Document:

EXHIBIT  10.8.  COMMITMENT  WARRANT  TO  PURCHASE  OUR  COMMON  STOCK  ISSUED IN
CONNECTION WITH INVESTMENT AGREEMENT BETWEEN US AND SWARTZ

THIS WARRANT AND THE  SECURITIES  ISSUABLE  UPON  EXERCISE  HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"),
OR ANY  STATE  SECURITIES  LAW,  AND  MAY  NOT BE  SOLD,  TRANSFERRED,  PLEDGED,
HYPOTHECATED  OR OTHERWISE  DISPOSED OF OR EXERCISED  UNLESS (i) A  REGISTRATION
STATEMENT  UNDER THE SECURITIES ACT AND APPLICABLE  STATE  SECURITIES LAWS SHALL
HAVE  BECOME   EFFECTIVE  WITH  REGARD  THERETO,   OR  (ii)  AN  EXEMPTION  FROM
REGISTRATION  UNDER THE SECURITIES ACT AND APPLICABLE  STATE  SECURITIES LAWS IS
AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

AN INVESTMENT IN THESE SECURITIES  INVOLVES A HIGH DEGREE OF RISK.  HOLDERS MUST
RELY ON THEIR  OWN  ANALYSIS  OF THE  INVESTMENT  AND  ASSESSMENT  OF THE  RISKS
INVOLVED.

Warrant to Purchase
2,400,000 shares                                              Warrant No.: W-5

                        Warrant to Purchase Common Stock
                                       of
                                COSMOZ.COM, INC.

         THIS CERTIFIES that Swartz Private Equity, LLC or any subsequent holder
hereof pursuant to Section 8 hereof  ("Holder"),  has the right to purchase from
COSMOZ.COM,  INC., a Delaware corporation (the "Company"), up to 2,400,000 fully
paid and nonassessable shares of the Company's common stock, $.001 par value per
share ("Common  Stock"),  subject to adjustment as provided  herein,  at a price
equal to the Exercise Price as defined in Section 3 below, at any time beginning
on the Date of Issuance  (defined  below) and ending at 5:00 p.m., New York, New
York  time the date  that is five (5)  years  after  the Date of  Issuance  (the
"Exercise Period").

         Holder  agrees with the Company  that this  Warrant to Purchase  Common
Stock of the Company(this "Warrant") is issued and all rights hereunder shall be
held subject to all of the  conditions,  limitations  and  provisions  set forth
herein.

         1.       Date of Issuance and Term.

         This  Warrant  shall be deemed  to be  issued on May 5, 2000  ("Date of
Issuance").  The  term of this  Warrant  is five  (5)  years  from  the  Date of
Issuance.

         Of  this  Warrant  to  purchase  two  million  four  hundred   thousand
(2,400,000) shares of Common Stock of the Company, the Warrant is exercisable as
to one million two hundred  thousand  (1,200,000)  shares of Common Stock of the
Company after the ten (10) business day document review period,  as the same may
be extended by mutual  consent,  in writing,  of the Company and the Holder (the
"Review  Period")  referenced in the Equity Line Letter of Agreement dated on or
about April 27, 2000, between Holder and Company (the "Letter of Agreement") has
ended,  and shall be further  exercisable  as to the  remaining  one million two
hundred  thousand  (1,200,000)  shares of Common  Stock of the Company  upon the
earlier of (i) the date of  effectiveness  of Company's  registration  statement
(the "Registration Statement") to be filed pursuant to the Closing Documents (as
defined in the Letter of Agreement), or (ii) October 27, 2000.

                  Anything in this Warrant to the contrary  notwithstanding,  if
the Company delivers  written notice to Swartz Private Equity,  LLC prior to the
expiration of the Review Period that the legal  documents for the underlying $20
million  equity line  transaction  are  unacceptable  and the Company  wishes to
terminate the transaction (a "Company Termination Notice"),  Holder shall return
this Warrant to the Company and all of Holder's  rights under this Warrant shall
be null  and  void and of no  effect,  provided  that,  if the  Company  has not
delivered a Company  Termination Notice to Swartz Private Equity,  LLC, prior to
the expiration of the Review Period, ownership of this Warrant shall irrevocably
vest to the  Holder,  regardless  of  whether  a Company  Termination  Notice is
delivered anytime thereafter.

                                       87
<PAGE>

         2.       Exercise.

         (a) Manner of Exercise. During the Exercise Period, this Warrant may be
exercised as to all or any lesser  number of full shares of Common Stock covered
hereby (the "Warrant Shares") upon surrender of this Warrant,  with the Exercise
Form  attached  hereto as Exhibit A (the  "Exercise  Form") duly  completed  and
executed,  together  with the full  Exercise  Price (as defined  below) for each
share of Common  Stock as to which this Warrant is  exercised,  at the office of
the Company, Attention:  Wilfred Shaw, Cosmoz.com, Inc., 1515 S. El Camino Road,
Suite 100, San Mateo,  CA 94402;  Telephone:  (650) 358-1188,  Facsimile:  (650)
358-0188,  or at such other  office or agency as the  Company may  designate  in
writing,  by overnight  mail,  with an advance copy of the Exercise Form sent to
the Company and its Transfer Agent by facsimile  (such  surrender and payment of
the Exercise Price hereinafter called the "Exercise of this Warrant").

         (b) Date of Exercise.  The "Date of  Exercise" of the Warrant  shall be
defined as the date that the advance copy of the completed and executed Exercise
Form is sent by facsimile to the Company, provided that the original Warrant and
Exercise  Form are  received by the Company as soon as  practicable  thereafter.
Alternatively,  the Date of Exercise  shall be defined as the date the  original
Exercise Form is received by the Company,  if Holder has not sent advance notice
by facsimile.

         (c)  Cancellation  of Warrant.  This Warrant shall be canceled upon the
Exercise of this Warrant,  and, as soon as practical after the Date of Exercise,
Holder  shall be  entitled  to  receive  Common  Stock for the  number of shares
purchased  upon  such  Exercise  of this  Warrant,  and if this  Warrant  is not
exercised in full, Holder shall be entitled to receive a new Warrant (containing
terms identical to this Warrant)  representing  any unexercised  portion of this
Warrant in addition to such Common Stock.

         (d) Holder of Record.  Each person in whose name any Warrant for shares
of Common Stock is issued shall, for all purposes, be deemed to be the Holder of
record of such shares on the Date of Exercise of this Warrant,  irrespective  of
the date of delivery of the Common  Stock  purchased  upon the  Exercise of this
Warrant.  Nothing in this Warrant shall be construed as  conferring  upon Holder
any rights as a stockholder of the Company.

         3.       Payment of Warrant Exercise Price.

         The Exercise Price per share ("Exercise  Price") shall initially be set
as follows  (the  "Initial  Exercise  Price"):  For the first  1,200,000  shares
exercised,  the initial  exercise price shall equal the lesser of (i) the lowest
Closing Price (as defined  below) for the 5 trading days  immediately  preceding
April 27,  2000,  which is $0.78,  or (ii) the  lowest  Closing  Price for the 5
trading days prior to the date of execution of all Closing Documents (as defined
in the Letter of Agreement)  by Swartz  Private  Equity,  LLC. For the remaining
1,200,000 shares exercised, the initial exercise price shall equal the lesser of
(i)  the  lowest  Closing  Price  for 5  trading  days  prior  to  the  date  of
effectiveness  of the Registration  Statement,  or (ii) the lowest closing price
for 5 trading days prior to October 27, 2000. . If the lowest  Closing  Price of
the Company's Common Stock for the five (5) trading days  immediately  preceding
the date, if any,  that the Company and Swartz  Private  Equity,  LLC enter into
Closing  Documents  pursuant to the Letter of  Agreement  (the  "Closing  Market
Price") is less than the Initial Exercise Price, the Exercise Price with respect
to all  unexercised  shares of this warrant  shall be reset to equal the Closing
Market Price,  or, if the Date of Exercise is more than six (6) months after the
Date of Issuance,  the Exercise Price with respect to all unexercised  shares of
this warrant  shall be reset to equal the lesser of (i) the Exercise  Price then
in effect,  or (ii) the "Lowest Reset Price," as that term is defined below. The
Company shall  calculate a "Reset Price" on each six-month  anniversary  date of
the Date of Issuance which shall equal one hundred  percent (100%) of the lowest
Closing Price of the Company's Common Stock for the five (5) trading days ending
on such six-month  anniversary  date of the Date of Issuance.  The "Lowest Reset
Price"  shall  equal  the  lowest  Reset  Price   determined  on  any  six-month
anniversary date of the Date of Issuance preceding the Date of Exercise,  taking
into account, as appropriate, any adjustments made pursuant to Section 5 hereof.

                                       88
<PAGE>

         Payment of the Exercise  Price may be made by either of the  following,
or a combination thereof, at the election of Holder:

         (i) Cash Exercise: cash, bank or cashiers check or wire transfer; or

         (ii) Cashless  Exercise:  The Holder, at its option,  may exercise this
Warrant in a cashless  exercise  transaction  under this  subsection (ii) if and
only  if,  on the Date of  Exercise,  there  is not  then in  effect  a  current
registration  statement  that covers the resale of the shares of Common Stock to
be  issued  upon  exercise  of this  Warrant  . In  order to  effect a  Cashless
Exercise, the Holder shall surrender this Warrant at the principal office of the
Company  together with notice of cashless  election,  in which event the Company
shall  issue  Holder a number  of  shares of  Common  Stock  computed  using the
following formula:

                                  X = Y (A-B)/A

where:   X = the number of shares of Common Stock to be issued to Holder.

         Y = the  number of shares of Common  Stock for which  this  Warrant  is
being exercised.

A = the  Market  Price of one (1) share of Common  Stock (for  purposes  of this
Section 3(ii),  the "Market Price" shall be defined as the average Closing Price
of the Common  Stock for the five (5) trading days prior to the Date of Exercise
of this  Warrant  (the  "Average  Closing  Price"),  as  reported  by the O.T.C.
Bulletin Board,  National  Association of Securities Dealers Automated Quotation
System  ("Nasdaq") Small Cap Market, or if the Common Stock is not traded on the
Nasdaq Small Cap Market, the Average Closing Price in any other over-the-counter
market;  provided,  however,  that if the  Common  Stock  is  listed  on a stock
exchange,  the Market Price shall be the Average  Closing Price on such exchange
for the five (5) trading days prior to the date of exercise of the Warrants.  If
the Common Stock is/was not traded during the five (5) trading days prior to the
Date of Exercise,  then the closing price for the last publicly traded day shall
be deemed to be the closing  price for any and all (if  applicable)  days during
such five (5) trading day period.

                  B = the Exercise Price.

         For purposes  hereof,  the term "Closing  Price" shall mean the closing
price on the Nasdaq Small Cap Market,  the National Market System  ("NMS"),  the
New York Stock Exchange, or the O.T.C. Bulletin Board, or if no longer traded on
the Nasdaq Small Cap Market,  the National Market System  ("NMS"),  the New York
Stock Exchange,  or the O.T.C.  Bulletin Board,  the "Closing Price" shall equal
the  closing  price  on  the  principal  national  securities  exchange  or  the
over-the-counter  system on which the  Common  Stock is so  traded  and,  if not
available,  the  mean of the  high  and low  prices  on the  principal  national
securities exchange on which the Common Stock is so traded.

         For  purposes of Rule 144 and  sub-section  (d)(3)(ii)  thereof,  it is
intended,  understood  and  acknowledged  that the Common  Stock  issuable  upon
exercise of this Warrant in a cashless  exercise  transaction shall be deemed to
have  been  acquired  at the time  this  Warrant  was  issued.  Moreover,  it is
intended,  understood  and  acknowledged  that the holding period for the Common
Stock issuable upon exercise of this Warrant in a cashless exercise  transaction
shall be deemed to have commenced on the date this Warrant was issued.

         4.       Transfer and Registration.

         (a) Transfer  Rights.  Subject to the  provisions  of Section 8 of this
Warrant,  this Warrant may be transferred on the books of the Company,  in whole
or in part, in person or by attorney,  upon  surrender of this Warrant  properly
completed and endorsed.  This Warrant shall be canceled upon such surrender and,
as soon as  practicable  thereafter,  the person to whom such  transfer  is made
shall be entitled to receive a new Warrant or Warrants as to the portion of this
Warrant transferred, and Holder shall be entitled to receive a new Warrant as to
the portion hereof retained.

                                       89
<PAGE>

         (b)  Registrable  Securities.  In  addition  to any other  registration
rights of the Holder, if the Common Stock issuable upon exercise of this Warrant
is not  registered  for  resale at the time the  Company  proposes  to  register
(including  for  this  purpose  a  registration  effected  by  the  Company  for
stockholders  other  than the  Holders)  any of its Common  Stock  under the Act
(other  than a  registration  relating  solely  for the  sale of  securities  to
participants  in a Company stock plan or a registration  on Form S?4 promulgated
under the Act or any successor or similar form registering stock issuable upon a
reclassification,   upon  a  business  combination   involving  an  exchange  of
securities  or upon an exchange  offer for  securities  of the issuer or another
entity)(a  "Piggyback  Registration  Statement"),  the Company shall cause to be
included in such Piggyback Registration Statement ("Piggyback Registration") all
of the Common Stock  issuable  upon the  exercise of this Warrant  ("Registrable
Securities")  to the extent such  inclusion  does not  violate the  registration
rights of any other  securityholder  of the  Company  granted  prior to the date
hereof.  Nothing herein shall prevent the Company from withdrawing or abandoning
the Piggyback Registration Statement prior to its effectiveness.

         (c)   Limitation  on   Obligations   to  Register   under  a  Piggyback
Registration.   In  the  case  of  a  Piggyback   Registration  pursuant  to  an
underwritten  public  offering  by  the  Company,  if the  managing  underwriter
determines  and  advises  in  writing  that the  inclusion  in the  registration
statement of all Registrable  Securities proposed to be included would interfere
with the successful marketing of the securities proposed to be registered by the
Company,  then the number of such  Registrable  Securities to be included in the
Piggyback Registration  Statement, to the extent such Registrable Securities may
be included in such Piggyback Registration  Statement,  shall be allocated among
all  Holders  who had  requested  Piggyback  Registration  pursuant to the terms
hereof,  in the proportion that the number of Registrable  Securities which each
such  Holder  seeks  to  register  bears  to the  total  number  of  Registrable
Securities  sought to be included by all  Holders.  If required by the  managing
underwriter of such an  underwritten  public  offering,  the Holders shall enter
into a reasonable agreement limiting the number of Registrable  Securities to be
included  in  such  Piggyback  Registration  Statement  and the  terms,  if any,
regarding the future sale of such Registrable Securities.

         5.       Anti-Dilution Adjustments.

         (a) Stock Dividend. If the Company shall at any time declare a dividend
payable in shares of Common  Stock,  then Holder,  upon Exercise of this Warrant
after the record date for the  determination of holders of Common Stock entitled
to receive such  dividend,  shall be entitled to receive  upon  Exercise of this
Warrant,  in addition  to the number of shares of Common  Stock as to which this
Warrant is  exercised,  such  additional  shares of Common  Stock as such Holder
would have received had this Warrant been  exercised  immediately  prior to such
record date and the Exercise Price will be proportionately adjusted.

         (b)      Recapitalization or Reclassification.

(i) Stock  Split.  If the Company  shall at any time effect a  recapitalization,
reclassification  or other similar transaction of such character that the shares
of Common Stock shall be changed into or become exchangeable for a larger number
of shares (a "Stock Split"), then upon the effective date thereof, the number of
shares of Common Stock which Holder shall be entitled to purchase  upon Exercise
of this Warrant  shall be increased in direct  proportion to the increase in the
number  of  shares  of  Common   Stock  by  reason  of  such   recapitalization,
reclassification  or  similar  transaction,  and the  Exercise  Price  shall  be
proportionally decreased.

(ii)  Reverse  Stock  Split.   If  the  Company  shall  at  any  time  effect  a
recapitalization,   reclassification   or  other  similar  transaction  of  such
character  that the  shares  of Common  Stock  shall be  changed  into or become
exchangeable for a smaller number of shares (a "Reverse Stock Split"), then upon
the effective  date  thereof,  the number of shares of Common Stock which Holder
shall  be  entitled  to  purchase   upon  Exercise  of  this  Warrant  shall  be
proportionately  decreased  and  the  Exercise  Price  shall  be  proportionally
increased.  The Company shall give Holder the same notice it provides to holders
of Common Stock of any transaction described in this Section 5(b).

         (c)  Distributions.  If the Company shall at any time distribute for no
consideration  to holders of Common  Stock cash,  evidences of  indebtedness  or
other securities or assets (other than cash dividends or  distributions  payable
out of earned  surplus or net profits for the current or preceding  years) then,
in any such case,  Holder  shall be entitled to receive,  upon  Exercise of this
Warrant, with respect to each share of Common Stock issuable upon such exercise,
the amount of cash or evidences of  indebtedness  or other  securities or assets
which Holder would have been entitled to receive with respect to each such share
of Common Stock as a result of the happening of such event had this Warrant been
exercised immediately prior to the record date or other date fixing shareholders
to be affected by such event (the "Determination  Date") or, in lieu thereof, if
the Board of  Directors  of the Company  should so determine at the time of such
distribution,  a reduced  Exercise Price  determined by multiplying the Exercise
Price on the  Determination  Date by a fraction,  the  numerator of which is the
result  of such  Exercise  Price  reduced  by the  value  of  such  distribution
applicable  to one share of Common  Stock  (such value to be  determined  by the
Board of  Directors of the Company in its  discretion)  and the  denominator  of
which is such Exercise Price.

                                       90
<PAGE>

         (d)  Notice  of  Consolidation  or  Merger.  In the  event of a merger,
consolidation,  exchange of shares, recapitalization,  reorganization,  or other
similar event, as a result of which shares of Common Stock shall be changed into
the same or a different number of shares of the same or another class or classes
of stock or securities or other assets of the Company or another entity or there
is a sale  of all or  substantially  all  the  Company's  assets  (a  "Corporate
Change"),  then this Warrant shall be  exerciseable  into such class and type of
securities  or other assets as Holder would have  received had Holder  exercised
this Warrant immediately prior to such Corporate Change; provided, however, that
Company  may not affect any  Corporate  Change  unless it first shall have given
fifteen (15) business days notice to Holder hereof of any Corporate Change.

         (e)  Exercise  Price  Adjusted.  As  used  in this  Warrant,  the  term
"Exercise  Price" shall mean the purchase price per share specified in Section 3
of this Warrant,  until the occurrence of an event stated in subsection (a), (b)
or (c) of this Section 5, and thereafter  shall mean said price as adjusted from
time to time in  accordance  with the  provisions  of said  subsection.  No such
adjustment  under this  Section 5 shall be made  unless  such  adjustment  would
change the Exercise Price at the time by $.01 or more; provided,  however,  that
all  adjustments  not so made  shall be  deferred  and made  when the  aggregate
thereof would change the Exercise Price at the time by $.01 or more.

         (f) Adjustments:  Additional Shares, Securities or Assets. In the event
that at any time, as a result of an adjustment  made pursuant to this Section 5,
Holder shall,  upon Exercise of this Warrant,  become entitled to receive shares
and/or other  securities  or assets  (other than Common  Stock)  then,  wherever
appropriate,  all references herein to shares of Common Stock shall be deemed to
refer to and  include  such  shares  and/or  other  securities  or  assets;  and
thereafter the number of such shares and/or other  securities or assets shall be
subject  to  adjustment  from time to time in a manner  and upon terms as nearly
equivalent as practicable to the provisions of this Section 5.

         6.       Fractional Interests.

                  No fractional shares or scrip  representing  fractional shares
shall be issuable  upon the  Exercise of this  Warrant,  but on Exercise of this
Warrant,  Holder may purchase only a whole number of shares of Common Stock. If,
on Exercise of this Warrant,  Holder would be entitled to a fractional  share of
Common  Stock or a right to acquire a  fractional  share of Common  Stock,  such
fractional  share shall be disregarded  and the number of shares of Common Stock
issuable upon exercise shall be the next higher number of shares.

         7.       Reservation of Shares.

                  The  Company  shall at all times  reserve  for  issuance  such
number of authorized  and unissued  shares of Common Stock (or other  securities
substituted  therefor as herein above  provided) as shall be sufficient  for the
Exercise  of this  Warrant  and  payment  of the  Exercise  Price.  The  Company
covenants  and agrees  that upon the  Exercise  of this  Warrant,  all shares of
Common Stock issuable upon such exercise shall be duly and validly issued, fully
paid,  nonassessable  and not  subject  to  preemptive  rights,  rights of first
refusal or similar rights of any person or entity.

         8.       Restrictions on Transfer.

                  (a) Registration or Exemption Required.  This Warrant has been
issued in a transaction exempt from the registration  requirements of the Act by
virtue of Regulation D and exempt from state registration under applicable state
laws.  The  Warrant  and the Common  Stock  issuable  upon the  Exercise of this
Warrant may not be pledged,  transferred, sold or assigned except pursuant to an
effective  registration  statement or unless the Company has received an opinion
from the Company's counsel to the effect that such registration is not required,
or the Holder has  furnished to the Company an opinion of the Holder's  counsel,
which  counsel shall be reasonably  satisfactory  to the Company,  to the effect
that  such  registration  is  not  required;  the  transfer  complies  with  any
applicable state securities laws; and, if no registration covering the resale of
the Warrant Shares is effective at the time the Warrant  Shares are issued,  the
Holder consents to a legend being placed on certificates  for the Warrant Shares
stating that the securities  have not been  registered  under the Securities Act
and referring to such restrictions on transferability and sale.

                                       91
<PAGE>

                  (b)  Assignment.  If  Holder  can  provide  the  Company  with
reasonably  satisfactory  evidence that the  conditions  of (a) above  regarding
registration  or  exemption  have been  satisfied,  Holder  may sell,  transfer,
assign, pledge or otherwise dispose of this Warrant, in whole or in part. Holder
shall  deliver a written  notice to  Company,  substantially  in the form of the
Assignment  attached  hereto as Exhibit B,  indicating  the person or persons to
whom the Warrant shall be assigned and the  respective  number of warrants to be
assigned to each assignee.  The Company shall effect the  assignment  within ten
(10) days, and shall deliver to the  assignee(s)  designated by Holder a Warrant
or Warrants of like tenor and terms for the appropriate number of shares.

                  (c)  Investment  Intent.  Holder is acquiring this Warrant for
                  his, her or its own account (or a trust account if such Holder
                  is a trustee) for investment and not as a nominee and not with
                  a present view to the distribution thereof.

         9.       Benefits of this Warrant.

                  Nothing in this Warrant  shall be construed to confer upon any
person other than the Company and Holder any legal or equitable right, remedy or
claim under this  Warrant and this Warrant  shall be for the sole and  exclusive
benefit of the Company and Holder.

         10.      Applicable Law.

                  This  Warrant is issued  under and shall for all  purposes  be
governed by and construed in accordance  with the laws of the state of Delaware,
without giving effect to conflict of law provisions thereof.

         11.      Loss of Warrant.

                  Upon  receipt by the Company of  evidence of the loss,  theft,
destruction  or mutilation of this Warrant,  and (in the case of loss,  theft or
destruction)  of indemnity or security  reasonably  satisfactory to the Company,
and upon surrender and cancellation of this Warrant,  if mutilated,  the Company
shall execute and deliver a new Warrant of like tenor and date.

         12.      Notice or Demands.

Notices or demands  pursuant to this Warrant to be given or made by Holder to or
on the  Company  shall be  sufficiently  given or made if sent by  certified  or
registered mail, return receipt requested, postage prepaid, and addressed, until
another  address is  designated  in writing by the  Company,  to the address set
forth in Section 2(a) above.  Notices or demands  pursuant to this Warrant to be
given or made by the Company to or on Holder shall be sufficiently given or made
if sent by certified or  registered  mail,  return  receipt  requested,  postage
prepaid,  and  addressed,  to the  address of Holder set forth in the  Company's
records, until another address is designated in writing by Holder.

         IN WITNESS WHEREOF, the undersigned has executed this Warrant as of the
5th day of May, 2000.

                  COSMOZ.COM, INC.

         By: /s/ Wilfred Shaw
                 ----------------------------
                 Wilfred Shaw, Chairman & CEO

                                       92
<PAGE>

                                    EXHIBIT A

                            EXERCISE FORM FOR WARRANT

TO: COSMOZ.COM, INC.
         The  undersigned  hereby  irrevocably  exercises  the right to purchase
____________  of the shares of Common Stock (the "Common  Stock") of COSMOZ.COM,
INC. a Delaware  corporation (the "Company"),  evidenced by the attached warrant
(the  "Warrant"),  and herewith makes payment of the exercise price with respect
to such shares in full, all in accordance  with the conditions and provisions of
said Warrant.

1. The undersigned agrees not to offer,  sell,  transfer or otherwise dispose of
any  of the  Common  Stock  obtained  on  exercise  of the  Warrant,  except  in
accordance with the provisions of Section 8(a) of the Warrant.

2. The undersigned  requests that stock  certificates  for such shares be issued
free of any restrictive legend, if appropriate,  and a warrant  representing any
unexercised portion hereof be issued, pursuant to the Warrant in the name of the
undersigned and delivered to the undersigned at the address set forth below:

Dated: _________

------------------------------------------------------------------------
Signature

-----------------------------------------------------------------------
Print Name

------------------------------------------------------------------------
Address

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

NOTICE

The  signature to the  foregoing  Exercise  Form must  correspond to the name as
written  upon the face of the  attached  Warrant  in every  particular,  without
alteration or enlargement or any change whatsoever.

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

                                    EXHIBIT B

                                   ASSIGNMENT

(To be executed by the registered holder
desiring to transfer the Warrant)

FOR  VALUE  RECEIVED,  the  undersigned  holder  of the  attached  warrant  (the
"Warrant") hereby sells,  assigns and transfers unto the person or persons below
named the right to purchase  _______  shares of the Common Stock of  COSMOZ.COM,
INC.,  evidenced by the attached Warrant and does hereby irrevocably  constitute
and appoint _______________________ attorney to transfer the said Warrant on the
books of the Company, with full power of substitution in the premises.

Dated:                                    ----------------------------
                                                   Signature

                                       93
<PAGE>

Fill in for new registration of Warrant:

 -----------------------------------
                  Name

-----------------------------------
                  Address

-----------------------------------
Please print name and address of assignee
(including zip code number)

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

NOTICE

The signature to the foregoing Assignment must correspond to the name as written
upon the face of the attached Warrant in every particular, without alteration or
enlargement or any change whatsoever.

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

                                       94EXHIBIT 4.2

                                IMAX CORPORATION

                                STOCK OPTION PLAN

<PAGE>

                                IMAX CORPORATION
                               STOCK OPTION PLAN

1.       Purpose

                  The purposes of the Imax Stock Option Plan (the "Plan") are to
attract, retain and motivate directors, officers, key employees and consultants
of the Company and its Subsidiaries and to provide to such persons incentives
and awards for superior performance.

2.       Definitions

                  As used in this Plan the following terms have the following
meanings:

                  (a) "Agreement" has the meaning set forth in Section 6 below.

                  (b) "Award" means an Option.

                  (c) "Board" means the Board of Directors of the Company.

                  (d) "Cause" means a termination of the Participant's
employment with the Company or one of its Subsidiaries (a) for "cause" as
defined in an employment agreement applicable to the Participant, or (b) in the
case of a Participant who does not have an employment agreement that defines
"cause", because of: (i) any act or omission that constitutes a material breach
by the participant of any of his obligations under his employment agreement with
the Company or one of its Subsidiaries or the applicable Agreement; (ii) the
continued failure or refusal of the Participant to substantially perform the
duties reasonably required of him as an employee of the Company or one of its
Subsidiaries; (iii) any wilful and material violation by the Participant of any
law or regulation applicable to the business of the Company or one of its
Subsidiaries, or the Participant's conviction of a felony, or any wilful
perpetration by the Participant of a common law fraud; or (iv) any other wilful
misconduct by the Participant which is materially injurious to the financial
condition or business reputation of, or is otherwise materially injurious to,
the Company or any of its Subsidiaries.

                  (e) "Code" means the Internal Revenue Code of 1986, as
amended.

                  (f) "Committee" means a committee of the Board comprised of at
least two directors selected by the Board to administer the Plan.

                  (g) "Common Share" means a share of common stock, no par
value, of the Company.

                  (h) "Company" means Imax Corporation, a corporation organized
under the laws of Canada.

                  (i) "Date of Grant" means the date specified by the Committee
on which an Award shall become effective (which date shall not be earlier than
the date on which the Committee takes action with respect thereto).

                  (j) "Fair Market Value" of a Common Share on a given date
means the higher of the closing price of a Common Share on such date (or the
most recent trading date if such date is not a trading date) on the
NASDAQ/National Market System, The Toronto Stock Exchange and such national
exchange, if any, as may be designated by the Board.
<PAGE>

                  (k) "Option Price" means the purchase price per Common Share
payable on exercise of an Option, as determined by the Committee in its sole
discretion (subject to the terms of the Plan) and as set forth in the applicable
Agreement.

                  (l) "Option" means the right to purchase a Common Share upon
exercise of a stock option granted pursuant to the Plan.

                  (m) "Participant" means a person to whom an Award is to be
made under the Plan and who is at the time of such Award an officer, employee or
consultant of the Company, or any of its Subsidiaries, or a person who is a
director of the Company or any of its Subsidiaries and who is not also an
employee of the Company or any of its Subsidiaries at the Date of Grant, or a
person who has agreed to commence serving in any such capacity within 90 days of
the Date of Grant, or any personal holding corporation controlled by any such
person, the shares of which are held directly or indirectly by such person or
such person's spouse, minor children or minor grandchildren, or any registered
retirement savings plan or registered educational savings plan for the sole
benefit of any such person.

                  (n) "Permanent Disability" means a physical or mental
disability or infirmity of the Participant that prevents the normal performance
of substantially all his duties as an employee of the Company or any Subsidiary,
which disability or infirmity shall exist for any continuous period of 180 days
within any twelve-month period.

                  (o) "Rule 16b-3" means Rule 16b-3 under the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder.

                  (p) "Subsidiary" means any corporation or other entity in
which the Company owns or controls, directly or indirectly, not less than 50% of
the total combined voting power represented by all voting securities or other
voting interests in such entity.

                  (q) "Vested Options" means, as of any date, Options which by
their terms are exercisable on such date.

3.       Administration of the Plan

                  (a) The Plan shall be administered, and Awards shall be
granted hereunder, by or under the authority of the Committee. A majority of the
Committee shall constitute a quorum, and the action of the members of the
Committee present at any meeting at which a quorum is present, or acts
unanimously approved in writing, shall be the acts of the Committee.

                  (b) The interpretation and construction by the Committee of
any provision of the Plan or of any Agreement, and any determination by the
Committee pursuant to any provision of this Plan or of any Agreement shall be
final and conclusive. No member of the Committee shall be liable for any such
action or determination made in good faith.

4.       Shares Available Under Plan

                  The maximum number of Common Shares which may be issued upon
the exercise of Options granted under the Plan is 10,210,836 Shares, subject to
adjustment as provided in Paragraph 9. Such shares may be shares previously
issued or treasury shares or a combination of the foregoing. Any Common Shares
which are subject to Options which expire or which have been surrendered without
being exercised in full shall again be available for issuance under this Plan.
<PAGE>

5.       Options

                  The Committee may, from time to time and upon such terms and
conditions as it may determine, authorize the granting to Participants of
Options provided, however, that: (i) at no time shall the number of Common
Shares reserved for issuance to any one Participant under the Plan or any other
share compensation arrangement exceed 5% of the outstanding issue of Common
Shares; (ii) at no time shall the number of Common Shares reserved for issuance
pursuant to stock options granted to "insiders" (as that term is defined in
Section 627 of The Toronto Stock Exchange Company Manual) exceed 10% of the
outstanding issue of Common Shares; (iii) under no circumstances shall insiders
be issued in excess of 10% of the outstanding issue of Common shares within any
one-year period pursuant to the exercise of Options granted under the Plan or
any other share compensation arrangement; and (iv) under no circumstances shall
any one insider and that insider's associates be issued in excess of 5% of the
outstanding issue of Common Shares within any one-year period pursuant to the
exercise of Options granted under the Plan or any other share compensation
arrangement.

6.       Agreement

                  The terms and conditions of each Option shall be embodied in a
written agreement (the "Agreement") in a form approved by the Committee which
shall contain terms and conditions not inconsistent with the Plan and which
shall incorporate the Plan by reference. Options granted under the Plan shall
comply with the following terms and conditions:

                  (i) Each Agreement shall specify the number of Common Shares
for which Options have been granted.

                  (ii) Each Agreement shall specify the Option Price, which
shall not be less than 100% of the Fair Market Value per Common Share on the
Date of Grant.

                  (iii) Each Agreement shall specify that the Option Price shall
be payable (a) in cash or by cheque acceptable to the Company, (b) by the
transfer to the Company of Common Shares having an aggregate Fair Market Value
per Common Share at the date of exercise equal to the aggregate Option Price or
(c) by a combination of such methods of payment.

                  (iv) Successive grants may be made to the same Participant
whether or not any Options previously granted to such Participant remain
unexercised.

                  (v) Each Agreement shall specify the applicable vesting
schedule and the effective term of the Option. In the event of a termination of
a Participant's employment by reason of death or Permanent Disability, 50% of
such Participant's Options shall become Vested Options if such Options were less
than 50% vested at the time of such termination.

                  (vi) Options granted under the Plan are not intended to
qualify as "incentive stock options" within the meaning of Section 422A of the
Code.

                  (vii) No Option shall be exercisable more than ten years from
the date of Grant.

                  (viii) Each Option granted under the Plan shall be subject to
such additional terms and conditions, not inconsistent with the Plan, which are
prescribed by the Committee and set forth in the applicable Agreement.
<PAGE>

                  (ix) As soon as practicable following the exercise of any
Options, a certificate evidencing the number of Common Shares issued in
connection with such exercise shall be issued in the name of the Participant or
as the Participant shall otherwise, in writing, direct.

7.       Termination of Employment, Consulting Agreement or Term of Office

                  (a) In the event that a Participant's employment, consulting
arrangement or term of office with the Company or one of its Subsidiaries
terminates for any reason, unless the Committee or the Board determines
otherwise, any Options which have not become Vested Options shall terminate and
be cancelled without any consideration being paid therefor.

                  (b) In the event that a Participant's employment with the
Company or one of its Subsidiaries is terminated without Cause, or the
Participant's employment is terminated by reason of the Participant's voluntary
resignation (including by reason of retirement), death or Permanent Disability,
or upon the termination of a Participants' consulting arrangement or term of
office, the Participant (or the Participant's estate) shall be entitled to
exercise the Participant's Options which have become Vested Options as of the
date of termination for a period of 30 days, or such longer period as the
Committee or the Board determines, following the date of termination.

                  (c) In the event that a Participant's employment, consulting
arrangement or term of office with the Company or one of its Subsidiaries is
terminated for Cause, such Participant's Vested Options shall terminate and be
cancelled without any consideration being paid therefor.

8.       Transferability

                  No Option shall be transferable by a Participant other than by
will or the laws of descent and distribution, provided, however, that Options
may be transferred if approved by the Committee or the Board and by any
regulatory authority having jurisdiction or stock exchange on which the common
shares subject to Options are listed. Options shall be exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian
or legal representative.

9.       Adjustments

                  The Committee may make or provide for such adjustments in the
maximum number of Common Shares specified in Paragraph 4, in the number of
Common Shares covered by outstanding Options granted hereunder, and/or in the
Option Price applicable to such Options as the Committee in its sole discretion
may determine is equitably required to prevent dilution or enlargement of the
rights of Participants that otherwise would result from any stock dividend,
stock split, combination of shares, recapitalization or other change in the
capital structure of the Company, merger, consolidation, spin-off,
reorganization, partial or complete liquidation, issuance of rights or warrants
to purchase securities or any other corporate transaction or event having an
effect similar to any of the foregoing.

10.      Fractional Shares

                  The Company shall not be required to issue any fractional
Common Shares pursuant to the Plan. The Committee may provide for the
elimination of fractions or for the settlement of fractions in cash.

11.      Withholding Taxes

                  The Company and its Subsidiaries shall have the right to
require any individual entitled to receive Common Shares pursuant to an Option
to remit to the Company, prior to the delivery of any certificates evidencing

<PAGE>

such shares, any amount sufficient to satisfy any Canadian or United States
federal, state, provincial or local tax withholding requirements. Prior to the
Company's determination of such withholding liability, such individual may make
an irrevocable election to satisfy, in whole or in part, such obligation to
remit taxes by directing the Company to withhold Common Shares that would
otherwise be received by such individual. Such election may be denied by the
Committee in its discretion, or may be made subject to certain conditions
specified by the Committee, including, without limitation, conditions intended
to avoid the imposition of liability against the individual under Section 16(b)
of the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder.

12.      Registration Restrictions

                  An Option shall not be exercisable unless and until (i) a
registration statement under the Securities Act of 1933, as amended, has been
duly filed and declared effective pertaining to the Common Shares subject to
such Option, such Common Shares shall have been qualified under applicable state
"blue sky" laws and the Company has been a "reporting issuer" for purposes of
the Ontario Securities Act in good standing for not less than twelve months, or
(ii) the Committee, in its sole discretion determines that such registration,
qualification and status is not required as a result of the availability of an
exemption from such registration, qualification, and status under such laws.

13.      Shareholder Rights

                  A Participant shall have no rights as a shareholder with
respect to any Common Shares issuable upon exercise of an Option until a
certificate or certificates evidencing such shares shall have been issued to
such Participant, and no adjustment shall be made for dividends or distributions
or other rights in respect of any share for which the record date is prior to
the date upon which the Participant shall become the holder of record thereof.

14.      Breach of Restrictive Covenants

                  If (i) a Participant is a party to an employment agreement
with the Company or any of its Subsidiaries or affiliates and (ii) such
Participant materially breaches any of the restrictive covenants set forth in
such employment agreement (including, without limitation, any restrictive
covenants relating to non-competition, non-solicitation or confidentiality),
then all of such Participant's Options (whether or not Vested Options) shall
terminate and be cancelled without consideration being paid therefor.

15.      Amendments, Etc.

                  (a) The Board may at any time and from time to time alter,
amend, suspend or terminate the Plan in whole or in part, and the Committee may,
subject to applicable legal requirements at any time and from time to time waive
any provision of any Option or Agreement; provided, however, that no termination
or amendment of the Plan or any waiver of any provision of any Option or
Agreement may, without the consent of the Participant to whom any Award shall
previously have been granted, adversely affect the rights of such Participant in
such Award; provided further, however that amendments shall be subject to (x)
the approval of a majority of the Common Shares entitled to vote if the
Committee determines that such approval is necessary in order for the Company to
rely on the exemptive relief provided under Rule 16b-3 and (y) all other
approvals, whether regulatory, shareholder or otherwise, which are required by
law, The Toronto Stock Exchange or any other applicable securities exchange.

                  (b) The Plan shall not confer upon a Participant any right
with respect to continuance of employment or other service with the Company or
any Subsidiary, nor will it interfere in any way with any right the Company

<PAGE>

or any Subsidiary would otherwise have to terminate such Participant's
employment or other service at any time.

16.      Effective Date

                  The Plan shall be effective as of June 7, 2000.

17.      Governing Law

                  The Plan and all rights hereunder shall be construed in
accordance with and governed by the laws of the Province of Ontario and the laws
of Canada applicable therein.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]