Document:

AGREEMENT

         This  AGREEMENT  made this 1st day of  December,  1992,  by and between
Lawrence  Federal Savings and Loan  Association,  having its principal office at
Ironton, Ohio, hereinafter called "Lender", and Lanco Services, Inc., a Kentucky
corporation  having its principal  office at 235 North Main Street,  Versailles,
Kentucky, hereinafter sometimes called "LSI".

         WITNESSETH:  For and in  consideration of the sum of One Dollar ($1.00)
paid by each  party to the  other and in  further  consideration  of the  mutual
covenants to be mutually kept and performed,  it is agreed by and between Lender
and LSI:

         1. Lender does hereby engage LSI to service Lender's mobile home dealer
accounts  to be  secured by LSI for the  Lender,  and LSI does  hereby  agree to
service said accounts for Lender.

         2. LSI will perform  various  services  necessary and useful to develop
and  continue  the  relationship  between  the Lender and  mobile  home  dealers
including,  but not limited to,  supplying  dealers and instructing  them in the
operation  and use of the  Lender's  retail  forms  and  procedures,  furnishing
dealers with insurance  information,  rate charts,  rate books,  sales promotion
plans and other pertinent data.

         3.  LSI  will  attempt  to  secure  dealers  for the  Lender,  it being
expressly  understood  and agreed that LSI shall have no authority to commit the
Lender to accept any dealer,  and the Lender  shall have the right to refuse any
dealer secured by LSI.  Furthermore,  LSI will provide a constant  dealer review
program in order to maintain a strong dealer organization.

         4. LSI will accept and investigate  retail  applications  from approved
dealers,  the cost of such  investigations  to be  borne  by LSI and  will  only
approve  applications  and  contracts  which comply with the credit  policies of
Lender.

         5. The collateral on each contract will be covered with Physical Damage
and LSI Insurance coverage, which will be verified by LSI if not included in the
retail contract.  All dealers will be urged to recommend Credit Life coverage in
connection with eligible contracts.

         6. LSI will assist in the collection of delinquent retail accounts, and
will  report to the  Lender on the  status  of such  accounts  as well as on the
physical  condition of the mobile homes covered by these accounts.  It is agreed
that at the beginning of each month the Lender will notify the debtor and LSI of
any delinquencies  existing at the end of the previous month; LSI will assist in
collecting  the account and will also assist in the  repossession  of the mobile
home

<PAGE>

when necessary.

         7. Expenses  incurred by LSI in assisting in the collection of referred
accounts will be borne solely by LSI.

         8. LSI will  arrange for the placing of the  various  retain  insurance
coverage, including physical damage and credit life, with carriers acceptable to
the Lender.

         9.  Monthly inspection of new inventories will be made by LSI.

         10.  From the  finance  charge on  retail  contracts  purchased  by the
Lender,  which  contracts  shall include a finance  charge at rates to be agreed
upon  between the Lender and the  dealers  from time to time,  the Lender  shall
retain an amount  equal to that shown for Lender on Exhibit A,  attached  hereto
and made a part  hereof,  on new or used models or such other  amounts as may be
agreed upon from time to time. The parties  further  expressly  incorporate  the
provisions  of  Exhibits  B & C as  part of the  terms  and  conditions  of this
agreement.

         11. The  permissible  advance on all new mobile  homes will be invoice,
10% of invoice  sales tax,  and  invoice on any  options  such as:  central  air
conditioners,  washers, dryers, skirting and awnings. The permissible advance on
used homes will be the market value taken from the Kelley Blue Book.  There will
be a 10% down payment  required on all new units and 20% on all used homes.  The
down payment will be based on the actual selling price of the home.

         12. In the event of prepayment of any retail contract prior to maturity
for any reason  whatsoever,  Lender  shall  charge to LSI  Deferred  Service Fee
account  the  unearned  portion of the service  fee.  LSI  Deferred  Service Fee
account  is hereby  assigned  to  Lender as  security  for the  payment  of said
charges,  and said account shall be subject only to debits to pay LSI's share of
such unearned  charges.  In the event of the  termination  of this  agreement by
either party,  LSI agrees to forfeit all funds remaining in the Deferred Service
Fee account until all such transactions  have been liquidated,  then all reserve
funds will revert to LSI.

         13. LSI will  maintain an office  staffed with  sufficient  experienced
personnel to adequately service the mobile home business of Lender and will also
provide  personnel for the purpose of relieving said Lender of outside  manpower
requirements in connection with the mobile home finance program.

         14.  LSI will provide a financial statement to Lender as requested.

         15.. It is expressly  understood  and agreed that Lender is to be in no
way responsible for

<PAGE>

the acts of LSI in soliciting accounts, in making collections or in repossessing
mobile  homes,  and LSI shall have no  authority to make  representations  as to
further extension of credit unless expressly authorized by Lender. LSI agrees to
present evidence of automobile  public  liability  insurance in amounts and with
companies  satisfactory  to  Lender,  said  insurance  to  cover  LSI  employees
performing acts required under this  Agreement,  and LSI agrees to maintain such
insurance.

         16. It is the intention of the Lender and LSI that this Agreement shall
not be  construed  to create in any  manner  whatsoever  an  employer - employee
relationship,  it being  within the  contemplation  of the parties  that all act
performed by LSI in carrying out the provisions of this Agreement shall be those
of an independent contractor.

         17.  This  Agreement  shall  become  effective   immediately  upon  the
execution  hereof by both parties and shall  continue from the date of execution
to the date of  cancellation,  it being  expressly  understood  and agreed  that
either party may cancel said Agreement upon giving sixty (60) days prior written
notice to the other.

         18. LSI agrees to hold the Lender harmless from any claims,  losses, or
damages which it may suffer or which may be asserted against it arising from the
act of LSI or its employees and agents in connection with its services under the
Agreement.

         19.  The  provisions  hereof  are  severable.   Should  any  provision,
paragraph,  or portion of this Agreement be held invalid or unenforceable by any
court,  such holding shall not invalidate or render  unenforceable the remaining
provisions, paragraphs, and portions hereof.

<PAGE>

IN WITNESS WHEREOF the parties hereto have executed this Agreement in Duplicate.
Accepted this 1st day of December, 1992.

                                       Lawrence Federal Savings and Loan

/s/ Nina M. Fugitt                     By:   /s/ [signature illegible], CEO
    ----------------------------                 -------------------------------

/s/ Connie S. Cremeans                 By:  /s/  Mary Kratzenberg
--------------------------------                 -------------------------------

Attest:                                Lanco Services, Inc.

/s/ Theresa Reece                      By: /s/   Tom Dean, Pres.
---------------------------------                -------------------------------

                                       By: /s/   C. Louise Taylor, Secretary-
                                                  Treasurer
---------------------------------                -------------------------------

<PAGE>

                                                                       Exhibit A

                                 [Company Logo]

DATE        -------------------

CUSTOMER                          SELLING PRICE                         1
            -------------------                  -----------------

ADDRESS                           TAXES                                 2
            -------------------                  -----------------

                                  FEES                                  3
            -------------------                  -----------------

DEALER                            OTHER                                 4
            -------------------                  -----------------

ADDRESS                           LESS DOWN                             5
            -------------------                  -----------------

                                  UNPAID BAL.                           6
            -------------------                  -----------------

PHYSICAL DAMAGE INS.                                                    7
                     -----------   -----------   -----------------
                      Company        Term
CR.LIFE/H.S.P., INS.                                                    8
                     -----------   -----------   -----------------
                      Company        Term
                      AMOUNT TO BE FINANCED                             9
                                                 -----------------

NO. PAYMENTS       @       A.P.R.        TOTAL                         10
             -----   -----        -----          -----------------

TOTAL FINANCE CHARGE (Line 10-9)                                       11
                                                 -----------------

LAW FED'S EARNINGS=AMT. FIN.       @       APR                         12
                             -----   -----       -----------------

LANCO'S EARNINGS=AMT. FIN.         @       APR                         13
                           -------   -----       -----------------

TOTAL EARNINGS LINES 12 +13 SHOULD EQUAL # 11                          14
                                                 -----------------

________________________________________________________________________________

              FEDERAL REGULATIONS                   DISTRIBUTION
              -------------------                   ------------
 FACTORY INVOICE                        FLR. PLAN OPTION                      15
                   --------------------                      ----------------
 +15% OF INVOICE                        DLR. CK. (6-2-3-15)                   16
                   --------------------                      ----------------
 + SALES TAX                            SALES TAX (#2)                        17
                   --------------------                      ----------------
 + DEALER OPTIONS                       LENDER FEE (#3)                       18
                   --------------------                      ----------------
 PERMISSIBLE ADV.                       INS. CK. (#7 & #8)                    19
                   --------------------                      ----------------
 90% OF # 1,2,3,7                       LANCO CK.(60%#13)                     20
                   --------------------                      ----------------
 ACTUAL ADVANCE                         LANCO P.B. (40%#13)                   21
                   --------------------                      ----------------
 LTV RATIO                              LENDER EARN. (#12)                    22
                   --------------------                      ----------------
 TOTAL INCOME                           TOTAL (EQUAL #10)                     23
                   --------------------                      ----------------
 TOTAL DEBTS                            FLR. CK. TO:
                   --------------------                      -------------------
 INC. - DEBT RATIO
                   -------------------- ----------------------------------------

<PAGE>

                               Loan Loss Agreement

                                    EXHIBIT B

         It is agreed that the  incurrence of all losses on the Mobile Home Loan
Portfolio  of Lawrence  Federal  Savings & Loan  Association  of Ironton will be
charged to the mobile home loan loss  reserve  that has been  jointly  funded by
Lawrence  Federal  Savings & Loan  Association  and Lanco  Services,  Inc. Lanco
forfeits all rights to said loss reserve  which is solely for the  incurrence of
any mobile home loan losses.

<PAGE>

                                 Reserve Account

                                    EXHIBIT C

         A reserve  account will be opened and  maintained  at Lawrence  Federal
Savings & Loan  Association,  Inc. by Lanco Services,  Inc. based on the formula
calculated  in EXHIBIT A for the following  purposes:  (1) to rebate to Lawrence
Federal any unamortized prepaid fees (straight-line) unearned by Lanco Services,
Inc.  due to an early  pay-off of a mobile home loan and (2) to  replenish  loan
loss reserve if deemed necessary by Lawrence  Federal Savings.  At no time shall
funds be withdrawn from said reserve account by Lanco Services, Inc. without the
express written permission of Lawrence Federal Savings & Loan Association, Inc.EXHIBIT 4.2

                            Form of Warrant Agreement

                                WARRANT AGREEMENT

         AGREEMENT, dated as of this _____ day of __________, 2000, by and
between SFBC INTERNATIONAL, INC., a Delaware corporation (the "Company"), and
CONTINENTAL STOCK TRANSFER & TRUST CO., as Warrant Agent (the "Warrant Agent").

                              W I T N E S S E T H:

         WHEREAS, the Company is offering to the public 1,250,000 shares of
common stock, par value $.001 per share ("Common Stock") and 625,000 Common
Stock Purchase Warrants, each to purchase one share of Common Stock (the
"Warrants"), pursuant to an underwriting agreement (the "Underwriting
Agreement") dated as of __________ __, 2000, between the Company and HD Brous &
Co., Inc. as representative to the several underwriters (the "Underwriter" or
"Representative"); and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange and redemption of the Warrants, as
hereinafter defined, the issuance of certificates representing the Warrants, the
exercise of the Warrants, and the rights of the holders thereof;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter set forth and for the purpose of defining the terms and
provisions of the Warrants and the certificates representing the Warrants and
the respective rights and obligations thereunder of the Company, the holders of
certificates representing the Warrants and the Warrant Agent, the parties hereto
agree as follows:

                  1. Definitions. As used in this Agreement, the following terms
         shall have the following meanings, unless the context shall otherwise
         require:

                           (a) "Corporate Office" shall mean the office of the
         Warrant Agent (or its successor) at which at any particular time its
         principal business shall be administered, which office is located at
         the date of this Agreement at 2 Broadway, New York, New York 10004.

                           (b) "Effective Date" shall mean the date that the
         Registration Statement is declared effective by the Securities and
         Exchange Commission (the "Commission").

                                       1
<PAGE>

                           (c) "Exercise Date" shall mean, as to any Warrant,
         the date on which the Warrant Agent shall have received both (a) the
         Warrant Certificate representing such Warrant, with the exercise form
         thereon duly executed by the Registered Holder thereof or his attorney
         duly authorized in writing, and (b) payment in cash, or by official
         bank or certified check made payable to the Company, of an amount in
         lawful money of the United States of America equal to the Purchase
         Price; provided, however, that, subject to Paragraph 4 of this
         Agreement, if payment shall be made by personal or corporate check, the
         exercise of the Warrant shall not be effective until the Warrant Agent
         shall be satisfied that the check shall have cleared; provided,
         further, that if such payment is made prior to the Warrant Expiration
         Date or the expiration of a period during which a reduced Purchase
         Price is in effect pursuant to Paragraph 9(f) of this Agreement and the
         check shall not have cleared until after the Warrant Expiration Date or
         such other date, then the Warrant shall be deemed to have been
         exercised immediately prior to 5:00 P.M. New York City time on the
         Warrant Expiration Date.

                           (d) "Purchase Price" shall mean the purchase price
         per share to be paid upon exercise of each Warrant in accordance with
         the terms hereof, which price shall be Nine and 60/100 dollars ($9.60)
         per share for the Warrants, subject to adjustment from time to time
         pursuant to the provisions of Paragraph 9 of this Agreement.

                           (e) "Redemption Price" shall mean the price at which
         the Company may, at its option, redeem the Warrants, in accordance with
         the terms of this Agreement, which price shall be ten cents ($.10) per
         Warrant. The Redemption Price shall not be subject to adjustment
         pursuant to this Agreement.

                           (f) "Registration Statement" shall mean the Company's
         registration statement on Form SB_2, File No. 333-85429, which was
         declared effective by the Commission on __________ __, 2000.

                           (g) "Registered Holder" shall mean, as to any Warrant
         and as of any particular date, the person in whose name the certificate
         representing the Warrant shall be registered on that date on the books
         maintained by the Warrant Agent pursuant to Paragraph 6 of this
         Agreement.

                           (h) "Transfer Agent" shall mean Continental Stock
         Transfer & Trust Co., as the Company's transfer agent, or its
         authorized successor, as such.

                           (i) "Underwriter's Purchase Option" or
         "Representative's Purchase Option" shall mean the option to purchase
         Common Stock and Warrants being sold to the Underwriter as part of its
         compensation, as described in the Registration Statement.

                                       2
<PAGE>

                           (j) "Warrant Certificate" shall mean the certificate
         for the Warrants in the form attached as Exhibit A to this Agreement.

                           (k) "Warrant Expiration Date" shall mean 5:00 P.M.
         New York City time on the first to occur of (i) ____________, 2005, or
         (ii) the business day immediately preceding the Redemption Date, as
         defined in Paragraph 8(c) of this Agreement; provided, that if such
         date shall in the State of New York be a holiday or a day on which
         banks are authorized or required to close, the Warrant Expiration Date
         shall be the next day which is not such a date. Upon notice to all
         warrant holders the Company shall have the right to extend the Warrant
         Expiration Date.

                           (l) "Warrant Shares" shall mean the shares of Common
         Stock issuable upon exercise of the Warrants.

                  2. Warrants and Issuance of Warrants Certificates.

                           (a) Each Warrant initially shall entitle the
         Registered Holder of the Warrant Certificate representing such Warrant
         to purchase, upon the exercise thereof, in accordance with the terms of
         this Agreement, subject to modification and adjustment as provided in
         Paragraph 9 of this Agreement, such number of shares of Common Stock as
         is set forth on the certificate representing the Warrants.

                           (b) Upon execution of this Agreement, Warrant
         Certificates representing the number of Warrants initially issuable
         pursuant to the Underwriting Agreement shall be executed by the Company
         and delivered to the Warrant Agent. Upon written order of the Company
         signed by its President or Chairman or a Vice President and by its
         Secretary or an Assistant Secretary or its Treasurer or an Assistant
         Treasurer, the Warrant Certificates shall be countersigned, issued and
         delivered by the Warrant Agent.

                           (c) From time to time, up to the Warrant Expiration
         Date, the Transfer Agent shall countersign and deliver stock
         certificates in required whole number denominations representing the
         shares of Common Stock issuable upon the exercise of Warrants in
         accordance with this Agreement.

                           (d) From time to time, up to the Warrant Expiration
         Date, the Warrant Agent shall countersign and deliver Warrant
         Certificates in required whole number denominations to the persons
         entitled thereto in connection with any transfer or exchange permitted
         under this Agreement; provided that no Warrant Certificates shall be
         issued except (i) those initially issued hereunder or otherwise
         issuable pursuant to the Underwriting Agreement, including those
         issuable in exchange for certain outstanding warrants, (ii) those
         issued on or after the date of this Agreement, upon the exercise of
         fewer than all Warrants represented by any Warrant Certificate, to
         evidence any unexercised Warrants

                                       3
<PAGE>

         held by the exercising Registered Holder, (iii) those issued upon any
         transfer or exchange pursuant to Paragraph 6 of this Agreement; (iv)
         those issued in replacement of lost, stolen, destroyed or mutilated
         Warrant Certificates pursuant to Paragraph 7 of this Agreement; (v)
         those issued pursuant to the Underwriter's Purchase Option, and (vi) at
         the option of the Company, in such form as may be approved by the Board
         of Directors, to reflect any adjustment or change in the Purchase Price
         or the number of shares of Common Stock purchasable upon exercise of
         the Warrants made pursuant to Paragraph 9 of this Agreement. In
         addition, at the discretion of the Company, the Company may authorize
         the issuance of additional Warrants, which shall be subject to the
         provisions of this Agreement.

                  3. Form and Execution of Warrant Certificates.

                           (a) The Warrant Certificates for the Warrants shall
         be substantially in the form annexed as Exhibit A to this Agreement,
         (the provisions of which are hereby incorporated herein) and may have
         such letters, numbers or other marks of identification or designation
         and such legends, summaries or endorsements printed, lithographed or
         engraved thereon as the Company may deem appropriate and as are not
         inconsistent with the provisions of this Agreement, or as may be
         required to comply with any law or with any rule or regulation made
         pursuant thereto or with any rule or regulation of any stock exchange
         on which the Warrants may be listed, or to conform to usage or to the
         requirements of Paragraph 2(b) of this Agreement. The Warrant
         Certificates shall be dated the date of issuance thereof (whether upon
         initial issuance, transfer or exchange in lieu of mutilated, lost,
         stolen, or destroyed Warrant Certificates) and issued in registered
         form. Warrant Certificates shall be numbered serially in a manner
         acceptable to the Company and the Warrant Agent.

                           (b) Warrant Certificates shall be executed on behalf
         of the Company by its Chairman of the Board, President or any Vice
         President and by its Secretary or an Assistant Secretary, by manual
         signatures or by facsimile signatures printed thereon, and shall have
         imprinted thereon a facsimile of the Company's seal. Warrant
         Certificates shall be manually countersigned by the Warrant Agent and
         shall not be valid for any purpose unless so countersigned. In case any
         officer of the Company who shall have signed any of the Warrant
         Certificates shall cease to be an officer of the Company or to hold the
         particular office referenced in the Warrant Certificate before the date
         of issuance of the Warrant Certificates or before countersignature by
         the Warrant Agent and issue and delivery thereof, such Warrant
         Certificates may nevertheless be countersigned by the Warrant Agent,
         issued and delivered with the same force and effect as though the
         person who signed the Warrant Certificates had not ceased to be an
         officer of the Company or to hold such office. After countersignature
         by the Warrant Agent, Warrant Certificates shall be delivered by the
         Warrant Agent to the Registered Holder without further action by the
         Company, except as otherwise provided by Paragraph 4 of this Agreement.

                                       4
<PAGE>

                  4. Exercise. Each Warrant may be exercised by the Registered
         Holder thereof at any time after the first anniversary of the Effective
         Date of the Registration Statement, but not after the Warrant
         Expiration Date, upon the terms and subject to the conditions set forth
         herein and in the Warrant Certificate. A Warrant shall be deemed to
         have been exercised immediately prior to the close of business on the
         Exercise Date and the person entitled to receive the securities
         deliverable upon such exercise shall be treated for all purposes as the
         holder of those securities upon the exercise of the Warrant as of the
         close of business on the Exercise Date. As soon as practicable on or
         after the Exercise Date, the Warrant Agent shall deposit the proceeds
         received from the exercise of a Warrant and shall notify the Company in
         writing of the exercise of the Warrant. Promptly following, and in any
         event within five (5) days after the date of such notice from the
         Warrant Agent, the Warrant Agent, on behalf of the Company, shall cause
         to be issued and delivered by the Transfer Agent, to the person or
         persons entitled to receive the same, a certificate or certificates for
         the securities deliverable upon such exercise, (plus a certificate for
         any remaining unexercised Warrants of the Registered Holder) unless
         prior to the date of issuance of such certificates the Company shall
         instruct the Warrant Agent to refrain from causing such issuance of
         certificates pending clearance of checks received in payment of the
         Purchase Price pursuant to such Warrants. Notwithstanding the
         foregoing, in the case of payment made in the form of a check drawn on
         an account of the Underwriter or such other investment banks and
         brokerage houses as the Company shall approve in writing to the Warrant
         Agent, by the Underwriter or such other investment bank or brokerage
         house, certificates shall immediately be issued without prior notice to
         the Company or any delay. Upon the exercise of any Warrant and
         clearance of the funds received, the Warrant Agent shall promptly remit
         the payment received for the Warrant (the "Warrant Proceeds") to the
         Company or as the Company may direct in writing.

                  5. Reservation of Shares; Listing; Payment of Taxes.

                           (a) The Company covenants that it will at all times
         reserve and keep available out of its authorized Common Stock, solely
         for the purpose of issue upon exercise of Warrants, such number of
         shares of Common Stock as shall then be issuable upon the exercise of
         all outstanding Warrants. The Company covenants that all Warrant Shares
         shall, at the time of delivery in accordance with this Agreement, be
         duly and validly issued, fully paid, nonassessable and free from all
         taxes, liens and charges with respect to the issue thereof (other than
         those which the Company shall promptly pay or discharge), and that upon
         issuance such shares shall be listed on each national securities
         exchange or eligible for inclusion in each automated quotation system,
         if any, on which the other shares of outstanding Common Stock of the
         Company are then listed or eligible for inclusion.

                                       5
<PAGE>

                           (b) The Company covenants that if any securities to
         be reserved for the purpose of exercise of Warrants hereunder require
         registration with, or approval of, any governmental authority under any
         Federal securities law before such securities may be validly issued or
         delivered upon such exercise, then the Company will in good faith and
         as expeditiously as reasonably possible, endeavor to secure such
         registration or approval. The Company will use reasonable efforts to
         obtain appropriate approvals or registrations under state "blue sky"
         securities laws. With respect to any such securities, however, Warrants
         may not be exercised by, or shares of Common Stock issued to, any
         Registered Holder in any state in which such exercise would be
         unlawful.

                           (c) The Company shall pay all documentary, stamp or
         similar taxes and other governmental charges that may be imposed with
         respect to the issuance of Warrants, or the issuance, or delivery of
         any shares upon exercise of the Warrants; provided, however, that if
         the shares of Common Stock are to be delivered in a name other than the
         name of the Registered Holder of the Warrant Certificate representing
         any Warrant being exercised, then no such delivery shall be made unless
         the person requesting the same has paid to the Warrant Agent the amount
         of transfer taxes or charges incident thereto, if any.

                           (d) The Warrant Agent is hereby irrevocably
         authorized to requisition the Company's Transfer Agent from time to
         time for certificates representing shares of Common Stock issuable upon
         exercise of the Warrants, and the Company will authorize the Transfer
         Agent to comply with all such proper requisitions. The Company will
         file with the Warrant Agent a statement setting forth the name and
         address of the Transfer Agent of the Company for shares of Common Stock
         issuable upon exercise of the Warrants.

                  6. Exchange and Registration of Transfer.

                           (a) Warrant Certificates may be exchanged for other
         Warrant Certificates representing an equal aggregate number of Warrants
         of the same class or may be transferred in whole or in part. Warrant
         Certificates to be exchanged shall be surrendered to the Warrant Agent
         at its Corporate Office, and upon satisfaction of the terms and
         provisions of this Agreement, the Company shall execute and the Warrant
         Agent shall countersign, issue and deliver in exchange therefor the
         Warrant Certificate or Certificates which the Registered Holder making
         the exchange shall be entitled to receive.

                           (b) The Warrant Agent shall keep at its office books
         in which, subject to such reasonable regulations as it may prescribe,
         it shall register Warrant Certificates and the transfer thereof in
         accordance with its regular practice. Upon due presentment for
         registration of transfer of any Warrant Certificate at such office, the
         Company shall execute and the Warrant Agent shall issue and deliver to
         the transferee or transferees a new Warrant Certificate or Certificates
         representing an equal aggregate number of Warrants.

                                       6
<PAGE>

                           (c) With respect to all Warrant Certificates
         presented for registration or transfer, or for exchange or exercise,
         the subscription form on the reverse thereof shall be duly endorsed, or
         be accompanied by a written instrument or instruments of transfer and
         subscription, in form satisfactory to the Company and the Warrant
         Agent, duly executed by the Registered Holder or his attorney_in_fact
         duly authorized in writing.

                           (d) A reasonable service charge may be imposed by the
         Warrant Agent for any exchange or registration of transfer of Warrant
         Certificates. In addition, the Company may require payment by such
         holder of a sum sufficient to cover any tax or other governmental
         charge that may be imposed in connection with any exchanges,
         registration or transfer of Warrant Certificates.

                           (e) All Warrant Certificates surrendered for exercise
         or for exchange in case of mutilated Warrant Certificates shall be
         promptly canceled by the Warrant Agent and thereafter retained by the
         Warrant Agent until termination of this Agreement or resignation as
         Warrant Agent, or, with the prior written consent of the Underwriter,
         disposed of or destroyed, at the direction of the Company.

                           (f) Prior to due presentment for registration of
         transfer thereof, the Company and the Warrant Agent may deem and treat
         the Registered Holder of any Warrant Certificate as the absolute owner
         thereof and of each Warrant represented thereby (notwithstanding any
         notations of ownership or writing thereon made by anyone other than a
         duly authorized officer of the Company or the Warrant Agent) for all
         purposes and shall not be affected by any notice to the contrary.

                  7. Loss or Mutilation. Upon receipt by the Company and the
         Warrant Agent of evidence satisfactory to them of the ownership of and
         loss, theft, destruction or mutilation of any Warrant Certificate and
         (in case of loss, theft or destruction) of indemnity satisfactory to
         them, and (in the case of mutilation) upon surrender and cancellation
         thereof, the Company shall execute and the Warrant Agent shall (in the
         absence of notice to the Company and/or Warrant Agent that the Warrant
         Certificate has been acquired by a bona fide purchaser) countersign and
         deliver to the Registered Holder in lieu thereof a new Warrant
         Certificate of like tenor representing an equal aggregate number of
         Warrants. Applicants for a substitute Warrant Certificate shall comply
         with such other reasonable regulations and pay such other reasonable
         charges as the Warrant Agent may prescribe.

                  8. Redemption.

                           (a) Commencing twelve (12) months from the Effective
         Date or earlier with the consent of the Underwriter, the Company shall
         have the right,

                                       7
<PAGE>

         on not less than thirty (30) nor more than sixty (60) days notice given
         prior to the Redemption Date, as hereinafter defined, at any time to
         redeem the then outstanding Warrants at the Redemption Price, provided
         that the Market Price of the Common Stock shall equal or exceed the
         "Target Price" with respect to the class of Warrants as to which the
         Company is exercising its right of redemption. The "Target Price" shall
         mean one hundred fifty percent (150%) of the Purchase Price with
         respect to the Warrants. Market Price for the purpose of this Paragraph
         8 shall mean, if the Common Stock is listed on the Nasdaq Stock Market
         or the New York or American Stock Exchange or Pacific Exchange, the
         average last reported sales price (or, if no sale is reported on any
         such trading day, the average of the closing bid and asked prices) on
         the principal market for the Common Stock or, if the Common Stock is
         not so listed or traded, the average of the last reported bid prices of
         the Common Stock, during the twenty (20) day period ending within three
         (3) days of the date the Warrants are called for redemption. Notice of
         redemption shall be mailed by first class mail, postage prepaid, not
         later than five (5) business days (or such longer period to which the
         Underwriter may consent) after the date the Warrants are called for
         redemption. All Warrants of any class of Warrants must be redeemed if
         any Warrants of such class are redeemed.

                           (b) If the conditions set forth in Paragraph 8(a) of
         this Agreement are met, and the Company desires to exercise its right
         to redeem the Warrants, it shall request the Underwriter or the Warrant
         Agent to mail the notice of redemption referred to in said Paragraph
         8(a) to each of the Registered Holders of the Warrants to be redeemed,
         first class, postage prepaid, not earlier than the sixtieth (60th) day
         nor later than the thirtieth (30th) day before the date fixed for
         redemption, at their last addresses as shall appear on the records
         maintained pursuant to Paragraph 6(b) of this Agreement. Any notice
         mailed in the manner provided herein shall be conclusively presumed to
         have been duly given whether or not the Registered Holder receives such
         notice. The Warrant Agent agrees to mail such notice if requested by
         the Company or the Underwriter.

                           (c) The notice of redemption shall specify (i) the
         Redemption Price, (ii) the date fixed for redemption, (iii) the place
         where the Warrant Certificates shall be delivered and the redemption
         price to be paid, and (iv) that the right to exercise the Warrants
         shall terminate at 5:00 p.m. (New York City time) on the business day
         immediately preceding the date fixed for redemption. The date fixed for
         the redemption of the Warrants shall be the Redemption Date. No failure
         to mail such notice nor any defect therein or in the mailing thereof
         shall affect the validity of the proceedings for such redemption except
         as to a Registered Holder (A) to whom notice was not mailed or (B)
         whose notice was defective. An affidavit of the Warrant Agent or of the
         Secretary or an Assistant Secretary of the Representative or the
         Company that notice of redemption has been mailed shall, in the absence
         of fraud, be prima facie evidence of the facts stated therein.

                                       8
<PAGE>

                           (d) If either class of Warrant shall have been
         redeemed, any right to exercise a Warrant of such class shall terminate
         at 5:00 p.m. (New York City time) on the business day immediately
         preceding the Redemption Date. After such time, Holders of the Warrants
         shall have no further rights except to receive, upon surrender of the
         Warrant, the Redemption Price without interest, subject to the
         provisions of applicable laws relating to the treatment of abandoned
         property. In the event that the Warrants or the Warrant Shares shall
         not be subject to a current and effective registration statement under
         the Securities Act of 1933, as amended, at any time subsequent to the
         date the Warrants are called for redemption, the notice of redemption
         shall not be effective and shall be deemed for all purposes not to have
         been given. Nothing in the preceding sentence shall be construed to
         prohibit or restrict the Company from thereafter calling the Warrants
         for redemption in the manner provided for, and subject to the
         provisions of, this Paragraph 8.

                           (e) From and after the Redemption Date with respect
         to the Warrants, the Company shall, at the place specified in the
         notice of redemption, upon presentation and surrender to the Company by
         or on behalf of the Registered Holder thereof of one or more Warrant
         Certificates evidencing Warrants to be redeemed, deliver or cause to be
         delivered to or upon the written order of such Holder a sum in cash
         equal to the Redemption Price of each such Warrant. From and after the
         Redemption Date and upon the deposit or setting aside by the Company of
         a sum sufficient to redeem all the Warrants called for redemption, such
         Warrants shall expire and become void and all rights hereunder and
         under the Warrant Certificates, except the right to receive payment of
         the Redemption Price, shall cease.

                           (f) Notwithstanding any other provision of this
         Agreement, the Company shall not call the Warrants for redemption
         unless there is, at the time the Warrants are called for redemption, a
         current and effective registration statement or a post_effective
         amendment to the registration statement covering the issuance of the
         shares of Common Stock issuable upon exercise of the Warrants.

                           (g) In the event that the Underwriter's Purchase
         Option is exercised at a time subsequent to the redemption of the
         Warrants but prior to the Warrant Expiration Date, as defined in
         Paragraph 1(j) of this Agreement, then, notwithstanding any other
         provisions of this Agreement, the Warrants issued upon such exercise
         may be redeemed by the Company at any time after issuance.

                  9. Adjustment of Exercise Price and Number of Securities
         Issuable upon Exercise of Warrants.

                           (a) In case the Company shall, at any time or from
         time to time after the date of this Agreement, pay a dividend or make a
         distribution on its shares of Common Stock in shares of Common Stock,
         subdivide or reclassify its outstanding Common Stock into a greater
         number of shares, or combine or

                                       9
<PAGE>

         reclassify its outstanding Common Stock into a smaller number of shares
         or otherwise effect a combination of shares or reverse split, the
         Purchase Price in effect at the time of the record date for such
         dividend or distribution or of the effective date of such subdivision,
         combination or reclassification shall be proportionately adjusted so
         that the holder of any Warrant exercised after such date shall be
         entitled to receive the aggregate number and kind of shares which, if
         such Warrant had been exercised immediately prior to such time, he
         would have owned upon such exercise and been entitled to receive upon
         such dividend, subdivision, combination or reclassification. Such
         adjustment shall be made successively whenever any event listed in this
         Paragraph 9(a) shall occur.

                           (b) In case the Company shall, at any time or from
         time to time after the date of this Agreement, issue rights or warrants
         to all holders of its Common Stock entitling them to subscribe for or
         purchase shares of Common Stock (or securities convertible into Common
         Stock) at a price (or having a conversion price per share) less than
         the current market price of the Common Stock (as defined in Paragraph
         9(e) of this Agreement) on the record date mentioned below, the
         Purchase Price shall be adjusted so that the same shall equal the price
         determined by multiplying the Purchase Price in effect immediately
         prior to the date of such issuance by a fraction, of which the
         numerator shall be the number of shares of Common Stock outstanding on
         the record date mentioned below plus the number of additional shares of
         Common Stock which the aggregate offering price of the total number of
         shares of Common Stock so offered (or the aggregate conversion price of
         the convertible securities so offered) would purchase at such current
         market price per share of the Common Stock, and of which the
         denominator shall be the number of shares of Common Stock outstanding
         on such record date plus the number of additional shares of Common
         Stock offered for subscription or purchase (or into which the
         convertible securities so offered are convertible). Such adjustment
         shall be made successively whenever such rights or warrants are issued
         and shall become effective immediately after the record date for the
         determination of stockholders entitled to receive such rights or
         warrants; and to the extent that shares of Common Stock are not
         delivered (or securities convertible into Common Stock are not
         delivered) after the expiration of such rights or warrants, the
         Purchase Price shall be readjusted to the Purchase Price which would
         then be in effect had the adjustments made upon the issuance of such
         rights or warrants been made upon the basis of delivery of only the
         number of shares of Common Stock (or securities convertible into Common
         Stock) actually delivered.

                           (c) In case the Company shall, at any time or from
         time to time after the date hereof, distribute to all holders of Common
         Stock evidences of its indebtedness or assets (excluding cash dividends
         or distributions paid out of current earnings and dividends or
         distributions referred to in Paragraph 9(a) of this Agreement) or
         subscription rights or warrants (excluding those referred to in
         Paragraph 9(b) of this Agreement), then in each such case the Purchase
         Price in effect

                                       10
<PAGE>

         thereafter shall be determined by multiplying the Purchase Price in
         effect immediately prior thereto by a fraction, of which the numerator
         shall be the total number of shares of Common Stock outstanding
         multiplied by the current market price per share of Common Stock (as
         defined in Paragraph 9(e) of this Agreement), less the fair market
         value (as determined by the Company's Board of Directors) of said
         assets or evidences of indebtedness so distributed or of such rights or
         warrants, and of which the denominator shall be the total number of
         shares or Common Stock outstanding multiplied by such current market
         price per share of Common Stock. Such adjustment shall be made whenever
         any such distribution is made and shall become effective immediately
         after the record date for the determination of stockholders entitled to
         receive such distribution.

                           (d) Whenever the Purchase Price payable upon exercise
         of each Warrant is adjusted pursuant to Paragraphs 9(a), (b) or (c) of
         this Agreement, the number of shares of Common Stock purchasable upon
         exercise of each Warrant shall simultaneously be adjusted by
         multiplying the number of shares issuable upon exercise of each Warrant
         in effect on the date thereof by the Purchase Price in effect on the
         date thereof and dividing the product so obtained by the Purchase
         Price, as adjusted.

                           (e) For the purpose of any computation pursuant to
         Paragraphs 9(b) and (c) of this Agreement, the current market price per
         share of Common Stock at any date shall be deemed to be the average of
         the daily closing prices for thirty (30) consecutive business days
         commencing fifteen (15) business days before such date. The closing
         price for each day shall be the reported last sale price regular way
         or, in case no such reported sale takes place on such day, the average
         of the last reported high bid and low asked prices regular way, in
         either case on the principal national securities exchange on which the
         Common Stock is admitted to trading or listed, if the Common Stock is
         admitted to trading or listing on the New York or American Stock
         Exchange or Pacific Exchange or on The Nasdaq Stock Market if included
         in such system or if not listed or admitted to trading on such exchange
         or system, the average of the highest bid and lowest asked prices as
         reported by Nasdaq, or Pink Sheets, Inc., or another similar
         organization if Nasdaq is no longer reporting such information, or if
         not so available, the fair market price as determined by the Board of
         Directors of the Company.

                           (f) No adjustment in the Purchase Price shall be
         required unless such adjustment would require an increase or decrease
         of at least five cents ($0.05) in such price; provided, however, that
         any adjustments which by reason of this Paragraph 9(f) are not required
         to be made shall be carried forward and taken into account in any
         subsequent adjustment. All calculations under this Paragraph 9 shall be
         made to the nearest cent or to the nearest one_tenth of a share, as the
         case may be. Anything in this Paragraph 9 to the contrary
         notwithstanding, the Company may, upon notice to the record holders of
         the Warrants, in its sole discretion, reduce the Purchase Price of the
         Warrants, and, if such reduction is not otherwise required by this
         Paragraph 9, such reduction (i) will not, unless the

                                       11
<PAGE>

         Board of Directors otherwise determines, result in any change in the
         number or class of shares of Common Stock issuable upon exercise of
         such Warrants, and (ii) may be of limited duration, in which event the
         reduction in Purchase Price shall not apply to any Warrants exercised
         after the expiration of the time during which the reduced Purchase
         Price is in effect.

                           (g) The Company may retain a firm of independent
         public accountants (who may be the regular accountants employed by the
         Company) of recognized standing selected by the Board of Directors of
         the Company to make any computation required by this Paragraph 9, and a
         certificate signed by such firm shall be conclusive evidence of the
         correctness of such adjustment.

                           (h) In the event that at any time, as a result of an
         adjustment made pursuant to Paragraph 9(a) of this Agreement, the
         holder of any Warrant thereafter shall become entitled to receive any
         shares of the Company, other than Common Stock, thereafter the number
         of such other shares so receivable upon exercise of any Warrant shall
         be subject to adjustment from time to time in a manner and on terms as
         nearly equivalent as practicable to the provisions with respect to the
         Common Stock contained in Paragraphs 9(a) to (f), inclusive, of this
         Agreement.

                           (i) The Company may elect, upon any adjustment of the
         Purchase Price hereunder, to adjust the number of Warrants outstanding,
         in lieu of the adjustment in the number of shares of Common Stock
         purchasable upon the exercise of each Warrant as hereinabove provided,
         so that each Warrant outstanding after such adjustment shall represent
         the right to purchase one share of Common Stock. Each Warrant held of
         record and each Warrant issuable upon exercise of the Underwriter's
         Purchase Option prior to such adjustment of the number of Warrants
         shall become that number of Warrants or an Underwriter's Purchase
         Option to purchase that number of Warrants (calculated to the nearest
         tenth) determined by multiplying the number one by a fraction, the
         numerator of which shall be the Purchase Price in effect immediately
         prior to such adjustment and the denominator of which shall be the
         Purchase Price in effect immediately after such adjustment. Upon each
         adjustment of the number of Warrants pursuant to this Paragraph 9, the
         Company shall, as promptly as practicable, cause to be distributed to
         each Registered Holder of Warrant Certificates on the date of such
         adjustment Warrant Certificates evidencing, subject to Paragraph 10 of
         this Agreement, the number of additional Warrants to which such Holder
         shall be entitled as a result of such adjustment or, at the option of
         the Company, cause to be distributed to such Holder in substitution and
         replacement for the Warrant Certificates held by him prior to the date
         of adjustment (and upon surrender thereof, if required by the Company)
         new Warrant Certificates evidencing the number of Warrants to which
         such Holder shall be entitled after such adjustment. With respect to
         the Representative's Option, the Company shall give the registered
         holders of the Representative's Purchase Option notice as to the number
         of Warrants issuable in respect of such Representative's Purchase
         Option

                                       12
<PAGE>

         reflecting such adjustment. Any Warrants or notice to registered
         holders of Representative's Purchase Option may be mailed by the
         Warrant Agent or by first class mail, postage prepaid.

                           (j) In case of any reclassification, capital
         reorganization or other change of outstanding shares of Common Stock,
         or in case of any consolidation or merger of the Company with or into
         another corporation (other than a consolidation or merger in which the
         Company is the continuing corporation and which does not result in any
         reclassification, capital reorganization or other change of outstanding
         shares of Common Stock), or in case of any sale or conveyance to
         another corporation of the property of the Company as, or substantially
         as, an entirety (other than a sale/leaseback, mortgage or other
         financing transaction), the Company shall cause effective provision to
         be made so that each holder of a Warrant then outstanding shall have
         the right thereafter, by exercising such Warrant, to purchase the kind
         and number of shares of stock or other securities or property
         (including cash) receivable upon such reclassification, capital
         reorganization or other change, consolidation, merger, sale or
         conveyance by a holder of the number of shares of Common Stock that
         might have been purchased upon exercise of such Warrant immediately
         prior to such reclassification, capital reorganization or other change,
         consolidation, merger, sale or conveyance. Any such provisions shall
         include provision for adjustments that shall be as nearly equivalent as
         may be practicable to the adjustments provided for in this Paragraph 9.
         The Company shall not effect any such consolidation, merger or sale
         unless, prior to or simultaneously with the consummation thereof, the
         successor (if other than the Company) resulting from such consolidation
         or merger or the corporation purchasing assets or other appropriate
         corporation or entity shall assume, by written instrument executed and
         delivered to the Warrant Agent, the obligation to deliver to the holder
         of each Warrant such shares of stock, securities or assets as, in
         accordance with the foregoing provisions, such holders may be entitled
         to purchase and the other obligations under this Agreement. The
         foregoing provisions shall similarly apply to successive
         reclassifications, capital reorganizations and other changes of
         outstanding shares of Common Stock and to successive consolidations,
         mergers, sales or conveyances. In the event that, as a result of any
         merger, consolidation or similar transaction, all of the holders of
         Common Stock receive and are entitled to receive no consideration other
         than cash in respect of their shares of Common Stock, then, at the
         effective time of the transaction, the rights to purchase Common Stock
         pursuant to the Warrants shall terminate, and the holders of the
         Warrants shall, notwithstanding any other provisions of this Agreement
         or the Warrants, receive in respect of each Warrant to purchase one (1)
         share of Common Stock, upon presentation of the Warrant Certificate,
         the amount by which the consideration per share of Common Stock payable
         to the holders of Common Stock at such effective time exceeds the
         Purchase Price in effect on such effective date, without giving effect
         to the transaction. In the event that, subsequent to the effective
         time, additional cash or other consideration is payable to the holders
         of Common Stock of record as of the effective time, the same
         consideration shall be payable to the

                                       13
<PAGE>

         holders of the Warrants to the extent that the total cash then received
         by the holders of Common Stock exceeds the Purchase Price in effect at
         such effective date, without giving effect to the transaction, with the
         same effect as if the Warrants had been exercised on and as of such
         effective time. In the event of any merger, consolidation, sale or
         lease of substantially all of the Company's assets or reorganization
         whereby the Company is not the surviving corporation, in lieu of the
         foregoing provisions of this Paragraph 9(j), the Company may provide in
         the agreement relating to the transaction that each Warrant shall
         become, be converted into or be exchanged for, such securities of the
         surviving or acquiring corporation or other entity as has a value equal
         to the value of the Warrants (which shall not exceed the amount by
         which the consideration to be received per share of Common Stock
         (valued on such date as the Company's board of directors shall
         determine) exceeds the exercise price of the Warrant), the value of the
         Warrants and securities being issued in exchange therefor to be
         determined by the Company's Board of Directors, such determination to
         be final, binding and conclusive on the Company and the holders of the
         Warrants. In the event that, in such a transaction, the value of the
         consideration to be received per share of Common Stock is not greater
         than the exercise price of the Warrants, the Warrants shall terminate
         and no consideration will be paid with respect thereof.

                           (k) Irrespective of any adjustments or changes in the
         Purchase Price or the number of shares of Common Stock purchasable upon
         exercise of the Warrants, the Warrant Certificates theretofore and
         thereafter issued shall, unless the Company shall exercise its option
         to issue new Warrant Certificates pursuant to Paragraphs 2(e) and 9(i)
         of this Agreement, continue to express the Purchase Price per share,
         the number of shares purchasable thereunder and the Redemption Price
         therefor as to the Purchase Price per share, and the number of shares
         purchasable and the Redemption Price therefore were expressed in the
         Warrant Certificates when the same were originally issued.

                           (l) After any adjustment of the Purchase Price
         pursuant to this Paragraph 9, the Company will promptly prepare a
         certificate signed by the Chairman, President, Vice President or
         Treasurer, of the Company setting forth: (i) the Purchase Price as so
         adjusted, (ii) the number of shares of Common Stock purchasable upon
         exercise of each Warrant after such adjustment, and, if the Company
         shall have elected to adjust the number of Warrants, the number of
         Warrants to which the registered holder of each Warrant shall then be
         entitled, and (iii) a brief statement of the facts accounting for such
         adjustment. The Company will promptly file such certificate with the
         Warrant Agent and cause a brief summary thereof to be sent by first
         class mail to the Representative and to each registered holder of
         Warrants at his last address as it shall appear on the registry books
         of the Warrant Agent. No failure to mail such notice nor any defect
         therein or in the mailing thereof shall affect the validity thereof.
         The affidavit of an officer of the Warrant Agent or the Secretary or an
         Assistant Secretary of the Company that such notice has been mailed
         shall, in the absence of fraud, constitute prima facie evidence of the
         facts stated therein.

                                       14
<PAGE>

                           (m) As used in this Paragraph 9, the term "Common
         Stock" shall mean and include the Company's Common Stock authorized on
         the Effective Date and shall also include any capital stock of any
         class of the Company thereafter authorized which shall not be limited
         to a fixed sum or percentage in respect of the rights of the holders
         thereof to participate in dividends and in the distribution of assets
         upon the voluntary liquidation, dissolution or winding up of the
         Company; provided, however, that the shares issuable upon exercise of
         the Warrants shall include only shares of such class designated in the
         Company's Certificate of Incorporation as Common Stock on the Effective
         Date or, in the case of any reclassification, change, consolidation,
         merger, sale or conveyance of the character referred to in Paragraph
         9(j) of this Agreement, the stock, securities or property provided for
         in such section or, in the case of any reclassification or change in
         the outstanding shares of Common Stock issuable upon exercise of the
         Warrants as a result of a subdivision or combination or consisting of a
         change in par value, or from par value to no par value, or from no par
         value to par value, such shares of Common Stock as so reclassified or
         changed.

                           (n) Any determination as to whether an adjustment in
         the Purchase Price in effect hereunder is required pursuant to this
         Paragraph 9, or as to the amount of any such adjustment, if required,
         shall be binding upon the holders of the warrants and the Company if
         made in good faith by the Board of Directors of the Company.

                           (o) In lieu of an adjustment pursuant to Paragraph
         9(b) of this Agreement, if the Company shall grant to the holders of
         Common Stock, as such, rights or warrants to subscribe for or to
         purchase Common Stock or securities convertible into or exchangeable
         for or carrying a right or warrant to purchase Common Stock, the
         Company may concurrently therewith grant to each Registered Holder as
         of the record date for such transaction of the Warrants then
         outstanding, the rights or warrants to which each Registered Holder
         would have been entitled if, on the record date used to determine the
         stockholders entitled to the rights or warrants being granted by the
         Company, the Registered Holder were the holder of record of the number
         of whole shares of Common Stock then issuable upon exercise of his
         Warrants. If the Company exercises such right no adjustment which
         otherwise might be called for pursuant to said Paragraph 9(b) shall be
         made.

                  10. Fractional Warrants and Fractional Shares. If the number
         of shares of Common Stock purchasable upon the exercise of each Warrant
         is adjusted pursuant to Paragraph 9 of this Agreement, the Company
         nevertheless shall not be required to issue fractions of shares, upon
         exercise of the Warrants or otherwise, or to distribute certificates
         that evidence fractional shares. With respect to any fraction of a
         share called for upon any exercise hereof, the Company, at its option,
         shall either issue a whole share in lieu of such fractional share or
         pay to the

                                       15
<PAGE>

         Holder an amount in cash equal to such fraction multiplied by the
         current market value of such fractional share, determined as follows:

                           (a) If the Common Stock is listed on the New York or
         American Stock Exchange or Pacific Exchange or admitted to unlisted
         trading privileges on such exchange or listed for trading on the Nasdaq
         Stock Market, the current value shall be the reported last sale price
         of the Common Stock on such exchange or system on the last business day
         prior to the date of exercise of this Warrant, or if no such sale is
         made on such day, the average closing bid and asked prices for such day
         on such exchange or system; or

                           (b) If the Common Stock is not listed or admitted to
         unlisted trading privileges, the current value shall be the last
         reported bid price reported by Pink Sheets, Inc. on the last business
         day prior to the date of the exercise of this Warrant; or

                           (c) If the Common Stock is not so listed or admitted
         to unlisted trading privileges and bid prices are not so reported, the
         current value shall be an amount determined in such reasonable manner
         as may be prescribed by the Board of Directors of the Company.

                  11. Warrant Holders Not Deemed Stockholders. No holder of
         Warrants shall, as such, be entitled to vote or to receive dividends or
         be deemed the holder of Common Stock that may at any time be issuable
         upon exercise of such Warrants for any purpose whatsoever, nor shall
         anything contained in this Agreement be construed to confer upon the
         holder of Warrants, as such, any of the rights of a stockholder of the
         Company or any right to vote for the election of directors or upon any
         matter submitted to stockholders at any meeting thereof, or to give or
         withhold consent to any corporate action (whether upon any
         recapitalization, issue or reclassification of stock, change of par
         value or change of stock to no par value, consolidation, merger or
         conveyance or otherwise), or to receive notice of meetings, or to
         receive dividends or subscription rights, until such Holder shall have
         exercised such Warrants and been issued shares of Common Stock in
         accordance with the provisions hereof.

                  12. Rights of Action. All rights of action with respect to
         this Agreement are vested in the respective Registered Holders of the
         Warrants, and any Registered Holder of a Warrant, without consent of
         the Warrant Agent or of the holder of any other Warrant, may, in his
         own behalf and for his own benefit, enforce against the Company his
         right to exercise his Warrants for the purchase of shares of Common
         Stock in the manner provide in the Warrant Certificate and this
         Agreement.

                  13. Agreement of Warrant Holders. Every holder of a Warrant,
         by his acceptance of the Warrants, consents and agrees with the
         Company, the Warrant Agent and every other holder of a Warrant that:

                                       16
<PAGE>

                           (a) The warrants are transferable only on the
         registry books of the Warrant Agent by the Registered Holder thereof in
         person or by his attorney duly authorized in writing and only if the
         Warrant Certificates representing such Warrants are surrendered at the
         office of the Warrant Agent, duly endorsed or accompanied by a proper
         instrument of transfer satisfactory to the Warrant Agent and the
         Company in their sole discretion, together with payment of any
         applicable transfer taxes; and

                           (b) The Company and the Warrant Agent may deem and
         treat the person in whose name the Warrant Certificate is registered as
         the holder and as the absolute, true and lawful owner of the Warrants
         represented thereby for all purposes, and neither the Company nor the
         Warrant Agent shall be affected by any notice or knowledge to the
         contrary, except as otherwise expressly provided in Paragraph 6 of this
         Agreement.

                  14. Cancellation of Warrant Certificates. If the Company shall
         purchase or acquire any Warrant or Warrants, the Warrant Certificate or
         Warrant Certificates evidencing the same shall thereupon be delivered
         to the Warrant Agent and canceled by it and retired.

                  15. Concerning the Warrant Agent.

                           (a) The Warrant Agent acts hereunder as agent and in
         a ministerial capacity for the Company, and its duties shall be
         determined solely by the provisions of this Agreement. The Warrant
         Agent shall not, by issuing and delivering Warrant certificates or by
         any other act hereunder be deemed to make any representations as to the
         validity, value or authorization of the Warrant Certificates or the
         Warrants represented thereby or of any securities or other property
         delivered upon exercise of any Warrant or whether any stock issued upon
         exercise of any Warrant is fully paid and nonassessable.

                           (b) The Warrant Agent shall not at any time be under
         any duty or responsibility to any holder of Warrant Certificates to
         make or cause to be made any adjustment of the Purchase Price or the
         Redemption Price provided in this Agreement, or to determine whether
         any fact exists which may require any such adjustments, or with respect
         to the nature or extent of any such adjustment, when made, or with
         respect to the method employed in making the same. It shall not (i) be
         liable for any recital or statement of facts contained herein or for
         any action taken, suffered or omitted by it in reliance on any Warrant
         Certificate or other document or instrument believed by it in good
         faith to be genuine and to have been signed or presented by the proper
         party or parties, (ii) be responsible for any failure on the part of
         the Company to comply with any of its covenants and obligations
         contained in this Agreement or in any Warrant Certificate, or (iii) be
         liable for any act or omission in connection with this Agreement except
         for its own negligence or wilful misconduct.

                                       17
<PAGE>

                           (c) The Warrant Agent may at any time consult with
         counsel satisfactory to it (who may be counsel for the Company) and
         shall incur no liability or responsibility for any action taken,
         suffered or omitted by it in good faith in accordance with the opinion
         or advice of such counsel.

                           (d) Any notice, statement, instrument, request,
         direction, order or demand of the Company shall be sufficiently
         evidenced by an instrument signed by the Chairman of the Board,
         President, any Vice President, its Secretary, or Assistant Secretary,
         unless other evidence in respect thereof is specifically prescribed in
         this Agreement. The Warrant Agent shall not be liable for any action
         taken, suffered or omitted by it in accordance with such notice,
         statement, instruction, request, direction, order or demand believed by
         it to be genuine.

                           (e) The Company agrees to pay the Warrant Agent
         reasonable compensation for its services hereunder and to reimburse it
         for its reasonable expenses hereunder; it further agrees to indemnify
         the Warrant Agent and save it harmless against any and all costs and
         counsel fees, for anything done or omitted by the Warrant Agent in the
         execution of its duties and powers hereunder except losses, expenses
         and liabilities arising as a result of the Warrant Agent's negligence
         or wilful misconduct.

                           (f) The Warrant Agent may resign its duties and be
         discharged from all further duties and liabilities hereunder (except
         liabilities arising as a result of the Warrant Agent's own negligence
         or wilful misconduct), after giving thirty (30) days' prior written
         notice to the Company. At least fifteen (15) days prior to the date
         such resignation is to become effective, the Warrant Agent shall cause
         a copy of such notice of resignation to be mailed to the Registered
         Holder of each Warrant Certificate at the Company's expense. Upon such
         resignation, or any inability of the Warrant Agent to act as such under
         this Agreement, the Company shall appoint a new warrant agent in
         writing. If the Company shall fail to make such appointment within a
         period of fifteen (15) days after it has been notified in writing of
         such resignation by the resigning Warrant Agent, then the Registered
         Holder of any Warrant Certificate may apply to any court of competent
         jurisdiction for the appointment of a new warrant agent. Any new
         warrant agent, whether appointed by the Company or by such a court,
         shall be a bank or trust company having a capital and surplus, as shown
         by its last published report to its stockholders, of not less than
         $10,000,000 or a stock transfer company. After acceptance in writing of
         such appointment by the new warrant agent is received by the Company,
         such new warrant agent shall be vested with the same powers, rights,
         duties and responsibilities as if it had been originally named herein
         as the Warrant Agent, without any further assurance, conveyance, act or
         deed; but if for any reason, it shall be necessary or expedient to
         execute and deliver any further assurance, conveyance, act or deed, the
         same shall be done at the expense of the Company and shall be legally
         and validly executed and delivered by the resigning Warrant Agent. Not
         later than the effective date of any

                                       18
<PAGE>

         such appointment the Company shall file notice thereof with the
         resigning Warrant Agent and shall forthwith cause a copy of such notice
         to be mailed to the Registered Holder of each Warrant Certificate.

                           (g) Any corporation into which the Warrant Agent or
         any new warrant agent may be converted or merged or any corporation
         resulting from any consolidation to which the Warrant Agent or any new
         warrant agent shall be a party or any corporation succeeding to the
         trust business of the Warrant Agent shall be a successor warrant agent
         under this Agreement without any further act, provided that such
         corporation is eligible for appointment as successor to the Warrant
         Agent under the provisions of the preceding paragraph. Any such
         successor warrant agent shall promptly cause notice of its succession
         as warrant agent to be mailed to the Company and to the Registered
         Holder of each Warrant Certificate.

                           (h) The Warrant Agent, its subsidiaries and
         affiliates, and any of its or their officers or directors, may buy and
         hold or sell Warrants or other securities of the Company and otherwise
         deal with the Company in the same manner and to the same extent and
         with like effects as though it were not Warrant Agent. Nothing herein
         shall preclude the Warrant Agent from acting in any other capacity for
         the Company or for any other legal entity.

                  16. Modification of Agreement. The Warrant Agent and the
         Company may, by supplemental agreement, make any changes or corrections
         in this Agreement (i) that they shall deem appropriate to cure any
         ambiguity or to correct any defective or inconsistent provision or
         manifest mistake or error herein contained; or (ii) that they may deem
         necessary or desirable and which shall not adversely affect the
         interests of the holders of Warrant Certificates, including extension
         of the Warrant Expiration Date or decrease in the Purchase Price;
         provided, however, that this Agreement shall not otherwise be modified,
         supplemented or altered in any respect except with the consent in
         writing of the Registered Holders of Warrant Certificates representing
         not less than fifty percent (50%) of the Warrants then outstanding; and
         provided, further, that no change in the number or nature of the
         securities purchasable upon the exercise of any Warrant, or increase in
         the Purchase Price therefor, or the acceleration of the Warrant
         Expiration Date, shall be made without the consent in writing of the
         Registered Holder of the Warrant Certificate representing such Warrant,
         other than such changes as are specifically prescribed by this
         Agreement as originally executed or are made in compliance with
         applicable law.

                  17. Notices. All notices provided for in this Agreement shall
         be in writing signed by the party giving such notice, and, unless
         otherwise expressly provided in this Agreement, delivered personally or
         sent by overnight courier or messenger against receipt thereof or sent
         by registered or certified mail (air mail if overseas), return receipt
         requested, or by facsimile transmission or similar means of
         communication. Notices sent by facsimile transmission or similar means
         of

                                       19
<PAGE>

         communication shall be confirmed by acknowledged receipt or by
         registered or certified mail, return receipt requested. Notices shall
         be deemed to have been received on the date of personal delivery or
         telecopy or, if sent by certified or registered mail, return receipt
         requested, shall be deemed to be delivered on the third business day
         after the date of mailing. Notices shall be sent to the Registered
         Holders at their respective addresses on the Warrant Agent's warrant
         register, to the Company at 11190 Biscayne Boulevard, Miami, Florida
         33181, fax 305.895.8616, Attention: Arnold Hantman, Chief Executive
         Officer, and to the Warrant Agent at its Corporate Office, fax
         __________. Either party may, by like notice, change the address,
         person or fax number to which notice should be given.

                  18. Governing Law. This Agreement shall be governed by and
         construed in accordance with the laws of the State of New York
         applicable to agreements entered and to be performed wholly within such
         State, without regard to principles of conflicts of laws. The parties
         hereby (a) irrevocably consent and agree that any legal or equitable
         action or proceeding arising under or in connection with this Agreement
         shall be brought exclusively in any Federal or state court situated in
         New York County, New York, (b) irrevocably submit to and accept, with
         respect to their respective properties and assets, generally and
         unconditionally, the in personam jurisdiction of the aforesaid courts
         and (c) agree that any process in any action commenced in such court
         under this Agreement may be served upon such party personally, by
         certified or registered mail, return receipt requested, or by overnight
         courier service which obtains evidence of delivery, with the same full
         force and effect as if personally served upon such party in New York
         City, in addition to any other method of service permitted by law.

                  19. Binding Effect. This Agreement shall be binding upon and
         inure to the benefit of the Company and, the Warrant Agent and their
         respective successors and assigns, and the holders from time to time of
         Warrant Certificates. Nothing in this Agreement is intended or shall be
         construed to confer upon any other person any right, remedy or claim,
         in equity or at law, or to impose upon any other person any duty,
         liability or obligation.

                  20. Termination. This Agreement shall terminate at the close
         of business on the Expiration Date of all the Warrants or such earlier
         date upon which all Warrants have been exercised, except that the
         Warrant Agent shall account to the Company for cash held by it, and the
         provisions of Paragraph 15 of this Agreement shall survive any such
         termination.

                  21. Counterparts. This Agreement may be executed in several
         counterparts, which taken together shall constitute a single document.

                                       20
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                             SFBC INTERNATIONAL, INC.

                             By:
                                ------------------------------------------------
                                Arnold Hantman, Chief Executive Officer

                             CONTINENTAL STOCK TRANSFER & TRUST CO.

                             By:
                                ------------------------------------------------
                                                            , Authorized Officer

                                       21
<PAGE>

                                                                       EXHIBIT A

                      [FORM OF FACE OF WARRANT CERTIFICATE]

No.                                                          Warrant to Purchase
                                                          Shares of Common Stock

            Void after __________, 2005 (or earlier upon redemption).

                            SFBC INTERNATIONAL, INC.

                    REDEEMABLE COMMON STOCK PURCHASE WARRANT

         This certifies that FOR VALUE RECEIVED or registered assigns (the
"Registered Holder") is the owner of the number of Redeemable Common Stock
Purchase Warrants ("Warrants") specified above. Each Warrant initially entitles
the Registered Holder to purchase, subject to the terms and conditions set forth
in this Certificate and the Warrant Agreement (as hereinafter defined), one (1)
fully paid and nonassessable share of Common Stock, par value $.001 per share
("Common Stock"), of SFBC International, Inc., a Delaware corporation (the
"Company"), at any time during the period commencing with the issuance of this
Warrant and ending on the Expiration Date, as hereinafter defined, by delivery
of this Warrant, with the Subscription Form on the reverse hereof duly executed,
at the corporate office of Continental Stock Transfer & Trust Co., as Warrant
Agent, or its successor (the "Warrant Agent"), accompanied by payment of $9.60,
subject to adjustment as provided in the Warrant Agreement (the "Purchase
Price") in lawful money of the United States of America in cash or by official
bank or certified check made payable to the order of the Company.

         This Warrant Certificate and each Warrant represented hereby are issued
pursuant to and are subject in all respects to the terms and conditions set
forth in the Warrant Agreement (the "Warrant Agreement"), dated as of __________
__, 2000, by and between the Company and the Warrant Agent.

         In the event of certain contingencies provided for in the Warrant
Agreement, the Purchase Price or the number of shares of Common Stock subject to
purchase upon the exercise of each Warrant represented hereby are subject to
modification or adjustment.

         Commencing ____________ ___, 2001, each Warrant represented hereby is
exercisable at the option of the Registered Holder, but no fractional shares of
Common Stock will be issued. In the case of the exercise of less than all the
Warrants represented hereby, the Company shall cancel this Warrant Certificate
upon the surrender hereof and shall execute and deliver a new Warrant
Certificates or Warrant Certificates of like tenor, which the Warrant Agent
shall countersign, for the balance of such Warrants.

         The term "Expiration Date" shall mean 5:00 P.M. (New York City time) on
__ , 2005 or earlier upon redemption as hereinafter provided. If such date shall
in the State of New York be a holiday or a day on which the banks are authorized
or required to close, then the Expiration Date

                                       22
<PAGE>

shall mean 5:00 P.M. (New York City time) the next following day which in the
State of New York is not a holiday or a day on which banks are authorized or
required to close. Under certain circumstances as provided in the Warrant
Agreement, the period during which the Warrant may be exercised may be extended.

         The Company shall not be obligated to deliver any securities pursuant
to the exercise of this Warrant unless a registration statement under the
Securities Act of 1933, as amended, with respect to such securities is
effective. The Company has covenanted and agreed that it will file a
registration statement and will use its commercially reasonably efforts to cause
the same to become effective and to keep such registration statement current
while any of the Warrants are outstanding. This Warrant shall not be exercisable
by a Registered Holder in any state where such exercise would be unlawful.

         This Warrant Certificate is exchangeable, upon the surrender hereof by
the Registered Holder at the corporate office of the Warrant Agent, for a new
Warrant Certificate or Warrant Certificates of like tenor representing an equal
aggregate number of Warrants, each of such new Warrant Certificates to represent
such number of Warrants as shall be designated by such Registered Holder at the
time of such surrender. Upon payment by the Registered Holder of any tax or
other governmental charge imposed in connection therewith, for registration of
transfer of this Warrant Certificate at such office, a new Warrant Certificate
or Warrant Certificate representing an equal aggregate number of Warrants will
be issued to the transferee in exchange therefor, subject to the limitations
provided in the Warrant Agreement.

         Prior to the exercise of any Warrant represented hereby, the Registered
Holder shall not be entitled to any rights of a stockholder of the Company,
including, without limitation, the right to vote or to receive dividends or
other distributions, and shall not be entitled to receive any notice of any
proceedings of the Company, except as provided in the Warrant Agreement.

         Commencing __________ __, 2001, or earlier as provided in the Warrant
Agreement, this Warrant may be redeemed at the option of the Company, at a
redemption price of $.10 per Warrant at any time, provided the average closing
price for the Common Stock issuable upon exercise of such Warrant shall equal or
exceed $14.40 per share, subject to adjustment, for the twenty day period prior
to the date which is five days before the date the Warrants are called for
redemption. Notice of redemption shall be given not earlier than the thirtieth
(30th) day before the date fixed for redemption, all as provided in the Warrant
Agreement. On and after 5:00 P.M. (New York City time) on the business day
immediately preceding the date fixed for redemption, the Registered Holder shall
have no rights with respect to this Warrant except to receive the $.10 per
Warrant upon surrender of this Certificate. This Warrant may only be called for
redemption if, on the date the Warrant is called for redemption, the issuance of
the shares of Common Stock upon exercise of this Warrant is subject to a current
and effective registration statement.

         Prior to due presentment for registration of transfer hereof, the
Company and the Warrant Agent may deem and treat the Registered Holder as the
absolute owner hereof and of each Warrant represented hereby (notwithstanding
any notations of ownership or writing hereon made

                                       23
<PAGE>

by anyone other than a duly authorized officer of the Company or the Warrant
Agent) for all purposes and shall not be affected by any notice to the contrary.

         This Warrant Certificate shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements
executed and to be performed wholly within such State, without regard to
principles of conflicts of laws.

         This Warrant Certificate is not valid unless countersigned by the
Warrant Agent.

         IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed, manually or in facsimile by two of its officers thereunto duly
authorized and a facsimile of its corporate seal to be imprinted hereon.

                                            SFBC INTERNATIONAL, INC.

Dated:                                      By:
        -------------------                    ---------------------------------

                                            By:
                                               ---------------------------------
Countersigned:

CONTINENTAL STOCK TRANSFER [Seal]
& TRUST CO., as Warrant Agent

By:
   ------------------------------
         Authorized Officer

                                       24
<PAGE>

                    [Form of Reverse of Warrant Certificate]

                                SUBSCRIPTION FORM

      To Be Executed by the Registered Holder in Order to Exercise Warrants

         THE UNDERSIGNED REGISTERED HOLDER hereby irrevocably elects to
exercise______________ Warrants represented by this Warrant Certificate to
purchase the securities issuable upon the exercise of such Warrants, and
requests that certificates for such securities shall be issued in the name of:

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

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

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

--------------------------------------------------------------------------------
(please print or type name and address)

Please insert Social Security
or other identifying number

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

and be delivered to

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

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

--------------------------------------------------------------------------------
(please print or type name and address)

and if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Registered Holder
at the address stated below.

Date:                                       x
       -----------------------------        ------------------------------------

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

                                            ------------------------------------
                                            Address

                                            ------------------------------------
                                            Taxpayer Identification Number

                                            ------------------------------------
                                            Signature Medallion Guaranteed

                                       25
<PAGE>

                                   ASSIGNMENT

       To Be Executed by the Registered Holder in Order to Assign Warrants

         FOR VALUE RECEIVED, ______________________ hereby sells, assigns and
transfers onto

Please insert social security
or other identifying number

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

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

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

--------------------------------------------------------------------------------
(please print or type name and address)

         ______________________________ of the Warrants represented by this
Warrant Certificate, and hereby irrevocably constitutes and appoints
__________________________________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the
premises.

Date:                                        x
       -----------------------------         ---------------------------
                                             Signature Medallion Guaranteed

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

THE SIGNATURE TO THE ASSIGNMENT OR THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME AS WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY AN ELIGIBLE INSTITUTION (AS DEFINED IN RULE 17Ad_15 UNDER THE
SECURITIES AND EXCHANGE ACT OF 1934) WHICH MAY INCLUDE A COMMERCIAL BANK OR
TRUST COMPANY, SAVINGS ASSOCIATION, CREDIT UNION OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
MIDWEST STOCK EXCHANGE.

                                       26

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