Document:

<PAGE>

                                                                   EXHIBIT 10.18

                               PETOPIA.COM, INC.

           AMENDMENT TO SERIES D PREFERRED STOCK PURCHASE AGREEMENT
           --------------------------------------------------------

     This Amendment to Series D Preferred Stock Purchase Agreement (the
"Amendment") is made as of January 21, 2000 by and between Petopia.com, Inc., a
 ---------
Delaware corporation (the "Company"), a majority of the Purchasers listed on
                           -------
Exhibit A to the Series D Preferred Stock Purchase Agreement dated as of
---------
November 29, 1999 (the "Purchase Agreement") and the purchasers listed on
                        ------------------
Exhibit A attached hereto (the "Additional Purchasers").
---------                       ---------------------

     WHEREAS, the Company and the "Purchasers" (as defined in the Purchase
Agreement) are parties to the Purchase Agreement pursuant to which each
Purchaser purchased shares of Series D Preferred Stock from the Company on the
terms and conditions set forth therein;

     WHEREAS, the Company and a majority of the Purchasers wish to amend the
Purchase Agreement in accordance with Section 7.10 of the Purchase Agreement
(terms defined in the Purchase Agreement are used herein as therein defined);

     WHEREAS, the Additional Purchasers desire to purchase and the Company
desires to sell up to 3,567,542 shares of the Company's Series D Preferred Stock
at the Subsequent Closing (as defined below);

     NOW, THEREFORE, in consideration of the foregoing recitals (which are
hereby incorporated into and shall be deemed part of this Amendment) and of the
covenants and mutual agreements contained in this Amendment, each of the
Company, a majority of the Purchasers and the Additional Purchasers agrees as
follows:

     Section 1.  Amendments.  The Company and a majority of the Purchasers
                 ----------
hereby agree that the Purchase Agreement shall be amended as follows:

     (A)  Section 1.1(a) of the Purchase Agreement shall be amended by (i)
          --------------
replacing "Closing" with "First Closing", (ii) adding "Fourth" before "Restated
                                                       ------          --------
Certificate", and (iii) adding the following at the end of the subsection:
-----------

               "The Company shall also adopt and file with the Secretary of
          State of the State of Delaware on or before the Subsequent Closing (as
          defined below) the Fifth Amended and Restated Certificate of
          Incorporation in the form attached hereto as Exhibit B-1 (the "Fifth
                                                       -----------       -----
          Restated Certificate" and together with the Fourth Restated
          --------------------
          Certificate, the "Restated Certificate")."
                            --------------------

     (B)  Section 1.1(b) of the Purchase Agreement shall be deleted in its
          --------------
entirety and substituting the following therefor:

               "(b)  Subject to the terms and conditions of this Agreement, the
          Purchasers agree to purchase and the Company agrees to sell and issue
          to each Purchaser at the First and Subsequent Closings that number of
          shares of Series D Preferred Stock set forth opposite each such
          Purchaser's name on Exhibit A
                              ---------
<PAGE>

          attached hereto at a purchase price of $5.6061 per share (the
          "Purchase Price"), provided that the purchase price shall be payable
           --------------    --------
          by National Broadcasting Company, Inc. ("NBC") in consideration of the
                                                   ---
          execution and delivery by NBC of the Letter Agreement dated as of the
          date hereof regarding the granting by NBC of advertising credits to
          the Company (the "Letter Agreement"). The shares of Series D Preferred
                            ----------------
          Stock issued to the Purchasers pursuant to this Agreement shall be
          hereinafter referred to as the "Stock.""
                                          -----
     (C)  Section 1.2 of the Purchase Agreement shall be deleted in its
          -----------
entirety and substituting the following therefor:

          "1.2  Closing; Delivery
                -----------------

                (a) The purchase and sale of the Stock shall take place at the
          offices of Perkins Coie LLP, 135 Commonwealth Drive, Suite 250, Menlo
          Park, California, at 10:00 a.m., on November 29, 1999, or at such
          other time and place as the Company and the Purchasers of not less
          than 6,243,200 shares of the Stock mutually agree upon, orally or in
          writing (which time and place are designated as the "First Closing").
                                                               -------------
          The closings of the purchase and sale of up to 9,837,804 shares of
          Stock in the aggregate (not including shares of Stock sold in the
          First Closing, the "Additional Shares") hereunder (the "Subsequent
                              -----------------                   ----------
          Closings" and together with the First Closing, the "Closing") shall be
          --------                                            -------
          held at the offices of Perkins Coie LLP on the date hereof.  Any
          Additional Shares may be sold only to the investors listed on Exhibit
                                                                        -------
          A-1.
          ---

                (b) Subject to the terms of this Agreement, at the Closing, the
          Company shall deliver to each Purchaser a certificate representing the
          Stock being purchased by such Purchaser against payment of the
          purchase price therefor by check payable to the Company, by wire
          transfer to the Company's bank account, by cancellation of
          indebtedness, or by any combination thereof.  At the Subsequent
          Closings, if any, a Supplemental Schedule of Purchasers shall be added
          to this Agreement as Exhibit A-2 and the Company will deliver to each
                               -----------
          additional Purchaser who shall have executed this Agreement (each an

          "Additional Purchaser") a certificate or certificates representing the
          ---------------------
          number of Additional Shares being purchased hereby against (i) payment
          of the purchase price therefor by check payable to the Company, by
          wire transfer to the Company's bank account, by cancellation of
          indebtedness, or by any combination thereof, (ii) in the case of NBC,
          by the execution and delivery of the Letter Agreement and (iii)
          delivery of signature pages to this Agreement and each of the Related
          Agreements (as defined below).  In addition, at any Subsequent Closing
          pursuant to which the Company shall have sold more than 8,918,856
          shares of Stock, the Company shall issue and grant to each Purchaser
          and Additional Purchaser a Series D Warrant, in accordance with the
          terms and conditions of Section 6.3 hereof."

     (D)  The following shall be added to the Purchase Agreement as Section
2.2.5:

                                      -2-
<PAGE>

          "2.2.5  Capitalization.  Immediately prior to the Subsequent Closing,
                  --------------
          the authorized capital of the Company consists of:

                  (a) 49,180,000 shares of Preferred Stock, (i) 11,555,000 of
          which shares have been designated Series A Preferred Stock, 9,755,000
          of which are issued and outstanding and 1,800,000 of which have been
          reserved for issuance upon exercise of outstanding warrants to
          purchase shares of Series A Preferred Stock (the "Series A Warrants"),
                                                            -----------------
          (ii) 8,000,000 of which have been designated Series B Preferred Stock,
          7,736,345 of which are issued and outstanding, (iii) 12,940,620 of
          which have been designated Series C Preferred Stock, 3,017,175 of
          which are issued and outstanding, 4,803,458 of which have been
          reserved for issuance to PETCO Animal Supplies, Inc. ("PETCO") upon
                                                                 -----
          the achievement of certain milestones (the "PETCO Shares"), and
                                                      ------------
          5,119,987 of which have been reserved for issuance upon exercise of
          outstanding warrants to purchase shares of Series C Preferred Stock
          (the "Series C Warrants"), (iv) 14,000,000 of which have been
                -----------------
          designated Series D Preferred Stock, 6,270,262 of which are issued and
          outstanding and 918,948 of which have been reserved for issuance upon
          exercise of warrants issued or issuable to the Purchasers pursuant to
          Section 6.3 herein (the "Series D Warrants"), and (v) 2,330,000 of
                                   -----------------
          which shares have been designated Series E Preferred Stock, 2,007,637
          of which are issued and outstanding, 76,617 of which have been
          reserved for issuance upon exercise of warrants to purchase shares of
          Series E Preferred Stock (the "ICOD Warrants"), and 180,000 of which
                                         -------------
          have been reserved for issuance upon exercise of warrants issued or
          issuable to Greyrock Capital, a division of Banc of America Commercial
          Finance Corporation (the "Greyrock Warrants" and, together with the
                                    -----------------
          ICOD Warrants, the "Series E Warrants").  The rights, privileges and
                              -----------------
          preferences of the Series A, Series B, Series C, Series D and Series E
          Preferred Stock are as stated in the Restated Certificate.  All
          issuances of shares of Series A, Series B, Series C, Series D and
          Series E Preferred Stock referenced above, other than the PETCO
          Shares, have been consummated and, except as described above, the
          Company will not issue additional shares of Series A, Series B, Series
          C, Series D or Series E Preferred Stock.  The shares of Series A,
          Series B, Series C, Series D and Series E Preferred Stock issued by
          the Company were duly authorized, validly issued, fully paid,
          nonassessable, free and clear of any liens or encumbrances (other than
          those imposed by the purchasers thereof), and based in part on the
          representations made by the purchasers thereof, were exempt from
          registration under Section 5 of the Securities Act of 1933, as amended
          and the California Corporate Securities Law of 1968, as amended.  The
          rights of PETCO as set forth in Section 6.6 of the Series C Preferred
          Stock Purchase Agreement dated July 12, 1999 by and between the
          Company and PETCO expired prior to any exercise thereof.

                  (b) 71,180,000 shares of Common Stock, 9,873,718 shares of
          which are issued and outstanding. All of the outstanding shares of
          Common Stock have been duly authorized and validly issued, are fully
          paid and nonassessable, and were issued in compliance with all
          applicable federal and state securities laws.

                                      -3-
<PAGE>

                  (c) The Company has reserved 7,500,000 shares of Common Stock
          for issuance to officers, directors, employees and consultants of the
          Company pursuant to its 1999 Stock Plan duly adopted by the Board of
          Directors and approved by the Company's stockholders (the "Stock
                                                                     -----
          Plan"), of which options to purchase 5,016,769 shares of Common Stock
          ----
          are currently outstanding, 2,024,157 shares of Common Stock have been
          issued and 459,074 shares are available for future issuance under the
          Stock Plan.  The Company has reserved (i) 11,555,000 shares of Common
          Stock for issuance upon conversion of the Series A Preferred Stock,
          (ii) 8,000,000 shares of Common Stock for issuance upon conversion of
          the Series B Preferred Stock, (iii) 12,940,620 shares of Common Stock
          for issuance upon conversion of the Series C Preferred Stock, (iv)
          14,000,000 shares of Common Stock for issuance upon conversion of the
          Series D Preferred Stock, (v) 2,330,000 shares of Common Stock for
          issuance upon conversion of the Series E Preferred Stock, (vi) 585,000
          shares of Common Stock for issuance upon the exercise of outstanding
          warrants to purchase Common Stock issued or issuable to the founders
          of Loveland Pet Products, Inc. (the "Loveland Warrants") and (vii)
                                               -----------------
          917,749 shares of Common Stock for issuance upon the exercise of
          warrants to purchase Common Stock issued or issuable to NBC (the "NBC
                                                                            ---
          Warrants").
          --------

                  (d) Except for (i) the conversion privileges of the Series A
          Preferred Stock, Series B Preferred Stock, Series C Preferred Stock,
          Series D Preferred Stock, Series E Preferred Stock, Series A Warrants,
          Loveland Warrants, the Petco Shares, the Series C Warrants, the Series
          D Warrants, the Series E Warrants and the NBC Warrants, (ii) the
          rights of first refusal as set forth in the Investors' Rights
          Agreement and the Co-Sale Agreement (each as defined below), (iii) the
          rights to participate in the initial public offering as indicated in
          Section 2.6 of the Investors' Rights Agreement (as defined below) and
          in the IPO Allocation Agreement dated as of May 4, 1999 between the
          Company and certain purchasers of Series A Preferred Stock (the "May
                                                                           ---
          IPO Allocation Agreement"), and (iv) 7,500,000 shares of Common Stock
          ------------------------
          reserved for issuance pursuant to the Stock Plan, there are, to our
          knowledge, no options, warrants, conversion privileges or other rights
          (or agreements for any such rights) outstanding to purchase or
          otherwise obtain from the Company any of the Company's securities
          except as set forth on the Schedule of Exceptions."

     (E)  Section 3.2 of the Purchase Agreement shall be amended to delete the
          -----------
last sentence thereof.

     (F)  Section 6.3 of the Purchase Agreement shall be deleted in its
          -----------
entirety and substituting the following therefor:

                  "6.3  Series D Warrants.  If the Company sells more than
                     -----------------
          8,918,856 shares of Stock (the number of any such shares, the "Excess
                                                                         ------
          Shares"), then it will issue to each Purchaser and Additional
          ------
          Purchaser warrants (the "Series D Warrants") to purchase additional
                                   -----------------
          shares of Stock, the exact aggregate number of which shall be equal to
          the product of (x) a fraction, the numerator of which is the

                                      -4-
<PAGE>

          shares of Stock held by such Purchaser or Additional Purchaser (other
          than Excess Shares) and the denominator of which is 8,918,856, and (y)
          the aggregate number of Excess Shares.

               The Series D Warrants, if any, shall be in the form attached
          hereto as Exhibit J and shall terminate five years after the issuance
          thereof, unless earlier exercised.  The exercise price for the Series
          D Warrants shall be equal to the Purchase Price hereunder.  The
          holders of the share of Stock issued pursuant to the exercise of the
          Series D Warrants shall become parties to the Related Agreements upon
          execution and delivery of the signature pages thereto."

     (G)  Section 7.15 of the Purchase Agreement shall be amended by adding the
          ------------
following at the end of such Section:

               "Notwithstanding the foregoing, confidential information shall
          not include any information that is: (i) in the public domain; (ii)
          was already known to the receiving party or within the receiving
          party's possession at the time of receipt thereof from the Company;
          (iii) received by receiving party from a third party without
          reasonable basis for receiving party to believe disclosure was made in
          violation of a confidential agreement with the Company; (iv) approved
          for disclosure by written authorization of the Company; (v)
          independently developed by the receiving party, (vi) published or
          otherwise made available to the public at the time of its receipt by
          receiving party or subsequently became published or available to the
          public other than by a breach of this Agreement; and/or (vii) required
          to be disclosed by oral questions, interrogatories, requests for
          information or documents, subpoena, civil investigative demand, or
          similar process."

     (H)  Exhibit A-1 of the Purchase Agreement shall be amended to add the
          -----------
following entity to the Schedule of Permitted Investors:

          ValueVision International Inc.

     Section 2.  Additional Purchasers.  Each of the Additional Purchasers
                 ---------------------
listed on the attached Exhibit A shall become parties to the Purchase Agreement
                       ---------
by executing this Amendment and by virtue of their inclusion on Exhibit A
                                                                ---------
attached hereto, which Exhibit A shall be added to the Purchase Agreement as
                       ---------
Exhibit A-2.
-----------

     Section 3.  Fifth Restated Certificate.  Exhibit B attached hereto shall be
                 --------------------------   ---------
added to the Purchase Agreement as Exhibit B-1.
                                   -----------

     Section 4.  Series D Warrants.  Exhibit C attached hereto shall be added to
                 -----------------   ---------
the Purchase Agreement as Exhibit J.  The Series D Warrants to be issued
                          ---------
pursuant to Section 6.3 of the Purchase Agreement, as amended by this Amendment,
will be issued to the Purchasers and Additional Purchasers listed on Exhibit D
                                                                     ---------
attached hereto in the amounts set for opposite their names, which Exhibit D
                                                                   ---------
shall be added to the Purchase Agreement as Exhibit K.
                                            ---------

                                      -5-
<PAGE>

     Section 5.  Governing Law.  This Amendment and all acts and transactions
                 -------------
pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the State of
California, without giving effect to principles of conflicts of laws.

     Section 6.  Amendments.  This Amendment may not be modified or amended
                 ----------
except by written agreement signed by the Company and a majority of the holders
of the Series D Preferred Stock.

     Section 7.  Counterparts.  This Amendment may be executed in two or more
                 ------------
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

                 [Remainder of page intentionally left blank]

                                      -6-
<PAGE>

     IN WITNESS WHEREOF, a majority of the Purchasers, the Additional Purchasers
and the Company have caused this Amendment to be duly executed as of the date
first above written.

                                        COMPANY:

                                        PETOPIA.COM, INC.

                                        By: /s/ Andrea C. Reisman
                                            ----------------------------
                                            Name:  Andrea C. Reisman
                                            Title: Chief Executive Officer

                                        PURCHASERS:

<PAGE>

                                TCV III (GP)
                                a Delaware General Partnership
                                By:  Technology Crossover Management III, L.L.C.
                                Its: General Partner

                                By: /s/ Robert C. Bensky
                                    --------------------------------------------
                                    Name:  Robert C. Bensky
                                    Title: Chief Financial Officer

                                TCV III, L.P.
                                a Delaware Limited Partnership
                                By:  Technology Crossover Management III, L.L.C.
                                Its: General Partner

                                By: /s/ Robert C. Bensky
                                    --------------------------------------------
                                    Name:  Robert C. Bensky
                                    Title: Chief Financial Officer

                                TCV III (Q), L.P.
                                a Delaware Limited Partnership
                                By:  Technology Crossover Management III, L.L.C.
                                Its: General Partner

                                By: /s/ Robert C. Bensky
                                    --------------------------------------------
                                    Name:  Robert C. Bensky
                                    Title: Chief Financial Officer

                                TCV III STRATEGIC PARTNERS, L.P.
                                a Delaware Limited Partnership
                                By:  Technology Crossover Management III, L.L.C.
                                Its: General Partner

                                By: /s/ Robert C. Bensky
                                    --------------------------------------------
                                    Name:  Robert C. Bensky
                                    Title: Chief Financial Officer

<PAGE>

                                Mailing Address:
                                    Technology Crossover Ventures
                                    56 Main Street, Suite 210
                                    Millburn, NJ 07041
                                    Attention:  Robert C. Bensky
                                    Phone: (973) 467-5320
                                    Fax:   (973) 467-5323

                                with a copy to:
                                    Technology Crossover Ventures
                                    575 High Street, Suite 400
                                    Palo Alto, CA 94301
                                    Attention: Jay C. Hoag
                                    Phone: (650) 614-8210
                                    Fax:   (650) 614-8222

<PAGE>

                             PETCO ANIMAL SUPPLIES, INC.

                             By: /s/ Brian K. Devine
                                 ------------------------------------------
                                 Name:  Brian K. Devine
                                 Title: Chairman, President and Chief Executive
                                        Officer

                             Mailing Address:
                                 9125 Rehco Road
                                 San Diego, CA 92121

<PAGE>

                             ARKARO HOLDING, B.V.

                             By: /s/ Maria C. van der Sluijs-Plantz
                                 -----------------------------------------------
                                 Name:  Maria C. van der Sluijs-Plantz
                                 Title: Managing Director

                             Mailing Address:
                                 Locatellikade 1
                                 Parnassustoren
                                 1076 AZ Amsterdam
                                 P.O. Box 75215
                                 1070 AE Amsterdam
                                 The Netherlands
                                 Attention: Maria C. van der Sluijs-Plantz

<PAGE>

                         ADDITIONAL PURCHASERS:

                         NATIONAL BROADCASTING COMPANY, INC.
                         a Delaware corporation

                         By: __________________________________________________
                             Name:
                             Title:

                         Mailing Address:
                             30 Rockefeller Plaza
                             New York, NY 10122
                             Attn: President, NBC Interactive Media
                             With a copy to: VP, Law, Corporate Transactions

                         VALUE VISION INTERNATIONAL INC.
                         a Minnesota corporation

                         By: ________________________________________________
                             Name:
                             Title:

                         Mailing Address:
                             6740 Shady Oak Road
                             Eden Prairie, MN 55344
                             Phone: (612) 947-5200
                             Fax:   (612) 947-0188

                         with a copy to:
                             Faegre & Benson LLP
                             2200 Norwest Center
                             90 South Seventh Street
                             Minneapolis, MN 55402
                             Attn:  Steven C. Kennedy
                             Phone: (612) 336-3600
                             Fax:   (612) 336-2600<PAGE>

                                                                   EXHIBIT 10.19

     THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE
     NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE
     SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE
     TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
     UNDER THE SECURITIES ACT OF 1933, OR AN OPINION OF COUNSEL
     SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER
     SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

                 WARRANT TO PURCHASE SERIES A PREFERRED STOCK
                                      of
                               PETOPIA.COM, INC.

                            Void after May _, 2004

          This Warrant is issued to _____________, or its registered assigns
("Holder") by Petopia.com, Inc., a Delaware corporation (the "Company"), on May
_, 1999 (the "Warrant Issue Date").  This Warrant is issued pursuant to the
terms of that certain Series A Preferred Stock Purchase Agreement dated as of
the date hereof (the "Purchase Agreement") in connection with the Company's
issuance to the Holder of ____________ shares of Series A Preferred Stock for
the principal amount of [______________________________] ($____).

1.   Purchase Shares.  Subject to the terms and conditions hereinafter set forth
     ---------------
and set forth in the Purchase Agreement, the Holder is entitled, upon surrender
of this Warrant at the principal office of the Company (or at such other place
as the Company shall notify the holder hereof in writing), to purchase from the
Company up to [______________________________________] (______) fully paid and
nonassessable shares of Series A Preferred Stock of the Company, as constituted
on the Warrant Issue Date (the "Preferred Stock").  The number of shares of
Preferred Stock issuable pursuant to this Section 1 (the "Shares") shall be
subject to adjustment pursuant to Section 8 hereof.

2.   Exercise Price.  The purchase price for the Shares shall be $1.75, as
     --------------
adjusted from time to time pursuant to Section 8 hereof (the "Exercise Price").

3.   Exercise Period.  This Warrant shall be exercisable, in whole or in part,
     ---------------
during the term commencing on the Warrant Issue Date and ending at 5:00 p.m. on
May _, 2004.

4.   Method of Exercise.  While this Warrant remains outstanding and exercisable
     ------------------
in accordance with Section 3 above, the Holder may exercise, in whole or in
part, the purchase rights evidenced hereby.  Such exercise shall be effected by:

     (a)  the surrender of the Warrant, together with a duly executed copy of
the form of Notice of Exercise attached hereto, to the Secretary of the Company
at its principal offices; and
<PAGE>

     (b)  the payment to the Company of an amount equal to the aggregate
Exercise Price for the number of Shares being purchased.

5.   Net Exercise.  In lieu of exercising this Warrant pursuant to Section 4,
     ------------
the Holder may elect to receive, without the payment by the Holder of any
additional consideration, shares of Preferred Stock equal to the value of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at
the principal office of the Company together with the Notice of Exercise, in
which event the Company shall issue to the holder hereof a number of shares of
Preferred Stock computed using the following formula:

                              Y (A - B)
                              ---------

                         X =      A

     Where:    X =  The number of shares of Preferred Stock to be issued to the
                    Holder pursuant to this net exercise;

               Y =  The number of Shares in respect of which the net issue
                    election is made;

               A =  The fair market value of one share of the Preferred Stock at
                    the time the net issue election is made;

               B =  The Exercise Price (as adjusted to the date of the net
                    issuance).

For purposes of this Section 5, the fair market value of one share of Preferred
Stock (or, to the extent all such Preferred Stock has been converted into the
Company's Common Stock) as of a particular date shall be determined as follows:
(i) if traded on a securities exchange or through the Nasdaq National Market,
the value shall be deemed to be the average of the closing prices of the
securities on such exchange over the thirty (30) day period ending three (3)
days prior to the net exercise election; (ii) if traded over-the-counter, the
value shall be deemed to be the average of the closing bid or sale prices
(whichever is applicable) over the thirty (30) day period ending three (3) days
prior to the net exercise; and (iii) if there is no active public market, the
value shall be the fair market value thereof, as determined in good faith by the
Board of Directors of the Company; provided, that, if the Warrant is being
exercised upon the closing of the Company's first underwritten public offering
of common stock (the "IPO"), the value will be the initial "Price to Public" of
one share of such Preferred Stock (or Common Stock issuable upon conversion of
such Preferred Stock) specified in the final prospectus with respect to such
offering.

6.   Certificates for Shares.  Upon the exercise of the purchase rights
     -----------------------
evidenced by this Warrant, one or more certificates for the number of Shares so
purchased shall be issued as soon as practicable thereafter (with appropriate
restrictive legends, if applicable), and in any event within thirty (30) days of
the delivery of the subscription notice.
<PAGE>

7.   Issuance of Shares.  The Company covenants that the Shares, when issued
     ------------------
pursuant to the exercise of this Warrant, will be duly and validly issued, fully
paid and nonassessable and free from all taxes, liens, and charges with respect
to the issuance thereof.

8.   Adjustment of Exercise Price and Number of Shares.  The number of and kind
     -------------------------------------------------
of securities purchasable upon exercise of this Warrant and the Exercise Price
shall be subject to adjustment from time to time as follows:

          (a)  Subdivisions, Combinations and Other Issuances. If the Company
               ----------------------------------------------
     shall at any time prior to the expiration of this Warrant subdivide its
     Preferred Stock, by split or otherwise, or combine its Preferred Stock, or
     issue additional shares of its Preferred Stock or Common Stock as a
     dividend with respect to any shares of its Preferred Stock, the number of
     Shares issuable on the exercise of this Warrant shall forthwith be
     proportionately increased in the case of a subdivision or stock dividend,
     or proportionately decreased in the case of a combination. Appropriate
     adjustments shall also be made to the Exercise Price, but the aggregate
     Exercise Price for the total number of Shares purchasable under this
     Warrant (as adjusted) shall remain the same. Any adjustment under this
     Section 8(a) shall become effective at the close of business on the date
     the subdivision or combination becomes effective, or as of the record date
     of such dividend, or in the event that no record date is fixed, upon the
     making of such dividend.

          (b)  Reclassification, Reorganization and Consolidation. In case of
               --------------------------------------------------
     any reclassification, capital reorganization, or change in the Preferred
     Stock of the Company (other than as a result of a subdivision, combination,
     or stock dividend provided for in Section 8(a) above), then, as a condition
     of such reclassification, reorganization, or change, lawful provision shall
     be made, and duly executed documents evidencing the same from the Company
     or its successor shall be delivered to the Holder, so that the Holder shall
     have the right at any time prior to the expiration of this Warrant to
     purchase, at a total price equal to that payable upon the exercise of this
     Warrant, the kind and amount of shares of stock and other securities and
     property receivable in connection with such reclassification,
     reorganization, or change by a holder of the same number of shares of
     Preferred Stock as were purchasable by the Holder immediately prior to such
     reclassification, reorganization, or change. In any such case appropriate
     provisions shall be made with respect to the rights and interest of the
     Holder so that the provisions hereof shall thereafter be applicable with
     respect to any shares of stock or other securities and property deliverable
     upon exercise hereof, and appropriate adjustments shall be made to the
     Exercise Price hereunder, provided the aggregate Exercise Price shall
     remain the same.

9.   No Fractional Shares or Scrip.  No fractional shares or scrip representing
     -----------------------------
fractional shares shall be issued upon the exercise of this Warrant, but in lieu
of such fractional shares the Company shall make a cash payment therefor on the
basis of the Exercise Price then in effect.
<PAGE>

10.  No Stockholder Rights.  Prior to exercise of this Warrant, the Holder shall
     ---------------------
not be entitled to any rights of a stockholder with respect to the Shares,
including (without limitation) the right to vote such Shares, receive dividends
or other distributions thereon, exercise preemptive rights or be notified of
stockholder meetings, and such holder shall not be entitled to any notice or
other communication concerning the business or affairs of the Company.  However,
nothing in this Section 10 shall limit the right of the Holder to be provided
the Notices required under this Warrant or the Purchase Agreement.

11.  Transfers of Warrant.  Subject to compliance with applicable federal and
     --------------------
state securities laws, this Warrant and all rights hereunder are transferable in
whole or in part by the Holder to any person or entity upon written notice to
the Company.  The transfer shall be recorded on the books of the Company upon
the surrender of this Warrant, properly endorsed, to the Company at its
principal offices, and the payment to the Company of all transfer taxes and
other governmental charges imposed on such transfer.  In the event of a partial
transfer, the Company shall issue to the holders one or more appropriate new
warrants.

12.  Successors and Assigns.  The terms and provisions of this Warrant and the
     ----------------------
Purchase Agreement shall inure to the benefit of, and be binding upon, the
Company and the Holders hereof and their respective successors and assigns.

13.  Amendments and Waivers.  Any term of this Warrant may be amended and the
     ----------------------
observance of any term of this Warrant may be waived (either generally or in a
particular instance and either retroactively or prospectively), with the written
consent of the Company and the holders of a majority of shares of Preferred
Stock issued or issuable upon exercise of Warrants issued pursuant to the
Purchase Agreement.  Any waiver or amendment effected in accordance with this
Section shall be binding upon each holder of any Shares purchased under this
Warrant at the time outstanding (including securities into which such Shares
have been converted), each future holder of all such Shares, and the Company.

14.  Effect of Amendment or Waiver.  The Holder acknowledges that by the
     -----------------------------
operation of Section 13 hereof, the holders of a majority of shares of Preferred
Stock issued or issuable upon exercise of Warrants issued pursuant to the
Purchase Agreement will have the right and power to diminish or eliminate all
rights of such holder under this Warrant or under the Purchase Agreement.

15.  Notices.  All notices required under this Warrant shall be deemed to have
     -------
been given or made for all purposes (i) upon personal delivery, (ii) upon
confirmation receipt that the communication was successfully sent to the
applicable number if sent by facsimile; (iii) one day after being sent, when
sent by professional overnight courier service, or (iv) five days after posting
when sent by registered or certified mail.  Notices to the Company shall be sent
to the principal office of the Company (or at such other place as the Company
shall notify the Holder hereof in writing).  Notices to the Holder shall be sent
to the address of the Holder on the books of the Company (or at such other place
as the Holder shall notify the Company hereof in writing).

16.  Attorneys' Fees.  If any action of law or equity is necessary to enforce or
     ---------------
interpret the terms of this Warrant, the prevailing party shall be entitled to
its reasonable attorneys' fees, costs and disbursements in addition to any other
relief to which it may be entitled.
<PAGE>

17.  Captions.  The section and subsection headings of this Warrant are inserted
     --------
for convenience only and shall not constitute a part of this Warrant in
construing or interpreting any provision hereof.

18.  Governing Law.  This Warrant shall be governed by the laws of the State of
     -------------
California as applied to agreements among California residents made and to be
performed entirely within the State of California.
<PAGE>

          IN WITNESS WHEREOF, Petopia.com, Inc. caused this Warrant to be
executed by an officer thereunto duly authorized.

                                         PETOPIA.COM, INC.

                                           By:____________________________
                                           Name: Andrea C. Reisman
                                           Title:   Chief Executive Officer

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