Document:

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                                                                     EXHIBIT 4.4

                               HOTEL MEXICO, INC.

                          COMMON STOCK PURCHASE WARRANT

         Hotel Mexico, Inc., an Ohio corporation (the "COMPANY"), hereby agrees
that, for value received, J. JEFFREY BRAUSCH & COMPANY, or its assigns, is
entitled, subject to the terms set forth below, to purchase from the Company at
any time or from time to time after July 30, 1998, and before 5:00 p.m.,
Minneapolis, Minnesota time, on July 30, 2002, Fifteen Thousand Seven Hundred
Fifty (15,750) shares of the no par value Common Stock of the Company (the
"COMMON STOCK"), at an exercise price of $3.75 per share, subject to adjustment
as provided herein.

         1. EXERCISE OF WARRANT. The purchase rights granted by this Warrant
shall be exercised (in minimum quantities of 100 shares) by the holder
surrendering this Warrant with the form of exercise attached hereto duly
executed by such holder, to the Company at its principal office, accompanied by
payment, in cash or by cashier's check payable to the order of the Company, of
the purchase price payable in respect of the Common Stock being purchased. If
less than all of the Common Stock purchasable hereunder is purchased, the
Company will, upon such exercise, execute and deliver to the holder hereof a new
Warrant (dated the date hereof) evidencing the number of shares of Common Stock
not so purchased. As soon as practicable after the exercise of this Warrant and
payment of the purchase price, the Company will cause to be issued in the name
of and delivered to the holder hereof, or as such holder may direct, a
certificate or certificates representing the shares purchased upon such
exercise. The Company may require that such certificate or certificates contain
on the face thereof a legend substantially as follows:

         "The transfer of the shares represented by this certificate is
         restricted pursuant to the terms of a Common Stock Purchase Warrant
         dated July 30, 1997, issued by Hotel Mexico, Inc., a copy of which is
         available for inspection at the offices of Hotel Mexico, Inc. Transfer
         may not be made except in accordance with the terms of the Common Stock
         Purchase Warrant. In addition, no sale, offer to sell or transfer of
         the shares represented by this certificate shall be made unless a
         registration statement under the Federal Securities Act of 1933, as
         amended (the "ACT"), with respect to such shares is then in effect or
         an exemption from the registration requirements of the Act is then in
         fact applicable to such shares."

         2. NEGOTIABILITY AND TRANSFER. This Warrant is issued upon the
following terms, to which each holder hereof consents and agrees:

                  (a)      Until this Warrant is duly transferred on the books
                           of the Company, the Company may treat the registered
                           holder of this Warrant as absolute owner hereof for
                           all purposes without being affected by any notice to
                           the contrary.

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                  (b)      Each successive holder of this Warrant, or of any
                           portion of the rights represented thereby, shall be
                           bound by the terms and conditions set forth herein.

         3. ANTIDILUTION ADJUSTMENTS. If the Company shall at any time hereafter
subdivide or combine its outstanding shares of Common Stock, or declare a
dividend payable in Common Stock, the exercise price in effect immediately prior
to the subdivision, combination or record date for such dividend payable in
Common Stock shall forthwith be proportionately increased, in the case of
combination, or proportionately decreased, in the case of subdivision or
declaration of a dividend payable in Common Stock, and each share of Common
Stock purchasable upon exercise of this Warrant, immediately preceding such
event, shall be changed to the number determined by dividing the then current
exercise price by the exercise price as adjusted after such subdivision,
combination or dividend payable in Common Stock.

         No fractional shares of Common Stock are to be issued upon the exercise
of the Warrant, but the Company shall pay a cash adjustment in respect of any
fraction of a share which would otherwise be issuable in an amount equal to the
same fraction of the market price per share of Common Stock on the day of
exercise as determined in good faith by the Company.

         In case of any capital reorganization or any reclassification of the
shares of Common Stock of the Company, or in the case of any consolidation with
or merger of the Company into or with another corporation, or the sale of all or
substantially all of its assets to another corporation, which is effected in
such a manner that the holders of Common Stock shall be entitled to receive
stock, securities or assets with respect to or in exchange for Common Stock,
then, as a part of such reorganization, reclassification, consolidation, merger
or sale, as the case may be, lawful provision shall be made so that the holder
of the Warrant shall have the right thereafter to receive, upon the exercise
hereof, the kind and amount of shares of stock or other securities or property
which the holder would have been entitled to receive if, immediately prior to
such reorganization, reclassification, consolidation, merger or sale, the holder
had held the number of shares of Common Stock which were then purchasable upon
the exercise of the Warrant. In any such case, appropriate adjustment (as
determined in good faith by the Board of Directors of the Company) shall be made
in the application of the provisions set forth herein with respect to the rights
and interest thereafter of the holder of the Warrant, to the end that the
provisions set forth herein (including provisions with respect to adjustments of
the exercise price) shall thereafter be applicable, as nearly as reasonably may
be, in relation to any shares of stock or other property thereafter deliverable
upon the exercise of the Warrant.

         When any adjustment is required to be made in the exercise price,
initial or adjusted, the Company shall forthwith determine the new exercise
price, and

         (a)      prepare and retain on file a statement describing in
                  reasonable detail the method used in arriving at the new
                  exercise price; and

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         (b)      cause a copy of such statement to be mailed to the holder of
                  the Warrant as of a date within ten (10) days after the date
                  when the circumstances giving rise to the adjustment occurred.

         4. TRANSFERABILITY; REGISTRATION RIGHTS. Prior to making any
disposition of the Warrant or of any Common Stock purchased upon exercise of the
Warrant, the holder will give written notice to the Company describing briefly
the manner of any such proposed disposition. The holder will not make any such
disposition until (i) the Company has notified him that, in the opinion of its
counsel, registration under the Act is not required with respect to such
disposition, or (ii) a registration statement covering the proposed distribution
has been filed by the Company and has become effective. The holder then will
make any disposition only pursuant to the conditions of such opinion or
registration. The Company agrees that, upon receipt of written notice from the
holder hereof with respect to such proposed distribution, it will use its best
efforts, in consultation with the holder's counsel, to ascertain as promptly as
possible whether or not registration is required, and will advise the holder
promptly with respect thereto, and the holder will cooperate in providing the
Company with information necessary to make such determination.

         If, at any time one (1) year after the date hereof and prior to the
expiration of seven (7) years from the date hereof, the Company shall propose to
file any registration statement under the Securities Act of 1933, as amended,
covering a public offering of the Company's Common Stock and permitting the
inclusion of shares of selling shareholders, it will notify the holder hereof at
least thirty (30) days prior to each such filing and will include in the
registration statement (to the extent permitted by applicable regulation) the
Common Stock purchased by the holder or purchasable by the holder upon the
exercise of the Warrant to the extent requested by the holder hereof.
Notwithstanding the foregoing, the number of shares of the holders of the
Warrants proposed to be registered thereby shall be reduced pro rata with any
other selling shareholder (other than the Company) upon the request of the
managing underwriter of such offering. If the registration statement or offering
statement filed pursuant to such forty-five (45) day notice has not become
effective within six months following the date such notice is given to the
holder hereof, the Company must again notify such holder in the manner provided
above.

         At any time one (1) year after the date hereof and prior to the
expiration of four (4) years from the date hereof, and provided that a
registration statement on Form S-3 (or its equivalent) is then available to the
Company, and on a one-time basis only, if the holders of 51% or more of the
warrants and the shares acquired upon exercise of the Warrants request the
registration of the shares on Form S-3 (or its equivalent), the Company shall
promptly thereafter use its best efforts to effect the registration under the
Securities Act of 1933, as amended, of all such shares which such holders
request in writing to be so registered, and in a manner corresponding to the
methods of distribution described in such holders' request.

         All expenses of any such registrations referred to in this Section 4,
except the fees of counsel to such holders and underwriting commissions or
discounts shall be borne by the Company.

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         The Company will mail to each record holder, at the last known post
office address, written notice of any exercise of the rights granted under this
Section 4, by certified or registered mail, return receipt requested, and each
holder shall have thirty (30) days from the date of deposit of such notice in
the U.S. Mail to notify the Company in writing whether such holder wishes to
join in such exercise.

         The Company will furnish the holder hereof with a reasonable number of
copies of any prospectus included in such filings and will amend or supplement
the same as required during the period of required use thereof. The Company will
maintain the effectiveness of any registration statement or the offering
statement filed by the Company, whether or not at the request of the holder
hereof, for at least six (6) months following the effective date thereof.

         In the case of the filing of any registration statement, and to the
extent permissible under the Act and controlling precedent thereunder, the
Company and the holder hereof shall provide cross indemnification agreements to
each other in customary scope covering the accuracy and completeness of the
information furnished by each.

         The holder of the Warrant agrees to cooperate with the Company in the
preparation and filing of any such registration statement or offering statement,
and in the furnishing of information concerning the holder for inclusion
therein, or in any efforts by the Company to establish that the proposed sale is
exempt under the Act as to any proposed distribution.

         5.  CASHLESS EXERCISE OPTION.

             (a)      Provided the Company's Common Stock shall then be traded
                      on an exchange or quoted by NASDAQ or otherwise traded as
                      described in 5(d) hereof, the holder of this Warrant shall
                      have the right to require the Company to convert this
                      Warrant (the "CONVERSION RIGHT"), at any time from July
                      30, 1998 and prior to its expiration, into shares of
                      Common Stock as provided for in this Section 5. Upon
                      exercise of the Conversion Right, the Company shall
                      deliver to the holder (without payment by the holder of
                      any exercise price) that number of shares of Common Stock
                      equal to the quotient obtained by dividing (x) the value
                      of the Warrant at the time the Conversion Right is
                      exercised (determined by subtracting the aggregate
                      exercise price for the Warrant Shares in effect
                      immediately prior to the exercise of the Conversion Right
                      from the aggregate Fair Market Value (as determined below)
                      for the Warrant Shares immediately prior to the exercise
                      of the Conversion Right) by (y) the Fair Market Value of
                      one share of Common Stock immediately prior to the
                      exercise of the Conversion Right.

             (b)      The Conversion Right may be exercised by the holder,
                      at any time or from time to time, prior to its
                      expiration, on any business day, by delivering a
                      written notice (the "CONVERSION NOTICE") to the
                      Company at the offices of

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                           the Company exercising the Conversion Right and
                           specifying (i) the total number of shares of Stock
                           the Warrantholder will purchase pursuant to such
                           conversion, and (ii) a place, and a date not less
                           than five (5) nor more than twenty (20) business days
                           from the date of the Conversion Notice for the
                           closing of such purchase.

                  (c)      At any closing under Section 5(b) hereof, (i) the
                           holder will surrender the Warrant, (ii) the Company
                           will deliver to the holder a certificate or
                           certificates for the number of shares of Common Stock
                           issuable upon such conversion, together with cash, in
                           lieu of any fraction of a share, and (iii) the
                           Company will deliver to the holder a new Warrant
                           representing the number of shares, if any, with
                           respect to which the Warrant shall not have been
                           exercised.

                  (d)      "FAIR MARKET VALUE" of a share of Common Stock as of
                           a particular date (the "DETERMINATION DATE") shall
                           mean:

                           (i)      If the Company's Common Stock is traded on
                                    an exchange or is quoted on the National
                                    Association of Securities Dealers, Inc.
                                    Automated Quotation ("NASDAQ") National
                                    Market System, or the Small Cap Market, then
                                    the average closing or last sale prices,
                                    respectively, reported for the ten (10)
                                    business days immediately preceding the
                                    Determination Date.

                           (ii)     If the Company's Common Stock is not traded
                                    on an exchange or on the NASDAQ National
                                    Market System, or the Small Cap Market, but
                                    is traded in the over-the-counter market,
                                    then the average of the closing bid and
                                    asked prices reported for the ten (10)
                                    business days immediately preceding the
                                    Determination Date.

         6. NOTICES. The Company shall mail to the registered holder of the
Warrant, at his last known post office address appearing on the books of the
Company, not less than fifteen (l5) days prior to the date on which (a) a record
will be taken for the purpose of determining the holders of Common Stock
entitled to dividends (other than cash dividends) or subscription rights, or (b)
a record will be taken (or in lieu thereof, the transfer books will be closed)
for the purpose of determining the holders of Common Stock entitled to notice of
and to vote at a meeting of stockholders at which any capital reorganization,
reclassification of shares of Common Stock, consolidation, merger, dissolution,
liquidation, winding up or sale of substantially all of the Company's assets
shall be considered and acted upon.

         7. RESERVATION OF COMMON STOCK. A number of shares of Common Stock
sufficient to provide for the exercise of the Warrant upon the basis herein set
forth shall at all times be reserved for the exercise thereof.

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         8. MISCELLANEOUS. Whenever reference is made herein to the issue or
sale of shares of Common Stock, the term "COMMON STOCK" shall include any stock
of any class of the Company other than preferred stock with a fixed limit on
dividends and a fixed amount payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Company.

         The Company will not, by amendment of its Articles of Incorporation or
through reorganization, consolidation, merger, dissolution or sale of assets, or
by any other voluntary act or deed, avoid or seek to avoid the observance or
performance of any of the covenants, stipulations or conditions to be observed
or performed hereunder by the Company, but will, at all times in good faith,
assist, insofar as it is able, in the carrying out of all provisions hereof and
in the taking of all other action which may be necessary in order to protect the
rights of the holder hereof against dilution.

         Upon written request of the holder of this Warrant, the Company will
promptly provide such holder with a then current written list of the names and
addresses of all holders of warrants originally issued under the terms of, and
concurrent with, this Warrant.

         The representations, warranties and agreements herein contained shall
survive the exercise of this Warrant. References to the "holder of" include the
immediate holder of shares purchased on the exercise of this Warrant, and the
word "holder" shall include the plural thereof. This Common Stock Purchase
Warrant shall be interpreted under the laws of the State of Minnesota.

         All shares of Common Stock or other securities issued upon the exercise
of the Warrant shall be validly issued, fully paid and non-assessable, and the
Company will pay all taxes in respect of the issuer thereof.

         Notwithstanding anything contained herein to the contrary, the holder
of this Warrant shall not be deemed a stockholder (including, no right to vote
on any matters coming before the shareholders) of the Company for any purpose
whatsoever until and unless this Warrant is duly exercised.

         IN WITNESS WHEREOF, this Warrant has been duly executed by Hotel
Mexico, Inc., this 30th day of July, 1997.

                                                 HOTEL MEXICO, INC.

                                                 By   /s/ Stephen D. King
                                                    ---------------------------
                                                 Title: Chief Executive Officer

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                              WARRANT EXERCISE FORM

                   To be signed only upon exercise of Warrant.

         The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to
purchase thereunder,                    of the shares of Common Stock of Hotel
Mexico, Inc. to which such Warrant relates and herewith makes payment of
$            therefor in cash or by certified check, and requests that such
shares be issued and be delivered to,                          , the address for
which is set forth below the signature of the undersigned.

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

------------------------------         -----------------------------------------
(Taxpayer's I.D. Number)                             (Signature)

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

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

                                 ASSIGNMENT FORM

             To be signed only upon authorized transfer of Warrant.

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto                                  the right to purchase shares of
Common Stock of Hotel Mexico, Inc. to which the within Warrant relates and
appoints                     , attorney, to transfer said right on the books of
Hotel Mexico, Inc. with full power of substitution in the premises.

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

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

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

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                             CASHLESS EXERCISE FORM
         (To be executed upon exercise of Warrant pursuant to Section 5)

         The undersigned hereby irrevocably elects a cashless exercise of the
right of purchase represented by the within Common Stock Purchase Warrant for,
and to purchase thereunder,                          shares of Common Stock, as
provided for in Section 5 therein.

         If said number of shares shall not be all the shares purchasable under
the within Common Stock Purchase Warrant, a new Warrant is to be issued in the
name of said undersigned for the balance remaining of the shares purchasable
thereunder rounded up to the next higher number of shares.

         Please issue a certificate or certificates for such Common Stock in the
name of, and pay any cash for any fractional shares to:

NAME
                   -------------------------------------------------------------
                    (Please Print Name)

ADDRESS
                   -------------------------------------------------------------

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

SOCIAL SECURITY NO.
                        --------------------------------------------------------

SIGNATURE
           ---------------------------------------------------------------------

                           NOTE: The above signature should correspond exactly
                           with the name on the first page of this Common Stock
                           Purchase Warrant or with the name of the assignee
                           appearing in the assignment form on the preceding
                           page.<PAGE>   1
                                                                     EXHIBIT 4.5

The Warrant and the securities issuable upon exercise of this Warrant (the
"Securities") have not been registered under the Securities Act of 1933 (the
"Securities Act") or under any state securities or Blue Sky laws ("Blue Sky
Laws"). No transfer, sale, assignment, pledge, hypothecation or other
disposition of this Warrant or the Securities or any interest therein may be
made except (a) pursuant to an effective registration statement under the
Securities Act and any applicable Blue Sky Laws or (b) if the Company has been
furnished with both an opinion of counsel for the holder, which opinion and
counsel shall be reasonably satisfactory to the Company, to the effect that no
registration is required because of the availability of an exemption from
registration under the Securities Act and applicable Blue Sky Laws, and
assurances that the transfer, sale, assignment, pledge, hypothecation or other
disposition will be made only in compliance with the conditions of any such
registration or exemption.

                   WARRANT TO PURCHASE SHARES OF COMMON STOCK
                              OF CAFE ODYSSEY, INC.

WARRANT NO. JJB-1                                        Bloomington, Minnesota
                                                                April 20, 1999

         This certifies that, for value received, J. JEFFREY BRAUSCH & COMPANY,
or its successors or assigns ("Holder") is entitled to purchase from Cafe
Odyssey, Inc. (the "Company") Three Hundred Thousand (300,000) fully paid and
nonassessable shares (the "Shares") of the Company's Common Stock, $.01 par
value (the "Common Stock"), at any time and from time to time from the date
hereof until April 20, 2004, at an exercise price of $0.75 per share (the
"Exercise Price"), subject to adjustment as herein provided.

         This Warrant is subject to the following provisions, terms and
conditions:

         1. Exercise of Warrant. The rights represented by this Warrant may be
exercised by the Holder, in whole or in part (but not as to a fractional share
of Common Stock), by the surrender of this Warrant (properly endorsed, if
required, at the Company's principal office in Bloomington, Minnesota, or such
other office or agency of the Company as the Company may designate by notice in
writing to the Holder at the address of such Holder appearing on the books of
the Company at any time within the period above named), and upon payment to it
by certified check, bank draft or cash of the purchase price for such Shares.
The Company agrees that the Shares so purchased shall have and are deemed to be
issued to the Holder as the record owner of such Shares as of the close of
business on the date on which this Warrant shall have been surrendered and
payment made for such Shares as aforesaid. Certificates for the Shares of Common
Stock so purchased shall be delivered to the Holder within a reasonable time,
not exceeding ten (10) days, after the rights represented by this Warrant shall
have been so exercised, and, unless this Warrant has expired, a new Warrant
representing the number of Shares, if any, with respect to which this Warrant
shall not then have been exercised shall also be delivered to the Holder within
such time. The Company may require that any such new Warrant or any certificate
for Shares purchased upon the exercise hereof bear a legend substantially
similar to that which is contained on the face of this Warrant.

         2. Transferability of this Warrant. This Warrant is issued upon the
following terms, to which each Holder consents and agrees:

<PAGE>   2

                  a. Until this Warrant is transferred on the books of the
         Company, the Company will treat the Holder of this Warrant registered
         as such on the books of the Company as the absolute owner hereof for
         all purposes without being affected by any notice to the contrary.

                  b. This Warrant may not be exercised, and this Warrant and the
         Shares underlying this Warrant shall not be transferable, except in
         compliance with all applicable state and federal securities laws,
         regulations and orders, and with all other applicable laws, regulations
         and orders.

                  c. The Warrant may not be transferred, and the Shares
         underlying this Warrant may not be transferred, without the Holder
         obtaining an opinion of counsel satisfactory in form and substance to
         the Company's counsel stating that the proposed transaction will not
         result in a prohibited transaction under the Securities Act of 1933, as
         amended ("Securities Act"), and applicable Blue Sky laws. By accepting
         this Warrant, the Holder agrees to act in accordance with any
         conditions reasonably imposed on such transfer by such opinion of
         counsel.

                  d. Neither this issuance of this Warrant nor the issuance of
         the Shares underlying this Warrant have been registered under the
         Securities Act.

         3.       Certain Covenants of the Company. The Company covenants and
agrees that all Shares which may be issued upon the exercise of the rights
represented by this Warrant, upon issuance and full payment for the Shares so
purchased, will be duly authorized and issued, fully paid and nonassessable and
free from all taxes, liens and charges with respect to the issue hereof, except
those that may be created by or imposed upon the Holder or its property, and
without limiting the generality of the foregoing, the Company covenants and
agrees that it will from time to time take all such actions as may be requisite
to assure that the par value per share of the Common Stock is at all times equal
to or less than the effective purchase price per share of the Common Stock
issuable pursuant to this Warrant. The Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized and reserved free of
preemptive or other rights for the exclusive purpose of issue upon exercise of
the purchase rights evidenced by this Warrant, a sufficient number of shares of
its Common Stock to provide for the exercise of the rights represented by this
Warrant.

         4.       Adjustment of Exercise Price and Number of Shares. The
Exercise Price and number of Shares are subject to the following adjustments:

                  a. Adjustment of Exercise Price for Stock Dividend, Stock
         Split or Stock Combination. In the event that (i) any dividends on any
         class of stock of the Company payable in Common Stock or securities
         convertible into or exercisable for Common Stock ("Common Stock
         Equivalents") shall be paid by the Company, (ii) the Company shall
         subdivide its then outstanding shares of Common Stock into a greater
         number of shares, or (iii) the Company shall combine its outstanding
         shares of Common Stock, by reclassification or otherwise, then, in any
         such event, the Exercise Price in effect immediately prior to such
         event shall (until adjusted again pursuant hereto) be adjusted
         immediately after such event to a price (calculated to the nearest full
         cent) determined by dividing (a) the number of shares of Common Stock
         outstanding immediately prior to such event, multiplied by the then
         existing Exercise Price, by (b) the total number of shares of Common
         Stock outstanding immediately after such event, and the resulting
         quotient shall be the adjusted Exercise Price per share. No adjustment
         of the Exercise Price

                                       2
<PAGE>   3

         shall be made if the amount of such adjustment shall be less than $.05
         per share, but in such case any adjustment that would otherwise be
         required then to be made shall be carried forward and shall be made at
         the time and together with the next subsequent adjustment which,
         together with any adjustment or adjustments so carried forward, shall
         amount to not less than $.05 per share.

                  b. Adjustment of Number of Shares Purchasable on Exercise of
         Warrants. Upon each adjustment of the Exercise Price pursuant to this
         Section, the Holder shall thereafter (until another such adjustment) be
         entitled to purchase at the adjusted Exercise Price the number of
         shares, calculated to the nearest full share, obtained by multiplying
         the number of shares specified in such Warrant (as adjusted as a result
         of all adjustments in the Exercise Price in effect prior to such
         adjustment) by the Exercise Price in effect prior to such adjustment
         and dividing the product so obtained by the adjusted Exercise Price.

                  c. Notice as to Adjustment. Upon any adjustment of the
         Exercise Price and any increase or decrease in the number of shares of
         Common Stock purchasable upon the exercise of the Warrant, then, and in
         each such case, the Company within thirty (30) days thereafter shall
         give written notice thereof, by first class mail, postage prepaid,
         addressed to each Holder as shown on the books of the Company, which
         notice shall state the adjusted Exercise Price and the increased or
         decreased number of shares purchasable upon the exercise of the
         Warrants, and shall set forth in reasonable detail the method of
         calculation and the facts upon which such calculation is based.

                  d. Effect of Reorganization, Reclassification, Merger, etc. If
         at any time while any Warrant is outstanding there should be any
         capital reorganization of the capital stock of the Company (other than
         the issuance of any shares of Common Stock in subdivision of
         outstanding shares of Common Stock by reclassification or otherwise and
         other than a combination of shares provided for in Section 4(a)
         hereof), or any consolidation or merger of the Company with another
         corporation, or any sale, conveyance, lease or other transfer by the
         Company of all or substantially all of its property to any other
         corporation, which is effected in such a manner that the holders of
         Common Stock shall be entitled to receive cash, stock, securities, or
         assets with respect to or in exchange for Common Stock, then, as a part
         of such transaction, lawful provision shall be made so that each Holder
         shall have the right thereafter to receive, upon the exercise hereof,
         the number of shares of stock or other securities or property of the
         Company, or of the successor corporation resulting from such
         consolidation or merger, or of the corporation to which the property of
         the Company has been sold, conveyed, leased or otherwise transferred,
         as the case may be, which the Holder would have been entitled to
         receive upon such capital reorganization, reclassification of capital
         stock, consolidation, merger, sale, conveyance, lease or other
         transfer, if such Warrant had been exercised immediately prior to such
         capital reorganization, reclassification of capital stock,
         consolidation, merger, sale, conveyance, lease or other transfer. In
         any such case, appropriate adjustments (as determined by the Board of
         Directors of the Company) shall be made in the application of the
         provisions set forth in this Warrant (including the adjustment of the
         Exercise Price and the number of Shares issuable upon the exercise of
         the Warrants) to the end that the provisions set forth herein shall
         thereafter be applicable, as near as reasonably may be, in relation to
         any shares or other property thereafter deliverable upon the exercise
         of the Warrants as if the Warrants had been exercised immediately prior
         to such capital reorganization, reclassification of capital stock, such
         consolidation, merger, sale, conveyance, lease or other transfer and
         the Warrant Holders had carried out the terms of

                                       3
<PAGE>   4

         the exchange as provided for by such capital reorganization,
         consolidation or merger. The Company shall not effect any such capital
         reorganization, consolidation, merger or transfer unless, upon or prior
         to the consummation thereof, the successor corporation or the
         corporation to which the property of the Company has been sold,
         conveyed, leased or otherwise transferred shall assume by written
         instrument the obligation to deliver to each Holder such shares of
         stock, securities, cash or property as in accordance with the foregoing
         provisions such Holder shall be entitled to purchase.

         5. No Rights as Stockholders. This Warrant shall not entitle the Holder
as such to any voting rights or other rights as a stockholder of the Company.

         6. Registration Rights. If at any time on or after October 1, 1999, the
Company shall propose to file any registration statement (other than any
registration on Form S-4, S-8 or any other similarly inappropriate form, or any
successor forms thereto) under the 1933 Act covering a public offering of the
Company's Common Stock, it will notify the Holder hereof at least thirty (30)
days prior to each such filing and will use its best efforts to include in the
Registration Statement (to the extent permitted by applicable regulation), the
Common Stock purchased or purchasable by the Holder upon the exercise of the
Warrant to the extent requested by the Holder hereof within twenty (20) days
after receipt of notice of such filing (which request shall specify the interest
in this Warrant or the Warrant Shares intended to be sold or disposed of by such
Holder and describe the nature of any proposed sale or other disposition
thereof); provided, however, that if a greater number of Warrants and Warrant
Shares is offered for participation in the proposed offering than in the
reasonable opinion of the managing underwriter of the proposed offering can be
accommodated without adversely affecting the proposed offering, then the amount
of Warrant and Warrant Shares proposed to be offered by such Holders for
registration, as well as the number of securities of any other selling
shareholders participating in the registration, shall be proportionately reduced
to a number deemed satisfactory by the managing underwriter. The Company shall
bear all expenses and fees incurred in connection with the preparation, filing,
and amendment of the Registration Statement with the Commission, except that the
Holder shall pay all fees, disbursements and expenses of any counsel or expert
retained by the Holder and all underwriting discounts and commissions, filing
fees and any transfer or other taxes relating to the Shares included in the
Registration Statement. The Holder of this Warrant agrees to cooperate with the
Company in the preparation and filing of any Registration Statement, and in the
furnishing of information concerning the Holder for inclusion therein, or in any
efforts by the Company to establish that the proposed sale is exempt under the
1933 Act as to any proposed distribution.

         7. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Minnesota.

         8. Amendments and Waivers. The provisions of this Warrant may not be
amended, modified or supplemented, and waiver or consents to departures from the
provisions hereof may not be given, unless the Company agrees in writing and has
obtained the written consent of the Holders.

         9. Notices. All notices or communications hereunder, except as herein
otherwise specifically provided, shall be in writing and if sent to the Holder
shall be mailed, delivered, or telefaxed and confirmed to the Holder at his or
her address set forth on the records of the Company; or if sent to the Company
shall be mailed, delivered, or telefaxed and confirmed to Cafe Odyssey, Inc.,
4801 West

                                       4
<PAGE>   5

81st Street, Suite 112, Bloomington, MN 55437 or to such other address as the
Company or the Holder shall notify the other as provided in this Section.

         IN WITNESS WHEREOF, Cafe Odyssey, Inc. has caused this Warrant to be
signed by its duly authorized officer in the date set forth above.

                               CAFE ODYSSEY, INC.

                               /s/ Stephen D. King
                               -------------------------------
                               Stephen D. King
                               Chairman of the Board

                                       5

<PAGE>   6

                                SUBSCRIPTION FORM

         To be signed only upon exercise of Warrant.

         The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to
purchase thereunder, ____________________ of the shares of Common Stock of Cafe
Odyssey, Inc. (the "Shares") to which such Warrant relates and herewith makes
payment of $_____________ therefor in cash, certified check or bank draft and
requests that a certificate evidencing the Shares be delivered to,
_______________________________, the address for whom is set forth below the
signature of the undersigned:

Dated: ____________________

                                       _________________________________________
                                       (Signature)

                                       _________________________________________
                                       _________________________________________
                                       (Address)

                                      X X X

                                 ASSIGNMENT FORM

         To be signed only upon authorized transfer of Warrant.

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto _____________________________________ the right to purchase
shares of Common Stock of Cafe Odyssey, Inc. to which the within Warrant relates
and appoints ____________________ attorney, to transfer said right on the books
of _________________ with full power of substitution in the premises.

Dated: ____________________

                                       _________________________________________
                                       (Signature)

                                       _________________________________________
                                       _________________________________________
                                       (Address)

                                       6

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