Document:

Exhibit 4.3

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                         COMMON STOCK WARRANT AGREEMENT*

                            dated as of ______, 20__

                                       FOR

                                     between

                          CLEARONe COMMUNICATIONS, INC.

                                       and

                    [NAME OF COMMON STOCK WARRANT AGENT], as

                           Common Stock Warrant Agent

================================================================================

*    DETAILS YET TO BE  DETERMINED,  REPRESENTED  BY BRACKETED OR BLANK SECTIONS
     HEREIN,  SHALL BE DETERMINED IN CONFORMITY  WITH THE APPLICABLE  PROSPECTUS
     SUPPLEMENT OR SUPPLEMENTS.

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                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

                                    ARTICLE I
                 ISSUANCE OF COMMON STOCK WARRANTS AND EXECUTION
                AND DELIVERY OF COMMON STOCK WARRANT CERTIFICATES

SECTION 1.01.   Issuance of Common Stock Warrants..............................1
SECTION 1.02.   Form and Execution of Common Stock Warrant Certificates........2
SECTION 1.03.   Issuance and Delivery of Common Stock Warrant Certificates.....3
SECTION 1.04.   Temporary Common Stock Warrant Certificates....................3
SECTION 1.05.   Payment of Taxes...............................................4
SECTION 1.06.   "Holder".......................................................4

                                   ARTICLE II
                 DURATION AND EXERCISE OF COMMON STOCK WARRANTS

SECTION 2.01.   Duration of Common Stock Warrants..............................4
SECTION 2.02.   Exercise of Common Stock Warrants..............................5
SECTION 2.03.   Common Stock Warrant Adjustments...............................6
SECTION 2.04.   Fractional Common Stock........................................6

                                   ARTICLE III
                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF COMMON STOCK WARRANTS

SECTION 3.01.   No Rights as Holder of Common Stock............................7
SECTION 3.02.   Lost, Stolen, Destroyed or Mutilated Certificates..............7
SECTION 3.03.   Holders of Common Stock Warrants May Enforce Rights............8
SECTION 3.04.   Merger, Consolidation, Sale, Transfer or Conveyance............8
SECTION 3.05.   Treatment of Holders of Common Stock Warrant Certificates......9

                                   ARTICLE IV
                 EXCHANGE AND TRANSFER OF COMMON STOCK WARRANTS

SECTION 4.01.   Common Stock Warrant Register; Exchange and Transfer
                  of Common Stock Warrants.....................................9
SECTION 4.02.   Treatment of Holders of Common Stock Warrants.................10
SECTION 4.03.   Cancellation of Common Stock Warrant Certificates.............10

                                    ARTICLE V
                    CONCERNING THE COMMON STOCK WARRANT AGENT

SECTION 5.01.   Common Stock Warrant Agent....................................11
SECTION 5.02.   Conditions of Common Stock Warrant Agent's Obligations........11
SECTION 5.03.   Compliance with Applicable Laws...............................13
SECTION 5.04.   Resignation and Removal; Appointment of Successor.............13

<PAGE>

                                   ARTICLE VI
                                  MISCELLANEOUS

SECTION 6.01.   Supplements and Amendments....................................15
SECTION 6.02.   Notices and Demands...........................................16
SECTION 6.03.   Addresses for Notices.........................................16
SECTION 6.04.   Governing Law.................................................16
SECTION 6.05.   Governmental Approvals........................................16
SECTION 6.06.   Persons Having Rights Under Common Stock Warrant Agreement....16
SECTION 6.07.   Delivery of Prospectus........................................17
SECTION 6.08.   Headings......................................................17
SECTION 6.09.   Counterparts..................................................17
SECTION 6.10.   Judgment Currency.............................................17
SECTION 6.11.   Inspection of Agreement.......................................17

<PAGE>

               This COMMON STOCK WARRANT AGREEMENT, dated as of______, 20__
between ClearOne Communications, Inc., a Utah corporation (the "Company"), and
_____________, a [corporation] organized and existing under the laws of
________, as warrant agent (the "Common Stock Warrant Agent").

               WHEREAS, the Company proposes to sell [title of common stock or
other securities being offered (the "Offered Securities") with] certificates
evidencing one or more warrants (the "Common Stock Warrants" or, individually, a
"Common Stock Warrant") representing the right to purchase shares of the common
stock, par value $0.001 per share, of the Company (the "Common Stock"), such
warrant certificates and other warrant certificates issued pursuant to this
Agreement being herein called the "Common Stock Warrant Certificates"; and

               WHEREAS, the Company has duly authorized the execution and
delivery of this Common Stock Warrant Agreement to provide for the issuance of
Common Stock Warrants to be exercisable at such times and for such prices, and
to have such other provisions, as shall be fixed as hereinafter provided;

               NOW, THEREFORE, in consideration of the premises and of the
mutual agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I
                 ISSUANCE OF COMMON STOCK WARRANTS AND EXECUTION
                AND DELIVERY OF COMMON STOCK WARRANT CERTIFICATES

     SECTION 1.01.   Issuance of Common Stock Warrants.
                     ----------------------------------

               Common Stock Warrants may be issued from time to time, together
with or separately from Offered Securities. Prior to the issuance of any Common
Stock Warrants, there shall be established by or pursuant to a resolution or
resolutions duly adopted by the Company's Board of Directors or by any committee
thereof duly authorized to act with respect thereto (a "Board Resolution"):

               (a) The title and aggregate number of such Common Stock Warrants;

               (b) The offering price of such Common Stock Warrant;

               (c) The number of shares of Common Stock that may be purchased
upon exercise of each such Common Stock Warrant; the price, or the manner of
determining the price (the "Common Stock Warrant Price"), at which such shares
of Common Stock may be purchased upon exercise of such Common Stock Warrants; if
other than cash, the property and manner in which the Common Stock Warrant Price
may be paid; and any minimum number of such Common Stock Warrants that are
exercisable at any one time;

               (d) The time or times at which, or period or periods during
which, such Common Stock Warrants may be exercised and the final date on which
such Common Stock Warrants may be exercised (the "Expiration Date");

               (e) The terms of any right to redeem such Common Stock Warrants;

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               (f) The terms of any right of the Company to accelerate the
Common Stock Warrants upon the occurrence of certain events;

               (g) Where the registered warrant certificates evidencing such
Common Stock Warrants (the "Common Stock Warrant Certificates") may be
transferred and exchanged;

               (h) Whether such Common Stock Warrants are to be issued with any
Offered Securities and, if so, the number and terms of any such Offered
Securities;

               (i) The date, if any, on and after which the Common Stock
Warrants and the Offered Securities will be separately transferable (the
"Detachable Date"); and

               (j) Any other terms of such Common Stock Warrants not
inconsistent with the provisions of this Agreement.

     SECTION 1.02.   Form and Execution of Common Stock Warrant Certificates.
                     -------------------------------------------------------

               (a) The Common Stock Warrants shall be evidenced by the Common
Stock Warrant Certificates, which shall be in registered form and substantially
in such form or forms as shall be established by or pursuant to a Board
Resolution. Each Common Stock Warrant Certificate, whenever issued, shall be
dated the date it is countersigned by the Common Stock Warrant Agent and may
have such letters, numbers or other marks of identification and such legends or
endorsements printed, lithographed or engraved thereon as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
law, rule or regulation or with any rule or regulation of any securities
exchange on which the Common Stock or Common Stock Warrants may be listed, or to
conform to usage, as the officer of the Company executing the same may approve
(his execution thereof to be conclusive evidence of such approval). Each Common
Stock Warrant Certificate shall evidence one or more Common Stock Warrants.

               (b) The Common Stock Warrant Certificates shall be signed in the
name and on behalf of the Company by its Chairman, President, Chief Executive
Officer or Chief Financial Officer under its corporate seal, and attested by its
Secretary, an Assistant Secretary or any Vice President (any reference to a
"Vice President" of the Company herein shall be deemed to include any Vice
President of the Company whether or not designated by a number or a word or
words added before or after the title Vice President). Such signatures may be
manual or facsimile signatures of the present or any future holder of any such
office and may be imprinted or otherwise reproduced on the Common Stock Warrant
Certificates. The seal of the Company may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted or otherwise reproduced on the Common
Stock Warrant Certificates.

               (c) No Common Stock Warrant Certificate shall be valid for any
purpose, and no Common Stock Warrant evidenced thereby shall be deemed issued or
exercisable, until such Common Stock Warrant Certificate has been countersigned
by the manual or facsimile signature of the Common Stock Warrant Agent. Such
signature by the Common Stock Warrant Agent upon any Common Stock Warrant
Certificate executed by the Company shall be conclusive evidence that the Common
Stock Warrant Certificate so countersigned has been duly issued hereunder.

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               (d) In the event any officer of the Company who has signed any
Common Stock Warrant Certificate either manually or by facsimile signature
ceases to be such officer before the Common Stock Warrant Certificate so signed
has been countersigned and delivered by the Common Stock Warrant Agent, such
Common Stock Warrant Certificate nevertheless may be countersigned and delivered
as though the person who signed such Common Stock Warrant Certificate had not
ceased to be such officer of the Company; and any Common Stock Warrant
Certificate may be signed on behalf of the Company by such person as, at the
actual date of the execution of such Common Stock Warrant Certificate, shall be
the proper officer of the Company, although at the date of the execution of this
Agreement such person was not such an officer.

     SECTION 1.03.   Issuance and Delivery of Common Stock Warrant Certificates.
                     ----------------------------------------------------------

               At any time and from time to time after the execution and
delivery of this Agreement, the Company may deliver Common Stock Warrant
Certificates executed by the Company to the Common Stock Warrant Agent for
countersignature. Except as provided in the following sentence, the Common Stock
Warrant Agent shall thereupon countersign and deliver such Common Stock Warrant
Certificates to or upon the written request of the Company. Subsequent to the
original issuance of a Common Stock Warrant Certificate evidencing Common Stock
Warrants, the Common Stock Warrant Agent shall countersign a new Common Stock
Warrant Certificate evidencing such Common Stock Warrants only if such Common
Stock Warrant Certificate is issued in exchange or substitution for one or more
previously countersigned Common Stock Warrant Certificates evidencing such
Common Stock Warrants or in connection with their transfer, as hereinafter
provided.

     SECTION 1.04.   Temporary Common Stock Warrant Certificates.
                     -------------------------------------------

               (a) Pending the preparation of definitive Common Stock Warrant
Certificates, the Company may execute, and upon the order of the Company the
Common Stock Warrant Agent shall countersign and deliver, temporary Common Stock
Warrant Certificates that are printed, lithographed, typewritten, mimeographed
or otherwise produced, substantially of the tenor of the definitive Common Stock
Warrant Certificates in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officer
executing such Common Stock Warrant Certificates may determine, as evidenced by
his execution of such Common Stock Warrant Certificates.

               (b) If temporary Common Stock Warrant Certificates are issued,
the Company will cause definitive Common Stock Warrant Certificates to be
prepared without unreasonable delay. After the preparation of definitive Common
Stock Warrant Certificates, the temporary Common Stock Warrant Certificates
shall be exchangeable for definitive Common Stock Warrant Certificates upon
surrender of the temporary Common Stock Warrant Certificates at the corporate
trust office of the Common Stock Warrant Agent [or ________________], without
charge to the Holder (as defined in Section 1.06 hereof). Upon surrender for
cancellation of any one or more temporary Common Stock Warrant Certificates, the
Company shall execute and the Common Stock Warrant Agent shall countersign and
deliver in exchange therefor definitive Common Stock Warrant Certificates
representing the same aggregate number of Common Stock Warrants. Until so
exchanged, the temporary Common Stock Warrant Certificates shall in all respects

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be entitled to the same benefits under this Agreement as definitive Common Stock
Warrant Certificates.

     SECTION 1.05.   Payment of Taxes.
                     -----------------

               The Company will pay all stamp and other similar duties, if any,
to which this Agreement or the original issuance of the Common Stock Warrants or
the issuance of Common Stock upon exercise of the Common Stock Warrants may be
subject under the laws of the United States of America or any state or locality,
provided, however, the Company is not responsible for the payment of any tax or
taxes which may be payable in respect of any transfer involved in the issue of
Common Stock Warrant Certificates or any issue or transfer of Common Stock to a
person other than the Holder.

     SECTION 1.06.   "Holder".
                      ------

               The term "Holder" or "Holders" as used herein with reference to a
Common Stock Warrant Certificate shall mean the person or persons in whose name
such Common Stock Warrant Certificate shall then be registered as set forth in
the Common Stock Warrant Register (as defined in Section 4.01 hereof) to be
maintained by the Common Stock Warrant Agent pursuant to Section 4.01 for that
purpose or, in the case of Common Stock Warrants that are issued with Offered
Securities and cannot then be transferred separately therefrom, the person or
persons in whose name the related Offered Securities shall be registered as set
forth in the security register for such Offered Securities, prior to the
Detachable Date. In the case of Common Stock Warrants that are issued with
Offered Securities and cannot then be transferred separately therefrom, the
Company will, or will cause the security registrar of any such Offered
Securities to, make available to the Common Stock Warrant Agent at all times
(including on and after the Detachable Date, in the case of Common Stock
Warrants originally issued with Offered Securities and not subsequently
transferred separately therefrom) such information as to Holders of Offered
Securities with Common Stock Warrants attached thereto as may be necessary to
keep the Common Stock Warrant Register up to date.

                                   ARTICLE II
                 DURATION AND EXERCISE OF COMMON STOCK WARRANTS

     SECTION 2.01.   Duration of Common Stock Warrants.
                     ---------------------------------

               Each Common Stock Warrant may be exercised at the time or times,
or during the period or periods, provided by or pursuant to the Board Resolution
relating thereto and specified in the Common Stock Warrant Certificate
evidencing such Common Stock Warrant. Each Common Stock Warrant not exercised at
or before 5:00 P.M., New York City time, on its Expiration Date shall become
void, and all rights of the Holder of such Common Stock Warrant thereunder and
under this Agreement shall cease; provided, however that the Company reserves
the right to, and may, in its sole discretion, at any time and from time to
time, at such time or times as the Company so determines, extend the Expiration
Date of the Common Stock Warrants for such periods of time as it chooses;
provided further that in no case may the Expiration Date of the Common Stock
Warrants be extended beyond [ ] years from the original Expiration Date. To
extend the Expiration Date, the Company shall, at least 20 days prior to the

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Expiration Date, cause to be mailed to the Common Stock Warrant Agent and the
Holders in accordance with the provisions of Section 5.04(e) hereof a notice
stating that the Expiration Date has been extended and setting forth the new
Expiration Date.

     SECTION 2.02.   Exercise of Common Stock Warrants.
                     ---------------------------------

               (a) The Holder shall have the right, at its option, to exercise
such Common Stock Warrant and, subject to Subsection (f) of this Section 2.02,
purchase the number of shares of Common Stock provided for therein at the time
or times or during the period or periods referred to in Section 2.01 and
specified in the Common Stock Warrant Certificate evidencing such Common Stock
Warrant. No fewer than the minimum number of Common Stock Warrants as set forth
in the Common Stock Warrant Certificate may be exercised by or on behalf of any
one Holder at any one time. Except as may be provided in a Common Stock Warrant
Certificate, a Common Stock Warrant may be exercised by completing the form of
election to purchase set forth on the reverse side of the Common Stock Warrant
Certificate, by duly executing the same, and by delivering the same, together
with payment in full of the Common Stock Warrant Price, in lawful money of the
United States of America, in cash or by certified or official bank check or by
bank wire transfer, or in property, in the manner provided by or pursuant to the
Board Resolution relative thereto and specified in the Common Stock Warrant
Certificate evidencing such Common Stock Warrant, to the Common Stock Warrant
Agent. Except as may be provided in a Common Stock Warrant Certificate, the date
on which such Common Stock Warrant Certificate and payment are received by the
Common Stock Warrant Agent as aforesaid shall be deemed to be the date on which
the Common Stock Warrant is exercised and the relevant shares of Common Stock
are issued.

               (b) Upon the exercise of a Common Stock Warrant, the Company
shall issue, to or upon the order of the Holder of such Common Stock Warrant,
the shares of Common Stock to which such Holder is entitled, registered, in the
case of shares of Common Stock in registered form, in such name or names as may
be directed by such Holder.

               (c) If fewer than all of the Common Stock Warrants evidenced by a
Common Stock Warrant Certificate are exercised, the Company shall execute, and
the Common Stock Warrant Agent shall countersign and deliver, a new Common Stock
Warrant Certificate evidencing the number of Common Stock Warrants remaining
unexercised.

               (d) The Common Stock Warrant Agent shall deposit all funds
received by it in payment of the Common Stock Warrant Price for Common Stock
Warrants in the account of the Company maintained with it for such purpose and
shall advise the Company by telephone by 5:00 P.M., New York City time, of each
day on which a payment of the Common Stock Warrant Price for Common Stock
Warrants is received of the amount so deposited in its account. The Common Stock
Warrant Agent shall promptly confirm such telephone advice in writing to the
Company.

               (e) The Common Stock Warrant Agent shall, from time to time, as
promptly as practicable, advise the Company of (1) the number of Common Stock
Warrants of each title exercised as provided herein, (2) the instructions of
each Holder with respect to delivery of the Common Stock issued upon exercise of
such Common Stock Warrants to which such Holder is entitled upon such exercise,

                                       5
<PAGE>

and (3) such other information as the Company or such Trustee shall reasonably
require. Such notice may be given by telephone to be promptly confirmed in
writing.

               (f) The Holder, and not the Company, shall be required to pay any
stamp or other tax or other governmental charge that may be imposed in
connection with any issue of the Common Stock to a person other than the Holder,
and in the event that any such issue is involved, the Company shall not be
required to issue any Common Stock (and such person's purchase of the shares of
Common Stock issued upon the exercise of such Holder's Common Stock Warrant
shall not be deemed to have been consummated) until such tax or other charge
shall have been paid or it has been established to the Company's satisfaction
that no such tax or other charge is due.

     SECTION 2.03.   Common Stock Warrant Adjustments.
                     --------------------------------

               [(a) The terms and conditions, if any, on which the exercise
price of and/or the number of shares of Common Stock covered by a Common Stock
Warrant are subject to adjustments will be set forth in this Section 2.03.]

               (b) Except as provided in [any exceptions that may be set forth
in the prospectus supplement], no adjustment in the number of shares of Common
Stock purchasable hereunder shall be required unless such adjustment would
require an increase or decrease of at least one percent (1%) in the number of
shares of Common Stock purchasable upon the exercise of each Common Stock
Warrant; provided, however, that any adjustments which by reason of this
paragraph (b) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations shall be made to the
nearest cent and to the nearest one-hundredth of a share of Common Stock, as the
case may be.

               (c) Upon any adjustment of the number of shares of Common Stock
purchasable upon exercise of each Common Stock Warrant, the Common Stock Warrant
Price or the number of Common Stock Warrants outstanding, the Company shall,
within 20 calendar days thereafter, (1) cause to be filed with the Common Stock
Warrant Agent a certificate of a firm of independent public accountants of
recognized standing selected by the Company (who may be the regular auditors of
the Company) setting forth the Common Stock Warrant Price and either the number
of shares of Common Stock purchasable upon exercise of each Common Stock Warrant
or the additional number of Common Stock Warrants to be issued for each
previously outstanding Common Stock Warrant, as the case may be, after such
adjustment, and setting forth in reasonable detail the method of calculation and
the facts upon which such adjustment was made, which certificate shall be
conclusive evidence of the correctness of the matters set forth therein, and (2)
cause to be given to each Holder at such Holder's address appearing on the
Common Stock Warrant Register written notice of such adjustments by first class
mail, postage prepaid.

     SECTION 2.04.   Fractional Common Stock.
                     -----------------------

               (a) Notwithstanding any adjustment pursuant to Section 2.03 in
the number of shares of Common Stock purchasable upon the exercise of a Common
Stock Warrant, the Company shall not be required to issue fractions of Common
Stock upon exercise of the Common Stock Warrants or to distribute certificates

                                       6
<PAGE>

which evidence fractional shares of Common Stock. In lieu of fractional shares
of Common Stock, there shall be paid to the Holders at the time the Holders'
Common Stock Warrants are exercised as herein provided an amount in cash equal
to the fraction of the current market value of a share of Common Stock. For
purposes of this Section 2.04, the current market value of a share of Common
Stock shall be the closing price of a share of Common Stock (as determined
pursuant to Subsection (b) below) for the trading day immediately prior to the
date of such exercise.

               (b) The closing price for each day shall be the last sale price,
regular way, or, if no such sale takes place on such day, the average of the
closing bid and asked prices, regular way, for such day, in either case as
reported in the principal consolidated transaction reporting system with respect
to securities listed or admitted to trading on the New York Stock Exchange or,
if the Common Stock is not listed or admitted to trading on the New York Stock
Exchange, as reported on the principal consolidated transaction reporting system
with respect to securities listed on the principal national securities exchange
on which the Common Stock is listed or admitted to trading, or if the Common
Stock is not listed or admitted to trading on any national securities exchange,
as reported on the Nasdaq National Market.

                                  ARTICLE III
                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF COMMON STOCK WARRANTS

     SECTION 3.01.   No Rights as Holder of Common Stock.
                     ------------------------------------

               A Holder of a Common Stock Warrant or Common Stock Warrant
Certificate shall not have any of the rights of a holder of Common Stock.

     SECTION 3.02.   Lost, Stolen, Destroyed or Mutilated Certificates.
                     -------------------------------------------------

               Upon receipt by the Company and the Common Stock Warrant Agent of
evidence reasonably satisfactory to them of the ownership of and the loss,
theft, destruction or mutilation of any Common Stock Warrant Certificate and of
indemnity (other than in connection with any mutilated Common Stock Warrant
Certificates surrendered to the Common Stock Warrant Agent for cancellation)
reasonably satisfactory to them, the Company shall execute, and the Common Stock
Warrant Agent shall countersign and deliver, in exchange for or in lieu of each
lost, stolen, destroyed or mutilated Common Stock Warrant Certificate, a new
Common Stock Warrant Certificate evidencing a like number of Common Stock
Warrants of the same title. Upon the issuance of a new Common Stock Warrant
Certificate under this Section 3.02, the Company may require the payment of a
sum sufficient to cover any stamp or other similar tax or other governmental
charge that may be imposed in connection therewith and any other expenses
(including the fees and expenses of the Common Stock Warrant Agent) in
connection therewith. Every substitute Common Stock Warrant Certificate executed
and delivered pursuant to this Section in lieu of any lost, stolen or destroyed
Common Stock Warrant Certificate shall be at any time enforceable by the Holder
thereof, and shall be entitled to the benefits of this Agreement equally and
proportionately with any and all other Common Stock Warrant Certificates, duly
executed and delivered hereunder. The provisions of this Section are exclusive

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and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of lost, stolen, destroyed or mutilated Common Stock
Warrant Certificates.

     SECTION 3.03.   Holders of Common Stock Warrants May Enforce Rights.
                     ----------------------------------------------------

               Notwithstanding any of the provisions of this Agreement, any
Holder may, without the consent of the Common Stock Warrant Agent, enforce and
may institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, his right to exercise his
Common Stock Warrants as provided in the Common Stock Warrants and in this
Agreement.

     SECTION 3.04.   Merger, Consolidation, Sale, Transfer or Conveyance.
                     ---------------------------------------------------

               (a) In case any of the following shall occur while any Common
Stock Warrants are outstanding: (1) any reclassification or change of the
outstanding shares of Common Stock; or (2) any consolidation or merger to which
the Company is party (other than a consolidation or a merger in which the
Company is the continuing corporation and which does not result in any
reclassification of, or change in, the outstanding shares of Common Stock
issuable upon exercise of the Common Stock Warrants); or (3) any sale,
conveyance or lease to another corporation of the property of the Company as an
entirety or substantially as an entirety; then the Company, or such successor or
purchasing corporation, as the case may be, shall make appropriate provision by
amendment of this Agreement or otherwise so that the Holders of the Common Stock
Warrants then outstanding shall have the right at any time thereafter, upon
exercise of such Common Stock Warrants, to purchase the kind and amount of
shares of stock and other securities and property receivable upon such a
reclassification, change, consolidation, merger, sale, conveyance or lease as
would be received by a holder of the number of shares of Common Stock issuable
upon exercise of such Common Stock Warrant immediately prior to such
reclassification, change, consolidation, merger, sale, conveyance or lease, and,
in the case of a consolidation, merger, sale, conveyance or lease as
contemplated in this Section 3.04(a), the Company shall thereupon be relieved of
any further obligation hereunder or under the Common Stock Warrants, and the
Company as the predecessor corporation may thereupon or at any time thereafter
be dissolved, wound up or liquidated. Such successor or assuming corporation
thereupon may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Common Stock Warrant Certificates
issuable hereunder which theretofore have not been signed by the Company, and
may execute and deliver common stock in its own name, in fulfillment of its
obligations to deliver Common Stock upon exercise of the Common Stock Warrants.
All the Common Stock Warrants so issued shall in all respects have the same
legal rank and benefit under this Agreement as the Common Stock Warrants
theretofore or thereafter issued in accordance with the terms of this Agreement
as though all of such Common Stock Warrants had been issued at the date of the
execution hereof. In case of any such reclassification, change, consolidation,
merger, conveyance, transfer or lease, such changes in phraseology and form (but
not in substance) may be made in the Common Stock Warrants thereafter to be
issued as may be appropriate.

                                       8
<PAGE>

               (b) The Common Stock Warrant Agent may receive a written opinion
of legal counsel as conclusive evidence that any such merger, consolidation,
sale, transfer, conveyance or other disposition of substantially all of the
assets of the Company complies with the provisions of this Section 3.04.

     SECTION 3.05.   Treatment of Holders of Common Stock Warrant Certificates.
                     ---------------------------------------------------------

               (a) In the event that the Common Stock Warrants are offered
together with, and, prior to the Detachable Date, are not detachable from,
Offered Securities, the Company, the Common Stock Warrant Agent and all other
persons may, prior to such Detachable Date, treat the holder of the Offered
Security as the Holder of the Common Stock Warrant Certificates initially
attached thereto for any purpose and as the person entitled to exercise the
rights represented by the Common Stock Warrants evidenced by such Common Stock
Warrant Certificates, any notice to the contrary notwithstanding. After the
Detachable Date and prior to due presentment of a Common Stock Warrant
Certificate for registration of transfer, the Company and the Common Stock
Warrant Agent may treat the Holder of a Common Stock Warrant Certificate as the
absolute Holder thereof for any purpose and as the person entitled to exercise
the rights represented by the Common Stock Warrants evidenced thereby, any
notice to the contrary notwithstanding.

               (b) In all other cases, the Company and the Common Stock Warrant
Agent may treat the Holder of a Common Stock Warrant Certificate as the absolute
Holder thereof for any purpose and as the person entitled to exercise the rights
represented by the Common Stock Warrants evidenced thereby, any notice to the
contrary notwithstanding.

                                   ARTICLE IV
                 EXCHANGE AND TRANSFER OF COMMON STOCK WARRANTS

     SECTION 4.01.   Common Stock Warrant Register; Exchange and Transfer of
                     -------------------------------------------------------
                     Common Stock Warrants.
                     ----------------------

               (a) The Common Stock Warrant Agent shall maintain, at its
corporate trust office [or at _______], a register (the "Common Stock Warrant
Register") in which, upon the issuance of Common Stock Warrants, or on and after
the Detachable Date in the case of Common Stock Warrants not separately
transferable prior thereto, and, subject to such reasonable regulations as the
Common Stock Warrant Agent may prescribe, it shall register Common Stock Warrant
Certificates and exchanges and transfers thereof. The Common Stock Warrant
Register shall be in written form or in any other form capable of being
converted into written form within a reasonable time.

               (b) Except as provided in the following sentence, upon surrender
at the corporate trust office of the Common Stock Warrant Agent [or at _______],
Common Stock Warrant Certificates may be exchanged for one or more other Common
Stock Warrant Certificates evidencing the same aggregate number of Common Stock
Warrants of the same title, or may be transferred in whole or in part. A Common
Stock Warrant Certificate evidencing Common Stock Warrants that are not then
transferable separately from the Offered Security with which they were issued
may be exchanged or transferred prior to its Detachable Date only together with

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<PAGE>

such Offered Security and only for the purpose of effecting, or in conjunction
with, an exchange or transfer of such Offered Security; and on or prior to the
Detachable Date, each exchange or transfer of such Offered Security on the
Security Register of the Offered Securities shall operate also to exchange or
transfer the related Common Stock Warrants. A transfer shall be registered upon
surrender of a Common Stock Warrant Certificate to the Common Stock Warrant
Agent at its corporate trust office [or at ______________________] for transfer,
properly endorsed or accompanied by appropriate instruments of transfer and
written instructions for transfer, all in form satisfactory to the Company and
the Common Stock Warrant Agent. Whenever a Common Stock Warrant Certificate is
surrendered for exchange or transfer, the Common Stock Warrant Agent shall
countersign and deliver to the person or persons entitled thereto one or more
Common Stock Warrant Certificates duly executed by the Company, as so requested.
The Common Stock Warrant Agent shall not be required to effect any exchange or
transfer which will result in the issuance of a Common Stock Warrant Certificate
evidencing a fraction of a Common Stock Warrant. All Common Stock Warrant
Certificates issued upon any exchange or transfer of a Common Stock Warrant
Certificate shall be the valid obligations of the Company, evidencing the same
obligations, and entitled to the same benefits under this Agreement, as the
Common Stock Warrant Certificate surrendered for such exchange or transfer.

               (c) No service charge shall be made for any exchange or transfer
of Common Stock Warrants, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such exchange or transfer, in accordance with Section
2.02(f) hereof.

     SECTION 4.02.   Treatment of Holders of Common Stock Warrants.
                     ---------------------------------------------

               Every Holder, by accepting the Common Stock Warrant Certificate
evidencing the same, consents and agrees with the Company, the Common Stock
Warrant Agent and with every other Holder of Common Stock Warrants of the same
title that the Company and the Common Stock Warrant Agent may treat the Holder
(or, if the Common Stock Warrant Certificate is not then detachable, the Holder
of the related Offered Security) as the absolute owner of such Common Stock
Warrant for all purposes and as the person entitled to exercise the rights
represented by such Common Stock Warrant, any notice to the contrary
notwithstanding.

     SECTION 4.03.   Cancellation of Common Stock Warrant Certificates.
                     -------------------------------------------------

               In the event that the Company shall purchase, redeem or otherwise
acquire any Common Stock Warrants after the issuance thereof, the Common Stock
Warrant Certificate or Certificates evidencing such Common Stock Warrants shall
thereupon be delivered to the Common Stock Warrant Agent and be cancelled by it.
The Common Stock Warrant Agent shall also cancel any Common Stock Warrant
Certificate (including any mutilated Common Stock Warrant Certificate) delivered
to it for exercise, in whole or in part, or for exchange or transfer. Common
Stock Warrant Certificates so cancelled shall be delivered by the Common Stock
Warrant Agent to the Company from time to time, or disposed of in accordance
with the instructions of the Company.

                                       10
<PAGE>

                                   ARTICLE V
                    CONCERNING THE COMMON STOCK WARRANT AGENT

     SECTION 5.01.   Common Stock Warrant Agent.
                     --------------------------

               The Company hereby appoints ___________ as Common Stock Warrant
Agent of the Company in respect of the Common Stock Warrants upon the terms and
subject to the conditions set forth herein and __________________ hereby accepts
such appointment. The Common Stock Warrant Agent shall have the powers and
authority granted to and conferred upon it in the Common Stock Warrant
Certificates and hereby and such further powers and authority acceptable to it
to act on behalf of the Company as the Company may hereafter grant to or confer
upon it. All of the terms and provisions with respect to such powers and
authority contained in the Common Stock Warrant Certificates are subject to and
governed by the terms and provisions hereof.

     SECTION 5.02.   Conditions of Common Stock Warrant Agent's Obligations.
                     -------------------------------------------------------

               The Common Stock Warrant Agent accepts its obligations set forth
herein upon the terms and conditions hereof, including the following, to all of
which the Company agrees and to all of which the rights hereunder of the Holders
shall be subject:

               (a) Compensation And Indemnification. The Company agrees to
promptly pay the Common Stock Warrant Agent the compensation set forth in
Exhibit A hereto and to reimburse the Common Stock Warrant Agent for reasonable
out-of-pocket expenses (including counsel fees) incurred by the Common Stock
Warrant Agent in connection with the services rendered hereunder by the Common
Stock Warrant Agent. The Company also agrees to indemnify the Common Stock
Warrant Agent for, and to hold it harmless against, any loss, liability or
expense (including the reasonable costs and expenses of defending against any
claim of liability) incurred without negligence or bad faith on the part of the
Common Stock Warrant Agent arising out of or in connection with its appointment
as Common Stock Warrant Agent hereunder.

               (b) Agent For The Company. In acting under this Agreement and in
connection with any Common Stock Warrant Certificate, the Common Stock Warrant
Agent is acting solely as agent of the Company and does not assume any
obligation or relationship of agency or trust for or with any Holder.

               (c) Counsel. The Common Stock Warrant Agent may consult with
counsel satisfactory to it, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with the advice of
such counsel.

               (d) Documents. The Common Stock Warrant Agent shall be protected
and shall incur no liability for or in respect of any action taken, suffered or
omitted by it in reliance upon any notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by the proper parties.

                                       11
<PAGE>

               (e) Officer's Certificate. Whenever in the performance of its
duties hereunder the Common Stock Warrant Agent shall reasonably deem it
necessary that any fact or matter be proved or established by the Company prior
to taking, suffering or omitting any action hereunder, the Common Stock Warrant
Agent may (unless other evidence in respect thereof be herein specifically
prescribed), in the absence of bad faith on its part, rely upon a certificate
signed by the Chairman, the President, the Chief Executive Officer, Chief
Financial Officer, any Vice President, the Controller or the Secretary of the
Company delivered by the Company to the Common Stock Warrant Agent.

               (f) Actions Through Agents. The Common Stock Warrant Agent may
execute and exercise any of the rights or powers hereby vested in it or perform
any duty hereunder either itself or by or through its attorneys or agents, and
the Common Stock Warrant Agent shall not be answerable or accountable for any
act, default, neglect or misconduct of any such attorney or agent or for any
loss to the Company resulting from such neglect or misconduct; provided,
however, that reasonable care shall have been exercised in the selection and
continued employment of such attorneys and agents.

               (g) Certain Transactions. The Common Stock Warrant Agent, and any
officer, director or employee thereof, may become the owner of, or acquire any
interest in, any Common Stock Warrant, with the same rights that he, she or it
would have if it were not the Common Stock Warrant Agent, and, to the extent
permitted by applicable law, he, she or it may engage or be interested in any
financial or other transaction with the Company and may serve on, or as
depositary, trustee or agent for, any committee or body of holders of Common
Stock or other obligations of the Company as if it were not the Common Stock
Warrant Agent.

               (h) No Liability For Interest. The Common Stock Warrant Agent
shall not be liable for interest on any monies at any time received by it
pursuant to any of the provisions of this Agreement or of the Common Stock
Warrant Certificates, except as otherwise agreed with the Company.

               (i) No Liability For Invalidity. The Common Stock Warrant Agent
shall incur no liability with respect to the validity of this Agreement (except
as to the due execution hereof by the Common Stock Warrant Agent) or any Common
Stock Warrant Certificate (except as to the countersignature thereof by the
Common Stock Warrant Agent).

               (j) No Responsibility For Company Representations. The Common
Stock Warrant Agent shall not be responsible for any of the recitals or
representations contained herein (except as to such statements or recitals as
describe the Common Stock Warrant Agent or action taken or to be taken by it) or
in any Common Stock Warrant Certificate (except as to the Common Stock Warrant
Agent's countersignature on such Common Stock Warrant Certificate), all of which
recitals and representations are made solely by the Company.

               (k) No Implied Obligations. The Common Stock Warrant Agent shall
be obligated to perform only such duties as are specifically set forth herein,
and no other duties or obligations shall be implied. The Common Stock Warrant
Agent shall not be under any obligation to take any action hereunder that may
subject it to any expense or liability, the payment of which within a reasonable
time is not, in its reasonable opinion, assured to it. The Common Stock Warrant

                                       12
<PAGE>

Agent shall not be accountable or under any duty or responsibility for the use
by the Company of any Common Stock Warrant Certificate countersigned by the
Common Stock Warrant Agent and delivered by it to the Company pursuant to this
Agreement or for the application by the Company of the proceeds of the issuance
or exercise of Common Stock Warrants. The Common Stock Warrant Agent shall have
no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in any Common
Stock Warrant Certificate or in case of the receipt of any written demand from a
Holder with respect to such default, including, without limiting the generality
of the foregoing, any duty or responsibility to initiate or attempt to initiate
any proceedings at law or otherwise or, except as provided in Section 6.02
hereof, to make any demand upon the Company.

     SECTION 5.03.   Compliance with Applicable Laws.
                     -------------------------------

               The Common Stock Warrant Agent agrees to comply with all
applicable federal and state laws imposing obligations on it in respect of the
services rendered by it under this Common Stock Warrant Agreement and in
connection with the Common Stock Warrants, including (but not limited to) the
provisions of United States federal income tax laws regarding information
reporting and backup withholding. The Common Stock Warrant Agent expressly
assumes all liability for its failure to comply with any such laws imposing
obligations on it, including (but not limited to) any liability for failure to
comply with any applicable provisions of United States federal income tax laws
regarding information reporting and backup withholding.

     SECTION 5.04.   Resignation and Removal; Appointment of Successor.
                     --------------------------------------------------

               (a) The Company agrees, for the benefit of the Holders of the
Common Stock Warrants, that there shall at all times be a Common Stock Warrant
Agent hereunder until all the Common Stock Warrants are no longer exercisable.

               (b) The Common Stock Warrant Agent may at any time resign as such
agent by giving written notice to the Company of such intention on its part,
specifying the date on which its desired resignation shall become effective,
subject to the appointment of a successor Common Stock Warrant Agent and
acceptance of such appointment by such successor Common Stock Warrant Agent, as
hereinafter provided. The Common Stock Warrant Agent hereunder may be removed at
any time by the filing with it of an instrument in writing signed by or on
behalf of the Company and specifying such removal and the date when it shall
become effective. Notwithstanding the two preceding sentences, such resignation
or removal shall take effect upon the appointment by the Company, as hereinafter
provided, of a successor Common Stock Warrant Agent (which shall be a banking
institution organized under the laws of the United States of America, or one of
the states thereof and having an office or an agent's office in the City of New
York) and the acceptance of such appointment by such successor Common Stock
Warrant Agent. In the event a successor Common Stock Warrant Agent has not been
appointed and has not accepted its duties within 90 days of the Common Stock
Warrant Agent's notice of resignation, the Common Stock Warrant Agent may apply
to any court of competent jurisdiction for the designation of a successor Common
Stock Warrant Agent. The obligation of the Company under Section 5.02(a) shall
continue to the extent set forth therein notwithstanding the resignation or
removal of the Common Stock Warrant Agent.

                                       13
<PAGE>

               (c) In case at any time the Common Stock Warrant Agent shall:

                  (1)  resign, or shall be removed, or shall become incapable
                  of acting, or

                  (2)  be adjudged bankrupt or insolvent, or

                  (3)  file a petition seeking relief under Title 11 of the
                  United States Code, as now constituted or hereafter amended,
                  or under any other applicable federal or state bankruptcy or
                  similar law, or

                  (4)  make an assignment for the benefit of its creditors, or
                  shall consent to the appointment of a receiver or custodian
                  of all or any substantial part of its property, or

                  (5)  admit in writing its inability to pay or meet its debts
                  as they mature, or

                  (6)  have a receiver or custodian appointed for it or for all
                  or any substantial part of its property, or

                  (7)  have an order of any court entered for relief against it
                  under the provisions of Title 11 of the United States Code,
                  as now constituted or hereafter amended, or under any other
                  applicable federal or state bankruptcy or similar law, or

                  (8)  have any public officer take charge or control of the
                  Common Stock Warrant Agent or of its property or affairs,
                  for the purpose of rehabilitation, conservation or
                  liquidation,

a successor Common Stock Warrant Agent, qualified as aforesaid, shall be
appointed by the Company by an instrument in writing, filed with the successor
Common Stock Warrant Agent. Upon the appointment as aforesaid of a successor
Common Stock Warrant Agent and acceptance by the latter of such appointment, the
Common Stock Warrant Agent so superseded shall cease to be Common Stock Warrant
Agent hereunder.

               (d) Any successor Common Stock Warrant Agent appointed hereunder
shall execute, acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment hereunder, and thereupon such successor
Common Stock Warrant Agent, without any further act, deed or conveyance, shall
become vested with all the authority, rights, powers, trusts, immunities, duties
and obligations of such predecessor with like effect as if originally named as
Common Stock Warrant Agent hereunder, and such predecessor, upon payment of its
charges and disbursements then unpaid, shall thereupon become obligated to
transfer, deliver and pay over, and such successor Common Stock Warrant Agent
shall be entitled to receive all moneys, securities and other property on
deposit with or held by such predecessor, as Common Stock Warrant Agent
hereunder.

               (e) The Company shall cause notice of the appointment of any
successor Common Stock Warrant Agent to be mailed by first class mail, postage
prepaid, to each Holder at its address appearing on the Common Stock Warrant
Register. Such notice shall set forth the name and address of the successor

                                       14
<PAGE>

Common Stock Warrant Agent. Failure to give any notice provided for in this
Section 5.04(e), or any defect therein, shall not, however, affect the legality
or validity of the appointment of the successor Common Stock Warrant Agent.

               (f) Any corporation into which the Common Stock Warrant Agent
hereunder may be merged or converted or any corporation with which the Common
Stock Warrant Agent may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Common Stock Warrant Agent
shall be a party, or any corporation to which the Common Stock Warrant Agent
shall sell or otherwise transfer all or substantially all of the assets and
business of the Common Stock Warrant Agent, provided that it shall be qualified
as provided in Section 5.04(b), shall be the successor Common Stock Warrant
Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

                                   ARTICLE VI
                                  MISCELLANEOUS

     SECTION 6.01.   Supplements and Amendments.
                     --------------------------

               (a) This Agreement and the Common Stock Warrants may be
supplemented or amended by the Company and the Common Stock Warrant Agent,
without the consent of the Holders, for the purpose of curing any ambiguity, or
of curing, correcting or supplementing any defective or inconsistent provision
contained herein or therein or in any other manner which the Company may deem to
be necessary or desirable and which will not materially adversely affect the
interests of the Holders of the Common Stock Warrants. Every Holder of Common
Stock Warrants, whether issued before or after any such supplement or amendment,
shall be bound thereby. Promptly after the effectiveness of any supplement or
amendment that affects the interests of the Holders, the Company shall give
notice thereof, as provided in Section 5.04(e) hereof, to the Holders affected
thereby, setting forth in general terms the substance of such supplement or
amendment.

               (b) The Company and the Common Stock Warrant Agent may modify or
amend this Agreement and the Common Stock Warrant Certificates with the consent
of the Holders of not fewer than a majority in number of the then outstanding
unexercised Common Stock Warrants affected by such modification or amendment,
for any purpose; provided, however, that no such modification or amendment that
shortens the period of time during which the Common Stock Warrants may be
exercised, [affects other material terms of the Common Stock Warrants that may
be set forth in a prospectus supplement] or reduces the percentage of Holders of
outstanding Common Stock Warrants the consent of which is required for
modification or amendment of this Agreement or the Common Stock Warrants, may be
made without the consent of each Holder affected thereby.

                                       15
<PAGE>

     SECTION 6.02.   Notices and Demands.
                     --------------------

               If the Common Stock Warrant Agent shall receive any notice or
demand addressed to the Company by any Holder pursuant to the provisions of the
Common Stock Warrant Certificates, the Common Stock Warrant Agent shall promptly
forward such notice or demand to the Company.

     SECTION 6.03.   Addresses for Notices.
                     ----------------------

               Any communications from the Company to the Common Stock Warrant
Agent with respect to this Agreement shall be addressed to [name of Common Stock
Warrant Agent], [__________________, New York, New York __________], Attention:
[Corporate Trust Department]; any communications from the Common Stock Warrant
Agent to the Company with respect to this Agreement shall be addressed to
ClearOne Communications, Inc., 1825 Research Way, Salt Lake City, Utah, 84119,
Attention: Chief Executive Officer (with a copy to Bruce Czachor, Shearman &
Sterling, 1080 Marsh Road, Menlo Park, CA 94025-1022); or such other addresses
as shall be specified in writing by the Common Stock Warrant Agent or by the
Company.

     SECTION 6.04.   Governing Law.
                     -------------

               This Agreement and the Common Stock Warrants shall be governed by
and construed in accordance with the laws of the State of New York.

     SECTION 6.05.   Governmental Approvals.
                     ----------------------

               The Company will from time to time use all reasonable efforts to
obtain and keep effective any and all permits, consents and approvals of
governmental agencies and authorities and the national securities exchange on
which the Common Stock Warrants may be listed or authorized for trading and to
make all filings under the United States federal and state laws, which may be or
become requisite in connection with the issuance, sale, trading, transfer or
delivery of the Common Stock Warrants, and the exercise of the Common Stock
Warrants.

     SECTION 6.06.   Persons Having Rights Under Common Stock Warrant Agreement.
                     ----------------------------------------------------------

               Nothing in this Agreement expressed or implied and nothing that
may be inferred from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any person or corporation other than the
Company, the Common Stock Warrant Agent and the Holders any right, remedy or
claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise or agreement hereof; and all covenants, conditions,
stipulations, promises and agreements in this Agreement contained shall be for
the sole and exclusive benefit of the Company and the Common Stock Warrant Agent
and their successors and of the Holders.

                                       16
<PAGE>

     SECTION 6.07.   Delivery of Prospectus.
                     ----------------------

               The Company will furnish to the Common Stock Warrant Agent
sufficient copies of a prospectus or prospectuses relating to the Common Stock
deliverable upon exercise of any outstanding Common Stock Warrants (each a
"Prospectus"), and the Common Stock Warrant, prior to or concurrently with the
delivery of the Common Stock issued upon the exercise thereof, a copy of the
Prospectus relating to such Common Stock.

     SECTION 6.08.   Headings.
                     --------

               The descriptive headings of the several Articles and Sections and
the Table of Contents of this Agreement are for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

     SECTION 6.09.   Counterparts.
                     ------------

               This Agreement may be executed by the parties hereto in any
number of counterparts, each of which when so executed and delivered shall be
deemed to be an original; but all such counterparts shall together constitute
but one and the same instrument.

     SECTION 6.10.   Judgment Currency.
                     ------------------

               The Company agrees to indemnify each Holder against any loss
incurred by such party as a result of any judgment or order being given or made
for any amount due under this Agreement and such judgment or order being
expressed and paid in a currency (the "Judgment Currency") other than United
States dollars and as a result of any variation as between (a) the rate of
exchange at which the United States dollar amount is converted into the Judgment
Currency for the purpose of such judgment or order and (b) the spot rate of
exchange in the City of New York at which such party on the date of payment of
such judgment or order is able to purchase United States dollars with the amount
of the Judgment Currency actually received by such party. The foregoing
indemnity shall continue in full force and effect notwithstanding any such
judgment or order as aforesaid. The term "spot rate of exchange" shall include
any premiums and costs of exchange payable in connection with the purchase of,
or conversion into, United States dollars.

     SECTION 6.11.   Inspection of Agreement.
                     -----------------------

               A copy of this Agreement shall be available during normal
business hours at the principal corporate trust office of the Common Stock
Warrant Agent, for inspection by any Holder of Common Stock Warrants. The Common
Stock Warrant Agent may require such Holder to submit its Common Stock Warrant
Certificate for inspection prior to making such copy available.

                             SIGNATURE PAGE FOLLOWS

                                       17
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

                                            CLEARONE COMMUNICATIONS, INC.

                                            By:
                                               ---------------------------------
                                               Name and Title

  Attest:

  By:
     ----------------------------
     Name and Title

                                            [COMMON STOCK WARRANT AGENT]

                                            By:
                                               ---------------------------------
                                               Name and Title

  Attest:

  By:
     ----------------------------
     Name and Title

                                       18
<PAGE>

                                    Exhibit A

                                       to

                         Common Stock Warrant Agreement

                            dated as of _______, 20__

                  [Compensation of Common Stock Warrant Agent]Exhibit 4.4

================================================================================

                             DEBT WARRANT AGREEMENT*

                            Dated as of _______, 200_

                                     between

                          CLEARONE COMMUNICATIONS, INC.

                                       and

                        [NAME OF DEBT WARRANT AGENT], as

                               Debt Warrant Agent

================================================================================

*    DETAILS YET TO BE  DETERMINED,  REPRESENTED  BY BRACKETED OR BLANK SECTIONS
     HEREIN,  SHALL BE DETERMINED IN CONFORMITY  WITH THE APPLICABLE  PROSPECTUS
     SUPPLEMENT OR SUPPLEMENTS.

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
                                    ARTICLE I
                     ISSUANCE OF DEBT WARRANTS AND EXECUTION
                    AND DELIVERY OF DEBT WARRANT CERTIFICATES

SECTION 1.01.   Issuance of Debt Warrants.....................................1
SECTION 1.02.   Form and Execution of Debt Warrant Certificates...............2
SECTION 1.03.   Issuance and Delivery of Debt Warrant Certificates............3
SECTION 1.04.   Temporary Debt Warrant Certificates...........................3
SECTION 1.05.   Payment of Taxes..............................................4
SECTION 1.06.   "Holder"......................................................4

                                   ARTICLE II
                     DURATION AND EXERCISE OF DEBT WARRANTS

SECTION 2.01.   Duration of Debt Warrants.....................................4
SECTION 2.02.   Exercise of Debt Warrants.....................................4
SECTION 2.03.   Expiration Date...............................................6

                                   ARTICLE III
                     OTHER PROVISIONS RELATING TO RIGHTS OF
                            HOLDERS OF DEBT WARRANTS

SECTION 3.01.   No Rights as Holder of Underlying Debt Security...............6
SECTION 3.02.   Lost, Stolen, Destroyed or Mutilated Debt Warrant
                  Certificates................................................6
SECTION 3.03.   Holder of Debt Warrants May Enforce Rights....................6
SECTION 3.04.   Merger, Consolidation, Sale, Transfer or Conveyance...........7

                                   ARTICLE IV
                     EXCHANGE AND TRANSFER OF DEBT WARRANTS

SECTION 4.01.   [Debt Warrant Register;] Exchange and Transfer of Debt
                  Warrants....................................................7
SECTION 4.02.   Treatment of Holders of Debt Warrant Certificates.............8
SECTION 4.03.   Cancellation of Debt Warrant Certificates.....................8

                                    ARTICLE V
                        CONCERNING THE DEBT WARRANT AGENT

SECTION 5.01.   Debt Warrant Agent............................................9
SECTION 5.02.   Conditions of Debt Warrant Agent's Obligations................9
SECTION 5.03.   Compliance with Applicable Laws..............................11
SECTION 5.04.   Resignation and Removal; Appointment of Successor............11
SECTION 5.05.   Office.......................................................13

                                       i
<PAGE>

                                   ARTICLE VI
                                  MISCELLANEOUS

SECTION 6.01.   Supplements and Amendments...................................13
SECTION 6.02.   Notices and Demands..........................................13
SECTION 6.03.   Addresses....................................................14
SECTION 6.04.   Governing Law................................................14
SECTION 6.05.   Governmental Approvals.......................................14
SECTION 6.06.   Persons Having Rights Under Debt Warrant Agreement...........14
SECTION 6.07.   Delivery of Prospectus.......................................14
SECTION 6.08.   Headings.....................................................14
SECTION 6.09.   Counterparts.................................................14
SECTION 6.10.   Judgment Currency............................................14
SECTION 6.11.   Inspection Of Agreement......................................15

                                       ii
<PAGE>

               THIS DEBT WARRANT AGREEMENT, dated as of ____________, between
CLEARONE COMMUNICATIONS, INC., a Utah corporation (the "Company"), and ______, a
_______ organized and existing under the laws of ________, as warrant agent (the
"Debt Warrant Agent").

               WHEREAS, the Company has entered into two indentures dated as of
________, 20__, each with The Bank of New York as trustee (the "Trustee"),
providing for the issuance by the Company from time to time, in one or more
series, of debt securities evidencing its unsecured, senior indebtedness (the
"Senior Indenture") and unsecured subordinated indebtedness (the "Subordinated
Indenture") (such debt securities together being referred to as the "Debt
Securities" and the Senior Indenture and the Subordinated Indenture together
being referred to as the "Indentures"); and

               WHEREAS, the Company proposes to issue warrants (the "Debt
Warrants") representing the right to purchase Debt Securities of one or more
series (the "Underlying Debt Securities"); and

               WHEREAS, the Company has duly authorized the execution and
delivery of this Debt Warrant Agreement to provide for the issuance of Debt
Warrants to be exercisable at such times and for such prices, and to have such
other provisions, as shall be fixed as hereinafter provided;

               NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I
                     ISSUANCE OF DEBT WARRANTS AND EXECUTION
                    AND DELIVERY OF DEBT WARRANT CERTIFICATES

     SECTION 1.01. Issuance of Debt Warrants.. Debt Warrants may be issued from
time to time, together with or separately from any other securities of the
Company (the "Offered Securities"). Prior to the issuance of any Debt Warrants,
there shall be established by or pursuant to a resolution or resolutions duly
adopted by the Company's Board of Directors or by any committee thereof duly
authorized to act with respect thereto (a "Board Resolution"):

               (a)  The title and aggregate number of such Debt Warrants;

               (b)  The offering price of such Debt Warrants;

               (c) The title,  aggregate  principal  amount,  ranking  and terms
[(including the subordination and conversion provisions)] of the Underlying Debt
Securities that may be purchased upon exercise of such Debt Warrants;

               (d) The principal amount of Underlying Debt Securities that may
be purchased upon exercise of each Debt Warrant and the price, or the manner of
determining the price (the "Debt Warrant Price"), at which such principal amount
may be purchased upon such exercise;

<PAGE>

               (e) The time or times at which, or period or periods during
which, such Debt Warrants may be exercised, the final date on which such Debt
Warrants may be exercised (the "Expiration Date") and whether such Expiration
Date may be postponed by notice sent by the Company to all Holders (as defined
in Section 1.06 hereof) of [the same title of] Debt Warrants in accordance with
the procedures set forth in Section 5.04(e);

               (f) The terms of any right to redeem or accelerate such Debt
Warrants;

               (g) Whether the warrant certificates evidencing such Debt
Warrants (the "Debt Warrant Certificates") will be issued in registered or
bearer form, and, if registered, where such Debt Warrants may be transferred or
exchanged;

               (h) Whether such Debt Warrants are to be issued with any (a) Debt
Securities and, if so, the title, aggregate principal amount and terms of any
such Debt Securities and the number of such Debt Warrants to be issued with each
$1,000 principal amount of such Debt Securities (or such other principal amount
of such Debt Securities as is provided for in the Board Resolution), or (b)
other securities and, if so, the number and terms thereof;

               (i) The date, if any, on and after which such Debt Warrants and
such Debt Securities or other securities will be separately transferable (the
"Detachable Date"); and

               (j) Any other terms of such Debt Warrants not inconsistent with
the provisions of this Agreement.

     SECTION 1.02. Form and Execution of Debt Warrant Certificates..

               (a) The Debt Warrants shall be evidenced by the Debt Warrant
Certificates, which shall be substantially in such form or forms as shall be
established by or pursuant to a Board Resolution. Each Debt Warrant Certificate,
whenever issued, shall be dated the date it is countersigned by the Debt Warrant
Agent and may have such letters, numbers or other identifying marks and such
legends or endorsements printed, lithographed or engraved thereon as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law, rule or regulation or with any rule or regulation of any
securities exchange on which the Underlying Debt Securities or Debt Warrants may
be listed, or to conform to usage, as the officer of the Company executing the
same may approve (such officer's execution thereof to be conclusive evidence of
such approval). Each Debt Warrant Certificate shall evidence one or more Debt
Warrants.

               (b) The Debt Warrant Certificates shall be signed in the name and
on behalf of the Company by its Chairman, President, Chief Executive Officer or
Chief Financial Officer under its corporate seal, and attested by its Secretary
or an Assistant Secretary or any Vice President (any reference to a "Vice
President" of the Company herein shall be deemed to include any Vice President
of the Company whether or not designated by a number or a word or words added
before or after the title Vice President). Such signatures may be manual or
facsimile signatures of the present or any future holder of any such office and
may be imprinted or otherwise reproduced on the Debt Warrant Certificates. The
seal of the Company may be in the form of a facsimile thereof and may be
impressed, affixed, imprinted or otherwise reproduced on the Debt Warrant
Certificates.

                                       2
<PAGE>

               (c) No Debt Warrant Certificate shall be valid for any purpose,
and no Debt Warrant evidenced thereby shall be deemed issued or exercisable,
until such Debt Warrant Certificate has been countersigned by the manual or
facsimile signature of the Debt Warrant Agent. Such signature by the Debt
Warrant Agent upon any Debt Warrant Certificate executed by the Company shall be
conclusive evidence that the Debt Warrant Certificate so countersigned has been
duly issued hereunder.

               (d) In the event any officer of the Company who has signed any
Debt Warrant Certificate either manually or by facsimile signature has ceased to
be such officer before the Debt Warrant Certificate so signed has been
countersigned and delivered by the Debt Warrant Agent, such Debt Warrant
Certificate nevertheless may be countersigned and delivered by the Debt Warrant
Agent as though the person who signed such Debt Warrant Certificate had not
ceased to be such officer of the Company; and any Debt Warrant Certificate may
be signed on behalf of the Company by such person as, at the actual date of the
execution of such Debt Warrant Certificate, shall be the proper officer of the
Company, although at the date of the execution of this Agreement such person was
not such an officer.

     SECTION 1.03. Issuance and Delivery of Debt Warrant Certificates. At any
time and from time to time after the execution and delivery of this Agreement,
the Company may deliver Debt Warrant Certificates executed by the Company to the
Debt Warrant Agent for countersignature. Except as provided in the following
sentence, the Debt Warrant Agent shall thereupon countersign and deliver such
Debt Warrant Certificates to or upon the written request of the Company.
Subsequent to the original issuance of a Debt Warrant Certificate evidencing
Debt Warrants, the Debt Warrant Agent shall countersign a new Debt Warrant
Certificate evidencing such Debt Warrants only if such Debt Warrant Certificate
is issued in exchange or substitution for one or more previously countersigned
Debt Warrant Certificates evidencing such Debt Warrants or in connection with
their transfer, as hereinafter provided.

     SECTION 1.04. Temporary Debt Warrant Certificates.

               (a) Pending the preparation of definitive Debt Warrant
Certificates, the Company may execute, and upon the order of the Company the
Debt Warrant Agent shall countersign and deliver, temporary Debt Warrant
Certificates that are printed, lithographed, typewritten, mimeographed or
otherwise produced, substantially of the tenor of the definitive Debt Warrant
Certificates in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officer
executing such Debt Warrant Certificates may determine, as evidenced by such
officer's execution of such Debt Warrant Certificates.

               (b) If temporary Debt Warrant Certificates are issued, the
Company will cause definitive Debt Warrant Certificates to be prepared without
unreasonable delay. After the preparation of definitive Debt Warrant
Certificates, the temporary Debt Warrant Certificates shall be exchangeable for
definitive Debt Warrant Certificates upon surrender of the temporary Debt
Warrant Certificates at the corporate trust office of the Debt Warrant Agent [or
_______], without charge to the Holder (as defined in Section 1.06 hereof). Upon
surrender for cancellation of any one or more temporary Debt Warrant
Certificates, the Company shall execute and the Debt Warrant Agent shall
countersign and deliver in exchange therefor definitive Debt Warrant
Certificates representing the same aggregate number of Debt Warrants. Until so

                                       3
<PAGE>

exchanged, the temporary Debt Warrant Certificates shall in all respects be
entitled to the same benefits under this Agreement as definitive Debt Warrant
Certificates.

     SECTION 1.05. Payment of Taxes. The Company will pay all stamp and other
similar duties, if any, to which this Agreement or the original issuance of the
Debt Warrants or the Underlying Debt Securities may be subject under the laws of
the United States of America or any state or locality. The Company is not
responsible for the payment of any tax or taxes which may be payable in respect
of the transfer of Debt Warrants or the issue or transfer of Underlying Debt
Securities to a person other than the Holder.

     SECTION 1.06. "Holder". The term "Holder" or "Holders", as used herein with
reference to a Debt Warrant Certificate, shall mean [IF REGISTERED DEBT WARRANTS
-- the person or persons in whose name such Debt Warrant Certificate shall then
be registered as set forth in the Debt Warrant Register to be maintained by the
Debt Warrant Agent pursuant to Section 4.01 for that purpose] [IF BEARER DEBT
WARRANTS -- the bearer of such Debt Warrant Certificate] or, in the case of Debt
Warrants that are issued with Debt Securities and cannot then be transferred
separately therefrom, [IF REGISTERED OFFERED SECURITIES AND DEBT WARRANTS THAT
ARE NOT THEN DETACHABLE -- the person or persons in whose name the related
Offered Securities shall be registered as set forth in the security register to
be maintained by the security registrar for such Offered Securities] [IF BEARER
OFFERED SECURITIES AND DEBT WARRANTS THAT ARE NOT THEN DETACHABLE -- of the
related Offered Security], prior to the Detachable Date. [IF REGISTERED OFFERED
SECURITIES AND DEBT WARRANTS THAT ARE NOT THEN DETACHABLE -- The Company will,
or will cause the security registrar of any such Offered Securities to, make
available to the Debt Warrant Agent at all times (including on and after the
Detachable Date, in the case of Debt Warrants originally issued with Offered
Securities and not subsequently transferred separately therefrom) such
information as to holders of Offered Securities with Debt Warrants as may be
necessary to keep the Debt Warrant Register up to date.]

                                   ARTICLE II
                     DURATION AND EXERCISE OF DEBT WARRANTS

     SECTION 2.01. Duration of Debt Warrants. Each Debt Warrant may be exercised
at the time or times, or during the period or periods, provided by or pursuant
to the Board Resolution relating thereto and specified in the Debt Warrant
Certificate evidencing such Debt Warrant. Each Debt Warrant not exercised at or
before 5:00 P.M., New York City time, on its Expiration Date shall become void,
unless such Expiration Date has been postponed by notice sent to all Holders of
Debt Warrants as provided in Section 2.03, and all rights of the Holder of such
Debt Warrant thereunder and under this Agreement shall cease.

     SECTION 2.02. Exercise of Debt Warrants.

               (a) The Holder of a Debt Warrant shall have the right, at its
option, to exercise such Debt Warrant and, subject to subsection (f) of this
Section 2.02, purchase the principal amount of Underlying Debt Securities
provided for therein at the time or times or during the period or periods
referred to in Section 2.01 and specified in the Debt Warrant Certificate
evidencing such Debt Warrant. Except as may be provided in a Debt Warrant

                                       4
<PAGE>

Certificate, a Debt Warrant may be exercised by completing the form of election
to purchase set forth on the reverse side of the Debt Warrant Certificate, by
duly executing and delivering the same, together with payment in full of the
Debt Warrant Price in lawful money of the United States of America, in cash or
by certified or official bank check or by bank wire transfer, or in property, in
the manner provided by or pursuant to the Board Resolution relating thereto and
specified in the Debt Warrant Certificate evidencing such Debt Warrant, to the
Debt Warrant Agent. Except as may be provided in a Debt Warrant Certificate, the
date on which such Debt Warrant Certificate and payment are received by the Debt
Warrant Agent as aforesaid shall be deemed to be the date on which the Debt
Warrant is exercised and the Underlying Debt Securities issued.

               (b) Upon the exercise of a Debt Warrant, the Company shall issue,
pursuant to the Senior Indenture or Subordinated Indenture, as applicable, in
authorized denominations to or upon the order of the Holder of such Debt
Warrant, the Underlying Debt Securities to which such Holder is entitled, in the
form required under such Indenture, registered, in the case of Underlying Debt
Securities in registered form, in such name or names as may be directed by such
Holder.

               (c) If fewer than all of the Debt Warrants evidenced by a Debt
Warrant Certificate are exercised, the Company shall execute, and the Debt
Warrant Agent shall countersign and deliver, a new Debt Warrant Certificate
evidencing the number of Debt Warrants remaining unexercised.

               (d) The Debt Warrant Agent shall deposit all funds received by it
in payment of the Debt Warrant Price in the account of the Company maintained
with it for such purpose and shall advise the Company by telephone by 5:00 P.M.,
New York City time, of each day on which a payment of the Debt Warrant Price for
Debt Warrants is received of the amount so deposited in its account. The Debt
Warrant Agent shall promptly confirm such telephone advice in writing to the
Company.

               (e) The Debt Warrant Agent shall, from time to time, as promptly
as practicable, advise the Company and the Trustee of (1) the number of Debt
Warrants of each title exercised as provided herein, (2) the instructions of
each Holder with respect to delivery of the Underlying Debt Securities to which
such Holder is entitled upon such exercise, (3) the delivery of Debt Warrant
Certificates evidencing the balance, if any, of the Debt Warrants remaining
unexercised after such exercise, and (4) such other information as the Company
or the Trustee shall reasonably require. Such notice may be given by telephone
to be promptly confirmed in writing.

               (f) The Holder, and not the Company, shall be required to pay any
stamp or other tax or other governmental charge that may be imposed in
connection with any issuance or transfer of the Underlying Debt Securities to a
name other than the Holder's; and in the event that any such transfer is
involved, the Company shall not be required to issue any Underlying Debt
Securities (and the Holder's purchase of the Underlying Debt Securities upon the
exercise of such Holder's Debt Warrant shall not be deemed to have been
consummated) until such tax or other charge shall have been paid or it has been
established to the Company's satisfaction that no such tax or other charge is
due.

                                       5
<PAGE>

     SECTION 2.03. Expiration Date. If authorized by the relevant Board
Resolution, the Company may postpone the Expiration Date by notice in accordance
with the procedure set forth in Section 5.04(e) sent to all Holders of the same
title of Debt Warrants at least 30 days before the scheduled Expiration Date.
Upon mailing of each notice, the Expiration Date shall be the date specified in
such notice.

                                  ARTICLE III
                     OTHER PROVISIONS RELATING TO RIGHTS OF
                            HOLDERS OF DEBT WARRANTS

     SECTION 3.01. No Rights as Holder of Underlying Debt Security. No Debt
Warrant or Debt Warrant Certificate shall entitle the Holder to any of the
rights of a holder of Underlying Debt Securities, including, without limitation,
the right to receive the payment of principal of (or premium, if any) or
interest, if any, on Underlying Debt Securities or to enforce any of the
covenants in the Indentures.

     SECTION 3.02. Lost, Stolen, Destroyed or Mutilated Debt Warrant
Certificates. Upon receipt by the Company and the Debt Warrant Agent of evidence
reasonably satisfactory to them of the ownership of and the loss, theft,
destruction or mutilation of any Debt Warrant Certificate and of indemnity
(other than in connection with any mutilated Debt Warrant Certificates
surrendered to the Debt Warrant Agent for cancellation) reasonably satisfactory
to them, the Company shall execute, and the Debt Warrant Agent shall countersign
and deliver, in exchange for or in lieu of each lost, stolen, destroyed or
mutilated Debt Warrant Certificate, a new Debt Warrant Certificate evidencing a
like number of Debt Warrants of the same title. Upon the issuance of a new Debt
Warrant Certificate under this Section, the Company may require the payment of a
sum sufficient to cover any stamp or other similar tax or other governmental
charge that may be imposed in connection therewith and any other expenses
(including the fees and expenses of the Debt Warrant Agent) in connection
therewith. Every substitute Debt Warrant Certificate executed and delivered
pursuant to this Section in lieu of any lost, stolen or destroyed Debt Warrant
Certificate shall represent an enforceable contractual obligation of the
Company, whether or not such lost, stolen or destroyed Debt Warrant Certificate
shall be at any time enforceable by anyone, and shall be entitled to the
benefits of this Agreement equally and proportionately with any and all other
Debt Warrant Certificates, duly executed and delivered hereunder, evidencing
Debt Warrants of the same title. The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of lost, stolen, destroyed or mutilated Debt Warrant
Certificates.

     SECTION 3.03. Holder of Debt Warrants May Enforce Rights. Notwithstanding
any of the provisions of this Agreement, a Holder, without the consent of the
Debt Warrant Agent, the Trustee, the holder of any Underlying Debt Securities or
the Holder of any other Debt Warrant, may, on its own behalf and for its own
benefit, enforce, and may institute and maintain any suit, action or proceeding
against the Company to enforce, or otherwise in respect of, its right to
exercise its Debt Warrant or Debt Warrants in the manner provided in this
Agreement and its Debt Warrant Certificate.

                                       6
<PAGE>

     SECTION 3.04. Merger, Consolidation, Sale, Transfer or Conveyance

               (a) The Company shall not consolidate with or merge into any
other individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof (each, a "Person") or
convey or transfer its properties and assets substantially as an entirety to any
Person other than in accordance with the applicable Indenture governing the
Underlying Debt Securities. In case of any merger, consolidation or a sale,
transfer or conveyance of the Company, of all or substantially all of its
properties and assets in accordance with the terms of the Indentures, and upon
any assumption of the duties and obligations of the Company by a successor
corporation, such successor corporation shall succeed to all the rights and
obligations of the Company in this Agreement and be substituted for the Company
in this Agreement, with the same effect as if it had been named herein, and the
Company shall be relieved of any further obligation under this Agreement and the
Debt Warrants. Such successor corporation thereupon may cause to be signed, and
may issue either in its own name or in the name of the Company, any or all of
the Underlying Debt Securities issuable pursuant to the terms hereof. All the
Underlying Debt Securities so issued shall in all respects have the same legal
rank and benefit under the Senior Indenture or the Subordinated Indenture, as
applicable, as the Underlying Debt Securities theretofore or thereafter issued
in accordance with the terms of this Agreement and the Indentures. In case of
any such merger, consolidation, sale, transfer or conveyance in compliance with
the terms of the applicable Indenture governing the Underlying Debt Securities,
such changes in phraseology and form (but not in substance) may be made in the
Underlying Debt Securities thereafter to be issued as may be appropriate.

               (b) The Debt Warrant Agent may receive a written opinion of legal
counsel as conclusive evidence that any such merger, consolidation, sale,
transfer or conveyance complies with the provisions of this Section 3.04.

               (c) In case of any merger, consolidation, sale, transfer or
conveyance in compliance with the terms of the applicable Indenture governing
the Underlying Debt Securities, the Company and the Debt Warrant Agent may treat
the registered Holder of a Debt Warrant Certificate as the absolute Holder
thereof for any purpose and as the person entitled to exercise the rights
represented by the Debt Warrants evidenced thereby, any notice to the contrary
notwithstanding.

                                   ARTICLE IV
                     EXCHANGE AND TRANSFER OF DEBT WARRANTS

     SECTION 4.01. [Debt Warrant Register;] Exchange and Transfer of Debt
Warrants.

               (a) [IF REGISTERED DEBT WARRANTS -- The Debt Warrant Agent shall
maintain, at its corporate trust office [or at ________], a register (the "Debt
Warrant Register") in which, upon the issuance of Debt Warrants, or on and after
the Detachable Date in the case of Debt Warrants not separately transferable
prior thereto, and, subject to such reasonable regulations as the Debt Warrant
Agent may prescribe, it shall register Debt Warrant Certificates and exchanges
and transfers thereof. The Debt Warrant Register shall be in written form or in
any other form capable of being converted into written form within a reasonable
time.]

                                       7
<PAGE>

               (b) Except as provided in the following sentence, upon surrender
at the corporate trust office of the Debt Warrant Agent [or at _______], Debt
Warrant Certificates may be exchanged for one or more other Debt Warrant
Certificates evidencing the same aggregate number of Debt Warrants of the same
title, or may be transferred in whole or in part. A Debt Warrant Certificate
evidencing Debt Warrants that are not then transferable separately from the
Offered Security with which they were issued may be exchanged or transferred
prior to its Detachable Date only together with such Offered Security and only
for the purpose of effecting, or in conjunction with, an exchange or transfer of
such Offered Security; and on or prior to the Detachable Date, [IF REGISTERED
OFFERED SECURITIES AND DEBT WARRANTS -- each exchange or transfer of such
Offered Security on the security register of the Offered Securities shall
operate also to exchange or transfer the related Debt Warrants] [IF BEARER
OFFERED SECURITIES AND DEBT WARRANTS -- an exchange or transfer of possession of
the related Offered Security shall operate also to exchange or transfer the
related Debt Warrants]. [IF REGISTERED DEBT WARRANTS -- A transfer shall be
registered upon surrender of a Debt Warrant Certificate to the Debt Warrant
Agent at its corporate trust office [or at ________] for transfer, properly
endorsed or accompanied by appropriate instruments of transfer and written
instructions for transfer, all in form satisfactory to the Company and the Debt
Warrant Agent.] Whenever a Debt Warrant Certificate is surrendered for exchange
or transfer, the Debt Warrant Agent shall countersign and deliver to the person
or persons entitled thereto one or more Debt Warrant Certificates duly executed
by the Company, as so requested. The Debt Warrant Agent shall not be required to
effect any exchange or transfer which will result in the issuance of a Debt
Warrant Certificate evidencing a fraction of a Debt Warrant. All Debt Warrant
Certificates issued upon any exchange or transfer of a Debt Warrant Certificate
shall be the valid obligations of the Company, evidencing the same obligations,
and entitled to the same benefits under this Agreement, as the Debt Warrant
Certificate surrendered for such exchange or transfer.

               (c) No service charge shall be made for any exchange or transfer
of Debt Warrants, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any such exchange or transfer, in accordance with Section 2.02(f) hereof.

     SECTION 4.02. Treatment of Holders of Debt Warrant Certificates. Every
Holder of a Debt Warrant, by accepting the Debt Warrant Certificate evidencing
the same, consents and agrees with the Company, the Debt Warrant Agent and with
every other Holder of Debt Warrants of the same title that the Company and the
Debt Warrant Agent may treat the registered Holder of a Debt Warrant Certificate
(or, if the Debt Warrant Certificate is not then detachable, the Holder of the
related Offered Debt Security) as the absolute owner of such Debt Warrant for
all purposes and as the person entitled to exercise the rights represented by
such Debt Warrant, any notice to the contrary notwithstanding.

     SECTION 4.03. Cancellation of Debt Warrant Certificates. In the event that
the Company shall purchase, redeem or otherwise acquire any Debt Warrants after
the issuance thereof, the Debt Warrant Certificate or Certificates evidencing
such Debt Warrants shall thereupon be delivered to the Debt Warrant Agent and be
cancelled by it. The Debt Warrant Agent shall also cancel any Debt Warrant
Certificate (including any mutilated Debt Warrant Certificate) delivered to it
for exercise, in whole or in part, or for exchange [or transfer] [IF DEBT
WARRANT CERTIFICATES ARE ISSUED IN BEARER FORM -- , except that Debt Warrant

                                       8
<PAGE>

Certificates delivered to the Debt Warrant Agent in exchange for Debt Warrant
Certificates of other denominations may be retained by the Debt Warrant Agent
for reissue]. Debt Warrant Certificates so cancelled shall be delivered by the
Debt Warrant Agent to the Company from time to time, or disposed of in
accordance with the instructions of the Company.

                                   ARTICLE V
                        CONCERNING THE DEBT WARRANT AGENT

     SECTION 5.01. Debt Warrant Agent. The Company hereby appoints _____________
as Debt Warrant Agent of the Company in respect of the Debt Warrants and the
Debt Warrant Certificates upon the terms and subject to the conditions set forth
herein and ____________________ hereby accepts such appointment. The Debt
Warrant Agent shall have the powers and authority granted to and conferred upon
it hereby and such further powers and authority to act on behalf of the Company
as the Company may hereafter grant to or confer upon it. All of the terms and
provisions with respect to such powers and authority contained in any Debt
Warrant Certificate are subject to and governed by the terms and provisions
hereof.

     SECTION 5.02. Conditions of Debt Warrant Agent's Obligations. The Debt
Warrant Agent accepts its obligations set forth herein upon the terms and
conditions hereof, including the following, to all of which the Company agrees
and to all of which the rights hereunder of the Holders shall be subject:

               (a) Compensation and Indemnification. The Company agrees to
promptly pay the Debt Warrant Agent the compensation set forth in Exhibit A
hereto and to reimburse the Debt Warrant Agent for reasonable out-of-pocket
expenses (including counsel fees) incurred by the Debt Warrant Agent in
connection with the services rendered hereunder by the Debt Warrant Agent. The
Company also agrees to indemnify the Debt Warrant Agent for, and to hold it
harmless against, any loss, liability or expense (including the reasonable costs
and expenses of defending against any claim of liability) incurred without
negligence or bad faith on the part of the Debt Warrant Agent arising out of or
in connection with its appointment as Debt Warrant Agent hereunder.

               (b) Agent For The Company. In acting under this Agreement and in
connection with any Debt Warrant Certificate, the Debt Warrant Agent is acting
solely as agent of the Company and does not assume any obligation or
relationship of agency or trust for or with any Holder.

               (c) Counsel. The Debt Warrant Agent may consult with counsel
satisfactory to it, and the advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in accordance with the advice of such counsel.

               (d) Documents. The Debt Warrant Agent shall be protected and
shall incur no liability for or in respect of any action taken, suffered or
omitted by it in reliance upon any notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by the proper parties.

                                       9
<PAGE>

               (e) Officer's Certificate. Whenever in the performance of its
duties hereunder the Debt Warrant Agent shall reasonably deem it necessary that
any fact or matter be proved or established by the Company prior to taking,
suffering or omitting any action hereunder, the Debt Warrant Agent may (unless
other evidence in respect thereof be herein specifically prescribed), in the
absence of bad faith on its part, rely upon a certificate signed by the
Chairman, the President, the Chief Executive Officer, the Chief Financial
Officer, any Vice President, the Controller or the Secretary of the Company (an
"Officer's Certificate") delivered by the Company to the Debt Warrant Agent.

               (f) Actions through Agents. The Debt Warrant Agent may execute
and exercise any of the rights or powers hereby vested in it or perform any duty
hereunder either itself or by or through its attorneys or agents, and the Debt
Warrant Agent shall not be answerable or accountable for any act, default,
neglect or misconduct of any such attorney or agent or for any loss to the
Company resulting from such neglect or misconduct; provided, however, that
reasonable care shall have been exercised in the selection and continued
employment of such attorneys and agents.

               (g) Certain Transactions. The Debt Warrant Agent, and any
officer, director or employee thereof, may become the owner of, or acquire any
interest in, any Debt Warrant, with the same rights that he, she or it would
have if it were not the Debt Warrant Agent, and, to the extent permitted by
applicable law, he, she or it may engage or be interested in any financial or
other transaction with the Company and may serve on, or as depositary, trustee
or agent for, any committee or body of holders of Underlying Debt Securities or
other obligations of the Company as if it were not the Debt Warrant Agent.
Nothing in this Agreement shall be deemed to prevent the Debt Warrant Agent from
acting as Trustee under the Indentures.

               (h) No Liability For Interest. The Debt Warrant Agent shall not
be liable for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Debt Warrant Certificates, except
as otherwise agreed with the Company.

               (i) No Liability For Invalidity. The Debt Warrant Agent shall
incur no liability with respect to the validity of this Agreement (except as to
the due execution hereof by the Debt Warrant Agent) or any Debt Warrant
Certificate (except as to the countersignature thereof by the Debt Warrant
Agent).

               (j) No Responsibility For Company Representations. The Debt
Warrant Agent shall not be responsible for any of the recitals or
representations contained herein (except as to such statements or recitals as
describe the Debt Warrant Agent or action taken or to be taken by it) or in any
Debt Warrant Certificate (except as to the Debt Warrant Agent's countersignature
on such Debt Warrant Certificate), all of which recitals and representations are
made solely by the Company.

               (k) No Implied Obligations. The Debt Warrant Agent shall be
obligated to perform only such duties as are specifically set forth herein, and
no other duties or obligations shall be implied. The Debt Warrant Agent shall
not be under any obligation to take any action hereunder that may subject it to
any expense or liability, the payment of which within a reasonable time is not,
in its reasonable opinion, assured to it. The Debt Warrant Agent shall not be

                                       10
<PAGE>

accountable or under any duty or responsibility for the use by the Company of
any Debt Warrant Certificate countersigned by the Debt Warrant Agent and
delivered by it to the Company pursuant to this Agreement or for the application
by the Company of the proceeds of the issuance or exercise of Debt Warrants. The
Debt Warrant Agent shall have no duty or responsibility in case of any default
by the Company in the performance of its covenants or agreements contained
herein or in any Debt Warrant Certificate or in case of the receipt of any
written demand from a Holder with respect to such default, including, without
limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.02 hereof, to make any demand upon the Company.

     SECTION 5.03. Compliance with Applicable Laws. The Debt Warrant Agent
agrees to comply with all applicable federal and state laws imposing obligations
on it in respect of the services rendered by it under this Debt Warrant
Agreement and in connection with the Debt Warrants, including (but not limited
to) the provisions of United States federal income tax laws regarding
information reporting and backup withholding. The Debt Warrant Agent expressly
assumes all liability for its failure to comply with such laws imposing
obligations on it, including (but not limited to) any liability for failure to
comply with any applicable provisions of United States federal income tax laws
regarding information reporting and backup withholding.

     SECTION 5.04. Resignation and Removal; Appointment of Successor.

               (a) The Company agrees, for the benefit of the Holders of Debt
Warrants, that there shall at all times be a Debt Warrant Agent hereunder until
all the Debt Warrants are no longer exercisable.

               (b) The Debt Warrant Agent may at any time resign as such by
giving written notice to the Company, specifying the date on which such
resignation shall become effective; provided that such date shall not be less
than 90 days after the date on which such notice is given, unless the Company
agrees to accept a shorter notice. The Debt Warrant Agent may be removed at any
time by the filing with it of an instrument in writing signed by or on behalf of
the Company and specifying such removal and the date when it shall become
effective. Notwithstanding the two preceding sentences, such resignation or
removal shall take effect only upon the appointment by the Company, as
hereinafter provided, of a successor Debt Warrant Agent (which shall be a bank
or trust company organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized
under the laws of such jurisdiction to exercise corporate trust powers and
having at the time of its appointment as Debt Warrant Agent a combined capital
and surplus (as set forth in its most recent published report of condition) of
at least $50,000,000) and the acceptance of such appointment by such successor
Debt Warrant Agent.

               (c) In case at any time the Debt Warrant Agent shall:

                   (1) resign, or shall be removed, or shall become incapable of
               acting, or

                   (2) be adjudged a bankrupt or insolvent, or

                                       11
<PAGE>

                   (3) file a petition seeking relief under Title 11 of the
               United States Code, as now constituted or hereafter amended, or
               under any other applicable federal or state bankruptcy or similar
               law, or

                   (4) make an assignment for the benefit of its creditors, or
               consent to the appointment of a receiver or custodian for all or
               any substantial part of its property, or

                   (5) admit in writing its inability to pay or meet its debts
               as they mature, or

                   (6) have a receiver or custodian appointed for it or for all
               or any substantial part of its property, or

                   (7) have an order of any court entered for relief against it
               under the provisions of Title 11 of the United States Code, as
               now constituted or hereafter amended, or under any other
               applicable federal or state bankruptcy or similar law, or

                   (8) have any public officer take charge or control of the
               Debt Warrant Agent or of its property or affairs for the purpose
               of rehabilitation, conservation or liquidation,

a successor Debt Warrant Agent, qualified as aforesaid, shall be appointed by
the Company by an instrument in writing, filed with the successor Debt Warrant
Agent. Upon the appointment as aforesaid of a successor Debt Warrant Agent and
acceptance by the successor Debt Warrant Agent of such appointment, the Debt
Warrant Agent so superseded shall cease to be Debt Warrant Agent hereunder.

               (d) Any successor Debt Warrant Agent appointed hereunder shall
execute, acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment hereunder, and thereupon such successor
Debt Warrant Agent, without any further act, deed or conveyance, shall become
vested with all the authority, rights, powers, trusts, immunities, duties and
obligations of such predecessor with like effect as if originally named as Debt
Warrant Agent hereunder, and such predecessor, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to transfer, deliver
and pay over, and such successor Debt Warrant Agent shall be entitled to
receive, [the Debt Warrant Register and] all monies, securities and other
property on deposit with or held by such predecessor (together with any books
and records relating thereto), as Debt Warrant Agent hereunder.

               (e) The Company shall cause notice of the appointment of any
successor Debt Warrant Agent to be [IF REGISTERED DEBT WARRANTS -- mailed by
first-class mail, postage prepaid, to each Holder at its address appearing on
the Debt Warrant Register or, in the case of Debt Warrants that are issued with
Offered Securities and cannot then be transferred separately therefrom, on the
security register for the Offered Securities] [IF BEARER DEBT WARRANTS --
published in an Authorized Newspaper (as defined in Section 101 of the
Indentures) in The City of New York [and in such other city or cities as may be
specified by the Company] at least twice within any seven-day period]. Such
notice shall set forth the name and address of the successor Debt Warrant Agent.

                                       12
<PAGE>

Failure to give any notice provided for in this Section 5.04(e), or any defect
therein, shall not, however, affect the legality or validity of the appointment
of the successor Debt Warrant Agent.

               (f) Any corporation into which the Debt Warrant Agent may be
merged or converted, or any corporation with which the Debt Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Debt Warrant Agent shall be a party, or any
corporation to which the Debt Warrant Agent shall sell or otherwise transfer all
or substantially all of its assets and business, shall be the successor Debt
Warrant Agent under this Agreement without the execution or filing of any paper,
the giving of any notice to Holders or any further act on the part of the
parties hereto, provided that such corporation be qualified as provided in
Section 5.04(b) hereof.

     SECTION 5.05. Office. The Company will maintain an office or agency where
Debt Warrant Certificates may be presented for exchange [, transfer] or
exercise. The office initially designated for this purpose shall be the
corporate trust office of the Debt Warrant Agent at _______.

                                   ARTICLE VI
                                  MISCELLANEOUS

     SECTION 6.01. Supplements and Amendments.

               (a) The Company and the Debt Warrant Agent may from time to time
supplement or amend this Agreement without the approval of any Holder in order
to cure any ambiguity, to correct or supplement any provision contained herein
that may be defective or inconsistent with any other provision herein, or to
make any other provision in regard to matters or questions arising hereunder
that the Company and the Debt Warrant Agent may deem necessary or desirable and
that shall not materially adversely affect the interests of the Holders. Every
Holder of Debt Warrants, whether issued before or after any such supplement or
amendment, shall be bound thereby. Promptly after the effectiveness of any
supplement or amendment that affects the interests of the Holders, the Company
shall give notice thereof, as provided in Section 5.04(e) hereof, to the Holders
affected thereby, setting forth in general terms the substance of such
supplement or amendment.

               (b) The Company and the Debt Warrant Agent may modify or amend
this Agreement and the Debt Warrant Certificates with the consent of the Holders
of not fewer than a majority in number of the then outstanding unexercised Debt
Warrants affected by such modification or amendment, for any purpose; provided,
however, that no such modification or amendment that shortens the period of time
during which the Debt Warrants may be exercised, or [affects other material
terms of the Debt Warrants that may be set forth in a prospective supplement] or
reduces the percentage of Holders of outstanding Debt Warrants the consent of
which is required for modification or amendment of this Agreement or the Debt
Warrants, may be made without the consent of each Holder affected thereby.

     SECTION 6.02. Notices and Demands. If the Debt Warrant Agent shall receive
any notice or demand addressed to the Company by a Holder pursuant to the
provisions of this Agreement or a Debt Warrant Certificate (other than notices

                                       13
<PAGE>

relating to the exchange [, transfer] or exercise of Debt Warrants), the Debt
Warrant Agent shall promptly forward such notice or demand to the Company.

     SECTION 6.03. Addresses. Any communications from the Company to the Debt
Warrant Agent with respect to this Agreement shall be directed to ____,
Attention:_____________, and any communications from the Debt Warrant Agent to
the Company with respect to this Agreement shall be directed to ClearOne
Communications, Inc., 1825 Research Way, Salt Lake City, Utah 84119, Attention:
Chief Executive Officer, with a copy to Bruce Czachor, Shearman & Sterling, 1080
Marsh Road, Menlo Park, CA 94025 (or such other address as shall be specified in
writing by the Debt Warrant Agent or by the Company).

     SECTION 6.04. Governing Law. This Agreement and the Debt Warrants shall be
governed by and construed in accordance with the laws of the State of New York.

     SECTION 6.05. Governmental Approvals. The Company will from time to time
use all reasonable efforts to obtain and keep effective any and all permits,
consents and approvals of governmental agencies and authorities and the national
securities exchange on which the Debt Warrants may be listed or authorized for
trading and to make all filing under the United States federal and state laws,
which may be or become requisite in connection with the issuance, sale, trading,
transfer or delivery of the Debt Warrants, and the exercise of the Debt
Warrants.

     SECTION 6.06. Persons Having Rights Under Debt Warrant Agreement. Nothing
in this Agreement, expressed or implied, and nothing that may be inferred from
any of the provisions hereof is intended or shall be construed to confer upon or
give to any person or corporation other than the Company, the Debt Warrant Agent
and the Holders any right, remedy or claim under or by reason of this Agreement
or any covenant, condition, stipulation, promise or agreement herein; and all
covenants, conditions, stipulations, promises and agreements herein shall be for
the sole and exclusive benefit of the Company, the Debt Warrant Agent and their
respective successors and the Holders.

     SECTION 6.07. Delivery of Prospectus. The Company will furnish to the Debt
Warrant Agent sufficient copies of a prospectus or prospectuses relating to the
Underlying Debt Securities deliverable upon exercise of any outstanding Debt
Warrants (each a "Prospectus"), and the Debt Warrant Agent agrees to deliver to
the Holder of a Debt Warrant, prior to or concurrently with the delivery of the
Underlying Debt Securities issued upon the exercise thereof, a copy of the
Prospectus relating to such Underlying Debt Securities.

     SECTION 6.08. Headings. The descriptive headings of the several Articles
and Sections of this greement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

     SECTION 6.09. Counterparts. This Agreement may be executed in one or more
counterparts and, when a counterpart has been executed by each party hereto, all
such counterparts taken together shall constitute one and the same agreement.

     SECTION 6.10. Judgment Currency. The Company agrees to indemnify each
Holder against any loss incurred by such party as a result of any judgment or

                                       14
<PAGE>

order being given or made for any amount due under this Agreement and such
judgment or order being expressed and paid in a currency (the "Judgment
Currency") other than United States dollars and as a result of any variation as
between (a) the rate of exchange at which the United States dollar amount is
converted into the Judgment Currency for the purpose of such judgment or order
and (b) the spot rate of exchange in the City of New York at which such party on
the date of payment of such judgment or order is able to purchase United States
dollars with the amount of the Judgment Currency actually received by such
party. The foregoing indemnity shall continue in full force and effect
notwithstanding any such judgment or order as aforesaid. The term "spot rate of
exchange" shall include any premiums and costs of exchange payable in connection
with the purchase of, or conversion into, United States dollars.

     SECTION 6.11. Inspection Of Agreement. A copy of this Agreement shall be
available during normal business hours at the office of the Debt Warrant Agent
for inspection by any Holder. The Debt Warrant Agent may require such Holder to
submit its Debt Warrant Certificate for inspection prior to making such copy
available.

                                       15
<PAGE>

               IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed and their respective corporate seals to be hereunto affixed
and attested, all as of the day and year first above written.

                                            CLEARONE COMMUNICATIONS, INC.

                                            By:
                                               --------------------------------
                                               Name and Title

    Attest:

    By:
       -------------------------------
       Name and Title

                                            [DEBT WARRANT AGENT]

                                            By:
                                               --------------------------------
                                               Name and Title

    Attest:

    By:
       -------------------------------
       Name and Title

                                       16
<PAGE>

                                    EXHIBIT A

                                       to

                             Debt Warrant Agreement

                            dated as of _______, 20__

                      [Compensation of Debt Warrant Agent]

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