Document:

<PAGE>

                                                                     EXHIBIT 4.6

THE WARRANT EVIDENCED OR CONSTITUTED HEREBY, AND ALL SHARES OF SERIES H-2
PREFERRED STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("THE ACT") AND MAY
NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT
REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION
OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE
EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR
(ii) THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SECURITIES AND EXCHANGE
COMMISSION RULE 144.

                WARRANT TO PURCHASE SERIES H-2 PREFERRED STOCK
                             OF LOGICVISION, INC.

NO.

          THIS CERTIFIES THAT, for value received,     , or its
permitted registered assigns ("Holder"), is entitled, subject to the terms and
                               ------
conditions of this Warrant, at any time or from time to time after May 7, 1999
(the "Effective Date"), and before 5:00 p.m. Pacific Time on May 7, 2000,
      --------------
subject to early termination pursuant to an Early Termination Event (the
"Expiration Date"), to purchase from LogicVision, Inc., a California
 ---------------
corporation (the "Company")     (    ) shares of Series H-2 Preferred Stock of
the Company at a price per share of Two Dollars and Forty-Three Cents ($2.43)
(the "Purchase Price"). Both the number of shares of Series H-2 Preferred Stock
      --------------
purchasable upon exercise of this Warrant and the Purchase Price are subject to
change as provided herein. This Warrant is issued pursuant to that certain
Securities Purchase Agreement, dated May 7, 1999 (the "Purchase Agreement"),
between the Company and Holder.

1.  CERTAIN DEFINITIONS.  As used in this Warrant the following terms shall have
the following respective meanings:

     "Early Termination Event" shall be the closing of a Sale of the Company.
      -----------------------
In the event of a proposed transaction of the kind described above, the Company
shall notify Holder in writing at least thirty (30) days prior to the
consummation of such event or transaction.  However, if the Holder has sent a
Notice of Exercise on or before the expiration of the Exercise Period and the
Holder is prevented from exercising the Warrant on or before the end of the
Exercise Period due to any applicable waiting periods imposed by the HSR Act
(the "HSR Act Restrictions"), the Holder may complete the process of exercising
the Warrant, for a period of ten (10) days following termination of the HSR Act
Restrictions.

     "Fair Market Value" shall be the closing price of the shares of Common
      -----------------
Stock reported for the business day immediately before Holder delivers its
Notice of Exercise to the Company if the shares of Common Stock are traded in a
public market.  If the shares of Common Stock are not traded in a public market,
the Board of Directors of the Company shall determine in its sole discretion
fair market value in its good faith judgment.
<PAGE>

     "HSR Act" shall mean the Hart-Scott-Rodino Antitrust Improvements Act of
      -------
1976.

     "Registered Holder" shall mean any Holder in whose name this Warrant is
      -----------------
registered upon the books and records maintained by the Company.

     "Sale of the Company" shall mean a merger of the Company with or into any
      -------------------
other corporation or corporations (or other Person) in which the shareholders of
this Company immediately before the merger do not hold more than 50% of the
voting power of the surviving corporation immediately after the merger, a
statutory share exchange with any other corporation, or a sale, conveyance or
disposition of all or substantially all of the assets of this Company in which
shareholders of this Company immediately before such exchange hold neither more
than 50% of the voting power of this Company immediately after such exchange nor
more than 50% of the voting power of an entity which holds more than 50% of the
voting power of this Company immediately after the exchange.

     "Warrant" as used herein, shall include this Warrant and any warrant
      -------
delivered in substitution or exchange therefor as provided herein.

     "Series H-2 Preferred Stock" shall mean the Series H-2 Preferred Stock of
      --------------------------
the Company and any other securities at any time receivable upon exercise of
this Warrant (including shares of Common Stock issuable upon conversion
thereof).

2.        EXERCISE OF WARRANT

     2.1. Payment.  Subject to compliance with the terms and conditions of this
          -------
Warrant and applicable securities laws, this Warrant may be exercised, in whole
or in part at any time or from time to time, on or before the Expiration Date by
the delivery (including, without limitation, delivery by facsimile) of the form
of Notice of Exercise attached hereto as Exhibit 1 (the "Notice of Exercise"),
duly executed by the Holder, at the principal office of the Company, and as soon
as practicable after such date, surrendering

          (a)  this Warrant at the principal office of the Company, and

          (b)  payment, (i) in cash (by check) or by wire transfer, (ii) by
cancellation by the Holder of indebtedness of the Company to the Holder; or
(iii) by a combination of (i) and (ii) (the "Exercise Amount"), except that if
Holder is subject to HSR Act Restrictions (as defined in Section 2.4 below), the
Exercise Amount shall be paid to the Company within five (5) business days of
the termination of all HSR Act Restrictions.

     2.2. Net Issue Exercise. In lieu of the payment methods set forth in
          ------------------
Section 2.1(b) above, the Holder may elect to exchange all or some of the
Warrant for shares of Common Stock equal to the value of the amount of the
Warrant being exchanged on the date of exchange. If Holder elects to exchange
this Warrant as provided in this Section 2.2, Holder shall tender to the Company
the Warrant for the amount being exchanged, along with written notice of
Holder's election to exchange some or all of the Warrant, and the Company shall
issue to Holder the number of shares of the Common Stock computed using the
following formula:

                                       2
<PAGE>

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

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

          Y = the number of shares of Common Stock purchasable under the amount
          of the Warrant being exchanged (as adjusted to the date of such
          calculation).

          A = the Fair Market Value of one share of the Company's Common Stock.

          B = Purchase Price (as adjusted to the date of such calculation).

     All references herein to an "exercise" of the Warrant shall include an
exchange pursuant to this Section 2.2.  Upon receipt of a written notice of the
Company's intention to raise capital by selling shares of Common Stock in an IPO
(the "IPO Notice"), which notice shall be delivered to Holder at least five (5)
      ----------
but not more than ninety (90) days before the anticipated date of the filing
with the Securities and Exchange Commission of the registration statement
associated with the IPO, the Holder shall promptly notify the Company whether or
not the Holder will exercise this Warrant pursuant to this Section 2.2 prior to
consummation of the IPO.  Notwithstanding whether or not an IPO Notice has been
delivered to Holder or any other provision of this Warrant to the contrary, if
Holder decides to exercise this Warrant while a registration statement is on
file with the Securities and Exchange Commission (the "SEC") in connection with
                                                       ---
the IPO, this Warrant shall be deemed exercised on the consummation of the IPO
and the Fair Market Value of a share of Common Stock will be the price at which
one share of Common Stock was sold to the public in the IPO.  If Holder has
elected to exercise this Warrant pursuant to this Section 2.2 while a
registration statement is on file with the Securities and Exchange Commission in
connection with an IPO and the IPO is not consummated, then Holder's exercise of
this Warrant shall not be effective unless Holder confirms in writing Holder's
intention to go forward with the exercise of this Warrant.

     2.3. "Easy Sale" Exercise. In lieu of the payment methods set forth in
           -------------------
Section 2.1(b) above, when permitted by law and applicable regulations
(including Nasdaq and NASD rules), the Holder may pay the Exercise Amount
through a "same day sale" commitment from the Holder (and if applicable a
broker-dealer that is a member of the National Association of Securities Dealers
(a "NASD Dealer")), whereby the Holder irrevocably elects to exercise this
Warrant and to sell at least that number of Shares so purchased to pay the
Exercise Amount (and up to all of the Shares so purchased) and the Holder (or,
if applicable, the NASD Dealer) commits upon sale (or, in the case of the NASD
Dealer, upon receipt) of such Shares to forward the Exercise Amount directly to
the Company, with any sale proceeds in excess of the Exercise Amount being for
the benefit of the Holder.

     2.4. Stock Certificates; Fractional Shares. As soon as practicable on or
          -------------------------------------
after the date this Warrant is exercised, the Company shall issue and deliver to
the person or persons entitled to receive the same a certificate or certificates
for the number of whole shares of Series H-2 Preferred Stock issuable upon, such
exercise, together with cash in lieu of any fraction of a share equal to such
fraction of the current Fair Market Value of one whole share of Series H-2

                                       3
<PAGE>

Preferred Stock as of the date of exercise of this Warrant.  No fractional
shares or scrip representing fractional shares shall be issued upon an exercise
of this Warrant.

     2.5. HSR Act. The Company hereby acknowledges that exercise of this Warrant
          -------
by Holder may subject the Company and/or the Holder to the filing requirements
of the HSR Act and that Holder may be prevented from exercising this Warrant
until the expiration or early termination of all waiting periods imposed by the
HSR Act ("HSR Act Restrictions"). If on or before the Expiration Date Holder has
sent the Notice of Exercise to Company and Holder has not been able to complete
the exercise of this Warrant prior to the Expiration Date because of HSR Act
Restrictions, the Holder shall be entitled to complete the process of exercising
this Warrant in accordance with the procedures contained herein notwithstanding
the fact that completion of the exercise of this Warrant would take place after
the Expiration Date.

     2.6. Partial Exercise; Effective Date of Exercise. In case of any
          --------------------------------------------
partial exercise of this Warrant, the Company shall cancel this Warrant upon
surrender hereof and shall execute and deliver a new Warrant of like tenor and
date for the balance of the shares of Series H-2 Preferred Stock purchasable
hereunder. 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. However, if Holder is subject to HSR Act filing requirements this Warrant
shall be deemed to have been exercised on the date immediately following the
date of the expiration of all HSR Act Restrictions. The person entitled to
receive the shares of Series H-2 Preferred Stock issuable upon exercise of this
Warrant shall be treated for all purposes as the holder of record of such shares
as of the close of business on the date the Holder is deemed to have exercised
this Warrant.

     2.7. Sale of the Company. In the Event of a Sale of the Company, the
          -------------------
Company shall give written notice to the Holder of such Sale of the Company not
less than thirty (30) days prior to the closing date thereof.

3.   VALID ISSUANCE: TAXES. All shares of Series H-2 Preferred Stock issued upon
the exercise of this Warrant shall be validly issued, fully paid and non-
assessable, and the Company shall pay all taxes and other governmental charges
that may be imposed in respect of the issue or delivery thereof. The Company
shall not be required to pay any tax or other charge imposed in connection with
any transfer involved in the issuance of any certificate for shares of Series H-
2 Preferred Stock in any name other than that of the Registered Holder of this
Warrant, and in such case the Company shall not be required to issue or deliver
any stock certificate or security until such tax or other charge has been paid,
or it has been established to the Company's reasonable satisfaction that no tax
or other charge is due.

4.   LOSS OR MUTILATION. Upon receipt of evidence reasonably satisfactory to the
Company of the ownership of and the loss, theft, destruction or mutilation of
this Warrant, and of indemnity reasonably satisfactory to it, and (in the case
of mutilation) upon surrender and cancellation of this Warrant, the Company will
execute and deliver in lieu thereof a new Warrant of like tenor as the lost,
stolen, destroyed or mutilated Warrant.

                                       4
<PAGE>

     If the Company shall at any time prior to the expiration of this Warrant
subdivide its Series H-2 Preferred Stock, by split-up or otherwise, or combine
its capital stock, or issue additional securities as a dividend with respect to
any shares of its Series H-2 Preferred Stock, the number of Warrant Shares
issuable on the exercise of this Warrant shall forthwith be proportionately
increased in the case of a subdivision or stock dividend, or proportionately
decreased in the case of a combination.  Appropriate adjustments shall also be
made to the Exercise Price payable per share, but the aggregate purchase price
payable for the total number of Warrant Shares purchasable under this Warrant
(as adjusted) shall remain the same.  Any adjustment under this Section 4 shall
become effective at the close of business on the date the subdivision or
combination becomes effective, or as of the record date of such dividend, or in
the event that no record date is fixed, upon the making of such dividend.

5.  RESERVATION OF SERIES H-2 PREFERRED STOCK.  The Company hereby covenants
that at all times there shall be reserved for issuance and delivery upon
exercise of this Warrant such number of shares of Series H-2 Preferred Stock or
other shares of capital stock of the Company as are from time to time issuable
upon exercise of this Warrant and, from time to time, will take all steps
necessary to amend its Certificate of Incorporation to provide sufficient
reserves of shares of Series H-2 Preferred Stock issuable upon exercise of this
Warrant.  All such shares shall be duly authorized, and when issued upon such
exercise, shall be validly issued, fully paid and non-assessable, free and clear
of all liens, security interests, charges and other encumbrances or restrictions
on sale and free and clear of all preemptive rights, except encumbrances or
restrictions arising under federal or state securities laws.  Issuance of this
Warrant shall constitute full authority to the Company's officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for shares of Series H-2 Preferred Stock upon the
exercise of this Warrant.

6.  TRANSFER AND EXCHANGE.  Subject to the terms and conditions of this Warrant
and compliance with all applicable securities laws, this Warrant and all rights
hereunder may be transferred to any Registered Holder's parent, subsidiary or
affiliate, in whole or in part, on the books of the Company maintained for such
purpose at the principal office of the Company referred to above, by the
Registered Holder hereof in person, or by duly authorized attorney, upon
surrender of this Warrant properly endorsed and upon payment of any necessary
transfer tax or other governmental charge imposed upon such transfer.  Upon any
permitted partial transfer, the Company will issue and deliver to the Registered
Holder a new Warrant or Warrants with respect to the shares of Series H-2
Preferred Stock not so transferred.  Each taker and holder of this Warrant, by
taking or holding the same, consents and agrees that when this Warrant shall
have been so endorsed, the person in possession of this Warrant may be treated
by the Company, and all other persons dealing with this Warrant, as the absolute
owner hereof for any purpose and as the person entitled to exercise the rights
represented hereby, any notice to the contrary notwithstanding; provided,
however that until a transfer of this Warrant is duly registered on the books of
the Company, the Company may treat the Registered Holder hereof as the owner for
all Purposes.

                                       5
<PAGE>

7.   RESTRICTIONS ON TRANSFER. The Holder, by acceptance hereof, agrees that,
absent an effective registration statement filed with the SEC under the
Securities Act of 1933, as amended (the "1933 Act"), covering the disposition or
sale of this Warrant or the Series H-2 Preferred Stock issued or issuable upon
exercise hereof or the Common Stock issuable upon conversion thereof, as the
case may be, and registration or qualification under applicable state securities
laws, such Holder will not sell, transfer, pledge, or hypothecate any or all
such Warrants, Series H-2 Preferred Stock or Common Stock, as the case may be,
unless either (i) the Company has received an opinion of counsel, in form and
substance reasonably satisfactory to the Company, to the effect that such
registration is not required in connection with such disposition or (ii) the
sale of such securities is made pursuant to SEC Rule 144.

8.  COMPLIANCE WITH SECURITIES LAWS.  By acceptance of this Warrant, the holder
hereby represents, warrants and covenants that any shares of stock purchased
upon exercise of this Warrant or acquired upon conversion thereof shall be
acquired for investment only and not with a view to, or for sale in connection
with, any distribution thereof; that the Holder has had such opportunity as such
Holder has deemed adequate to obtain from representatives of the Company such
information as is necessary to permit the Holder to evaluate the merits and
risks of its investment in the company; that the Holder is able to bear the
economic risk of holding such shares as may be acquired pursuant to the exercise
of this Warrant for an indefinite period; that the Holder understands that the
shares of stock acquired pursuant to the exercise of this Warrant or acquired
upon conversion thereof will not be registered under the 1933 Act (unless
otherwise required pursuant to exercise by the Holder of the registration
rights, if any, previously granted to the registered Holder) and will be
"restricted securities" within the meaning of Rule 144 under the 1933 Act and
that the exemption from registration under Rule 144 will not be available for at
least one year from the date of exercise of this Warrant and even then will not
be available unless a public market then exists for the stock, adequate
information concerning the Company is then available to the public, and other
terms and conditions of Rule 144 are complied with; and that all stock
certificates representing shares of stock issued to the Holder upon exercise of
this Warrant or upon conversion of such shares may have affixed thereto a legend
substantially in the following form:

     THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES
     LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
     TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
     PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
     TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY
     MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
     INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
     OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
     EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN

                                       6
<PAGE>

     COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

9.   NO RIGHTS OR LIABILITIES AS STOCKHOLDER. This Warrant shall not entitle the
Holder to any voting rights or other rights as a shareholder of the Company. In
the absence of affirmative action by such Holder to purchase Series H-2
Preferred Stock by exercise of this Warrant, no provisions of this Warrant, and
no enumeration herein of the rights or privileges of the Holder hereof shall
cause such Holder hereof to be a shareholder of the Company for any purpose.

10.  REGISTRATION RIGHTS.  All shares of Series H-2 Preferred Stock issuable
upon exercise of this Warrant shall be "Registrable Securities" or such other
definition of securities entitled to registration rights pursuant to the
Company's Registration Rights Agreement, and are entitled, subject to the terms
and conditions of that agreement, to all registration rights granted to holders
of Registrable Securities thereunder and shall be subject to all of the
obligations of such holders, including the Market Standoff provisions set forth
thereof.

11.  NOTICES.  All notices and other communications from the Company to the
Holder shall be given in accordance with the Purchase Agreement.

12.  HEADINGS.  The headings in this Warrant are for purposes of convenience in
reference only, and shall not be deemed to constitute a part hereof.

13.  LAW GOVERNING.  This Warrant shall be construed and enforced in accordance
with, and governed by, the laws of the State of California.

14.  NOTICES OF RECORD DATE.  In case:

     14.1. the Company shall take a record of the holders of its Series H-2
Preferred Stock (or other stock or securities at the time receivable upon the
exercise of this Warrant), for the purpose of entitling them to receive any
dividend or other distribution, or any right to subscribe for or purchase any
shares of stock of any class or any other securities or to receive any other
right; or

     14.2. of any consolidation or merger of the Company with or into another
corporation, any capital reorganization of the Company, any reclassification of
the Capital Stock of the Company, or any conveyance of all or substantially all
of the assets of the Company to another corporation in which holders of the
Company's stock are to receive stock, securities or property of another
corporation; or

     14.3. of any voluntary dissolution, liquidation or winding-up of the
Company; or

     14.4. of any redemption or conversion of all outstanding Series H-2
Preferred Stock;

then, and in each such case, the Company will mail or cause to be mailed to the
Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to

                                       7
<PAGE>

be taken for the purpose of such dividend, distribution or right, or (ii) the
date on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation, winding-up, redemption or conversion is to
take place, and the time, if any is to be fixed, as of which the holders of
record of Series H-2 Preferred Stock or (such stock or securities as at the time
are receivable upon the exercise of this Warrant), shall be entitled to exchange
their shares of Series H-2 Preferred Stock (or such other stock or securities),
for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up.  Such notice shall be delivered at least thirty (30) days prior to
the date therein specified.

15.  SEVERABILITY.  If any term, provision, covenant or restriction of this
Warrant is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Warrant shall remain in full force and effect and shall in
no way be affected, impaired or invalidated.

16.  SATURDAYS, SUNDAYS AND HOLIDAYS.  If the Expiration Date falls on a
Saturday, Sunday or legal holiday, the Expiration Date shall automatically be
extended until 5:00 p.m. the next business day.

                           [Remainder of page blank]

                                       8
<PAGE>

     IN WITNESS WHEREOF, the Company has executed this Warrant as of the
Effective Date.

                                    LOGICVISION, INC.

                                    By:
                                        ---------------------------

                                    _______________________________
                                    Printed Name

                                    _______________________________
                                    Title

Agreed and Accepted:

_______________________________

              SIGNATURE PAGE TO SERIES H-2 PREFERRED STOCK WARRANT

                                       9<PAGE>

                                                                     EXHIBIT 4.7

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933. SUCH SECURITIES AND ANY SECURITIES OR SHARES ISSUED HEREUNDER MAY
NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM UNDER SAID ACT. COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THESE
SECURITIES AND RESTRICTING THEIR TRANSFER OR SALE MAY BE OBTAINED AT NO COST BY
WRITTEN REQUEST MADE BY THE HOLDER OF RECORD HEREOF TO THE SECRETARY OF THE
COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.

No. WI-1                                    Warrant to Purchase 45,695 Shares of
                                                        Series I Preferred Stock

                 WARRANT TO PURCHASE SERIES I PREFERRED STOCK

                                      OF

                               LOGICVISION, INC.

                          Void after January 28, 2005

     This certifies that, for value received, Needham & Company or registered
assigns ("Holder") is entitled, subject to the terms set forth below, to
purchase from LogicVision, Inc. (the "Company"), a Delaware corporation, forty-
five thousand six hundred and ninety-five (45,695) shares of the Series I
Preferred Stock of the Company, as constituted on the date hereof (the "Warrant
Issue Date"), upon surrender hereof, at the principal office of the Company
referred to below, with the subscription form attached hereto duly executed, and
simultaneous payment therefor in lawful money of the United States or otherwise
as hereinafter provided, at the Exercise Price as set forth in Section 2 below.
The number, character and Exercise Price of such shares of Series I Preferred
Stock are subject to adjustment as provided below. The term "Warrant" as used
herein shall include this Warrant, which is one of a series of warrants issued
for the Series I Preferred Stock of the Company, and any warrants delivered in
substitution or exchange therefor as provided herein.

     1.   Term of Warrant. Subject to the terms and conditions set forth herein,
          ---------------
this Warrant shall be exercisable, in whole or in part, during the term
commencing on the Warrant Issue Date and ending at 5:00 P.M., Pacific time, on
January 28, 2005, and shall be void thereafter.

     2.   Exercise Price. The Exercise Price at which this Warrant may be
          --------------
exercised shall be $4.25 per share of Series I Preferred Stock, as adjusted from
time to time pursuant to Section 11 hereof.

     3.   Exercise of Warrant.
          -------------------

     (a)  The purchase rights represented by this Warrant are exercisable by the
Holder in whole or in part at any time, or from time to time, during the term
hereof as described in Section 1 above, by the surrender of this Warrant and the
Notice of Exercise annexed hereto
<PAGE>

duly completed and executed on behalf of the Holder, at the office of the
Company (or such other office or agency of the Company as it may designate by
notice in writing to the Holder at the address of the Holder appearing on the
books of the Company), upon payment (i) in cash or by check acceptable to the
Company, (ii) by cancellation by the Holder of indebtedness of the Company to
the Holder, or (iii) by a combination of (i) and (ii), of the purchase price of
the shares to be purchased.

     (b)  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 Series I Preferred Stock
issuable upon such exercise shall be treated for all purposes as the holder of
record of such shares as of the close of business on such date. As promptly as
practicable on or after such date and in any event within ten (10) days
thereafter, the Company at its expense shall issue and deliver to the person or
persons entitled to receive the same a certificate or certificates for the
number of shares issuable upon such exercise. In the event that this Warrant is
exercised in part, the Company at its expense will execute and deliver a new
Warrant of like tenor exercisable for the number of shares for which this
Warrant may then be exercised.

     (c)  In the event the Holder is exercising the Warrant as of or following
the time the Company becomes subject to the reporting requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, as amended, the Holder may
elect to receive shares equal to the value of this Warrant (or the portion
thereof being canceled) by surrender of this Warrant at the principal office of
the Company together with notice of such election, in which event the Company
shall issue to the Holder a number of shares computed using the following
formula:

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

          X =  The number of shares of Series I Preferred Stock to be issued to
               the Holder.

          Y =  The number of shares of Series I Preferred Stock purchasable
               under this Warrant (at the date of exercise), or, if this Warrant
               is exercised in part, the number of shares for which this Warrant
               is then being exercised.

          A =  The fair market value of one share of Series I Preferred Stock
               (at the date of exercise).

          B =  The Exercise Price (in effect on the date of exercise).

For purposes of this Section 3(c):

          (i)  If this Warrant is being exercised in connection with and
     contingent upon a public offering of the Company's Common Stock (the
     "Common Stock"), the fair market value per share shall be the product of
     (A) the number of shares of Common Stock into which each share of Series I
     Preferred Stock is convertible at the time of exercise and (B) the "price
     to public" per share as set forth in the final prospectus relating to such
     offering.
<PAGE>

          (ii)   If this Warrant is not being exercised in connection with and
     contingent upon a public offering of the Common Stock, the fair market
     value per share shall be the product of (A) the number of shares of Common
     Stock into which each share of Series I Preferred Stock is convertible at
     the time of exercise and (B):

                 (1)     If the Common Stock is traded on a securities exchange
          or The Nasdaq Stock Market, the last reported sale price of the Common
          Stock on such exchange or Market on the trading day immediately prior
          to the date of exercise;

                 (2)     If traded over-the-counter other than on The Nasdaq
          Stock Market, the average of the closing bid and ask prices of the
          Common Stock on the trading day immediately prior to the date of
          exercise; or

                 (3)     If there is no public market for the Common Stock, then
          such price as shall be determined by mutual agreement of the Holder
          and the Company, and if the Holder and the Company are unable to so
          agree, at the Company's sole expense, by an investment banker of
          national reputation selected by the Company and reasonably acceptable
          to the Holder.

          (iii)  If this Warrant is converted into a warrant to purchase Common
     Stock in accordance with Section 11.1 hereof, the fair market value per
     share determined pursuant to clause (i) or (ii) above shall be as set forth
     in subclause (B) of such clauses without regard to subclause (A) of such
     clauses.

     4.   No Fractional Shares or Scrip. No fractional shares or scrip
          -----------------------------
representing fractional shares shall be issued upon the exercise of this
Warrant. In lieu of any fractional share to which the Holder would otherwise be
entitled, the Company shall make a cash payment equal to the Exercise Price
multiplied by such fraction.

     5.   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 loss, theft or destruction, on delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Company or, in
the case of mutilation, on surrender and cancellation of this Warrant, the
Company at its expense shall execute and deliver, in lieu of this Warrant, a new
warrant of like tenor and amount.

     6.   Rights of Stockholders. Subject to Sections 9 and 11 of this Warrant,
          ----------------------
the Holder shall not be entitled to vote or receive dividends or be deemed the
holder of Series I Preferred Stock or any other securities of the Company that
may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the Holder, as such, any
of the rights of a stockholder of the Company or any right to vote for the
election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action (whether
upon any recapitalization, issuance of stock, reclassification of stock, change
of par value, or change of stock to no par value, consolidation, merger,
conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been
exercised as provided herein.
<PAGE>

     7.   Transfer of Warrant.
          -------------------

     (a)  Warrant Register. The Company will maintain a register (the "Warrant
          ----------------
Register") containing the names and addresses of the Holder or Holders. Any
Holder of this Warrant or any portion thereof may change his address as shown on
the Warrant Register by written notice to the Company requesting such change.
Any notice or written communication required or permitted to be given to the
Holder may be delivered or given by mail to such Holder as shown on the Warrant
Register and at the address shown on the Warrant Register. Until this Warrant is
transferred on the Warrant Register of the Company, the Company may treat the
Holder as shown on the Warrant Register as the absolute owner of this Warrant
for all purposes, notwithstanding any notice to the contrary.

     (b)  Warrant Agent. The Company may, by written notice to the Holder,
          -------------
appoint an agent for the purpose of maintaining the Warrant Register referred to
in Section 7(a) above, issuing the Series I Preferred Stock or other securities
then issuable upon the exercise of this Warrant, exchanging this Warrant,
replacing this Warrant, or any or all of the foregoing. Thereafter, any such
registration, issuance, exchange, or replacement, as the case may be, shall be
made at the office of such agent.

     (c)  Transferability and Nonnegotiability of Warrant. This Warrant may not
          -----------------------------------------------
be transferred or assigned in whole or in part without compliance with all
applicable federal and state securities laws by the transferor and the
transferee (including the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company, if such are requested by
the Company). Subject to the provisions of this Warrant with respect to
compliance with the Securities Act of 1933, as amended (the "Act"), title to
this Warrant may be transferred by endorsement (by the Holder executing the
Assignment Form annexed hereto) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery.

     (d)  Exchange of Warrant Upon a Transfer. On surrender of this Warrant for
          -----------------------------------
exchange, properly endorsed on the Assignment Form and subject to the provisions
of this Warrant with respect to compliance with the Act and with the limitations
on assignments and transfers and contained in this Section 7, the Company at its
expense shall issue to or on the order of the Holder a new warrant or warrants
of like tenor, in the name of the Holder or as the Holder (on payment by the
Holder of any applicable transfer taxes) may direct, for the number of shares
issuable upon exercise hereof.

     (e)  Compliance with Securities Laws.
          -------------------------------

          (i)  The Holder of this Warrant, by acceptance hereof, acknowledges
     that this Warrant and the shares of Series I Preferred Stock or Common
     Stock to be issued upon exercise hereof or conversion thereof are being
     acquired solely for the Holder's own account and not as a nominee for any
     other party, and for investment, and that the Holder will not offer, sell
     or otherwise dispose of this Warrant or any shares of Series I Preferred
     Stock or Common Stock to be issued upon exercise hereof or conversion
     thereof except under circumstances that will not result in a violation of
     the Act or any state securities laws. Upon exercise of this Warrant, the
     Holder shall, if requested by
<PAGE>

     the Company, confirm in writing, in a form satisfactory to the Company,
     that the shares of Series I Preferred Stock or Common Stock so purchased
     are being acquired solely for the Holder's own account and not as a nominee
     for any other party, for investment, and not with a view toward
     distribution or resale.

          (ii)  This Warrant and all shares of Series I Preferred Stock or
     Common Stock issued upon exercise hereof or conversion thereof shall be
     stamped or imprinted with a legend in substantially the following form (in
     addition to any legend required by state securities laws):

          THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933. SUCH SECURITIES AND ANY SECURITIES OR SHARES
          ISSUED HEREUNDER MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
          REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT. COPIES OF THE
          AGREEMENT COVERING THE PURCHASE OF THESE SECURITIES AND RESTRICTING
          THEIR TRANSFER OR SALE MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST
          MADE BY THE HOLDER OF RECORD HEREOF TO THE SECRETARY OF THE COMPANY AT
          ITS PRINCIPAL EXECUTIVE OFFICES.

     8.   Reservation of Stock. The Company covenants that during the term this
          --------------------
Warrant is exercisable, the Company will reserve from its authorized and
unissued Series I Preferred Stock a sufficient number of shares to provide for
the issuance of Series I Preferred Stock upon the exercise of this Warrant (and
shares of its Common Stock for issuance on conversion of such Series I Preferred
Stock) and, from time to time, will take all steps necessary to amend its
Articles of Incorporation (the "Articles") to provide sufficient reserves of
shares of Series I Preferred Stock issuable upon exercise of the Warrant (and
shares of its Common Stock for issuance on conversion of such Series I Preferred
Stock). The Company further covenants that all shares that may be issued upon
the exercise of rights represented by this Warrant, upon exercise of the rights
represented by this Warrant and payment of the Exercise Price, all as set forth
herein, will be free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
or otherwise specified herein). The Company agrees that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the
duty of executing stock certificates to execute and issue the necessary
certificates for shares of Series I Preferred Stock upon the exercise of this
Warrant.

     9.   Notices.
          -------

     (a)  Whenever the Exercise price or number of shares purchasable hereunder
shall be adjusted pursuant to Section 11 hereof, the Company shall issue a
certificate signed by its Chief Financial Officer setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the
method by which such adjustment was calculated, and the Exercise Price and
number of shares purchasable hereunder after giving effect to such adjustment,
and shall cause a copy of such certificate to be mailed (by first-class mail,
postage prepaid) to the Holder of this Warrant.
<PAGE>

     (b)  In case:

          (i)   the Company shall take a record of the holders of its Common
     Stock (or other stock or securities at the time receivable upon the
     exercise of this Warrant) for the purpose of entitling them to receive any
     dividend or other distribution, or any right to subscribe for or purchase
     any shares of stock of any class or any other securities, or to receive any
     other right, or

          (ii)  of any capital reorganization of the Company, any
     reclassification of the capital stock of the Company, any consolidation or
     merger of the Company with or into another corporation, or any conveyance
     of all or substantially all of the assets of the Company to another
     corporation, or

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

then, and in each such case, the Company will mail or cause to be mailed to the
Holder or Holders a notice specifying, as the case may be, (A) the date on which
a 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, or
(B) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, 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 Series I
Preferred Stock or Common Stock (or such stock or securities at the time
receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Series I Preferred Stock or Common Stock (or such other stock or
securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up. Such notice shall be mailed at least 15
days prior to the date therein specified.

     (c)  All such notices, advices and communications shall be deemed to have
been received (i) in the case of personal delivery, on the date of such delivery
and (ii) in the case of mailing, on the third business day following the date of
such mailing.

     10.  Amendments.
          ----------

     (a)  Any term of this Warrant may be amended with the written consent of
the Company and the holders of warrants representing not less than sixty percent
(60%) of the shares of Series I Preferred Stock issuable upon exercise of any
and all outstanding Series I Preferred Stock warrants (the "Series I Preferred
Stock Warrants"), even without the consent of the Holder. Any amendment effected
in accordance with this Section 10 shall be binding upon each holder of any of
the Series I Preferred Stock Warrants, each future holder of all such Series I
Preferred Stock Warrants, and the Company; provided, however, that no special
consideration or inducement may be given to any such holder in connection with
such consent that is not given ratably to all such holders, and that such
amendment must apply to all such holders equally and ratably in accordance with
the number of shares of Series I Preferred Stock issuable upon exercise of their
Series I Preferred Stock Warrants. The Company shall promptly give notice to all
holders of Series I Preferred Stock Warrants of any amendment effected in
accordance with this Section 10.
<PAGE>

     (b)  No waivers of, or exceptions to, any term, condition or provision of
this Warrant, in any one or more instances, shall be deemed to be, or construed
as, a further or continuing waiver of any such term, condition or provision.

     11.  Adjustments. The Exercise Price and the number of shares purchasable
          -----------
hereunder are subject to adjustment from time to time as follows:

          11.1  Conversion or Redemption of Series I Preferred Stock. Should all
                ----------------------------------------------------
of the Company's Series I Preferred Stock be, or if outstanding would be, at any
time prior to the expiration of this Warrant or any portion thereof, redeemed or
converted into shares of the Company's Common Stock in accordance with Section 5
of the Articles, then this Warrant shall immediately become exercisable for that
number of shares of the Company's Common Stock equal to the number of shares of
the Common Stock that would have been received if this Warrant had been
exercised in full and the Series I Preferred Stock received thereupon had been
simultaneously converted immediately prior to such event, and the Exercise Price
shall be immediately adjusted to equal the quotient obtained by dividing (x) the
aggregate Exercise Price of the maximum number of shares of Series I Preferred
Stock for which this Warrant was exercisable immediately prior to such
conversion or redemption, by (y) the number of shares of Common Stock for which
this Warrant is exercisable immediately after such conversion or redemption. For
purposes of the foregoing, the "Articles" shall mean the Articles of
Incorporation of the Company as amended and/or restated and effective
immediately prior to the redemption or conversion of all of the Company's Series
I Preferred Stock.

          11.2  Merger, Sale of Assets, etc. If at any time while this Warrant,
                ---------------------------
or any portion thereof, is outstanding and unexpired there shall be (i) a
reorganization (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), (ii) a merger or
consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or a reverse triangular merger in which the
Company is the surviving entity but the shares of the Company's capital stock
outstanding immediately prior to the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash or
otherwise, or (iii) a sale or transfer of the Company's properties and assets
as, or substantially as, an entirety to any other person, then, as a part of
such reorganization, merger, consolidation, sale or transfer, lawful provision
shall be made so that the holder of this Warrant shall thereafter be entitled to
receive upon exercise of this Warrant, during the period specified herein and
upon payment of the Exercise Price then in effect, the number of shares of stock
or other securities or property of the successor corporation resulting from such
reorganization, merger, consolidation, sale or transfer that a holder of the
shares deliverable upon exercise of this Warrant would have been entitled to
receive in such reorganization, consolidation, merger, sale or transfer if this
Warrant had been exercised immediately before such reorganization, merger,
consolidation, sale or transfer, all subject to further adjustment as provided
in this Section 11. The foregoing provisions of this Section 11.2 shall
similarly apply to successive reorganizations, consolidations, mergers, sales
and transfers and to the stock or securities of any other corporation that are
at the time receivable upon the exercise of this Warrant. If the per-share
consideration payable to the holder hereof for shares in connection with any
such transaction is in a form other than cash or marketable securities, then the
value of such consideration shall be determined in good faith by the Company's
Board of Directors. In all events, appropriate adjustment (as determined in good
faith by the
<PAGE>

Company's Board of Directors) shall be made in the application of the provisions
of this Warrant with respect to the rights and interests of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this Warrant.

          11.3  Reclassification, etc. If the Company, at any time while this
                ---------------------
Warrant, or any portion thereof, remains outstanding and unexpired by
reclassification of securities or otherwise, shall change any of the securities
as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as
would have been issuable as the result of such change with respect to the
securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 11. No adjustment shall be made pursuant
to this Section 11.3, upon any conversion or redemption of the Series I
Preferred Stock which is the subject of Section 11.1.

          11.4  Split, Subdivision or Combination of Shares. If the Company at
                -------------------------------------------
any time while this Warrant, or any portion thereof, remains outstanding and
unexpired shall split, subdivide or combine the securities as to which purchase
rights under this Warrant exist, into a different number of securities of the
same class, the Exercise Price for such securities shall be proportionately
decreased in the case of a split or subdivision or proportionately increased in
the case of a combination.

          11.5  Adjustments for Dividends in Stock or Other Securities or
                ---------------------------------------------------------
Property. If while this Warrant, or any portion hereof, remains outstanding and
--------
unexpired the holders of the securities as to which purchase rights under this
Warrant exist at the time shall have received, or, on or after the record date
fixed for the determination of eligible Stockholders, shall have become entitled
to receive, without payment therefor, other or additional stock or other
securities or property (other than cash) of the Company by way of dividend, then
and in each case, this Warrant shall represent the right to acquire, in addition
to the number of shares of the security receivable upon exercise of this
Warrant, and without payment of any additional consideration therefor, the
amount of such other or additional stock or other securities or property (other
than cash) of the Company that such holder would hold on the date of such
exercise had it been the holder of record of the security receivable upon
exercise of this Warrant 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 available by it as aforesaid
during such period, giving effect to all adjustments called for during such
period by the provisions of this Section 11.

          11.6  Certificate as to Adjustments. Upon the occurrence of each
                -----------------------------
adjustment or readjustment pursuant to this Section 11, the Company at its
expense shall promptly compute such adjustment or readjustment in accordance
with the terms hereof and furnish to each Holder of this Warrant a certificate
setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon the
written request, at any time, of any such Holder, furnish or cause to
<PAGE>

be furnished to such Holder a like certificate setting forth: (i) such
adjustments and readjustments; (ii) the Exercise Price at the time in effect;
and (iii) the number of shares and the amount, if any, of other property that at
the time would be received upon the exercise of the Warrant.

          11.7  No Impairment. The Company will not, by any voluntary action,
                -------------
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions of this Section 11 and in
the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holders of this Warrant against impairment.

     12.  Registration Rights. Upon exercise of this Warrant, the Holder shall
          -------------------
shall have and be entitled to exercise, together with all other holders of
Registrable Securities possessing registration rights under that certain Sixth
Amended and Restated Registration Rights Agreement, dated as of January 28,
2000, between the Company and the parties who have executed the counterpart
signature pages thereto or are otherwise bound thereby (the "Registration Rights
Agreement"), the rights of registration granted under the Registration Rights
Agreement to Registrable Securities (with respect to the Shares issued on
exercise of this Warrant). By its receipt of this Warrant, Holder agrees to be
bound by the Registration Rights Agreement upon exercise of this Warrant as a
party thereto.

     13.  Miscellaneous.
          -------------

     IN WITNESS WHEREOF, LogicVision, Inc. has caused this Warrant to be
executed by its officers thereunto duly authorized.

     Dated as of January 28, 2000.

                                             LOGICVISION, INC.

                                             By    /s/ John H. Barnet
                                                ------------------------------

                                                   Chief Financial Officer

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