Document:

<PAGE>
                                                                   EXHIBIT 10.72

NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

                                                Date of Issuance: April 16, 2003

                                                                       $____,000

                          SECURED CONVERTIBLE DEBENTURE
                                DUE JULY 1, 2005

THIS DEBENTURE is one of a series of duly authorized and issued debentures of
Viragen, Inc., a Delaware corporation, having a principal place of business at
865 S.W. 78th Avenue, Suite 100, Plantation, Florida 33324 (the "COMPANY"),
designated as its Secured Convertible Debentures, due July 1, 2005 in the
aggregate principal amount of up to $______________ (the "DEBENTURES").

         FOR VALUE RECEIVED, the Company promises to pay to
_____________________________ or its registered assigns (the "HOLDER"), the
principal sum of $_____________ on July 1, 2005 or such earlier date as the
Debentures are required or permitted to be repaid as provided hereunder (the
"MATURITY DATE"). The Company may not prepay any portion of the principal amount
of this Debenture without the prior written consent of the Holder, other than as
provided herein.

         This Debenture is subject to the following additional provisions:

<PAGE>

         SECTION 1. This Debenture is exchangeable for an equal aggregate
principal amount of Debentures of different authorized denominations, as
requested by the Holder surrendering the same. No service charge will be made
for such registration of transfer or exchange.

         SECTION 2. This Debenture has been issued subject to certain investment
representations of the original Holder set forth in the Purchase Agreement (as
defined in Section 6) and may be transferred or exchanged only in compliance
with the Purchase Agreement. Prior to due presentment to the Company for
transfer of this Debenture, the Company and any agent of the Company may treat
the Person (as defined in Section 6) in whose name this Debenture is duly
registered on the Debenture Register as the owner hereof for the purpose of
receiving payment as herein provided and for all other purposes, whether or not
this Debenture is overdue, and neither the Company nor any such agent shall be
affected by notice to the contrary.

         SECTION 3. EVENTS OF DEFAULT.

                  (a) "EVENT OF DEFAULT", wherever used herein, means any one of
         the following events (whatever the reason and whether it shall be
         voluntary or involuntary or effected by operation of law or pursuant to
         any judgment, decree or order of any court, or any order, rule or
         regulation of any administrative or governmental body):

                           (i) upon 1 Trading Day's notice from the Holder, any
                  default in the payment of the principal of, or liquidated
                  damages, including but not limited to, the Standard Liquidated
                  Damages Amount due under the Purchase Agreement, in respect
                  of, any Debentures, free of any claim of subordination, as and
                  when the same shall become due and payable (whether on a
                  Conversion Date or the Maturity Date or by acceleration or
                  otherwise);

                           (ii) upon 1 Trading Day's notice from the Holder, the
                  Company shall fail to observe or perform any other covenant,
                  agreement or warranty contained in, or otherwise commit any
                  breach of any of the Transaction Documents (as defined in
                  Section 6) or the Company shall have failed to amend the
                  Company's certificate or articles of incorporation to increase
                  the number of authorized but unissued shares of Common Stock
                  to at least the Required Minimum on or prior to June 1, 2003;

                           (iii) the Company or any of its subsidiaries shall
                  commence, or there shall be commenced against the Company or
                  any such subsidiary a case under any applicable bankruptcy or
                  insolvency laws as now or hereafter in effect or any successor
                  thereto, or the Company commences any other proceeding under
                  any reorganization, arrangement, adjustment of debt, relief of
                  debtors, dissolution, insolvency or liquidation or similar law
                  of any jurisdiction whether now or hereafter in effect

                                      -2-
<PAGE>

                  relating to the Company or any subsidiary thereof or there is
                  commenced against the Company or any subsidiary thereof any
                  such bankruptcy, insolvency or other proceeding which remains
                  undismissed for a period of 60 days; or the Company or any
                  subsidiary thereof is adjudicated insolvent or bankrupt; or
                  any order of relief or other order approving any such case or
                  proceeding is entered; or the Company or any subsidiary
                  thereof suffers any appointment of any custodian or the like
                  for it or any substantial part of its property which continues
                  undischarged or unstayed for a period of 60 days; or the
                  Company or any subsidiary thereof makes a general assignment
                  for the benefit of creditors; or the Company shall fail to
                  pay, or shall state that it is unable to pay, or shall be
                  unable to pay, its debts generally as they become due; or the
                  Company or any subsidiary thereof shall call a meeting of its
                  creditors with a view to arranging a composition, adjustment
                  or restructuring of its debts; or the Company or any
                  subsidiary thereof shall by any act or failure to act
                  expressly indicate its consent to, approval of or acquiescence
                  in any of the foregoing; or any corporate or other action is
                  taken by the Company or any subsidiary thereof for the purpose
                  of effecting any of the foregoing;

                           (iv) the Company shall default in any of its
                  obligations under any other Debenture or any mortgage, credit
                  agreement or other facility, indenture agreement, factoring
                  agreement or other instrument under which there may be issued,
                  or by which there may be secured or evidenced any indebtedness
                  for borrowed money or money due under any long term leasing or
                  factoring arrangement of the Company in an amount exceeding
                  $100,000, whether such indebtedness now exists or shall
                  hereafter be created and such default shall result in such
                  indebtedness becoming or being declared due and payable prior
                  to the date on which it would otherwise become due and payable
                  or the Company shall have failed to file, within 20 days of
                  the Original Issue Date, a registration statement registering
                  for resale the shares of Common Stock issuable pursuant that
                  Common Stock Purchase Agreement entered into between the
                  Company and Talisman Management Limited or shall have failed
                  to use reasonable best efforts to cause such registration
                  statement to be declared effective within 120 days of the
                  Original Issue Date;

                           (v) the Common Stock shall not be listed for trading
                  on the American Stock Exchange, or Nasdaq SmallCap Market, the
                  New York Stock Exchange, the Nasdaq National Market or the OTC
                  Bulletin Board (each, a "PRINCIPAL MARKET") and shall not
                  again be eligible for and quoted or listed for trading thereon
                  within five Trading Days;

                           (vi) the Company shall be a party to any Change of
                  Control Transaction (as defined in Section 6), shall agree to
                  sell or dispose all or in excess of 33% of its assets in one
                  or more transactions (whether or not such sale would
                  constitute a Change of Control Transaction), or shall redeem
                  or repurchase more than a de minimis number of shares of
                  Common Stock or other equity securities of the Company (other
                  than redemptions of Underlying Shares (as defined in Section
                  6)); PROVIDED, HOWEVER, where the Company is the surviving
                  corporation in a Change of Control Transaction, provided the
                  Holder provides the Company with prior written consent of such

                                      -3-
<PAGE>

                  transaction, which consent shall not be unreasonably withheld,
                  such a Transaction shall entitle the Holder to the same
                  remedies as if an Event of Default shall have occurred however
                  such an event shall not be deemed an "Event of Default" under
                  this Debenture;

                           (vii) an Underlying Shares Registration Statement (as
                  defined in Section 6) shall not have been declared effective
                  by the Commission (as defined in Section 6) on or prior to the
                  150th calendar day after the Original Issue Date;

                           (viii) if, during the Effectiveness Period (as
                  defined in the Registration Rights Agreement (as defined in
                  Section 6)), the effectiveness of the Underlying Shares
                  Registration Statement lapses for any reason or the Holder
                  shall not be permitted to resell Registrable Securities (as
                  defined in the Registration Rights Agreement) under the
                  Underlying Shares Registration Statement, in either case, for
                  more than 10 consecutive Trading Days or 20 non-consecutive
                  Trading Days during any 12 month period;

                           (ix) an Event (as defined in the Registration Rights
                  Agreement) shall not have been cured to the satisfaction of
                  the Holder prior to the expiration of thirty days from the
                  Event Date (as defined in the Registration Rights Agreement)
                  relating thereto (other than an Event resulting from a failure
                  of an Underlying Shares Registration Statement to be declared
                  effective by the Commission on or prior to the 150th calendar
                  day after the Original Issue Date, which shall be covered by
                  Section 3(a)(vii));

                           (x) the Company shall fail for any reason to deliver
                  certificates to a Holder prior to the fifth Trading Day after
                  a Conversion Date pursuant to and in accordance with Section
                  4(b) or the Company shall provide notice to the Holder,
                  including by way of public announcement, at any time, of its
                  intention not to comply with requests for conversions of any
                  Debentures in accordance with the terms hereof; or

                           (xi) upon 1 Trading Day's notice, the Company shall
                  fail for any reason to deliver the payment in cash pursuant to
                  a Buy-In (as defined herein) within five days after notice
                  thereof is delivered hereunder.

                  (b) If any Event of Default occurs and is continuing, the full
principal amount of this Debenture (and, at the Holder's option, all other
Debentures then held by such Holder) to the date of acceleration shall become at
the Holder's election, immediately due and payable in cash. The aggregate amount
payable upon an Event of Default shall be equal to the sum of: (i) the Mandatory
Prepayment Amount (as defined in Section 6) plus (ii) the product of (A) the
number of Underlying Shares issued in respect of conversions hereunder within
thirty days of the date of a declaration of an Event of Default and then held by
the Holder and (B) the Closing Bid Price (as defined in Section 6) on the date
prepayment is due or the date the full prepayment price is paid, whichever is

                                      -4-
<PAGE>

greater. All Debentures and Underlying Shares for which the full prepayment
price hereunder shall have been paid in accordance herewith shall promptly be
surrendered to or as directed by the Company. The Holder need not provide and
the Company hereby waives any presentment, demand, protest or other notice of
any kind, and the Holder may immediately and without expiration of any grace
period enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law; PROVIDED, HOWEVER, the Holder
shall have the right to waive any Event of Default which has occurred and such
waivers shall be retroactive to the date such Event of Default occurred. Such
declaration may be rescinded and annulled by Holder at any time prior to payment
hereunder and the Holder shall have all rights as a Debenture holder until such
time, if any, as the full payment under this Section shall have been received by
it. No such rescission or annulment shall affect any subsequent Event of Default
or impair any right consequent thereon.

         SECTION 4. CONVERSION.

                  (a) (i) At any time after the Closing Date, this Debenture
                  shall be convertible into shares of Common Stock at the option
                  of the Holder, in whole or in part at any time and from time
                  to time (subject to the limitations on conversion set forth in
                  Section 4(a)(ii) hereof). The Holder shall effect conversions
                  by delivering to the Company the form of conversion notice
                  attached hereto as ANNEX A (a "CONVERSION NOTICE"), specifying
                  therein the principal amount of Debentures to be converted and
                  the date on which such conversion is to be effected (a
                  "CONVERSION DATE"). If no Conversion Date is specified in a
                  Conversion Notice, the Conversion Date shall be the date that
                  such Conversion Notice is provided hereunder. To effect
                  conversions hereunder, the Holder shall not be required to
                  physically surrender Debentures to the Company unless the
                  entire principal amount of this Debenture has been so
                  converted. Conversions hereunder shall have the effect of
                  lowering the outstanding principal amount of this Debenture in
                  an amount equal to the applicable conversion. The Holder and
                  the Company shall maintain records showing the principal
                  amount converted and the date of such conversions, in a form
                  substantially similar to Schedule 1 attached hereto. In the
                  event of any dispute or discrepancy, the records of the Holder
                  shall be controlling and determinative in the absence of
                  manifest error. The Holder and any assignee, by acceptance of
                  this Debenture, acknowledge and agree that, by reason of the
                  provisions of this paragraph, following conversion of a
                  portion of this Debenture, the unpaid and unconverted
                  principal amount of this Debenture may be less than the amount
                  stated on the face hereof.

                           (ii) A Holder may not convert Debentures to the
                  extent such conversion would result in the Holder, together
                  with its Affiliates, beneficially owning (as determined in
                  accordance with Section 13(d) of the Exchange Act and the
                  rules promulgated thereunder) in excess of 4.999% of the then
                  issued and outstanding shares of Common Stock, including

                                      -5-
<PAGE>

                  shares issuable upon conversion of the Debentures held by such
                  Holder after application of this Section. To ensure compliance
                  with this restriction, the Holder will be deemed to represent
                  to the Company each time it delivers a Conversion Notice that
                  such Conversion Notice has not violated the restrictions set
                  forth in this paragraph. If the Holder has delivered a
                  Conversion Notice for a principal amount of Debentures that,
                  without regard to any other shares that the Holder or its
                  affiliates may beneficially own, would result in the issuance
                  in excess of the permitted amount hereunder, the Company shall
                  notify the Holder of this fact and shall honor the conversion
                  for the maximum principal amount permitted to be converted on
                  such Conversion Date in accordance with the periods described
                  in Section 4(b) and, at the option of the Holder, either
                  retain any principal amount tendered for conversion in excess
                  of the permitted amount hereunder for future conversions or
                  return such excess principal amount to the Holder. In the
                  event of a merger or consolidation of the Company with or into
                  another Person, this paragraph shall not apply with respect to
                  a determination of the number of shares of common stock
                  issuable upon conversion in full of the Debentures if such
                  determination is necessary to establish the Securities or
                  other assets which the holder of Common Stock shall be
                  entitled to receive upon the effectiveness of such merger or
                  consolidation. The provisions of this Section 4(a)(ii) may be
                  waived by the Holder upon, at the election of the Holder, not
                  less than 61 days' prior notice to the Company, and the
                  provisions of this Section 4(a)(iii) shall continue to apply
                  until such 61st day (or such later date, as determined by the
                  Holder, as may be specified in such notice of waiver).

                           (iii) If the Company has not obtained Shareholder
                  Approval, then the Company may not issue, pursuant to the
                  Transaction Documents, in the aggregate, in excess of 19.999%
                  of the number of shares of Common Stock outstanding on the
                  Original Issue Date (such number of shares, the "ISSUABLE
                  MAXIMUM"). Each Holder shall be entitled to a portion of the
                  Issuable Maximum equal to the quotient obtained by dividing
                  (x) the aggregate principal amount of the Debenture(s) issued
                  and sold to such Holder on the Original Issue Date by (y) the
                  aggregate principal amount of all Debentures issued and sold
                  by the Company on the Original Issue Date. If any Holder shall
                  no longer hold the Debenture(s), then such Holder's remaining
                  portion of the Issuable Maximum shall be allocated pro-rata
                  among the remaining Holders. As promptly as reasonably
                  possible, the Company shall obtain the vote of shareholders
                  (the "SHAREHOLDER APPROVAL") as may be required by the

                                      -6-
<PAGE>

                  applicable rules and regulations of the Principal Market (or
                  any successor entity) applicable to approve the issuance of
                  shares of Common Stock in excess of the Issuable Maximum
                  pursuant to the Transaction Documents. If the Company shall
                  have not obtained the Shareholder Approval, then the Company
                  shall issue to the Holder, upon conversion of this Debenture,
                  a number of shares of Common Stock equal to such Holder's
                  pro-rata portion (as set forth in the Purchase Agreement) of
                  the Issuable Maximum and, with respect to the remainder of the
                  aggregate principal amount of the Debentures for which a
                  conversion in accordance with the applicable conversion price
                  would result in an issuance of shares of Common Stock in
                  excess of such Holder's pro-rata portion of the Issuable
                  Maximum (the "EXCESS PRINCIPAL"), the Company shall, by the
                  fifth Trading Day following such conversion, pay cash to the
                  converting Holder in an amount equal to the Mandatory
                  Prepayment Amount with respect to such Excess Principal. If
                  the Company fails to pay the Mandatory Prepayment Amount for
                  the Excess Principal in full pursuant to this Section after
                  the date payable, the Company will pay interest thereon at a
                  rate of 18% per annum or such lesser maximum amount that is
                  permitted to be paid by applicable law, to the converting
                  Holder, accruing daily from the date such payment is due until
                  such amount, plus all such interest thereon, is paid in full.
                  The Company and the Holder understand and agree that shares of
                  Common Stock issued to and then held by the Holder as a result
                  of conversions of Debentures shall not be entitled to cast
                  votes on any resolution to obtain Shareholder Approval
                  pursuant hereto.

                           (iv)     UNDERLYING SHARES ISSUABLE UPON CONVERSION.

                                    (A) The number of shares of Common Stock
                           issuable upon a conversion hereunder shall be the
                           quotient obtained by dividing (x) the outstanding
                           principal amount of this Debenture to be converted by
                           (y) the Set Price.

                                    (B) Notwithstanding anything to the contrary
                           contained herein, if on any Conversion Date:

                                           (1) the number of shares of Common
                                    Stock at the time authorized, unissued and
                                    unreserved for all purposes, or held as
                                    treasury stock, is insufficient;

                                           (3) the Common Stock shall fail to be
                                    listed or quoted for trading on a Principal
                                    Market; or

                                           (4) the conversion would otherwise
                                    violate Section 4(a)(iii).

                                    then, at the option of the Holder, the
                           Company, in lieu of delivering shares of Common Stock
                           pursuant to this Section 4, shall deliver, within
                           three Trading Days of each applicable Conversion
                           Date, an amount in cash equal to the product of the
                           number of shares of Common Stock otherwise
                           deliverable to the Holder in connection with such
                           Conversion Date and the highest Closing Bid Price
                           during the period commencing on the Conversion Date
                           and ending on the Trading Day prior to the date such
                           payment is made.

                                      -7-
<PAGE>

                  (b) (i) Not later than three Trading Days after any Conversion
                  Date, the Company will deliver to the Holder the number of
                  shares of Common Stock being acquired upon conversion of the
                  Debenture (the "CONVERSION SHARES") in the form of a
                  certificate or certificates which shall be free of restrictive
                  legends and trading restrictions (other than those required by
                  the Purchase Agreement) representing the number of shares of
                  Common Stock being acquired upon the conversion of Debentures.
                  Provided the Registration Statement is then effective, the
                  Company shall, upon request of the Holder, if available,
                  deliver any certificate or certificates required to be
                  delivered by the Company under this Section electronically
                  through the Depository Trust Corporation or another
                  established clearing corporation performing similar functions.
                  If in the case of any Conversion Notice such Conversion Shares
                  are not delivered to or as directed by the applicable Holder
                  by the third Trading Day after a Conversion Date, the Holder
                  shall be entitled by written notice to the Company at any time
                  on or before its receipt of such Conversion Shares, to rescind
                  such conversion, in which event the Company shall, if
                  applicable, immediately return the certificates representing
                  the principal amount of Debentures tendered for conversion.

                  (ii) If the Company fails for any reason to deliver to the
                  Holder the Conversion Shares pursuant to Section 4(b)(i) by
                  the third Trading Day after the Conversion Date, the Company
                  shall pay to such Holder, in cash, as liquidated damages and
                  not as a penalty, for each $5,000 of principal amount being
                  converted, $50 per Trading Day (increasing to $100 per Trading
                  Day after 3 Trading Days and increasing to $200 per Trading
                  Day 6 Trading Days after such damages begin to accrue) for
                  each Trading Day after such third Trading Day until such
                  Conversion Shares are delivered. In the event a Holder of this
                  Debenture shall elect to convert any or all of the outstanding
                  principal amount hereof, the Company may not refuse conversion
                  based on any claim that the Holder or any one associated or
                  affiliated with the Holder of has been engaged in any
                  violation of law, agreement or for any other reason, unless,
                  an injunction from a court, on notice, restraining and or
                  enjoining conversion of all or part of this Debenture shall
                  have been sought and obtained and the Company posts a surety
                  bond for the benefit of the Holder in the amount of 150% of
                  the principal amount of this Debenture outstanding, which is
                  subject to the injunction, which bond shall remain in effect
                  until the completion of arbitration/litigation of the dispute
                  and the proceeds of which shall be payable to such Holder to
                  the extent it obtains judgment. In the absence of an
                  injunction precluding the same, the Company shall issue
                  Conversion Shares or, if applicable, cash, upon a properly
                  noticed conversion. Nothing herein shall limit a Holder's
                  right to pursue actual damages or declare an Event of Default
                  pursuant to Section 3 herein for the Company's failure to
                  deliver Conversion Shares within the period specified herein
                  and such Holder shall have the right to pursue all remedies
                  available to it at law or in equity including, without

                                      -8-
<PAGE>

                  limitation, a decree of specific performance and/or injunctive
                  relief. The exercise of any such rights shall not prohibit the
                  Holders from seeking to enforce damages pursuant to any other
                  Section hereof or under applicable law.

                  (iii) In addition to any other rights available to the Holder,
                  if the Company fails for any reason to deliver to the Holder
                  such certificate or certificates pursuant to Section 4(b)(i)
                  by the fifth Trading Day after the Conversion Date, and if
                  after such third Trading Day the Holder purchases (in an open
                  market transaction or otherwise) Common Stock to deliver in
                  satisfaction of a sale by such Holder of the Underlying Shares
                  which the Holder anticipated receiving upon such conversion (a
                  "BUY-IN"), then the Company shall (A) pay in cash to the
                  Holder (in addition to any remedies available to or elected by
                  the Holder) the amount by which (x) the Holder's total
                  purchase price (including brokerage commissions, if any) for
                  the Common Stock so purchased exceeds (y) the product of (1)
                  the aggregate number of shares of Common Stock that such
                  Holder anticipated receiving from the conversion at issue
                  multiplied by (2) the market price of the Common Stock at the
                  time of the sale giving rise to such purchase obligation and
                  (B) at the option of the Holder, either reissue Debentures in
                  principal amount equal to the principal amount of the
                  attempted conversion or deliver to the Holder the number of
                  shares of Common Stock that would have been issued had the
                  Company timely complied with its delivery requirements under
                  Section 4(b)(i). For example, if the Holder purchases Common
                  Stock having a total purchase price of $11,000 to cover a
                  Buy-In with respect to an attempted conversion of Debentures
                  with respect to which the market price of the Underlying
                  Shares on the date of conversion was a total of $10,000 under
                  clause (A) of the immediately preceding sentence, the Company
                  shall be required to pay the Holder $1,000. The Holder shall
                  provide the Company written notice indicating the amounts
                  payable to the Holder in respect of the Buy-In.
                  Notwithstanding anything contained herein to the contrary, if
                  a Holder requires the Company to make payment in respect of a
                  Buy-In for the failure to timely deliver Conversion Shares
                  hereunder and the Company timely pays in full such payment,
                  the Company shall not be required to pay such Holder
                  liquidated damages under Section 4(b)(ii) in respect of the
                  Conversion Shares resulting in such Buy-In.

                  (c) (i) The conversion price in effect on any Conversion Date
                  shall be equal to $0.20 (subject to adjustment herein)(the
                  "SET PRICE").

                  (ii) If the Company, at any time while the Debentures are
                  outstanding: (A) shall pay a stock dividend or otherwise make
                  a distribution or distributions on shares of its Common Stock
                  or any other equity or equity equivalent securities payable in
                  shares of Common Stock, (B) subdivide outstanding shares of
                  Common Stock into a larger number of shares, (C) combine
                  (including by way of reverse stock split) outstanding shares
                  of Common Stock into a smaller number of shares, or (D) issue
                  by reclassification of shares of the Common Stock any shares
                  of capital stock of the Company, then the Set Price shall be
                  multiplied by a fraction of which the numerator shall be the

                                      -9-
<PAGE>

                  number of shares of Common Stock (excluding treasury shares,
                  if any) outstanding before such event and of which the
                  denominator shall be the number of shares of Common Stock
                  outstanding after such event. Any adjustment made pursuant to
                  this Section shall become effective immediately after the
                  record date for the determination of stockholders entitled to
                  receive such dividend or distribution and shall become
                  effective immediately after the effective date in the case of
                  a subdivision, combination or re-classification.

                  (iii) If the Company, at any time while Debentures are
                  outstanding, shall issue rights, options or warrants to all
                  holders of Common Stock (and not to Holders) entitling them to
                  subscribe for or purchase shares of Common Stock at a price
                  per share less than the Closing Bid Price at the record date
                  mentioned below, then the Set Price shall be multiplied by a
                  fraction, of which the denominator shall be the number of
                  shares of the Common Stock (excluding treasury shares, if any)
                  outstanding on the date of issuance of such rights or warrants
                  plus the number of additional shares of Common Stock offered
                  for subscription or purchase, and of which the numerator shall
                  be the number of shares of the Common Stock (excluding
                  treasury shares, if any) outstanding on the date of issuance
                  of such rights or warrants plus the number of shares which the
                  aggregate offering price of the total number of shares so
                  offered would purchase at such Closing Bid Price. Such
                  adjustment shall be made whenever such rights or warrants are
                  issued, and shall become effective immediately after the
                  record date for the determination of stockholders entitled to
                  receive such rights, options or warrants.

                  (iv) If the Company or any subsidiary thereof, as applicable,
                  at any time while Debentures are outstanding, shall offer,
                  sell, grant any option to purchase or offer, sell or grant any
                  right to reprice its securities, or otherwise dispose of or
                  issue (or announce any offer, sale, grant or any option to
                  purchase or other disposition) any Common Stock or any equity
                  or equity equivalent securities (including any equity, debt or
                  other instrument that is at any time over the life thereof
                  convertible into or exchangeable for Common Stock)
                  (collectively, "COMMON STOCK EQUIVALENTS") entitling any
                  Person to acquire shares of Common Stock, at a price per share
                  less than the Set Price (if the holder of the Common Stock or
                  Common Stock Equivalent so issued shall at any time, whether
                  by operation of purchase price adjustments, reset provisions,
                  floating conversion, exercise or exchange prices or otherwise,
                  or due to warrants, options or rights per share which is
                  issued in connection with such issuance, be entitled to
                  receive shares of Common Stock at a price per share which is
                  less than the Set Price, such issuance shall be deemed to have
                  occurred for less than the Set Price), then, the Set Price
                  shall be adjusted for such conversions as Holders shall
                  indicate in its Conversion Notices to equal the conversion,

                                      -10-
<PAGE>

                  exchange or purchase price for such Common Stock or Common
                  Stock Equivalents (including any reset provisions thereof) at
                  issue. Such adjustment shall be made whenever such Common
                  Stock or Common Stock Equivalents are issued. The Company
                  shall notify the Holder in writing, no later than the business
                  day following the issuance of any Common Stock or Common Stock
                  Equivalent subject to this section, indicating therein the
                  applicable issuance price, or of applicable reset price,
                  exchange price, conversion price and other pricing terms.

                  (v) If the Company, at any time while Debentures are
                  outstanding, shall distribute to all holders of Common Stock
                  (and not to Holders) evidences of its indebtedness or assets
                  or rights or warrants to subscribe for or purchase any
                  security, then in each such case the Set Price shall be
                  determined by multiplying such price in effect immediately
                  prior to the record date fixed for determination of
                  stockholders entitled to receive such distribution by a
                  fraction of which the denominator shall be the Closing Bid
                  Price determined as of the record date mentioned above, and of
                  which the numerator shall be such Closing Bid Price on such
                  record date less the then fair market value at such record
                  date of the portion of such assets or evidence of indebtedness
                  so distributed applicable to one outstanding share of the
                  Common Stock as determined by the Board of Directors in good
                  faith. In either case the adjustments shall be described in a
                  statement provided to the Holders of the portion of assets or
                  evidences of indebtedness so distributed or such subscription
                  rights applicable to one share of Common Stock. Such
                  adjustment shall be made whenever any such distribution is
                  made and shall become effective immediately after the record
                  date mentioned above.

                  (vi) In case of any reclassification of the Common Stock or
                  any compulsory share exchange pursuant to which the Common
                  Stock is converted into other securities, cash or property,
                  the Holders shall have the right thereafter to, at their
                  option, (A) convert the then outstanding principal amount and
                  any other amounts then owing hereunder in respect of this
                  Debenture only into the shares of stock and other securities,
                  cash and property receivable upon or deemed to be held by
                  holders of the Common Stock following such reclassification or
                  share exchange, and the Holders of the Debentures shall be
                  entitled upon such event to receive such amount of securities,
                  cash or property as the shares of the Common Stock of the
                  Company into which the then outstanding principal amount and
                  any other amounts then owing hereunder in respect of this
                  Debenture could have been converted immediately prior to such
                  reclassification or share exchange would have been entitled or
                  (B) require the Company to prepay the aggregate of its
                  outstanding principal amount of Debentures and other amounts
                  due and payable thereon, at a price determined in accordance
                  with Section 3(b). The entire prepayment price shall be paid
                  in cash. This provision shall similarly apply to successive
                  reclassifications or share exchanges.

                  (vii) All calculations under this Section 4 shall be made to
                  the nearest cent or the nearest 1/100th of a share, as the
                  case may be.

                                      -11-
<PAGE>

                  (viii) Whenever the Set Price is adjusted pursuant to any of
                  Section 4(c)(ii) - (v), the Company shall promptly mail to
                  each Holder a notice setting forth the Set Price after such
                  adjustment and setting forth a brief statement of the facts
                  requiring such adjustment.

                  (ix) If (A) the Company shall declare a dividend (or any other
                  distribution) on the Common Stock; (B) the Company shall
                  declare a special nonrecurring cash dividend on or a
                  redemption of the Common Stock; (C) the Company shall
                  authorize the granting to all holders of the Common Stock
                  rights or warrants to subscribe for or purchase any shares of
                  capital stock of any class or of any rights; (D) the approval
                  of any stockholders of the Company shall be required in
                  connection with any reclassification of the Common Stock, any
                  consolidation or merger to which the Company is a party, any
                  sale or transfer of all or substantially all of the assets of
                  the Company, of any compulsory share exchange whereby the
                  Common Stock is converted into other securities, cash or
                  property; (E) the Company shall authorize the voluntary or
                  involuntary dissolution, liquidation or winding up of the
                  affairs of the Company; then, in each case, the Company shall
                  cause to be filed at each office or agency maintained for the
                  purpose of conversion of the Debentures, and shall cause to be
                  mailed to the Holders at their last addresses as they shall
                  appear upon the stock books of the Company, at least 20
                  calendar days prior to the applicable record or effective date
                  hereinafter specified, a notice stating (x) the date on which
                  a record is to be taken for the purpose of such dividend,
                  distribution, redemption, rights or warrants, or if a record
                  is not to be taken, the date as of which the holders of the
                  Common Stock of record to be entitled to such dividend,
                  distributions, redemption, rights or warrants are to be
                  determined or (y) the date on which such reclassification,
                  consolidation, merger, sale, transfer or share exchange is
                  expected to become effective or close, and the date as of
                  which it is expected that holders of the Common Stock of
                  record shall be entitled to exchange their shares of the
                  Common Stock for securities, cash or other property
                  deliverable upon such reclassification, consolidation, merger,
                  sale, transfer or share exchange; PROVIDED, that the failure
                  to mail such notice or any defect therein or in the mailing
                  thereof shall not affect the validity of the corporate action
                  required to be specified in such notice. Holders are entitled
                  to convert Debentures during the 20-day period commencing the
                  date of such notice to the effective date of the event
                  triggering such notice.

                  (x) If, at any time while this Debenture is outstanding, (A)
                  the Company effects any merger or consolidation of the Company
                  with or into another Person, (B) the Company effects any sale
                  of all or substantially all of its assets in one or a series
                  of related transactions, (C) any tender offer or exchange
                  offer (whether by the Company or another Person) is completed
                  pursuant to which holders of Common Stock are permitted to
                  tender or exchange their shares for other securities, cash or
                  property, or (D) the Company effects any reclassification of

                                      -12-
<PAGE>

                  the Common Stock or any compulsory share exchange pursuant to
                  which the Common Stock is effectively converted into or
                  exchanged for other securities, cash or property (in any such
                  case, a "FUNDAMENTAL TRANSACTION"), then upon any subsequent
                  conversion of this Debenture, the Holder shall have the right
                  to receive, for each Underlying Share that would have been
                  issuable upon such conversion absent such Fundamental
                  Transaction, the same kind and amount of securities, cash or
                  property as it would have been entitled to receive upon the
                  occurrence of such Fundamental Transaction if it had been,
                  immediately prior to such Fundamental Transaction, the holder
                  of one share of Common Stock (the "ALTERNATE CONSIDERATION").
                  For purposes of any such conversion, the determination of the
                  Set Price shall be appropriately adjusted to apply to such
                  Alternate Consideration based on the amount of Alternate
                  Consideration issuable in respect of one share of Common Stock
                  in such Fundamental Transaction, and the Company shall
                  apportion the Set Price among the Alternate Consideration in a
                  reasonable manner reflecting the relative value of any
                  different components of the Alternate Consideration. If
                  holders of Common Stock are given any choice as to the
                  securities, cash or property to be received in a Fundamental
                  Transaction, then the Holder shall be given the same choice as
                  to the Alternate Consideration it receives upon any conversion
                  of this Debenture following such Fundamental Transaction. To
                  the extent necessary to effectuate the foregoing provisions,
                  any successor to the Company or surviving entity in such
                  Fundamental Transaction shall issue to the Holder a new
                  debenture consistent with the foregoing provisions and
                  evidencing the Holder's right to convert such debenture into
                  Alternate Consideration. The terms of any agreement pursuant
                  to which a Fundamental Transaction is effected shall include
                  terms requiring any such successor or surviving entity to
                  comply with the provisions of this paragraph (c) and insuring
                  that this Debenture (or any such replacement security) will be
                  similarly adjusted upon any subsequent transaction analogous
                  to a Fundamental Transaction. If any Fundamental Transaction
                  constitutes or results in a Change of Control Transaction,
                  then at the request of the Holder delivered before the 90th
                  day after such Fundamental Transaction, the Company (or any
                  such successor or surviving entity) will purchase the
                  Debenture from the Holder for a purchase price, payable in
                  cash within five Trading Days after such request (or, if
                  later, on the effective date of the Fundamental Transaction),
                  equal to the Black-Scholes value of the remaining unconverted
                  portion of this Debenture on the date of such request, which
                  value shall in no event exceed 150% of the principal amount
                  outstanding of this Debenture.

                  (d) The Company covenants that it will at all times reserve
         and keep available out of its authorized and unissued shares of Common
         Stock solely for the purpose of issuance upon conversion of the
         Debentures free from preemptive rights or any other actual contingent
         purchase rights of persons other than the Holders, not less than such
         number of shares of the Common Stock as shall (subject to any
         additional requirements of the Company as to reservation of such shares
         set forth in the Purchase Agreement) be issuable (taking into account
         the adjustments and restrictions of Section 4(b)) upon the conversion
         of the outstanding principal amount of the Debentures. The Company
         covenants that all shares of Common Stock that shall be so issuable

                                      -13-
<PAGE>

         shall, upon issue, be duly and validly authorized, issued and fully
         paid, nonassessable and, if the Underlying Shares Registration
         Statement has been declared effective under the Securities Act,
         registered for public sale in accordance with such Underlying Shares
         Registration Statement.

                  (e) Upon a conversion hereunder the Company shall not be
         required to issue stock certificates representing fractions of shares
         of the Common Stock, but may if otherwise permitted, make a cash
         payment in respect of any final fraction of a share based on the
         Closing Bid Price at such time. If the Company elects not, or is
         unable, to make such a cash payment, the Holder shall be entitled to
         receive, in lieu of the final fraction of a share, one whole share of
         Common Stock.

                  (f) The issuance of certificates for shares of the Common
         Stock on conversion of the Debentures shall be made without charge to
         the Holders thereof for any documentary stamp or similar taxes that may
         be payable in respect of the issue or delivery of such certificate,
         provided that the Company shall not be required to pay any tax that may
         be payable in respect of any transfer involved in the issuance and
         delivery of any such certificate upon conversion in a name other than
         that of the Holder of such Debentures so converted and the Company
         shall not be required to issue or deliver such certificates unless or
         until the person or persons requesting the issuance thereof shall have
         paid to the Company the amount of such tax or shall have established to
         the satisfaction of the Company that such tax has been paid.

                  (g) Any and all notices or other communications or deliveries
         to be provided by the Holders hereunder, including, without limitation,
         any Conversion Notice, shall be in writing and delivered personally, by
         facsimile, sent by a nationally recognized overnight courier service or
         sent by certified or registered mail, postage prepaid, addressed to the
         Company, at the address set forth above, facsimile number (954)
         233-1416, ATTN: DENNIS W. HEALEY or such other address or facsimile
         number as the Company may specify for such purposes by notice to the
         Holders delivered in accordance with this Section. Any and all notices
         or other communications or deliveries to be provided by the Company
         hereunder shall be in writing and delivered personally, by facsimile,
         sent by a nationally recognized overnight courier service or sent by
         certified or registered mail, postage prepaid, addressed to each Holder
         at the facsimile telephone number or address of such Holder appearing
         on the books of the Company, or if no such facsimile telephone number
         or address appears, at the principal place of business of the Holder.
         Any notice or other communication or deliveries hereunder shall be
         deemed given and effective on the earliest of (i) the date of
         transmission, if such notice or communication is delivered via
         facsimile at the facsimile telephone number specified in this Section
         prior to 5:30 p.m. (New York City time), (ii) the date after the date
         of transmission, if such notice or communication is delivered via
         facsimile at the facsimile telephone number specified in this Section
         later than 5:30 p.m. (New York City time) on any date and earlier than
         11:59 p.m. (New York City time) on such date, (iii) four days after

                                      -14-
<PAGE>

         deposit in the United States mail, (iv) the Business Day following the
         date of mailing, if sent by nationally recognized overnight courier
         service, or (v) upon actual receipt by the party to whom such notice is
         required to be given.

         SECTION 5.  REDEMPTION.

                  (a) OPTIONAL REDEMPTION. Subject to the provisions of this
         Section 5, the Company may, at any time, deliver a notice to the
         Holders (an "OPTIONAL REDEMPTION NOTICE" and the date such notice is
         deemed delivered hereunder, the "OPTIONAL REDEMPTION NOTICE DATE") of
         its irrevocable election to redeem all, but not less than all, of the
         then outstanding Debentures, for an amount, in cash, equal to the
         Optional Redemption Amount on the 30th Trading Day following the
         Optional Redemption Notice Date (such date, the "OPTIONAL REDEMPTION
         DATE" and such redemption, the "OPTIONAL REDEMPTION"). The Optional
         Redemption Amount is due in full on the Optional Redemption Date. The
         Company may only effect an Optional Redemption if from the Optional
         Redemption Notice Date through to the Optional Redemption Date, each of
         the following shall be true: (i) the Company shall have duly honored
         all conversions and redemptions scheduled to occur or occurring by
         virtue of one or more Conversion Notices prior to the Optional
         Redemption Date, (ii) there is an effective Underlying Shares
         Registration Statement pursuant to which the Holders are permitted to
         utilize the prospectus thereunder to resell all of the Underlying
         Shares issued to the Holders and all of the Underlying Shares as are
         issuable to the Holders upon conversion in full of the Debentures
         subject to the Optional Redemption (and the Company believes, in good
         faith, that such effectiveness will continue uninterrupted for the
         foreseeable future), (iii) the Common Stock is listed for trading on
         the Principal Market (and the Company believes, in good faith, that
         trading of the Common Stock on the Principal Market will continue
         uninterrupted for the foreseeable future), (iv) all liquidated damages
         and other amounts owing in respect of the Debentures shall have been
         paid or will, concurrently with the issuance of the Underlying Shares,
         be paid in cash; (v) there is a sufficient number of authorized but
         unissued and otherwise unreserved shares of Common Stock for the
         issuance of all the Underlying Shares as are issuable to the Holder
         upon conversion in full of the Debentures subject to the Optional
         Redemption; (vi) no Event of Default has occurred and is continuing;
         (vii) an issuance of all of the Underlying Share upon conversion
         hereunder would be permitted in full without violating the limitations
         set forth in Section 4(a)(ii)(A) or (B); and (viii) no public
         announcement of a pending or proposed Fundamental Transaction or
         acquisition transaction has occurred that has not been consummated. If
         any of the foregoing conditions shall cease to be satisfied at any time
         during the required period, then the Holder may elect to nullify the
         Optional Redemption Notice in which case the Option Redemption Notice
         shall be null and void, ab initio. The Holders may convert, pursuant to
         Section 4(a)(i) hereof, any shares of Debentures subject to an Optional
         Redemption at any time prior to the date that the Optional Redemption
         Amount and all amounts owing thereon are due and paid in full. The
         Company covenants and agrees that it will honor all Conversion Notices
         tendered from the time of delivery of the Optional Redemption Notice
         through the date all amounts owing thereon are due and paid in full.

                                      -15-
<PAGE>

                  (b) MONTHLY REDEMPTION. On each Monthly Redemption Date, the
         Company shall redeem each Holder's Pro Rata Portion of the Monthly
         Redemption Amount, the sum of all liquidated damages and any other
         amounts then owing to such Holder in respect of the Debenture. For
         purposes of this Section 5(b) only, "PRO RATA PORTION" is the ration of
         (x) the principal amount of this Debenture on the Original Issue Date
         and (y) the sum of the aggregate original principal amounts of the
         Debentures issued to all Holders on the Closing Date. If any Holder
         shall no longer holds Debentures or if a Holder's outstanding principal
         amount is less than their Pro Rata Portion of the Monthly Redemption
         Amount, then such Holder's Monthly Redemption Amount shall be such
         lesser amount and the Pro Rata Portion shall be recalculated to exclude
         such Holder's principal amount (or portion thereof no longer
         outstanding) from clause (y) above and the Monthly Redemption Amount
         shall be allocated pro-rata among the remaining Holders. The Monthly
         Redemption Amount due on each Monthly Redemption Date shall, except as
         provided in this Section, be paid in cash. As to any Monthly Redemption
         and upon 20 Trading Days' prior written irrevocable notice, in lieu of
         a cash redemption payment the Company may elect to pay all or part, as
         set forth in the notice, of a Monthly Redemption in Underlying Shares
         based on a conversion price equal to the Set Price; PROVIDED, HOWEVER,
         that the Company may not pay the Monthly Redemption Amount in
         Underlying Shares unless, on the applicable Monthly Redemption Date and
         during the 20 Trading Day period immediately prior thereto, (i) there
         is an effective Registration Statement pursuant to which the Holder is
         permitted to utilize the prospectus thereunder to resell all of the
         Underlying Shares issued to the Holder and all of the Underlying Shares
         as are issuable to the Holder upon conversion in full of the Debenture
         subject to such Monthly Redemption (and the Company believes, in good
         faith, that such effectiveness will continue uninterrupted for the
         foreseeable future), (ii) the Common Stock is listed for trading on a
         Principal Market (and the Company believes, in good faith, that trading
         of the Common Stock on the Principal Market will continue uninterrupted
         for the foreseeable future), (iii) on or prior to the 20th Trading Day
         prior to such Monthly Redemption Date, the Company irrevocably notifies
         the Holder that it will issue Underlying Shares in lieu of cash; (iv)
         all liquidated damages and other amounts owing in respect of the
         Debenture shall have been paid or will, concurrently with the issuance
         of the Underlying Shares, be paid in cash; (v) there is a sufficient
         number of authorized but unissued and otherwise unreserved shares of
         Common Stock for such issuance; (vi) such issuance would be permitted
         in full without violating the limitations set forth in Section
         4(a)(ii)(A) or (B); (vii) no Event of Default nor any event that with
         the passage of time would constitute an Event of Default has occurred
         and is continuing; (viii) no public announcement of a pending or
         proposed Change of Control Transaction or Fundamental Transaction has
         occurred that has not been consummated and (ix) THE AVERAGE OF THE 5
         CLOSING BID PRICES IMMEDIATELY PRIOR TO THE 20TH TRADING DAY PRIOR TO
         SUCH MONTHLY REDEMPTION DATE AND THE AVERAGE OF THE 5 CLOSING BID
         PRICES IMMEDIATELY PRIOR TO SUCH MONTHLY REDEMPTION DATE EXCEEDS $0.25
         (SUBJECT TO ADJUSTMENT FOR REVERSE AND FORWARD STOCK SPLITS, STOCK
         DIVIDENDS, STOCK COMBINATIONS AND OTHER SIMILAR TRANSACTIONS OF THE
         COMMON STOCK THAT OCCUR AFTER THE DATE OF THE PURCHASE AGREEMENT). The
         Holders may convert, pursuant to Section 4(a)(i), any principal amount

                                      -16-
<PAGE>

         of the Debenture subject to a Monthly Redemption at any time prior to
         the date that the Monthly Redemption Amount and all amounts owing
         thereon are due and paid in full. The Company covenants and agrees that
         it will honor all Conversion Notices tendered up until such amounts are
         paid in full.

                  (c) REDEMPTION PROCEDURE. The payment of cash and/or issuance
         of Common Stock, as the case may be, pursuant to a Monthly Redemption
         shall be made on the Monthly Redemption Date and the payment of cash
         pursuant to an Optional Redemption shall be made on the Optional
         Redemption Date. If any portion of the cash payment for a Monthly
         Redemption or Optional Redemption shall not be paid by the Company by
         the respective due date, interest shall accrue thereon at the rate of
         18% per annum (or the maximum rate permitted by applicable law,
         whichever is less) until the payment of the Monthly Redemption Amount
         or Optional Redemption Amount, as applicable, plus all amounts owing
         thereon is paid in full. In addition, if any portion of the Monthly
         Redemption Amount or Optional Redemption Amount, as applicable, remains
         unpaid after such date, the Holders subject to such redemption may
         elect, by written notice to the Company given at any time thereafter,
         to invalidate AB INITIO such redemption, notwithstanding anything
         herein contained to the contrary. Notwithstanding anything to the
         contrary in this Section 5, the Company's determination to redeem in
         cash or shares of Common Stock shall be applied ratably among the
         Holders based upon the principal amount of Debentures initially
         purchased by each Holder, adjusted upward ratably in the event all of
         the shares of Debentures of any Holder are no longer outstanding.

         SECTION 6. DEFINITIONS. Capitalized terms not defined in this Section 6
or elsewhere in this Debenture shall have the meanings ascribed to them in the
Purchase Agreement. For the purposes hereof, the following terms shall have the
following meanings:

                  "BUSINESS DAY" means any day except Saturday, Sunday and any
         day which shall be a federal legal holiday in the United States or a
         day on which banking institutions in the State of New York are
         authorized or required by law or other government action to close.

                  "CHANGE OF CONTROL TRANSACTION" means the occurrence of any of
         (i) an acquisition after the date hereof by an individual or legal
         entity or "group" (as described in Rule 13d-5(b)(1) promulgated under
         the Exchange Act) of effective control (whether through legal or
         beneficial ownership of capital stock of the Company, by contract or
         otherwise) of in excess of 33% of the voting securities of the Company,
         (ii) a replacement at one time or over time of more than one-half of
         the members of the Company's board of directors which is not approved
         by a majority of those individuals who are members of the board of
         directors on the date hereof (or by those individuals who are serving
         as members of the board of directors on any date whose nomination to
         the board of directors was approved by a majority of the members of the
         board of directors who are members on the date hereof), (iii) the
         merger of the Company with or into another entity that is not
         wholly-owned by the Company, consolidation or sale of 50% or more of

                                      -17-
<PAGE>

         the assets of the Company in one or a series of related transactions,
         or (iv) the execution by the Company of an agreement to which the
         Company is a party or by which it is bound, providing for any of the
         events set forth above in (i), (ii) or (iii).

                  "COMMISSION" means the Securities and Exchange Commission.

                  "COMMON STOCK" means the common stock, $0.01 par value per
         share, of the Company and stock of any other class into which such
         shares may hereafter have been reclassified or changed.

                  "CONVERSION DATE" shall have the meaning set forth in Section
         4(a)(i).

                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
         amended.

                  "ISSUABLE MAXIMUM" shall have the meaning set forth in Section
         4(a)(iii).

                  "MANDATORY PREPAYMENT AMOUNT" for any Debentures shall equal
         the sum of (i) the greater of: (A) 135% of the principal amount of
         Debentures to be prepaid, plus all other accrued and unpaid amounts due
         hereunder, and (B) the principal amount of Debentures to be prepaid,
         plus all other accrued and unpaid amounts due hereunder, divided by the
         Set Price on (x) the date the Mandatory Prepayment Amount is demanded
         or otherwise due or (y) the date the Mandatory Prepayment Amount is
         paid in full, whichever is less, multiplied by the Closing Bid Price on
         (x) the date the Mandatory Prepayment Amount is demanded or otherwise
         due or (y) the date the Mandatory Prepayment Amount is paid in full,
         whichever is greater, and (ii) all other amounts, costs, expenses and
         liquidated damages due in respect of such Debentures.

                  "MONTHLY REDEMPTION" shall mean the redemption of the
         Debenture pursuant to Section 5(a) hereof.

                  "MONTHLY REDEMPTION AMOUNT" shall mean, as to a Monthly
         Redemption, $______________(1) in the aggregate among all Holders, or
         such lesser principal amount of the Debentures as is outstanding in the
         aggregate on the Monthly Redemption Date.

                  "MONTHLY REDEMPTION DATE" means the 1st of each month,
         commencing on the earlier of the first such date after the Effective
         date and August 1, 2003 and ending upon the full redemption of this
         Debenture.

                  "OPTIONAL REDEMPTION AMOUNT" shall mean the sum of (i) 120% of
         the principal amount of the Debenture then outstanding and (ii) all
         liquidated damages and other amounts due in respect of the Debentures.

--------------
(1) 1/24 of the aggregate principal amount issued pursuant to the
    Purchase Agreement.

                                      -18-
<PAGE>

                  "OPTIONAL REDEMPTION DATE" shall have the meaning set forth in
         Section 5(a).

                  "ORIGINAL ISSUE DATE" shall mean the date of the first
         issuance of the Debentures regardless of the number of transfers of any
         Debenture and regardless of the number of instruments which may be
         issued to evidence such Debenture.

                  "PERSON" means a corporation, an association, a partnership,
         organization, a business, an individual, a government or political
         subdivision thereof or a governmental agency.

                  "PRINCIPAL MARKET" shall have the meaning set forth in Section
         3(a)(v).

                  "PURCHASE AGREEMENT" means the Securities Purchase Agreement,
         dated as of the Original Issue Date, to which the Company and the
         original Holder are parties, as amended, modified or supplemented from
         time to time in accordance with its terms.

                  "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
         Agreement, dated as of the Original Issue Date, to which the Company
         and the original Holder are parties, as amended, modified or
         supplemented from time to time in accordance with its terms.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended,
         and the rules and regulations promulgated thereunder.

                  "SET PRICE" shall have the meaning set forth in Section
         4(c)(i).

                  "SHAREHOLDER APPROVAL" shall have the meaning set forth in
         Section 4(a)(iii).

                  "TRADING DAY" means (a) a day on which the shares of Common
         Stock are traded on a Principal Market on which the shares of Common
         Stock are then listed or quoted, or (b) if the shares of Common Stock
         are not quoted on a Principal Market, a day on which the shares of
         Common Stock are quoted in the over-the-counter market as reported by
         the National Quotation Bureau Incorporated (or any similar organization
         or agency succeeding its functions of reporting prices); PROVIDED, that
         in the event that the shares of Common Stock are not listed or quoted
         as set forth in (a), (b) and (c) hereof, then Trading Day shall mean a
         Business Day.

                  "TRANSACTION DOCUMENTS" shall have the meaning set forth in
         the Purchase Agreement.

                  "UNDERLYING SHARES" means the shares of Common Stock issuable
         upon conversion of Debentures.

                  "UNDERLYING SHARES REGISTRATION STATEMENT" means a
         registration statement meeting the requirements set forth in the
         Registration Rights Agreement, covering among other things the resale

                                      -19-
<PAGE>

         of the Underlying Shares and naming the Holder as a "selling
         stockholder" thereunder.

      SECTION 7. Except as expressly provided herein, no provision of this
Debenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, and liquidated damages (if any) on,
this Debenture at the time, place, and rate, and in the coin or currency, herein
prescribed. THIS DEBENTURE IS A DIRECT OBLIGATION OF THE COMPANY AND IS SECURED
BY A FIRST PRIORITY SECURITY INTEREST IN ALL OF THE ASSETS OF THE COMPANY AND
ITS SUBSIDIARIES AS SET FORTH IN THOSE CERTAIN SECURITY AGREEMENTS, DATED AS OF
THE CLOSING DATE, AMONG THE ORIGINAL HOLDERS OF THE DEBENTURES AND EACH OF THE
COMPANY AND THE SUBSIDIARIES AND, WITH RESPECT TO VIRAGEN (SCOTLAND) LTD., A
FLOATING CHARGE IN ALL OF THE ASSETS OF VIRAGEN (SCOTLAND) LTD. AS SET FORTH IN
THAT CERTAIN BOND AND FLOATING CHARGE, DATED AS OF JANUARY 31, 2003. This
Debenture ranks PARI PASSU with all other Debentures now or hereafter issued
under the terms set forth herein. As long as there are Debentures outstanding,
the Company shall not and shall cause it subsidiaries not to, without the
consent of the Holders, (a) amend its certificate of incorporation, bylaws or
other charter documents so as to adversely affect any rights of the Holders; (b)
repay, repurchase or offer to repay, repurchase or otherwise acquire shares of
its Common Stock or other equity securities other than as to the Underlying
Shares to the extent permitted or required under the Transaction Documents; or
(c) enter into any agreement with respect to any of the foregoing.

      SECTION 8. If this Debenture shall be mutilated, lost, stolen or
destroyed, the Company shall execute and deliver, in exchange and substitution
for and upon cancellation of a mutilated Debenture, or in lieu of or in
substitution for a lost, stolen or destroyed Debenture, a new Debenture for the
principal amount of this Debenture so mutilated, lost, stolen or destroyed but
only upon receipt of evidence of such loss, theft or destruction of such
Debenture, and of the ownership hereof, and indemnity, if requested, all
reasonably satisfactory to the Company.

      SECTION 9. The Company will not and will not permit any of its
subsidiaries to, directly or indirectly, enter into, create, incur, assume or
suffer to exist any indebtedness of any kind, on or with respect to any of its
property or assets now owned or hereafter acquired or any interest therein or
any income or profits therefrom that is senior in any respect to the Company's
obligations under the Debentures.

      SECTION 10. All questions concerning the construction, validity,
enforcement and interpretation of this Debenture shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof. Each party
agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by any of the Transaction Documents
(whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and
federal courts sitting in the City of New York, Borough of Manhattan (the "NEW
YORK COURTS"). Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of any of the
Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, or such New York Courts are improper or
inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the

                                      -20-
<PAGE>

address in effect for notices to it under this Debenture and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Debenture or the transactions contemplated hereby. If either party shall
commence an action or proceeding to enforce any provisions of this Debenture,
then the prevailing party in such action or proceeding shall be reimbursed by
the other party for its attorneys fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or
proceeding.

      SECTION 11. Any waiver by the Company or the Holder of a breach of any
provision of this Debenture shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision of
this Debenture. The failure of the Company or the Holder to insist upon strict
adherence to any term of this Debenture on one or more occasions shall not be
considered a waiver or deprive that party of the right thereafter to insist upon
strict adherence to that term or any other term of this Debenture. Any waiver
must be in writing.

      SECTION 12. If any provision of this Debenture is invalid, illegal or
unenforceable, the balance of this Debenture shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless
remain applicable to all other persons and circumstances. If it shall be found
that any amount deemed interest due hereunder shall violate applicable laws
governing usury, the applicable rate of interest due hereunder shall
automatically be lowered to equal the maximum permitted rate of interest. The
Company covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law or other law which
would prohibit or forgive the Company from paying all or any portion of the
principal of or deemed interest on the Debentures as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this indenture, and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not, by resort to any such law, hinder,
delay or impeded the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no such law has
been enacted.

      SECTION 13. Whenever any payment or other obligation hereunder shall be
due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day.

                              *********************

                                      -21-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Convertible Debenture
to be duly executed by a duly authorized officer as of the date first above
indicated.

                        VIRAGEN, INC.

                        By:
                            ------------------------------------------------
                            Dennis W. Healey, Executive Vice President & CFO

                                      -22-
<PAGE>

                                     ANNEX A

                              NOTICE OF CONVERSION

The undersigned hereby elects to convert principal of the Convertible Debenture
of Viragen, Inc., (the "Company") due on _______________ __, 2005, into shares
of common stock, $0.01 par value per share (the "Common Stock"), of the Company
according to the conditions hereof, as of the date written below. If shares are
to be issued in the name of a person other than the undersigned, the undersigned
will pay all transfer taxes payable with respect thereto and is delivering
herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any
conversion, except for such transfer taxes, if any.

By the delivery of this Notice of Conversion the undersigned represents and
warrants to the Company that its ownership of the Company's Common Stock does
not exceed the amounts determined in accordance with Section 13(d) of the
Exchange Act, specified under Section 4 of this Debenture.

Conversion calculations:
                              Date to Effect Conversion:

                              Principal Amount of Debentures to be Converted

                              Number of shares of Common Stock to be Issued:

                              Applicable Set Price:

                              Signature:

                              Name:

                              Address:

<PAGE>

                                   SCHEDULE 1

                               CONVERSION SCHEDULE

Convertible Secured Debentures due on _______________ __, 2005, in the aggregate
principal amount of $____________ issued by Viragen, Inc. This Conversion
Schedule reflects conversions made under Section 4 of the above referenced
Debenture.

                                                       Dated:

<TABLE>
<CAPTION>

====================== ====================== ====================== ======================

                                               Aggregate Principal
                                                Amount Remaining
  Date of Conversion                              Subsequent to
 (or for first entry,                              Conversion
 Original Issue Date)  Amount of Conversion       (or original          Company Attest
                                                Principal Amount)
---------------------- ---------------------- ---------------------- ----------------------
---------------------- ---------------------- ---------------------- ----------------------
<S>                      <C>                  <C>                    <C>

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

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

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

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

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

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

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

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

====================== ====================== ====================== ======================
</TABLE><PAGE>
                                                                   EXHIBIT 10.73

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES

                             STOCK PURCHASE WARRANT

                To Purchase __________ Shares of Common Stock of

                                  VIRAGEN, INC.

                  THIS CERTIFIES that, for value received, _________ (the
"HOLDER"), is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after April
16, 2003 (the "INITIAL EXERCISE DATE") and on or prior to the close of business
on the third anniversary of the Initial Exercise Date (the "TERMINATION DATE")
but not thereafter, to subscribe for and purchase from Viragen, Inc., a
corporation incorporated in the State of Delaware (the "COMPANY"), up to
____________ shares (the "WARRANT SHARES") of Common Stock, par value $0.01 per
share, of the Company (the "COMMON STOCK"). The purchase price of one share of
Common Stock (the "EXERCISE PRICE") under this Warrant shall be $0.0625, subject
to adjustment hereunder. The Exercise Price and the number of Warrant Shares for
which the Warrant is exercisable shall be subject to adjustment as provided
herein. CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE
MEANINGS SET FORTH IN THAT CERTAIN SECURITIES PURCHASE AGREEMENT (THE "PURCHASE
AGREEMENT"), AS AMENDED, DATED APRIL 16, 2003, BETWEEN THE COMPANY AND THE
INVESTORS SIGNATORY THERETO.

<PAGE>

         1. TITLE TO WARRANT. Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
Holder in person or by duly authorized attorney, upon surrender of this Warrant
together with the Assignment Form annexed hereto properly endorsed.

         2. AUTHORIZATION OF SHARES. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such
issue).

         3. EXERCISE OF WARRANT.

                  (a) Exercise of the purchase rights represented by this
Warrant may be made at any time or times on or after the Initial Exercise Date
and on or before the Termination Date by delivery to the Company of a duly
executed facsimile copy of the Notice of Exercise Form annexed hereto (or such
other office or agency of the Company as it may designate by notice in writing
to the registered Holder at the address of such Holder appearing on the books of
the Company); PROVIDED, HOWEVER, within 5 Trading Days of the date said Notice
of Exercise is delivered to the Company, the Holder shall have surrendered this
Warrant to the Company and the Company shall have received payment of the
aggregate Exercise Price of the shares thereby purchased by wire transfer or
cashier's check drawn on a United States bank. Certificates for shares purchased
hereunder shall be delivered to the Holder within the earlier of (i) 5 Trading
Days after the date on which the Notice of Exercise shall have been delivered by
facsimile copy or (ii) 3 Trading Days from the delivery to the Company of the
Notice of Exercise Form by facsimile copy, surrender of this Warrant and payment
of the aggregate Exercise Price as set forth above ("WARRANT SHARE DELIVERY
DATE"); PROVIDED, HOWEVER, in the event the Warrant is not surrendered or the
aggregate Exercise Price is not received by the Company within 5 Trading Days
after the date on which the Notice of Exercise shall be delivered by facsimile
copy, the Warrant Share Delivery Date shall be extended to the extent such 5
Trading Day period is exceeded. This Warrant shall be deemed to have been
exercised on the date the Notice of Exercise is delivered to the Company by
facsimile copy. The Warrant Shares shall be deemed to have been issued, and
Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date
the Warrant has been exercised by payment to the Company of the Exercise Price
and all taxes required to be paid by the Holder, if any, pursuant to Section 5
prior to the issuance of such shares, have been paid. If the Company fails to
deliver to the Holder a certificate or certificates representing the Warrant
Shares pursuant to this Section 3(a) by the Warrant Share Delivery Date, then
the Holder will have the right to rescind such exercise. In addition to any
other rights available to the Holder, if the Company fails to deliver to the
Holder a certificate or certificates representing the Warrant Shares pursuant to
an exercise by the second Trading Day after the Warrant Share Delivery Date, and

                                      -2-
<PAGE>

if after such Trading Day the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a "BUY-IN"), then the Company shall (1) pay in cash to the Holder the
amount by which (x) the Holder's total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased exceeds (y) the
amount obtained by multiplying (A) the number of Warrant Shares that the Company
was required to deliver to the Holder in connection with the exercise at issue
times (B) the closing bid price of the Common Stock at the time of the
obligation giving rise to such purchase obligation, and (2) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of
Warrant Shares for which such exercise was not honored or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For
example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of
Common Stock with a closing bid price on the date of exercise totaled $10,000,
under clause (1) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In.
Nothing herein shall limit a Holder's right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief with respect to the
Company's failure to timely deliver certificates representing shares of Common
Stock upon exercise of the Warrant as required pursuant to the terms hereof.

                  (b) If this Warrant shall have been exercised in part, the
Company shall, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

                  (c) Notwithstanding anything herein to the contrary, in no
event shall the Holder be permitted to exercise this Warrant for Warrant Shares
to the extent that (i) the number of shares of Common Stock beneficially owned
by such Holder (other than Warrant Shares issuable upon exercise of this
Warrant) plus (ii) the number of Warrant Shares issuable upon exercise of this
Warrant, would be equal to or exceed 4.9999% of the number of shares of Common
Stock then issued and outstanding, including shares issuable upon exercise of
this Warrant held by such Holder after application of this Section 3(c). As used
herein, beneficial ownership shall be determined in accordance with Section
13(d) of the Exchange Act. To the extent that the limitation contained in this
Section 3(c) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder) and of which a portion of
this Warrant is exercisable shall be in the sole discretion of such Holder, and
the submission of a Notice of Exercise shall be deemed to be such Holder's

                                      -3-
<PAGE>

determination of whether this Warrant is exercisable (in relation to other
securities owned by such Holder) and of which portion of this Warrant is
exercisable, in each case subject to such aggregate percentage limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such
determination. Nothing contained herein shall be deemed to restrict the right of
a Holder to exercise this Warrant into Warrant Shares at such time as such
exercise will not violate the provisions of this Section 3(c). The provisions of
this Section 3(c) may be waived by the Holder upon, at the election of the
Holder, not less than 61 days' prior notice to the Company, and the provisions
of this Section 3(c) shall continue to apply until such 61st day (or such later
date, as determined by the Holder, as may be specified in such notice of
waiver). No exercise of this Warrant in violation of this Section 3(c) but
otherwise in accordance with this Warrant shall affect the status of the Warrant
Shares as validly issued, fully-paid and nonassessable.

                  (d) If after one year if there is no effective Registration
Statement registering the Warrant Shares, this Warrant may also be exercised by
means of a "cashless exercise" in which the Holder shall be entitled to receive
a certificate for the number of Warrant Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where:

                  (A) =  the average of the high and low trading prices per
                         share of Common Stock on the Trading Day preceding the
                         date of such election;

                  (B) =  the Exercise Price of the Warrants; and

                  (X) =  the number of Warrant Shares issuable upon exercise
                         of the Warrants in accordance with the terms of this
                         Warrant.

                  (e) Until the Company obtains Shareholder Approval (as defined
in Section 4.16 of the Purchase Agreement), the Holder's right to exercise this
Warrant shall be limited to the extent such exercise causes the issuance to
exceed such Holder's (or its predecessor's) pro-rata portion of the Issuable
Maximum (as defined in Section 4(a)(iii) of the Debenture). The Termination Date
shall be extended for a number of Trading Days equal to the number of days the
exercise of this Warrant is prohibited hereunder.

                                      -4-
<PAGE>

         4. NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

         5. CHARGES, TAXES AND EXPENSES. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; PROVIDED, HOWEVER, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

         6. CLOSING OF BOOKS. The Company will not close its stockholder books
or records in any manner which prevents the timely exercise of this Warrant.

         7. TRANSFER, DIVISION AND COMBINATION.

                  (a) Subject to compliance with any applicable securities laws,
transfer of this Warrant and all rights hereunder, in whole or in part, shall be
registered on the books of the Company to be maintained for such purpose, upon
surrender of this Warrant at the principal office of the Company, together with
a written assignment of this Warrant substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay
any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new
Warrant or Warrants in the name of the assignee or assignees and in the
denomination or denominations specified in such instrument of assignment, and
shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if
properly assigned, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

                  (b) This Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 7(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver
a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice.

                  (c) The Company shall prepare, issue and deliver at its own
expense (other than transfer taxes) the new Warrant or Warrants under this
Section 7.

                                      -5-
<PAGE>

                  (d) The Company agrees to maintain, at its aforesaid office,
books for the registration and the registration of transfer of the Warrants.

         8. NO RIGHTS AS SHAREHOLDER UNTIL EXERCISE. Upon the surrender of this
Warrant and the payment of the aggregate Exercise Price (or by means of a
cashless exercise), the Warrant Shares so purchased shall be and be deemed to be
issued to such Holder as the record owner of such shares as of the close of
business on the later of the date of such surrender or payment. This Warrant
does not entitle the Holder to any voting rights or other rights as a
shareholder of the Company prior to such date.

         9. LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

         10. SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or appointed day for
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

         11. ADJUSTMENTS OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.

                  (a) STOCK SPLITS, ETC. The number and kind of securities
purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the happening of any of the
following. In case the Company shall (i) pay a dividend in shares of Common
Stock or make a distribution in shares of Common Stock to holders of its
outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the Holder shall be entitled to receive the
kind and number of Warrant Shares or other securities of the Company which it
would have owned or have been entitled to receive had such Warrant been
exercised in advance thereof. Upon each such adjustment of the kind and number
of Warrant Shares or other securities of the Company which are purchasable
hereunder, the Holder shall thereafter be entitled to purchase the number of
Warrant Shares or other securities resulting from such adjustment at an Exercise
Price per Warrant Share or other security obtained by multiplying the Exercise
Price in effect immediately prior to such adjustment by the number of Warrant
Shares purchasable pursuant hereto immediately prior to such adjustment and
dividing by the number of Warrant Shares or other securities of the Company
resulting from such adjustment. An adjustment made pursuant to this paragraph
shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event.

                                      -6-
<PAGE>

                  (b) ANTI-DILUTION PROVISIONS. During the Exercise Period, the
Exercise Price and the number of Warrant Shares issuable hereunder and for which
this Warrant is then exercisable pursuant to Section 1 hereof shall be subject
to adjustment from time to time as provided in this Section 11(b). In the event
that any adjustment of the Exercise Price as required herein results in a
fraction of a cent, such Exercise Price shall be rounded up or down to the
nearest cent.

                           (i) ADJUSTMENT OF EXERCISE PRICE. If and whenever the
                  Company issues or sells, or in accordance with Section 8(b)
                  hereof is deemed to have issued or sold, any shares of Common
                  Stock for a consideration per share of less than the then the
                  Exercise Price or for no consideration (such lower price, the
                  "BASE SHARE PRICE" and such issuances collectively, a
                  "DILUTIVE ISSUANCE"), then, the Exercise Price shall be
                  reduced to equal the Base Share Price, PROVIDED, that for
                  purposes hereof, all shares of Common Stock that are issuable
                  upon conversion, exercise or exchange of Capital Share
                  Equivalents shall be deemed outstanding immediately after the
                  issuance of such Common Stock. Such adjustment shall be made
                  whenever such shares of Common Stock or Capital Share
                  Equivalents are issued.

                           (ii) EFFECT ON EXERCISE PRICE OF CERTAIN EVENTS. For
                  purposes of determining the adjusted Exercise Price under
                  Section 11(b) hereof, the following will be applicable:

                                             (A) ISSUANCE OF RIGHTS OR OPTIONS.
                               If the Company in any manner issues or grants any
                           warrants, rights or options, whether or not
                           immediately exercisable, to subscribe for or to
                           purchase Common Stock or other securities
                           exercisable, convertible into or exchangeable for
                           Common Stock ("CONVERTIBLE SECURITIES") (such
                           warrants, rights and options to purchase Common Stock
                           or Convertible Securities are hereinafter referred to
                           as "OPTIONS") and the price per share for which
                           Common Stock is issuable upon the exercise of such
                           Options is less than the Exercise Price ("BELOW BASE
                           PRICE OPTIONS"), then the maximum total number of
                           shares of Common Stock issuable upon the exercise of
                           all such Below Base Price Options (assuming full
                           exercise, conversion or exchange of Convertible
                           Securities, if applicable) will, as of the date of
                           the issuance or grant of such Below Base Price
                           Options, be deemed to be outstanding and to have been
                           issued and sold by the Company for such price per
                           share. For purposes of the preceding sentence, the
                           "price per share for which Common Stock is issuable
                           upon the exercise of such Below Base Price Options"
                           is determined by dividing (i) the total amount, if
                           any, received or receivable by the Company as
                           consideration for the issuance or granting of all
                           such Below Base Price Options, plus the minimum
                           aggregate amount of additional consideration, if any,
                           payable to the Company upon the exercise of all such

                                      -7-
<PAGE>

                           Below Base Price Options, plus, in the case of
                           Convertible Securities issuable upon the exercise of
                           such Below Base Price Options, the minimum aggregate
                           amount of additional consideration payable upon the
                           exercise, conversion or exchange thereof at the time
                           such Convertible Securities first become exercisable,
                           convertible or exchangeable, by (ii) the maximum
                           total number of shares of Common Stock issuable upon
                           the exercise of all such Below Base Price Options
                           (assuming full conversion of Convertible Securities,
                           if applicable). No further adjustment to the Exercise
                           Price will be made upon the actual issuance of such
                           Common Stock upon the exercise of such Below Base
                           Price Options or upon the exercise, conversion or
                           exchange of Convertible Securities issuable upon
                           exercise of such Below Base Price Options.

                                            (B) ISSUANCE OF CONVERTIBLE
                           SECURITIES. If the Company in any manner issues or
                           sells any Convertible Securities, whether or not
                           immediately convertible (other than where the same
                           are issuable upon the exercise of Options) and the
                           price per share for which Common Stock is issuable
                           upon such exercise, conversion or exchange is less
                           than the Exercise Price, then the maximum total
                           number of shares of Common Stock issuable upon the
                           exercise, conversion or exchange of all such
                           Convertible Securities will, as of the date of the
                           issuance of such Convertible Securities, be deemed to
                           be outstanding and to have been issued and sold by
                           the Company for such price per share. For the
                           purposes of the preceding sentence, the "price per
                           share for which Common Stock is issuable upon such
                           exercise, conversion or exchange" is determined by
                           dividing (i) the total amount, if any, received or
                           receivable by the Company as consideration for the
                           issuance or sale of all such Convertible Securities,
                           plus the minimum aggregate amount of additional
                           consideration, if any, payable to the Company upon
                           the exercise, conversion or exchange thereof at the
                           time such Convertible Securities first become
                           exercisable, convertible or exchangeable, by (ii) the
                           maximum total number of shares of Common Stock
                           issuable upon the exercise, conversion or exchange of
                           all such Convertible Securities. No further
                           adjustment to the Exercise Price will be made upon
                           the actual issuance of such Common Stock upon
                           exercise, conversion or exchange of such Convertible
                           Securities.

                                            (C) CHANGE IN OPTION PRICE OR
                           CONVERSION RATE. If there is a change at any time in
                           (i) the amount of additional consideration payable to
                           the Company upon the exercise of any Options; (ii)
                           the amount of additional consideration, if any,
                           payable to the Company upon the exercise, conversion
                           or exchange of any Convertible Securities; or (iii)
                           the rate at which any Convertible Securities are
                           convertible into or exchangeable for Common Stock (in
                           each such case, other than under or by reason of
                           provisions designed to protect against dilution), the
                           Exercise Price in effect at the time of such change
                           will be readjusted to the Exercise Price which would
                           have been in effect at such time had such Options or
                           Convertible Securities still outstanding provided for
                           such changed additional consideration or changed
                           conversion rate, as the case may be, at the time
                           initially granted, issued or sold.

                                      -8-
<PAGE>

                                            (D) CALCULATION OF CONSIDERATION
                           RECEIVED. If any Common Stock, Options or Convertible
                           Securities are issued, granted or sold for cash, the
                           consideration received therefor for purposes of this
                           Warrant will be the amount received by the Company
                           therefor, before deduction of reasonable commissions,
                           underwriting discounts or allowances or other
                           reasonable expenses paid or incurred by the Company
                           in connection with such issuance, grant or sale. In
                           case any Common Stock, Options or Convertible
                           Securities are issued or sold for a consideration
                           part or all of which shall be other than cash, the
                           amount of the consideration other than cash received
                           by the Company will be the fair market value of such
                           consideration, except where such consideration
                           consists of securities, in which case the amount of
                           consideration received by the Company will be the
                           fair market value (average of the closing bid and ask
                           price, if traded on any market) thereof as of the
                           date of receipt. In case any Common Stock, Options or
                           Convertible Securities are issued in connection with
                           any merger or consolidation in which the Company is
                           the surviving corporation, the amount of
                           consideration therefor will be deemed to be the fair
                           market value of such portion of the net assets and
                           business of the non-surviving corporation as is
                           attributable to such Common Stock, Options or
                           Convertible Securities, as the case may be. The fair
                           market value of any consideration other than cash or
                           securities will be determined in good faith by an
                           investment banker or other appropriate expert of
                           national reputation selected by the Company and
                           reasonably acceptable to the holder hereof, with the
                           costs of such appraisal to be borne by the Company.

                                            (E) EXCEPTIONS TO ADJUSTMENT OF
                           EXERCISE PRICE. No adjustment to the Exercise Price
                           will be made upon the grant or exercise of any
                           Convertible Securities which may hereafter be granted
                           or exercised under any employee benefit plan of the
                           Company now existing or to be implemented in the
                           future, so long as the issuance of such Convertible
                           Securities is approved by a majority of the
                           non-employee members of the Board of Directors of the
                           Company or a majority of the members of a committee
                           of non-employee directors established for such
                           purpose.

                           (iii) MINIMUM ADJUSTMENT OF EXERCISE PRICE. No
                  adjustment of the Exercise Price shall be made in an amount of
                  less than 1% of the Exercise Price in effect at the time such
                  adjustment is otherwise required to be made, but any such
                  lesser adjustment shall be carried forward and shall be made
                  at the time and together with the next subsequent adjustment
                  which, together with any adjustments so carried forward, shall
                  amount to not less than 1% of such Exercise Price.

         12. REORGANIZATION, RECLASSIFICATION, MERGER, CONSOLIDATION OR
DISPOSITION OF ASSETS. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there

                                      -9-
<PAGE>

is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("OTHER
PROPERTY"), are to be received by or distributed to the holders of Common Stock
of the Company, then the Holder shall have the right thereafter to receive, at
their option, (a) upon exercise of this Warrant, the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and Other Property receivable upon or as a result of such
reorganization, reclassification, merger, consolidation or disposition of assets
by a Holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event, or (b) only if the Company is not
the surviving corporation and the Closing Bid Price immediately prior to such
event is less than 110% of the Exercise Price, cash equal to the value of this
Warrant as determined in accordance with the Black-Sholes option pricing formula
which amount shall in no event exceed 150% of the product of the Exercise Price
and the number of Warrant Shares issuable hereunder. In case of any such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of Warrant Shares for which this Warrant is exercisable which shall
be as nearly equivalent as practicable to the adjustments provided for in this
Section 12. For purposes of this Section 12, "common stock of the successor or
acquiring corporation" shall include stock of such corporation of any class
which is not preferred as to dividends or assets over any other class of stock
of such corporation and which is not subject to redemption and shall also
include any evidences of indebtedness, shares of stock or other securities which
are convertible into or exchangeable for any such stock, either immediately or
upon the arrival of a specified date or the happening of a specified event and
any warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 12 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

         13. VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

         14. NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall promptly mail by registered or certified mail, return receipt requested,
to the Holder notice of such adjustment or adjustments setting forth the number
of Warrant Shares (and other securities or property) purchasable upon the
exercise of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief

                                      -10-
<PAGE>

statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made. Such notice, in the absence of
manifest error, shall be conclusive evidence of the correctness of such
adjustment.

         15. NOTICE OF CORPORATE ACTION. If at any time:

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

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

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

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 20
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with Section 17(d).

         16. AUTHORIZED SHARES. The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Principal Market
upon which the Common Stock may be listed.

                                      -11-
<PAGE>

                  The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any Warrant Shares
above the amount payable therefor upon such exercise immediately prior to such
increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

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

         17. MISCELLANEOUS.

                  (a) JURISDICTION. This Warrant shall constitute a contract
         under the laws of New York, without regard to its conflict of law,
         principles or rules.

                  (b) RESTRICTIONS. The Holder acknowledges that the Warrant
         Shares acquired upon the exercise of this Warrant, if not registered,
         will have restrictions upon resale imposed by state and federal
         securities laws.

                  (c) NONWAIVER AND EXPENSES. No course of dealing or any delay
         or failure to exercise any right hereunder on the part of Holder shall
         operate as a waiver of such right or otherwise prejudice Holder's
         rights, powers or remedies, notwithstanding all rights hereunder
         terminate on the Termination Date. If the Company willfully and
         knowingly fails to comply with any provision of this Warrant, which
         results in any material damages to the Holder, the Company shall pay to
         Holder such amounts as shall be sufficient to cover any costs and
         expenses including, but not limited to, reasonable attorneys' fees,
         including those of appellate proceedings, incurred by Holder in
         collecting any amounts due pursuant hereto or in otherwise enforcing
         any of its rights, powers or remedies hereunder.

                  (d) NOTICES. Any notice, request or other document required or
         permitted to be given or delivered to the Holder by the Company shall
         be delivered in accordance with the notice provisions of the Purchase
         Agreement.

                  (e) LIMITATION OF LIABILITY. No provision hereof, in the
         absence of affirmative action by Holder to purchase Warrant Shares, and
         no enumeration herein of the rights or privileges of Holder, shall give
         rise to any

                                      -12-
<PAGE>
         liability of Holder for the purchase price of any Common Stock or as a
         stockholder of the Company, whether such liability is asserted by the
         Company or by creditors of the Company.

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

                  (g) SUCCESSORS AND ASSIGNS. Subject to applicable securities
         laws, this Warrant and the rights and obligations evidenced hereby
         shall inure to the benefit of and be binding upon the successors of the
         Company and the successors and permitted assigns of Holder. The
         provisions of this Warrant are intended to be for the benefit of all
         Holders from time to time of this Warrant and shall be enforceable by
         any such Holder or holder of Warrant Shares.

                  (h) AMENDMENT. This Warrant may be modified or amended or the
         provisions hereof waived with the written consent of the Company and
         the Holder.

                  (i) SEVERABILITY. Wherever possible, each provision of this
         Warrant shall be interpreted in such manner as to be effective and
         valid under applicable law, but if any provision of this Warrant shall
         be prohibited by or invalid under applicable law, such provision shall
         be ineffective to the extent of such prohibition or invalidity, without
         invalidating the remainder of such provisions or the remaining
         provisions of this Warrant.

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

                              ********************

                                      -13-
<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated:  April __, 2003
                                             VIRAGEN, INC.

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

                                      -14-
<PAGE>

                               NOTICE OF EXERCISE

To:      Viragen, Inc.

         (1) The undersigned hereby elects to purchase ________ Warrant Shares
of Viragen, Inc. pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

         (2) Payment shall take the form of (check applicable box):

                  [ ] in lawful money of the United States; or

                  [ ] the cancellation of such number of Warrant Shares as is
                  necessary, in accordance with the formula set forth in
                  subsection 3(d), to exercise this Warrant with respect to the
                  maximum number of Warrant Shares purchasable pursuant to the
                  cashless exercise procedure set forth in subsection 3(d).

         (3) Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

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

The Warrant Shares shall be delivered to the following:

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

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

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

         (4) ACCREDITED INVESTOR. The undersigned is an "accredited investor" as
defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

                                          [PURCHASER]

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

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

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

         FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

                                              Dated:  ______________, _______

                           Holder's Signature: __________________________

                           Holder's Address:_____________________________

                                            _____________________________

Signature Guaranteed:  ___________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]