Document:

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                                                                  Exhibit 4(e)

                                FERRO CORPORATION

                                       AND

                              ---------------------
                                AS WARRANT AGENT

                                WARRANT AGREEMENT

                     DATED AS OF ____________________, 200__

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                              TABLE OF CONTENTS(1)

                                                                            Page
                                                                            ----

Parties......................................................................  1
Recitals.....................................................................  1

                                    ARTICLE I

                    ISSUANCE, EXECUTION AND COUNTERSIGNATURE
                             OF WARRANT CERTIFICATES

Section 1.1 Issuance of Warrant Certificates.................................  1
Section 1.2 Form of Warrant Certificates.....................................  1
Section 1.3 Execution and Authentication of
                  Warrant Certificates.......................................  2
Section 1.4 Temporary Warrant Certificates...................................  3
Section 1.5 Payment of Taxes.................................................  3
Section 1.6 Definition on Holder.............................................  3

                                   ARTICLE II

                WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

Section 2.1 Warrant Price....................................................  3
Section 2.2 Duration of Warrants.............................................  4
Section 2.3 Exercise of Warrants.............................................  4

                                   ARTICLE III

                             OTHER TERMS OF WARRANTS

Section 3.1 Call of Warrants by the Company..................................  5

                                   ARTICLE IV

                     {REGISTRATION,} EXCHANGE, TRANSFER AND
                      SUBSTITUTION OF WARRANT CERTIFICATES

Section 4.1 {Registration,} Exchange and Transfer
                  of Warrant Certificates....................................  5
Section 4.2 Mutilated, Destroyed, Lost or Stolen
                  Warrant Certificates.......................................  6
Section 4.3 Persons Deemed Owners............................................  7
Section 4.4 Cancellation of Warrant Certificates.............................  7

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(1)    The Table of Contents is not a part of the Warrant Agreement.

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                                    ARTICLE V

                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF WARRANT CERTIFICATES

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                                                                            ----

Section 5.1 No Rights as Holders of Warrant Debt Securities Conferred
                  by Warrants or Warrant Certificates........................  7
Section 5.2 Holder of Warrant Certificate May Enforce Rights.................  7

                                   ARTICLE VI

                          CONCERNING THE WARRANT AGENT

Section 6.1 Warrant Agent....................................................  8
Section 6.2 Conditions of Warrant Agent's Obligations........................  8
Section 6.3 Resignation, Removal and Appointment of Successor................  9

                                   ARTICLE VII

                                  MISCELLANEOUS

Section 7.1 Consolidations and Mergers of the Company and
                  Sales, Leases and Conveyances Permitted Subject to
                  Certain Conditions......................................... 11
Section 7.2 Rights and Duties of Successor Corporation....................... 11
Section 7.3 Amendment........................................................ 11
Section 7.4 Notice and Demands to the Company and Warrant Agent.............. 11
Section 7.5 Notices to Warrantholders........................................ 12
Section 7.6 Addresses........................................................ 12
Section 7.7 Governing Law.................................................... 12
Section 7.8 Delivery of Prospectus........................................... 12
Section 7.9 Obtaining of Governmental Approvals.............................. 12
Section 7.10 Persons Having Rights under Warrant Agreement................... 12
Section 7.11 Headings........................................................ 13
Section 7.12 Counterparts.................................................... 13
Section 7.13 Inspection of Agreement......................................... 13

Testimonium.................................................................. 13
Signatures................................................................... 13
Exhibit A - Form of Warrant Certificate

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         THIS WARRANT AGREEMENT, dated as of ______________, 200__, between
Ferro Corporation, a corporation duly organized and existing under the laws of
the State of Ohio (the "Company") and _______________, a {corporation} {national
banking association} organized and existing under the laws of _______________,
as Warrant Agent (herein called the "Warrant Agent").

         WHEREAS, the Company has entered into an Indenture (the "Indenture)
dated as of ____________, 200__ with {_________________________} as trustee
(such trustee, and any successors to such trustee, herein called the "Trustee"),
providing for the issuance from time to time, in one or more series, of its
{Senior} {Subordinated} Debt Securities; and

         WHEREAS, the Company proposes to sell {IF OFFERED DEBT SECURITIES AND
WARRANTS -- {title of Debt Securities being offered} (the "Offered Debt
Securities") with} warrant certificates (such warrant certificates and other
warrant certificates issued pursuant to this Agreement herein called the
"Warrant Certificates") evidencing one or more warrants ("Warrants" or,
individually, a "Warrant") representing the right to purchase {title of Debt
Securities purchasable through exercise of Warrants} (the "Warrant Debt
Securities"); and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, exchange, exercise and replacement of the Warrant Certificates, and in
this Agreement wishes to set forth, among other things, the form and provisions
of the Warrant Certificates and the terms and conditions on which they may be
issued, exchanged, exercised and replaced;

         NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                    ISSUANCE, EXECUTION AND COUNTERSIGNATURE
                             OF WARRANT CERTIFICATES

         Section 1.1 ISSUANCE OF WARRANT CERTIFICATES. {IF WARRANTS ALONE --
Upon issuance, each Warrant Certificate shall evidence one or more Warrants.} IF
OFFERED DEBT SECURITIES AND WARRANTS -- Warrant Certificates shall be
{initially} issued in units with the Offered Debt Securities and shall {not} be
separately transferable {before _________, 20__ (the "Detachable Date")}. Each
such unit shall consist of a Warrant Certificate or Certificates evidencing an
aggregate of ______ Warrants for each $__________ principal amount of Offered
Debt Securities.} Each Warrant evidenced thereby shall represent the right,
subject to the provisions contained herein and therein, to purchase Warrant Debt
Securities in the aggregate principal amount of $___________.

         Section 1.2 FORM OF WARRANT CERTIFICATES. The Warrant Certificates
(including the Form{s} of Exercise {and Assignment} to be set forth on the
reverse thereof) shall be in substantially the form set forth in Exhibit A
hereto, shall be printed, lithographed or engraved on steel engraved borders (or
in any other manner determined by the officers executing such Warrant
Certificates, with the execution thereof by such officers conclusively
evidencing such determination) and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which the
Warrant Certificates may be listed or as may, consistently herewith, be
determined by the officers executing such

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Warrant Certificates, with the execution thereof by such officers conclusively
evidencing such determination) and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may
be required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which the
Warrant Certificates may be listed or as may, consistently herewith, be
determined by the officers executing such Warrant Certificates, with the
execution thereof by such officers conclusively evidencing such determination.

         Section 1.3 EXECUTION AND AUTHENTICATION OF WARRANT CERTIFICATES. The
Warrant Certificates shall be executed on behalf of the Company by its Chairman,
its Chief Executive Officer, its President or one of its Vice Presidents (any
reference to a Vice President of the Company herein shall be deemed to include
any Vice President of the Company whether or not designated by a number or a
word or words added before or after the title "Vice President") under its
corporate seal reproduced thereon attested to by its Treasurer or Secretary or
one of its Assistant Treasurers or Assistant Secretaries. The signature of any
of these officers on the Warrant Certificates may be manual or facsimile.

         Warrant Certificates evidencing the right to purchase an aggregate
principal amount not exceeding $_______________ of Warrant Debt Securities
(except as provided in Sections 1.4, 2.3(c), 4.1 and 4.2) may be executed by the
Company and delivered to the Warrant Agent upon the execution of this Warrant
Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt
of Warrant Certificates duly executed on behalf of the Company, authenticate
Warrant Certificates evidencing Warrants representing the right to purchase up
to $_____________ aggregate principal amount of Warrant Debt Securities and
shall deliver such Warrant Certificates to or upon the order of the Company.
Subsequent to such original issuance of the Warrant Certificates, the Warrant
Agent shall authenticate a Warrant Certificate only if the Warrant Certificate
is issued in exchange or substitution for one or more previously authenticated
Warrant Certificates (IF REGISTERED WARRANTS -- or in connection with their
transfer), as hereinafter provided.

         Each Warrant Certificate shall be dated the date of its authentication
by the Warrant Agent.

         No Warrant Certificate shall be entitled to any benefit under this
Agreement or be valid or obligatory for any purpose, and no Warrant evidenced
thereby shall be exercisable, until such Warrant Certificate has been
authenticated by the manual signature of the Warrant Agent. Such signature by
the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence, and the only evidence, that the Warrant Certificate so
authenticated has been duly issued hereunder.

         Warrant Certificates bearing the manual or facsimile signatures of
individuals who were at the time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Warrant
Certificates or did not hold such offices at the date of such Warrant
Certificates.

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         Section 1.4 TEMPORARY WARRANT CERTIFICATES. Pending the preparation of
definitive Warrant Certificates, the Company may execute, and upon the order of
the Company the Warrant Agent shall authenticate and deliver, temporary Warrant
Certificates which are printed, lithographed, typewritten, mimeographed or
otherwise produced, substantially of the tenor of the definitive Warrant
Certificates in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Warrant Certificates may determine, with the execution thereof by
such officers conclusively evidencing such determination.

         If temporary Warrant Certificates are issued, the Company will cause
definitive Warrant Certificates to be prepared without unreasonable delay. After
the preparation of definitive Warrant Certificates, the temporary Warrant
Certificates shall be exchangeable for definitive Warrant Certificates upon
surrender of the temporary Warrant Certificates at the corporate trust office of
the Warrant Agent {or ____________}, without charge to the Holder (as defined in
Section 1.6 below). Upon surrender for cancellation of any one or more temporary
Warrant Certificates the Company shall execute and the Warrant Agent shall
authenticate and deliver in exchange therefor definitive Warrant Certificates
representing the same aggregate number of Warrants. Until so exchanged, the
temporary Warrant Certificates shall in all respects be entitled to the same
benefits under this Agreement as definitive Warrant Certificates.

         Section 1.5 PAYMENT OF TAXES. The Company will pay all stamp taxes and
other duties, if any, to which, under the laws of the United States of America
or any State or political subdivision thereof, this Agreement or the original
issuance of the Warrant Certificates may be subject.

         Section 1.6 DEFINITION OF HOLDER. The term "Holder" as used herein
shall mean {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY
DETACHABLE --, prior to the Detachable Date, the registered owner of the Offered
Debt Security to which such Warrant Certificate was initially attached, and,
after such Detachable Date,} {if bearer Warrants, the bearer of such Warrant
Certificates } {if registered Warrants, the person in whose name at the time
such Warrant Certificate shall be registered upon the books to be maintained by
the Warrant Agent for that purpose pursuant to Section 4.1}. {IF OFFERED DEBT
SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE -- Prior to the
Detachable Date, the Company will, or will cause the registrar of the Offered
Debt Securities to, make available to the Warrant Agent current information as
to Holders of the Offered Debt Securities.}

                                   ARTICLE II

                WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

         Section 2.1 WARRANT PRICE.(2) During the period from ______________,
20___ through and including _____________, 20___, each Warrant shall entitle the
Holder thereof, subject to the provisions of this Agreement, to purchase from
the Company the principal amount of

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(2) Complete and modify the provisions of this Section as appropriate to
reflect the exact terms of the Warrants and the Warrant Debt Securities.

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Warrant Debt Securities stated in the Warrant Certificate at the exercise price
of ____% of the principal amount thereof {plus accrued amortization, if any, of
the original issue discount of the Warrant Debt Securities} {plus accrued
interest, if any, from the most recent date from which interest shall have been
paid on the Warrant Debt Securities, or, if no interest shall have been paid on
the Warrant Debt Securities, from _____________, 20___}. {In each case, the
original issue discount ($_______________ for each $1,000 principal amount of
Warrant Debt Securities) will be amortized at a _____% annual rate, computed on
a{n} {semi-}annual basis {using a 360-day year consisting of twelve 30-day
months}.} Such exercise price of each Warrant is referred to in this Agreement
as the "Exercise Price."

         Section 2.2 DURATION OF WARRANTS. Any Warrant evidenced by a Warrant
Certificate may be exercised at any time, as specified herein, on or after {the
date thereof} {____________, 19___} and at or before the close of business on
____________, 20___ (the "Expiration Date"). Each Warrant not exercised at or
before the close of business on the Expiration Date shall become void, and all
rights of the Holder of the Warrant Certificate evidencing such Warrant under
this Agreement or otherwise shall cease.

         Section 2.3 EXERCISE OF WARRANTS. (a) During the period specified in
Section 2.2, any whole number of Warrants may be exercised by surrendering the
Warrant Certificate evidencing such Warrants at the place or at the places set
forth in the Warrant Certificate, with the purchase form set forth in the
Warrant Certificate duly executed, accompanied by payment in full, in lawful
money of the United States of America, {in case or by certified check or
official bank check in New York Clearing House funds}.} {by surrender of the
{specified aggregate amount of {identified securities}} {by bank wire transfer
in immediately available funds}, of the Exercise Price for each Warrant
exercised. The date on which payment in full of the Exercise Price for a Warrant
and the duly executed and completed Warrant Certificate are received by the
Warrant Agent shall be deemed to be the date on which such Warrant is exercised.
The Warrant Agent shall deposit all funds received by it as payment for the
exercise of Warrants to the account of the Company maintained with it for such
purpose and shall advise the Company by telephone at the end of each day on
which such a payment is received of the amount so deposited to its account. The
Warrant Agent shall promptly confirm such telephonic advice to the Company in
writing.

         (b) The Warrant Agent shall from time to time, as promptly as
practicable after the exercise of any Warrants in accordance with the terms and
conditions of this Agreement and the Warrant Certificates, advise the Company
and the Trustee of (i) the number of Warrants so exercised, (ii) the
instructions of each Holder of the Warrant Certificates evidencing such Warrants
with respect to delivery of the Warrant Debt Securities to which such Holder is
entitled upon such exercise, and instructions of such Holder as to delivery of
Warrant Certificates evidencing the balance, if any, of the Warrants remaining
after such exercise, and (iii) such other information as the Company or the
Trustee shall reasonably require.

         (c) As soon as practicable after the exercise of any Warrants, the
Company shall issue, pursuant to the Indenture, in authorized denominations, to
or upon the order of the Holder of the Warrant Certificate evidencing such
Warrants, the Warrant Debt Security or Warrant Debt Securities to which such
Holder is entitled in fully registered form, registered in such name or names as
may be directed by such Holder; and, if fewer than all of the Warrants evidenced
by

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such Warrant Certificate were exercised, the Company shall execute and an
authorized officer of the Warrant Agent shall manually authenticate and deliver
a new Warrant Certificate evidencing the number of Warrants remaining
unexercised.

         (d) The Company shall not be required to pay any stamp or other tax or
other governmental charge required to be paid in connection with any transfer
involved in the issue of the Warrant Debt Securities; and in the event that any
such transfer is involved, the Company shall not be required to issue or deliver
any Warrant Debt Securities until such tax or other charge shall have been paid
or it has been established to the Company's satisfaction that no such tax or
other charge is due.

                                   ARTICLE III

                             OTHER TERMS OF WARRANTS

         Section 3.1 {CALL OF WARRANTS BY THE COMPANY.(3) IF WARRANTS ISSUED
HEREUNDER ARE CALLABLE BY THE COMPANY -- The Company shall have the right to
call and repurchase any or all Warrants on or after _______, 20__ (the "Call
Date") and upon the occurrence of {discuss events or circumstances under which
Company may call the Warrants} (the "Call Terms") at a price of $___________ per
Warrant (the "Call Price"). Notice of such Call Price, Call Date and Call Terms
shall be given to registered holders of Warrants in the manner provided in
Section 7.5.}

                                   ARTICLE IV

                     {REGISTRATION,} EXCHANGE, TRANSFER AND
                      SUBSTITUTION OF WARRANT CERTIFICATES

         Section 4.1 {REGISTRATION,} EXCHANGE AND TRANSFER OF WARRANT
CERTIFICATES. {IF REGISTERED WARRANTS -- The Warrant Agent shall keep, at its
corporate trust office {and at __________________}, books in which, subject to
such reasonable regulations as it may prescribe, it shall register Warrant
Certificates and transfers of outstanding Warrant Certificates}.

         {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY
DETACHABLE -- Prior to the Detachable Date, a Warrant Certificate may be
exchanged or transferred only together with the Offered Debt Security to which
such Warrant Certificate was initially attached, and only for the purpose of
effecting, or in conjunction with, an exchange or transfer of such Offered Debt
Security. Additionally, on or prior to the Detachable Date, each transfer or
exchange of an Offered Debt Security {on the register of the Offered Debt
Securities} shall operate also to transfer or exchange the Warrant Certificate
or Certificates to which such Offered Debt Security was initially attached.
After the Detachable Date, upon} {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH
ARE IMMEDIATELY DETACHABLE OR IF WARRANTS ALONE - Upon} surrender at the
corporate trust office of the Warrant Agent {or _______ ______ ________} of
Warrant Certificates properly endorsed {or accompanied by appropriate
instruments of transfer} and accompanied by written

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(3) Complete and modify the provisions of this Section as appropriate to
reflect the exact terms of the Warrants.

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instructions for {transfer or} exchange, all in a form satisfactory to the
Company and the Warrant Agent, such Warrant Certificates may be exchanged for
other Warrant Certificates {IF REGISTERED WARRANTS -- or may be transferred in
whole or in part}; provided that Warrant Certificates issued in exchange for {or
upon transfer of} surrendered Warrant Certificates shall evidence the same
aggregate number of Warrants as the Warrant Certificates so surrendered. No
service charge shall be made for any exchange {or transfer} of Warrant
Certificates, but the Company may require payment of a sum sufficient to cover
any stamp or other tax or governmental charge that may be imposed in connection
with any such exchange {or transfer}. Whenever any Warrant Certificates are so
surrendered for exchange {or transfer}, the Company shall execute and an
authorized officer of the Warrant Agent shall manually authenticate and deliver
to the person or persons entitled thereto a Warrant Certificate or Warrant
Certificates as so requested. The Warrant Agent shall not be required to effect
any exchange {or transfer} which would result in the issuance of a Warrant
Certificate evidencing a fraction of a Warrant or a number of full Warrants and
a fraction of a Warrant. All Warrant Certificates issued upon any exchange {or
transfer} of Warrant Certificates issued upon any exchange {or transfer} of
Warrant Certificates shall evidence the same obligations, and be entitled to the
same benefits under this Agreement, as the Warrant Certificates surrendered for
such exchange {or transfer}.

         Section 4.2 MUTILATED, DESTROYED, LOST OR STOLEN WARRANT CERTIFICATES.
If any mutilated Warrant Certificate is surrendered to the Warrant Agent, the
Company shall execute and an officer of the Warrant Agent shall manually
authenticate and deliver in exchange therefor a new Warrant Certificate of like
tenor and bearing a number not contemporaneously outstanding. If there shall be
delivered to the Company and the Warrant Agent (i) evidence to their
satisfaction of the destruction, loss or theft of any Warrant Certificate and of
the ownership thereof and (ii) such security or indemnity as may be required by
them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Warrant Agent that such Warrant
Certificate has been acquired by a bona fide purchaser, the Company shall
execute and upon its request an officer of the Warrant Agent shall manually
authenticate and deliver, in lieu of any such destroyed, lost or stolen Warrant
Certificate, a new Warrant Certificate of like tenor and bearing a number not
contemporaneously outstanding. Upon the issuance of any new Warrant Certificate
under this Section, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Warrant
Agent) connected therewith. Every new Warrant Certificate issued pursuant to
this Section in lieu of any destroyed, lost or stolen Warrant Certificate shall
evidence an original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Warrant Certificate shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Agreement equally and proportionately with any and all other Warrant
Certificates duly issued hereunder. The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Warrant Certificates.

         Section 4.3 PERSONS DEEMED OWNERS. {IF OFFERED DEBT SECURITIES AND
WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE -- Prior to the Detachable Date,
the Company, the Warrant Agent and all other persons may treat the registered
owner of any Offered Debt Security as the owner of the Warrant Certificates
initially attached thereto for

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any purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced by such Warrant Certificates, any notice to the contrary
notwithstanding. After the Detachable Date,} {IF REGISTERED WARRANTS -- and
prior to due presentment of a Warrant Certificate for registration of transfer,
the} {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE IMMEDIATELY DETACHABLE
OR WARRANTS ALONE -- The} Company, the Warrant Agent and all other persons may
treat the Holder as the owner thereof for any purpose and as the person entitled
to exercise the rights represented by the Warrants evidenced thereby, any notice
to the contrary notwithstanding.

         Section 4.4 CANCELLATION OF WARRANT CERTIFICATES. Any Warrant
Certificate surrendered for exchange {,______ transfer} or exercise of the
Warrants evidenced thereby shall, if surrendered to the Company, be delivered to
the Warrant Agent, and {IF WARRANT CERTIFICATES ARE ISSUED IN BEARER FORM --
except as provided below,} all Warrant Certificates surrendered or so delivered
to the Warrant Agent shall be promptly cancelled by it and shall not be reissued
and, except as expressly permitted by this Agreement, no Warrant Certificate
shall be issued hereunder in lieu or in exchange thereof. {IF WARRANT
CERTIFICATES ARE ISSUED IN BEARER FORM -- Warrant Certificates delivered to the
Warrant Agent in exchange for Warrant Certificates of other denominations may be
retained by the Warrant Agent for reissue as authorized hereunder.} The Company
may at any time deliver to the Warrant Agent for cancellation any Warrant
Certificates previously issued hereunder which the Company may have acquired in
any manner whatsoever, and all Warrant Certificates so delivered shall be
promptly cancelled by the Warrant Agent. All cancelled Warrant Certificates held
by the Warrant Agent shall be disposed of, as instructed by the Company, subject
to applicable law.

                                    ARTICLE V

                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF WARRANT CERTIFICATES

         Section 5.1 NO RIGHTS AS HOLDERS OF WARRANT DEBT SECURITIES CONFERRED
BY WARRANTS OR WARRANT CERTIFICATES. No Warrant Certificate or Warrant evidenced
thereby shall entitle the Holder thereof to any of the rights of a Holder of the
Warrant Debt Securities, including, without limitation, the right to receive the
payment of principal of (or premium if any) or interest, if any, on the Warrant
Debt Securities or to enforce any of the covenants in the Indenture.

         Section 5.2 HOLDER OF WARRANT CERTIFICATE MAY ENFORCE RIGHTS.
Notwithstanding any of the provisions of this Agreement, any Holder of any
Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the
holder of any Warrant Debt Securities or the Holder of any other Warrant
Certificate, may, on its own behalf and for its own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce or otherwise in respect of its right to exercise the Warrant
or Warrants evidenced by his or her Warrant Certificate in the manner provided
in the Warrant Certificates and in this Agreement.

                                       7
<PAGE>

                                   ARTICLE VI

                          CONCERNING THE WARRANT AGENT

         Section 6.1 WARRANT AGENT. The Company hereby appoints
__________________ as Warrant Agent of the Company in respect of the Warrants
and the Warrant Certificates upon the terms and subject to the conditions herein
set forth, and _________________ hereby accepts such appointment. The Warrant
Agent shall have the power and authority granted to and conferred upon it in the
Warrant Certificates and hereby and such further power and authority to act on
behalf of the Company as the Company may hereafter grant to or confer upon it.
All of the terms and provisions with respect to such power and authority
contained in the Warrant Certificates are subject to and governed by the terms
and provisions hereof.

         Section 6.2 CONDITIONS OF WARRANT AGENT'S OBLIGATIONS. The Warrant
Agent accepts its obligations herein set forth, upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the Holders from time to time of the Warrant
Certificates shall be subject:

         (a) Compensation and Indemnification. The Company agrees promptly to
pay the Warrant Agent the compensation to be agreed upon with the Company for
all services rendered by the Warrant Agent and to reimburse the Warrant Agent
for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred by the Warrant Agent in connection with the services rendered hereunder
by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent
for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on the part of the Warrant Agent, arising out of
or in connection with its acting as such Warrant Agent hereunder, including the
reasonable costs and expenses of defending itself against any claim or liability
in connection with the exercise or performance at any time of its powers or
duties hereunder. The obligations of the Company under this subsection (a) shall
survive the exercise of the Warrant Certificates and the resignation or removal
of the Warrant Agent.

         (b) Agent for the Company. In acting under this Warrant Agreement and
in connection with the Warrant Certificates, the Warrant Agent is acting solely
as agent of the Company and does not assume any obligation or relationship of
agency or trust for or with any of the owners or Holders of the Warrant
Certificates.

         (c) Counsel. The Warrant Agent may consult with counsel, which may
include counsel for the Company, and the written advice of such counsel shall be
full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

         (d) Documents. The Warrant Agent shall be protected and shall incur no
liability for or in respect of any action taken or omitted by it in reliance
upon any notice, direction, consent, certificate, affidavit, statement or other
paper or document reasonably believed by it to be genuine and to have been
presented or signed by the proper parties.

         (e) Certain Transactions. The Warrant Agent, any of its officers,
directors and employees, or any other agent of the Company, in its individual or
any other capacity, may

                                       8
<PAGE>

become the owner of, or acquire any interest in, any Warrant Certificates, with
the same rights that it would have if it were not such Warrant Agent, officer,
director, employee or other agent, and, to the extent permitted by applicable
law, it may engage or be interested in any financial or other transaction with
the Company and may act on, or as depositary, trustee or agent for, any
committee or body of holders of Warrant Debt Securities or other obligations of
the Company as freely as if it were not such Warrant Agent, officer, director,
employee or other agent. Nothing in this Warrant Agreement shall be deemed to
prevent the Warrant Agent from acting as a Trustee under the Indenture.

         (f) No Liability for Interest. The Warrant Agent shall not be under any
liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates unless
otherwise agreed to in writing by the Company and the Warrant Agent and except
for the negligence of the Warrant Agent.

         (g) No Liability for Invalidity. The Warrant Agent shall not incur any
liability with respect to the validity of this Agreement or any of the Warrant
Certificates.

         (h) No Responsibility for Representations. The Warrant Agent shall not
be responsible for any of the recitals or representations contained herein or in
the Warrant Certificate (except as to the Warrant Agent's Certificate or
Authentication thereon), all of which are made solely by the Company.

         (i) No Implied Obligations. The Warrant Agent shall be obligated to
perform such duties as are herein and in the Warrant Certificates specifically
set forth and no implied duties or obligations shall be read into this Agreement
or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall
not be under any obligation to take any action hereunder which may tend to
involve it any expense or liability, the payment of which within a reasonable
period of time is not, in its reasonable opinion, assured to it. The Warrant
Agent shall not be accountable or under any duty or responsibility for the use
by the Company of any of the Warrant Certificates authenticated by the Warrant
Agent and delivered by it to the Company pursuant to this Agreement or for the
application by the Company of the proceeds of the Warrant Certificates or any
exercise of the Warrants evidenced thereby. The Warrant Agent shall have no duty
or responsibility in case of any default by the Company in the performance of
its covenants or agreements contained herein or in the Warrant Certificates or
in the Warrant Debt Securities or in the case of the receipt of any written
demand from a Holder of a Warrant Certificate with respect to such default,
including without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceeding at law or
otherwise or, except as provided in Section 7.4 hereof, to make any demand upon
the Company.

         Section 6.3 RESIGNATION, REMOVAL AND APPOINTMENT OF SUCCESSOR. (a) The
Company agrees, for the benefit of the Holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all of the Warrant Certificates are no longer exercisable.

         (b) The Warrant Agent may at any time resign as such agent by giving
written notice to the Company of such intention on its part, specifying the date
on which it desires its resignation to become effective; provided that, without
the consent of the Company, such date

                                       9
<PAGE>

shall not be less than three months after the date on which such notice is
given. The Warrant Agent hereunder may be removed at any time by the filing with
it of an instrument in writing signed by or on behalf of the Company and
specifying such removal and the date on which the Company expects such removal
to become effective. Such resignation or removal shall take effect upon the
appointment by the Company of a successor Warrant Agent (which shall be a bank
or trust company organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia and authorized
under such laws to exercise corporate trust powers) by an instrument in writing
filed with such successor Warrant Agent and the acceptance of such appointment
by such successor Warrant Agent pursuant to Section 6.3(d).

         (c) In case at any time the Warrant Agent shall resign, or be removed,
or shall become incapable of acting, or shall be adjudged bankrupt or insolvent,
or shall file a voluntary petition in bankruptcy or make an assignment for the
benefit of its creditors or consent to the appointment of a receiver or
custodian of all or any substantial part of its property, or shall admit in
writing its inability to pay or meet its debts as they mature, or if a receiver
or custodian of it or of all or any substantial part of its property shall be
appointed, or if an order of any court shall be entered approving any petition
filed by or against it under the provisions of any applicable bankruptcy or
similar law, or if any public officer shall have taken charge or control of the
Warrant Agent or of its property or affairs, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in
writing, filed with the successor Warrant Agent. Upon the appointment as
aforesaid of a successor Warrant Agent and acceptance by the latter of such
appointment, the Warrant Agent so superseded shall cease to be Warrant Agent
hereunder.

         (d) Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor, upon payment of its charges and disbursements then unpaid,
shall thereupon become obligated to transfer, deliver and pay over, and such
successor Warrant Agent shall be entitled to receive, all monies, securities and
other property on deposit with or held by such predecessor, as Warrant Agent
hereunder.

         (e) Any corporation into which the Warrant Agent hereunder may be
merged or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Warrant Agent shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Warrant Agent, provided that it shall be qualified as aforesaid, shall be the
successor Warrant Agent under this Agreement without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

                                       10
<PAGE>

                                   ARTICLE VII

                                  MISCELLANEOUS

         Section 7.1 CONSOLIDATIONS AND MERGERS OF THE COMPANY AND SALES, LEASES
AND CONVEYANCES PERMITTED SUBJECT TO CERTAIN CONDITIONS. To the extent permitted
in the Indenture, the Company may consolidate with, or sell or convey all or
substantially all of its assets to, or merge with or into any other corporation.

         Section 7.2 RIGHTS AND DUTIES OF SUCCESSOR CORPORATION. In case of any
such consolidation, merger, sale, lease or conveyance and upon any such
assumption by the successor corporation, such successor corporation shall
succeed to and be substituted for the Company, with the same effect as if it had
been named herein, and the predecessor corporation, except in the event of a
lease, shall be relieved of any further obligation under this Agreement and the
Warrants. Such successor corporation thereupon may cause to be signed, and may
issue either in its own name or in the name of the Company, any or all of the
Warrant Debt Securities issuable pursuant to the terms hereof. All the Warrant
Debt Securities so issued shall in all respects have the same legal rank and
benefit under the Indenture as the Warrant Debt Securities theretofore or
thereafter issued in accordance with the terms of this Agreement and the
Indenture.

         In case of any such consolidation, merger, sale, lease or conveyance,
such changes in phraseology and form (but not in substance) may be made in the
Warrant Debt Securities thereafter to be issued as may be appropriate.

         Section 7.3 AMENDMENT. This Agreement may be amended by the parties
hereto, without the consent of the Holder of any Warrant Certificate, for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein, or making such provisions in regard to
matters or questions arising under this Agreement as the Company may deem
necessary or desirable; provided that such action shall not adversely affect the
interests of the Holders of the Warrant Certificates in any material respect.
Any amendment or supplement to this Agreement or the Warrants that has a
material adverse effect on the interests of Holders of any series of Warrants
shall require the written consent of Holders of a majority of the then
outstanding Warrants of such series. The consent of each Holder of a Warrant
affected shall be required for any amendment pursuant to which the Warrant Price
would be increased or the number of Debt Securities purchasable upon exercise of
Warrants would be decreased. The Warrant Agent may, but shall not be obligated
to, enter into any amendment to this Agreement which affects the Warrant Agent's
own rights, duties or immunities under this Agreement or otherwise.

         Section 7.4 NOTICE AND DEMANDS TO THE COMPANY AND WARRANT AGENT. If the
Warrant Agent shall receive any notice or demand addressed to the Company by the
Holder of a Warrant Certificate pursuant to the provisions of the Warrant
Certificates, the Warrant Agent shall promptly forward such notice or demand to
the Company.

         Section 7.5 NOTICES TO WARRANTHOLDERS. Pursuant to Sections 3.1 {add
other sections as applicable}, the Company shall cause written notice of such
Call Price, Call Date and Call Terms {reference other items as applicable}, as
the case may be, to be given as soon as practicable to

                                       11
<PAGE>

the Warrant Agent and to each of the registered holders of the Warrant
Certificates by first class mail, postage prepaid, at such holder's address
appearing on the Warrant Register. In addition to the written notice referred to
in the preceding sentence, the Company shall make a public announcement in a
daily morning newspaper of general circulation in __________ of such Call Price,
Call Date, and Call Terms {reference other items as applicable}, as the case may
be, at least once a week for two successive weeks prior to the implementation of
such terms.

         Section 7.6 ADDRESSES. Any communications from the Company to the
Warrant Agent with respect to this Agreement shall be addressed to __________,
Attention: _______________, and any communications from the Warrant Agent to the
Company with respect to this Agreement shall be addressed to Ferro Corporation,
1000 Lakeside Avenue, Cleveland, Ohio 44114, Attention: Treasurer (or such other
address as shall be specified in writing by the Warrant Agent or by the
Company).

         Section 7.7 GOVERNING LAW. This Agreement and each Warrant Certificate
issued hereunder shall be governed by and construed in accordance with the laws
of the State of Ohio.

         Section 7.8 DELIVERY OF PROSPECTUS. The Company will furnish to the
Warrant Agent sufficient copies of a prospectus, appropriately supplemented,
relating to the Warrant Debt Securities (the "Prospectus"), and the Warrant
Agent agrees that, upon the exercise of any Warrant Certificate, the Warrant
Agent will deliver to the person designated to receive Warrant Debt Securities,
prior to or concurrently with the delivery of such Securities, a Prospectus.

         Section 7.9 OBTAINING OF GOVERNMENTAL APPROVALS. The Company will from
time to time take all action which may be necessary to obtain and keep effective
any and all permits, consents and approvals of governmental agencies and
authorities and securities acts filings under United States Federal and State
laws (including, without limitation, to the extent required, the maintenance of
the effectiveness of a registration statement in respect of the Warrant Debt
Securities under the Securities Act of 1933, as amended, which may be or become
required in connection with the exercise of the Warrant Certificates and the
original issuance and delivery of the Warrant Debt Securities.

         Section 7.10 PERSONS HAVING RIGHTS UNDER WARRANT AGREEMENT. Nothing in
this agreement expressed or implied and nothing that may be inferred from any of
the provisions hereof is intended, or shall be construed, to confer upon, or
give to, any person or corporation other than the Company, the Warrant Agent and
the Holders of the Warrant Certificates any right, remedy or claim under or by
reason of this Agreement or of any covenant, condition, stipulation, promise or
agreement hereof; and all covenants, conditions, stipulations, promises and
agreements contained in this Agreement shall be for the sole and exclusive
benefit of the Company and the Warrant Agent and their successors and of the
Holders of the Warrant Certificates.

         Section 7.11 HEADINGS. The Article and Section headings herein and the
Table of Contents are for convenience of reference only and shall not affect the
construction hereof.

                                       12
<PAGE>

         Section 7.12 COUNTERPARTS. This Agreement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original;
but such counterparts shall together constitute but one and the same instrument.

         Section 7.13 INSPECTION OF AGREEMENT. A copy of this Agreement shall be
available at all reasonable times at the principal corporate trust office of the
Warrant Agent {and at ______________} for inspection by the Holder of any
Warrant Certificate. The Warrant Agent may require such Holder to submit its
Warrant Certificate for inspection by it.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, and their respective corporate seal to be hereunto affixed and
attested, all as of the day and year first above written.

                                       FERRO CORPORATION

                                       By
                                         --------------------------------------

{SEAL}

Attest:

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

                                       {NAME OF WARRANT AGENT}

                                       By
                                         --------------------------------------

{SEAL}

Attest:

--------------------------------------------
{Assistant Secretary}

                                       13
<PAGE>

                                                                       EXHIBIT A

                          {FORM OF WARRANT CERTIFICATE}
                                     {Face}

FORM OF LEGEND IF OFFERED                          {Prior to _____________, this
DEBT SECURITIES WITH                               Warrant Certificate may be
WARRANTS WHICH ARE NOT                             transferred or exchanged
IMMEDIATELY DETACHABLE:                            if and only if the {Title
                                                   of Offered Debt Security}
                                                   to which it was initially
                                                   attached is so transferred
                                                   or exchanged.}

FORM OF LEGEND IF WARRANTS                         {Prior to ______________,
ARE NOT IMMEDIATELY                                Warrants evidenced by this
EXERCISABLE:                                       Warrant Certificate cannot
                                                   be exercised.}

                EXERCISABLE ONLY IF AUTHENTICATED BY THE WARRANT
                            AGENT AS PROVIDED HEREIN

              VOID AFTER THE CLOSE OF BUSINESS ON ___________, 20__

                                FERRO CORPORATION

                        Warrant Certificate representing
                              Warrants to purchase
                       {Title of Warrant Debt Securities}
                               as described herein
                              ---------------------

No.                                                      ______________ Warrants

         This certifies that {the bearer is the} {______________________________
or registered assigns is the registered} owner of the above indicated number of
Warrants, each Warrant entitling such {bearer {IF OFFERED DEBT SECURITIES AND
WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE - -, subject to the bearer
qualifying as a "Holder" of this Warrant Certificate, as hereinafter defined}
{registered owner} to purchase, at any time {after the close of business on
________________, 20___, and} on or before the close of business on
_____________, 20___, $___________ principal amount of {Title of Warrant Debt
Securities} (the "Warrant Debt Securities") of Ferro Corporation (the
"Company"), issued or to be issued under the Indenture (as hereinafter defined),
on the following basis.(4) {During the period from _____________, 20__ through
and including _____________, 20__, each Warrant shall entitle the Holder
thereof, subject to the provisions of the Warrant Agreement (as defined

--------------------
(4) Complete and modify the following provisions as appropriate to reflect the
terms of the Warrants and the Warrant Debt Securities.

<PAGE>

below), to purchase from the Company the principal amount of Warrant Debt
Securities stated above in this Warrant Certificate at the exercise price of
____% of the principal amount thereof {plus accrued amortization, if any, of the
original issue discount of the Warrant Debt Securities} {plus accrued interest,
if any, from the most recent date from which interest shall have been paid on
the Warrant Debt Securities or, if no interest shall have been paid on the
Warrant Debt Securities, from __________, 20__}; {in each case, the original
issue discount ($__________ for each $1,000 principal amount of Warrant Debt
Securities) will be amortized at a ___% annual rate, computed on a{n} {semi-}
annual basis{, using a 360-day year consisting of twelve 30-day months} {(the
"Exercise Price")}. The Holder of this Warrant Certificate may exercise the
Warrants evidenced hereby, in whole or in part, by surrendering this Warrant
Certificate, with the purchase form set forth hereon duly completed, accompanied
{by payment in full, in lawful money of the United States of America, {in cash
or by certified check or official bank check in New York Clearing House funds}
{by bank wire transfer in immediately available funds}} {by surrender of the
{specified aggregate principal amount of {identified securities}}, the Exercise
Price for each Warrant exercised, to the Warrant Agent (as hereinafter defined)
at the corporate trust office of {name of Warrant Agent}, or its successor as
warrant agent (the "Warrant Agent") {or at ______________,} at the addresses
specified on the reverse hereof and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement. This Warrant
Certificate may be exercised only for the purchase of Warrant Debt Securities in
the principal amount of {$1,000} or any integral multiple thereof.

              The term "Holder" as used herein shall mean {IF OFFERED DEBT
SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE - -, prior to
_____________, 20__, (the "Detachable Date"), the registered owner of the
Company's {title of Offered Debt Securities} to which such Warrant Certificate
was initially attached, and after such Detachable Date,} {the bearer of such
Warrant Certificate} {the person in whose name at the time such Warrant
Certificate shall be registered upon the books to be maintained by the Warrant
Agent for that purpose pursuant to Section 4.1 of the Warrant Agreement}.

              Any whole number of Warrants evidenced by this Warrant Certificate
may be exercised to purchase Warrant Debt Securities in registered form. Upon
any exercise of fewer than all of the Warrants evidenced by this Warrant
Certificate, there shall be issued to the {bearer} {registered owner} hereof a
new Warrant Certificate evidencing the number of Warrants remaining unexercised.

              This Warrant Certificate is issued under and in accordance with
the Warrant Agreement dated as of _____________, 20__ (the "Warrant Agreement")
between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance hereof.
Copies of the Warrant Agreement are on file at the above-mentioned office at the
Warrant Agent {and at _________________}.

              The Warrant Debt Securities to be issued and delivered upon the
exercise of warrants evidenced by this Warrant Certificate will be issued under
and in accordance with an Indenture (the "Indenture"), dated as of
___________________, between the Company and ____________
___________________________, as trustee (such trustee, and any successors to
such trustee, the "Trustee") and will be subject to the terms and provisions
contained in the Warrant Debt

                                      A-2
<PAGE>

Securities and in the Indenture. Copies of the Indenture, including the form of
the Warrant Debt Securities, are on file at the corporate trust office of the
Trustee {and at ___________________}.

              {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY
DETACHABLE - - Prior to _____________, 20__ (the "Detachable Date"), this
Warrant Certificate may be exchanged or transferred only together with the
{title of Offered Debt Security} (the "Offered Debt Security"} to which this
Warrant Certificate was initially attached, and only for the purpose of
effecting, or in conjunction with, an exchange or transfer of such Offered Debt
Security. Additionally, on or prior to the Detachable Date each transfer of such
Offered Debt Security on the register of the Offered Debt Securities shall
operate also to transfer this Warrant Certificate. After the Detachable Date,
this} {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE IMMEDIATELY DETACHABLE
OR WARRANTS ALONE -- This} Warrant Certificate, and all rights hereunder, may be
transferred {IF BEARER WARRANTS -- by delivery and the Company and the Warrant
Agent may treat the bearer hereof as the owner for all purposes} {IF REGISTERED
WARRANTS - - when surrendered at the corporate trust office of the Warrant Agent
{or ____________} by the registered owner or his assigns, in person or by an
attorney duly authorized in writing, in the manner and subject to the
limitations provided in the Warrant Agreement}.

              {IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY
DETACHABLE -- Except as provided in the immediately preceding paragraph, after}
{IF OFFERED DEBT SECURITIES AND WARRANTS WHICH ARE IMMEDIATELY DETACHABLE OR
WARRANTS ALONE -- After} authentication by the Warrant Agent and prior to the
expiration of this Warrant Certificate, this Warrant Certificate may be
exchanged at the corporate trust office at the Warrant Agent {or at
____________} for Warrant Certificates representing the same aggregate number of
Warrants.

              This Warrant Certificate shall not entitle the {bearer}
{registered owner} hereof to any of the rights of a {registered} {holder} of the
Warrant Debt Securities, including, without limitation, the right to receive
payments of principal (and premium, if any) or interest, if any, on the Warrant
Debt Securities or to enforce any of the covenants of the Indenture.

              Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

              This Warrant Certificate shall not be valid or obligatory for any
purpose until authenticated by the Warrant Agent.

                                      A-3
<PAGE>

              IN WITNESS WHEREOF, the Company has caused this Warrant
Certificate to be duly executed under its corporate seal.

Dated:  ______________

                                       FERRO CORPORATION

                                       By:
                                          -------------------------------------
Attest:

------------------------------
Certificate of Authentication

              This is one of the Warrant Certificates referred to in the
within-mentioned Warrant Agreement.

------------------------------
       As Warrant Agent

By:  __________________________
       Authorized Signature

                                      A-4
<PAGE>

                          {FORM OF WARRANT CERTIFICATE}
                                    {REVERSE}
                     (Instructions for Exercise of Warrants)

              To exercise any Warrants evidenced hereby, the Holder of this
Warrant Certificate must pay {in cash or by certified check or official bank
check in New York Clearing House funds or by bank wire transfer in immediately
available funds}, the Exercise Price in full for each of the Warrants exercised,
to _____________________, Corporate Trust Department, ______________, Attn:
___________________ {or ______________________}, which payment should specify
the name of the Holder of this Warrant Certificate and the number of Warrants
exercised by such Holder. In addition, the Holder of this Warrant Certificate
should complete the information required below and present in person or mail by
registered mail this Warrant Certificate to the Warrant Agent at the addresses
set forth below.

                               {FORM OF EXERCISE}

                   {To be executed upon exercise of Warrants.}

              The undersigned hereby irrevocably elects to exercise _______
Warrants, represented by this Warrant Certificate, to purchase $__________
principal amount of the {Title of Warrant Debt Securities} (the "Warrant Debt
Securities") of Ferro Corporation and represents that he has tendered payment
for such Warrant Debt Securities {in cash or by certified check or official bank
check in New York Clearing House funds or by bank wire transfer in immediately
available funds} to the order of Ferro Corporation, c/o Treasurer, in the amount
of $__________ in accordance with the terms hereof. The undersigned requests
that said principal amount of Warrant Debt Securities be in fully registered
form, in the authorized denominations, registered in such names and delivered,
all as specified in accordance with the instructions set forth below.

              If said principal amount of Warrant Debt Securities is less than
all of the Warrant Debt Securities purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of
the Warrants evidenced hereby be issued and delivered to the undersigned unless
otherwise specified in the instructions below.

Dated:
                                                Name
                                                    ----------------------------

------------------------------
(Insert Social Security or Other                Address
                                                       -------------------------
Identifying Number of Holder)
                                                       -------------------------

                                                Signature ______________________
                                                {If registered warrant - -
                                                (Signature must conform in all
                                                respects to name of holder as
                                                specified on the face of the
                                                Warrant Certificate and must
                                                bear a signature guarantee by a
                                                bank, trust company or member
                                                broker of the New York, Chicago
                                                or Pacific Stock Exchange.)}

                                      A-5
<PAGE>

              This Warrant may be exercised at the following addresses:

              By hand at                    ____________________________________
                                            ____________________________________
                                            ____________________________________
                                            ____________________________________

              By mail at                    ____________________________________
                                            ____________________________________
                                            ____________________________________
                                            ____________________________________

(Instructions as to form and delivery of Warrant Debt Securities and/or Warrant
Certificates):

                              {FORM OF ASSIGNMENT}

              (TO BE EXECUTED TO TRANSFER THE WARRANT CERTIFICATE)

              FOR VALUE RECEIVED _______________________ hereby sells, assigns
and transfers unto

                                            ------------------------------------
                                            (Please print name and
                                             address including zip code)

Please insert social security or
other identifying number

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

--------------------------------------------------------------------------------
the right represented by the within Warrant Certificate and does hereby
irrevocably constitute and appoint _______________________, Attorney, to
transfer said Warrant Certificate on the books of the Warrant Agent with full
power of substitution.

Dated:
      -------------------------------

                                                           Signature
                                                (Signature must conform in all
                                                respects to name of holder as
                                                specified on the face of this
                                                Warrant Certificate and must
                                                bear a signature guarantee by a
                                                bank, trust company or member
                                                broker of the New York, Chicago
                                                or Pacific Stock Exchange.)

Signature Guaranteed:

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

                                      A-6<PAGE>
                                                                 Exhibit 4(e-1)

                                FERRO CORPORATION

                                       AND

                              ---------------------
                                AS WARRANT AGENT

                                WARRANT AGREEMENT

                     DATED AS OF ____________________, 200__

<PAGE>

                              TABLE OF CONTENTS(1)

                                                                            Page
                                                                            ----

Parties.......................................................................1
Recitals......................................................................1

                                    ARTICLE I

                    ISSUANCE, EXECUTION AND COUNTERSIGNATURE
                             OF WARRANT CERTIFICATES

Section 1.1 Issuance of Warrant Certificates..................................1
Section 1.2 Form of Warrant Certificates......................................1
Section 1.3 Execution and Authentication of
                  Warrant Certificates........................................2
Section 1.4 Temporary Warrant Certificates....................................2
Section 1.5 Payment of Taxes..................................................3
Section 1.6 Definition on Holder..............................................3

                                   ARTICLE II

                WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

Section 2.1 Warrant Price.....................................................3
Section 2.2 Duration of Warrants..............................................3
Section 2.3 Exercise of Warrants..............................................4
Section 2.4 Reservation of Shares.............................................4

                                   ARTICLE III

                             OTHER TERMS OF WARRANTS

Section 3.1 Call of Warrants by the Company...................................5
Section 3.2 Adjustment of Exercise Price and Number of Shares Purchasable
                  or Number of Warrants.......................................5

                                   ARTICLE IV

                      REGISTRATION, EXCHANGE, TRANSFER AND
                      SUBSTITUTION OF WARRANT CERTIFICATES

Section 4.1 Registration, Exchange and Transfer
                  of Warrant Certificates.....................................8
Section 4.2 Mutilated, Destroyed, Lost or Stolen
                  Warrant Certificates........................................9

-------------------
(1)  The Table of Contents is not a part of the Warrant Agreement.

<PAGE>

                                                                            Page
                                                                            ----

Section 4.3 Persons Deemed Owners.............................................9
Section 4.4 Cancellation of Warrant Certificates.............................10

                                    ARTICLE V

                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF WARRANT CERTIFICATES

Section 5.1 No Rights as Stockholders Conferred
                  by Warrants or Warrant Certificates........................10
Section 5.2 Holder of Warrant Certificate May Enforce Rights.................10

                                   ARTICLE VI

                          CONCERNING THE WARRANT AGENT

Section 6.1 Warrant Agent....................................................10
Section 6.2 Conditions of Warrant Agent's Obligations........................11
Section 6.3 Resignation, Removal and Appointment of Successor................12

                                   ARTICLE VII

                                  MISCELLANEOUS

Section 7.1 Consolidations and Mergers of the Company and
                  Sales, Leases and Conveyances Permitted Subject to
                  Certain Conditions.........................................13
Section 7.2 Rights and Duties of Successor Corporation.......................14
Section 7.3 Amendment........................................................14
Section 7.4 Notice and Demands to the Company and Warrant Agent..............14
Section 7.5 Notices to Warrantholders........................................14
Section 7.6 Addresses........................................................15
Section 7.7 Governing Law....................................................15
Section 7.8 Delivery of Prospectus...........................................16
Section 7.9 Obtaining of Governmental Approvals..............................16
Section 7.10 Persons Having Rights under Warrant Agreement...................16
Section 7.11 Headings........................................................16
Section 7.12 Counterparts....................................................16
Section 7.13 Inspection of Agreement.........................................17

Testimonium..................................................................17
Signatures...................................................................17
Exhibit A - Form of Warrant Certificate

<PAGE>

         THIS WARRANT AGREEMENT, dated as of ______________, 200_, between Ferro
Corporation, a corporation duly organized and existing under the laws of the
State of Ohio (the "Company") and _______________, a {corporation} {national
banking association} organized and existing under the laws of _______________,
as Warrant Agent (herein called the "Warrant Agent").

         WHEREAS, the Company proposes to sell {IF OFFERED EQUITY SECURITIES AND
WARRANTS -- {title of Equity Securities being offered} (the "Offered Equity
Securities") with} warrant certificates (such warrant certificates and other
warrant certificates issued pursuant to this Agreement herein called the
"Warrant Certificates") evidencing one or more warrants ("Warrants" or,
individually, a "Warrant") representing the right to purchase shares of {Common
Stock} {Preferred Stock} (the "Equity Securities"); and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, exchange, exercise and replacement of the Warrant Certificates, and in
this Agreement wishes to set forth, among other things, the form and provisions
of the Warrant Certificates and the terms and conditions on which they may be
issued, exchanged, exercised and replaced;

         NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                    ISSUANCE, EXECUTION AND COUNTERSIGNATURE
                             OF WARRANT CERTIFICATES

         Section 1.1 ISSUANCE OF WARRANT CERTIFICATES. {IF WARRANTS ALONE --
Upon issuance, each Warrant Certificate shall evidence one or more Warrants.} IF
OFFERED EQUITY SECURITIES AND WARRANTS -- Warrant Certificates shall be
{initially} issued in units with the Offered Equity Securities and shall {not}
be separately transferable {before _________, 20__ (the "Detachable Date")}.
Each such unit shall consist of a Warrant Certificate or Certificates evidencing
an aggregate of ______ Warrants. Each Warrant evidenced thereby shall represent
the right, subject to the provisions contained herein and therein, to purchase
one share of {Common Stock} {Preferred Stock}.

         Section 1.2 FORM OF WARRANT CERTIFICATES. The Warrant Certificates
(including the Form{s} of Exercise {and Assignment} to be set forth on the
reverse thereof) shall be in substantially the form set forth in Exhibit A
hereto, shall be printed, lithographed or engraved on steel engraved borders (or
in any other manner determined by the officers executing such Warrant
Certificates, with the execution thereof by such officers conclusively
evidencing such determination) and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which the
Warrant Certificates may be listed or as may, consistently herewith, be
determined

                                      -1-
<PAGE>

by the officers executing such Warrant Certificates, with the execution thereof
by such officers conclusively evidencing such determination.

         Section 1.3 EXECUTION AND AUTHENTICATION OF WARRANT CERTIFICATES. The
Warrant Certificates shall be executed on behalf of the Company by its Chairman,
its Chief Executive Officer, its President or one of its Vice Presidents (any
reference to a Vice President of the Company herein shall be deemed to include
any Vice President of the Company whether or not designated by a number or a
word or words added before or after the title "Vice President") under its
corporate seal reproduced thereon attested to by its Treasurer or Secretary or
one of its Assistant Treasurers or Assistant Secretaries. The signature of any
of these officers on the Warrant Certificates may be manual or facsimile.

         Warrant Certificates evidencing the right to purchase a number of
shares of {Common Stock} {Preferred Stock} having an aggregate liquidation value
not exceeding $_______________ (except as provided in Sections 1.4, 2.3(c), 4.1
and 4.2) may be executed by the Company and delivered to the Warrant Agent upon
the execution of this Warrant Agreement or from time to time thereafter. The
Warrant Agent shall, upon receipt of Warrant Certificates duly executed on
behalf of the Company, authenticate Warrant Certificates evidencing Warrants
representing the right to purchase a number of shares of {Common Stock}
{Preferred Stock} having an aggregate liquidation value not exceeding
$_____________ and shall deliver such Warrant Certificates to or upon the order
of the Company. Subsequent to such original issuance of the Warrant
Certificates, the Warrant Agent shall authenticate a Warrant Certificate only if
the Warrant Certificate is issued in exchange or substitution for one or more
previously authenticated Warrant Certificates (IF REGISTERED WARRANTS -- or in
connection with their transfer), as hereinafter provided.

         Each Warrant Certificate shall be dated the date of its authentication
by the Warrant Agent.

         No Warrant Certificate shall be entitled to any benefit under this
Agreement or be valid or obligatory for any purpose, and no Warrant evidenced
thereby shall be exercisable, until such Warrant Certificate has been
authenticated by the manual signature of the Warrant Agent. Such signature by
the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence, and the only evidence, that the Warrant Certificate so
authenticated has been duly issued hereunder.

         Warrant Certificates bearing the manual or facsimile signatures of
individuals who were at the time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Warrant
Certificates or did not hold such offices at the date of such Warrant
Certificates.

         Section 1.4 TEMPORARY WARRANT CERTIFICATES. Pending the preparation of
definitive Warrant Certificates, the Company may execute, and upon the order of
the Company the Warrant Agent shall authenticate and deliver, temporary Warrant
Certificates which are printed, lithographed, typewritten, mimeographed or
otherwise produced, substantially of the tenor of the definitive Warrant
Certificates in lieu of which they are issued and with such appropriate

                                      -2-
<PAGE>

insertions, omissions, substitutions and other variations as the officers
executing such Warrant Certificates may determine, with the execution thereof by
such officers conclusively evidencing such determination.

         If temporary Warrant Certificates are issued, the Company will cause
definitive Warrant Certificates to be prepared without unreasonable delay. After
the preparation of definitive Warrant Certificates, the temporary Warrant
Certificates shall be exchangeable for definitive Warrant Certificates upon
surrender of the temporary Warrant Certificates at the corporate trust office of
the Warrant Agent {or ____________}, without charge to the Holder (as defined in
Section 1.6 below). Upon surrender for cancellation of any one or more temporary
Warrant Certificates the Company shall execute and the Warrant Agent shall
authenticate and deliver in exchange therefor definitive Warrant Certificates
representing the same aggregate number of Warrants. Until so exchanged, the
temporary Warrant Certificates shall in all respects be entitled to the same
benefits under this Agreement as definitive Warrant Certificates.

         Section 1.5 PAYMENT OF TAXES. The Company will pay all stamp taxes and
other duties, if any, to which, under the laws of the United States of America
or any State or political subdivision thereof, this Agreement or the original
issuance of the Warrant Certificates may be subject.

         Section 1.6 DEFINITION OF HOLDER. The term "Holder" as used herein
shall mean {IF OFFERED EQUITY SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY
DETACHABLE --, prior to the Detachable Date, the registered owner of the Offered
Equity Security to which such Warrant Certificate was initially attached, and,
after such Detachable Date,} {the person in whose name at the time such Warrant
Certificate shall be registered upon the books to be maintained by the Warrant
Agent for that purpose pursuant to Section 4.1}. {IF OFFERED EQUITY SECURITIES
AND WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE -- Prior to the Detachable
Date, the Company will, or will cause the registrar of the Offered Equity
Securities to, make available to the Warrant Agent current information as to
Holders of the Offered Equity Securities.}

                                   ARTICLE II

                WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

         Section 2.1 WARRANT PRICE.(2) During the period set forth in Section
2.2, each Warrant shall entitle the Holder thereof, subject to the provisions of
this Agreement, to purchase from the Company one share of {Common Stock}
{Preferred Stock} at the exercise price of $__________. Such exercise price of
each Warrant is referred to in this Agreement as the "Exercise Price."

         Section 2.2 DURATION OF WARRANTS. Any Warrant evidenced by a Warrant
Certificate may be exercised at any time, as specified herein, on or after {the
date thereof} {____________, 19___} and at or before the close of business on
____________, 20___ (the "Expiration Date"). Each Warrant not exercised at or
before the close of business on the Expiration Date shall

-------------------
(2) Complete and modify the provisions of this Section as appropriate to
reflect the exact terms of the Warrants.

                                      -3-
<PAGE>

become void, and all rights of the Holder of the Warrant Certificate evidencing
such Warrant under this Agreement or otherwise shall cease.

         Section 2.3 EXERCISE OF WARRANTS. (a) During the period specified in
Section 2.2, any whole number of Warrants may be exercised by surrendering the
Warrant Certificate evidencing such Warrants at the place or at the places set
forth in the Warrant Certificate, with the purchase form set forth in the
Warrant Certificate duly executed, accompanied by payment in full, in lawful
money of the United States of America, {in cash or by certified check or
official bank check in New York Clearing House funds} {by bank wire transfer in
immediately available funds}, of the Exercise Price for each Warrant exercised.
The date on which payment in full of the Exercise Price for a Warrant and the
duly executed and completed Warrant Certificate are received by the Warrant
Agent shall be deemed to be the date on which such Warrant is exercised. The
Warrant Agent shall deposit all funds received by it as payment for the exercise
of Warrants to the account of the Company maintained with it for such purpose
and shall advise the Company by telephone at the end of each day on which such a
payment is received of the amount so deposited to its account. The Warrant Agent
shall promptly confirm such telephonic advice to the Company in writing.

         (b) The Warrant Agent shall from time to time, as promptly as
practicable after the exercise of any Warrants in accordance with the terms and
conditions of this Agreement and the Warrant Certificates, advise the Company of
(i) the number of Warrants so exercised, (ii) the instructions of each Holder of
the Warrant Certificates evidencing such Warrants with respect to delivery of
the certificate or certificates representing shares of {Common Stock} {Preferred
Stock} to which such Holder is entitled upon such exercise, and instructions of
such Holder as to delivery of Warrant Certificates evidencing the balance, if
any, of the Warrants remaining after such exercise, and (iii) such other
information as the Company shall reasonably require.

         (c) As soon as practicable after the exercise of any Warrants, the
Company shall issue, to or upon the order of the Holder of the Warrant
Certificate evidencing such Warrants, a certificate or certificates representing
the number of shares of {Common Stock} {Preferred Stock} to which such Holder is
entitled in such name or names as may be directed by such Holder; and, if fewer
than all of the Warrants evidenced by such Warrant Certificate were exercised,
the Company shall execute and an authorized officer of the Warrant Agent shall
manually authenticate and deliver a new Warrant Certificate evidencing the
number of Warrants remaining unexercised.

         (d) The Company shall not be required to pay any stamp or other tax or
other governmental charge required to be paid in connection with any transfer
involved in the issuance of the {Common Stock} {Preferred Stock}; and in the
event that any such transfer is involved, the Company shall not be required to
issue or deliver any shares of {Common Stock} {Preferred Stock} until such tax
or other charge shall have been paid or it has been established to the Company's
satisfaction that no such tax or other charge is due.

         Section 2.4 RESERVATION OF SHARES. For the purpose of enabling it to
satisfy any obligation to issue shares of {Common Stock} {Preferred Stock} upon
exercise of the Warrants, the Company will, at all times through the close of
business on the Expiration Date, reserve and keep available, free from
preemptive rights and out of its aggregate authorized but unissued

                                      -4-
<PAGE>

shares of {Common Stock} {Preferred Stock}, the number of shares of {Common
Stock} {Preferred Stock}, the number of shares of {Common Stock} {Preferred
Stock} deliverable upon the exercise of all outstanding Warrants.

         The Company covenants that all shares of {Common Stock} {Preferred
Stock} issued upon the exercise of the Warrants will, upon issuance in
accordance with the terms of this Agreement, be fully paid and nonassessable and
free from all taxes, liens, charges and security interests created by or imposed
upon the Company with respect to the issuance and holding thereof.

                                   ARTICLE III

                             OTHER TERMS OF WARRANTS

         Section 3.1 {CALL OF WARRANTS BY THE COMPANY.(3) IF WARRANTS ISSUED
HEREUNDER ARE CALLABLE BY THE COMPANY -- The Company shall have the right to
call and repurchase any or all Warrants on or after _______, 20__ (the "Call
Date") and upon the occurrence of {discuss events or circumstances under which
Company may call the Warrants} (the "Call Terms") at a price of $___________ per
Warrant (the "Call Price"). Notice of such Call Price, Call Date and Call Terms
shall be given to registered holders of Warrants in the manner provided in
Section 7.5.}

         Section 3.2 ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES
PURCHASABLE OR NUMBER OF WARRANTS. The Exercise Price, the number of shares of
{Common Stock} {Preferred Stock} purchasable upon the exercise of each Warrant
and the number of Warrants outstanding are subject to adjustment from time to
time upon the occurrence of the events enumerated in this Section 3.2.

         (a) If the Company shall (i) pay a dividend in or make a distribution
of shares of its capital stock, whether shares of {Common Stock} {Preferred
Stock} or shares of its capital stock of any other class, (ii) subdivide its
outstanding shares of {Common Stock} {Preferred Stock} , (iii) combine its
outstanding shares of {Common Stock} {Preferred Stock} into a smaller number of
shares of {Common Stock} {Preferred Stock} or (iv) issue any shares of its
capital stock in a reclassification of the {Common Stock} {Preferred Stock}
(including any such reclassification in connection with a consolidation or
merger in which the Company is the continuing corporation), the number of shares
of {Common Stock} {Preferred Stock} purchasable upon exercise of each Warrant
immediately prior thereto shall be adjusted so that the holder of each Warrant
shall be identified to receive the kind and number of shares of {Common Stock}
{Preferred Stock} or other securities of the Company which such holder would
have owned or have been entitled to receive after the happening of any of the
events described above, had such Warrant been exercised immediately prior to the
happening of such event or any record date with respect thereto. An adjustment
made pursuant to this paragraph (a) shall become effective immediately after the
effective date of such event, retroactive to immediately after the record date,
if any, for such event.

-------------------
(3) Complete and modify the provisions of this Section as appropriate to
reflect the exact terms of the Warrants.

                                      -5-
<PAGE>

         (b) If the Company shall issue rights, options or warrants to all
holders of its outstanding {Common Stock} {Preferred Stock}, without any charge
to such holders, entitling them to subscribe for or purchase shares of {Common
Stock} {Preferred Stock} at a price per share that is lower than the market
price per share of {Common Stock} {Preferred Stock} (as defined in paragraph (e)
below) at the record date mentioned below, the number of shares of {Common
Stock} {Preferred Stock} thereafter purchasable upon the exercise of each
Warrant shall be determined by multiplying the number of shares of {Common
Stock} {Preferred Stock} theretofore purchasable upon exercise of each Warrant
by a fraction, of which the numerator shall be (i) the number of shares of
{Common Stock} {Preferred Stock} outstanding on the date of issuance of such
rights, options or warrants plus the number of additional shares of {Common
Stock} {Preferred Stock} offered for subscription or purchase, and of which the
denominator shall be (ii) the number of shares of {Common Stock} {Preferred
Stock} outstanding on the date of issuance of such rights, options or warrants
plus the number of shares which the aggregate offering price of the total number
of shares of {Common Stock} {Preferred Stock} so offered would purchase at the
market price per share of {Common Stock} {Preferred Stock} at such record date.
Such adjustment shall be made whenever such rights, options or warrants are
issued, and shall become effective retroactive to immediately after the record
date for the determination of stockholders entitled to receive such rights,
options or warrants.

         (c) If the Company shall distribute to all holders of its shares of
{Common Stock} {Preferred Stock} evidences of its indebtedness or assets
(excluding cash dividends or distributions payable out of capital surplus and
dividends or distributions referred to in paragraph (a) above) or rights,
options or warrants or convertible or exchangeable securities containing the
right to subscribe for or purchase shares of {Common Stock} {Preferred Stock}
(excluding those referred to in paragraph (b) above), then in each case the
number of shares of {Common Stock} {Preferred Stock} thereafter purchasable upon
the exercise of each Warrant shall be determined by multiplying the number of
shares of {Common Stock} {Preferred Stock} theretofore purchasable upon the
exercise of each Warrant, by a fraction, of which the numerator shall be (i) the
then current market price per share of {Common Stock} {Preferred Stock} (as
defined in paragraph (e) below) on the date of such distribution, and of which
the denominator shall be (ii) the then current market price per share of {Common
Stock} {Preferred Stock} less the then fair value (as determined by the Board of
Directors of the Company, whose determination shall be conclusive) of the
portion of the assets or evidences of indebtedness so distributed or of such
subscription rights, options or warrants or convertible or exchangeable
securities applicable to one share of {Common Stock} {Preferred Stock}. Such
adjustment shall be made whenever any such distribution is made, and shall
become effective on the date of distribution retroactive to immediately after
the record date for the determination of stockholders entitled to receive such
distribution.

         (d) In the event of any capital reorganization or any reclassification
of the {Common Stock} {Preferred Stock} (except as provided in paragraphs (a)
through (c) above, any holder of Warrants upon exercise thereof shall be
entitled to receive, in lieu of the {Common Stock} {Preferred Stock} to which he
or she would have become entitled upon exercise immediately prior to such
reorganization or reclassification, the shares (of any class or classes) or
other securities or property of the Company that he or she would have been
entitled to receive at the same aggregate Exercise Price upon such
reorganization or reclassification if his or her Warrants had been exercised
immediately prior thereto.

                                      -6-
<PAGE>

         (e) For the purpose of any computation under paragraphs (b) and (c) of
this Section 3.2, the current or closing market price per share of {Common
Stock} {Preferred Stock} at any date shall be deemed to be the average of the
daily closing prices for _____ consecutive trading days commencing
________________ trading days before the date of such computation. The closing
price for each day shall be {the last sale price} for such day, in either case
as reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the New York Stock
Exchange (the "NYSE") or if the {Common Stock} {Preferred Stock} is not listed
on the NYSE, then on the principal United States national securities exchange on
which the {Common Stock} {Preferred Stock} is listed or quoted. If the {Common
Stock} {Preferred Stock} is not listed or quoted on any United States national
securities exchange, then the current or closing market price per share of
{Common Stock} {Preferred Stock} shall be determined by the Board of Directors
of the Company in good faith.

         (f) Whenever the number of shares of {Common Stock} {Preferred Stock}
purchasable upon the exercise of each Warrant is adjusted as herein provided,
the Exercise Price payable upon the exercise of each Warrant shall be adjusted
by multiplying such Exercise Price immediately prior to such adjustment by a
fraction, of which the numerator shall be the number of shares purchasable upon
the exercise of each Warrant immediately prior to such adjustment, and of which
the denominator shall be the number of shares to purchasable immediately
thereafter.

         (g) The Company may elect, on or after the date of any adjustment
required by paragraphs (a) through (d) of this Section 3.2, to adjust the number
of Warrants in substitution for an adjustment in the number of shares of {Common
Stock} {Preferred Stock} purchasable upon the exercise of a Warrant. Each of the
Warrants outstanding after such adjustment of the number of Warrants shall be
exercisable for the same number of shares of {Common Stock} {Preferred Stock} as
immediately prior to such adjustment. Each Warrant held of record prior to such
adjustment of the number of Warrants shall become that number of Warrants
(calculated to the nearest hundredth) obtained by dividing the Exercise Price in
effect prior to adjustment of the Exercise Price by the Exercise Price in effect
after adjustment of the Exercise Price. The Company shall notify the holders of
Warrants, in the same manner as provided in the first paragraph of Section 7.5,
of its election to adjust the number of Warrants, indicating the record date for
the adjustment, and, if known at the time, the amount of the adjustment to be
made. This record date may be the date on which the Exercise Price is adjusted
or any day thereafter. Upon each adjustment of the number of Warrants pursuant
to this paragraph (g) the Company shall, as promptly as practicable, cause to be
distributed to holders of record of Warrants on such record date Warrant
Certificates evidencing, subject to paragraph (h), the additional Warrants to
which such holders shall be entitled as a result of such adjustment, or, at the
option of the Company, shall cause to be distributed to such holders of record
in substitution and replacement for the Warrant Certificates held by such
holders prior to the date of adjustment, and upon surrender thereof, if required
by the Company, new Warrant Certificates evidencing all the Warrants to be
issued, executed and registered in the manner specified in Section 1 (and which
may bear, at the option of the Company, the adjusted Exercise Price) and shall
be registered in the names of the holders of record of Warrant Certificates on
the record date specified in the notice.

                                      -7-
<PAGE>

         (h) The Company shall not be required to issue fractions of Warrants on
any distribution of Warrants to holders of Warrant Certificates pursuant to
paragraph (g) or to distribute Warrant Certificates that evidence fractional
Warrants. In lieu of such fractional Warrants, there shall be paid to the
registered holders of the Warrant Certificates with regard to which such
fractional Warrants would otherwise be issuable, an amount in cash equal to the
same fraction of the current market value of a full Warrant on the trading day
immediately prior to the date on which such fractional Warrant would have been
otherwise issuable (the "Valuation Date"). For purposes of this paragraph (h),
the current market value of a Warrant shall be the aggregate closing market
price on the Valuation Date (determined as set forth in paragraph (e)) of all
shares of {Common Stock} {Preferred Stock} issuable upon exercise of one Warrant
plus the fair value (as determined by the Board of Directors of the Company,
whose determination shall be conclusive) of any other assets or securities
purchasable upon exercise of one Warrant less the Exercise Price of one Warrant.

         (i) Notwithstanding any adjustment pursuant to Section 3.2 in the
number of shares of {Common Stock} {Preferred Stock} purchasable upon the
exercise of a Warrant, the Company shall not be required to issue fractions of
shares of {Common Stock} {Preferred Stock} upon exercise of the Warrants or to
distribute certificates which evidence fractional shares. In lieu of fractional
shares, there shall be paid to the registered holders of Warrant Certificates at
the time such Warrant Certificates are exercised as herein provided an amount in
cash equal to the same fraction of the current market value of a share of
{Common Stock} {Preferred Stock}. For purposes of this paragraph (i), the
current market value of a share of Preferred Stock shall be the closing market
price (determined as set forth in paragraph (e)) of a share of {Common Stock}
{Preferred Stock} for the trading day immediately prior to the date of such
exercise.

                                   ARTICLE IV

                      REGISTRATION, EXCHANGE, TRANSFER AND
                      SUBSTITUTION OF WARRANT CERTIFICATES

         Section 4.1 REGISTRATION, EXCHANGE AND TRANSFER OF WARRANT
CERTIFICATES. The Warrant Agent shall keep, at its corporate trust office {and
at __________________}, books in which, subject to such reasonable regulations
as it may prescribe, it shall register Warrant Certificates and transfers of
outstanding Warrant Certificates.

         {IF OFFERED EQUITY SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY
DETACHABLE -- Prior to the Detachable Date, a Warrant Certificate may be
exchanged or transferred only together with the Offered Equity Security to which
such Warrant Certificate was initially attached, and only for the purpose of
effecting, or in conjunction with, an exchange or transfer of such Offered
Equity Security. Additionally, on or prior to the Detachable Date, each transfer
or exchange of an Offered Equity Security {on the register of the Offered Equity
Securities} shall operate also to transfer or exchange the Warrant Certificate
or Certificates to which such Offered Equity Security was initially attached.
After the Detachable Date, upon} {IF OFFERED EQUITY SECURITIES AND WARRANTS
WHICH ARE IMMEDIATELY DETACHABLE OR IF WARRANTS ALONE - Upon} surrender at the
corporate trust office of the Warrant Agent {or _______ _________________} of
Warrant

                                      -8-
<PAGE>

Certificates properly endorsed {or accompanied by appropriate instruments of
transfer} and accompanied by written instructions for {transfer or} exchange,
all in a form satisfactory to the Company and the Warrant Agent, such Warrant
Certificates may be exchanged for other Warrant Certificates {IF REGISTERED
WARRANTS -- or may be transferred in whole or in part}; provided that Warrant
Certificates issued in exchange for {or upon transfer of} surrendered Warrant
Certificates shall evidence the same aggregate number of Warrants as the Warrant
Certificates so surrendered. No service charge shall be made for any exchange
{or transfer} of Warrant Certificates, but the Company may require payment of a
sum sufficient to cover any stamp or other tax or governmental charge that may
be imposed in connection with any such exchange {or transfer}. Whenever any
Warrant Certificates are so surrendered for exchange {or transfer}, the Company
shall execute and an authorized officer of the Warrant Agent shall manually
authenticate and deliver to the person or persons entitled thereto a Warrant
Certificate or Warrant Certificates as so requested. The Warrant Agent shall not
be required to effect any exchange {or transfer} which would result in the
issuance of a Warrant Certificate evidencing a fraction of a Warrant or a number
of full Warrants and a fraction of a Warrant. All Warrant Certificates issued
upon any exchange {or transfer} of Warrant Certificates issued upon any exchange
{or transfer} of Warrant Certificates shall evidence the same obligations, and
be entitled to the same benefits under this Agreement, as the Warrant
Certificates surrendered for such exchange {or transfer}.

         Section 4.2 MUTILATED, DESTROYED, LOST OR STOLEN WARRANT CERTIFICATES.
If any mutilated Warrant Certificate is surrendered to the Warrant Agent, the
Company shall execute and an officer of the Warrant Agent shall manually
authenticate and deliver in exchange therefor a new Warrant Certificate of like
tenor and bearing a number not contemporaneously outstanding. If there shall be
delivered to the Company and the Warrant Agent (i) evidence to their
satisfaction of the destruction, loss or theft of any Warrant Certificate and of
the ownership thereof and (ii) such security or indemnity as may be required by
them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Warrant Agent that such Warrant
Certificate has been acquired by a bona fide purchaser, the Company shall
execute and upon its request an officer of the Warrant Agent shall manually
authenticate and deliver, in lieu of any such destroyed, lost or stolen Warrant
Certificate, a new Warrant Certificate of like tenor and bearing a number not
contemporaneously outstanding. Upon the issuance of any new Warrant Certificate
under this Section, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Warrant
Agent) connected therewith. Every new Warrant Certificate issued pursuant to
this Section in lieu of any destroyed, lost or stolen Warrant Certificate shall
evidence an original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Warrant Certificate shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Agreement equally and proportionately with any and all other Warrant
Certificates duly issued hereunder. The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Warrant Certificates.

         Section 4.3 PERSONS DEEMED OWNERS. {IF OFFERED EQUITY SECURITIES AND
WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE -- Prior to the Detachable Date,
the Company, the Warrant Agent and all other persons may treat the owner of any
Offered

                                      -9-
<PAGE>

Equity Security as the owner of the Warrant Certificates initially attached
thereto for any purpose and as the person entitled to exercise the rights
represented by the Warrants evidenced by such Warrant Certificates, any notice
to the contrary notwithstanding. After the Detachable Date, and prior to due
presentment of a Warrant Certificate for registration of transfer, the Company,
the Warrant Agent and all other persons may treat the Holder as the owner
thereof for any purpose and as the person entitled to exercise the rights
represented by the Warrants evidenced thereby, any notice to the contrary
notwithstanding.

         Section 4.4 CANCELLATION OF WARRANT CERTIFICATES. Any Warrant
Certificate surrendered for exchange {, transfer} or exercise of the Warrants
evidenced thereby shall, if surrendered to the Company, be delivered to the
Warrant Agent, and all Warrant Certificates surrendered or so delivered to the
Warrant Agent shall be promptly cancelled by it and shall not be reissued and,
except as expressly permitted by this Agreement, no Warrant Certificate shall be
issued hereunder in lieu or in exchange thereof. The Company may at any time
deliver to the Warrant Agent for cancellation any Warrant Certificates
previously issued hereunder which the Company may have acquired in any manner
whatsoever, and all Warrant Certificates so delivered shall be promptly
cancelled by the Warrant Agent. All cancelled Warrant Certificates held by the
Warrant Agent shall be destroyed by it unless by written order the Company
requests their return to it.

                                    ARTICLE V

                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF WARRANT CERTIFICATES

         Section 5.1 NO RIGHTS AS STOCKHOLDERS CONFERRED BY WARRANTS OR WARRANT
CERTIFICATES. No Warrant Certificate or Warrant evidenced thereby shall entitle
the Holder thereof to any of the rights of a stockholder, including, without
limitation, the right to reserve dividends.

         Section 5.2 HOLDER OF WARRANT CERTIFICATE MAY ENFORCE RIGHTS.
Notwithstanding any of the provisions of this Agreement, any Holder of any
Warrant Certificate, without the consent of the Warrant Agent, any stockholder
or the Holder of any other Warrant Certificate, may, on its own behalf and for
its own benefit, enforce, and may institute and maintain any suit, action or
proceeding against the Company suitable to enforce or otherwise in respect of
its right to exercise the Warrant or Warrants evidenced by his or her Warrant
Certificate in the manner provided in the Warrant Certificates and in this
Agreement.

                                   ARTICLE VI

                          CONCERNING THE WARRANT AGENT

         Section 6.1 WARRANT AGENT. The Company hereby appoints
__________________ as Warrant Agent of the Company in respect of the Warrants
and the Warrant Certificates upon the terms and subject to the conditions herein
set forth, and _________________ hereby accepts such appointment. The Warrant
Agent shall have the power and authority granted to and conferred upon it in the
Warrant Certificates and hereby and such further power and authority to

                                      -10-
<PAGE>

act on behalf of the Company as the Company may hereafter grant to or confer
upon it. All of the terms and provisions with respect to such power and
authority contained in the Warrant Certificates are subject to and governed by
the terms and provisions hereof.

         Section 6.2 CONDITIONS OF WARRANT AGENT'S OBLIGATIONS. The Warrant
Agent accepts its obligations herein set forth, upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the Holders from time to time of the Warrant
Certificates shall be subject:

         (a) Compensation and Indemnification. The Company agrees promptly to
pay the Warrant Agent the compensation to be agreed upon with the Company for
all services rendered by the Warrant Agent and to reimburse the Warrant Agent
for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred by the Warrant Agent in connection with the services rendered hereunder
by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent
for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on the part of the Warrant Agent, arising out of
or in connection with its acting as such Warrant Agent hereunder, including the
reasonable costs and expenses of defending itself against any claim or liability
in connection with the exercise or performance at any time of its powers or
duties hereunder. The obligations of the Company under this subsection (a) shall
survive the exercise of the Warrant Certificates and the resignation or removal
of the Warrant Agent.

         (b) Agent for the Company. In acting under this Warrant Agreement and
in connection with the Warrant Certificates, the Warrant Agent is acting solely
as agent of the Company and does not assume any obligation or relationship of
agency or trust for or with any of the owners or Holders of the Warrant
Certificates.

         (c) Counsel. The Warrant Agent may consult with counsel, which may
include counsel for the Company, and the written advice of such counsel shall be
full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

         (d) Documents. The Warrant Agent shall be protected and shall incur no
liability for or in respect of any action taken or omitted by it in reliance
upon any notice, direction, consent, certificate, affidavit, statement or other
paper or document reasonably believed by it to be genuine and to have been
presented or signed by the proper parties.

         (e) Certain Transactions. The Warrant Agent, any of its officers,
directors and employees, or any other agent of the Company, in its individual or
any other capacity, may become the owner of, or acquire any interest in, any
Warrant Certificates, with the same rights that it would have if it were not
such Warrant Agent, officer, director, employee or other agent, and, to the
extent permitted by applicable law, it may engage or be interested in any
financial or other transaction with the Company and may act on, or as
depositary, trustee or agent for, any committee or body of holders of securities
or other obligations of the Company as freely as if it were not such Warrant
Agent, officer, director, employee or other agent.

                                      -11-
<PAGE>

         (f) No Liability for Interest. The Warrant Agent shall not be under any
liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates unless
otherwise agreed to in writing by the Company and the Warrant Agent and except
for the negligence of the Warrant Agent.

         (g) No Liability for Invalidity. The Warrant Agent shall not incur any
liability with respect to the validity of this Agreement or any of the Warrant
Certificates.

         (h) No Responsibility for Representations. The Warrant Agent shall not
be responsible for any of the recitals or representations contained herein or in
the Warrant Certificate (except as to the Warrant Agent's Certificate or
Authentication thereon), all of which are made solely by the Company.

         (i) No Implied Obligations. The Warrant Agent shall be obligated to
perform such duties as are herein and in the Warrant Certificates specifically
set forth and no implied duties or obligations shall be read into this Agreement
or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall
not be under any obligation to take any action hereunder which may tend to
involve it any expense or liability, the payment of which within a reasonable
period of time is not, in its reasonable opinion, assured to it. The Warrant
Agent shall not be accountable or under any duty or responsibility for the use
by the Company of any of the Warrant Certificates authenticated by the Warrant
Agent and delivered by it to the Company pursuant to this Agreement or for the
application by the Company of the proceeds of the Warrant Certificates or any
exercise of the Warrants evidenced thereby. The Warrant Agent shall have no duty
or responsibility in case of any default by the Company in the performance of
its covenants or agreements contained herein or in the Warrant Certificates or
in the case of the receipt of any written demand from a Holder of a Warrant
Certificate with respect to such default, including without limiting the
generality of the foregoing, any duty or responsibility to initiate or attempt
to initiate any proceeding at law or otherwise or, except as provided in Section
7.4 hereof, to make any demand upon the Company.

         Section 6.3 RESIGNATION, REMOVAL AND APPOINTMENT OF SUCCESSOR. (a) The
Company agrees, for the benefit of the Holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all of the Warrant Certificates are no longer exercisable.

         (b) The Warrant Agent may at any time resign as such agent by giving
written notice to the Company of such intention on its part, specifying the date
on which it desires its resignation to become effective; provided that, without
the consent of the Company, such date shall not be less than three months after
the date on which such notice is given. The Warrant Agent hereunder may be
removed at any time by the filing with it of an instrument in writing signed by
or on behalf of the Company and specifying such removal and the date on which
the Company expects such removal to become effective. Such resignation or
removal shall take effect upon the appointment by the Company of a successor
Warrant Agent (which shall be a bank or trust company organized and doing
business under the laws of the United States of America, any State thereof or
the District of Columbia and authorized under such laws to exercise corporate
trust powers) by an instrument in writing filed with such successor Warrant

                                      -12-
<PAGE>

Agent and the acceptance of such appointment by such successor Warrant Agent
pursuant to Section 6.3(d).

         (c) In case at any time the Warrant Agent shall resign, or be removed,
or shall become incapable of acting, or shall be adjudged bankrupt or insolvent,
or shall file a voluntary petition in bankruptcy or make an assignment for the
benefit of its creditors or consent to the appointment of a receiver or
custodian of all or any substantial part of its property, or shall admit in
writing its inability to pay or meet its debts as they mature, or if a receiver
or custodian of it or of all or any substantial part of its property shall be
appointed, or if an order of any court shall be entered approving any petition
filed by or against it under the provisions of any applicable bankruptcy or
similar law, or if any public officer shall have taken charge or control of the
Warrant Agent or of its property or affairs, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in
writing, filed with the successor Warrant Agent. Upon the appointment as
aforesaid of a successor Warrant Agent and acceptance by the latter of such
appointment, the Warrant Agent so superseded shall cease to be Warrant Agent
hereunder.

         (d) Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor, upon payment of its charges and disbursements then unpaid,
shall thereupon become obligated to transfer, deliver and pay over, and such
successor Warrant Agent shall be entitled to receive, all monies, securities and
other property on deposit with or held by such predecessor, as Warrant Agent
hereunder.

         (e) Any corporation into which the Warrant Agent hereunder may be
merged or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Warrant Agent shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Warrant Agent, provided that it shall be qualified as aforesaid, shall be the
successor Warrant Agent under this Agreement without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

                                   ARTICLE VII

                                  MISCELLANEOUS

         Section 7.1 CONSOLIDATIONS AND MERGERS OF THE COMPANY AND SALES, LEASES
AND CONVEYANCES PERMITTED SUBJECT TO CERTAIN CONDITIONS. The Company may
consolidate with, or sell or convey all or substantially all of its assets to,
or merge with or into any other corporation, provided that in any such case,
either the Company shall be the continuing corporation, or the corporation (if
other than the Company) formed by such consideration or into which the Company
is merged or the corporation which acquired by purchase or conveyance all or
substantially all of the assets of the Company shall expressly assume the
obligations of the Company hereunder.

                                      -13-
<PAGE>

         Section 7.2 RIGHTS AND DUTIES OF SUCCESSOR CORPORATION. In case of any
such consolidation, merger, sale, lease or conveyance and upon any such
assumption by the successor corporation, such successor corporation shall
succeed to and be substituted for the Company, with the same effect as if it had
been named herein, and the predecessor corporation, except in the event of a
lease, shall be relieved of any further obligation under this Agreement and the
Warrants. Such successor corporation thereupon may cause to be signed, and may
issue either in its own name or in the name of the Company, any or all of the
shares of {Common Stock} {Preferred Stock} issuable pursuant to the terms
hereof.

         Section 7.3 AMENDMENT. This Agreement may be amended by the parties
hereto, without the consent of the Holder of any Warrant Certificate, for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein, or making such provisions in regard to
matters or questions arising under this Agreement as the Company may deem
necessary or desirable; provided that such action shall not adversely affect the
interests of the Holders of the Warrant Certificates in any material respect.
Any amendment or supplement to this Agreement or the Warrants that has a
material adverse effect on the interests of Holders of any series of Warrants
shall require the written consent of Holders of a majority of the then
outstanding Warrants of such series. The consent of each Holder of a Warrant
affected shall be required for any amendment pursuant to which the Warrant Price
would be increased or the number of shares of {Common Stock} {Preferred Stock}
purchasable upon exercise of Warrants would be decreased. The Warrant Agent may,
but shall not be obligated to, enter into any amendment to this Agreement which
affects the Warrant Agent's own rights, duties or immunities under this
Agreement or otherwise.

         Section 7.4 NOTICE AND DEMANDS TO THE COMPANY AND WARRANT AGENT. If the
Warrant Agent shall receive any notice or demand addressed to the Company by the
Holder of a Warrant Certificate pursuant to the provisions of the Warrant
Certificates, the Warrant Agent shall promptly forward such notice or demand to
the Company.

         Section 7.5 NOTICES TO WARRANTHOLDERS. Upon any adjustment of the
number of shares purchasable upon exercise of each Warrant, the Exercise Price
or the number of Warrants outstanding pursuant to Section 3.2, the Company
within ___________ calendar days thereafter shall (i) cause to be filed with the
Warrant Agent a certificate of a firm of independent public accountants of
recognized standing selected by the Company (who may be the regular auditors of
the Company) setting forth the Exercise Price and either the number of shares of
{Common Stock} {Preferred Stock} and other securities or assets purchasable upon
exercise of each Warrant or the additional number of Warrants to be issued for
each previously outstanding Warrant, as the case may be, after such adjustment
and setting forth in reasonable detail the method of calculation and the facts
upon which such adjustment are made, which certificate shall be conclusive
evidence of the correctness of the matters set forth therein, and (ii) cause to
be given to each of the registered holders of the Warrant Certificates at such
holder's address appearing on the Warrant Register written notice of such
adjustments by first-class mail, postage prepaid. Where appropriate, such notice
may be given in advance and included as part of the notice required to be mailed
under the provisions of this Section 7.5.

         Pursuant to Sections 3.1 {add other sections as applicable}, the
Company shall cause written notice of such Call Price, Call Date and Call Terms
{reference other items as applicable},

                                      -14-
<PAGE>

as the case may be, to be given as soon as practicable to the Warrant Agent and
to each of the registered holders of the Warrant Certificates by first class
mail, postage prepaid, at such holder's address appearing on the Warrant
Register. In addition to the written notice referred to in the preceding
sentence, the Company shall make a public announcement in a daily morning
newspaper of general circulation in ________________ of such Call Price, Call
Date, and Call Terms {reference other items as applicable}, as the case may be,
at least once a week for two successive weeks prior to the implementation of
such terms.

         If:

         (a) the Company shall declare any dividend payable in any securities
upon its shares of {Common Stock} {Preferred Stock} or make any distribution
(other than a cash dividend) to the holders of its shares of {Common Stock}
{Preferred Stock}; or

         (b) the Company shall offer to the holders of its shares of {Common
Stock} {Preferred Stock} any additional shares of {Common Stock} {Preferred
Stock} or securities convertible into shares of {Common Stock} {Preferred Stock}
or any right to subscribe thereto; or

         (c) there shall be a dissolution, liquidation or winding up of the
Company (other than in connection with a consolidation, merger, or sale of all
substantially all of its property, assets, and business as an entirety);

then the Company shall (i) cause written notice of such event to be filed with
the Warrant Agent and shall cause written notice of such event to be given to
each of the registered holders of the Warrant Certificates at such holder's
address appearing on the Warrant Register, by first-class mail, postage prepaid,
and (ii) make a public announcement in a daily newspaper of general circulation
in ______________________ of such event, such giving of notice and publication
to be completed at least _________ calendar days prior to the date fixed as a
record date or the date of closing the transfer books for the determination of
the stockholders entitled to such dividend, distribution, or subscription
rights, or for the determination of stockholders entitled to vote on such
proposed dissolution, liquidation or winding up. Such notice shall specify such
record date or the date of closing the transfer books, as the case may be. The
failure to give the notice required by this Section 7.5 or any defect therein
shall not affect the legality or validity of any distribution, right, warrant,
dissolution, liquidation or winding up or the vote upon or any other action
taken in connection therewith.

         Section 7.6 ADDRESSES. Any communications from the Company to the
Warrant Agent with respect to this Agreement shall be addressed to __________,
Attention: _______________, and any communications from the Warrant Agent to the
Company with respect to this Agreement shall be addressed to Ferro Corporation,
1000 Lakeside Avenue, Cleveland, Ohio 44114, Attention: Treasurer (or such other
address as shall be specified in writing by the Warrant Agent or by the
Company).

         Section 7.7 GOVERNING LAW. This Agreement and each Warrant Certificate
issued hereunder shall be governed by and construed in accordance with the laws
of the State of Ohio.

                                      -15-
<PAGE>

         Section 7.8 DELIVERY OF PROSPECTUS. The Company will furnish to the
Warrant Agent sufficient copies of a prospectus, appropriately supplemented,
relating to the {Common Stock} {Preferred Stock} (the "Prospectus"), and the
Warrant Agent agrees that, upon the exercise of any Warrant Certificate, the
Warrant Agent will deliver to the person designated to receive a certificate
representing shares of {Common Stock} {Preferred Stock}, prior to or
concurrently with the delivery of such securities, a Prospectus.

         Section 7.9 OBTAINING OF GOVERNMENTAL APPROVALS. The Company will from
time to time take all action which may be necessary to obtain and keep effective
any and all permits, consents and approvals of governmental agencies and
authorities and securities acts filings under United States Federal and State
laws (including, without limitation, to the extent required, the maintenance of
the effectiveness of a registration statement in respect of the {Common Stock}
{Preferred Stock} under the Securities Act of 1933, as amended, which may be or
become required in connection with the exercise of the Warrant Certificates and
the original issuance and delivery of the {Common Stock} {Preferred Stock}.

         Section 7.10 PERSONS HAVING RIGHTS UNDER WARRANT AGREEMENT. Nothing in
this agreement expressed or implied and nothing that may be inferred from any of
the provisions hereof is intended, or shall be construed, to confer upon, or
give to, any person or corporation other than the Company, the Warrant Agent and
the Holders of the Warrant Certificates any right, remedy or claim under or by
reason of this Agreement or of any covenant, condition, stipulation, promise or
agreement hereof; and all covenants, conditions, stipulations, promises and
agreements contained in this Agreement shall be for the sole and exclusive
benefit of the Company and the Warrant Agent and their successors and of the
Holders of the Warrant Certificates.

         Section 7.11 HEADINGS. The Article and Section headings herein and the
Table of Contents are for convenience of reference only and shall not affect the
construction hereof.

         Section 7.12 COUNTERPARTS. This Agreement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original;
but such counterparts shall together constitute but one and the same instrument.

                                      -16-
<PAGE>

         Section 7.13 INSPECTION OF AGREEMENT. A copy of this Agreement shall be
available at all reasonable times at the principal corporate trust office of the
Warrant Agent {and at ______________} for inspection by the Holder of any
Warrant Certificate. The Warrant Agent may require such Holder to submit its
Warrant Certificate for inspection by it.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, and their respective corporate seal to be hereunto affixed and
attested, all as of the day and year first above written.

                                       FERRO CORPORATION

                                       By
                                         ---------------------------------------

{SEAL}

Attest:

--------------------------------
{Assistant Secretary}

                                       {NAME OF WARRANT AGENT}

                                       By
                                         ---------------------------------------

{SEAL}

Attest:

--------------------------------
{Assistant Secretary}

                                      -17-
<PAGE>

                                                                       EXHIBIT A

                          {FORM OF WARRANT CERTIFICATE}
                                     {Face}

FORM OF LEGEND IF OFFERED               {Prior to _____________, this Warrant
EQUITY SECURITIES WITH                  exchanged if and only if the {Title of
WARRANTS WHICH ARE NOT                  Certificate may be transferred or
IMMEDIATELY DETACHABLE:                 Offered Equity Security} to which it was
                                        initially attached is so transferred or
                                        exchanged}

FORM OF LEGEND IF WARRANTS              {Prior to ______________, Warrants
ARE NOT IMMEDIATELY                     evidenced by this Warrant Certificate
EXERCISABLE:                            cannot be exercised.}

                EXERCISABLE ONLY IF AUTHENTICATED BY THE WARRANT
                            AGENT AS PROVIDED HEREIN

             VOID AFTER THE CLOSE OF BUSINESS ON ___________, 20___

                                FERRO CORPORATION

                        Warrant Certificate representing
                              Warrants to purchase
                           {Title of Equity Security}
                               as described herein
                              ---------------------

No.                                                         __________ Warrants

                  This certifies that _______________________________ or
registered assigns is the registered owner of the above indicated number of
Warrants, each Warrant entitling such registered owner to purchase, at any time
{after the close of business on ________________ 20__, and} on or before the
close of business on _____________, 20__, one share of the {Common Stock}
{Preferred Stock} (the "Equity Securities") of Ferro Corporation (the
"Company"), on the following basis.* During such period, each Warrant shall
entitle the Holder thereof, subject to the provisions of the Warrant Agreement
(as defined below), to purchase from the Company one share of {Title of Equity
Securities} at the exercise price of $______ (the "Exercise Price"). The Holder
of this Warrant Certificate may exercise the Warrants evidenced hereby, in whole
or in part, by surrendering this Warrant Certificate, with the purchase form set
forth hereon duly completed, accompanied by payment in full, in lawful money of
the United States of America, {in cash or by certified check or official bank
check in New York Clearing House funds or by bank wire transfer in immediately
available funds}, the Exercise Price for

-------------------
* Complete and modify the following provisions as appropriate to reflect the
terms of the Warrants.

<PAGE>

each Warrant exercised, to the Warrant Agent (as hereinafter defined) at the
corporate trust office of {name of Warrant Agent}, or its successor, as warrant
agent (the "Warrant Agent") {or at ______________,} at the addresses specified
on the reverse hereof and upon compliance with and subject to the conditions set
forth herein and in the Warrant Agreement.

                  The term "Holder" as used herein shall mean {IF OFFERED EQUITY
SECURITIES AND WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE - -, prior to
______________, 20__, (the "Detachable Date"), the registered owner of the
Company's {title of Offered Equity Security} to which such Warrant Certificate
was initially attached, and after such Detachable Date,} the person in whose
name at the time such Warrant Certificate shall be registered upon the books to
be maintained by the Warrant Agent for that purpose pursuant to Section 4.1 of
the Warrant Agreement.

                  Any whole number of Warrants evidenced by this Warrant
Certificate may be exercised to purchase shares of {title of Equity Security}.
Upon any exercise of fewer than all of the Warrants evidenced by this Warrant
Certificate, there shall be issued to the registered owner hereof a new Warrant
Certificate evidencing the number of Warrants remaining unexercised.

                  This Warrant Certificate is issued under and in accordance
with the Warrant Agreement dated as of _____________, 20__ (the "Warrant
Agreement") between the Company and the Warrant Agent and is subject to the
terms and provisions contained in the Warrant Agreement, to all of which terms
and provisions the Holder of this Warrant Certificate consents by acceptance
hereof. Copies of the Warrant Agreement are on file at the above-mentioned
office at the Warrant Agent {and at ________________}.

                  {IF OFFERED EQUITY SECURITIES AND WARRANTS WHICH ARE NOT
IMMEDIATELY DETACHABLE - - Prior to __________, 20__ (the "Detachable Date"),
this Warrant Certificate may be exchanged or transferred only together with the
{title of Offered Equity Security} {the "Offered Equity Security"} to which this
Warrant Certificate was initially attached, and only for the purpose of
effecting, or in conjunction with, an exchange or transfer of such Offered
Equity Security. Additionally, on or prior to the Detachable Date each transfer
of such Offered Equity Security on the register of the Offered Equity Securities
shall operate also to transfer this Warrant Certificate. After the Detachable
Date, this} {IF OFFERED EQUITY SECURITIES AND WARRANTS WHICH ARE IMMEDIATELY
DETACHABLE OR WARRANTS ALONE - This} Warrant Certificate, and all rights
hereunder, may be transferred when surrendered at the corporate trust office of
the Warrant Agent {or ____________} by the registered owner or his assigns, in
person or by an attorney duly authorized in writing, in the manner and subject
to the limitations provided in the Warrant Agreement.

                  {IF OFFERED EQUITY SECURITIES AND WARRANTS WHICH ARE NOT
IMMEDIATELY DETACHABLE -- Except as provided in the immediately preceding
paragraph, after} {IF OFFERED EQUITY SECURITIES AND WARRANTS WHICH ARE
IMMEDIATELY DETACHABLE OR WARRANTS ALONE - After} authentication by the Warrant
Agent and prior to the expiration of this Warrant Certificate, this Warrant
Certificate may be exchanged at the corporate trust office of the Warrant Agent
{or at ____________} for Warrant Certificates representing the same aggregate
number of Warrants.

                  This Warrant Certificate shall not entitle the registered
owner hereof to any of the

                                      A-2
<PAGE>

rights of a stockholder, including, without limitation, the right to receive
dividends.

                  Reference is hereby made to the further provisions of this
Warrant Certificate set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place.

                  This Warrant Certificate shall not be valid or obligatory for
any purpose until authenticated by the Warrant Agent.

                  IN WITNESS WHEREOF, the Company has caused this Warrant
Certificate to be duly executed under its corporate seal.

Dated: _______________

                                       FERRO CORPORATION

                                       By:
                                          --------------------------------------
Attest:

Certificate of Authentication

                  This is one of the Warrant Certificates referred to in the
within-mentioned Warrant Agreement.

    ----------------------------------------
         As Warrant Agent

By:
    ----------------------------------------
         Authorized Signature

                                      A-3
<PAGE>

                          {FORM OF WARRANT CERTIFICATE}
                                    {REVERSE}
                     (Instructions for Exercise of Warrants)

                  To exercise any Warrants evidenced hereby, the Holder of this
Warrant Certificate must pay {in cash or by certified check or official bank
check in New York Clearing House funds or by bank wire transfer in immediately
available funds}, the Exercise Price in full for each of the Warrants exercised,
to ____________________, Corporate Trust Department, _____________, Attn:
_________________ {or _____________________}, which payment should specify the
name of the Holder of this Warrant Certificate and the number of Warrants
exercised by such Holder. In addition, the Holder of this Warrant Certificate
should complete the information required below and present in person or mail by
registered mail this Warrant Certificate to the Warrant Agent at the addresses
set forth below.

                               {FORM OF EXERCISE}

                   {To be executed upon exercise of Warrants.}

                  The undersigned hereby irrevocably elects to exercise
Warrants, represented by this Warrant Certificate, to purchase ______ shares of
the {Common Stock} {Preferred Stock} (the "Equity Securities") of Ferro
Corporation and represents that he or she has tendered payment for such shares
of {title of Equity Security} {in cash or by certified check or official bank
check in New York Clearing House funds or by bank wire transfer in immediately
available funds} to the order of Ferro Corporation, do Treasurer, in the amount
of $_________ in accordance with the terms hereof. The undersigned requests that
said shares of {title of Equity Securities} be registered in such names and
delivered, all as specified in accordance with the instructions set forth below.
                  If said number of shares of {title of Equity Security} is less
than all of the shares of {title of Equity Security} purchasable hereunder, the
undersigned requests that a new Warrant Certificate representing the remaining
balance of the Warrants evidenced hereby be issued and delivered to the
undersigned unless otherwise specified in the instructions below.

Dated:
                                                Name
                                                     ---------------------------

                                                Address
----------------------------------                        ----------------------
(Insert Social Security or Other                          ----------------------
Identifying Number of Holder)

                                                Signature_______________________
                                                (Signature must conform in all
                                                respects to name of holder as
                                                specified on the face of the
                                                Warrant Certificate and must
                                                bear a signature guarantee by a
                                                bank, trust company or member
                                                broker of the New York, Chicago
                                                or Pacific Stock Exchange.)

                                      A-4
<PAGE>

               This Warrant may be exercised at the following addresses:

               By hand at
                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------

               By mail at
                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------

(Instructions as to form and delivery of {title of Equity Security} and/or
Warrant Certificates):

                              {FORM OF ASSIGNMENT}

              (TO BE EXECUTED TO TRANSFER THE WARRANT CERTIFICATE)

               FOR VALUE RECEIVED __________________ hereby sells, assigns and
transfers unto

                             (Please print name and
                           address including zip code)

Please insert social security or
other identifying number

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

--------------------------------------------------------------------------------
the right represented by the within Warrant Certificate and does hereby
irrevocably constitute and appoint _____________________, Attorney, to transfer
said Warrant Certificate on the books of the Warrant Agent with full power of
substitution.

Dated:

                                                ________________________________
                                                         Signature
                                                (Signature must conform in all
                                                respects to name of holder as
                                                specified on the face of this
                                                Warrant Certificate and must
                                                bear a signature guarantee by a
                                                bank, trust company or member
                                                broker of the New York, Chicago
                                                or Signature Guaranteed: Pacific
Signature Guaranteed:                           Stock Exchange)

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

                                      A-5

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