Document:

Exhibit 10.1

 

LOAN MODIFICATION AGREEMENT

 

This Loan Modification Agreement is entered into as of
December 21, 2004, by and between Exelixis, Inc. (the “Borrower”)
and Silicon Valley Bank (“Bank”).

 

1.                                       DESCRIPTION
OF EXISTING OBLIGATIONS:  Among other
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to, among other documents, a Loan and Security Agreement, dated
on or about May 22, 2002 (as may be amended, restated, supplemented or
otherwise modified from time to time, the “Loan Agreement”).  The Loan Agreement provided for, among other
things, a Committed Equipment Line in the original principal amount of
$16,000,000 (subsequently increased to $19,000,000 pursuant to a Loan
Modification Agreement dated February 1, 2004).  A new Facility B Committed Equipment Line of
up to $20,000,000 shall be added to the Loan Agreement pursuant to the terms
and conditions hereof.  Defined terms
used but not otherwise defined herein shall have the same meanings as in the
Loan Agreement.

 

Hereinafter, all indebtedness owing by Borrower to Bank shall be
referred to as the “Indebtedness”.

 

2.                                       DESCRIPTION
OF COLLATERAL AND GUARANTIES. 
Repayment of the Indebtedness is secured by the Collateral as described
in the Loan Agreement.  Hereinafter, the
Loan Agreement and all other documents securing repayment of the Indebtedness
shall be referred to as the “Security Documents”.  Hereinafter, the Security Documents, together
with all other documents evidencing the Indebtedness shall be referred to as
the “Existing Loan Documents”.

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS OF EXISTING LOAN DOCUMENTS.

 

3.1                                 Equipment
Advances Facility A.  Sections 2.1.1(a) and (b) of the
Loan Agreement are amended by (a) replacing all instances of the term “Equipment
Advances” with a new term “Facility A Equipment Advances” and (b) replacing all
instances of the term “Committed Equipment Line” with the term “Facility A
Committed Equipment Line”.

 

3.2                                 Equipment
Advances Facility B.  A new Section 2.1.2 is added
to the Loan Agreement to read as follows:

 

“2.1.2                  Facility
B Equipment Advances.

 

(a)                                  Subject
to the terms and conditions of this Agreement, Bank agrees to lend to Borrower,
from December 21, 2004 through January 1, 2006, (the “Facility B
Availability End Date”), equipment advances (“Facility B Equipment Advances”)
in an aggregate amount not to exceed the Facility B Committed Equipment
Line.  When repaid, the Facility B
Equipment Advances may not be reborrowed. 
The proceeds of each Facility B

 

 

Equipment Advance will be used solely to reimburse Borrower for 100% of
the Original Stated Cost of Eligible Equipment purchased.  Each Facility B Equipment Advance must be for
a minimum of $500,000.  The number of
Facility B Equipment Advances is limited to eight.

 

(b)                                 To
obtain a Facility B Equipment Advance, Borrower will deliver a Loan Supplement
to Bank in accordance with the terms and conditions set forth under Section 2.1.1(b).

 

(c)                                  Bank’s
obligation to lend under this Section 2.1.2 shall terminate on the earlier
of (i) the occurrence and continuance of an Event of Default, or (ii) Facility
B Availability End Date.”

 

3.3                                 Overadvances.  Section 2.2 of the Loan Agreement is
hereby amended and restated in its entirety to read as follows:

 

“2.2                           Overadvances.

 

(a)                                  If
the Obligations under Section 2.1.1 at any time exceed the Facility A
Committed Equipment Line or the principal balance of the segregated securities
account(s) required by Section 6.4(a) hereof at any time is less than 100%
of the outstanding principal balance of the Obligations under Section 2.1.1,
then Borrower will be in an Overadvance to the extent of such excess
amount.  If Borrower is in an
Overadvance, then Borrower shall immediately repay to Bank such excess amount.

 

(b)                                 If
the Obligations under Section 2.1.2 at any time exceed the Facility B
Committed Equipment Line or the principal balance of the non-interest bearing
certificate deposit account(s) required by Section 6.4(b) hereof at any
time is less than 100% of the outstanding principal balance of the Obligations
under Section 2.1.2, then Borrower will be in an Overadvance to the extent
of such excess amount.  If Borrower is in
an Overadvance, then Borrower shall immediately repay to Bank such excess
amount.”

 

3.4                                 Repayment
of Facility B Equipment Advances.  Sections
2.3.1(a) and (b) of the Loan Agreement are hereby amended and restated in their
entirety to read as follows:

 

“(a)                            Borrower
will repay each of the Equipment Advances on the terms provided in the Loan
Supplement for such Equipment Advance, effected through debits of Borrower’s
accounts as provided in Section 2.3.2 hereof, and in accordance with the
following:

 

(i)                                     With
respect to Facility A Equipment Advances, Borrower
will make 48 equal monthly payments of principal in arrears, plus accrued and
unpaid interest (collectively, “Facility A Scheduled Payments”), on the last
Business Day of the month following the Funding Date (or

 

 

commencing on the Funding Date, if the Funding Date is
the last Business Day of the month) and continuing thereafter during the
Repayment Period on the last Business Day of each calendar month (each, a “Facility
A Payment Date”), and all then-outstanding principal and accrued and unpaid
interest as to each Facility A Equipment Advance shall be due and payable in
full on the Facility A Maturity Date for that Facility A Equipment Advance.

 

(ii)                                  With
respect to Facility B Equipment Advances, Borrower will make interest-only
payments of accrued and unpaid interest on the last Business Day of each month
through January 31, 2006, and all Facility B Equipment Advances
outstanding on the Facility B Availability End Date are payable, beginning on February 28,
2006, and on the last Business Day of each month thereafter, until (and
including) January 31, 2010, in 48 equal monthly installments of
principal, plus accrued interest (all payments of principal and interest on
Facility B Equipment Advances described above, collectively, “Facility B
Scheduled Payments”, and together with Facility A Scheduled Payments,
collectively, “Scheduled Payments”).  All
then-outstanding principal and accrued and unpaid interest as to each Facility
B Equipment Advance shall be due and payable in full on January 31, 2010.

 

(b)                                 Borrower
will pay interest at the times set forth above at the per annum rate of interest
equal to the Basic Rate determined by Bank as of the Funding Date for each
Equipment Advance in accordance with the definition of the Basic Rate.  Any amounts outstanding during the
continuance of an Event of Default shall bear interest at a per annum rate
equal to the Basic Rate plus five percent (5%). 
If any change in the law increases Bank’s expenses or decreases its
return from the Equipment Advances, Borrower will pay Bank upon request the
amount of such increase or decrease.”

 

3.5                                 Conditions
Precedent to all Credit Extensions.  Section 3.2(c)
of the Loan Agreement is hereby amended by deleting the reference therein to “110%”
and replacing it with “100%”.

 

3.6                                 Financial
Statements.  Section 6.2 of the
Loan Agreement is hereby deleted in its entirety and replaced with the
following language: “[Intentionally Omitted]”.

 

3.7                                 Deposits.  Section 6.4 of the Loan Agreement is
hereby amended to read as follow:

 

“6.4                           Deposits.  Borrower will at all times, during which any
principal or interest under the Loan Documents remains outstanding, maintain
its primary operating accounts with the Bank. 
In addition:

 

 

(a)                                  Borrower
will at all times maintain on deposit in a segregated securities account with
Bank or one of Bank’s Affiliates a principal balance in a value equal to at
least 100% of the outstanding principal balance of the Obligations under Section 2.1.1
plus all requested Credit Extensions (other than the principal portion of the
Obligations under Section 2.1.2) (the “Facility A Collateral”), the value
of such account to be marked to market on a monthly basis.  The balance in such account must be invested
in a manner consistent with the Investment Policies approved by Borrower’s
Board of Directors, dated April 28, 2000, or in mutual funds offered by
Bank or one of its Affiliates.

 

(b)                                 Borrower
will at all times maintain on deposit in a non-interest bearing certificate
deposit account(s) with Bank or one of Bank’s Affiliates (and Bank or Bank’s
Affiliates, as the case may be, will only allocate such deposits to a
non-interest bearing certificate deposit account) a principal balance in a
value equal to at least 100% of the outstanding principal balance of the
Obligations under Section 2.1.2 plus all requested Credit Extensions
(other than the principal portion of the Obligations under Section 2.1.1)
(the “Facility B Collateral” and, together with the Facility A Collateral, the “Collateral”).”

 

3.8                                 Dispositions.  Section 7.1 of the Loan Agreement is
hereby deleted in its entirety.

 

3.9                                 Dispositions.  Section 7.3 of the Loan Agreement is
hereby deleted in its entirety.

 

3.10                           Encumbrances.  Section 7.4 of the Loan Agreement is
hereby amended and restated in its entirety to read as follows:

 

“Borrower will not create, incur or allow to exist any
Lien on the Collateral, except for Permitted Liens, or permit any Collateral
not subject to the first priority security interest herein granted to Bank,
subject to Permitted Liens.”

 

3.11                           Other
Agreements.  Section 8.6 of the
Loan Agreement is hereby amended and restated in its entirety to read as
follows:

 

“There is an event of default in any agreement between
Borrower and a third party that gives the third party the right to accelerate
any Indebtedness exceeding $5,000,000.”

 

3.12                           Amended
Definitions.  The following defined
terms under Section 13. of the Loan Agreement are
each hereby amended to read as follows:

 

(a)                                  “Basic
Rate” is, (i) with respect to Facility B Equipment Advances, 0.70% fixed, and
(ii) with respect to Facility A Equipment Advances, the Prime Rate, as that
rate shall change from time to time.

 

 

(b)                                 The
definition of “Committed Equipment Line” is hereby deleted in its entirety.

 

(c)                                  “Equipment
Advances” are Facility A Equipment Advances and
Facility B Equipment Advances, collectively.

 

(d)                                 “Responsible
Officer” is the Chief Executive Officer, the President, the Chief Financial
Officer, the Vice President of Legal Affairs, and the Vice President of
Finance.

 

3.13                           New
Definitions.  The following new
defined terms are added to new Section 13.1 of the Loan Agreement in
alphabetical order:

 

(a)                                  “Facility
A Committed Equipment Line” is $19,000,000 of Facility
A Equipment Advances for the financing of Eligible Equipment.

 

(b)                                 “Facility
A Equipment Advances” is $19,000,000 of equipment
advances for financing of Eligible Equipment under the original Loan Agreement
dated May 22, 2002, as modified pursuant to the Loan Modification Agreement
dated February 1, 2004.

 

(c)                                  “Facility
B Committed Equipment Line” is $20,000,000 of Facility B Equipment Advances for
the financing of Eligible Equipment.

 

3.14                           Exhibit
A.  Exhibit A attached to the Loan
Agreement is hereby deleted in its entirety and replaced with Exhibit A
attached hereto.

 

3.15                           Exhibit
D.  Exhibit D “Compliance Certificate”
attached to the Loan Agreement is hereby deleted in its entirety.

 

4.                                       CONSISTENT
CHANGES.  The Existing Loan Documents
are hereby amended wherever necessary to reflect the changes described above.

 

5.                                       GOOD
FAITH DEPOSIT.  Borrower agrees to
pay to Bank a Good Faith Deposit of $25,000 (the “Good Faith Deposit”) to
initiate Bank’s due diligence review process. 
The Good Faith Deposit is refundable if the transactions contemplated
hereunder are not approved by Bank, which approval is in the sole discretion of
Bank.  Otherwise, the Good Faith Deposit
shall be applied to pay any Bank Expenses incurred by Bank in connection with
this Modification.

 

6.                                       NO
DEFENSES OF BORROWER. Borrower agrees that, as of the date hereof, it has
no defenses against its obligations to pay all of the Indebtedness.

 

7.                                       CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the Existing Loan Documents, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents and as of the date of such Existing Loan
Documents.  Except as expressly modified
pursuant to this Modification, the terms of the Existing Loan Documents remain
unchanged and in full force and effect. 
Bank’s agreement to modifications to the Existing Loan Documents
pursuant to this Modification in no way shall obligate Bank to make any future
modifications to the Existing Loan Documents. 
Nothing in

 

 

this
Modification shall constitute a satisfaction of the Indebtedness.  It is the intention of Bank and Borrower to
retain as liable parties all makers and endorsers of Existing Loan Documents,
unless the party is expressly released by Bank in writing, and no maker,
endorser, or guarantor will be released by virtue of this Modification.

 

8.                                       CONDITIONS.  The effectiveness of this Modification is
conditioned upon (i) payment of all reasonable Bank Expenses relating to this
Modification, and (ii) execution and delivery to Bank of a fully executed copy
of this Modification.

 

[ Remainder of Page Intentionally
Left Blank ]

 

 

IN WITNESS WHEREOF, each of the parties hereto has
caused this Modification to be executed and delivered by its duly authorized
representative as of the date first written above.

 

	
  BORROWER:

  	
  BANK:

  
	
   

  	
   

  
	
  EXELIXIS, INC,

  	
  SILICON VALLEY BANK,

  
	
  a Delaware corporation

  	
  a California-chartered bank

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/

  	
   

  	
  By:

  	
   

  	
  /s/

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Frank Karbe

  	
   

  	
  Name:

  	
  Cheryl Chen

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  	
  Title:

  	
   

  	
  Vice PresidentTHIS  WARRANT AND THE  SECURITIES  REPRESENTED  HEREBY HAVE NOT BEEN  REGISTERED
UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  AND MAY NOT BE OFFERED,  SOLD,
ASSIGNED OR TRANSFERRED,  IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION STATEMENT
UNDER  SAID ACT OR UNLESS  THE  COMPANY  HAS  RECEIVED  AN  OPINION  OF  COUNSEL
REASONABLY  SATISFACTORY TO THE COMPANY THAT REGISTRATION  UNDER SAID ACT IS NOT
REQUIRED.

                                                                Warrant No. A-__

                          COMMON STOCK PURCHASE WARRANT

                                    A WARRANT

      To Purchase ____________(1) Shares of Common Stock of NEXMED, INC.

      THIS IS TO  CERTIFY  THAT  _______________,  or  registered  assigns  (the
"Holder"), is entitled,  during the Exercise Period (as hereinafter defined), to
purchase from NexMed,  Inc., a Nevada  corporation (the "Company"),  the Warrant
Stock (as hereinafter  defined and subject to adjustment as provided herein), in
whole or in part, at a purchase price of $1.47 per share,  all on and subject to
the terms and conditions hereinafter set forth.

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

      "Affiliate"  means any  person  or entity  that,  directly  or  indirectly
through one or more  intermediaries,  controls or is  controlled  by or is under
common control with a person or entity,  as such terms are used in and construed
under Rule 144 under the  Securities  Act. With respect to a Holder of Warrants,
any investment fund or managed account that is managed on a discretionary  basis
by the same investment  manager as such Holder will be deemed to be an Affiliate
of such Holder.

      "Appraised  Value"  means,  in respect of any share of Common Stock on any
date herein  specified,  the fair  saleable  value of such share of Common Stock
(determined without giving effect to the discount for (i) a minority interest or
(ii) any lack of  liquidity  of the Common Stock or to the fact that the Company
may have no class of equity  registered  under the Exchange  Act) as of the last
day of the most recent fiscal month ending prior to such date  specified,  based
on the  value of the  Company  on a  fully-diluted  basis,  as  determined  by a
nationally recognized investment banking firm selected by the Company's Board of
Directors and having no prior relationship with the Company.

      "Business  Day"  means any day except  Saturday,  Sunday and any day which
shall be a legal holiday or a day on which banking  institutions in the State of
New Jersey  generally  are  authorized  or required  by law or other  government
actions to close.

_____________

(1)   Insert 40% of the number of Shares purchased under the Purchase Agreement.

<PAGE>

      "Change of Control"  means the (i)  acquisition  by an individual or legal
entity or group (as set forth in Section 13(d) of the Exchange Act) of more than
one-half of the voting rights or equity interests in the Company;  or (ii) sale,
conveyance,  or other  disposition  of all or  substantially  all of the assets,
property or business of the Company or the merger into or consolidation with any
other  corporation  (other  than  a  wholly  owned  subsidiary  corporation)  or
effectuation of any transaction or series of related  transactions where holders
of the  Company's  voting  securities  prior to such  transaction  or  series of
transactions  fail to continue  to hold at least 50% of the voting  power of the
Company (or, if other than the  Company,  the  successor  or  acquiring  entity)
immediately following such transaction.

      "Closing Date" means December 21, 2004.

      "Commission"  means the  Securities  and Exchange  Commission or any other
federal  agency  then   administering  the  Securities  Act  and  other  federal
securities laws.

      "Common  Stock" means (except where the context  otherwise  indicates) the
Common Stock,  $0.001 par value per share,  of the Company as constituted on the
Closing Date,  and any capital stock into which such Common Stock may thereafter
be changed or converted, 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 on liquidation 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  received by or  distributed to
the holders of Common Stock of the Company in the circumstances  contemplated by
Section 4.5.

      "Current  Market Price" means,  in respect of any share of Common Stock on
any date herein specified,

      (1) if there shall not then be a public market for the Common  Stock,  the
higher of

            (a) the book value per share of Common Stock at such date, and

            (b) the Appraised Value per share of Common Stock at such date,

      or

      (2) if there  shall  then be a public  market for the  Common  Stock,  the
higher of (x) the book value per share of Common Stock at such date, and (y) the
average of the daily  market  prices for the five (5)  consecutive  Trading Days
immediately  before such date.  The daily market price for each such Trading Day
shall be (i) the closing bid price on such day on the principal  stock  exchange
(including  Nasdaq) on which such  Common  Stock is then  listed or  admitted to
trading,  or quoted,  as applicable,  (ii) if no sale takes place on such day on
any such exchange, the last reported closing bid price on such day as officially
quoted on any such exchange (including Nasdaq), (iii) if the Common Stock is not
then  listed or  admitted to trading on any stock  exchange,  the last  reported
closing bid price 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 holder of this
Warrant  and the  Company  or, if they  cannot  agree  upon such  selection,  as
selected  by two such  members of the NASD,  one of which  shall be  selected by
holder of this Warrant and one of which shall be selected by the Company.

                                       2
<PAGE>

      "Current  Warrant  Price" means,  in respect of a share of Common Stock at
any date  herein  specified,  the price at which a share of Common  Stock may be
purchased  pursuant to this  Warrant on such date.  Unless and until the Current
Warrant  Price is adjusted  pursuant to the terms  herein,  the initial  Current
Warrant Price shall be $1.47 per share of Common Stock.

      "Exchange Act" means 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.

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

      "Expiration Date" means December 21, 2009.

      "GAAP" means generally accepted accounting principles in the United States
of America as from time to time in effect.

      "NASD" means the National Association of Securities Dealers,  Inc., or any
successor corporation thereto.

      "Other Property" has the meaning set forth in Section 4.5.

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

      "Purchase  Agreement" means that certain Common Stock and Warrant Purchase
Agreement  dated as of December 17, 2004 among the Company and the other parties
named therein, pursuant to which this Warrant was originally issued.

      "Restricted Common Stock" means shares of Common Stock which are, or which
upon their  issuance  upon the exercise of any Warrant  would be required to be,
evidenced by a certificate  bearing the restrictive  legend set forth in Section
3.2.

      "Securities  Act" means 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.

      "Trading Day" means any day on which the primary market on which shares of
Common Stock are listed is open for trading.

                                       3
<PAGE>

      "Transfer" means any disposition of any Warrant or Warrant Stock or of any
interest in either  thereof,  which would  constitute a sale thereof  within the
meaning of the Securities Act.

      "Warrants"  means this  Warrant and all  warrants  issued  upon  transfer,
division or combination  of, or in substitution  for, any thereof.  All Warrants
shall at all times be identical as to terms and conditions  and date,  except as
to the number of shares of Common Stock for which they may be exercised.

      "Warrant  Price"  means an  amount  equal to (i) the  number  of shares of
Common Stock being  purchased upon exercise of this Warrant  pursuant to Section
2.1, multiplied by (ii) the Current Warrant Price.

      "Warrant  Stock"  means the  [____________]  shares of Common  Stock to be
purchased upon the exercise hereof, subject to adjustment as provided herein.

      2. Exercise of Warrant.

      2.1.  Manner of  Exercise.  From and after the date that is six (6) months
after the date of  issuance  hereof and until 5:00 P.M.,  New York time,  on the
Expiration Date (the "Exercise  Period"),  the Holder may exercise this Warrant,
on any  Business  Day,  for all or any part of the  number of shares of  Warrant
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  or at the  office or agency
designated  by the  Company  pursuant  to Section  12,  (i) a written  notice of
Holder's  election to exercise  this  Warrant,  which notice  shall  specify the
number of shares of Warrant Stock to be  purchased,  (ii) payment of the Warrant
Price  as  provided  herein,  and  (iii)  this  Warrant.  Such  notice  shall be
substantially in the form of the subscription  form appearing at the end of this
Warrant as Exhibit A, duly executed by the Holder or its agent or attorney. Upon
receipt thereof, the Company shall, as promptly as practicable, and in any event
within  three  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 Warrant 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, to the extent possible,  in such denomination or denominations as the Holder
shall request in the notice and shall be registered in the name of the Holder or
such other name 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 when the  notice,  together  with the
payment of the  Warrant  Price and this  Warrant,  is received by the Company as
described  above. 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 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.

                                       4
<PAGE>

      Payment of the  Warrant  Price may be made at the option of the Holder by:
(i) certified or official  bank check payable to the order of the Company,  (ii)
wire  transfer  to the  account  of the  Company  or  (iii)  the  surrender  and
cancellation  of a portion of shares of Common  Stock then held by the Holder or
issuable upon such exercise of this Warrant,  which shall be valued and credited
toward the total  Warrant  Price due the Company for the exercise of the Warrant
based upon the Current  Market Price of the Common  Stock.  All shares of Common
Stock  issuable  upon the exercise of this Warrant  pursuant to the terms hereof
shall be validly issued and, upon payment of the Warrant  Price,  shall be fully
paid and nonassessable and not subject to any preemptive rights.

      2.2.  Fractional  Shares.  The  Company  shall not be  required to issue a
fractional  share of  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 shall pay an amount in cash equal to
the  Current  Market  Price per share of  Common  Stock on the date of  exercise
multiplied by such fraction.

      2.3.  Continued  Validity.  A Holder of shares of Common Stock issued upon
the  exercise  of this  Warrant,  in whole or in part  (other  than a Holder who
acquires  such  shares  after the same have been  publicly  sold  pursuant  to a
Registration  Statement  under the  Securities  Act or sold pursuant to Rule 144
thereunder),  shall  continue to be entitled  with respect to such shares to all
rights to which it would have been entitled as the Holder under  Sections 10 and
13 of this Warrant.

      2.4. Restrictions on Exercise Amount.

      (i) Unless a Holder  delivers to the Company  irrevocable  written  notice
prior to the date of issuance  hereof or sixty-one  days prior to the  effective
date of such notice that this Section 2.4(i) shall not apply to such Holder, the
Company shall not issue to the Holder,  and the Holder may not acquire, a number
of shares of Warrant Stock to the extent that, upon such exercise, the number of
shares of Common Stock then beneficially owned by such holder and its Affiliates
and any other  persons or entities  whose  beneficial  ownership of Common Stock
would be  aggregated  with the  Holder's  for  purposes of Section  13(d) of the
Exchange  Act  (including  shares  held by any  "group" of which the holder is a
member,  but excluding shares  beneficially  owned by virtue of the ownership of
securities or rights to acquire securities that have limitations on the right to
convert,  exercise or purchase similar to the limitation set forth herein) would
exceed 9.9% of the total  number of shares of Common  Stock of the Company  then
issued and outstanding.  For purposes hereof,  "group" has the meaning set forth
in  Section  13(d)  of  the  Exchange  Act  and  applicable  regulations  of the
Commission,  and the  percentage  held by the holder  shall be  determined  in a
manner consistent with the provisions of Section 13(d) of the Exchange Act. Each
delivery of a notice of exercise by a Holder will constitute a representation by
such Holder that it has evaluated the limitation set forth in this paragraph and
determined,  based on the most recent  public  filings by the  Company  with the
Commission,  that the  issuance  of the full  number of shares of Warrant  Stock
requested in such notice of exercise is permitted under this paragraph.

                                       5
<PAGE>

      (ii) In the event the Company is prohibited from issuing shares of Warrant
Stock as a result of any  restrictions or prohibitions  under  applicable law or
the rules or regulations of any stock exchange,  interdealer quotation system or
other self-regulatory  organization,  the Company shall as soon as possible seek
the approval of its  stockholders  and take such other  action to authorize  the
issuance of the full number of shares of Common Stock  issuable upon exercise of
this Warrant.

      3. Transfer, Division and Combination.

      3.1.  Transfer.  The  Warrants  and the  Warrant  Stock  shall  be  freely
transferable, subject to compliance with all applicable laws, including, but not
limited to the Securities  Act. If, at the time of the surrender of this Warrant
in  connection  with any  transfer of this  Warrant or the resale of the Warrant
Stock, this Warrant or the Warrant Stock, as applicable, shall not be registered
under the  Securities  Act, the Company may require,  as a condition of allowing
such  transfer (i) that the Holder or  transferee of this Warrant or the Warrant
Stock as the case may be,  furnish to the  Company a written  opinion of counsel
that is  reasonably  acceptable  to the Company to the effect that such transfer
may be made without  registration under the Securities Act, (ii) that the Holder
or transferee  execute and deliver to the Company an  investment  letter in form
and substance  acceptable to the Company and  substantially in the form attached
as Exhibit C hereto and (iii) that the transferee be an "accredited investor" as
defined in Rule 501(a)  promulgated  under the Securities Act.  Transfer of this
Warrant and all rights  hereunder,  in whole or in part, in accordance  with the
foregoing  provisions,  shall be  registered  on the books of the  Company to be
maintained  for such  purpose,  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  12,  together  with a written
assignment  of this Warrant  substantially  in the form of Exhibit B hereto duly
executed by the Holder or its agent or attorney and funds  sufficient to pay any
transfer  taxes payable upon the making of such  transfer.  Upon such  surrender
and, if required,  such  payment,  the Company  shall  execute and deliver a new
Warrant  or  Warrants  in the  name  of the  assignee  or  assignees  and in the
denomination specified in such instrument of assignment,  and shall issue to the
assignor a new Warrant  evidencing  the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. Following a transfer that complies
with the requirements of this Section 3.1, the Warrant may be exercised by a new
Holder for the  purchase  of shares of Common  Stock  regardless  of whether the
Company  issued or  registered  a new  Warrant on the books of the  Company.  In
connection  with any transfer of this Warrant after the  Registration  Statement
(as defined in the Investor  Rights  Agreement) is declared  effective under the
Securities  Act, the Holder or transferee  of this Warrant  shall  reimburse the
Company for its reasonable out of pocket costs in connection  with such transfer
(including  without  limitation the reasonable  attorneys fees for preparing and
filing a prospectus supplement with the SEC and/or delivering an updated opinion
letter to the Seller's transfer agent).

      3.2.  Restrictive  Legends.  Each  certificate for Warrant Stock initially
issued upon the exercise of this Warrant, and each certificate for Warrant Stock
issued to any subsequent  transferee of any such  certificate,  unless,  in each
case, such Warrant Stock is eligible for resale without registration pursuant to
Rule 144(k) under the Exchange Act, shall be stamped or otherwise imprinted with
a legend in substantially the following form:

                                       6
<PAGE>

"THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 AS AMENDED, AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR
TRANSFERRED,  IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT UNDER SAID
ACT OR UNLESS  THE  COMPANY  HAS  RECEIVED  AN  OPINION  OF  COUNSEL  REASONABLY
SATISFACTORY TO THE COMPANY THAT REGISTRATION UNDER SAID ACT IS NOT REQUIRED."

"THE  SALE,  TRANSFER  OR  ASSIGNMENT  OF THE  SECURITIES  REPRESENTED  BY  THIS
CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN  INVESTOR RIGHTS
AGREEMENT DATED AS OF DECEMBER 17, 2004, AS AMENDED FROM TIME TO TIME, AMONG THE
COMPANY  AND  CERTAIN  HOLDERS  OF ITS  OUTSTANDING  SECURITIES.  COPIES OF SUCH
AGREEMENT  MAY BE OBTAINED AT NO COST BY WRITTEN  REQUEST  MADE BY THE HOLDER OF
RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY."

      3.3.  Division  and  Combination;  Expenses;  Books.  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.  Subject  to  compliance  with
Section  3.1 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 the new Warrant or Warrants  under this Section 3. The Company agrees to
maintain,  at its aforesaid office or agency, books for the registration and the
registration of transfer of the Warrants.

      4.  Adjustments.  The  number of shares  of  Common  Stock for which  this
Warrant is exercisable, and 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 the Holder  notice of any
event described below which requires an adjustment pursuant to this Section 4 in
accordance with Sections 5.1 and 5.2.

      4.1. Stock Dividends,  Subdivisions and Combinations. If at any time while
this Warrant is outstanding the Company shall:

            (i) declare a dividend  or make a  distribution  on its  outstanding
shares of Common Stock in shares of Common Stock,

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

            (iii) combine its outstanding  shares of Common Stock into a smaller
number of shares of Common Stock, then:

      (1) the number of shares of Common Stock  acquirable upon exercise of this
Warrant  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  that would  have been  acquirable  under this
Warrant  immediately  prior to the record date for such dividend or distribution
or the  effective  date of  such  subdivision  or  combination  would  own or be
entitled  to  receive  after  such  record  date or the  effective  date of such
subdivision or combination, as applicable, and

                                       7
<PAGE>

      (2) the Current Warrant Price shall be adjusted to equal:

            (A) the  Current  Warrant  Price in effect at the time of the record
date  for  such  dividend  or  distribution  or of the  effective  date  of such
subdivision or  combination,  multiplied by the number of shares of Common Stock
into which this  Warrant is  exercisable  immediately  prior to the  adjustment,
divided by

            (B) the number of shares of Common  Stock into which this Warrant is
exercisable immediately after such adjustment.

      Any adjustment  made pursuant to clause (i) of this paragraph shall become
effective   immediately   after  the  record  date  for  the   determination  of
stockholders  entitled  to  receive  such  dividend  or  distribution,  and  any
adjustment  pursuant to clauses  (ii) or (iii) of this  paragraph  shall  become
effective   immediately   after  the  effective  date  of  such  subdivision  or
combination.

      4.2.  Certain  Other  Distributions.  If at any time while this Warrant is
outstanding  the  Company  shall  cause the  holders of its  Common  Stock to be
entitled to receive any dividend or other distribution of:

            (i) cash,

            (ii) any evidences of its  indebtedness,  any shares of stock of any
class or any other  securities  or property  or assets of any nature  whatsoever
(other than cash or additional shares of Common Stock as provided in Section 4.1
hereof), or

            (iii) any warrants or other rights to subscribe  for or purchase any
evidences  of its  indebtedness,  any  shares of stock of any class or any other
securities or property or assets of any nature whatsoever, then:

            (1) the number of shares of Common Stock acquirable upon exercise of
this  Warrant  shall be adjusted to equal the product of the number of shares of
Common Stock acquirable upon exercise of this Warrant  immediately  prior to the
record date for such dividend or distribution,  multiplied by a fraction (x) the
numerator of which shall be the Current  Warrant Price per share of Common Stock
at the date of taking such record and (y) the denominator of which shall be such
Current Warrant Price minus the amount allocable to one share of Common Stock of
any such cash so  distributable  and of the fair  value (as  determined  in good
faith by the Board of Directors of the Company) 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

            (2) the Current  Warrant  Price in effect  immediately  prior to the
record date fixed for  determination  of  stockholders  entitled to receive such
distribution shall be adjusted to equal (x) the Current Warrant Price multiplied
by the number of shares of Common Stock acquirable upon exercise of this Warrant
immediately  prior to the  adjustment,  divided  by (y) the  number of shares of
Common Stock  acquirable  upon exercise of this Warrant  immediately  after such
adjustment.  A reclassification  of the 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

                                       8
<PAGE>

distribution by the Company to the holders of its 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.

      4.3.  Securities  Issuances.  In the event that the  Company or any of its
subsidiaries  (A) issues or sells any Common  Stock or  convertible  securities,
warrants,  options or other rights to  subscribe  for or to purchase or exchange
for,  shares of Common  Stock  ("Convertible  Securities")  or (B)  directly  or
indirectly  effectively  reduces the conversion,  exercise or exchange price for
any  Convertible  Securities  which  are  currently  outstanding,  at  or  to an
effective  Per Share  Selling  Price (as defined  below)  which is less than the
greater  of (I) the  closing  sale  price per share of the  Common  Stock on the
principal  market  on which the  Common  Stock is traded  the  Trading  Day next
preceding  such  issue or sale or, in the case of  issuances  to  holders of its
Common Stock, the date fixed for the  determination of stockholders  entitled to
receive such warrants,  rights,  or options ("Fair Market  Price"),  or (II) the
Current  Warrant  Price,  then in each such case the  Current  Warrant  Price in
effect  immediately  prior to such issue or sale or record date, as  applicable,
shall be automatically reduced effective concurrently with such issue or sale to
an amount  determined by multiplying the Current Warrant Price then in effect by
a  fraction,  (x) the  numerator  of which shall be the sum of (1) the number of
shares of Common Stock outstanding immediately prior to such issue or sale, plus
(2) the  number  of shares of Common  Stock  which the  aggregate  consideration
received by the Company for such  additional  shares would purchase at such Fair
Market  Price  or  Current  Warrant  Price,  as the  case  may  be,  and (y) the
denominator  of which  shall be the  number of  shares  of  Common  Stock of the
Company  outstanding  immediately  after  such  issue  or  sale.  The  foregoing
provision  shall  not  apply  to any  issuances  or  sales  of  Common  Stock or
Convertible  Securities  (i) pursuant to any  Convertible  Securities  currently
outstanding on the date hereof in accordance with the terms of such  Convertible
Securities  in  effect on the date  hereof,  or (ii) to any  officer,  director,
employee or Consultant (as defined below) of the Company pursuant to a bona fide
option or equity  incentive plan duly adopted by the Company,  provided that any
such issuances or sales to Consultants must be reasonable  consideration for the
services  rendered by such Consultants and shall not exceed more than $1 million
in market value to all  Consultants  in the aggregate  under any  circumstances.
"Consultant"  shall mean any natural person  providing bona fide services to the
Company  which are not in  connection  with the offer or sale of securities in a
capital raising  transaction and which do not directly or indirectly  promote or
maintain a market for the  Company's  securities.  The Company shall give to the
Warrantholder written notice of any such sale of Common Stock within 24 hours of
the closing of any such sale and shall  within such 24 hour period issue a press
release  announcing such sale if such sale is a material event for, or otherwise
material to, the Company.

                                       9
<PAGE>

      For the purposes of the foregoing adjustments, in the case of the issuance
of any  Convertible  Securities,  the maximum  number of shares of Common  Stock
issuable upon exercise,  exchange or conversion of such  Convertible  Securities
shall be deemed to be outstanding,  provided that no further adjustment shall be
made upon the  actual  issuance  of Common  Stock  upon  exercise,  exchange  or
conversion  of such  Convertible  Securities,  and provided  further that to the
extent  such  Convertible   Securities   expire  or  terminate   unconverted  or
unexercised,  then at such time the Current Warrant Price shall be readjusted as
if such portion of such Convertible Securities had not been issued.

      For purposes of this Section  4.3, if an event occurs that  triggers  more
than one of the above adjustment  provisions,  then only one adjustment shall be
made and the calculation method which yields the greatest downward adjustment in
the Current Warrant Price shall be used.

      "Per Share Selling Price" shall include the amount  actually paid by third
parties for each share of Common Stock in a sale or issuance by the Company.  In
the event a fee is paid by the  Company  in  connection  with  such  transaction
directly or indirectly to such third party or its affiliates, any such fee shall
be  deducted  from  the  selling  price  pro  rata  to all  shares  sold  in the
transaction to arrive at the Per Share Selling Price. A sale of shares of Common
Stock shall include the sale or issuance of Convertible Securities,  and in such
circumstances  the Per Share Selling  Price of the Common Stock covered  thereby
shall also  include the  exercise,  exchange  or  conversion  price  thereof (in
addition to the consideration received by the Company upon such sale or issuance
less the fee amount as provided above). In case of any such security issued in a
transaction in which the purchase price or the conversion,  exchange or exercise
price is directly or indirectly subject to adjustment or reset based on a future
date, future trading prices of the Common Stock,  specified or contingent events
directly or indirectly  related to the business of the Company or the market for
the Common Stock, or otherwise (but excluding standard stock split anti-dilution
provisions  or  weighted-average  anti-dilution  provisions  similar to that set
forth herein,  provided  that any actual  reduction of such price under any such
security  pursuant to such  weighted-average  anti-dilution  provision  shall be
included and cause a adjustment hereunder), the Per Share Selling Price shall be
deemed to be the lowest conversion,  exchange,  exercise or reset price at which
such securities are converted,  exchanged, exercised or reset or might have been
converted,  exchanged, exercised or reset, or the lowest adjustment, as the case
may  be,  over  the  life  of  such  securities.  If  shares  are  issued  for a
consideration  other than cash,  the Per Share  Selling  Price shall be the fair
value of such consideration as determined in good faith by independent certified
public  accountants  mutually  acceptable to the Company and the Holder.  In the
event the Company  directly or indirectly  effectively  reduces the  conversion,
exercise or exchange price for any  Convertible  Securities  which are currently
outstanding,  then the Per Share  Selling  Price  shall  equal such  effectively
reduced conversion, exercise or exchange price.

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

            (a) When Adjustments to Be Made. The adjustments required by Section
4 shall be made  whenever  and as  often as any  specified  event  requiring  an
adjustment shall occur,  except that any that would otherwise be required may be
postponed  (except in the case of a subdivision  or combination of shares of the
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
into 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.

                                       10
<PAGE>

            (b)  Fractional  Interests.  In  computing  adjustments  under  this
Section 4,  fractional  interests in Common Stock shall be taken into account to
the nearest 1/100th of a share.

            (c) When  Adjustment  Not  Required.  If the  Company  undertakes  a
transaction  contemplated under this Section 4 and as a result takes a record of
the holders of its Common Stock for the purpose of  entitling  them to receive a
dividend or  distribution  or  subscription or purchase rights or other benefits
contemplated  under  this  Section  4  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 or other benefits
contemplated  under  this  Section 4, 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.

            (d) Escrow of Stock.  If after any  property  becomes  distributable
pursuant  to Section 4 by reason of the  taking of any record of the  holders of
Common Stock,  but prior to the occurrence of the event for which such record is
taken,  a holder of this Warrant  exercises the Warrant  during such time,  then
such holder shall  continue to be entitled to receive any shares of Common Stock
issuable upon exercise hereunder by reason of such adjustment and such shares or
other  property  shall be held in escrow for the  holder of this  Warrant by the
Company to be issued to holder of this  Warrant  upon and to the extent that the
event actually takes place.  Notwithstanding any other provision to the contrary
herein,  if the event  for  which  such  record  was taken  fails to occur or is
rescinded,  then such  escrowed  shares  shall be  canceled  by the  Company and
escrowed property returned to the Company.

      4.5.   Reorganization,    Reclassification,   Merger,   Consolidation   or
Disposition of Assets.

            (a) If there  shall occur a Change of Control  and,  pursuant to the
terms of such  Change of Control,  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 the Holder of this Warrant
shall have the right  thereafter  to receive,  upon the exercise of the 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 the Other Property
receivable  upon or as a result  of such  Change of  Control  by a holder of the
number  of shares of  Common  Stock  into  which  this  Warrant  is  exercisable
immediately prior to such event.

                                       11
<PAGE>

            (b) In case of any such  Change  of  Control  described  in  Section
4.5(a) above,  the resulting,  successor or acquiring  entity (if other than the
Company) and, if an entity different from the successor or acquiring entity, the
entity  whose  capital  stock or assets  the  holders  of the  Common  Stock are
entitled  to  receive as a result of such  Change of  Control,  shall  expressly
assume  the due and  punctual  observance  and  performance  of each  and  every
covenant and condition contained in 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 the Common  Stock into which this  Warrant is  exercisable  which shall be as
nearly  equivalent as practicable to the adjustments  provided for in Section 4.
For  purposes  of  Section  4,  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 on liquidation 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 shall  similarly  apply to  successive
Change of Control transactions.

      4.6. 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 the  payment  of  dividends  permitted  by  Section 4 or any  other  action
described  in Section 4, then,  unless such  action  will not have a  materially
adverse  effect  upon the  rights of the holder of this  Warrant,  the number of
shares of Common  Stock or other  stock into which this  Warrant is  exercisable
and/or the  purchase  price  thereof  shall be adjusted in such manner as may be
equitable in the circumstances.

      4.7. Certain Limitations. Notwithstanding anything herein to the contrary,
the Company  agrees not to enter into any  transaction  which,  by reason of any
adjustment hereunder,  would cause the Current Warrant Price to be less than the
par value per share of Common Stock.

      4.8. Stock Transfer Taxes. The issue of stock  certificates  upon exercise
of this  Warrant  shall be made  without  charge  to the  holder  for any tax in
respect of such issue.  The Company shall not,  however,  be required to pay any
tax which may be payable in respect of any  transfer  involved  in the issue and
delivery  of shares in any name other  than that of the holder of this  Warrant,
and the  Company  shall  not be  required  to issue or  deliver  any such  stock
certificate  unless and until the person or persons requesting the issue thereof
shall have paid to the Company the amount of such tax or shall have  established
to the satisfaction of the Company that such tax has been paid.

      5. Notices to Warrant Holders.

      5.1. Certificate as to Adjustments. Upon the occurrence of each adjustment
or readjustment of the Current Warrant Price, the Company, at its expense, shall
promptly  compute such  adjustment or  readjustment in accordance with the terms
hereof and  prepare  and  furnish to the  Holder of this  Warrant a  certificate
setting forth such  adjustment or  readjustment  and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon the
written  request at any time of the Holder of this Warrant,  furnish or cause to
be  furnished  to  such  Holder  a  like  certificate  setting  forth  (i)  such
adjustments  and  readjustments,  (ii) the Current  Warrant Price at the time in
effect and (iii) the number of shares of Common Stock and the amount, if any, or
other property which at the time would be received upon the exercise of Warrants
owned by such Holder.

                                       12
<PAGE>

      5.2. Notice of Corporate Action. If at any time:

            (a) the  Company  shall  take a record of the  holders of its Common
Stock for the purpose of entitling them to receive a dividend (other than a cash
dividend  payable out of earnings or earned  surplus  legally  available for the
payment of dividends under the laws of the  jurisdiction of incorporation of the
Company) 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,

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

            (d) the Company  shall  cause the holders of its Common  Stock to be
entitled to receive (i) any  dividend or other  distribution  of cash,  (ii) any
evidences of its indebtedness,  or (iii) any shares of stock of any class or any
other securities or property or assets of any nature whatsoever (other than cash
or additional shares of Common Stock as provided in Section 4.1 hereof); or (iv)
any warrants or other rights to subscribe  for or purchase any  evidences of its
indebtedness,  any  shares  of stock of any  class or any  other  securities  or
property or assets of any nature whatsoever;

then, in any one or more of such cases, the Company shall give to the Holder (i)
at least 20 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 20 days' prior written  notice of the date when the same shall take
place.  Such notice in accordance  with the foregoing  clause also shall specify
(i) 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 (ii) 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 16.2.

                                       13
<PAGE>

      5.3. No Rights as Stockholder. This Warrant does not entitle the Holder to
any voting or other rights as a stockholder of the Company prior to exercise and
payment for the Warrant Price in accordance with the terms hereof.

      6. No Impairment. The Company shall not by any action, including,  without
limitation,   amending   its   articles   of   incorporation   or  through   any
reorganization, transfer of assets, consolidation, 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 will at all
times in good  faith  assist in the  carrying  out of all such  terms and in the
taking of all such  actions as may be necessary  or  appropriate  to protect the
rights of the Holder against impairment.  Without limiting the generality of the
foregoing,  the  Company  will (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
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 having  jurisdiction  thereof as may be necessary to enable the
Company to perform its obligations  under this Warrant.  Upon the request of the
Holder,  the  Company  will at any  time  during  the  period  this  Warrant  is
outstanding  acknowledge in writing,  in form  satisfactory  to the Holder,  the
continuing  validity  of  this  Warrant  and  the  obligations  of  the  Company
hereunder.

      7.  Reservation  and  Authorization  of Common  Stock;  Registration  With
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 Common
Stock as will be  sufficient  to permit the exercise in full of all  outstanding
Warrants  (without  regard to any  ownership  limitations  provided  in  Section
2.4(i)). All shares of Common Stock which shall be so issuable, when issued upon
exercise of any Warrant and  payment  therefor in  accordance  with the terms of
such 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 Common Stock  issuable upon exercise of the Warrants,  the
Company shall take any corporate action which may be necessary in order that the
Company may validly and legally  issue fully paid and  non-assessable  shares of
such Common Stock at such  adjusted  Current  Warrant  Price.  Before taking any
action  which would  result in an  adjustment  in the number of shares of 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 Common Stock required to be reserved for
issuance upon exercise of Warrants require  registration or  qualification  with
any governmental authority under any federal or state law before such shares may
be so issued (other than as a result of a prior or contemplated  distribution by
the Holder of this Warrant), the Company will in good faith and as expeditiously
as  possible  and at its  expense  endeavor  to  cause  such  shares  to be duly
registered.

                                       14
<PAGE>

      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
and will take such  record as of the close of 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.  Registration  Rights.  The  resale  of  the  Warrant  Stock  shall  be
registered in accordance with the terms and conditions contained in that certain
Investor  Rights  Agreement  dated of even date  hereof,  among the Holder,  the
Company and the other parties named therein (the "Investor  Rights  Agreement").
The Holder  acknowledges  that pursuant to the Investor  Rights  Agreement,  the
Company has the right to request that the Holder furnish  information  regarding
such Holder and the  distribution  of the Warrant Stock as is required by law or
the  Commission to be disclosed in the  Registration  Statement (as such term is
defined in the Investor Rights Agreement), and the Company may exclude from such
registration the shares of Warrant Stock acquirable hereunder if Holder fails to
furnish such  information  within a reasonable  time prior to the filing of each
Registration Statement,  supplemented prospectus included therein and/or amended
Registration Statement.

      10.  Supplying  Information.  Upon  any  default  by  the  Company  of its
obligations hereunder or under the Investor Rights Agreement,  the Company shall
cooperate  with the Holder 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
or Restricted Common Stock.

      11. Loss or  Mutilation.  Upon  receipt by the Company  from the Holder of
evidence reasonably  satisfactory to it of the ownership of and the loss, theft,
destruction  or mutilation of this Warrant and indemnity or security  reasonably
satisfactory to it and  reimbursement to the Company of all reasonable  expenses
incidental  thereto 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 the Holder; provided,  however, that in the case of mutilation, no
indemnity shall be required if this Warrant in identifiable  form is surrendered
to the Company for cancellation.

      12.  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.

      13. Financial and Business Information.

      13.1.  Quarterly  Information.  The Company will deliver to the Holder, as
soon as  available  and in any event within 45 days after the end of each of the
first  three  quarters  of each  fiscal  year  of the  Company,  one  copy of an
unaudited  consolidated  balance sheet of the Company and its subsidiaries as at
the end of such quarter,  and the related unaudited  consolidated  statements of
income,  retained earnings and cash flow of the Company and its subsidiaries for
such quarter and, in the case of the second and third quarters,  for the portion
of the fiscal  year  ending  with such  quarter,  setting  forth in each case in
comparative  form the  figures  for the  corresponding  periods in the  previous
fiscal  year.  Such  financial  statements  shall be  prepared by the Company in
accordance with GAAP and accompanied by the certification of the Company's chief
executive  officer or chief  financial  officer that such  financial  statements
present fairly the consolidated  financial  position,  results of operations and
cash flow of the Company and its  subsidiaries as at the end of such quarter and
for such year-to-date  period, as the case may be; provided,  however,  that the
Company  shall have no obligation to deliver such  quarterly  information  under
this Section 13.1 to the extent it is publicly available;  and provided further,
that if such information contains material non-public  information,  the Company
shall so notify the Holder  prior to delivery  thereof and the Holder shall have
the right to refuse delivery of such information.

                                       15
<PAGE>

      13.2. Annual  Information.  The Company will deliver to the Holder as soon
as  available  and in any event within 90 days after the end of each fiscal year
of the Company, one copy of an audited consolidated balance sheet of the Company
and its  subsidiaries  as at the  end of such  year,  and  audited  consolidated
statements  of income,  retained  earnings  and cash flow of the Company and its
subsidiaries  for such year;  setting forth in each case in comparative form the
figures for the corresponding  periods in the previous fiscal year; all prepared
in  accordance  with  GAAP,  and which  audited  financial  statements  shall be
accompanied  by  an  opinion  thereon  of  the  independent   certified   public
accountants  regularly retained by the Company, or any other firm of independent
certified public  accountants of recognized  national  standing  selected by the
Company; provided, however, that the Company shall have no obligation to deliver
such annual  information  under this  Section  13.2 to the extent it is publicly
available;  and provided  further,  that if such information  contains  material
non-public information, the Company shall so notify the Holder prior to delivery
thereof  and the  Holder  shall  have  the  right  to  refuse  delivery  of such
information..

      13.3.  Filings.  The Company will file on or before the required  date all
regular or periodic  reports  (pursuant to the Exchange Act) with the Commission
and will deliver to Holder  promptly upon their  becoming  available one copy of
each report,  notice or proxy statement sent by the Company to its  stockholders
generally.

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

      15. Forced Exercise.

      15.1 Subject to the Purchase  Agreement and subject to the terms set forth
herein (including without limitation subsection 2.4(i) above and subsection 15.2
below),  in the event that the closing sale price of the Company's  Common Stock
(as reported by the Nasdaq Stock Market) is greater than $7.35 (as appropriately
and equitably adjusted for stock splits,  reverse stock splits,  stock dividends
and  the  similar  events)  for a  period  ("Pricing  Period")  of  twenty  (20)
consecutive  Trading Days, the Company shall have the right,  upon prior written
notice to the Holder ("Forced Exercise  Notice"),  to compel all or a portion of
this  Warrant to be  exercised  on or prior the date  ("Forced  Exercise  Date")
specified in the Forced Exercise Notice, provided that such Forced Exercise Date
may not occur until at least ten (10) Trading Days  following  the date on which
the Holder receives the Forced Exercise Notice.  The Company may not deliver any
Forced  Exercise  Notice until after the completion of the Pricing  Period,  and
must deliver any Forced  Exercise  Notice within five (5) Trading Days following
the last day of any Pricing  Period.  The period from the Forced Exercise Notice
Date to the Forced Exercise Date shall be referred to herein as the "Post-Notice
Period". If the Company intends to force exercise of less than all of all of the
then outstanding Warrants issued to Purchasers under the Purchase Agreement,  it
shall do so on a pro rata basis  among  such  holders  in  accordance  with this
Section.

                                       16
<PAGE>

      15.2 Notwithstanding anything to the contrary herein, the Company shall be
prohibited from exercising its right to force exercise of this Warrant  pursuant
to this  Section  if at any time  during  the  Post-Notice  Period or during the
thirty (30)  consecutive  Trading Days  immediately  preceding such  Post-Notice
Period there fails to exist "Effective  Registration".  "Effective Registration"
shall  mean (i) the  resale of all  Registrable  Securities  (as  defined in the
Investor Rights Agreement) is covered by an effective  registration statement in
accordance  with the terms of the Investor Rights  Agreement which  registration
statement is not subject to any  suspension  or stop orders;  (ii) the resale of
such  Registrable   Securities  may  be  effected  pursuant  to  a  current  and
deliverable  prospectus  that is not  subject  at the  time to any  blackout  or
similar circumstance;  (iii) such Registrable Securities are listed, or approved
for  listing  prior to  issuance,  on either  the New York Stock  Exchange,  the
American Stock  Exchange or the Nasdaq Stock Market (each an "Approved  Market")
and are not subject to any trading  suspension (nor shall trading generally have
been suspended on such exchange or market),  and the Company shall not have been
notified of any pending or  threatened  proceeding  or other action to delist or
suspend the Common  Stock on the  Approved  Market on which the Common  Stock is
then traded or listed; (iv) the requisite number of shares of Common Stock shall
have been duly  authorized and reserved for issuance as required by the terms of
the Agreements; and (v) none of the Company or any direct or indirect subsidiary
of the Company is (1) subject to any bankruptcy or insolvency  proceeding or (2)
in breach of this Warrant, the Purchase Agreement or any Related Documents.

      16. Miscellaneous.

      16.1 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 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 third party 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.

      16.2  Notice   Generally.   All  notices,   requests,   demands  or  other
communications provided for herein shall be in writing and shall be given in the
manner and to the addresses set forth in the Purchase Agreement.

      16.3 Successors and Assigns.  Subject to compliance with the provisions of
Section  3.1,  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  Holders  from time to time of this  Warrant,  and shall be
enforceable by any such Holder.

                                       17
<PAGE>

      16.4 Amendment.  This Warrant may be modified or amended or the provisions
of this  Warrant  waived  with the  written  consent of both the Company and the
Holder.

      16.5 Severability. Wherever 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  shall be  prohibited  by or invalid under
applicable  law,  such  provision  shall  be  modified  to the  extent  of  such
prohibition or invalidity,  without invalidating the remainder of such provision
or the remaining provisions of this Warrant.

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

      16.7 Governing Law. This Warrant and the transactions  contemplated hereby
shall be deemed to be consummated in the State of New York and shall be governed
by and  interpreted  in accordance  with the local laws of the State of New York
without  regard to the  provisions  thereof  relating to conflicts of laws.  The
Company hereby irrevocably  consents to the exclusive  jurisdiction of the State
and Federal  courts  located in New York City,  New York in connection  with any
action or  proceeding  arising out of or relating to this  Warrant.  In any such
litigation the Company agrees that the service  thereof may be made by certified
or registered mail directed to the Company pursuant to Section 16.2.

                            [Signature Page Follows]

                                       18
<PAGE>

      IN WITNESS WHEREOF, NexMed, Inc. has caused this Warrant to be executed by
its duly authorized officer and attested by its Secretary.

Dated: December ___, 2004

                                                     NEXMED, INC.

                                                     By:________________________
                                                     Name:
                                                     Title:

Attest:

By:______________________________
Name:
Title: Secretary

                                       19
<PAGE>

                                    EXHIBIT A

                                SUBSCRIPTION FORM
                 [To be executed only upon exercise of Warrant]

NexMed, Inc.
350 Corporate Boulevard
Robbinsville, NJ  08691
Attention:  Chief Financial Officer
Facsimile No.:  609-208-1622

Wells Fargo Bank Minnesota, N.A.
Shareowner Services
161 North Concord Exchange Street
South St Paul, MN 55075-1139
Attn:    Suzy Swits
Fax: 651-450-4078

1.    The undersigned  registered  owner hereby elects to purchase shares of the
      Common  Stock of  NexMed,  Inc.  pursuant  to the  terms  of the  attached
      Warrant, and tenders herewith payment of the purchase price of such shares
      in full.

2.    The  undersigned  registered  owner hereby  elects to convert the attached
      Warrant into Common Stock of NexMed,  Inc. through "cashless  exercise" in
      the manner  specified in the Warrant.  This  conversion is exercised  with
      respect to _____________________ of the shares of Warrant Stock covered by
      the Warrant.

3.    Please issue a certificate or certificates representing said shares in the
      name of the undersigned or in such other name as is specified below:

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

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

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

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

and,  if such  shares of Common  Stock  shall not  include  all of the shares of
Common Stock  issuable as provided in this  Warrant,  that a new Warrant of like
tenor and date for the balance of the shares of Common Stock issuable  hereunder
be delivered to the undersigned.

                                       20
<PAGE>

(Delete following paragraph if not applicable:)

[Holder hereby represents to you that it has sold or has current plans to resell
all of such Common Shares received upon this exercise of this Warrant, solely in
accordance  with the terms of the  Registration  Statement  filed  with the U.S.
Securities and Exchange Commission by the Company covering such Common Shares as
described under the section entitled "Plan of Distribution" therein.]

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

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

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

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

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

                                       21
<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

FOR VALUE  RECEIVED  the  undersigned  registered  owner of this Warrant for the
purchase of shares of common stock of NexMed,  Inc.  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 common  stock set
forth below:

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

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

---------------------------------------
(Name and Address of Assignee)

---------------------------------------
(Number of Shares of Common Stock)

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

Dated:________________________________

--------------------------------------
(Print Name and Title)

--------------------------------------
(Signature)

--------------------------------------
(Witness)

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

                                       22
<PAGE>

                                    EXHIBIT C

                    FORM OF INVESTMENT REPRESENTATION LETTER

RE:   COMMON  STOCK,  PAR VALUE $0.001 PER SHARE  ("COMMON  STOCK"),  OF NEXMED,
      INC., A NEVADA CORPORATION ("COMPANY").

In connection with the acquisition by the undersigned ("Transferee") of:

|_|   warrants ("Warrants") to purchase _______ shares of Common Stock, or

|_|   _______ shares of Common Stock issued upon the exercise of Warrants,

the Transferee hereby represents and warrants to the Company as follows:

The Transferee  (i) is an "Accredited  Investor" as that term is defined in Rule
501 of Regulation D  promulgated  under the  Securities  Act of 1933, as amended
(the  "Act");  and  (ii) has the  ability  to bear  the  economic  risks of such
Transferee's  prospective investment,  including a complete loss of Transferee's
investment in the Warrants  and/or the shares of Common Stock  issuable upon the
exercise thereof (collectively, the "Securities").

The Transferee, by acceptance of the Securities,  represents and warrants to the
Company that the Securities and all other  securities  acquired upon any and all
exercises of the Warrants are purchased for the  Transferee's  own account,  and
not with view to distribution  of either the Securities or any other  securities
purchasable upon exercise of the Warrants in violation of applicable  securities
laws.

The Transferee  acknowledges  that (i) the Securities  have not been  registered
under  the  Act,  (ii)  the  Securities  are  "restricted  securities"  and  the
certificate(s) representing the Securities shall bear the following legend, or a
similar legend to the same effect, until (i) in the case of the shares of Common
Stock underlying the Warrants, such shares shall have been registered for resale
by the Transferee  under the Act and effectively  been disposed of in accordance
with a registration  statement that has been declared effective;  or (ii) in the
opinion  of  counsel  for  the  Company  such  Securities  may be  sold  without
registration under the Act:

      "The securities  represented by this  certificate have not been registered
      under the  Securities  Act of 1933,  as amended (the "Act"),  and all such
      securities are subject to restrictions on  transferability as set forth in
      this  certificate.  The  securities  represented  hereby  may not be sold,
      transferred,  or  otherwise  disposed  of in the  absence of an  effective
      registration statement under the Act or an opinion of counsel,  reasonably
      acceptable  to counsel for the  company,  to the effect that the  proposed
      sale,  transfer,  or disposition may be effectuated  without  registration
      under the Act."

IN WITNESS  WHEREOF,  the Transferee has caused this  Investment  Representation
Letter to be duly executed this __ day of __________ 2___.

Transferee Name:     __________________________

                     By: ______________________
                     Name:
                     Title:

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