Document:

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                                                                    EXHIBIT 10.4

        THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN
A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933 (THE "ACT"), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY
NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION PROVIDED BY RULE 144A
UNDER THE ACT. THE HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT OF
THE ISSUER THAT (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED,
ONLY (1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE ACT IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR IN ACCORDANCE WITH RULE
144 UNDER THE ACT, OR PURSUANT TO ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT (AND BASED UPON AN OPINION OF COUNSEL), (b) TO THE
ISSUER OR ANY OF ITS SUBSIDIARIES, (c) OUTSIDE THE UNITED STATES IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE ACT OR (d) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND (2) IN EACH CASE, IN
ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE NOTE EVIDENCED
HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE.

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                          WOMEN FIRST HEALTHCARE, INC.
                               SENIOR SECURED NOTE
                             DUE SEPTEMBER 30, 2005

No. [Note Number]                                                June 25, 2002
$[Amount]

                  FOR VALUE RECEIVED, the undersigned, WOMEN FIRST HEALTHCARE,
INC. (the "Company"), a corporation organized and existing under the laws of the
State of Delaware, hereby promises to pay to [NOTE HOLDER], or its registered
assigns, the principal sum of [AMOUNT] DOLLARS on September 30, 2005, with
interest (computed on the basis of a 360-day year of twelve months) on the
unpaid balance hereof at the initial rate of 11.0% per annum, payable quarterly
in arrears on March 31, June 30, September 30 and December 31 of each year (an
"Interest Payment Date"), commencing on September, 30 2002, to the registered
holder of this Note on the fifteenth day preceding each Interest Payment Date,
until the principal hereof shall have become due and payable. Payments of
principal and interest hereon shall be made in lawful money of the United States
of America by the method and at the address for such purpose specified in the
Securities Purchase Agreement (as defined below). To the extent any of the Notes
remain outstanding after 18 months after the first issuance of the Notes, the
per annum interest rate shall increase on the basis of the following schedule:

       Months after Date of Closing                  Interest rate shall be:
       ----------------------------                  ----------------------
                       18-24 months                          12.5%
                       24-42 months                          13.0%

The interest rate for any period during which the Notes are outstanding will be
determined on the first day of the period during which such rate shall apply,
i.e. on the Date of Closing and on each Interest Payment Date thereafter. If the
Company shall default in the payment of the principal of or interest on any Note
or any other amount becoming due hereunder or thereunder, by acceleration or
otherwise, the Company shall on demand from time to time pay interest, to the
extent permitted by law, on such defaulted amount to but excluding the date of
actual payment (after as well as before judgment) at the rate otherwise
applicable to such Note plus 2.00% per annum.

                  Payments of principal of and interest on this Note are to be
made pursuant to the terms of the Note and Warrant Purchase Agreement, in lawful
money of the United States of America (or Additional Notes with respect to
payments of interest only).

                  This Note is one of a series of Senior Secured Notes (the
"Notes") issued pursuant to that certain Note and Warrant Purchase Agreement,
dated as of June 25, 2002, be

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tween the Company and the Purchasers (the "Securities Purchase Agreement").
Certain capitalized terms used herein have the meanings specified in the
Securities Purchase Agreement. The holder of this Note is entitled to the
applicable benefits of the Securities Purchase Agreement and may enforce such
agreements and exercise the remedies provided for thereby or otherwise available
in respect thereof, all in accordance with and subject to the terms thereof.

               This Note is a registered Note and, as provided in the Securities
Purchase Agreement, upon surrender of this Note for registration of transfer,
duly endorsed, or accompanied by a written instrument of transfer duly executed,
by the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company shall not be affected by any notice to
the contrary.

               The Company's obligations under this Note are secured by a Lien
in favor of the Collateral Agent for the benefit of the Noteholders.

               This Note is subject to optional and mandatory redemption, in
whole or from time to time in part, during the periods and on the terms
specified in the Securities Purchase Agreement.

               If an Event of Default shall occur and be continuing, the
principal of this Note may be declared or otherwise become due and payable in
the manner and with the effect provided in the Securities Purchase Agreement.

               Should any indebtedness represented by this Note be collected at
law or in equity, or in bankruptcy or other proceedings, or should this Note be
placed in the hands of attorneys for collection, the Company agrees to pay, in
addition to the principal, premium, if any, and interest due and payable hereon,
all costs of collecting or attempting to collect this Note, including reasonable
attorneys' fees and expenses (including those incurred in connection with any
appeal).

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               This Note shall be governed by, and construed and enforced in
accordance with, the laws of the State of New York, without regard to the
principles of conflicts of law.

                                   WOMEN FIRST HEALTHCARE, INC.

                                   By:         /s/ Charles M. Caporale
                                          -------------------------------------
                                          Name:  Charles M. Caporale
                                          Title:  Chief Financial Officer

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Schedule to Exhibit 10.4

The following Senior Secured Notes were issued by the Company in the foregoing
form:

        ---------------------------------------------------------------------
              Note Number           Note Holder            Principal Amount
              -----------           -----------            ----------------
        ---------------------------------------------------------------------
        No. 1             CIBC WMC, Inc.                     $13,000,000
        ---------------------------------------------------------------------
        No. 2             Whitney Private Debt Fund           $7,500,000
        ---------------------------------------------------------------------
        No. 3             J.H. Whitney Mezzanine Fund, L.P.   $7,500,000
        ---------------------------------------------------------------------<PAGE>

                                                                    EXHIBIT 10.5

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

                                     Right to Purchase [AMOUNT] Shares of Common
                                     Stock of Women First HealthCare, Inc.

                          WOMEN FIRST HEALTHCARE, INC.

                          Common Stock Purchase Warrant

No. W-[WARRANT NUMBER]

                  WOMEN FIRST HEALTHCARE, INC., a Delaware corporation (the
"Company"), hereby certifies that, for value received, [WARRANT HOLDER] or
registered assigns (the "Holder"), is entitled, subject to the terms set forth
below, to purchase from the Company at any time or from time to time after the
date hereof, and before 5:00 p.m., New York City time, on the Expiration Date
(as hereinafter defined), [AMOUNT] fully paid and nonassessable shares of Common
Stock (as hereinafter defined) at a purchase price per share equal to the
Purchase Price (as hereinafter defined). The number of such shares of Common
Stock and the Purchase Price are subject to adjustment as provided in this
Warrant.

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

                  "Additional Shares of Common Stock" shall mean all shares of
Common Stock issued (or, pursuant to Section 3(b) below, deemed to be issued) by
the Company after the Issuance Date, other than shares of Common Stock, Options,
Rights to Acquire Common Stock or Convertible Securities: (i) issued to
employees, officers or directors of, or consultants or advisors to the Company
or any of its subsidiaries, pursuant to stock purchase or stock option plans or
other arrangements that are approved by the Board of Directors of the Company
for the purpose of compensation or similar payment in connection with employment
or services rendered to the Company or its Subsidiaries and (ii) issued upon
exercise of any Options, Rights to Acquire Common Stock or Convertible
Securities outstanding on the date hereof.

                  "Affiliate" of any specified person means any other person
which directly or indirectly through one or more intermediaries controls or is
controlled by, or is under common control with, such specified person. For the
purposes of this definition, "control" (including with correlative meanings, the
terms "controlling," "controlled by" and "under common control with") as used
with respect to any person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
person, whether through the ownership of voting securities, by agreement or
otherwise; provided, however, that beneficial ownership of at least 10% of the
voting securities of a person shall be deemed to be control.

                  A "Business Day" is a day that is not a Legal Holiday. A
"Legal Holiday" is a Saturday, a Sunday, a federally-recognized holiday or a day
on which banking institutions are not required to be open in the State of New
York.

                  "Common Stock" means the Company's Common Stock, $.001 par
value per share, as authorized on the date hereof, and any other securities into
which or for which the Common Stock may be con-

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verted or exchanged pursuant to a plan of recapitalization, reorganization,
merger, amalgamation, sale of assets or otherwise.

          "Common Stock Equivalents" means (a) an outstanding share of Common
Stock, which shall be deemed to equal one Common Stock Equivalent, (b) an
outstanding security that is, at the time in question, convertible by its terms
into Common Stock, with such security to be deemed to equal to number of Common
Stock Equivalents that equal the amount of shares of Common Stock into which it
is then so convertible, (c) an outstanding option, warrant or right to acquire
Common Stock that is, at the time in question, exercisable by its terms for
Common Stock, with such option, warrant or right to be deemed to be equal to the
number of Common Stock Equivalents that equals the number of shares of Common
Stock for which it is then so exercisable, and (d) an outstanding option,
warrant or right that is, at the time in question, exercisable by its terms for
a security that, at the time in question, is convertible by its terms in to
Common Stock, with such option, warrant or right to be deemed to be equal to the
number of Common Stock Equivalents that equals the number of shares of common
stock for which the convertible securities for which they are then exercisable
would then be convertible; provided, however, that, to the extent an option,
warrant, right or convertible security described above is exercisable or
convertible at a price that is greater than the fair market value of Common
Stock at the time in question it shall not be deemed to be a Common Stock
Equivalent.

          "Company" shall include Women First HealthCare, Inc. and any
corporation that shall succeed to or assume the obligation of Women First
HealthCare, Inc. hereunder in accordance with the terms hereof.

          "Convertible Securities" shall mean any evidences of indebtedness,
shares or other securities directly or indirectly convertible into or
exchangeable for Common Stock other than those described in the definition of
"Options," excluding such evidences of indebtedness, shares or other securities
issued to current or former employees, directors or consultants of the Company
or any of its Subsidiaries as approved by the Board of Directors or pursuant to
plans or arrangements approved by the Board for the purpose of compensation or
similar payment in connection with employment or services rendered to the
Company or its Subsidiaries.

          "Current Market Value" per share of Common Stock or of any other
security (herein collectively referred to as a "Security") at any date shall be:

          (a)  if the Security is not registered under the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), (i) the value of the Security
determined in good faith by the board of directors of the Company and certified
in a board resolution, based on the most recently completed arm's length
transaction between the Company and a person other than an Affiliate of the
Company and the closing of which occurs on such date or shall have occurred
within the six months preceding such date or (ii) if no such transaction shall
have occurred on such date or within such six-month period, the value of the
Security determined as of a date within 30 days preceding such date by an
Independent Financial Expert, or

          (b)  if the Security is registered under the Exchange Act, the average
of the daily closing sales prices of such Security for 15 consecutive Trading
Days immediately preceding such date, but only if such Security shall have been
listed on a national securities exchange or the Nasdaq National Market or traded
through an automated quotation system during such entire 15 Trading Day period;
provided that for purposes of net issuance computations pursuant to Section 1.2,
Current Market Value shall be computed by reference to the 5 consecutive Trading
Days immediately preceding the date of such computation, and for purposes of
applying the adjustment provisions of Section 3(c) in the context of an
underwritten public offer-

                                      -2-

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ing or private placement of Common Stock in which the purchasers receive
registration rights (commonly referred to as a private investment in public
equity), Current Market Value shall equal 90% of the average of the daily
closing sales prices of such Security for 5 consecutive Trading Days immediately
preceding the date of the underwriting agreement or share purchase agreement for
such underwritten public offering or private placement in public equity, as the
case may be.

          The "closing sales price" for any Security on each Trading Day means
the closing sales price, regular way, on such day on the principal exchange on
which such Security is traded, or if no sale takes place on such day, the
average of the closing bid and asked prices on such day.
          "Expiration Date" means December 31, 2006.

          "Fully Diluted Shares" shall mean (i) the shares of Common Stock
outstanding as of a specified date, and (ii) the shares of Common Stock into or
for which rights, options, warrants or other securities outstanding as of such
date are exercisable or convertible.

          "Independent Financial Expert" shall mean any nationally recognized
investment banking firm that is not an Affiliate of the Company. Any such person
may receive customary compensation and indemnification by the Company for
opinions or services it provides as an Independent Financial Expert

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

          "Option" shall mean rights, options or warrants to subscribe for,
purchase or otherwise acquire Common Stock or Convertible Securities, excluding
such rights, options or warrants issued to employees, directors or consultants
of the Company as approved by the Board of Directors or pursuant to plans or
arrangements approved by the Board of Directors for the purpose of compensation
or similar payment in connection with employment or services rendered to the
Company or its Subsidiaries.

          "Other Securities" refers to any shares (other than shares of Common
Stock) and other securities of the Company or any other person (corporate or
otherwise) which the Holder at any time shall be entitled to receive, or shall
have received, on the exercise of this Warrant, in lieu of or in addition to
shares of Common Stock, or which at any time shall be issuable or shall have
been issued in exchange for or in replacement of shares of Common Stock or Other
Securities pursuant to Section 3(l).

          "Permitted Transferee" means any person (1) who is an "accredited
investor" as defined in Regulation D under the Securities Act, and (2) who is to
be transferred Warrants to purchase at least 100,000 shares of Common Stock.

          "Purchase Price" shall mean $5.50 per share, subject to adjustment as
provided in this Warrant.

          "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of June 25, 2002, by and among the Company and the
purchasers named on the signature page thereto, as amended from time to time in
accordance with its terms.

          "Rights to Acquire Common Stock" (or "Rights") shall mean all rights
issued by the Company to acquire Common Stock whether by exercising of a
warrant, option or similar call, or conversion of any existing instruments, in
either case for consideration fixed, in amount or by formula, as of the date of
issuance, excluding rights issued pursuant to any shareholder rights plan of the
Company, such rights issued

                                      -3-

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to current or former employees, directors or consultants of the Company as
approved by the Board of Directors or pursuant to plans or arrangements approved
by the Board of Directors for the purpose of compensation or similar payment in
connection with employment or services rendered to the Company or its
Subsidiaries.

          "Securities Purchase Agreement" means the Note and Warrant Purchase
Agreement, dated as of June 25, 2002, by and among the Company and the
purchasers named on the signature page thereto, as amended from time to time in
accordance with its terms.

          "Subsidiary" shall mean any corporation or other entity of which a
Person owns, directly or indirectly, that number of shares of voting capital
stock which has the power to elect a majority of the Board of Directors or other
governing body.

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

          1.  Exercise of Warrant.

          1.1 Exercise. This Warrant may be exercised by the Holder hereof in
full or in part at any time or from time to time during the exercise period
specified in the first paragraph hereof until the Expiration Date by surrender
of this Warrant and the subscription form annexed hereto (duly executed by the
Holder), to the Company and by making payment, in cash or by certified or
official bank check payable to the order of the Company, in the amount obtained
by multiplying (a) the number of shares of Common Stock designated by the Holder
in the subscription form by (b) the Purchase Price then in effect. On any
partial exercise the Company will forthwith issue and deliver to or upon the
order of the Holder hereof a new Warrant or Warrants of like tenor, in the name
of the Holder hereof or, subject to Section 7 hereof as the Holder (upon payment
by the Holder of any applicable transfer taxes) may request, providing in the
aggregate on the face or faces thereof for the purchase of the number of shares
of Common Stock for which such Warrant or Warrants may still be exercised.

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

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

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

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

          A = the Current Market Value (as defined below) per share of Common
              Stock

          B = the Purchase Price

                                      -4-

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          1.3. Certain Limitations. Notwithstanding anything to the contrary
contained herein, in no event shall the Company be required by the provisions
hereof to issue shares of Common Stock upon exercise of this Warrant in an
amount which, when taken together with the aggregate number of shares of Common
Stock that would then be issuable upon exercise of any Warrant and upon
conversion of all outstanding shares of Series A Preferred Stock, together with
any shares of Common Stock previously issued upon exercise of any Warrant or
conversion of shares of Series A Preferred Stock, would exceed 19.9% of the
number of shares of Common Stock outstanding on the Issue Date (the "Issuable
Maximum"), unless Shareholder Approval has been obtained. "Shareholder Approval"
means the approval by a majority of the total votes cast on the proposal, in
person or by proxy, at a meeting of the shareholders of the Company held in
accordance with the Company's by-laws, of the issuance by the Company of shares
of Common Stock exceeding the Issuable Maximum as a consequence of the exercise
of the Warrants for shares of Common Stock or the conversion of shares of Series
A Preferred Stock into shares of Common Stock at a price less than the greater
of the book or market value on the Issue Date as and to the extent required
pursuant to Rule 4350(i) of the Nasdaq Stock Market, as applicable.

          2.   Delivery of Stock Certificates, etc., on Exercise. As soon as
practicable after the exercise of this Warrant, and in any event within three
Trading Days thereafter, the Company at its expense (including the payment by it
of any applicable issue or stamp taxes) will cause to be issued in the name of
and delivered to the Holder hereof, or, subject to Section 14 hereof, as the
Holder (upon payment by the Holder of any applicable transfer taxes) may direct,
the number of fully paid and nonassessable shares of Common Stock (or Other
Securities) to which the Holder shall be entitled on such exercise, in such
denominations as may be requested by the Holder and a certificate or
certificates therefor, plus, in lieu of any fractional share to which the Holder
would otherwise be entitled, cash equal to such fraction multiplied by the then
Current Market Value of one full share, together with any other stock or other
securities any property (including cash, where applicable) to which the Holder
is entitled upon such exercise pursuant to Section 1 or otherwise. Upon exercise
of this Warrant as provided herein, the Company's obligation to issue and
deliver the certificates for shares of Common Stock shall be absolute and
unconditional, irrespective of the absence of any action by the Holder to
enforce the same, any waiver or consent with respect to any provision thereof,
the recovery of any judgment against any person or any action to enforce the
same, any failure or delay in the enforcement of any other obligation of the
Company to the Holder, or any setoff, counterclaim, recoupment, limitation or
termination, or any breach or alleged breach by the Holder or any other person
of any obligation to the Company, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in
connection with such exercise. If the Company fails to issue and deliver the
certificates for the shares of Common Stock to the Holder pursuant to the first
sentence of this paragraph as and when required to do so, in addition to any
other liabilities the Company may have hereunder and under applicable law, the
Company shall pay or reimburse the Holder on demand for all reasonable
out-of-pocket expenses including, without limitation, fees and expenses of legal
counsel incurred by the Holder as a result of such failure.

          3.   Adjustment of Purchase Price and Number of Warrant Shares
Issuable. The Purchase Price and the number of shares of Common Stock issuable
upon the exercise of each Warrant (the "Exercise Rate") is subject to adjustment
from time to time upon the occurrence of the events enumerated in this Section
3.

          (a)  Adjustment for Change in Capital Stock. If the Company:

          (1)  pays a dividend or makes a distribution on its Common Stock in
     shares of its Common Stock or other capital stock of the Company; or

                                      -5-

<PAGE>

          (2) subdivides, combines or reclassifies its outstanding shares of
Common Stock,

then the Exercise Rate in effect immediately prior to such action shall be
proportionately adjusted so that the Holder of any Warrant thereafter exercised
may receive the aggregate number and kind of shares of capital stock of the
Company which such Holder would have owned immediately following such action if
such Warrant had been exercised immediately prior to such action and the
Purchase Price in effect immediately prior to such action shall be adjusted to a
price determined by multiplying the Purchase Price in effect immediately prior
to such action by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding before giving effect to such action and the
denominator of which shall be the number of shares of Common Stock and/or such
other capital stock outstanding referred to in the foregoing clause (a)(1) after
giving effect to such action.

          The adjustment shall become effective immediately after the record
date in the case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or reclassification.

          If after an adjustment a Holder of a Warrant upon exercise of it may
receive shares of two or more classes of capital stock of the Company, the board
of directors of the Company shall determine the allocation of the adjusted
Purchase Price between the classes of capital stock. After such allocation, the
exercise privilege and the Purchase Price of each class of capital stock shall
thereafter be subject to adjustment on terms comparable to those applicable to
Common Stock in this Section 3.

          Such adjustment shall be made successively whenever any event listed
above shall occur.

          (b)   Issuance of Securities Deemed Issuance of Additional Shares of
Common Stock. If the Company at any time or from time to time after the Issuance
Date issues any Options or Convertible Securities or Rights to Acquire Common
Stock, then the maximum number of shares of Common Stock (as set forth in the
instrument relating thereto without regard to any provision contained therein
for a subsequent adjustment of such number) issuable upon the exercise of such
Options or Rights to Acquire Common Stock or, in the case of Convertible
Securities, issuable upon the conversion or exchange of such Convertible
Securities, in each case, on the date of their issuance, shall be deemed to be
the number of Additional Shares of Common stock issued as of the time of such
issue; provided, however, that in any such case:

          (i)   no further adjustment in the Exercise Rate or Purchase Price
shall be made upon the subsequent issuance of shares of Common Stock upon the
exercise of such Options or Rights to Acquire Common Stock or upon the
conversion or exchange of such Convertible Securities;

          (ii)  upon the expiration or termination of any unexercised Option,
Right to Acquire Common Stock or Convertible Security (in each case, in whole or
in part), the Exercise Rate and Purchase Price shall be adjusted immediately to
reflect the applicable Exercise Rate and Purchase Price which would have been in
effect had such Option, Right to Acquire Common Stock or Convertible Security
(to the extent outstanding immediately prior to such expiration or termination)
never been issued;

          (iii) if with respect to any Option, Right to Acquire Common Stock or
Convertible Security, there shall have been an increase or decrease, with the
passage of time or otherwise, in the consideration (determined pursuant to
Section 3(c) below) payable upon the exercise, conversion or exchange thereof,
then the Exercise Rate and Purchase Price then in effect shall be readjusted by
(x) treating the Additional Shares of Common Stock, if any, actually issued or
issuable pursuant to the previous exercise of such Option, Right to Acquire
Common Stock or Convertible Security as having been issued or issuable for the
consideration

                                      -6-

<PAGE>

actually received and receivable therefor and (y) treating any Option, Right to
Acquire Common Stock or Convertible Security which remains outstanding as being
subject to exercise, conversion or exchange on the basis of such revised
consideration payable as shall be in effect at such time; and

          (iv) in the event of any change in the number of shares of Common
Stock issuable upon the exercise, conversion or exchange of any Option, Right or
Convertible Security, including, but not limited to, a change resulting from the
anti-dilution provisions thereof, the Exercise Rate and Purchase Price then in
effect shall forthwith be readjusted to such Exercise Rate and Purchase Price as
would have been obtained had the adjustments to the Exercise Rate and Purchase
Price that were originally made upon the issuance of such Option, Right to
Acquire Common Stock or Convertible Security which were not exercised, converted
or exchanged prior to such change been made upon the basis of such change, but
no further adjustment shall be made for the actual issuance of Common Stock upon
the exercise or conversion of any such Option, Right to Acquire Common Stock or
Convertible Security.

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

          (A)  Cash and Property. Such consideration shall:

               (1) insofar as it consists of cash, be computed as the aggregate
          of cash received by the Company;

               (2) insofar as it consists of property other than cash (subject
          to subsection (3) below), be computed at the fair market value thereof
          at the time of such issue, as determined in good faith by the Board of
          Directors;

               (3) insofar as it consists of securities, be computed as follows:
          the closing price per share of such securities on the principal
          securities market on which such securities may at the time be listed
          or, if on such day such securities are not so listed, the closing sale
          price on the Nasdaq National Market, or, if on such day such
          securities are not quoted on the Nasdaq National Market, the average
          of the highest bid and lowest asked price on such day in the domestic
          over-the-counter market as reported by the National Quotation Bureau,
          Incorporated, or any similar successor organization, in each such case
          averaged over a period of 15 consecutive Trading Days consisting of
          the day as of which the current fair market value of such securities
          is being determined (or if such day is not a Trading Day, the Trading
          Day next preceding such day) and the 14 consecutive Trading Days prior
          to such day. If on the date for which current fair market value is to
          be determined such securities are not listed on any securities
          exchange or quoted on the Nasdaq National Market or the
          over-the-counter market, the current fair market value of such
          securities shall be the highest price per share which the Company
          could then obtain from a willing buyer (not a current employee or
          director) for such securities sold by the Company, from authorized but
          unissued shares, as determined in good faith by the Board of Directors
          of the Company, unless prior to such date the Company has become
          subject to a merger, acquisition or other consolidation pursuant to
          which the Company is not the surviving party, in which case the
          current fair market value of such securities shall be deemed to be the
          value received by the holders of such securities for each share
          thereof pursuant to the Company's acquisition; and

                                      -7-

<PAGE>

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

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

               (1)  the total amount, if any, received or receivable by the
          Company as consideration for the issuance of such Options, Rights or
          Convertible Securities, plus the aggregate amount of additional
          consideration expected to be payable to the Company (as determined in
          good faith by the Board of Directors) upon the exercise of such
          Options or Rights to Acquire Common Stock or upon the conversion or
          exchange of such Convertible Securities, by

               (2)  the maximum number of shares of Common Stock issuable upon
          the exercise of such Options or Rights to Acquire Common Stock or upon
          the conversion or exchange of such Convertible Securities.

          (d)  Adjustment of Exercise Rate and Purchase Price upon Issuance of
Additional Shares of Common Stock. If the Company shall at any time after the
Issuance Date issue Additional Shares of Common Stock (including Additional
Shares of Common Stock deemed to be issued pursuant to Section 3(b), but
excluding shares issued as a dividend or distribution or upon a stock split or
combination as provided in Section 3(a)), without consideration or for
consideration per share of less than the Current Market Value per share, then
and in such event, the Purchase Price shall be adjusted in accordance with the
formula:

                                             N x P
                                             -----
                                EP' = EP x O + M
                                           ------
                                            O + N

where:

          EP' =  the adjusted Purchase Price.

          EP  =  the Purchase Price immediately prior to such issuance or sale.

          O   =  the number of Fully Diluted Shares outstanding immediately
                 prior to such issuance or sale.

          N   =  the number of Additional Shares of Common Stock issued or sold.

          P   =  the per share price received by the Company in the case of any
                 issuance or sale of Additional Shares of Common Stock.

          M   =  the Current Market Value per share of Common Stock at the time
                 of such issuance or sale.

and the Exercise Rate shall be adjusted in accordance with the following
formula:

                                      -8-

<PAGE>

                                   E'  =    E x EP
                                          -----------
                                              EP'

where:

               E'  =  the adjusted Exercise Rate.

               E   =  the Exercise Rate in effect immediately prior to such
                      issuance.

               EP' =  the adjusted Purchase Price.

               EP  =  the Purchase Price in effect immediately prior to such
                      issuance.

               (e)  Adjustment for Rights Issue. If the Company distributes to
all holders of its Common Stock any Rights or Convertible Securities with an
exercise price or conversion price, as the case may be, at a price per share
less than the Current Market Value on the record date for determining
entitlements of holders of Common Stock to participate in such distribution (the
"Time of Determination"), the Purchase Price shall be adjusted in accordance
with the formula:

                                                  N x P
                                                  -----
                                EP' = EP  x  O  +  M
                                             -------
                                               O + N

and the Exercise Rate shall be adjusted in accordance with the following
formula:

                                   E'  =  E x EP
                                         ----------
                                            EP'

where:

               E'  = the adjusted Exercise Rate.

               E   = the Exercise Rate in effect immediately prior to such
                     issuance.

               EP' = the adjusted Purchase Price.

               EP  = the Purchase Price in effect immediately prior to such
                     issuance.

               O   = the number of Fully Diluted Shares (as defined below)
                     outstanding immediately prior to the Time of Determination
                     for any such distribution.

               N   = the number of Additional Shares of Common Stock issuable
                     upon exercise of such Rights or Convertible Securities.

                                      -9-

<PAGE>

               P = the per share price receivable by the Company upon exercise
                   of such Rights or Convertible Securities.

               M = the Current Market Value per share of Common Stock on the
                   Time of Determination for any such distribution.

               (f) Adjustment for Other Distributions. If the Company
distributes to all holders of its Common Stock (i) any evidences of indebtedness
of the Company or any of its subsidiaries, (ii) any assets of the Company or any
of its subsidiaries, or (iii) any rights, options or warrants to acquire any of
the foregoing or to acquire any other securities of the Company, the Exercise
Rate shall be adjusted in accordance with the formula:

                                   E' = E x M
                                        ------
                                        M - F

and the Purchase Price shall be decreased (but not increased) in accordance with
the following formula:

                                  EP' = EP x E
                                        ------
                                         E'
where:

               E'  = the adjusted Exercise Rate.

               E   = the current Exercise Rate on the record date for the
                     distribution referred to in this paragraph (f).

               EP' = the adjusted Purchase Price.

               EP  = the current Purchase Price on the record date for the
                     distribution referred to in this paragraph (f).

               M   = the Current Market Value per share of Common Stock on the
                     record date for the distribution referred to in this
                     paragraph (f).

               F   = the fair market value (as determined in good faith by the
                     Company's board of directors) on the record date for the
                     distribution referred to in this paragraph (f) of the
                     indebtedness, assets, rights, options or warrants
                     distributable in respect of one share of Common Stock.

               The adjustments shall be made successively whenever any such
distribution is made and shall become effective immediately after the record
date for the determination of stockholders entitled to receive the distribution.
If any adjustment is made pursuant to clause (iii) above of this subsection (f)
as a result of the issuance of rights, options or warrants and at the end of the
period during which any such rights, options or warrants are exercisable, not
all such rights, options or warrants shall have been exercised, the Warrant
shall be immediately readjusted as if "F" in the above formula was the fair
market value on the record date of the indebtedness or assets actually
distributed upon exercise of such rights, options or warrants divided by the
number of shares of Common Stock outstanding on the record date. Notwithstanding
any-

                                      -10-

<PAGE>

thing to the contrary contained in this subsection (d), if "M-F" in the above
formula is less than $1.00 (or is a negative number) then in lieu of the
adjustment otherwise required by this subsection (d), the Company may elect to
distribute to the holders of the Warrants, upon exercise thereof, the evidences
of indebtedness, assets, rights, options or warrants which would have been
distributed to such holders had such warrants been exercised immediately prior
to the record date for such distribution.

               This subsection does not apply to Rights, Options or Convertible
Securities referred to in subsection (e) of this Section 3.

               (g) When De Minimis Adjustment May Be Deferred. No adjustment in
the Exercise Rate and Purchase Price need be made unless the adjustment would
require an increase or decrease of at least 1% in the Exercise Rate and Purchase
Price. Notwithstanding the foregoing, any adjustments that are not made shall be
carried forward and taken into account in any subsequent adjustment, provided
that no such adjustment shall be deferred beyond the date on which a Warrant is
exercised.

               All calculations under this Section 3 shall be made to the
nearest cent or to the nearest 1/100th of a share, as the case may be.

               (h) When No Adjustment Required. If an adjustment is made upon
the establishment of a record date for an issuance, sale or distribution subject
to subsection (a), (e) or (f) hereof and such issuance, sale or distribution is
subsequently cancelled or is not otherwise made, the Exercise Rate and/or
Purchase Price then in effect shall be readjusted, effective as of the date when
the board of directors of the Company determines to cancel such issuance, sale
or distribution or when it is otherwise evident that such issuance, sale or
distribution will not be so made, to that which would have been in effect if
such record date had not been fixed. If an adjustment would be required under
two or more of subsections (a), (e) and (f), such adjustments will be determined
without duplication.

               To the extent the Warrants become convertible into cash, no
adjustment need be made thereafter as to the amount of cash into which such
Warrants are exercisable. Interest will not accrue on the cash.

               (i) Notice of Adjustment. Whenever the Exercise Rate or Purchase
Price is adjusted, the Company shall provide the notices required by Section 13
hereof.

               (j) Voluntary Reduction. The Company from time to time may
increase the Exercise Rate or reduce the Purchase Price by any amount for any
period of time (including, without limitation, permanently) if the period is at
least 20 Business Days.

               An increase of the Exercise Rate or reduction in the Purchase
Price under this subsection (h) (other than a permanent increase) does not
change or adjust the Exercise Rate otherwise in effect for purposes of
subsections (a), (b), (c) or (d) of this Section 3.

               (k) When Issuance or Payment May Be Deferred. In any case in
which this Section 3 shall require that an adjustment in the Exercise Rate or
Purchase Price be made effective as of a record date for a specified event, the
Company may elect to defer until the occurrence of such event (i) issuing to the
Holder of any Warrant exercised after such record date the Warrant Shares and
other capital stock of the Company, if any, issuable upon such exercise over and
above the Warrant Shares and other capital stock of the Company, if any,
issuable upon such exercise on the basis of the Exercise Rate prior to such
adjustment, and (ii) paying to such Holder any amount in cash in lieu of a
fractional share pursuant to Section 2.

                                      -11-

<PAGE>

               (l) Reorganizations. In case of any capital reorganization, other
than in the cases referred to in Section 3(a), (b) or (c) hereof and other than
any capital reorganization that does not result in any reclassification of the
outstanding shares of Common Stock into shares of other stock or other
securities or property, or the consolidation or merger of the Company with or
into another corporation (other than a merger or consolidation in which the
Company is the continuing corporation and which does not result in any
reclassification of the outstanding shares of Common Stock into shares of other
stock or other securities or property), or the sale of all or substantially all
of the assets of the Company (collectively such actions being hereinafter
referred to as "Reorganizations"), there shall thereafter be deliverable upon
exercise of any Warrant (in lieu of the number of shares of Common Stock
theretofore deliverable) the number of shares of stock or other securities or
property to which a holder of the number of shares of Common Stock that would
otherwise have been deliverable upon the exercise of such Warrant would have
been entitled upon such Reorganization if such Warrant had been exercised in
full immediately prior to such Reorganization. In case of any Reorganization,
appropriate adjustment, as determined in good faith by the board of directors of
the Company, whose determination shall be described in a duly adopted resolution
certified by the Company's Secretary or Assistant Secretary, shall be made in
the application of the provisions herein set forth with respect to the rights
and interests of Holders so that the provisions set forth herein shall
thereafter be applicable, as nearly as possible, in relation to any such shares
or other securities or property thereafter deliverable upon exercise of
Warrants.

               The Company shall not effect any such Reorganization unless prior
to or simultaneously with the consummation thereof the successor corporation (if
other than the Company) resulting from such Reorganization or the corporation or
other entity purchasing such assets shall (i) expressly assume, by a
supplemental warrant agreement or other acknowledgment the obligation to deliver
to each such Holder such shares of stock, securities or assets as, in accordance
with the foregoing provisions, such Holder may be entitled to purchase, and the
due and punctual performance and observance of each and every covenant,
condition, obligation and liability under this Agreement to be performed and
observed by the Company in the manner prescribed herein and (ii) if such
Reorganization takes place prior to consummation by the Company of all of its
registration obligations under the Registration Rights Agreement, enter into an
agreement providing to the Holders rights and benefits substantially similar to
those enjoyed by the Holders under the Registration Rights Agreement of even
date herewith.

               The foregoing provisions of this Section 3(l) shall apply to
successive Reorganization transactions.

               (m)   Form of Warrants. Irrespective of any adjustments in the
number or kind of shares purchasable upon the exercise of the Warrants, Warrants
theretofore or thereafter issued may continue to express the same price and
number and kind of shares as are stated in the Warrants initially issuable
pursuant to this Agreement.

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

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

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

                                      -12-

<PAGE>

               (b) any capital reorganization of the Company, any
         reclassification or recapitalization of the capital stock of the
         Company or any transfer of all or substantially all of the assets of
         the Company to or consolidation, amalgamation or merger of the Company
         with or into any other person, or

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

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

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

               7. Transfer of Warrant. This Warrant may be transferred, in whole
or in part, only to Permitted Transferees. This Warrant shall inure to the
benefit of the successors to and permitted assigns of the Holder. This Warrant
and all rights hereunder, in whole or in part, are registrable at the office or
agency of the Company referred to below by the Holder hereof in person or by his
duly authorized attorney, upon surrender of this Warrant properly endorsed. In
addition, the Holder agrees not to transfer any shares of Common Stock issued
upon exercise of the Warrants until 180 days after the Issuance Date.

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

               9. Exchange of Warrant. This Warrant is exchangeable, upon the
surrender hereof by the Holder hereof at the office of the Company, for one or
more new Warrants of like tenor representing in

                                      -13-

<PAGE>

the aggregate the right to subscribe for and purchase the number of shares of
Common Stock which may be subscribed for and purchased hereunder, each of such
new Warrants to represent the right to subscribe for and purchase such number of
shares as shall be designated by said Holder hereof at the time of such
surrender; provided, however, that the Holder must surrender for exchange
Warrants to purchase no less than 5,000 shares at any one time.

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

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

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

                  13. Notices, etc. All notices and other communications from
the Company to the registered Holder shall be sent by overnight courier or
mailed by first class certified mail, postage prepaid, at such address as may
have been furnished to the Company in writing by the Holder or at the address
shown for the Holder on the register of Warrants referred to in Section 8.

                  14. Transfer Restrictions. This Warrant may only be
transferred as provided in Section 7. In addition, by acceptance of this
Warrant, the Holder represents to the Company that the Holder is an "accredited
investor" within the meaning of Rule 502 under the Securities Act and that this
Warrant is being acquired for the Holder's own account and for the purpose of
investment and not with a view to, or for sale in connection with, the
distribution thereof, nor with any present intention of distributing or selling
this Warrant or the shares of Common Stock issuable upon exercise of the
Warrant. The Holder acknowledges and agrees that this Warrant and, except as
otherwise provided in the Registration Rights Agreement, the shares of Common
Stock issuable upon exercise of this Warrant (if any) have not been (and at the
time of acquisition by the Holder, will not have been or will not be),
registered under the Securities Act or under the securities laws of any state,
in reliance upon certain exemptive provisions of such statutes. The Holder
further recognizes and acknowledges that because this Warrant and, except as
provided in the Registration Rights Agreement, the shares of Common Stock
issuable upon exercise of this Warrant (if any) are unregistered, they may not
be eligible for resale, and may only be resold or otherwise transferred in the
future pursuant to an effective registration statement under the Securities Act
and any applicable state securities laws, or pursuant to a valid exemption from
such registration requirements. Unless the shares of Common Stock issuable upon
exercise of this Warrant have theretofore been registered for resale under the
Securities Act, the Company may require, as a condition to the issuance of
shares of Common Stock upon the exercise of this Warrant in the case of an
exercise in accordance with Section 1.1 hereof, a confirmation as of the date of
exercise of the Holder's representations pursuant to this Section 14.

                                      -14-

<PAGE>

                  15. Preemptive Rights. In the event that the Company seeks to
sell privately placed, or any other newly issued, other than public offerings of
any registered equity Securities of the Company ("New Issuance Securities"),
each Holder of a Warrant shall be entitled to acquire, at the proposed offering
price of such New Issuance Securities, that number of New Issuance Securities
equal to the aggregate number of New Issuance Securities proposed to be so
offered multiplied by a fraction, the numerator of which shall be the number of
shares of Common Stock into which the Warrant held by such Holder shall yield
upon exercise if such Warrant were exercised on the issue date of such New
Issuance Securities and the denominator of which shall be the aggregate number
of shares of Common Stock issued and outstanding of the Company on the issue
date of such New Issuance Securities, on a Fully Diluted basis. In connection
with any proposed issuance of such New Issuance Securities, the Company shall
give to each Holder the same information about the Company, its business and
such issuance and the same notice of its intention to effect such issuance as
given to the other prospective purchasers in such transaction, specifying in
such notice the number of New Issuance Securities to be sold, and the proposed
offering price per New Issuance Securities. Each Holder shall have the right,
exercisable concurrently with purchases by other purchasers, to elect to
purchase up to the maximum number of New Issuance Securities to which such
holder is entitled to acquire hereunder with such purchase being effected by
such holder's payment to the Company by wire transfer of immediately available
funds, an amount equal to the number of New Issuance Securities to be purchased
by such Holder, multiplied by the offering price per New Issuance Security
against delivery of certificates evidencing the number of New Issuance
Securities so acquired, which will be issued in the name of such Holder. To the
extent any New Issuance Securities proposed to be sold shall not have been
subscribed to by an existing Holder, the Company shall be free thereafter to
sell such New Issuance Securities by way of a private placement, or similar
offering, at an offering price per New Issuance Security not less than that set
forth in the notice to the Holders. The preemptive rights established by this
Section 9(J) shall have no application to any of the following New Issuance
Securities: (i) Common Stock Equivalents issued to employees, officers or
directors of, or consultants or advisors to the Company or any of its
subsidiaries, pursuant to stock purchase or stock option plans or other
arrangements that are approved by the Board of Directors of the Company for the
purpose of compensation or similar payment in connection with employment or
services rendered to the Company or its Subsidiaries; (ii) Shares of Common
Stock issued upon exercise of any Common Stock Equivalents outstanding on the
date hereof; (iii) any New Issuance Securities issued for consideration other
than cash pursuant to a merger, consolidation, acquisition or similar business
combination approved by the Board of Directors of the Company; (iv) Common Stock
or Common Stock Equivalents issued in connection with any stock split, stock
dividend or recapitalization by the Company; (v) any New Issuance Securities
that are issued by the Company pursuant to an underwritten public offering; and
(vi) any securities issued to financial institutions or lessors in connection
with commercial credit arrangements or equipment financings approved by the
Board of Directors of the Company.

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

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

                  17. Miscellaneous.  This Warrant and any terms hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. This Warrant shall be construed and enforced in
accordance with and governed by the internal laws of the State of New York. The
headings in this Warrant

                                      -15-

<PAGE>

are for purposes of reference only, and shall not limit or otherwise affect any
of the terms hereof. The invalidity or unenforceability of any provision hereof
shall in no way affect the validity or enforceability of any other provision.

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

Dated: June 25, 2002

                                       WOMEN FIRST HEALTHCARE, INC.

                                       By:        /s/ Charles M. Caporale
                                           -------------------------------------
                                           Name:  Charles M. Caporale
                                           Title: Chief Financial Officer

                                      -16-

<PAGE>

                              FORM OF SUBSCRIPTION

                          WOMEN FIRST HEALTHCARE, INC.

                   (To be signed only on exercise of Warrant)

TO:  [ ],
       as Exercise Agent

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

     2.  The undersigned Holder (check one):

[_]  (a) elects to pay the aggregate purchase price for such shares of

         Common Stock (the "Exercise Shares") (i) by lawful money of the United
         States or the enclosed certified or official bank check payable in
         United States dollars to the order of the Company in the amount of
         $_________, or (ii) by wire transfer of United States funds to the
         account of the Company in the amount of $___________, which transfer
         has been made before or simultaneously with the delivery of this Form
         of Subscription pursuant to the instructions of the Company;

     or

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

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

     Name:    ____________________

     Address: ____________________

              ____________________

Dated:  _____________________               ____________________________________
                                            (Signature must conform to name of
                                            Holder as specified on the face of
                                            the Warrant)

                                            Name:    ___________________________

                                            Address: ___________________________

                                       S-1

<PAGE>

Schedule to Exhibit 10.5

The following Common Stock Purchase Warrants were issued by the Company in the
foregoing form:

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

      Warrant Number               Warrant Holder             Amount of Shares
      --------------               --------------             ----------------
     ---------------------------------------------------------------------------

      W-1                   Whitney Private Debt Fund               455,206
     ---------------------------------------------------------------------------

      W-2                   J.H. Whitney Mezzanine Fund, L.P.       455,206
     ---------------------------------------------------------------------------

      W-3                   CIBC WMC, Inc.                          789,026
     ---------------------------------------------------------------------------

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