Document:

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                                                                   Exhibit 10.12

                               EXCHANGE AGREEMENT

        THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made as of the 30th
day of April 2000 by and between Venture Catalyst Incorporated, a Utah
corporation ("Issuer"), and Jonathan Ungar ("Ungar") and Alan Henry Woods
("Woods" and, together with Ungar, "Purchasers").

        THE PARTIES HEREBY AGREE AS FOLLOWS:

1.      Purchase and Sale of Stock.

        A. Subject to the terms and conditions of this Agreement, Purchasers
agree to purchase and Issuer agrees to sell to Purchasers an aggregate of
579,105 shares (the "Shares") of Common Stock, $0.001 par value per share (the
"Common Stock"), of Issuer and warrants ("the Warrants") to purchase up to an
aggregates of 144,775 shares of Common Stock. The allocation of the Shares and
the Warrants is as set forth on Exhibit A attached hereto. The Warrants will be
in substantially the form attached hereto as Exhibit B.

        B. Purchase Price. Upon the terms and subject to the conditions set
forth in this Agreement, in reliance upon the representations, warranties,
covenants and agreements of Purchasers contained herein, and in exchange for the
Shares, Issuer agrees to issue to Purchasers the Shares and the Warrants in full
accord and satisfaction of (i) the two promissory notes of Issuer issued to
Purchasers dated September 5, 1999 (the "1999 Notes"), each in the initial
principal amount of $1,000,000, including all accrued and unpaid interest
thereon (ii) the $589,517 principal payment due September 2000 pursuant to that
certain promissory note of Issuer issued to Ungar dated September 30, 1996 (the
"1996 Note") in the initial principal amount of $1,768,550 and (iii) all
interest, whether accrued or accruing, through September 2000 on the 1996 Note
and the two promissory notes of Issuer issued to Ungar dated September 15, 1997
and September 15, 1998 (the "Remaining Notes") each in the initial principal
amount of $1,000,000. The 1999 Notes, the 1996 Note and the Remaining Notes are
referred to as the Notes.

2.      Representations and Warranties of Purchaser.

        Each Purchaser, severally and not jointly, hereby represents and
warrants to Issuer as follows:

                (a) Such Purchaser is the legal and beneficial owner and holder
        of the Notes originally issued to such Purchaser, free and clear of any
        lien, pledge and encumbrance or any claim of any third party. No rights
        in any of the Notes have been transferred other than as contemplated by
        this Agreement.

                (b) This Agreement constitutes a valid and legally binding
        obligation of such

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        Purchaser, enforceable in accordance with its terms except (i) as
        limited by applicable bankruptcy, insolvency, reorganization,
        moratorium, and other laws of general application affecting enforcement
        of creditors' rights generally, and (ii) as limited by laws relating to
        the availability of specific performance, injunctive relief, or other
        equitable remedies.

                (c) The transactions contemplated by this Agreement do not
        violate any of the rights of such Purchaser, whether under that certain
        Stock Purchase and Settlement Agreement dated September 27, 1996 or
        otherwise. Such Purchaser agrees to, and hereby does, waive any claims
        such Purchaser may have, whether now or in the future, as a result of
        the transactions contemplated by this Agreement.

                (d) Purchaser has not entered into any contract, arrangement or
        understanding with any person or firm which may result in the obligation
        of Issuer to pay any finder's fees, brokerage or agent's commissions or
        other like payments in connection with the negotiations leading to this
        Agreement or the consummation of the transactions contemplated hereby,
        and Purchaser is not aware of any claim or basis for any claim for
        payment of any finder's fees, brokerage or agent's commissions or other
        like payments in connection with negotiations leading to this Agreement
        or the consummation of the transactions contemplated hereby. Purchaser
        shall indemnify Issuer for any claims arising out of any breach of the
        foregoing representation.

                (e) Purchaser represents that he understands that (i) the Shares
        and Warrants being acquired by Purchaser pursuant to this Agreement have
        not been registered under the Securities Act of 1933, as amended (the
        "1933 Act") and is being issued in reliance upon the exemption afforded
        by Section 4(2) thereof for transactions by an issuer not involving any
        public offering, (ii) such Shares and Warrants must be held indefinitely
        unless a subsequent disposition thereof is registered under the 1933 Act
        or is exempt from such registration, (iii) such Shares and Warrants will
        bear a legend to such effect, and (iv) Issuer will make a notation on
        its transfer books to such effect. Purchaser further represents that (i)
        such Shares and Warrants are being acquired for investment and without
        any present view toward distribution thereof to any other person, (ii)
        he will not sell or otherwise dispose of the Shares and Warrants except
        in compliance with the registration requirements or exemption provisions
        under the 1933 Act, the rules and regulations thereunder, and as
        otherwise set forth by the Securities and Exchange Commission (the
        "Commission"), (iii) he has knowledge and experience in financial and
        business matters and that he is capable of evaluating the risks and
        merits of an investment in the Shares and Warrants, (iv) he has
        consulted with counsel, to the extent deemed necessary, as to all
        matters covered by this Agreement and has not relied upon Issuer for any
        explanation of the application of the various federal or state
        securities laws with regard to the acquisition of such Shares and
        Warrants, (v) he has investigated and is familiar with the affairs,
        financial condition and prospects of Issuer, and has been given
        sufficient access to and has acquired sufficient information about
        Issuer to reach an informed and knowledgeable decision to acquire such
        Shares and Warrants, and (vi) he is able to bear the economic risks of
        such an investment.

3.      Representations and Warranties of Issuer.

        Issuer hereby represents and warrants to Purchasers as follows:

                (a) Issuer has the necessary corporate power and authority to
        enter into this

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        Agreement and this Agreement constitutes a valid and legally binding
        obligation of Issuer, enforceable in accordance with its terms, except
        (i) as limited by applicable bankruptcy, insolvency, reorganization,
        moratorium, and other laws of general application affecting enforcement
        of creditors' rights generally, and (ii) as limited by laws relating to
        the availability of specific performance, injunctive relief, or other
        equitable remedies. The Shares, when issued in accordance with this
        Agreement, have been duly issued and shall be fully paid and
        non-assessable. The shares of Common Stock underlying the Warrants, when
        issued in accordance with the terms of the Warrants, will be duly
        issued, fully paid and non-assessable.

                (b) Issuer has not entered into any contract, arrangement or
        understanding with any person or firm which may result in the obligation
        of Purchasers to pay any finder's fees, brokerage or agent's commissions
        or other like payments in connection with the negotiations leading to
        this Agreement or the consummation of the transactions contemplated
        hereby, and Issuer is not aware of any claim or basis for any claim for
        payment of any finder's fees, brokerage or agent's commissions or other
        like payments in connection with negotiations leading to this Agreement
        or the consummation of the transactions contemplated hereby. Issuer
        shall indemnify Purchasers for any claims arising out of any breach of
        the foregoing representation.

4.      Registration Rights.

4.1     Registration Procedures. The Issuer shall:

                (a) within five days after the filing of Issuer's Annual Report
        on Form 10-KSB for the period ended June 30, 2000, prepare and file with
        the Commission a registration statement on appropriate form (the
        "Registration Statement") pursuant to the 1933 Act relating to the
        resale of the Shares by the Purchasers;

                (b) use its best efforts, subject to receipt of necessary
        information from Purchasers, to cause the Registration Statement to
        become effective no later than 60 days after the Registration Statement
        is filed by Issuer;

                (c) prepare and file with the Commission such amendments and
        supplements to the Registration Statement and the prospectus used in
        connection therewith as may be necessary to keep the Registration
        Statement effective until the earlier of (i) twelve months after the
        effective date of the Registration Statement or (ii) the date on which
        all of the Shares have been sold by Purchasers pursuant to the
        Registration Statement or Rule 144 under the 1933 Act or any other rule
        of similar effect;

                (d) furnish to the Purchasers with respect to the Shares
        registered under the Registration Statement such reasonable number of
        copies of prospectuses in order to facilitate the public sale or other
        disposition of all or any of the Shares by the Purchasers; provided,
        however, that the obligation of Issuer to deliver copies of prospectuses
        to Purchasers shall be subject to the receipt by Issuer of reasonable
        assurances from Purchasers that Purchasers will comply with the
        applicable provisions of the 1933 Act and of such other securities or
        blue sky laws as may be applicable in connection with any use of such
        prospectuses;

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                (e) file documents required of Issuer for normal blue sky
        clearance in states reasonably requested in writing by Purchasers;
        provided, however, that Issuer shall not be required to qualify to do
        business or consent to service of process in any jurisdiction in which
        it is not now so qualified or has not so consented; and

                (f) notify Purchasers at any time when a prospectus relating
        thereto is required to be delivered under the 1933 Act of the happening
        of any event as a result of which the prospectus included the
        Registration Statement, as then in effect includes an untrue statement
        of a material fact or omits to state a material fact required to be
        stated therein or necessary to make the statements therein not
        misleading in the light of the circumstances then existing.

                (g) bear all expenses in connection with the procedures in
        paragraphs (a) through (e) of this Section 4.1 and the registration of
        the Shares pursuant to the Registration Statement, other than fees and
        expenses, if any, of counsel or other advisers to Purchasers or
        underwriting discounts, brokerage fees and commissions incurred by the
        Purchasers, if any.

4.2     Transfer of Shares After Registration. Purchasers agree that they will
        not effect any disposition of the Shares or Warrants or their right to
        purchase Common Stock that would constitute a sale within the meaning of
        the Securities Act, except as contemplated in the Registration Statement
        referred to in Section 4.1, and that it will promptly notify Issuer of
        any changes in the information set forth in the Registration Statement
        regarding such Purchaser or its Plan of Distribution.

4.3     Indemnification.

                (a) Issuer agrees to indemnify and hold harmless Purchasers and
        each person, if any, who controls a Purchaser within the meaning of the
        1933 Act, against any losses, claims, damages, liabilities or expenses,
        joint or several, to which a Purchaser or such controlling person may
        become subject, under the Securities Act, the Securities Exchange Act of
        1934, as amended (the "1934 Act"), or any other federal or state
        statutory law or regulation, or at common law or otherwise (including in
        settlement of any litigation, if such settlement is effected with the
        written consent of Issuer), insofar as such losses, claims, damages,
        liabilities or expenses (or actions in respect thereof as contemplated
        below) arise out of or are based upon any untrue statement or alleged
        untrue statement of any material fact contained in the Registration
        Statement, or any amendment or supplement thereto, or arise out of or
        are based upon the omission or alleged omission to state in any of them
        a material fact required to be stated therein or necessary to make the
        statements in any of them, in light of the circumstances under

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        which they were made, not misleading, and will reimburse a Purchaser and
        each such controlling person for any legal and other expenses as such
        expenses are reasonably incurred by such Purchaser or such controlling
        person in connection with investigating, or defending, compromising or
        paying any such loss, claim, damage, liability, expense or action;
        provided, however, that Issuer will not be liable in any such case to
        the extent that any such loss, claim, damage, liability or expense
        arises out of or is based upon (i) an untrue statement or alleged untrue
        statement or omission or alleged omission made in the Registration
        Statement, the Prospectus or any amendment or supplement thereto in
        reliance upon and in conformity with written information furnished to
        Issuer by or on behalf of a Purchaser expressly for use therein, or (ii)
        the failure of a Purchaser to comply with the covenants and agreements
        contained in Section 4.2 hereof respecting sale of the Shares, or (iii)
        any statement or omission in any prospectus that is corrected in any
        subsequent prospectus that was delivered to Purchasers prior to the
        pertinent sale or sales by such Purchaser.

                (b) Purchasers will severally indemnify and hold harmless
        Issuer, each of its directors, each of its officers who signed the
        Registration Statement and each person, if any, who controls Issuer
        within the meaning of the 1933 Act, against any losses, claims, damages,
        liabilities or expenses to which Issuer, each of its directors, each of
        its officers who signed the Registration Statement or controlling person
        may become subject, under the 1933 Act, the 1934 Act, or any other
        federal or state statutory law or regulation (including in settlement of
        any litigation, if such settlement is effected with the written consent
        of Purchasers) insofar as such losses, claims, damages, liabilities or
        expenses (or actions in respect thereof as contemplated below) arise out
        of or are based upon (i) any failure to comply with the covenants and
        agreements contained in Section 4.2 hereof respecting the sale of the
        Shares or (ii) any untrue or alleged untrue statement of any material
        fact contained in the Registration Statement, the prospectus, or any
        amendment or supplement thereto, or arise out of or are based upon the
        omission or alleged omission to state therein a material fact required
        to be stated therein or necessary to make the statements therein not
        misleading, in each case to the extent, but only to the extent, that
        such untrue statement or alleged untrue statement or omission or alleged
        omission was made in the Registration Statement, the prospectus, or any
        amendment or supplement thereto, in reliance upon and in conformity with
        written information furnished to Issuer by or on behalf of a Purchaser
        expressly for use therein, and will reimburse Issuer, each of its
        directors, each of its officers who signed the Registration Statement or
        controlling person for any legal and other expense reasonably incurred
        by Issuer, each of its directors, each of its officers who signed the
        Registration Statement or controlling person in connection with
        investigating, defending, settling, compromising or paying any such
        loss, claim, damage, liability, expense or action.

4.4     Certain Information. With a view to making available to Purchasers the
        benefits of certain rules and regulations of the Commission which may
        permit the sale of the Shares to the public without registration. Issuer
        agrees to use its best efforts to:

                (a) make and keep public information available, as those terms
                are understood and defined in Rule 144 or any similar or
                analagous rule promulgated under the 1933 Act, at all times;

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                (b) file with the Commission, in a timely manner, all reports
                and other documents required of Issuer under the 1934 Act; and

                (c) furnish to Purchasers upon request a written statement by
                Issuer as to its compliance with the reporting requirements of
                said Rule 144 and of the 1934 Act, a copy of the most recent
                annual or quarterly report of Issuer, and such other reports and
                documents as Purchasers may reasonably request in availing
                himself of any rule or regulation of the Commission allowing him
                to sell any such securities without registration.

5.      Miscellaneous.

                (a) Neither Issuer nor Purchasers nor any of their respective
        successors, agents, affiliates, directors, officers, employees or
        assigns shall issue any press release or other form of public comment
        relating to the matters set forth in this Agreement without the prior
        consent of the other party, which consent shall not be unreasonably
        withheld; provided, however, nothing herein shall be construed to
        restrict any party from any disclosure required by law, following prior
        written notice to the other party. Nothing in this Paragraph 5 (a) shall
        be construed as creating any liability on any other party for the
        disclosure made by a party, with or without such other party's prior
        consent.

                (b) The parties hereto will at any time, and from time to time
        after the Closing, upon request of the other party, execute, acknowledge
        and deliver all such further acts, deeds, assignments, transfers,
        conveyances, powers of attorney and assurances as may be required to
        carry out the intent of this Agreement, and to transfer and vest title
        to any Shares being transferred hereunder, and to protect the right,
        title and interest in and enjoyment of all of the Shares sold, granted,
        assigned, transferred, delivered and conveyed pursuant to this
        Agreement; provided, however, that this Agreement shall be effective
        regardless of whether any such additional documents are executed.

                (c) This Agreement shall be binding upon Purchasers, Issuer,
        their respective administrators, legal representatives, successors, and
        permitted assigns. Nothing in this Agreement, expressed or implied, is
        intended to confer upon any person, other than the parties hereto, any
        rights or remedies under or by reason of this Agreement.

                (d) The representations and warranties contained herein shall
        survive the execution and delivery of this Agreement and the
        consummation of the transactions contemplated hereby and remain in full
        force and effect, notwithstanding any investigation at any time made by
        or on behalf of the parties.

                (e) This Agreement shall be construed in accordance with and
        governed by the laws of the State of California, without regard to
        principles of conflicts of laws.

                (f) The parties to this Agreement hereby agree that an award of
        damages alone is inadequate to remedy a breach of the terms of this
        Agreement, and that specified performance, injunctive relief, or other
        equitable remedy is the only way by which the intent of this Agreement
        may be adequately realized upon breach by one or more of the

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        parties hereto. Such remedy shall, however, be cumulative and not
        exclusive, and shall be in addition to any other remedy which the
        parties may have.

                (g) This Agreement constitutes the entire agreement between the
        parties hereto with respect to the subject matter hereof, and may be
        amended only by a writing executed by all of the parties.

                (h) If for any reason whatsoever, any one or more of the
        provisions of this Agreement shall be held or deemed to be inoperative,
        unenforceable or invalid as applied to any particular case or in all
        cases, such circumstances shall not have the effect of rendering such
        provision invalid in any other case or of rendering any of the other
        provisions of this Agreement inoperative, unenforceable or invalid.

                (i) Neither this Agreement nor any of the parties' rights
        hereunder shall be assignable by any party hereto without the prior
        written consent of the other parties hereto and any purported assignment
        without such consent shall be null and void.

                (j) This Agreement may be executed in any number of
        counterparts, each of which shall be considered an original but all of
        which shall constitute the agreement by and among the parties.

                (k) Each of the parties hereto shall be responsible for its own
        fees and expenses, including all legal and accounting fees incurred in
        connection with this transaction.

        IN WITNESS WHEREOF, the Purchasers and Seller have duly executed and
delivered this Agreement as of the date first above written.

VENTURE CATALYST INCORPORATED,
a Utah corporation

By: /s/  Kevin McIntosh
   ---------------------------------
   Title: VP and CFO

/s/ Jonathan Ungar
------------------------------------
JONATHAN UNGAR

/s/ Alan Woods
------------------------------------
ALAN HENRY WOODS

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                                    EXHIBIT A

<TABLE>
<CAPTION>
                                              Shares      Warrants
                                             -------      -------
<S>                                          <C>          <C>
Jonathan Ungar                               358,587      144,775
Alan Henry Woods                             220,518            0
                                             -------      -------
                                  Total      579,105      144,775
</TABLE>

                                       8<PAGE>   1

                                                                   EXHIBIT 10.13

                                WARRANT AGREEMENT

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE THEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS THERE IS (i) AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT RELATED THERETO, (ii) AN OPINION OF
COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED, (iii) RECEIPT OF A NO-ACTION LETTER(S) FROM THE
APPROPRIATE GOVERNMENTAL AUTHORITY(IES), OR (iv) UNLESS PURSUANT TO AN EXEMPTION
THEREFROM UNDER RULE 144 OF THE ACT.

                          VENTURE CATALYST INCORPORATED

                       WARRANT TO PURCHASE 144,775 SHARES
                                 OF COMMON STOCK

                Venture Catalyst Incorporated, a Utah corporation (the
"COMPANY"), hereby certifies that, for value received, Jonathan Ungar
("Holder"), its permitted transferees, successors or assigns (each, a "HOLDER"),
is the registered holder of warrants dated as of April 30, 2000 ("the
"WARRANTS") to subscribe for and purchase One Hundred Forty Four Thousand Seven
Hundred Seventy Five (144,775) shares of the fully paid and nonassessable Common
Stock (as adjusted pursuant to Section 4 hereof, the "WARRANT SHARES") of the
Company, at a purchase price per share equal to $5.894 (such price, as adjusted
pursuant to Section 4 hereof, the "WARRANT PRICE"), subject to the provisions
and upon the terms and conditions hereinafter set forth. As used herein, (a) the
term "COMMON STOCK" shall mean the Company's presently authorized Common Stock
and any stock into or for which such Common Stock may hereafter be converted or
exchanged, and (b) the term "DATE OF GRANT" shall mean April 30, 2000. The term
"WARRANT" as used herein shall be deemed to include any warrant issued upon
transfer or partial exercise of this Warrant, unless the context clearly
requires otherwise.

        1. Term.

        The purchase right represented by this Warrant is exercisable, in whole
or in part, at any time and from time to time from the Date of Grant through and
including the close of business on April 30, 2003 (the "EXPIRATION DATE").

        2. Exercise.

                a. Method of Exercise; Payment; Issuance of New Warrant.

                Subject to Section 1 hereof, the purchase right represented by
this Warrant may be exercised by the holder hereof, in whole or in part and from
time to time, by the surrender of this

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Warrant (with the notice of exercise form attached hereto as Exhibit A duly
executed) at the principal office of the Company, and, except as otherwise
provided for herein, by the payment in immediately available funds to the
Company of an amount equal to the then applicable Warrant Price multiplied by
the number of Warrant Shares then being purchased. Notwithstanding the
foregoing, the Warrants shall not be exercisable for an amount less than twenty
percent (20%) of the number of Warrant Shares for which the Warrants are
originally exercisable or, if less than such amount, then the total number of
remaining Warrant Shares purchasable by the exercising holder. The person or
persons in whose name(s) any certificate(s) representing shares of Common Stock
shall be issuable upon exercise of this Warrant shall be deemed to have become
the holder(s) of record of, and shall be treated for all purposes as the record
holder(s) of, the shares represented thereby (and such shares shall be deemed to
have been issued) immediately prior to the close of business on the date or
dates upon which this Warrant is exercised if exercised prior to the close of
business on such date; otherwise, the date of record shall be the next business
day provided, however, that if, at the date of surrender of such Warrants, the
transfer books for the Common Stock or other class of securities issuable upon
the exercise of such Warrants shall be closed, the certificates for the Warrant
Shares shall be issuable as of the date on which such books shall next be opened
(whether before, on or after the Expiration Date) and until such date the
Company shall be under no duty to deliver any certificate for such Warrant
Shares; provided further, that the transfer books of record, unless otherwise
required by law, shall not be closed at any one time for a period longer than
twenty (20) days. In the event of any exercise of the rights represented by this
Warrant, certificates for the shares of Common Stock so purchased shall be
delivered to the holder hereof as soon as possible and in any event within
thirty (30) days after such exercise and, unless this Warrant has been fully
exercised, a new Warrant representing the portion of the Warrant Shares, if any,
with respect to which this Warrant shall not then have been exercised shall also
be issued to the holder hereof as soon as possible and in any event within such
thirty (30)-day period.

                b. Cashless Right to Convert Warrant into Common Stock; Net
Issuance.

                        (i) Right to Convert.

                        In addition to and without limiting the rights of the
holder hereof under the terms of this Warrant, the holder shall have the right
to convert this Warrant or any portion thereof (the "CONVERSION RIGHT") into
shares of Common Stock as provided in this Section 2(b) at any time or from time
to time during the term of this Warrant. Upon exercise of the Conversion Right
with respect to all or a specified portion of shares subject to this Warrant
(the "CONVERTED WARRANT SHARES"), the Company shall deliver to the holder that
number of shares of fully paid and nonassessable Common Stock equal to the
quotient obtained by dividing (i) the value of this Warrant (or the specified
portion hereof) on the Exercise Date (as defined in Section 2(b)(ii)), which
value shall be equal to (A) the aggregate fair market value (as defined in
Section 4(f) for purposes of this Section 2(b)) of the Converted Warrant Shares
issuable upon exercise of this Warrant (or the specified portion hereof) on the
Exercise Date less (B) the aggregate Warrant Price of the Converted Warrant
Shares immediately prior to the exercise of the Conversion Right by (ii) the
fair market value of one (1) share of Common Stock on the Exercise Date.

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                Expressed as a formula, such conversion shall be computed as
follows:

                X  =  A - B
                      -----
                        Y
                Where:         X = the number of shares of Common Stock to be
                                   issued to the holder
                               Y = the fair market value ("FMV") of one (1)
                                   share of Common Stock
                               A = the aggregate FMV (i.e., FMV x Converted
                                   Warrant Shares)
                               B = the aggregate Warrant Price (i.e., Converted
                                   Warrant Shares x Warrant Price)

                        No fractional shares shall be issuable upon exercise of
the Conversion Right, and, if the number of shares to be issued determined in
accordance with the foregoing formula is other than a whole number, the Company
shall pay to the holder an amount in cash equal to the fair market value of the
resulting fractional share on the Exercise Date.

                        (ii) Method of Exercise.

                        The Conversion Right may be exercised by the holder by
the surrender of this Warrant at the principal office of the Company together
with a written statement specifying that the holder thereby intends to exercise
the Conversion Right and indicating the number of shares subject to this Warrant
which are being surrendered (referred to in Section 2(b)(i) hereof as the
Converted Warrant Shares) in exercise of the Conversion Right. Such conversion
shall be effective upon receipt by the Company of this Warrant together with the
aforesaid written statement, or on such later date as is specified therein (the
"Exercise Date"); provided, however, that if, at the date of surrender of such
Warrants, the transfer books for the Common Stock or other class of securities
issuable upon the exercise of such Warrants shall be closed, the certificates
for the Warrant Shares shall be issuable as of the date on which such books
shall next be opened (whether before, on or after the Expiration Date) and until
such date the Company shall be under no duty to deliver any certificate for such
Warrant Shares; provided further, that the transfer books of record, unless
otherwise required by law, shall not be closed at any one time for a period
longer than twenty (20) days.

        3. Stock Fully Paid; Reservation of Shares.

        All Warrant Shares that may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance pursuant to the terms and
conditions herein, be fully paid and nonassessable, and free from all taxes,
liens, charges, and pre-preemptive rights with respect to the issue thereof. The
Company shall pay all transfer taxes, if any, attributable to the issuance of
the Warrant Shares upon the exercise of this Warrant. During the period within
which the rights represented by this Warrant may be exercised, the Company will
at all times have authorized, and reserved for the purpose of the issue upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number
of shares of its Common Stock to provide for the exercise of the rights
represented by this Warrant.

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        4. Adjustment of Warrant Price and Number of Shares.

        The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time
upon the occurrence of certain events, as follows:

                a. Merger, Sale or Reclassification.

                In case of any (i) consolidation or merger (including a merger
in which the Company is the surviving entity), (ii) sale or other disposition of
all or substantially all of the Company's assets or distribution of property to
stockholders (other than distributions payable out of earnings or retained
earnings), or (iii) reclassification, change or conversion of securities of the
class issuable upon exercise of this Warrant (other than a change in par value,
or from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination), the holder of this Warrant shall
thereafter have the right to receive upon exercise and payment of the Warrant
Price or exercise of the Conversion Right set forth in Sections 2(a) and 2(b),
the kind and amount of shares of stock, other securities, money and property
receivable upon such consolidation, merger, sale or other disposition,
reclassification, change or conversion by a holder of the number of Warrant
Shares then purchasable under this Warrant. The provisions of this Section 4(a)
shall similarly apply to successive reclassifications, changes and conversions.

                b. Subdivision or Combination of Shares.

                If the Company at any time while this Warrant remains
outstanding and unexpired shall subdivide or combine its outstanding shares of
Common Stock in a transaction not otherwise described in Section 4(a) hereof,
the Warrant Price shall be proportionately decreased in the case of a
subdivision or increased in the case of a combination, effective at the close of
business on the date the subdivision or combination becomes effective. The
provisions of this Section 4(b) shall similarly apply to successive subdivisions
or combinations of Shares. The provisions of this Section 4(b) shall similarly
apply to successive subdivisions or combinations of Shares.

                c. Stock Dividends and Other Distributions.

                If the Company at any time while this Warrant is outstanding and
unexpired shall (i) pay a dividend with respect to Common Stock payable in
Common Stock, or (ii) make any other distribution, other than a cash dividend,
with respect to Common Stock (except any distribution specifically provided for
in Section 4(a) or Section 4(b) hereof) of Common Stock, then the Warrant Price
shall be adjusted, from and after the date of determination of stockholders
entitled to receive such dividend or distribution, to that price determined by
multiplying the Warrant Price in effect immediately prior to such date of
determination by a fraction (i) the numerator of which shall be the total number
of Fully Diluted Shares outstanding immediately prior to such dividend or
distribution, and (ii) the denominator of which shall be the total number of
Fully Diluted Shares outstanding immediately after such dividend or
distribution. The provisions of this Section 4(a) shall similarly apply to
successive stock dividends or distributions.

                                       4
<PAGE>   5

The provisions of this Section 4(c) shall similarly apply to successive stock
dividends or distributions.

                d. Rights Offerings.

                In case the Company shall, at any time after the Date of Grant,
issue rights, options or warrants not otherwise described in Section 4(a),
Section 4(b) or Section 4(c) hereof, to all holders of Common Stock of the
Company in their capacity as holders, entitling them to subscribe for or
purchase shares of Common Stock (or securities convertible or exchangeable into
Common Stock) (excluding shares of Common Stock issued or issuable to directors,
officers, employees or consultants of the Company in connection with their
service as directors, officers, employees or consultants pursuant to any stock
grant, stock option, warrant or other right (the "EMPLOYEE SHARES")), at a price
per share of Common Stock (or having a conversion or exchange price per share of
Common Stock if a security convertible or exchangeable into Common Stock) less
than the lower of (i) the fair market value per share of Common Stock on the
record date for such issuance (or the date of issuance, if there is no record
date), or (ii) the Warrant Price on the record date (or the date of issuance, if
there is no record date), the Warrant Price to be in effect on and after such
record date (or issuance date, as the case may be) shall be adjusted so that it
shall equal the price determined by multiplying the Warrant Price in effect
immediately prior to such record date (or issuance date, as the case may be) by
a fraction (i) the numerator of which shall be the number of shares of Common
Stock outstanding on such record date (or issuance date, as the case may be)
plus the number of shares of Common Stock which the aggregate offering price of
the total number of shares of such Common Stock so to be offered (or the
aggregate initial exchange or conversion price of the exchangeable or
convertible securities so to be offered) would purchase at such fair market
value on such record date (or issuance date, as the case may be) and (ii) the
denominator of which shall be the number of shares of Common Stock outstanding
on such record date (or issuance date, as the case may be) plus the number of
additional shares of Common Stock to be offered for subscription or purchase (or
into which the convertible securities to be offered are initially exchangeable
or convertible). In case such subscription price may be paid in part or in whole
in a form other than cash, the fair market value of such consideration shall be
determined by the Board of Directors of the Company in good faith as set forth
in a duly adopted board resolution certified by the Company's Secretary or
Assistant Secretary. Such adjustment shall be made successively whenever such an
issuance occurs; and in the event that such rights, options, warrants, or
convertible or exchangeable securities are not so issued or expire or cease to
be convertible or exchangeable before they are exercised, converted, or
exchanged (as the case may be), then the Warrant Price shall again be adjusted
to be the Warrant Price that would then be in effect if such issuance had not
occurred, but such subsequent adjustment shall not affect the number of Warrant
Shares issued upon any exercise of this Warrant prior to the date such
subsequent adjustment is made.

                e. Determination of Fair Market Value.

                For purposes of those provisions of this Warrant requiring a
determination in accordance with this Section 4(e), "FAIR MARKET VALUE" as of a
particular date (the "DETERMINATION DATE") shall mean (i) for any security if
such security is traded on a national securities exchange (an "EXCHANGE"), the
weighted average (based on daily trading volume) of

                                       5
<PAGE>   6

the mid-point between the daily high and low trading prices of the security on
each of the last ten (10) trading days prior to the Determination Date reported
on such Exchange, (ii) for any security that is not traded on an Exchange but
which is quoted on the Nasdaq Stock Market ("NASDAQ"), the weighted average
(based on daily trading volume) of the last sale price reported on NASDAQ on
each of the last ten (10) trading days (or if the relevant price or quotation
did not exist on any of such days, the relevant price or quotation on the next
preceding business days on which there was such a price or quotation, for a
total of ten trading days) prior to the Determination Date, or (iii) for any
security or any other asset, if no price can be determined on the basis of the
above methods of valuation, then the judgment of valuation shall be determined
in good faith by the Board of Directors of the Company, which determination
shall be described in a duly adopted board resolution certified by the Company's
Secretary or Assistant Secretary.

        5. Notice of Adjustments.

        Whenever the Warrant Price or the number of Warrant Shares purchasable
hereunder shall be adjusted pursuant to Section 4, the Company shall deliver a
certificate signed by its chief financial officer, setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the
method by which such adjustment was calculated, and the Warrant Price and the
number of Warrant Shares purchasable hereunder after giving effect to such
adjustment, to the holder of this Warrant.

        6. Fractional Shares.

        No fractional shares of Common Stock will be issued in connection with
any exercise hereunder, but in lieu of such fractional shares the Company shall
make a cash payment therefor based on the fair market value (as determined in
accordance with Section 4(e) above) of a share of Common Stock on the date of
exercise.

        7. Compliance with Securities Act; Disposition of Warrant or Warrant
Shares.

                a. Compliance with Securities Act.

                The holder of this Warrant, by acceptance hereof, agrees that
this Warrant and the shares of Common Stock to be issued upon exercise hereof,
are being acquired for investment and that such holder will not offer, sell or
otherwise dispose of this Warrant, or any shares of Common Stock to be issued
upon exercise hereof except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended (the "ACT"). Upon exercise
of this Warrant, the holder hereof shall confirm in writing, by executing the
form attached as Schedule 1 to Exhibit A hereto, that the shares of Common Stock
so purchased are being acquired for investment and not with a view toward
distribution or resale. All shares of Common Stock issued upon exercise of this
Warrant (unless registered under the Act) shall be stamped or imprinted with a
legend in substantially the following form:

        "THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE

                                       6
<PAGE>   7

        SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) AN
        EFFECTIVE REGISTRATION STATEMENT RELATED THERETO, (ii) AN OPINION OF
        COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT
        SUCH REGISTRATION IS NOT REQUIRED, (iii) RECEIPT OF A NO-ACTION
        LETTER(S) FROM THE APPROPRIATE GOVERNMENTAL AUTHORITY(IES), (iv)
        PURSUANT TO AN EXEMPTION UNDER RULE 144 OF THE ACT OR (v) OTHERWISE
        COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH
        THESE SECURITIES WERE ISSUED DIRECTLY OR INDIRECTLY."

                In addition, in connection with the issuance of this Warrant,
each holder specifically represents to the Company by acceptance of this Warrant
as follows:

                        (1) The holder is an "ACCREDITED INVESTOR" as such term
is defined in Rule 501(a) promulgated under the Act.

                        (2) The holder is aware of the Company's business
affairs and financial condition, and has acquired information about the Company
sufficient to reach an informed and knowledgeable decision to acquire this
Warrant. The holder is acquiring this Warrant for its own account for investment
purposes only and not with a view to, or for resale in connection with any
"distribution" thereof for purposes of the Act.

                        (3) The holder understands that this Warrant and the
Warrant Shares have not been registered under the Act in reliance upon a
specific exemption therefrom, which exemption depends upon, among other things,
the bona fide nature of the holder's investment intent as expressed herein. In
this connection, the holder understands that, in the view of the Securities and
Exchange Commission (the "SEC"), the statutory basis for such exemption may be
unavailable if the holder's representation was predicated solely upon a present
intention to hold the Warrant and the Warrant Shares for the minimum capital
gains period specified under applicable tax laws, for a deferred sale, for or
until an increase or decrease in the market price of the Warrant and the Warrant
Shares, or for a period of one (1) year or any other fixed period in the future.

                        (4) The holder further understands that this Warrant and
the Warrant Shares must be held indefinitely unless subsequently registered
under the Act and any applicable state securities laws, or unless exemptions
from registration are otherwise available.

                        (5) The holder is aware of the provisions of Rule 144
and 144A, promulgated under the Act, which, in substance, permit limited public
resale of "restricted securities" acquired, directly or indirectly, from the
issuer thereof (or from an affiliate of such issuer), in a non-public offering
subject to the satisfaction of certain conditions, if applicable, including,
among other things: the availability of certain public information about the
Company, the resale occurring not less than one (1) year after the party has
purchased and paid for the securities to be sold; the sale being made through a
broker in an unsolicited "broker's transaction" or in transactions directly with
a market maker (as said term is defined under the Securities

                                       7
<PAGE>   8

        Exchange Act of 1934, as amended) and the amount of securities being
        sold during any three-month period not exceeding the specified
        limitations stated therein.

                        (6) The holder further understands that at the time it
wishes to sell this Warrant and the Warrant Shares there may be no public market
upon which to make such a sale, and that, even if such a public market then
exists, the Company may not be satisfying the current public information
requirements of Rule 144 and 144A, and that, in such event, the holder may be
precluded from selling this Warrant and the Warrant Shares under Rule 144 and
144A even if the one (1)-year minimum holding period had been satisfied.

                        (7) The holder further understands that in the event all
of the requirements of Rule 144 and 144A are not satisfied, registration under
the Act, compliance with Regulation A, or some other registration exemption will
be required; and that, notwithstanding the fact that Rule 144 and 144A is not
exclusive, the Staff of the SEC has expressed its opinion that persons proposing
to sell private placement securities other than in a registered offering and
otherwise than pursuant to Rule 144 and 144A will have a substantial burden of
proof in establishing that an exemption from registration is available for such
offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk.

                b. Disposition of Warrant or Warrant Shares.

                With respect to any offer, sale or other disposition of this
Warrant, or any Warrant Shares acquired pursuant to the exercise of this Warrant
prior to registration of such Warrant or Warrant Shares, the holder hereof and
each subsequent holder of this Warrant agrees to give written notice to the
Company prior thereto, describing briefly the manner thereof, together with a
written opinion of counsel reasonably acceptable to the Company, in form and
substance acceptable to the Company, to the effect that (i) such offer, sale or
other disposition may be effected without registration or qualification (under
the Act as then in effect or any federal or state law then in effect) of this
Warrant or such Warrant Shares, and (ii) whether or not under the Act
certificates for this Warrant or such Warrant Shares to be sold or otherwise
disposed of require any restrictive legend as to applicable restrictions on
transferability in order to ensure compliance with applicable law. Promptly upon
receiving such written notice and opinion, the Company, as promptly as
practicable, shall notify such holder whether such holder may sell or otherwise
dispose of this Warrant or such Warrant Shares, strictly in accordance with the
terms of the notice delivered to the Company. If a determination has been made
pursuant to this Section 7(b) that the opinion of counsel for the holder is not
reasonably satisfactory to the Company, the Company shall so notify the holder
promptly after such determination has been made. The Company may issue stop
transfer instructions to its transfer agent or, if acting as its own transfer
agent, the Company may stop transfer on its corporate books, in connection with
such restrictions.

        8. Rights as Stockholders; Information.

        No holder of this Warrant, as such, shall be entitled to vote or receive
dividends or be deemed the holder of Common Stock or any other securities of the
Company which may at any

                                       8
<PAGE>   9

time be issuable on the exercise hereof for any purpose, nor shall anything
contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a stockholder of the Company or any right to vote for
the election of the directors or upon any matter submitted to stockholders at
any meeting thereof, or to receive notice of meetings, or to receive dividends
or subscription rights or otherwise, until this Warrant shall have been
exercised and the Warrant Shares purchasable upon the exercise hereof shall have
become deliverable, as provided herein.

        9. Modification and Waiver.

        This Warrant and any provision hereof may be changed, waived, discharged
or terminated only by an instrument in writing signed by the party against which
enforcement of the same is sought.

        10. Notices.

        Unless otherwise specifically provided herein, all communications under
this Warrant shall be in writing and shall be deemed to have been duly given (i)
on the date of service if served personally on the party to whom notice is to be
given, (ii) on the day of transmission if sent by facsimile transmission to a
number provided to a party specifically for such purposes, and telephonic
confirmation of receipt is obtained promptly after completion of transmission,
(iii) on the day after delivery to Federal Express or similar overnight courier,
or (iv) on the fifth day after mailing, if mailed to the party to whom notice is
to be given, by first class mail, registered or certified, postage prepaid, and
properly addressed, return receipt requested, to each such holder at its address
as shown on the books of the Company or to the Company at the address indicated
therefor on the signature page of this Warrant. Any party hereto may change its
address for purposes of this Section 10 by giving the other party written notice
of the new address in the manner set forth herein.

        11. Binding Effect on Successors.

        This Warrant shall be binding upon any corporation succeeding the
Company by merger, consolidation or acquisition of all or substantially all of
the Company's assets, and all of the obligations of the Company relating to the
Common Stock issuable upon the exercise or conversion of this Warrant shall
survive the exercise, conversion and termination of this Warrant and all of the
covenants and agreements of the Company shall inure to the benefit of the
successors and assigns of the holder hereof. The Company will, at the time of
the exercise or conversion of this Warrant, in whole or in part, upon request of
the holder hereof but at the Company's expense, acknowledge in writing its
continuing obligation to the holder hereof in respect of any rights to which the
holder hereof shall continue to be entitled after such exercise or conversion in
accordance with this Warrant; provided, that the failure of the holder hereof to
make any such request shall not affect the continuing obligation of the Company
to the holder hereof in respect of such rights.

                                       9
<PAGE>   10

        12. Lost Warrants or Stock Certificates.

        The Company covenants to the holder hereof that, upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant or any stock certificate and, in the case of any
loss, theft or destruction, upon receipt of an executed lost securities bond or
indemnity reasonably satisfactory to the Company, or in the case of any such
mutilation upon surrender and cancellation of such Warrant or stock certificate,
the Company will make and deliver a new Warrant or stock certificate, of like
tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock
certificate and the holder who receives such new Warrant or stock certificate
shall pay all reasonable out of pocket expenses incurred by the Company in
connection with the surrender and cancellation of a Warrant or stock certificate
and subsequent delivery of a new Warrant or stock certificate.

        13. Descriptive Headings.

        The descriptive headings of the several paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this Warrant.

        14. Governing Law.

        The validity, interpretation and performance of this Warrant shall be
governed by, and construed in accordance with, the laws of the State of
California applicable to contracts made and to be performed entirely within such
State, regardless of the law that might be applied under principles of conflicts
of law.

        15. Survival of Representations and Warranties.

        Each of the respective representations and warranties of the Company and
the holder hereof contained herein shall survive the Date of Grant for two
years.

        17. Acceptance.

        Receipt of this Warrant by the holder hereof shall constitute acceptance
of and agreement to the foregoing terms and conditions.

        18. No Impairment of Rights.

        The Company will not, by amendment of its Charter or through any other
means, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against
material impairment.

                                       10
<PAGE>   11

        19. Amendment.

        This Warrant may be amended by written agreement of the Company and
holders of 50% of the Warrant Shares, collectively on an as-exercised basis, and
such amendment shall be binding on all holders of this Warrant or Warrant
Shares.

                            [Signature page follows]

                                       11
<PAGE>   12

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

Dated:  as of  April 30, 2000

                                            VENTURE CATALYST INCORPORATED

                                            By:  /s/  Kevin McIntosh
                                               ---------------------------------
                                               Name:  Kevin McIntosh
                                               Title:  VP & CFO

                                       12
<PAGE>   13

                                    EXHIBIT A

                               NOTICE OF EXERCISE

To:     VENTURE CATALYST INCORPORATED

        1. The undersigned hereby elects to purchase _____ shares of Common
Stock of ______________________ pursuant to the terms of the attached Warrant,
and tenders herewith payment of the purchase price of such shares in full.

        2. Please issue a certificate or certificates representing said shares
in the name of the undersigned or in such other name or names as are specified
below:

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

        3. The undersigned represents that the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.
In support thereof, the undersigned has executed an Investment Representation
Statement attached hereto as Schedule 1.

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

        4. Please issue a new Warrant for the unexercised portion of the
attached Warrant in the name of the undersigned or in such other name as is
specified below:

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

Date:
     --------------------

                                            By: (Warrantholder)
                                                               -----------------
                                            Name: (Print)
                                                         -----------------------
                                            Its:
                                                --------------------------------

                                       13
<PAGE>   14

                                   Schedule 1

                       INVESTMENT REPRESENTATION STATEMENT

Purchaser:     Jonathan Ungar

Company:       VENTURE CATALYST INCORPORATED

Security:      Common Stock

Amount:        144,775

Date:          April 30, 2000

               In connection with the purchase of the above-listed securities
(the "SECURITIES"), the undersigned (the "PURCHASER") represents to the Company
as follows:

                        (a)     The Purchaser is aware of the Company's business
                                affairs and financial condition, and has
                                acquired sufficient information about the
                                Company to reach an informed and knowledgeable
                                decision to acquire the Securities. The
                                Purchaser is purchasing the Securities for its
                                own account for investment purposes only and not
                                with a view to, or for the resale in connection
                                with, any "distribution" thereof for purposes of
                                the Securities Act of 1933, as amended (the
                                "ACT").

                        (b)     The Purchaser understands that the Securities
                                have not been registered under the Act in
                                reliance upon a specific exemption therefrom,
                                which exemption depends upon, among other
                                things, the bona fide nature of the Purchaser's
                                investment intent as expressed herein. In this
                                connection, the Purchaser understands that, in
                                the view of the Registrable Securities and
                                Exchange Commission ("SEC"), the statutory basis
                                for such exemption may be unavailable if the
                                Purchaser's representation was predicated solely
                                upon a present intention to hold these
                                Securities for the minimum capital gains period
                                specified under applicable tax laws, for a
                                deferred sale, for or until an increase or
                                decrease in the market price of the Securities,
                                or for a period of one year or any other fixed
                                period in the future.

                        (c)     The Purchaser further understands that the
                                Securities must be held indefinitely unless

                                        1
<PAGE>   15

                                subsequently registered under the Act or unless
                                an exemption from registration is otherwise
                                available. In addition, the Purchaser
                                understands that the certificate evidencing the
                                Securities will be imprinted with the legend
                                referred to in the Warrant under which the
                                Securities are being purchased.

                        (d)     The Purchaser is aware of the provisions of Rule
                                144 and 144A, promulgated under the Act, which,
                                in substance, permit limited public resale of
                                "restricted securities" acquired, directly or
                                indirectly, from the issuer thereof (or from an
                                affiliate of such issuer), in a non-public
                                offering subject to the satisfaction of certain
                                conditions, if applicable, including, among
                                other things: The availability of certain public
                                information about the Company, the resale
                                occurring not less than one (1) year after the
                                party has purchased and paid for the securities
                                to be sold; the sale being made through a broker
                                in an unsolicited "broker's transaction" or in
                                transactions directly with a market maker (as
                                said term is defined under the Securities
                                Exchange Act of 1934, as amended) and the amount
                                of securities being sold during any three-month
                                period not exceeding the specified limitations
                                stated therein.

                        (e)     The Purchaser further understands that at the
                                time it wishes to sell the Securities there may
                                be no public market upon which to make such a
                                sale, and that, even if such a public market
                                then exists, the Company may not be satisfying
                                the current public information requirements of
                                Rule 144 and 144A, and that, in such event, the
                                Purchaser may be precluded from selling the
                                Securities under Rule 144 and 144A even if the
                                one-year minimum holding period had been
                                satisfied.

                        (f)     The Purchaser further understands that in the
                                event all of the requirements of Rule 144 and
                                144A are not satisfied, registration under the
                                Act, compliance with Regulation A, or some other
                                registration exemption will be required; and
                                that, notwithstanding the fact that Rule 144 is
                                not exclusive, the Staff of the SEC has
                                expressed its opinion that persons proposing to
                                sell private

                                        2
<PAGE>   16

                                placement securities other than in a registered
                                offering and otherwise than pursuant to Rule 144
                                will have a substantial burden or proof in
                                establishing that an exemption from registration
                                is available for such offers or sales, and that
                                such persons and their respective brokers who
                                participate in such transactions do so at their
                                own risk.

                                            Purchaser:

                                            By:  /s/ Jonathan Ungar
                                               ---------------------------------
                                               Jonathan Ungar

                                       3

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