

         "Commission" shall mean the U.S. Securities and Exchange Commission or
any other federal agency then administering the Securities Act and other federal
securities laws.

<PAGE>   2

         "Common Stock" shall mean (except where the context otherwise
indicates) the Common Stock of the Company as constituted on the Closing Date,
including without limitation, the Company's Class A Common Stock, Class B Common
Stock, and any capital stock into which such Common Stock may thereafter be
changed, and shall also include (i) capital stock of the Company of any other
class (regardless of how denominated) issued to the holders of shares of Common
Stock upon any reclassification thereof which is also not preferred as to
dividends or assets over any other class of stock of the Company and which is
not subject to redemption and (ii) shares of common stock of any successor or
acquiring corporation (as defined in Section 4.7) received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by
Section 4.7.

         "Convertible Securities" shall mean evidences of indebtedness, shares
of stock or other securities or rights which are convertible into or
exchangeable, with or without payment of additional consideration in cash or
property, for Additional Shares of Common Stock, either immediately or upon the
occurrence of a specified date or a specified event.

         "Current Market Price" shall mean, in respect of any share of Common
Stock on any date herein specified, if there shall then be a public market for
the Common Stock, the average of the daily market prices for five (5)
consecutive Business Days commencing seven (7) Business Days before such date
or, if there is no such public market, the fair market value thereof as mutually
determined by the Board of Directors of the Company and the Majority Holders.
The daily market price for each such Business Day shall be (i) the last sale
price on such day on the principal stock exchange or NASDAQ National Market
System ("NASDAQ/NMS") on which such Common Stock is then listed or admitted to
trading, (ii) if no sale takes place on such day on any such exchange or
NASDAQ/NMS, the average of the last reported closing bid and asked prices on
such day as officially quoted on any such exchange or NASDAQ/NMS, (iii) if the
Common Stock is not then listed or admitted to trading on any stock exchange or
NASDAQ/NMS, the average of the last reported closing bid and asked prices on
such day in the over-the-counter market, as furnished by the National
Association of Securities Dealers Automatic Quotation System or the National
Quotation Bureau, Inc., (iv) if neither such corporation at the time is engaged
in the business of reporting such prices, as furnished by any similar firm then
engaged in such business, or (v) if there is no such firm, as furnished by any
member of the NASD selected mutually by the Majority Holders and the Company or,
if they cannot agree upon such selection, the average of the prices as furnished
by two such members of the NASD, one of which shall be selected by the Majority
Holders and one of which shall be selected by the Company. Anything to the
contrary in this definition notwithstanding, the Holder and the Company agree
that the shares of Class A Common Stock issued to certain banking institutions
and Holders pursuant to the Exchange Agreement, the Second Amended and Restated
Credit Agreement and Partial Exchange Agreement, dated as of April 1, 2000,
among the Company, FATS, Inc. and the Lenders named therein, and the Loan
Agreement and Exchange Agreement, dated as of April 1, 2000, among the Company,
FATS, Inc, and the Lenders named therein, were issued at not less than the
Current Market Price thereof and the warrants (the "Class A Warrants") issued to
the Holder as well as other Holders of Warrants to purchase additional shares of
Class A Common Stock at $0.25 per share were issued at not less than the Current
Market Price thereof, so that no adjustments in connection with the issuance of
such Common Stock, Class A Warrants or additional Common Stock issuable upon
exercise of the Class A Warrants is required pursuant to Section 4 hereof.

                                       2

<PAGE>   3

         "Current Warrant Price" shall mean, in respect of a share of Class A
Common Stock at any date herein specified, the price at which a share of Class A
Common Stock may be purchased pursuant to this Warrant on such date.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

         "Exchange Agreement" shall mean the Exchange Agreement dated a of April
1, 2000 among the Company and the investors identified therein, as amended,
supplemented or otherwise modified and in effect from time to time.

         "Exercise Period" shall mean the period during which this Warrant is
exercisable pursuant to Section 2.1.

         "Expiration Date" shall mean March 31, 2005;

         "Fair Market Value" of any consideration other than cash or of any
securities shall mean the amount that a willing buyer would pay to a willing
seller in an arms-length transaction as determined in good faith by the Board of
Directors of the Company and, if required by the Majority Holders, supported by
an opinion from an investment banking firm of recognized national standing
acceptable to the Majority Holders.

         "GAAP" shall mean generally accepted accounting principles in the
United States of America consistently applied as from time to time in effect.

         "Holder" shall mean the Person in whose name this Warrant is registered
on the books of the Company maintained for such purpose.

         "Majority Holders" shall mean the holders of Warrants exercisable for
in excess of 50% of the aggregate number of shares of Class A Common Stock then
purchasable upon exercise of all outstanding Warrants.

         "NASD" shall mean the National Association of Securities Dealers, Inc,
or any successor thereto.

         "Other Property" shall have the meaning set forth in Section 4.7.

         "Outstanding" shall mean, when used with reference to Common Stock, at
any date as of which the number of shares thereof is to be determined, all
issued shares of Common Stock, except shares then owned or held by or for the
account of the Company or any subsidiary thereof, and shall include all shares
issuable in respect of outstanding scrip or any certificates representing
fractional interests in shares of Common Stock.

         "Person" shall mean any individual, sole proprietorship, partnership,
joint venture, trust, association, corporation, limited liability company,
institution, entity or government (whether federal, state, county, city,
municipal or otherwise, including, without limitation, any instrumentality,
division, agency, body or department thereof).

                                       3

<PAGE>   4

         "Purchase Agreement" shall mean the Securities Purchase Agreement dated
as of November 13, 1998 among the Company and the investors identified therein,
as amended, supplemented or otherwise modified and in effect from time to time.

         "Securities Act" shall mean the Securities Act of 1933, as amended, or
any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

         "Transfer" shall mean any disposition of any Warrant or of any interest
therein that would constitute a sale thereof within the meaning of the
Securities Act.

         "Warrant Price" shall mean an amount equal to (i) the number of shares
of Class A Common Stock being purchased upon exercise of this Warrant pursuant
to Section 2.1, multiplied by (ii) the Current Warrant Price as of the date of
such exercise.

         "Warrants" shall mean, collectively, this Amended Warrant and all of
the other Amended Warrants issued pursuant to the Purchase Agreement as amended
pursuant to the Exchange Agreement and all warrants issued upon transfer,
division or combination of, or in substitution for, any thereof.

         "Warrant Stock" shall mean the shares of Class A Common Stock purchased
by the holders of Warrants upon the exercise thereof.

2.       EXERCISE OF WARRANT

         2.1 Manner of Exercise. From and after the Closing Date and until 5:00
P.M., New York time, on the Expiration Date, the Holder may exercise this
Warrant, on any Business Day, for all or any part of the number of shares of
Class A Common Stock purchasable hereunder.

         In order to exercise this Warrant, in whole or in part, the Holder
shall deliver to the Company at its principal office at 7340 McGinnis Ferry
Road, Suwanee, Georgia 30024 or at the office or agency designated by the
Company pursuant to Section 11, (i) a written notice in substantially the form
of the Subscription Notice attached hereto of the Holder's election to exercise
this Warrant, which notice shall specify the number of shares of Class A Common
Stock to be purchased, and the denominations of the share certificate or
certificates desired, (ii) payment of the Warrant Price as hereinafter provided
and (iii) this Warrant. Upon receipt thereof, the Company shall, as promptly as
practicable, and in any event within five (5) Business Days thereafter, execute
or cause to be executed and deliver or cause to be delivered to the Holder a
certificate or certificates representing the aggregate number of full shares of
Class A Common Stock issuable upon such exercise, together with cash in lieu of
any fraction of a share, as hereinafter provided. The stock certificate or
certificates so delivered shall be in such denomination or denominations as such
Holder shall request in the notice and shall be registered in the name of the
Holder or such other names as shall be designated in the notice. This Warrant
shall be deemed to have been exercised and such certificate or certificates
shall be deemed to have been issued, and the Holder or any other Person so
designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the notice, together with the
tender of the exercise price and this Warrant, is received by the

                                       4

<PAGE>   5

Company as described herein and all taxes required to be paid by the Holder, if
any, pursuant to Section 2.2 prior to the issuance of such shares have been
paid. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the certificate or certificates representing Warrant
Stock, deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased shares of Class A Common Stock called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant, or, at the request of the Holder, appropriate notation may be made on
this Warrant and the same returned to the Holder.

         Payment of the Warrant Price shall be made in cash by wire transfer of
immediately available funds or other form of payment acceptable to the Company.

         2.2 Payment of Taxes. All shares of Class A Common Stock issuable upon
the exercise of this Warrant pursuant to the terms hereof shall be validly
issued, fully paid and nonassessable and without any preemptive rights. The
Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issuance or
delivery thereof. The Company shall not be required, however, to pay any tax or
other charge imposed in connection with any transfer involved in the issue of
any certificate for shares of Class A Common Stock issuable upon exercise of
this Warrant in any name other than that of the Holder, and in such case the
Company shall not be required to issue or deliver any stock certificate until
such tax or other charge has been paid or it has been established to the
reasonable satisfaction of Company that no such tax or other charge is due.

         2.3 Fractional Shares. The Company shall not be required to issue a
fractional share of Class A Common Stock upon exercise of any Warrant. As to any
fraction of a share which the Holder of one or more Warrants, the rights under
which are exercised in the same transaction, would otherwise be entitled to
purchase upon such exercise, the Company may pay a cash adjustment in respect of
such final fraction in an amount equal to the same fraction of the Current
Market Price per share of Class A Common Stock on the date of exercise.

         2.4 Share Legend. Each certificate for shares of Class A Common Stock
issued upon exercise of this Warrant shall bear the legends required pursuant to
the Purchase Agreement.

         2.5 Registration Rights. Pursuant to the Purchase Agreement, the
Warrants and the shares of Warrant Stock issuable upon exercise thereof are
entitled to the benefits of the Registration Rights Agreement, dated as July 31,
1996, as amended.

3.       TRANSFER, DIVISION AND COMBINATION, AND REPLACEMENT OF WARRANTS

         3.1 Ownership of Warrant. The Company may deem and treat the Person in
whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by any Person
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in this Section 3.

                                       5

<PAGE>   6

         3.2 Division and Combination. This Warrant may be divided or combined
with other Warrants upon presentation hereof at the aforesaid office or agency
of the Company, together with a written notice specifying the names and
denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. As to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants
in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. The Company shall prepare, issue and deliver at its own
expense (other than transfer taxes) the new Warrant or Warrants under this
Section 3.

         3.3 Maintenance of Books. The Company agrees to maintain, at its
aforesaid office or agency, books for the registration and the registration of
transfer of the Warrants, and, subject to the terms and conditions of transfer
set forth herein, transfer of this Warrant and all rights hereunder shall be
registered, in whole or in part, on such books, upon surrender of this Warrant
at the principal office of the Company referred to in Section 2.1 or the office
or agency designated by the Company pursuant to Section 11, together with a
written assignment of this Warrant substantially in the form of Annex B hereto,
duly executed by the Holder or his duly authorized agent or attorney, with
(unless the Holder is the original Warrant holder or another institutional
investor) signatures guaranteed by a bank or trust company or a broker or dealer
registered with the NASD, and funds sufficient to pay any transfer taxes payable
upon such transfer. Upon surrender and compliance with the terms and conditions
of transfer set forth herein, the Company shall execute and deliver a new
Warrant or Warrants in the name of the assignee or assignees and in the
denominations specified in the instrument of assignment, and this Warrant shall
promptly be canceled. Notwithstanding the foregoing, a Warrant may be exercised
by a new holder that receives this Warrant in compliance with the terms and
conditions of transfer set forth herein without having a new Warrant issued.

4.       ADJUSTMENTS

         The number of shares of Class A Common Stock for which this Warrant is
exercisable, or the price at which such shares may be purchased upon exercise of
this Warrant, shall be subject to adjustment from time to time as set forth in
this Section 4. The Company shall give each Holder notice of any event described
below which requires an adjustment pursuant to this Section 4 at the time of
such event.

         4.1 Stock Dividends, Subdivisions and Combinations. If at any time the
Company shall:

             (a) take a record of the holders of Common Stock for the purpose of
         entitling them to receive a dividend payable in, or other distribution
         of, Additional Shares of Common Stock,

             (b) subdivide outstanding shares of Common Stock into a larger
         number of shares of Common Stock, or

             (c) combine outstanding shares of Common Stock into a smaller
         number of shares of Common Stock,

                                       6

<PAGE>   7

then (i) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to
receive after the happening of such event, and (ii) the Current Warrant Price
shall be adjusted to equal (A) the Current Warrant Price multiplied by the
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the adjustment divided by (B) the number of shares for
which this Warrant is exercisable immediately after such adjustment.

         4.2 Certain Other Distributions. If at any time the Company shall take
a record of the holders of Common Stock for the purpose of entitling them to
receive any dividend or other distribution of:

             (a) cash,

             (b) any evidences of its indebtedness, any shares of its stock
         (other than Additional Shares of Common Stock) or any other securities
         or property of any nature whatsoever, or

             (c) any Convertible Securities or any warrants or other rights to
         subscribe for or purchase any evidences of its indebtedness or other
         property,

then (i) the number of shares of Common Stock for which this Warrant is
exercisable shall be adjusted to equal the product obtained by multiplying the
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such adjustment by a fraction (A) the numerator of which
shall be the Current Market Price per share of Common Stock at the date of
taking such record and (B) the denominator of which shall be such Current Market
Price per share of Common Stock minus the amount allocable to one share of
Common Stock of any such cash so distributable and of the Fair Market Value of
any and all such evidences of indebtedness, shares of stock, other securities or
property or warrants or other subscription or purchase rights so distributable,
and (ii) the Current Warrant Price shall be adjusted to equal (A) the Current
Warrant Price multiplied by the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to the adjustment divided by (B) the
number of shares for which this Warrant is exercisable immediately after such
adjustment. A reclassification of Common Stock (other than a change in par
value, or from par value to no par value or from no par value to par value) into
shares of Common Stock and shares of any other class of stock shall be deemed a
distribution by the Company to the holders of Common Stock of such shares of
such other class of stock within the meaning of this Section 4.2 and, if the
outstanding shares of Common Stock shall be changed into a larger or smaller
number of shares of Common Stock as a part of such reclassification, such change
shall be deemed a subdivision or combination, as the case may be, of the
outstanding shares of Common Stock within the meaning of Section 4.1.
Notwithstanding the foregoing, in the event of any payment of dividends on the
Common Stock in the form of cash from current or retained earnings of the
Company, the Company may, in lieu of any adjustment pursuant to this Section
4.2, pay to the Holder cash in an amount equal to the amount of dividends that
would have been payable to such Holder in the event this Warrant had been
exercised immediately prior to the record date for such dividend.

                                       7

<PAGE>   8

         4.3 Issuance of Additional Shares of Common Stock. If at any time the
Company shall (except as hereinafter provided) issue or sell any Additional
Shares of Common Stock (other than issuances to existing stockholders as a
dividend or other distribution described in Section 4.2, pursuant to the
conversion or exercise of any Convertible Security or pursuant to any employee
or director incentive or benefit plan approved by the Board of Directors of the
Company) for consideration in an amount per Additional Share of Common Stock
less than the Current Market Price, then (i) the number of shares of Common
Stock for which this Warrant is exercisable shall be adjusted to equal the
product obtained by multiplying the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such issuance or sale by a
fraction (A) the numerator of which shall be the number of shares of Common
Stock Outstanding immediately after such issue or sale, and (B) the denominator
of which shall be the number of shares of Common Stock Outstanding immediately
prior to such issue or sale plus the number of shares which the aggregate
offering price of the total number of such Additional Shares of Common Stock
would purchase at the then Current Market Price; and (ii) the Current Warrant
Price as to the number of shares for which this Warrant is exercisable prior to
such adjustment shall be adjusted by multiplying such Current Warrant Price by a
fraction (X) the numerator of which shall be the number of shares for which this
Warrant is exercisable immediately prior to such issue or sale; and (Y) the
denominator of which shall be the number of shares for which this Warrant is
exercisable immediately after such issue or sale.

         4.4 Issuance of Convertible Securities. If at any time the Company
shall in any manner (whether directly or by assumption in a merger in which the
Company is the surviving corporation) issue or sell, any Convertible Securities,
whether or not the rights to exchange or convert thereunder are immediately
exercisable (other than issuances to existing stockholders as a dividend or
other distribution described in Section 4.2 or pursuant to any employee or
director incentive or benefit plan approved by the Board of Directors of the
Company), for a consideration having a Fair Market Value on the date of such
issuance or sale less than the Fair Market Value of such Convertible Securities
on the date of such issuance or sale, then (i) the number of shares of Common
Stock for which this Warrant is exercisable shall be adjusted to equal the
product obtained by multiplying the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such adjustment by a fraction
(A) the numerator of which shall be the Current Market Price per share of Common
Stock at the date of such issuance and (B) the denominator of which shall be
such Current Market Price per share of Common Stock so distributable minus the
Per Share Deficiency (as defined below) and (ii) the Current Warrant Price shall
be adjusted to equal (A) the Current Warrant Price multiplied by the number of
shares of Common Stock for which this Warrant is exercisable immediately prior
to the adjustment divided by (B) the number of shares for which this Warrant is
exercisable immediately after such adjustment. The "Per Share Deficiency" shall
mean (x) the Fair Market Value of such Convertible Securities on the date of
such issuance or sale minus the Fair Market Value of the consideration received
by the Company in respect of such issue or sale divided by (y) the number of
shares of Common Stock Outstanding on the date of such issuance or sale.

         4.5 Pro Rata Repurchases. In case the Company or any subsidiary thereof
shall make a pro rata repurchase of shares of Common Stock, the Current Warrant
Price in effect immediately prior to such action shall be adjusted (but shall
not be increased) by multiplying such price by a fraction, the numerator of
which shall be (i) the product of (x) the number of shares of Common Stock
Outstanding immediately before such Pro Rata Repurchase and (y) the

                                       8

<PAGE>   9

Current Market Price of the Common Stock as of the close of business on the
Business Day immediately preceding the first public announcement by the Company
of the intent to effect such Pro Rata Repurchase minus (ii) the aggregate
purchase price of the Pro Rata Repurchase and the denominator of which shall be
the product of (i) the number of shares of Common Stock Outstanding immediately
before such Pro Rata Repurchase minus the number of shares of Common Stock
repurchased by the Company or any subsidiary thereof in such Pro Rata Repurchase
and (ii) the Current Market Price of the Common Stock as of the close of
business on the Business Day immediately preceding the first public announcement
by the Company of the intent to effect such Pro Rata Repurchase. Such adjustment
shall become effective immediately after the effective date of such Pro Rata
Repurchase.

         4.6 Other Provisions Applicable to Adjustments under this Section. The
following provisions shall be applicable to the making of adjustments of the
number of shares of Common Stock for which this Warrant is exercisable and the
Current Warrant Price provided for in this Section 4:

             (a) Computation of Consideration. To the extent that any Additional
         Shares of Common Stock or any Convertible Securities or any warrants or
         other rights to subscribe for or purchase any Additional Shares of
         Common Stock or any Convertible Securities shall be issued for cash
         consideration, the consideration received by the Company therefor shall
         be the amount of the cash received by the Company therefor, or, if such
         Additional Shares of Common Stock or Convertible Securities are offered
         by the Company for subscription, the subscription price, or, if such
         Additional Shares of Common Stock or Convertible Securities are sold to
         underwriters or dealers for public offering without a subscription
         offering, the initial public offering price (in any such case
         subtracting any amounts paid or receivable for accrued interest or
         accrued dividends and without taking into account any compensation,
         discounts or expenses paid or incurred by the Company for and in the
         underwriting of, or otherwise in connection with, the issuance
         thereof). To the extent that such issuance shall be for a consideration
         other than cash, then, except as herein otherwise expressly provided,
         the amount of such consideration shall be deemed to be the Fair Market
         Value of such consideration. In case any Additional Shares of Common
         Stock or any Convertible Securities or any warrants or other rights to
         subscribe for or purchase such Additional Shares of Common Stock or
         Convertible Securities shall be issued in connection with any merger in
         which the Company issues any securities, the amount of consideration
         therefor shall be deemed to be the Fair Market Value of such portion of
         the assets and business of the nonsurviving corporation as the Board of
         Directors of the Company in good faith shall determine to be
         attributable to such Additional Shares of Common Stock, Convertible
         Securities, warrants or other rights, as the case may be. The
         consideration for any Additional Shares of Common Stock issuable
         pursuant to any warrants or other rights to subscribe for or purchase
         the same shall be the consideration received by the Company for issuing
         such warrants or other rights plus the additional consideration payable
         to the Company upon exercise of such warrants or other rights. The
         consideration for any Additional Shares of Common Stock issuable
         pursuant to the terms of any Convertible Securities shall be the

                                       9

<PAGE>   10

         consideration received by the Company for issuing warrants or other
         rights to subscribe for or purchase such Convertible Securities, plus
         the consideration paid or payable to the Company in respect of the
         subscription for or purchase of such Convertible Securities, plus the
         additional consideration, if any, payable to the Company upon the
         exercise of the right of conversion or exchange in such Convertible
         Securities. In case of the issuance at any time of any Additional
         Shares of Common Stock or Convertible Securities in payment or
         satisfaction of any dividends upon any class of stock other than Common
         Stock, the Company shall be deemed to have received for such Additional
         Shares of Common Stock or Convertible Securities a consideration equal
         to the amount of such dividend so paid or satisfied.

             (b) When Adjustments to Be Made. The adjustments required by this
         Section 4 shall be made whenever and as often as any specified event
         requiring an adjustment shall occur, except that any adjustment of the
         number of shares of Common Stock for which this Warrant is exercisable
         that would otherwise be required may be postponed (except in the case
         of a subdivision or combination of shares of Common Stock, as provided
         for in Section 4.1) up to, but not beyond the date of exercise if such
         adjustment either by itself or with other adjustments not previously
         made adds or subtracts less than 1% of the shares of Common Stock for
         which this Warrant is exercisable immediately prior to the making of
         such adjustment. Any adjustment representing a change of less than such
         minimum amount (except as aforesaid) which is postponed shall be
         carried forward and made as soon as such adjustment, together with
         other adjustments required by this Section 4 and not previously made,
         would result in a minimum adjustment or on the date of exercise. For
         the purpose of any adjustment, any specified event shall be deemed to
         have occurred at the close of business on the date of its occurrence.

             (c) Fractional Interests. In computing adjustments under this
         Section 4, fractional interests in Common Stock shall be taken into
         account to the nearest 1/10th of a share.

             (d) When Adjustment Not Required. If the Company shall take a
         record of the holders of Common Stock for the purpose of entitling them
         to receive a dividend or distribution or subscription or purchase
         rights and shall, thereafter and before the distribution to
         stockholders thereof, legally abandon its plan to pay or deliver such
         dividend, distribution, subscription or purchase rights, then
         thereafter no adjustment shall be required by reason of the taking of
         such record and any such adjustment previously made in respect thereof
         shall be rescinded and annulled.

         4.7 Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger,

                                       10

<PAGE>   11

consolidation or disposition of assets, shares of common stock of the successor
or acquiring corporation, or any cash, shares of stock or other securities or
property of any nature whatsoever (including warrants or other subscription or
purchase rights) in addition to or in lieu of common stock of the successor or
acquiring corporation ("Other Property"), are to be received by or distributed
to the holders of Common Stock of the Company, then each Holder shall have the
right thereafter to receive, upon exercise of such Warrant, the number of shares
of common stock of the successor or acquiring corporation or of the Company, if
it is the surviving corporation, and Other Property receivable upon or as a
result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a holder of the number of shares of Common Stock for
which this warrant is exercisable immediately prior to such event. In case of
any such reorganization, reclassification, merger, consolidation or disposition
of assets, the successor or acquiring corporation (if other than the Company)
shall expressly assume the due and punctual observance and performance of each
and every covenant and condition of this Warrant to be performed and observed by
the Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined by resolution of the
Board of Directors of the Company) in order to provide for adjustments of shares
of Common Stock for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 4. For
purposes of this Section 4.7, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 4.7 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

         4.8 Other Action Affecting Common Stock. In case at any time or from
time to time the Company shall take any action in respect of its Common Stock,
other than any action described in this Section 4, then, unless such action will
not have a materially adverse effect upon the rights of the Holders, the number
of shares of Common Stock or other stock for which this Warrant is exercisable
and/or the purchase price thereof shall be adjusted in such manner as may be
equitable in the circumstances.

5.       NOTICES TO WARRANT HOLDERS

         5.1 Notice of Adjustments. Whenever the number of shares of Class A
Common Stock for which this Warrant is exercisable, or whenever the price at
which a share of such Class A Common Stock may be purchased upon exercise of the
Warrants, shall be adjusted pursuant to Section 4, the Company shall forthwith
prepare a certificate to be executed by the chief financial officer of the
Company setting forth, in reasonable detail, the event requiring the adjustment
and the method by which such adjustment was calculated (including a description
of the basis on which the Board of Directors of the Company determined the fair
value of any evidences of indebtedness, shares of stock, other securities or
property or warrants or other subscription or purchase rights referred to in
Section 4), specifying the number of shares of Common Stock for which this
Warrant is exercisable and (if such adjustment was made pursuant to Section 4.7)
describing the number and kind of any other shares of stock or Other Property
for

                                       11

<PAGE>   12

which this Warrant is exercisable, and any change in the purchase price or
prices thereof, after giving effect to such adjustment or change. The Company
shall promptly cause a signed copy of such certificate to be delivered to each
Holder in accordance with Section 13.2. The Company shall keep at its office or
agency designated pursuant to Section 11 copies of all such certificates and
cause the same to be available for inspection at said office during normal
business hours by any Holder or any prospective purchaser of a Warrant
designated by a Holder thereof.

         5.2 Notice of Corporate Action. If at any time

             (a) The Company shall take a record of the holders of Common Stock
         for the purpose of entitling them to receive a dividend or other
         distribution, or any right to subscribe for or purchase any evidences
         of its indebtedness, any shares of stock of any class or any other
         securities or property, or to receive any other right, or

             (b) there shall be any capital reorganization of the Company, any
         reclassification or recapitalization of the capital stock of the
         Company or any consolidation or merger of the Company with, or any
         sale, transfer or other disposition of all or substantially all the
         property, assets or business of the Company to, another corporation, or

             (c) there shall be a voluntary or involuntary dissolution,
         liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to the Holder (i)
at least thirty (30) days' prior written notice of the date on which a record
date shall be selected for such dividend, distribution or right or for
determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up, and (ii) in the case of any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up, at least thirty (30) days'
prior written notice of the date when the same shall take place. Such notice in
accordance with the foregoing clause also shall specify (A) the date on which
any such record is to be taken for the purpose of such dividend, distribution or
right, the date on which the holders of Common Stock shall be entitled to any
such dividend, distribution or right, and the amount and character thereof, and
(B) the date on which any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up is to take place and the time, if any such time is to be fixed, as of which
the holders of Common Stock shall be entitled to exchange their shares of Common
Stock for securities or other property deliverable upon such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up. Each such written notice shall be
sufficiently given if addressed to the Holder at the last address of the Holder
appearing on the books of the Company and delivered in accordance with Section
13.2.

6.       NO IMPAIRMENT

         The Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation,

                                       12

<PAGE>   13

merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but shall at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of the Holder against impairment. Without
limiting the generality of the foregoing, the Company shall (a) not increase the
par value of any shares of Common Stock receivable upon the exercise of this
Warrant above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable shares of Class A Common Stock upon the exercise of this
Warrant, and (c) use its best efforts to obtain all such authorizations,
exemptions or consents from any public regulatory body, stock exchange or the
NASD as have jurisdiction therefor as may be necessary to enable the Company to
perform its obligations under this Warrant.

7.       RESERVATION AND AUTHORIZATION OF CLASS A COMMON STOCK; REGISTRATION
         WITH OR APPROVAL OF ANY GOVERNMENTAL AUTHORITY

         From and after the Closing Date, the Company shall at all times reserve
and keep available for issue upon the exercise of Warrants such number of its
authorized but unissued shares of Class A Common Stock as will be sufficient to
permit the exercise in full of all outstanding Warrants. All shares of Class A
Common Stock which shall be so issuable, when issued upon exercise of this
Warrant and payment therefor in accordance with the terms of the Warrant, shall
be duly and validly issued and fully paid and nonassessable, and not subject to
preemptive rights.

         Before taking any action which would cause an adjustment reducing the
Current Warrant Price below the then par value, if any, of the shares of Class A
Common Stock issuable upon exercise of this Warrant, the Company shall take any
corporate action which may be necessary in order that the Company may validly
and legally issue fully paid and nonassessable shares of such Class A Common
Stock at such adjusted Current Warrant Price.

         Before taking any action which would result in an adjustment in the
number of shares of Class A Common Stock for which this Warrant is exercisable
or in the Current Warrant Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

         If any shares of Class A Common Stock required to be reserved for
issuance upon exercise of this Warrant require registration or qualification
with any governmental authority or other governmental approval or filing under
any federal or state law before such shares may be so issued, the Company will
in good faith and as expeditiously as possible and at its expense endeavor to
cause such shares to be duly registered.

8.       TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS

         In the case of all dividends or other distributions by the Company to
the holders of its Common Stock with respect to which any provision of Section 4
refers to the taking of a record of such holders, the Company will in each such
case take such a record as of the close of

                                       13

<PAGE>   14

business on a Business Day. The Company will not at any time, except upon
dissolution, liquidation or winding up of the Company, close its stock transfer
books or Warrant transfer books so as to result in preventing or delaying the
exercise or transfer of any Warrant.

9.       SUPPLYING INFORMATION

         The Company shall cooperate with each Holder of a Warrant in supplying
such information as may be reasonably necessary for such holder to complete and
file any information reporting forms presently or hereafter required by the
Commission as a condition to the availability of an exemption from the
Securities Act for the sale of any Warrant.

10.      LOSS OR MUTILATION

         Upon receipt by the Company from any Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and indemnity reasonably satisfactory to it, and in
case of mutilation upon surrender and cancellation hereof, the Company will
execute and deliver in lieu hereof a new Warrant of like tenor to such Holder;
provided that no indemnity, other than pursuant to the writing agreement of the
Holder, shall be required if such Holder is an institutional investor, nor shall
any indemnity be required in the case of mutilation if this Warrant in
identifiable form is surrendered to the Company for cancellation.

11.      OFFICE OF THE COMPANY

         As long as any of the Warrants remain outstanding, the Company shall
maintain an office or agency (which may be the principal executive offices of
the Company) where the Warrants may be presented for exercise, registration of
transfer, division or combination as provided in this Warrant.

12.      LIMITATION OF LIABILITY

         No provision hereof, in the absence of affirmative action by the Holder
to purchase shares of Class A Common Stock, and no enumeration herein of the
rights or privileges of the Holder hereof, shall give rise to any liability of
such Holder for the purchase price of any Class A Common Stock or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

13.      MISCELLANEOUS

         13.1 Nonwaiver and Expenses. No course of dealing or any delay or
failure to exercise any right hereunder on the part of the Holder shall operate
as a waiver of such right or otherwise prejudice the Holder's rights, powers or
remedies. If the Company fails to make, when due, any payments provided for
hereunder, or fails to comply with any other provision of this Warrant, the
Company shall pay to the Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

                                       14

<PAGE>   15

         13.2 Notices. Any notices or other communications required or permitted
hereunder shall be sufficiently given if in writing and delivered in person,
transmitted by telecopier or sent by registered or certified mail (return
receipt requested) or recognized overnight delivery service, postage prepaid,
addressed as follows, or to such other address as such party may notify to the
other party in writing:

                  if to the Company, to:

                  Firearms Training Systems, Inc.
                  7340 McGinnis Ferry Road
                  Suwanee, Georgia 30024
                  Attn: Chief Financial Officer
                  Facsimile No.: (770) 622-3515

                           - and -

                  if to any Holder or holder of Warrant Stock, at its last known
                  address appearing on the books of the Company maintained for
                  such purpose.

A notice or communication will be effective (i) if delivered in person or by
overnight courier, on the business day it is delivered, (ii) if transmitted by
telecopier, on the business day of actual confirmed receipt by the addressee
thereof, and (iii) if sent by registered or certified mail, three business days
after dispatch.

         13.3 Remedies. Each holder of Warrants, in addition to being entitled
to exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant. The Company
agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate.

         13.4 Successors and Assigns. This Warrant and the rights evidenced
hereby shall inure to the benefit of and be binding upon the successors of the
Company and the successors and assigns of the Holder. The provisions of this
Warrant are intended to be for the benefit of all the Holders from time to time
of this Warrant and shall be enforceable by any such Holder.

         13.5 Amendment. This Warrant and all other Warrants may be modified or
amended or the provisions hereof waived with the written consent of the Company
and the Majority Holders, provided that no such Warrant may be modified or
amended to reduce the number of shares of Class A Common Stock for which such
Warrant is exercisable or to increase the price at which such shares may be
purchased upon exercise of such Warrant (before giving effect to any adjustment
as provided therein) without the prior written consent of the Holder thereof.

         13.6 Severability. Whenever possible, each provision of this Warrant
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant is held to be prohibited by
or invalid under applicable law, such provision will be

                                       15

<PAGE>   16

ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Warrant.

         13.7 Headings. The headings used in this Warrant are for convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

         13.8 CHOICE OF LAW. THIS WARRANT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE
AND PERFORMED THEREIN.

                                       16
<PAGE>   17

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.

Dated:_____________ , 2000

                                     FIREARMS TRAINING SYSTEMS, INC.

                                     By:
                                        ---------------------------------------
                                        Name:   Robert F. Mecredy
                                        Title:  CEO and President

Attest:

By:
   ----------------------------
   Name:   John A. Morelli
   Title:  Secretary

                                       17
<PAGE>   18

                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

         The undersigned registered owner of this Warrant irrevocably exercises
this Warrant for the purchase of ______ shares of Class A Common Stock of
Firearms Training Systems, Inc. and herewith makes payment therefor, all at the
price and on the terms and conditions specified in this Warrant and requests
that certificates for the shares of Class A Common Stock hereby purchased (and
any securities or other property issuable upon such exercise) be issued in the
name of and delivered to __________ whose address is _________ and, if such
shares of Class A Common Stock shall not include all of the shares of Class A
Common Stock issuable as provided in this Warrant, that a new Warrant of like
tenor and date for the balance of the shares of Class A Common Stock issuable
hereunder be delivered to the undersigned.

                                 ----------------------------------------------
                                 (Name of Registered Owner)

                                 ----------------------------------------------
                                 (Signature of Registered Owner)

                                 ----------------------------------------------
                                 (Street Address)

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

NOTICE:       The signature on this subscription must correspond with the name
              as written upon the face of the within Warrant in every
              particular, without alteration or enlargement or any change
              whatsoever.

                                       18

<PAGE>   19

                                    EXHIBIT B

                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under this Warrant, with respect to the number of
shares of Class A Common Stock set forth below:

<TABLE>
<CAPTION>
                                                               No. of Shares of
Name and Address of Assignee                               Class A Common Stock
----------------------------                               --------------------
<S>                                                        <C>

</TABLE>

and does hereby irrevocably constitute and appoint _____________________________
attorney-in-fact to register such transfer on the books of Firearms Training
Systems, Inc. maintained for the purpose, with full power of substitution in the
premises.

Dated: ___________________________          Print Name:
                                                      --------------------------

                                            Signature:
                                                      --------------------------

                                            Witness:
                                                    ----------------------------

NOTICE:       The signature on this assignment must correspond with the name as
              written upon the face of the within Warrant in every particular,
              without alteration or enlargement or any change whatsoever.

                                       19

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