Document:

EXHIBIT 4.2.73
                                                                  --------------

THIS NOTE AND ANY SHARES ACQUIRED UPON CONVERSION OF THIS NOTE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT
BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING THIS NOTE, THE SALE IS MADE IN
ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL FOR THE HOLDER OF THIS NOTE REASONABLY SATISFACTORY TO THE COMPANY,
STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

                             SALON MEDIA GROUP, Inc.

                           CONVERTIBLE PROMISSORY NOTE

$200,000                                                       December 10, 2003

            Salon Media Group, Inc., a Delaware corporation (the "Company"), for
value received, hereby promises to pay to Wenner Media LLC ("Holder"), the
principal sum of Two Hundred Thousand Dollars ($200,000) with interest as
provided below.

                        1. Payment.

                        (a) Payment. Subject to the provisions of Section 3
hereof relating to the conversion of this Note, principal and accrued interest
hereof shall be payable on the earlier of (i) the date of the next meeting of
the Company's stockholders at which a proposal seeking the approval of the sale
of the Bridge Notes (as defined below) is voted upon and is not approved by the
Company's stockholders, or (ii) December 31, 2003 (the "Maturity Date").
Payments hereunder shall be made by the Company to the Holder, at the address as
provided to the Company by the Holder in writing, in lawful money of the United
States of America. Interest shall accrue with respect to the unpaid principal
amount of the loan from the date of this Note until such principal is paid or
converted as provided in Section 3 hereof at a rate of six percent (6%) per
annum (computed on the basis of a 365-day year).

                        (b) Prepayment. The Company shall have the right at any
time and without penalty to prepay, in whole or in part, the principal
outstanding and/or the interest accrued hereunder.

                        2. Certain Definitions.

                        (a) "Bridge Notes" shall mean the series of notes, of
which this Note is a part, dated on or about the date hereof, each of which are
identical, other than the date of the Note, identity of the Holder and principal
amount of this Note.

<PAGE>

                        (b) "Financing" shall mean the first closing of the
proposed Series C Preferred Stock.

                        (c) "Financing Securities" shall mean the shares of
equity securities of the Company sold in the Financing.

                        (d) "Obligations" shall mean all outstanding principal
and accrued interest due hereunder.

                        3. Conversion.

                        (a) Automatic Conversion Upon Financing. This Note shall
automatically convert into the Financing Securities upon the closing of the
Financing.

                        (b) Conversion Absent Financing by December 31, 2003. If
no Financing shall have occurred by the close of business on December 31, 2003,
then this Note shall be convertible at the option of the Holder into shares of
Common Stock. Notwithstanding the foregoing, the Note shall only be convertible
into Common Stock at such time as the Company's stockholders have approved an
amendment to the Company's certificate of incorporation increasing the
authorized shares of Common Stock to a level which would permit the conversion
of all of the Note into Common Stock.

                        (c) Conversion Price Upon Financing. In the event of an
automatic conversion pursuant to subsection 3(a) hereof, the number of shares of
the Financing Securities to be issued upon conversion of the Obligations shall
equal the aggregate amount of the Obligations divided by the price per share of
the Financing Securities issued and sold in the Financing.

                        (d) Conversion Price Absent Financing by December 31,
2003. In the event of an automatic conversion pursuant to subsection 3(b)
hereof, the number of shares of the Common Stock to be issued upon conversion of
this Note shall equal the aggregate amount of the Obligations divided by the
average closing price of the Common Stock over the sixty (60) trading days
ending September 30, 2003 or December 31, 2003, whichever is lower, as reported
on such market(s) and/or exchange(s) where the Common Stock has traded during
such sixty day trading period.

                        (e) Notice Regarding Financing. Written notice shall be
delivered to the Holder of this Note pursuant to Section 7 below notifying the
Holder of the terms and conditions of the Financing, the applicable conversion
price, the date on which any automatic conversion occurred and calling upon such
Holder to surrender the Note to the Company for cancellation and conversion in
the manner and at the place designated.

                        (f) Mechanics and Effect of Conversion. No fractional
shares of Financing Securities or Common Stock shall be issued upon conversion
of this Note. Notwithstanding any other provision of this Note or the Note and
Warrant Purchase Agreement, upon the conversion of the Obligations under this
Note, in lieu of the Company issuing any fractional shares to the Holder, the
Company shall pay to the Holder in cash the amount of the Obligations that is
not so converted. Upon conversion of this Note pursuant hereto, the Holder shall
surrender this Note,

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duly endorsed, at the principal office of the Company and shall execute such
documents as are reasonably required to be executed by all purchasers of the
Financing Securities. The Company shall, as soon as practicable thereafter,
issue and deliver to such Holder at such principal office a certificate or
certificates for the number of shares of the Financing Securities or Common
Stock to which the Holder shall be entitled upon such conversion (bearing such
legends as are required by applicable state and federal securities laws in the
opinion of counsel to the Company), together with any other securities and
property to which the Holder is entitled upon such conversion under the terms of
this Note. Upon full conversion of this Note pursuant to the terms hereof, the
Company shall be forever released from all its obligations and liabilities under
this Note. Upon conversion of this Note into Financing Securities or Common
Stock, the Holder shall be entitled to all rights and privileges afforded by the
Company to other holders of such Financing Securities or Common Stock.

                        4. Events of Default. The occurrence of any of the
following shall constitute an "Event of Default" under this Note and the Note
and Warrant Purchase Agreement of even date herewith (the "Purchase Agreement"):

                        (a) Failure to Pay. The Company shall fail to pay (i)
when due any principal payment on the due date hereunder or (ii) any interest or
other payment required under the terms of this Note on the date due and such
payment shall not have been made within fifteen (15) days of Company's receipt
of Holder's written notice to the Company of such failure to pay; or

                        (b) Voluntary Bankruptcy or Insolvency Proceedings. The
Company shall (i) apply for or consent to the appointment of a receiver,
trustee, liquidate or custodian of itself or of all or a substantial part of its
property, (ii) make a general assignment for the benefit of its or any of its
creditors, (iii) be dissolved or liquidated in full or in part, (iv) commence a
voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to itself or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect or consent to any such relief or to
the appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (v) take any
action for the purpose of effecting any of the foregoing; or

                        (c) Involuntary Bankruptcy or Insolvency Proceedings.
Proceedings for the appointment of a receiver, trustee, liquidator or custodian
of the Company or of all or a substantial part of the property thereof, or an
involuntary case or other proceedings seeking liquidation, reorganization or
other relief with respect to the Company or the debts thereof under any
bankruptcy, insolvency or other similar law or hereafter in effect shall be
commenced and an order for relief entered or such proceeding shall not be
dismissed or discharged within thirty (30) days of commencement.

                        5. Rights of Holder Upon Default. Subject to the
provisions set forth in Sections 5 and 6 of the Purchase Agreement, upon the
occurrence or existence of any Event of Default (other than an Event of Default
referred to in Paragraphs 4(c) and 4(d)) and at any time thereafter during the
continuance of such Event of Default, Holder may declare all outstanding
Obligations payable by Company hereunder to be immediately due and payable
without presentment, demand, protest or any other notice of any kind, all of
which are hereby expressly waived, anything contained herein or in the Purchase
Agreement to the contrary notwithstanding. Upon

<PAGE>

the occurrence or existence of any Event of Default described in Paragraphs 4(c)
and 4(d), immediately and without notice, all outstanding Obligations payable by
Company hereunder shall automatically become immediately due and payable,
without presentment, demand, protest or any other notice of any kind, all of
which are hereby expressly waived, anything contained herein or in the Purchase
Agreement to the contrary notwithstanding. In addition to the foregoing
remedies, upon the occurrence or existence of any Event of Default and subject
to the provisions of Sections 5 and 6 of the Purchase Agreement, Holder may
exercise any other right, power or remedy granted to it by the Purchase
Agreement or otherwise permitted to it by law, either by suit in equity or by
action at law, or both.

                        6. Security Interest. The satisfaction of the
Obligations hereunder are secured by a security interest in favor of the
Purchasers in all of the Company's right, title and interest in presently
existing and hereafter acquired assets as provided for in Section 4 of the
Purchase Agreement.

                        7. Miscellaneous.

                        (a) Amendment Provisions. Any provision of this Note
other than the principal amount and identity of the Holder may be amended,
waived or modified upon the written consent of the Company and the parties
providing at least a majority of the aggregate principal amounts provided
pursuant to the Bridge Notes.

                        (b) Severability. If any provision of this Note is
determined to be invalid, illegal or unenforceable, in whole or in part, the
validity, legality and enforceability of any of the remaining provisions or
portions of this Note shall not in any way be affected or impaired thereby and
this Note shall nevertheless be binding between the Company and the Holder.

                        (c) Governing Law. This Note shall be governed by and
construed in accordance with the laws of the State of Delaware.

                        (d) Binding Effect. This Note shall be binding upon, and
shall inure to the benefit of, the Company and the Holder and their respective
successors and assigns; provided, however, that the Company may not assign its
obligations hereunder without the Holder's prior written consent.

                        (e) Enforcement Costs. The Company agrees to pay all
costs and expenses, including, without limitation, reasonable attorneys' fees
and expenses, the Holder expends or incurs in connection with the enforcement of
this Note, the collection of any sums due hereunder, any actions for declaratory
relief in any way related to this Note, or the protection or preservation of any
rights of the Holder hereunder.

                        (f) Notices. Any notice, request or other communication
required or permitted hereunder shall be in writing and shall be duly given upon
receipt if personally delivered or mailed by registered or certified mail,
postage prepaid, or by recognized overnight courier or personal delivery,
addressed (i) if to Holder, at the address or facsimile number of such Holder as
set forth below such party's name on Exhibit A to the Purchase Agreement, or at
such other address or number as such Holder shall have furnished to the Company
in writing, or

<PAGE>

(ii) if to Company, at 22 Fourth Street, 16th Floor, San Francisco, CA 94103,
Attention: Chief Financial Officer or at such other address as Company shall
furnish to the Purchaser in writing.

                        (g) Payment. Payment shall be made in lawful tender of
the United States.

                        (h) Transfer of Note or Securities Issuable on
Conversion Hereof. This Note or the securities issuable on conversion hereof may
not be transferred in violation of any restrictive legend set forth hereon or
thereon. Each new Note issued upon transfer of this Note, and each security
issuable on conversion hereof, shall bear the restrictive legend set forth
below, unless in the opinion of counsel for Company such legend is not required
in order to ensure compliance with the Act:

            "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
            UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD OR
            OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
            STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM
            REGISTRATION UNDER SUCH ACT."

The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration books maintained for such purpose by
or on behalf of the Company as provided in the Purchase Agreement. Prior to
presentation of this Note for registration of transfer, the Company shall treat
the registered holder hereof as the owner and holder of this Note for the
purpose of receiving all payments of principal and interest hereon and for all
other purposes whatsoever, whether or not this Note shall be overdue and Company
shall not be affected by notice to the contrary.

                        (i) Headings. Section headings used in this Note have
been set forth herein for convenience of reference only. Unless the contrary is
compelled by the context, everything contained in each section hereof applies
equally to this entire Note.

            IN WITNESS WHEREOF, the Company has caused this Note to be issued as
of the date first written above.

                                     Salon Media Group, Inc.

                                     By:  /s/ David Talbot

                                     Name: David Talbot

                                     Title: Chairman and Chief Executive OfficerEXHIBIT 4.2.74
                                                                  --------------

EXCEPT AS OTHERWISE PROVIDED IN THIS WARRANT, THE SECURITIES EVIDENCED BY THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS (i) THERE IS
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING SUCH SECURITIES, (ii)
THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR (iii) THE COMPANY
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY
SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT.

                             SALON MEDIA GROUP, INC.
                          COMMON STOCK PURCHASE WARRANT

            1. Price and Number of Shares Subject to Warrant. FOR VALUE RECEIVED
and subject to the terms and conditions herein set forth, Wenner Media LLC (the
"Purchaser"), is entitled to purchase from Salon Media Group, Inc., a Delaware
corporation (the "Company"), at any time after 5:00 p.m. California time on
December 10, 2003 and before the termination of this Warrant pursuant to Section
12 below, at a price per share equal to $0.0575, as adjusted in accordance with
Section 3 below (the "Warrant Price"), that number of shares indicated in
Section 2 below of fully paid and nonassessable shares of the Common Stock of
the Company (which Common Stock currently trades on the OTC), as adjusted
pursuant to Section 3 (the "Warrant Shares").

            2. Number of Shares of Warrant Shares. The number of Warrant Shares
for which this Warrant is exercisable is equal to 2,600,000.

            3. Adjustment of Warrant Price and Warrant Shares. The number of
shares of Warrant Shares issuable upon the exercise of this Warrant and the
exercise price thereof shall be subject to adjustment from time to time, and the
Company agrees to provide notice upon the happening of certain events, as
follows:

                        (a) Merger, Sale of Assets, etc. If at any time the
Company proposes to (i) consolidate with or merge with or sell or convey all or
substantially all of its assets to any other corporation or entity, or (ii)
distribute stock, securities or other assets to the holders of Common Stock in
exchange for their shares of the Company's Common Stock, then the Company shall
give the holder of this Warrant thirty (30) days advance notice of the effective
date of such transaction and to the extent the Warrant has not been exercised in
full by the effective date of such transaction, this Warrant shall terminate.
The foregoing notwithstanding, a merger or consolidation of the Company with or
into another corporation after which the shareholders of the Company immediately
prior to such transaction hold more than fifty percent (50%) of the voting power
of the surviving entity, shall not result in termination of this Warrant;
instead this Warrant shall be exchanged for a warrant of the surviving
corporation that shall entitle the holder hereof to acquire upon the exercise
thereof the number of shares of stock or

<PAGE>

other property to which the holder of the number of shares of the Warrant Shares
which are subject to this Warrant on the effective date of the merger would have
been entitled to receive for such securities under the terms of the merger.

                        (b) Reclassification, etc. If the Company at any time
shall, by subdivision, combination or reclassification of securities or
otherwise, change any of the securities to which purchase rights under this
Warrant exist into the same or a different number of securities of any class or
classes, this Warrant shall thereafter entitle its holder to acquire such number
and kind of securities as would have been issuable as the result of such change
with respect to the securities which were subject to the purchase rights under
this Warrant immediately prior to such subdivision. combination,
reclassification or other change. If shares of the class of the Company's stock
for which this Warrant is being exercised are subdivided or combined into a
greater or smaller number of shares of stock, the Warrant Price shall be
proportionately reduced in the case of subdivision of shares or proportionately
increased in the case of combination of shares, in both cases by the ratio which
the total number of shares of such class of stock to be outstanding immediately
after such event bears to the total number of shares of such class of stock
outstanding immediately prior to such event.

                        (c) Adjustment for Dividends in Stock. In case at any
time or from time to time on or after the date hereof the holders of the shares
of the Company's capital stock of the same class and series as the Warrant
Shares (or any shares of stock or other securities at the time receivable upon
the exercise of this Warrant) shall have received, or, on or after the record
date fixed for the determination of eligible shareholders, shall have become
entitled to receive, without payment therefor, other or additional stock of the
Company by way of dividend, then and in each case, the holder of this Warrant
shall, upon the exercise hereof, be entitled to receive, in addition to the
number of shares of Warrant Shares receivable thereupon, and without payment of
any additional consideration therefor, the amount of such other or additional
stock of the Company which such holder would hold on the date of such exercise
had it been the holder of record of such Warrant Shares on the date hereof and
had thereafter, during the period from the date hereof to and including the date
of such exercise, retained such shares and/or all other additional stock
receivable by it as aforesaid during such period, giving effect to all
adjustments called for during such period by paragraph (c) of this Section 3.

                        (d) Adjustment of Warrant Price.

                              (i) Special Definitions. For purposes of this
Section 3(d), the following definitions shall apply:

                                    (A) "OPTIONS" shall mean rights, options or
warrants to subscribe for, purchase or otherwise acquire either Common Stock or
Convertible Securities (as defined below).

                                    (B) "CONVERTIBLE SECURITIES" shall mean any
evidences of indebtedness, shares or other securities convertible into or
exchangeable for Common Stock.

<PAGE>

                                    (C) "ADDITIONAL SHARES OF COMMON STOCK"
shall mean all shares of Common Stock issued (or, pursuant to Section 3(d)(iii)
below, deemed to be issued) by the Company after the Warrant Issue Date (as
defined below), other than shares of Common Stock issued or issuable:

                                    (I) upon conversion of shares of Series A
Preferred Stock or Series B Preferred Stock;

                                    (II) to officers, directors or employees of,
or consultants to, the Company pursuant to a warrant, stock grant, option
agreement or plan, purchase plan or other employee stock incentive program or
agreement approved by the Board of Directors, up to a maximum number of shares
of Common Stock (assuming full conversion of any such convertible securities
into Common Stock) equal to 25% of the then outstanding shares of the Company's
Common Stock, Series A Preferred Stock (as converted) and Series B Preferred
Stock (as converted);

                                    (III) in connection with the acquisition by
the Company of another business entity or majority ownership thereof approved by
the Board of Directors;

                                    (IV) to lease companies, real estate
lessors, banks or financial institutions, whether shares or warrants, in
connection with any lease or debt financing transaction approved by the Board of
Directors;

                                    (V) upon exercise of warrants outstanding as
of the date of the Warrant Issue Date (as defined hereafter);

                                    (VI) in connection with a transaction
described in Section 3(d)(iv);

                                    (VII) in connection with a strategic
investment and/or acquisition of technology or intellectual property approved by
the Board of Directors;

                                    (VIII) by way of dividend or other
distribution on shares of Common Stock excluded from the definition of
Additional Shares of Common Stock by the foregoing clauses (1) through (7).

                                    (D) "WARRANT ISSUE DATE" shall mean the date
on which the Warrant was first issued by the Company.

                              (ii) No Adjustment of Warrant Price. No adjustment
in the Warrant Price shall be made with respect to the issuance of Additional
Shares of Common Stock unless the consideration per share for an Additional
Share of Common Stock issued or deemed to be issued by the Company is less than
the Warrant Price in effect on the date of, and immediately prior to, such
issue.

                              (iii) Deemed Issue of Additional Shares of Common
Stock. In the event the Company at any time or from time to time after the
Warrant Issue Date shall issue any Options or Convertible Securities or shall
fix a record date for the determination of holders

<PAGE>

of any class of securities entitled to receive any such Options or Convertible
Securities, then the maximum number of shares (as set forth in the instrument
relating thereto without regard to any provisions contained therein for a
subsequent adjustment of such number) of Common Stock issuable upon the exercise
of such Options or, in the case of Convertible Securities, the conversion or
exchange of the Convertible Securities shall be deemed to be Additional Shares
of Common Stock issued as of the time of the issuance of such Option or
Convertible Security or, in case such a record date shall have been fixed, as of
the close of business on such record date:

                                    (A) except as provided in Section
3(d)(iii)(B) and 3(d)(iii)(C) below, no further adjustment in the Warrant Price
shall be made upon the subsequent issue of Convertible Securities or shares of
Common Stock upon the exercise of such Options or conversion or exchange of such
Convertible Securities;

                                    (B) if such Options or Convertible
Securities by their terms provide, with the passage of time or otherwise, for
any change in the consideration payable to the Company, or change in the number
of shares of Common Stock issuable, upon the exercise, conversion or exchange
thereof (other than under or by reason of provisions designed to protect against
dilution), a Warrant Price computed upon the original issue thereof (or upon the
occurrence of a record date with respect thereto) and any subsequent adjustments
based thereon, shall, upon any such increase or decrease becoming effective, be
recomputed to reflect such increase or decrease insofar as it affects such
Options or the rights of conversion or exchange under such Convertible
Securities;

                                    (C) upon the expiration of any such Options
or Convertible Securities, the Warrant Price, to the extent in any way affected
by or computed using such Options or Convertible Securities, shall be recomputed
to reflect the issuance of only the number of shares of Common Stock actually
issued upon the exercise of such Options or Convertible Securities; and

                                    (D) no readjustment pursuant to Section
3(d)(iii) clauses (B) and (C) above shall have the effect of increasing the
Warrant Price to an amount which exceeds the lower of (1) the Warrant Price on
the original adjustment date or (2) the Warrant Price that would have resulted
from any issuance of Additional Shares of Common Stock between the original
adjustment date and such readjustment date.

                              (iv) Adjustment of Warrant Price Upon Issuance of
Additional Shares of Common Stock Below Purchase Price. In the event this
Corporation shall issue Additional Shares of Common Stock (including Additional
Shares of Common Stock deemed to be issued pursuant to Section 3(d)(iii)), after
the Warrant Issue Date, without consideration or for a consideration per share
less than the Warrant Price in effect on the date of and immediately prior to
such issue (such issuance price being referred to herein as the "DILUTION
PRICE"), then and in each such event the Warrant Price shall automatically be
adjusted as set forth in this Section 3(d)(iv), unless otherwise provided in
this Section 3(d)(i).

                                    (A) Adjustment Formula. Whenever the
Conversion Price is adjusted by Section 3(d)(iv), the new Warrant Price shall be
determined by multiplying the Warrant Price then in effect by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such issue plus the number of

<PAGE>

shares of Common Stock which the aggregate consideration received by the Company
for the total number of Additional Shares of Common Stock so issued would
purchase at such Warrant Price in effect immediately prior to such issuance, and
the denominator of which shall be the number of shares of Common Stock
outstanding immediately prior to such issues plus the number of such additional
shares of Common Stock so issued. For the purposes of this paragraph, the number
of outstanding shares of Common Stock shall be deemed to include the Common
Stock issuable on conversion of all other outstanding Preferred Stock, upon
conversion or exercise of any other outstanding Convertible Securities and upon
exercise of all vested Options (and assuming conversion of Convertible
Securities issuable upon exercise of Options).

                              (v) Determination of Consideration. For purposes
of this Section 3(d), the consideration received by the Company for the issue of
any Additional Shares of Common Stock shall be computed as follows:

                                    (A) Cash and Property: Such consideration
shall:

                                          (1) insofar as it consists of cash, be
computed at the aggregate amount of cash received by the Company before
deducting any reasonable discounts, commissions or other expenses allowed, paid
or incurred by the Company for any underwriting or otherwise in connection with
the issuance and sale thereof;

                                          (2) insofar as it consists of property
other than cash, be computed at the fair value thereof at the time of such
issue, as determined by Board in the good faith exercise of its reasonable
business judgment; and

                                          (3) in the event Additional Shares of
Common Stock are issued together with other shares or securities or other assets
of the Company for consideration which covers both, be the proportion of such
consideration so received, computed as provided in clauses (1) and (2) above, as
determined in good faith by the Board.

                                    (B) Options and Convertible Securities. The
consideration per share received by the Company for Additional Shares of Common
Stock deemed to have been issued pursuant to Section 3(d), relating to Options
and Convertible Securities, shall be determined by dividing:

                                          (1) the total amount, if any, received
or receivable by the Company as consideration for the issue of such Options or
Convertible Securities, plus the minimum aggregate amount of additional
consideration (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Company upon the exercise of such Options or the
conversion or exchange of such Convertible Securities, or in the case of Options
for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities, by
<PAGE>

                                          (2) the maximum number of shares of
Common Stock (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such number)
issuable upon the exercise of such Options or the conversion or exchange of such
Convertible Securities.

            4. No Stockholder Rights. This Warrant, by itself, as distinguished
from any shares purchased hereunder, shall not entitle its holder to any of the
rights of a stockholder of the Company.

            5. Exercise of Warrant. This Warrant may be exercised in whole or
part by the holder, at any time after the date hereof and prior to the
termination of this Warrant, by the surrender of this Warrant, together with the
Notice of Exercise attached hereto as Attachment 1, duly completed and executed
at the principal office of the Company, accompanied by payment in full of the
Warrant Price in cash or by check with respect to the shares of Warrant Shares
being purchased. This Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender for exercise as
provided above, and the person entitled to receive the shares of Warrant Shares
issuable upon such exercises shall be treated for all purposes as holder of such
shares of record as of the close of business on such date. As promptly as
practicable after such date, the Company shall issue and deliver to the person
or persons entitled to receive the same a certificate or certificates for the
number of full shares of Warrant Shares issuable upon such exercise.

            6. Conversion. In lieu of exercising this Warrant or any portion
hereof by paying cash, the holder hereof shall have the right to convert this
Warrant or any portion hereof and receive Warrant Shares by executing and
delivering to the Company at its principal office the written notice of
conversion in the form attached hereto as Attachment 2, respectively, specifying
the portion of the Warrant to be converted, and accompanied by this Warrant. The
number of shares of Warrant Shares to be issued upon such conversion shall be
computed using the following formula:

            X = (P)(Y)(A-B)/A

            Where                   X =         the number of shares of
                                                Warrant Shares to be issued
                                                to the holder for the portion
                                                of the Warrant being
                                                converted.

                                    P           = the portion in the form of a
                                                fraction of the Warrant being
                                                converted.

                                    Y           = the total number of shares of
                                                Warrant Shares issuable upon
                                                exercise of the Warrant in full.

                                    A =         the fair market value of one
                                                share of Warrant Shares which
                                                shall mean the last reported
                                                sale price per share of the
                                                Common Stock as reported on
                                                the Nasdaq National Market
                                                (or if the Common Stock is
                                                not then listed on the Nasdaq
                                                National Market, then such
                                                last reported sale price on a
                                                national securities exchange
                                                or other

<PAGE>

                                                nationally recognized exchange
                                                or trading system) on the day
                                                upon which the holder delivered
                                                its notice of conversion to the
                                                Company, or if no such price is
                                                reported on such day, such price
                                                on the next preceding business
                                                day for which such price is
                                                reported.

                                    B           = the Warrant Price on the day
                                                upon which the holder delivered
                                                its notice of conversion to the
                                                Company.

Any portion of this Warrant that is converted shall be immediately canceled.

            7.Certificate of Adjustment. Whenever the Warrant Price or number or
type of securities issuable upon exercise of this Warrant is adjusted, as herein
provided, the Company shall deliver to the record holder of this Warrant a
certificate of an officer or other authorized person of the Company setting
forth the nature of such adjustment and a brief statement of the facts requiring
such adjustment.

            8.Sale or Transfer of Warrant. The Purchaser shall not sell or
transfer this Warrant other than to an affiliate of Purchaser. For the purposes
of this Agreement, an "Affiliate" shall mean any partner, limited partner or
member of Purchaser or any person or entity that directly or indirectly through
one or more intermediaries controls or is controlled by or is under common
control with Purchaser.

            9.Successors and Assigns. The terms and provisions of this Warrant
shall inure to the benefit of, and be binding upon the Company, its successors
and assigns. This Warrant cannot be assigned by Purchaser, except to an
Affiliate, without the express written consent of the Company.

            10. Representations and Covenants of the Company. The Company makes
the following representations and covenants:

                        (a) Authorization. All corporate action on the part of
the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Warrant, the performance of all
obligations of the Company hereunder and thereunder, and the authorization,
issuance (or reservation for issuance), sale and delivery of the Warrant Shares
issuable hereunder has been taken or will be taken prior to the Closing, and
this Warrant constitutes valid and legally binding obligations of the Company,
enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors' rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) to the extent the indemnification
provisions contained in this Warrant may be limited by applicable federal or
state securities laws.

                        (b) Valid Issuance of Common Stock. The Warrant Shares
issuable hereunder, when issued, sold and delivered in accordance with the terms
of this Warrant for the consideration expressed herein, will be duly and validly
issued, fully paid and nonassessable, and will be free of restrictions on
transfer other than restrictions on transfer under this Warrant and under
applicable state and federal securities laws.

<PAGE>

                        (c) Reservation of Common Stock. The Common Stock
issuable upon exercise or conversion of this Warrant has been duly and validly
reserved. The Company will at all times during the term of the Warrant have
authorized and reserved a sufficient number of shares of Common Stock to provide
for the exercise rights represented by the Warrant, free from preemptive rights.
In the event the number of authorized but unissued shares of Common Stock are
not sufficient to permit exercise of the Warrant, the Company will take any such
corporate action necessary to increase its authorized but unissued shares of
common Stock to permit such exercise.

                        (d) Company Action. The Company will at all times during
the term of this Warrant act in good faith to assist in the carrying out of all
of the provisions of this Warrant. The Company will at all times during the term
of the Warrant take any and all action as may be necessary or appropriate to
protect the exercise of the rights of the Purchaser under this Warrant.

            11. Representations and Covenants of the Purchaser. This Warrant has
been entered into by the Company in reliance upon the following representations
and covenants of the Purchaser:

                        (a) Investment Purpose. The right to acquire Common
Stock contained herein will be acquired for investment and not with a view to
the sale or distribution of any part thereof, and the Purchaser has no present
intention of selling or engaging in any public distribution of the same except
pursuant to a registration or exemption.

                        (b) Private Issue. The Purchaser understands (i) that
the Common Stock issuable upon exercise of the purchase rights under this
Warrant is not registered under the Securities Act of 1933 Act or qualified
under applicable state securities laws on the ground that the issuance
contemplated by this Warrant will be exempt from the registration and
qualifications requirements thereof, and (ii) that the Company's reliance on
such exemption is predicated on the representations set forth in this Section.

                        (c) Financial Risk. Purchaser (i) has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of Purchaser's investment; (ii) has the ability to bear the
economic risks of Purchaser's prospective investment; (iii) has had access to
such information as Purchaser has considered necessary to make a determination
to purchase the investment together with such additional information as is
necessary to verify the accuracy of the information supplied; and (iv) has not
been offered the investment by any form of advertisement, article, notice or
other communication published in any newspaper, magazine, or similar media or
broadcast over television or radio, or any seminar or meeting whose attendees
have been invited by any such media.

                        (d) Accredited Investor. Purchaser is an "accredited
investor" within the meaning of SEC Rule 501 of Regulation D, as presently in
effect.

                        (e) Authorization. This Warrant constitutes the
Purchaser's valid and legally binding obligation, enforceable in accordance with
its terms.

<PAGE>

                        (f) Disclosure of Information. Purchaser believes it has
received all the information it considers necessary or appropriate for deciding
whether to purchase the rights under this Warrant. Purchaser further represents
that it has had an opportunity to ask questions and receive answers from the
Company regarding the terms and conditions of the Warrant and the Common Stock
issuable upon exercise of the purchase rights thereunder.

                        (g) Investment Experience. Purchaser is an investor in
securities of companies and acknowledges that it is able to fend for itself, can
bear the economic risk of its investment and has such knowledge and experience
in financial or business matters that it is capable of evaluating the merits and
risks of the investment in the Company's stock. If other than an individual,
Purchaser also represents that it has not been organized for the purpose of
acquiring the rights under this Warrant.

                        (h) Legends. It is understood that the Common Stock
issuable upon exercise of the rights under this Warrant may bear one or all of
the following legends:

                                                (i) "THE SECURITIES
   REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
   ACT OF 1933, AS AMENDED (THE "ACT") AND ARE "RESTRICTED SECURITIES" AS
   DEFINED IN RULE 144 PROMULGATED UNDER THE ACT. THE SECURITIES MAY NOT BE SOLD
   OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT (i) IN CONJUNCTION WITH
   AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE ACT OR (ii) IN
   COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO AN OPINION OF COUNSEL, THAT
   SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS TO SAID SALE, OFFER OR
   DISTRIBUTION."

                                                (ii) Any legend
   required by the laws of the State of California or other states, including
   any legend required by the California Department of Corporations and Sections
   417 and 418 of the Corporations Code.

            12. Termination. Unless otherwise terminated pursuant to Section 3
(a) above, this Warrant shall terminate at 5:00 p.m., California time, on the
third anniversary of the date hereof.

            13. Notices. Unless otherwise provided, any notice required or
permitted under this Warrant shall be given in writing and shall be deemed
effectively given upon personal delivery to the party to be notified or upon
receipt after deposit with the United States Post Office, by registered or
certified mail, postage prepaid and addressed to the party to be notified at the
address supplied by Purchaser to the Company or at such other address as
Purchaser shall designate by ten days advance written notice to the Company.

            14. Miscellaneous. This Warrant shall be governed by the laws of the
State of Delaware, as such laws are applied to contracts to be entered into and
performed entirely in Delaware by Delaware residents. The headings in this
Warrant are for purposes of convenience and reference only, and shall not be
deemed to constitute a part hereof. Any provision of this Warrant may be
amended, waived or modified upon the written consent of the Company, and the
Purchaser; provided, however that each other Purchaser of a Warrant shall, at
its option, be entitled to amend, waive or modify the Warrant held by such
Purchaser in a similar manner.

<PAGE>

Upon delivery of written notice to the Company by the Purchaser, this Warrant
shall be deemed amended, waived or modified in the same manner as any other
Warrant. Any amendment or waiver effected in accordance with this Section 14
shall be binding upon the Company, the Purchaser and each transferee of this
Warrant.

                                     SALON MEDIA GROUP, INC.

                                     Signed:  /s/ David Talbot

                                     Printed:  David Talbot

                                     Title: Chairman and Chief Executive Officer

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