Document:

Exhibit 10.1(w)

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THE SECURITIES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE RESOLD, TRANSFERRED OR ASSIGNED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT
OR AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

                             Right to Purchase 915,662 Shares of Common Stock of
                             Transmedia Asia Pacific, Inc.

                          TRANSMEDIA ASIA PACIFIC, INC.

                          Common Stock Purchase Warrant
No. W-4

            TRANSMEDIA ASIA PACIFIC, INC., a Delaware corporation (the
"Company"), hereby certifies that, for value received, Koch Investment Group
Limited, or registered assigns (the "Holder"), is entitled, subject to the terms
set forth below, to purchase from the Company at any time or from time to time
after the date hereof, and before 5:00 p.m., New York City time, on the
Expiration Date (such capitalized term and all other capitalized terms used
herein having the meanings provided herein), 915,662 fully paid and
nonassessable shares of Common Stock at a purchase price per share equal to the
Purchase Price. The number of such shares of Common Stock and the Purchase Price
are subject to adjustment as provided in this Warrant.

            As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

            "Closing Price" means $0.6188 (subject to equitable adjustments from
time to time, on terms reasonably acceptable to the holders of this Warrant and
the other Warrant of like tenor issued on the Issuance Date who are entitled to
acquire a majority of the shares of Common Stock issuable pursuant hereto and
thereto, for stock splits, stock dividends, combinations, recapitalizations,
reclassifications, distributions, tender offers and similar events relating to
the Common Stock occurring or with respect to which "ex-" trading commences on
or after the Issuance Date).

            "Common Stock" includes the Company's Common Stock, $.00001 par
value per share, as authorized on the date hereof, and any other securities into
which or for which the Common Stock may be converted or exchanged pursuant to a
plan of recapitalization, reorganization, merger, sale of assets or otherwise.

            "Company" shall include Transmedia Asia Pacific, Inc., a Delaware
corporation, and any corporation that shall succeed to or assume the obligations
of Transmedia Asia Pacific, Inc. hereunder in accordance with the terms hereof.

            "Exchange Agreement" means the Exchange Agreement, dated as of
December 12, 2000, by and among the Company and the original holders of this
Warrant and the other Warrant of like tenor issued on the Issuance Date, as
amended from time to time in accordance with its terms.

            "Expiration Date" means December 13, 2005.

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            "Issuance Date" means the first date of original issuance of this
Warrant.

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

            "1933 Act" means the Securities Act of 1933, as amended.

            "Other Securities" refers to any stock (other than Common Stock) and
other securities of the Company or any other person (corporate or otherwise)
which the Holder at any time shall be entitled to receive, or shall have
received, on the exercise of this Warrant, in lieu of or in addition to Common
Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to
Section 4.

            "Purchase Price" means $0.75 per share, subject to adjustment as
provided in this Warrant.

            "Registration Rights Agreement" means the Amended and Restated
Registration Rights Agreement, dated as of December 12, 2000 by and among the
Company and the original holders of this Warrant and the other Warrant of like
tenor issued on the Issuance Date, as amended from time to time in accordance
with its terms.

            "Trading Day" means a day on which the principal securities market
for the Common Stock is open for general trading of securities.

            1. Exercise of Warrant.

            1.1 Exercise. (a) Subject to the limitation on exercise in Section
1.1(b), this Warrant may be exercised by the Holder hereof in full or in part at
any time or from time to time during the exercise period specified in the first
paragraph hereof until the Expiration Date by surrender of this Warrant and the
subscription form annexed hereto (duly executed by the Holder), to the Company's
transfer agent and registrar for the Common Stock, with a copy to the Company,
and by making payment, in cash or by certified or official bank check payable to
the order of the Company, in the amount obtained by multiplying (a) the number
of shares of Common Stock designated by the Holder in the subscription form by
(b) the Purchase Price then in effect. On any partial exercise the Company will
forthwith issue and deliver to or upon the order of the Holder hereof a new
Warrant or Warrants of like tenor, in the name of the Holder hereof or as the
Holder (upon payment by the Holder of any applicable transfer taxes) may
request, providing in the aggregate on the face or faces thereof for the
purchase of the number of shares of Common Stock for which such Warrant or
Warrants may still be exercised.

            (b) Notwithstanding any other provision of this Warrant, in no event
shall the Holder be entitled at any time to purchase a number of shares of
Common Stock on exercise of this Warrant in excess of that number of shares upon
purchase of which the sum of (1) the number of shares of Common Stock
beneficially owned by the Holder and all persons whose beneficial ownership of
shares of Common Stock would be aggregated with the Holder's beneficial
ownership of shares of Common Stock for purposes of Section 13(d) of the 1934
Act and Regulation 13D-G thereunder, (each such person other than the Holder an
"Aggregated Person" and all such persons other than the Holder, collectively,
the "Aggregated Persons") (other than shares of Common Stock deemed beneficially
owned through the ownership by the Holder and all Aggregated Persons of the
Holder of the unexercised portion of this Warrant and the unexercised or
unconverted portion of any other security of the Company which contains similar
provisions) and (2) the number of shares of Common Stock issuable upon exercise
of the portion of this Warrant with respect to which the determination in this
sentence is being made, would result in

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beneficial ownership by the Holder and all Aggregated Persons of the Holder of
more than 4.9% of the outstanding shares of Common Stock. For purposes of the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the 1934 Act and Regulation 13D-G thereunder,
except as otherwise provided in clause (1) of the immediately preceding
sentence.

            1.2 Net Issuance. Notwithstanding anything to the contrary contained
in Section 1.1, the Holder may elect to exercise this Warrant in whole or in
part by receiving shares of Common Stock equal to the net issuance value (as
determined below) of this Warrant, or any part hereof, upon surrender of this
Warrant to the Company's transfer agent and registrar for the Common Stock
together with the subscription form annexed hereto (duly executed by the
Holder), in which event the Company shall issue to the Holder a number of shares
of Common Stock computed using the following formula:

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

      where:

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

      Y =    the number of shares of Common Stock as to which this Warrant is
             to be exercised

      A =    the current fair market value of one share of Common Stock
             calculated as of the last Trading Day immediately preceding the
             exercise of this Warrant

      B =    the Purchase Price

            As used herein, current fair market value of Common Stock as of a
specified date shall mean with respect to each share of Common Stock the closing
sale price of the Common Stock on the principal securities market on which the
Common Stock may at the time be listed or, if there have been no sales on any
such exchange on such day, the average of the highest bid and lowest asked
prices on the principal securities market at the end of such day, or, if on such
day the Common Stock is not so listed, the average of the representative bid and
asked prices quoted in the Nasdaq System as of 4:00 p.m., New York City time,
or, if on such day the Common Stock is not quoted in the Nasdaq System, the
average of the highest bid and lowest asked price on such day in the domestic
over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar successor organization, in each such case averaged
over a period of five consecutive Trading Days consisting of the day as of which
the current fair market value of a share of Common Stock is being determined (or
if such day is not a Trading Day, the Trading Day next preceding such day) and
the four consecutive Trading Days prior to such day. If on the date for which
current fair market value is to be determined the Common Stock is not listed on
any securities exchange or quoted in the Nasdaq System or the over-the-counter
market, the current fair market value of Common Stock shall be the highest price
per share which the Company could then obtain from a willing buyer (not a
current employee or director) for shares of Common Stock sold by the Company,
from authorized but unissued shares, as determined in good faith by the Board of
Directors of the Company, unless prior to such date the Company has become
subject to a merger, acquisition or other consolidation pursuant to which the
Company is not the surviving party, in which case the current fair market value
of the Common Stock shall be deemed to be the value received by the holders of
the Company's Common Stock for each share thereof pursuant to the Company's
acquisition.

            2. Delivery of Stock Certificates, etc., on Exercise. As soon as
practicable after the exercise of this Warrant, and in any event within three
Trading Days thereafter, the Company at its expense (including the payment by it
of any applicable issue or stamp taxes) will cause to be issued in the

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name of and delivered to the Holder hereof, or as the Holder (upon payment by
the Holder of any applicable transfer taxes) may direct, a certificate or
certificates for the number of fully paid and nonassessable shares of Common
Stock (or Other Securities) to which the Holder shall be entitled on such
exercise, in such denominations as may be requested by the Holder, plus, in lieu
of any fractional share to which the Holder would otherwise be entitled, cash
equal to such fraction multiplied by the then current fair market value (as
determined in accordance with subsection 1.2) of one full share, together with
any other stock or other securities and property (including cash, where
applicable) to which the Holder is entitled upon such exercise pursuant to
Section 1 or otherwise. Upon exercise of this Warrant as provided herein, the
Company's obligation to issue and deliver the certificates for Common Stock
shall be absolute and unconditional, irrespective of the absence of any action
by the Holder to enforce the same, any waiver or consent with respect to any
provision thereof, the recovery of any judgment against any person or any action
to enforce the same, any failure or delay in the enforcement of any other
obligation of the Company to the Holder, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the
Holder or any other person of any obligation to the Company, and irrespective of
any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with such exercise. If the Company fails to
issue and deliver the certificates for the Common Stock to the Holder pursuant
to the first sentence of this paragraph as and when required to do so, in
addition to any other liabilities the Company may have hereunder and under
applicable law, the Company shall pay or reimburse the Holder on demand for all
out-of-pocket expenses including, without limitation, reasonable fees and
expenses of legal counsel incurred by the Holder as a result of such failure.

            3. Adjustment for Dividends in Other Stock, Property, etc.;
Reclassification, etc. In case at any time or from time to time after the
Issuance Date, all the holders of Common Stock (or Other Securities) shall have
received, or (on or after the record date fixed for the determination of
stockholders eligible to receive) shall have become entitled to receive, without
payment therefor,

            (a) other or additional stock or other securities or property (other
than cash) by way of dividend, or

            (b) any cash (excluding cash dividends payable solely out of
earnings or earned surplus of the Company), or

            (c) other or additional stock or other securities or property
(including cash) by way of spin-off, split-up, reclassification,
recapitalization, combination of shares or similar corporate rearrangement,
other than additional shares of Common Stock (or Other Securities) issued as a
stock dividend or in a stock-split (adjustments in respect of which are provided
for in Section 5), then and in each such case the Holder, on the exercise hereof
as provided in Section 1, shall be entitled to receive the amount of stock and
other securities and property (including cash in the cases referred to in
subdivisions (b) and (c) of this Section 3) which the Holder would hold on the
date of such exercise if on the date thereof the Holder had been the holder of
record of the number of shares of Common Stock called for on the face of this
Warrant and had thereafter, during the period from the date hereof to and
including the date of such exercise, retained such shares and all such other or
additional stock and other securities and property (including cash in the case
referred to in subdivisions (b) and (c) of this Section 3) receivable by the
Holder as aforesaid during such period, giving effect to all adjustments called
for during such period by Section 4. Notwithstanding anything in this Section 3
to the contrary, no adjustments pursuant to this Section 3 shall actually be
made until the cumulative effect of the adjustments called for by this Section 3
since the date of the last adjustment actually made would change the amount of
stock or other securities and property which the Holder would hold by more than
1%.

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            4. Exercise upon Reorganization, Consolidation, Merger, etc. In case
at any time or from time to time after the Issuance Date, the Company shall (a)
effect a reorganization, (b) consolidate with or merge into any other person,
(c) effect an exchange of outstanding shares of the Company for securities of
any other person or (d) transfer all or substantially all of its properties or
assets to any other person under any plan or arrangement contemplating the
dissolution of the Company, then, in each such case, as a condition of such
reorganization, consolidation, merger, share exchange, sale or conveyance, (i)
the Company shall give at least 30 days notice to the Holder of such pending
transaction whereby the Holder shall have the right to exercise this Warrant
prior to any such reorganization, consolidation, merger, share exchange, sale or
conveyance and (ii) if the Holder does not so exercise this Warrant in full, the
Company shall cause effective provisions to be made so that the Holder shall
have the right thereafter, by exercising this Warrant (in lieu of the shares of
Common Stock of the Company purchasable and receivable upon exercise of the
rights represented hereby immediately prior to such transaction) to purchase the
kind and amount of shares of stock and other securities and property (including
cash) receivable upon such reorganization, consolidation, merger, share
exchange, sale or conveyance by a holder of the number of shares of Common Stock
that might have been received upon exercise of this Warrant immediately prior to
such reorganization, consolidation, merger, share exchange, sale or conveyance.
Any exercise of this Warrant pursuant to notice under this Section shall be
conditioned upon the closing of such reorganization, consolidation, merger, sale
or conveyance which is the subject of the notice and the exercise of this
Warrant shall not be deemed to have occurred until immediately prior to the
closing of such transaction.

            5. Adjustment for Extraordinary Events. In the event that after the
Issuance Date the Company shall (i) issue additional shares of Common Stock as a
dividend or other distribution on outstanding Common Stock, (ii) subdivide or
reclassify its outstanding shares of Common Stock, or (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock, then, in each such event, the Purchase Price shall, simultaneously with
the happening of such event, be adjusted by multiplying the Purchase Price in
effect immediately prior to such event by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding immediately prior to
such event and the denominator of which shall be the number of shares of Common
Stock outstanding immediately after such event, and the product so obtained
shall thereafter be the Purchase Price then in effect. The Purchase Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 5. The Holder shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive that number of shares of Common Stock determined by multiplying the
number of shares of Common Stock which would be issuable on such exercise
immediately prior to such issuance by a fraction of which (i) the numerator is
the Purchase Price in effect immediately prior to such issuance and (ii) the
denominator is the Purchase Price in effect on the date of such exercise.

            6. Adjustment for Certain Stock Issuances. In case at any time the
Company shall issue shares of its Common Stock or debt or equity securities
convertible into or exercisable or exchangeable for shares of Common Stock
(collectively, the "Newly Issued Shares"), other than (i) an issuance pro rata
to all holders of its outstanding Common Stock, (ii) issuances pursuant to
options, warrants and convertible securities outstanding on the Issuance Date
(including securities issued pursuant to the Exchange Agreement) and (iii)
issuances pursuant to employee stock option plans (other than in connection with
any corporate financing or acquisition transaction), at a price below the
Closing Price in effect at the time of such issuance, then following such
issuance of Newly Issued Shares the number of shares of Common Stock which the
Holder shall be entitled to receive upon exercise of this Warrant shall be
increased and the Purchase Price shall be decreased to the respective amounts
determined pursuant to this Section 6. The number of shares of Common Stock
purchasable upon the exercise of this Warrant following any such adjustment
shall be determined by multiplying the number of shares purchasable upon
exercise of this Warrant immediately prior to such adjustment by a fraction, the
numerator of which shall be the sum of (a) the number of shares of Common Stock
outstanding immediately prior to the issuance of the Newly Issued Shares
(calculated on a fully-diluted basis assuming the exercise or conversion of all
options, warrants, purchase rights or convertible securities which are
exercisable at the time of the issuance of the Newly Issued Shares), plus (b)
the number of Newly Issued Shares, and the denominator of which shall

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be the sum of (a) the number of shares of Common Stock outstanding immediately
prior to the issuance of the Newly Issued Shares (calculated on a fully-diluted
basis assuming the conversion of all options, warrants, purchase rights or
convertible securities which are exercisable at the time of the issuance of the
Newly Issued Shares), plus (b) the number of shares of Common Stock which the
aggregate consideration, if any, received by the Company for the number of Newly
Issued Shares would purchase at a price equal to the Closing Price in effect at
the time of such issuance. Upon any adjustment under this Section 6, the number
of shares of Common Stock purchasable upon exercise of this Warrant in full
immediately after such adjustment shall be rounded to the nearest
one-one-hundredth of a share of Common Stock subject, however, to Section 2 of
this Warrant relating to fractional shares of Common Stock. Such adjustment of
the number of shares purchasable provided for in this Section 6 may be expressed
as the following mathematical formula:

                             X = W x [O+N]
                                     -----
                                   [O+(A/C)]

      where:

      A =    aggregate consideration received by the Company for the Newly
             Issued Shares

      C =    Closing Price in effect at the time of the issuance of the Newly
             Issued Shares

      N =    number of Newly Issued Shares

      O =    number of shares of Common Stock outstanding (on a fully diluted
             basis, as described above) prior to the issuance of the Newly
             Issued Shares

      W =    number of shares issuable upon exercise of this Warrant prior to
             the issuance of the Newly Issued Shares

      X =    number of shares issuable upon exercise of this Warrant after the
             issuance of the Newly Issued Shares

Upon the issuance of such Newly Issued Shares, the Purchase Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the
Purchase Price in effect immediately prior to such event by a fraction, the
numerator of which shall be the number of shares of Common Stock issuable upon
exercise of this Warrant prior to the issuance of the Newly Issued Shares and
the denominator of which shall be the number of shares of Common Stock issuable
upon the exercise of this Warrant after the issuance of the Newly Issued Shares
as provided in this Section 6, and the product so obtained shall thereafter be
the Purchase Price then in effect. The number of shares issuable upon exercise
of this Warrant and the Purchase Price, as each is so adjusted, shall be
readjusted in the same manner upon the happening of any successive issuances of
Newly Issued Shares described in this Section 6. Notwithstanding the foregoing
provisions of this Section 6, no adjustment in the Purchase Price or the number
of shares of Common Stock issuable upon exercise of this Warrant shall be
required unless such adjustment would require an increase or decrease of at 1%
in such price or number; provided, however, that any adjustments which by reason
of this Section 6 are not required to be made shall be carried forward and taken
into account in any subsequent adjustment.

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            7. Further Assurances. The Company will take all action that may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of stock, free from all taxes, liens and
charges with respect to the issue thereof, on the exercise of all or any portion
of this Warrant from time to time outstanding.

            8. Notices of Record Date, etc. In the event of

            (a) any taking by the Company of a record of the holders of any
class of securities for the purpose of determining the holders thereof who are
entitled to receive any dividend on, or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right, or

            (b) any capital reorganization of the Company, any reclassification
or recapitalization of the capital stock of the Company or any transfer of all
or substantially all of the assets of the Company to or consolidation or merger
of the Company with or into any other person (other than a wholly-owned
subsidiary of the Company), or

            (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Company,

then and in each such event the Company will mail or cause to be mailed to the
Holder, at least ten days prior to such record date, a notice specifying (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, (ii) the date on which any such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or Other
Securities) shall be entitled to exchange their shares of Common Stock (or Other
Securities) for securities or other property deliverable on such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up, and (iii) the amount and character of
any stock or other securities, or rights or options with respect thereto,
proposed to be issued or granted, the date of such proposed issue or grant and
the persons or class of persons to whom such proposed issue or grant is to be
offered or made. Such notice shall also state that the action in question or the
record date is subject to the effectiveness of a registration statement under
the 1933 Act, or a favorable vote of stockholders if either is required. Such
notice shall be mailed at least ten days prior to the date specified in such
notice on which any such action is to be taken or the record date, whichever is
earlier.

            9. Reservation of Stock, etc., Issuable on Exercise of Warrants. The
Company will at all times reserve and keep available out of its authorized but
unissued shares of capital stock, solely for issuance and delivery on the
exercise of this Warrant, a sufficient number of shares of Common Stock (or
Other Securities) to effect the full exercise of this Warrant and the exercise,
conversion or exchange of any other warrant or security of the Company
exercisable for, convertible into, exchangeable for or otherwise entitling the
holder to acquire shares of Common Stock (or Other Securities), and if at any
time the number of authorized but unissued shares of Common Stock (or Other
Securities) shall not be sufficient to effect such exercise, conversion or
exchange, the Company shall take such action as may be necessary to increase its
authorized but unissued shares of Common Stock (or Other Securities) to such
number as shall be sufficient for such purposes.

            10. Transfer of Warrant. This Warrant shall inure to the benefit of
the successors to and assigns of the Holder. This Warrant and all rights
hereunder, in whole or in part, are registrable at

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<PAGE>

the office or agency of the Company referred to below by the Holder hereof in
person or by his duly authorized attorney, upon surrender of this Warrant
properly endorsed.

            11. Register of Warrants. The Company shall maintain, at the
principal office of the Company (or such other office as it may designate by
notice to the Holder hereof), a register in which the Company shall record the
name and address of the person in whose name this Warrant has been issued, as
well as the name and address of each successor and prior owner of such Warrant.
The Company shall be entitled to treat the person in whose name this Warrant is
so registered as the sole and absolute owner of this Warrant for all purposes.

            12. Exchange of Warrant. This Warrant is exchangeable, upon the
surrender hereof by the Holder hereof at the office or agency of the Company
referred to in Section 11, for one or more new Warrants of like tenor
representing in the aggregate the right to subscribe for and purchase the number
of shares of Common Stock which may be subscribed for and purchased hereunder,
each of such new Warrants to represent the right to subscribe for and purchase
such number of shares as shall be designated by said Holder hereof at the time
of such surrender.

            13. Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this
Warrant, on delivery of an indemnity agreement or security reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of this Warrant, the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

            14. Warrant Agent. In accordance with the Transfer Agent
Instructions, dated December 12, 2000, from the Company to American Stock
Transfer & Trust Company, as Transfer Agent and Registrar (the "Transfer
Agent"), the Company has appointed the Transfer Agent as the exercise agent for
purposes of issuing shares of Common Stock (or Other Securities) on the exercise
of this Warrant pursuant to Section 1. The Company may, by notice to the Holder,
appoint an agent having an office in the United States of America for the
purpose of exchanging this Warrant pursuant to Section 12 and replacing this
Warrant pursuant to Section 13, or either of the foregoing, and thereafter any
such exchange or replacement, as the case may be, shall be made at such office
by such agent.

            15. Remedies. The Company stipulates that the remedies at law of the
Holder in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Warrant are not and
will not be adequate, and that such terms may be specifically enforced by a
decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

            16. No Rights or Liabilities as a Stockholder. This Warrant shall
not entitle the Holder hereof to any voting rights or other rights as a
stockholder of the Company. No provision of this Warrant, in the absence of
affirmative action by the Holder hereof to purchase Common Stock, and no mere
enumeration herein of the rights or privileges of the Holder hereof, shall give
rise to any liability of the Holder for the Purchase Price or as a stockholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

            17. Notices, etc. All notices and other communications from the
Company to the registered Holder or from the registered Holder to the Company
shall be delivered personally (which shall include telephone line facsimile
transmission with answer back confirmation) or by courier and shall be effective
upon receipt, addressed to each party at the address or telephone line facsimile
transmission number for each party set forth in the Exchange Agreement or at
such other address or telephone line

                                      -22-
<PAGE>

facsimile transmission number as a party shall have provided to the other party
in accordance with this provision.

            18. Transfer Restrictions. By acceptance of this Warrant, the Holder
represents to the Company that this Warrant is being acquired for the Holder's
own account and for the purpose of investment and not with a view to, or for
sale in connection with, the distribution thereof, nor with any present
intention of distributing or selling this Warrant or the Common Stock issuable
upon exercise of this Warrant. The Holder acknowledges and agrees that this
Warrant and, except as otherwise provided in the Registration Rights Agreement,
the shares of Common Stock issuable upon exercise of this Warrant (if any) have
not been (and at the time of acquisition by the Holder, will not have been or
will not be), registered under the 1933 Act or under the securities laws of any
state, in reliance upon certain exemptive provisions of such statutes. The
Holder further recognizes and acknowledges that because this Warrant and, except
as provided in the Registration Rights Agreement, the Common Stock issuable upon
exercise of this Warrant (if any) are unregistered, they may not be eligible for
resale, and may only be resold in the future pursuant to an effective
registration statement under the 1933 Act and any applicable state securities
laws, or pursuant to a valid exemption from such registration requirements.
Unless the shares of Common Stock issuable upon exercise of this Warrant have
theretofore been registered for resale under the 1933 Act, the Company may
require, as a condition to the issuance of Common Stock upon the exercise of
this Warrant (i) in the case of an exercise in accordance with Section 1.1
hereof, a confirmation as of the date of exercise of the Holder's
representations pursuant to this Section 18, or (ii) in the case of an exercise
in accordance with Section 1.2 hereof, an opinion of counsel reasonably
satisfactory to the Company that the shares of Common Stock to be issued upon
such exercise may be issued without registration under the 1933 Act.

            19. Legend. Unless theretofore registered for resale under the 1933
Act, each certificate for shares issued upon exercise of this Warrant shall bear
the following legend:

      The securities represented by this certificate have not been registered
      under the Securities Act of 1933, as amended ("the Act"). The securities
      have been acquired for investment and may not be resold, transferred or
      assigned in the absence of an effective registration statement for the
      securities under the Act or an opinion of counsel that such registration
      is not required.

            20. Amendment; Waiver. This Warrant and any terms hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. Notwithstanding any other provision of this Warrant or
the Exchange Agreement, in addition to the requirements of the immediately
preceding sentence, any amendment of (x) Section 1.1(b), (y) the definition of
the term Aggregated Person or (z) this sentence shall require approval by the
affirmative vote of the holders of a majority of the outstanding shares of
Common Stock, present in person or represented by proxy at a duly convened
meeting of stockholders of the Company, and entitled to vote, or the consent
thereto in writing by holders of a majority of the outstanding shares of Common
Stock, and the stockholders of the Company are hereby expressly made third party
beneficiaries of this sentence.

            21. Miscellaneous. This Warrant shall be construed and enforced in
accordance with and governed by the internal laws of the State of New York. The
headings in this Warrant are for purposes of reference only, and shall not limit
or otherwise affect any of the terms hereof. The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of
any other provision.

                                      -23-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed on its behalf by one of its officers thereunto duly authorized.

Dated:__________________, 2000          TRANSMEDIA ASIA PACIFIC, INC.

                                        By:_____________________________________

                                        Title:__________________________________

                                      -24-
<PAGE>

                              FORM OF SUBSCRIPTION

                          TRANSMEDIA ASIA PACIFIC, INC.

                   (To be signed only on exercise of Warrant)

TO:   American Stock Transfer           CC:   Transmedia Asia Pacific, Inc.
        & Trust Company,                      11 St. James's Square
      as Exercise Agent                       London SW1Y 4LB
      6201 Fifteenth Avenue                   England
      Brooklyn, New York  11219

            1. The undersigned Holder of the attached original, executed Warrant
hereby elects to exercise its purchase right under such Warrant with respect to
______________ shares of Common Stock, as defined in the Warrant, of Transmedia
Asia Pacific, Inc., a Delaware corporation (the "Company").

            2. The undersigned Holder (check one):

      |_|  (a)    elects to pay the aggregate purchase price for such shares of
                  Common Stock (the "Exercise Shares") (i) by lawful money of
                  the United States or the enclosed certified or official bank
                  check payable in United States dollars to the order of the
                  Company in the amount of $___________, or (ii) by wire
                  transfer of United States funds to the account of the Company
                  in the amount of $____________, which transfer has been made
                  before or simultaneously with the delivery of this Form of
                  Subscription pursuant to the instructions of the Company;

            or

      |_|  (b)    elects to receive shares of Common Stock having a value equal
                  to the value of the Warrant calculated in accordance with
                  Section 1.2 of the Warrant.

            3. Please issue a stock certificate or certificates representing the
appropriate number of shares of Common Stock in the name of the undersigned or
in such other name as is specified below:

            Name:__________________________________

            Address:_______________________________

                    _______________________________

Dated: _______________,                 ________________________________________
                                        (Signature must conform to name of
                                        Holder as specified on the face of the
                                        Warrant)

                                        ________________________________________
                                        (Address)

                                      -25-<PAGE>

                                                                     EXHIBIT 4.2

                            STOCK PURCHASE AGREEMENT
                            ------------------------

     THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made as of the ______
day of ______, 1999, by and between Applied Imaging Corp., a Delaware
corporation, located at 2380 Walsh Road, Bldg. B, Santa Clara, CA  95051 (the
"Company"), and _______________ ("the Investor").

     1.  Purchase and Sale of Stock.  Subject to the terms and conditions of
         --------------------------
this Agreement, the Investor agrees to purchase at the Closing (as hereinafter
defined) and the Company agrees to sell and issue to the Investor at the Closing
__________shares of the Company's Common Stock at the purchase price of
$_________ per share (the "Purchase Price").

          1.1  Closing.  The purchase and sale of the Shares (the "Closing")
               -------
shall be held at the offices of Wilson Sonsini Goodrich & Rosati, 650 Page Mill
Road, Palo Alto, California, on ______, 1999 at 2:00 p.m., local time, or at
such other time and place upon which the Company and the Investor shall agree
(which date and time shall be referred to as the "Closing Date").

          1.2  Delivery.  Within three days of the Closing the Company shall
               --------
issue to the Investor a certificate registered in the Investor's names,
representing the number of Shares purchased by the Investor against payment
therefor. Such payment shall be paid to the Company by check payable to the
Company or by wire transfer.

     2.  Representations and Warranties of the Company.  The Company hereby
         ---------------------------------------------
represents and warrants to the Investor that, except as set forth in the
Schedule of Exceptions attached hereto as Exhibit A:
                                          ---------

          2.1  Organization and Standing.  The Company is a corporation duly
               -------------------------
organized and validly existing under the laws of the State of Delaware and is in
good standing under such laws. The Company has all requisite corporate power to
own and operate its properties and assets, and to carry on its business as
presently conducted. The Company is qualified to do business as a foreign
corporation in the State of California. Such qualification is not presently
required in any other jurisdiction where a failure to so qualify would have a
material adverse effect on the Company.

          2.2  Capitalization.  The authorized capital stock of the Company
               --------------
consists of 20,000,000 shares of Common Stock and 6,000,000 shares of Preferred
Stock. As of September 30, 1999, 14,040,373 shares of Common Stock are issued
and outstanding. No shares of Preferred Stock are issued and outstanding. All
such issued and outstanding shares have been duly authorized and validly issued,
and are fully paid and nonassessable. Options to purchase 1,037,944 shares of
the Company's Common Stock are outstanding under the Company's Amended and
Restated 1988 Incentive Stock Option Plan and no shares are available for future
grant. Options to purchase 657,500 shares of the Company's Common Stock are
outstanding under the Company's 1998 Stock Option Plan and 292,500 shares are
available for future grant.
<PAGE>

120,000 options to purchase shares of the Company's Common Stock are outstanding
under the Company's 1994 Director Option Plan and no shares are available for
future grant. The Company has reserved 200,000 shares of Common Stock for
issuance under its Employee Stock Purchase Plan, of which 158,534 are available
for future purchase. The Company also has warrants outstanding for 313,010
shares of the Company's Common Stock. Except as disclosed in the Company SEC
Documents (as defined below), there are no other options, warrants, conversion
privileges, or preemptive or other rights or agreements presently outstanding to
purchase or otherwise acquire any authorized but unissued shares of the capital
stock or other securities of the Company.

          2.3  Authority.  The Company has full power and authority to execute
               ---------
and deliver this Agreement, and to consummate the transactions contemplated by
this Agreement. All corporate action on the part of the Company, its officers,
directors and stockholders necessary for the execution and delivery of, and the
consummation of the transactions contemplated by this Agreement and the
performance of all obligations of the Company under this Agreement has been
taken. This Agreement, upon execution and delivery by the Company and assuming
the due and proper execution and delivery by Investor, constitutes a legal,
valid and binding obligation of the Company, enforceable in accordance with its
respective terms, except as may be limited by (i) applicable bankruptcy,
insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors rights generally, and (ii) the effect of
rules of law governing the availability of equitable remedies.

          2.4  Valid Issuance of Common Stock.  The Common Stock to be sold
               ------------------------------
hereby has been duly authorized and, when issued, delivered and paid for in the
manner set forth in this Agreement, will be duly authorized, validly issued,
fully paid and nonassessable, and will be free of restrictions on transfer other
than restrictions on transfer under this Agreement and under applicable state
and federal securities laws. No preemptive rights or other rights to subscribe
for or purchase exist with respect to the issuance and sale of the Common Stock
by the Company pursuant to this Agreement.

          2.5  Governmental Consents.  Other than compliance with the
               ---------------------
Securities Act of 1933, as amended (the "Act") and such filings as may be
required to be made with the National Association of Securities Dealers (the
"NASD"), no consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state or
local governmental authority on the part of the Company is required in
connection with the consummation of the transactions contemplated by this
Agreement.

          2.6  Conflicts.  The execution and delivery of this Agreement will
               ---------
not conflict with or result in a material breach of the terms, conditions or
provisions of, or constitute a material default under, any contract, covenant or
instrument under which the Company is now obligated.

          2.7  SEC Documents; Material Contracts; Financial Statements.  The
               -------------------------------------------------------
Company has filed each statement, annual, quarterly and other report,
registration statement and definitive proxy statement ("Company SEC Documents")
required to be filed (other than preliminary material) by the Company with the
SEC subsequent to November 7, 1996 (the date of effectiveness of the Company's
registration statement on Form S-1 for the Company's initial

                                       2
<PAGE>

public offering of its Common Stock).  As of their respective filing dates, the
Company SEC Documents complied in all material respects with the requirements of
the Act or the Securities Exchange Act of 1934 (the "1934 Act"), as the case may
be, and none of the Company SEC Documents contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements made therein, in light of the circumstances
in which they were made, not misleading, except to the extent corrected by any
subsequently filed Company SEC Document.  The Company's Registration Statement
on Form S-1, which became effective on November 7, 1996 (the "Registration
Statement"), and the Company SEC Documents, include certain contracts as
required by the SEC's rules and regulations.  The contracts so described in the
Registration Statement and in the Company SEC Documents, are currently material
to the Company and its business, and are in full force and effect on the date
hereof.  Neither the Company nor any of its subsidiaries, nor to the Company's
knowledge, any other party is in breach of or default under any of such
contracts, except as to breaches or defaults which, in any single case or in the
aggregate would not have a material adverse effect on the Company taken as a
whole.

     The consolidated financial statements of the Company and its subsidiaries
included in the Company SEC Documents (the "Financial Statements") comply as to
form in all material respects with applicable accounting requirements and with
the published rules and regulations of the SEC with respect thereto.  The
Financial Statements have been prepared in accordance with generally accepted
accounting principles consistently applied and fairly present the consolidated
financial position of the Company and any subsidiaries at the dates thereof and
the consolidated results of operations and consolidated cash flows for the
periods then ended (subject, in the case of unaudited statements, to normal,
recurring adjustments).

          2.8  Changes.  Since June 30, 1999 (the date of the most recent
               -------
Financial Statements), there has not been any event or condition of any
character that might materially and adversely affect the business, properties,
prospects or financial condition of the Company (as such business is presently
conducted and as it is proposed to be conducted).

          2.9  Litigation.  There is no pending or threatened lawsuit,
               ----------
administrative proceeding, arbitration, labor dispute or governmental
investigation ("Litigation") to which the Company is a party or by which any
material portion of its assets, taken as a whole, may be bound and which
Litigation, if adversely determined, would have a material adverse effect on the
Company's assets, liabilities, financial condition or operations.

          2.10  Solvency; No Default.  As of the date of this Agreement, the
                --------------------
Company has sufficient funds and cash flow to pay its debts and other
liabilities, and the Company is not in default with respect to any material debt
or liability.

          2.11  Disclosure.  The Company has fully delivered or made available
                ----------
to the Investor or their counsel all of the information (including the Company
SEC Documents) that the Company reasonably believes is necessary for the
Investor's purchase decision. Neither this Agreement nor any agreement,
instrument or other documents delivered by the Company to the Investor in
connection herewith or filed with the SEC subsequent to November 1996, when read
together, contains any untrue statement of a material fact, or, to the knowledge
of the Company, omits to state a material fact necessary to be stated, when read
together, to make the statements

                                       3
<PAGE>

contained herein or therein not misleading in light of the circumstances in
which they were made.

     3.  Representations and Warranties of the Investor.  The Investor hereby
         ----------------------------------------------
represents and warrants that:

          3.1  Authorization.  The Investor has full power and authority to
               -------------
execute and deliver, and to consummate the transactions contemplated by the
Closing and this Agreement. All corporate action on the part of the Investor,
its officers, directors and stockholders necessary for (i) the execution and
delivery of, and the consummation of the transactions contemplated by, this
Agreement, and (ii) as of the Closing, the performance of all obligations of the
Investor under this Agreement, has been taken. This Agreement, upon execution
and delivery by the Investor and assuming the due and proper execution and
delivery by the Company, constitutes a legal, valid and binding obligation of
the Investor, enforceable in accordance with its terms, except as may be limited
by (i) applicable bankruptcy, insolvency, reorganization or other laws of
general application relating to or affecting the enforcement of creditors rights
generally, and (ii) the effect of rules of law governing the availability of
equitable remedies.

          3.2  Purchase Entirely for Own Account.  This Agreement is made with
               ---------------------------------
the Investor in reliance upon the Investor's representation to the Company,
which by the Investor's execution of this Agreement, the Investor hereby
confirms, that the Common Stock to be received by the Investor (collectively,
the "Securities") will be acquired for investment for the Investor's own account
and not with a view to the resale or distribution of any part thereof, and that
the Investor has no present intention of selling, granting any participation in,
or otherwise distributing the same. By executing this Agreement, the Investor
further represents that the Investor does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant
participations to such person or to any third person, with respect to any of the
Securities.

          3.3  Disclosure of Information.  The Investor believes it has
               -------------------------
received all the information it considers necessary or appropriate for deciding
whether to purchase the Common Stock. The Investor further represents that it
has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the offering of the Common Stock and the
business, properties, prospects and financial condition of the Company. The
foregoing, however, does not limit or modify the representations and warranties
of the Company in Section 2 of this Agreement or the right of the Investor to
rely thereon.

          3.4  Investment Experience.  The Investor is an investor in
               ---------------------
securities of companies in the development stage 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 Common
Stock. The Investor has not been organized for the purpose of acquiring the
Common Stock.

          3.5  Accredited Investor.  The Investor is an "accredited investor"
               -------------------
within the meaning of SEC Rule 501 of Regulation D, as presently in effect.

                                       4
<PAGE>

          3.6  Restricted Securities.  The Investor understands that the
               ---------------------
Securities it is purchasing are characterized as "restricted securities" under
the federal securities laws inasmuch as they are being acquired from the Company
in a transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the Act, only in certain limited circumstances. In this connection, the Investor
represents that it is familiar with SEC Rule 144, as presently in effect, and
understands the resale limitations imposed thereby and by the Act.

          3.7  Further Limitations on Disposition.  Without in any way limiting
               ----------------------------------
the representations set forth above, the Investor further agrees not to make any
disposition of all or any portion of the Securities unless and until the
transferee has agreed in writing for the benefit of the Company to be bound by
this Section 3 provided and to the extent this Section is applicable, and:

               (a)  There is then in effect a Registration Statement under the
Act covering such proposed disposition and such disposition is made in
accordance with such Registration Statement; or

               (b)  If reasonably requested by the Company, the Investor shall
have furnished the Company with an opinion of counsel, reasonably satisfactory
to the Company that such disposition will not require registration of such
shares under the Act. It is agreed that the Company will not require opinions of
counsel for transactions made pursuant to Rule 144 except in unusual
circumstances.

          3.8  Legends.  Each certificate or instrument representing Shares
               -------
shall bear a legend in substantially the following form: "THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE 'SECURITIES ACT') AND ARE 'RESTRICTED SECURITIES' AS DEFINED IN
RULE 144 PROMULGATED UNDER THE SECURITIES 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 SECURITIES UNDER THE SECURITIES ACT, OR
(II) IN COMPLIANCE WITH RULE 144, OR (III) PURSUANT TO AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER OF THESE SECURITIES THAT SUCH REGISTRATION OR
COMPLIANCE IS NOT REQUIRED AS TO SUCH SALE, OFFER OR DISTRIBUTION."

     The Company need not register a transfer of any Shares, and may also
instruct its transfer agent not to register a transfer of any Shares, unless the
conditions specified in the foregoing legends are satisfied to the extent
applicable.

     4.  Registration Rights.
         -------------------

          4.1  Request for Registration.
               ------------------------

               (a)  Following six months from the date of this Agreement, upon
written request by the Investor, the Company shall prepare and file with SEC as
soon as practicable but in no event later than 30 days following such written
request, a registration statement to register under the Act all Common Stock of
the Company acquired pursuant to this

                                       5
<PAGE>

Agreement held by the Investor. In addition, if the Company shall determine to
register any of its Common Stock for its own account or for the account of
others, other than a registration relating solely to employee benefit or a
registration relating solely to a Commission Rule 145 transaction, the Company
will give the Investor written notice thereof and include such registration all
shares held by the Investor that the Investor wishes to register. However, if
such registration is for a registered public offering involving an underwriting,
the Investor's right to participate will be subject to reduction or elimination,
if the underwriter determines that marketing forces requires a limitation of the
number of share to be underwritten.

               (b)  If the Investor intend to distribute the securities covered
by its request by means of an underwriting, the Investor shall so advise the
Company as a part of its request made pursuant to subsection (a) above. The
underwriter will be selected by the Company and shall be reasonably acceptable
to the Investor. The Investor shall (together with the Company) enter into an
underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting.

               (c)  Notwithstanding the foregoing, if the Company shall furnish
to the Investor a certificate signed by the Chief Executive Officer of the
Company stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders
for such registration statement to be filed, and it is therefore essential to
defer the filing of such registration statement, the Company shall have the
right to defer taking action with respect to such filing for a period of not
more than 90 days after receipt of the request of the Investor; provided,
however, that the Company may not utilize this right more than once in any
twelve-month period.

          4.2  Obligations of the Company.  Whenever required under this
               --------------------------
Section 4 to effect the registration of any securities, the Company shall, as
expeditiously as reasonably possible:

               (a)  Prepare and file with the SEC a registration statement with
respect to such securities and use commercially reasonable efforts to cause such
registration statement to become effective, and, keep such registration
statement effective for a period of up to two years, or such lesser period of
time as all of the Shares have been sold or can be sold without restriction
under Rule 144.

               (b)  Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Act with respect to the disposition of all securities covered
by such registration statement.

               (c)  Furnish to the Investor such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as they may reasonably request
in order to facilitate the disposition of securities.

               (d)  Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or Blue Sky
laws of such jurisdictions as

                                       6
<PAGE>

shall be reasonably requested by the Investor; provided that the Company shall
not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such
states or jurisdictions, unless the Company is already subject to service in
such jurisdiction and except as may be required by the Act.

               (e)  In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering, said form to be
agreeable to the Company and its counsel. The Investor shall also enter into and
perform its obligations under such an agreement.

               (f)  Notify the Investor at any time when a prospectus relating
to such registration statement is required to be delivered under the Act of the
happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing.

               (g)  Cause all such securities registered pursuant hereunder to
be listed on each securities exchange on which similar securities issued by the
Company are then listed.

               (h)  Furnish, at the request of the Investor, on the date that
securities are delivered to the underwriters for sale in connection with a
registration pursuant to this Section 4, if such securities are being sold
through underwriters, or, if such securities are not being sold through
underwriters, on the date that the registration statement with respect to such
securities becomes effective, (i) an opinion, dated such date, of the counsel
representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Investor and (ii) a
letter dated such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed
to the underwriters, if any, and to the Investor.

          4.3  Expenses of Registration.  All expenses, other than underwriting
               ------------------------
discounts and commissions incurred in connection with the requests for
registration pursuant to Section 4.1, and the reasonable fees and disbursements
of counsel to the Investor, including (without limitation) all registration,
filing and qualification fees, printers' and accounting fees, fees and
disbursements of counsel for the Company shall be borne by the Company.

     5.  Conditions of the Investor's Obligations at Closing.  The obligations
         ---------------------------------------------------
of the Investor under subsection 1.2 of this Agreement are subject to the
fulfillment on or before the Closing of each of the following conditions, the
waiver of which shall not be effective without the Investor's consent thereto:

          5.1  Representations and Warranties.  The representations and
               ------------------------------
warranties of the Company contained in Section 2 shall be true on and as of the
Closing with the same effect as though such representations and warranties had
been made on and as of the date of such Closing.

                                       7
<PAGE>

          5.2  Performance.  The Company shall have performed and complied with
               -----------
all agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the Closing.

          5.3  Qualifications.  All authorizations, approvals, or permits, if
               --------------
any, of any governmental authority or regulatory body of the United States or of
any state that are required in connection with the lawful issuance and sale of
the Securities pursuant to this Agreement shall be duly obtained and effective
as of the Closing.

          5.4  Proceedings and Documents.  All corporate and other proceedings
               -------------------------
in connection with the transactions contemplated at the Closing and all
documents incident thereto shall be reasonably satisfactory in form and
substance to the Investor, and it shall have received all such counterpart
original and certified or other copies of such documents as it may reasonably
request.

          5.5  Opinion of Company Counsel.  The Investor shall have received an
               --------------------------
opinion from counsel to the Company in form and substance reasonably
satisfactory to the Investor and attached hereto as Exhibit B.
                                                    ---------

     6.  Conditions of the Company's Obligations at Closing.  The obligations
         --------------------------------------------------
of the Company to the Investor under this Agreement are subject to the
fulfillment on or before the Closing of each of the following conditions by the
Investor:

          6.1  Representations and Warranties.  The representations and
               ------------------------------
warranties of the Investor contained in Section 3 shall be true on and as of the
Closing with the same effect as though such representations and warranties had
been made on and as of the Closing.

          6.2  Payment of Purchase Price.  The Investor shall have delivered
               -------------------------
the purchase price specified in Section 1.

          6.3  Qualifications.  All authorizations, approvals, or permits, if
               --------------
any, of any governmental authority or regulatory body of the United States or of
any state that are required in connection with the lawful issuance and sale of
the Securities pursuant to this Agreement shall be duly obtained and effective
as of the Closing.

     7.  Miscellaneous.
         -------------

          7.1  Survival of Warranties.  The warranties, representations and
               ----------------------
covenants of the Company and the Investor contained in or made pursuant to this
Agreement shall survive the execution and delivery of this Agreement and the
Closing and shall in no way be affected by any investigation of the subject
matter thereof made by or on behalf of the Investor or the Company.

          7.2  Assignment; Successors and Assigns.  No provision of this
               ----------------------------------
Agreement may be assigned (other than to an affiliate of the Investor), without
the prior written consent of the other parties hereto. Except as otherwise
provided herein, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective successors and assigns of the
parties (including transferees of any Securities). Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their

                                       8
<PAGE>

respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

          7.3  Governing Law.  This Agreement shall be governed by and
               -------------
construed under the laws of the State of California as applied to agreements
among California residents entered into and to be performed entirely within
California.

          7.4  Expenses.  Irrespective of whether the Closing is effected, each
               --------
party shall pay all costs and expenses that it incurs with respect to the
negotiation, execution, delivery and performance of this Agreement.

          7.5  Amendments and Waivers.  Any term of this Agreement may be
               ----------------------
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Investor.
Any amendment or waiver effected in accordance with this paragraph shall be
binding upon each holder of any securities purchased under this Agreement at the
time outstanding (including securities into which such securities are
convertible), each future holder of all such securities, and the Company.

          7.6  Notices, etc.  All notices and other communications required or
               ------------
permitted hereunder shall be in writing and shall be sent by personal delivery,
facimile, overnight courier or mailed by certified or registered mail, postage
prepaid, return receipt requested, to the facsimile number or address as
follows:

                   Company:    Applied Imaging Corp.
                               2380 Walsh Avenue, Building B
                               Santa Clara, California 95051
                               Telephone:  (408) 562-0250
                               Facsimile:  (408) 562-0264
                               Attention: President

                   with a copy (which will not constitute notice) to:

                               Wilson Sonsini Goodrich & Rosati
                               650 Page Mill Road
                               Palo Alto, California 94304-1050
                               Telephone:  (650) 493-9300
                               Facsimile:  (650) 493-6811
                               Attention:  David J. Saul

                   Investor:   ______________________________

                               ______________________________

                               ______________________________

                               ______________________________

                                       9
<PAGE>

                   with a copy (which will not constitute notice) to:

                               Antonio Valla, Esq.
                               Gilliss & Valla
                               180 Montgomery St. Suite 820
                               San Francisco, California 94104
                               Telephone:  (415) 782-3999
                               Facismile:  (415) 782-3998

     or to such other facsimile number or address provided to the parties to
this Agreement in accordance with this Section 7.6.  Such notices or other
communications shall be deemed delivered upon receipt, in the case of overnight
delivery, personal delivery or facsimile transmission (as evidenced by the
confirmation thereof), or 2 days after deposit in the mails (as determined by
reference to the postmark).

          7.8  Severability.  If one or more provisions of this Agreement are
               ------------
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms.

          7.9  Entire Agreement.  This Agreement and the documents referred to
               ----------------
herein constitute the entire agreement among the parties and no party shall be
liable or bound to any other party in any manner by any warranties,
representations, or covenants except as specifically set forth herein or
therein.

                                       10
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

COMPANY:                               INVESTOR:

APPLIED IMAGING CORP.                   _______________________________

By:______________________________      By:_____________________________

Title:_____________________________    Title:____________________________

                                       11

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