Document:

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                                                                     EXHIBIT 4.4

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL)
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
LAWS.

                               WARRANT AGREEMENT

             To Purchase Shares of the Series C Preferred Stock of

                          APPLIED FIBER OPTICS, INC.

              Dated as of January 28,1999 (the "Effective Date")

     WHEREAS, Applied Fiber Optics, Inc., a California corporation (the
"Company") has entered into a Master Lease Agreement dated as of January 28,
1999, Equipment Schedule No. VL-1 and VL-2 dated as of January 28, 1899, and
related Summary Equipment Schedules (collectively, the "Leases") with Comdisco,
Inc., a Delaware corporation (the "Warrantholder"); and

     WHEREAS, the Company desires to grant to Warrantholder, in consideration
for such Leases, the right to purchase shares of its Series C Preferred Stock;

     NOW, THEREFORE, in consideration of the Warrantholder executing and
delivering such Leases and in consideration of mutual covenants and agreements
contained herein, the Company and Warrantholder agree as follows:

1.   GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.
     ----------------------------------------------

     The Company hereby grants to the Warrantholder, and the Warrantholder is
entitled, upon the terms and subject to the conditions hereinafter set forth, to
subscribe to and purchase, from the Company, 55.045 fully paid and non-
assessable shares of the Company's Series C Preferred Stock ("Preferred Stock")
at a purchase price of $2.725 per share (the "Exercise Price").  The number and
purchase price of such shares are subject to adjustment as provided in Section 8
hereof.

2.   TERM OF THE WARRANT AGREEMENT.
     -----------------------------

     Except as otherwise provided for herein, the term of this Warrant Agreement
and the right to purchase Preferred Stock as granted herein shall commence on
the Effective Date and shall be exercisable for a period of (i) ten (10) years
or (ii) five (5) years from the effective date of the Company's initial public
offering, whichever is longer.

3.   EXERCISE OF THE PURCHASE RIGHTS.
     -------------------------------

     The purchase rights set forth in this Warrant Agreement are exercisable by
the Warrantholder, in whole or in part, at any time, or from time to time, prior
to the expiration of the term set forth in Section 2 above, by tendering to the
Company at its principal office a notice of exercise in the form attached hereto
as Exhibit I (the "Notice of Exercise"), duly completed and executed.  Promptly
upon receipt of the Notice of Exercise and the payment of the purchase price in
accordance with the terms set forth below, and in no event later than twenty-one
(21) days thereafter, the Company shall issue to the Warrantholder a certificate
for the number of shares of Preferred Stock purchased and shall execute the
acknowledgment of exercise in the form attached hereto as Exhibit II (the
"Acknowledgment of Exercise") indicating the number of shares which remain
subject to future purchases, if any.

     The Exercise Price may be paid at the Warrantholder's election either (i)
by cash or check, or (ii) by surrender of Warrants ("Net Issuance") as
determined below.  If the Warrantholder elects the Net Issuance method, the
Company will issue Preferred Stock in accordance with the following formula:

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

     Where:    X =           the number of shares of Preferred Stock to be
                             issued to the Warrantholder.

               Y =           the number of shares of Preferred Stock Agreement.
                             requested to be exercised under this Warrant

               A =           the fair market value of one (1) share of
                             Preferred Stock.

               B =           the Exercise Price.

     For purposes of the above calculation, current fair market value of
Preferred Stock shall mean with respect to each share of Preferred Stock:

          (i)     if the exercise is in connection with an initial public
     offering of the Company's Common Stock, and If the Company's Registration
     Statement relating to such public offering has been declared effective by
     the SEC, then the fair market value per share shall be the product of (x)
     the initial "Price to Public" specified in the final prospectus with
     respect to the offering and (y) the number of shares of Common Stock into
     which each share of Preferred Stock is convertible at the time of such
     exercise;
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          (ii)    if this Warrant is exercised after, and not in connection with
     the Company's initial public offering, and:

                  (a)  if traded on a securities exchange, the fair market value
          shall be deemed to be the product of (x) the average of the closing
          prices over a twenty-one (21) day period ending three days before the
          day the current fair market value of the securities is being
          determined and (y) the number of shares of Common Stock into which
          each share of Preferred Stock is convertible at the time of such
          exercise; or

                  (b)  if actively traded over-the-counter, the fair market
          value shall be deemed to be the product of (x) the average of the
          closing bid and asked prices quoted on the NASDAQ, system (or similar
          system) over the twenty-one (21) day period ending three days before
          the day the current fair market value of the securities Is being
          determined and (y) the number of shares of Common Stock into which
          each share of Preferred Stock is convertible at the time of such
          exercise;

          (iii)   if at any time the Common Stock is not listed on any
     securities exchange or quoted in the NASDAQ System or the over-the-counter
     market, the current fair market value of Preferred Stock shall be the
     product of (x) the highest price per share which the Company could obtain
     from a willing buyer (not a current employee or director) for shares of
     Common Stock sold by the Company, from authorized but unissued shares, as
     determined in good faith by its Board of Directors and (y) the number of
     shares of Common Stock into which each share of Preferred Stock is
     convertible at the time of such exercise, unless the Company shall become
     subject to a merger, acquisition or other consolidation pursuant to which
     the Company is not the surviving party, in which case the fair market value
     of Preferred Stock shall be deemed to be the value received by the holders
     of the Company's Preferred Stock on a common equivalent basis pursuant to
     such merger or acquisition.

     Upon partial exercise by either cash or Net Issuance, the Company shall
promptly issue an amended Warrant Agreement representing the remaining number of
shares purchasable hereunder.  All other terms and conditions of such amended
Warrant Agreement shall be identical to those contained herein, including, but
not limited to the Effective Date hereof.

4.   RESERVATION OF SHARES.
     ---------------------

     (a)  Authorization and Reservation of Shares.  During the term of this
          ---------------------------------------
Warrant Agreement, the Company will at all times have authorized and reserved a
sufficient number of shares of its Preferred Stack to provide for the exercise
of the rights to purchase Preferred Stock as provided for herein.
Notwithstanding the foregoing, it is understood that the Company will not have a
sufficient number of shares of its Series C Preferred Stock authorized on the
dare of issuance of this Warrant Agreement, but rather that the Company hereby
represents and warrants that it shall take all steps necessary to cause the
authorization of such shares not later than the earliest to occur of (i) the
date on which the Company's Articles of Incorporation are amended in connection
with Its next round of equity (financing or for any other purpose, or (ii) the
date which is one-hundred twenty (120) days from the date hereof (the "Next
Article Amendment Date"),

     (b)  Registration or Listing.  If any shares of Preferred Stock required
          -----------------------
to be reserved hereunder require registration with or approval of any
governmental authority under any Federal or State law (other than any
registration under the Securities Act of 1933, as amended ("1933 Act"), as then
in effect, or any similar Federal statute then enforced, or any state securities
law, required by reason of any transfer involved in such conversion), or listing
on any domestic securities exchange, before such shares may be issued upon
conversion, the Company will, at its expense and as expeditiously as possible,
use its best efforts to cause such shares to be duty registered, listed or
approved for listing on such domestic securities exchange, as the case may be.

5.   NO FRACTIONAL SHARES OR SCRIP.
     -----------------------------

     No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of the Warrant, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Exercise
Price then in effect

6.   NO RIGHTS AS SHAREHOLDER.
     ------------------------

     This Warrant Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder of the Company prior to the exercise of
the Warrant.

7.   WARRANTHOLDER REGISTRY.
     ----------------------

     The Company shall maintain a registry showing the name and address of the
registered holder or this Warrant Agreement

8.   ADJUSTMENT RIGHTS.
     -----------------

     The purchase price par share and the number of shares of Preferred Stock
purchasable hereunder are subject to adjustment, as follows:

     (a)  Merger and Sale of Assets.  If at any time there shall be a capital
          -------------------------
reorganization of the shares of the Company's stock (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for
herein), or a merger or consolidation of the Company with or into another
corporation whether or not the Company is the surviving corporation, or the sale
of all or substantially all of the Company's properties and assets to any other
person (hereinafter referred to as a "Merger Event"), then, as a part of such
Merger Event, lawful provision shall be made so that the Warrantholder shall
thereafter be entitled to receive, upon exercise of the Warrant, the number of
shares of preferred stock or other securities of the successor corporation
resulting from such Merger Event, equivalent in value to that which would have
been issuable if Warrantholder had exercised this Warrant immediately prior to
the Merger Event In any such case, appropriate adjustment (as determined in good
faith by the Company's

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Board of Directors) shall be made in the application of the provisions of this
Warrant Agreement with respect to the rights and interest of the Warrantholder
after the Merger Event to the end that the provisions of this Warrant Agreement
(including adjustments of the Exercise Price and number of shares of Preferred
Stock purchasable) shall be applicable to the greatest extent possible.

     (b)  Reclassification of Shares.  If the Company at any time shall, by
          --------------------------
combination, classification, exchange or subdivision of securities or otherwise,
change any of the securities as to which purchase rights under this Warrant
Agreement exist into the same or a different number of securities of any other
class or classes, this Warrant Agreement shall thereafter represent the right to
acquire such number and kind of securities as would have been issuable as the
result of such change with respect to the securities which were subject to the
purchase rights under this Warrant Agreement immediately prior to such
combination, reclassification, exchange, subdivision or other change.

     (c)  Subdivision or Combination of Shares.  If the Company at any time
          ------------------------------------
shall combine or subdivide its erred Stock, the Exercise Price shall be
proportionately decreased In the case of a subdivision, or proportionately
increased in the case of a combination.

     (d)  Stock Dividends.  If the Company at any time shall pay a dividend
          ---------------
payable in, or make any other distribution (except any distribution specifically
provided far in the foregoing subsections (a) or (b)) of the Company's stock,
then the Exercise Price shall be adjusted, from and after the record date of
such dividend or distribution, to that price determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction (i)
the numerator of which shall be the total number of all shares of the Company's
stock outstanding immediately prior to such dividend or distribution, and (ii)
the denominator of which shall be the total number of all shares of the
Company's stock outstanding immediately after such dividend or distribution- The
Warrantholder shall thereafter be entitled to purchase, at the Exercise Price
resulting from such adjustment, the number of shares of Preferred Stock
(calculated to the nearest whole share) obtained by multiplying the Exercise
price in effect immediately prior to such adjustment by the number of shares of
Preferred Stock issuable upon the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.

     (e)  Right to Purchase Additional Stock.  If the Warrantholder's total
          ----------------------------------
cost of equipment leased pursuant to the Leases exceeds $2,500,000,
Warrantholder shall have the right to purchase from the Company, at the Exercise
Price (adjusted as set forth herein), an additional number of shares, which
number shall be determined by (i) multiplying the amount by which the
Warrantholder's total equipment cost exceeds 22,500,000 by 6%, and (ii) dividing
the product thereof by the Exercise Price per share referenced above.

     (f)  Antidilution Rights.  Additional antidilution rights applicable to the
          -------------------
Preferred Stock purchasable hereunder are as set forth in the Company's
Certificate of Incorporation, as amended through the Effective Date, a true and
complete copy of which is attached hereto as Exhibit ___ (the "Charter"). The
Company shall promptly provide the Warrantholder with any restatement,
amendment, modification or waiver of the Charter. The Company shall provide
Warrantholder with prior written notice of any issuance of its stock or other
equity security to occur after the Effective Date of this Warrant, which notice
shall include (a) the price at which such stock or security is to be sold, (b)
the number of shares to be issued, and (c) such other information as necessary
for Warrantholder to determine if a dilutive event has occurred.

     (g)  Notice of Adjustments.  If: (i) the Company shall declare any
          ---------------------
distribution upon its stock, whether in cash, property, stock or other
securities; (ii) the Company shall offer for subscription pro rata to the
holders of any class of its Preferred or other convertible stock any additional
shares of stock of any class or other rights; (iii) there shall be any Merger
Event; (iv) there shall be an Initial public offering; or (v) there shall be any
voluntary dissolution, liquidation or winding Up of the Company; then, in
connection with each such event, the Company shall send to the Warrantholder (A)
at least twenty (20) days' prior written notice of the date on which the books
of the Company shall close or a record shall be taken for such dividend,
distribution, subscription rights (specifying the date on which the holders of
Preferred Stock shall be entitled thereto) or for determining rights to vote in
respect of such Merger Event, dissolution, liquidation or winding up; (B) in the
case of any such Merger Event, dissolution, liquidation or winding up, at least
twenty (20) days' prior written notice of the date when the same shall take
place (and specifying the date on which the holders of Preferred Stock shall be
entitled to exchange their Preferred Stock for securities or other property
deliverable upon such Merger Event, dissolution, liquidation or winding up); and
(C) in the case of a public offering, the Company shall give the Warrantholder
at least twenty (20) days written notice prior to the effective date thereof.

     Each such written notice shall set forth, in reasonable detail, (i) the
event requiring the adjustment, (ii) the amount of the adjustment, (iii) the
method by which such adjustment was calculated, (iv) the Exercise Price, and (v)
the number of shares subject to purchase hereunder after giving effect to such
adjustment, and shall be given by first class mail, postage prepaid, addressed
to the Warrantholder, at the address as shown on the books of the Company.

     (h)  Timely Notice.  Failure to timely provide such notice required by
          -------------
subsection (g) above shall entitle Warrantholder to retain the benefit of the
applicable notice period notwithstanding anything to the contrary contained in
any insufficient notice received by Warrantholder. The notice period shall begin
on the date Warrantholder actually receives a written notice containing all the
information specified above.

9.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.
     --------------------------------------------------------

     (a)  Reservation of Preferred Stock.  The Preferred Stock issuable upon
          ------------------------------
exercise of the Warrantholder's rights has been, or, as of the Next Article
Amendment Date, will have been duly and validly reserved and, when issued in
accordance with the provisions of this Warrant Agreement, will be validly
Issued, fully paid and non-assessable, and will be free of any taxes, liens,
charges or encumbrances of any nature whatsoever; provided, however, that the
Preferred Stock issuable pursuant to this Warrant Agreement may be subject to
restrictions on transfer under state and/or Federal securities laws. The Company
has made available to the Warrantholder true, correct and complete copies of its
Charter and Bylaws, as amended. The issuance of certificates for

                                       3
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shares of Preferred Stock upon exercise of the Warrant Agreement shall be made
without charge to the Warrantholder for any issuance tax in respect thereof, or
other cost incurred by the Company in connection with such exercise and the
related issuance of shares of Preferred Stock. The Company shall not be required
to pay any tax which may be payable in respect of any transfer involved and the
Issuance and delivery of any certificate in a name other than that of the
Warrantholder.

       (b)  Due Authority.  The execution and delivery by the Company of this
            -------------
Wan-ant Agreement and the performance of all obligations of the Company
hereunder, including the issuance to Warrantholder of the right to acquire the
shares of Preferred Stock, have been duly authorized by all necessary corporate
action on the part of the Company, and the Leases and this Warrant Agreement are
not inconsistent with the Company's Charter or Bylaws, do not contravene any law
or governmental rule, regulation or order applicable to it, do not and will not
contravene any provision of, or constitute a default under, any indenture,
mortgage, contract or other instrument to which it is a party or by which it is
bound, and the Leases and this Warrant Agreement constitute legal, valid and
binding agreements of the Company, enforceable in accordance with their
respective terms.

       (c)  Consents and Approvals.  No consent or approval of, giving of notice
            ----------------------
to, registration with, or taking of any other action in respect of any state,
Federal or other governmental authority or agency is required with respect to
the execution, delivery and performance by the Company of its obligations under
this Warrant Agreement, except for the filing of notices pursuant to Regulation
D under the 1933 Act and any filing required by applicable state securities law,
which filings will be effective by the time required thereby.

       (d)  Issued Securities.  All issued and outstanding shares of Common
            -----------------
Stock, Preferred Stock or any other securities of the Company have been duly
authorized and validly issued and are fully paid and nonassessable. All
outstanding shares of Common Stock, Preferred Stock and any other securities
were issued in full compliance with all Federal and state securities laws. In
addition:

(i)    The authorized capital of the Company consists of (A) 12,000,000 shares
       of Common stock, of which 709,990 shares are issued and outstanding, and
       (B) 8,617,780 shares of Preferred Stock, 1.062.000 shares of which have
       been designated Series A Preferred stock, all of which are issued and
       outstanding, and 2,620,000 shares of which have been designated Series B
       Preferred Stock, 2.600,000 shares of which are issued and outstanding,
       and 2,935,780 shares of which have been designated Series C Preferred
       Stock, all of which are issued and outstanding on the date of this
       Warrant Agreement. The Company has issued a warrant to purchase up to
       20,000 shares or Series B Preferred Stock (the "Series B Warrant") and
       has reserved 20,000 shares of Series B Preferred stock for issuance upon
       exercise of such Series B Warrant. All outstanding shares of preferred
       stock are currently convertible into Common Stock of the Company at a
       rate of 1:1.

(ii)   The Company has reserved 1,892,532 shares of Common Stock for issuance to
       officers, directors, employees and consultants of the Company pursuant to
       its 1997 Stock Plan, as amended, duly adopted by the Board of Directors
       and approved by the Company's shareholders (the "Stock Plan"). As of the
       date of this Warrant Agreement under the Stock Plan, there are options
       outstanding to purchase 1.186.300 shares of Common Stock, 45,990 shares
       of Common Stock issued and outstanding as a result of Stock Options or
       Stock Purchase Rights previously granted (which shares are included In
       the total number of issued and outstanding shares listed in Section
       9.(d)(i) above), and 660,242 shares of Common Stock remaining available
       for future grant Other than as specified above, there are no other
       options, warrants, conversion privileges or other rights (except that
       there are certain rights of first refusal arising under the Second
       Amended and Restated Rights Agreement dated as of June 29, 1998 by and
       among the Company and the individuals and entities listed on Exhibit A
       thereto (the "Rights Agreement")) presently outstanding to purchase or
       otherwise acquire any authorized but unissued shares of the Company's
       capital stock or other securities of the Company.

(iii)  No shareholder of the Company has preemptive rights arising under the
       Company's Articles of Incorporation to purchase new issuances of the
       Company's capital stock.

       (e)  Insurance.  The Company has in full force and effect insurance
            ---------
policies, with extended coverage, insuring the Company and its property and
business against such losses and risks, and in such amounts, as are customary
for corporations engaged in a similar business and similarly situated and as
otherwise may be required pursuant to the terms of any other contract or
agreement

       (f)  Other Commitments to Register Securities.  Except as set forth in
            ----------------------------------------
this Warrant Agreement, the Company is not, pursuant to the terms of any other
agreement currently in existence (except pursuant to the Rights Agreement),
under any obligation to register under the 1933 Act any of its presently
outstanding securities or any of its securities which may hereafter be issued.

       (g)  Exempt Transaction.  Subject to the accuracy of the Warrantholder's
            ------------------
representations in Section 10 hereof, the issuance of the Preferred Stock upon
exercise of this Warrant will constitute a transaction exempt from (i) the
registration requirements of Section 5 of the 1933 Act, in reliance upon Section
4(2) thereof, and (ii) the qualification requirements of the applicable state
securities laws.

       (h)  Compliance with Rule 144.  At the written request of the
            ------------------------
Warrantholder, who proposes to sell Preferred Stock issuable upon the exercise
of the Warrant in compliance with Rule 144 promulgated by the Securities and
Exchange Commission, the Company shall furnish to the Warrantholder, within ten
days after receipt of such request, a written statement confirming the Company's
compliance with the filing requirements of the Securities and Exchange
Commission as set forth in such Rule, as such Rule may be amended from time to
time.

                                       4
<PAGE>

10.  REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.
     --------------------------------------------------

     This Warrant Agreement has been entered into by the Company in reliance
upon the following representations and covenants of the Warrantholder

     (a)  Investment Purpose.  The right to acquire Preferred Stock or the
          ------------------
Preferred Stock issuable upon exercise of the Warrantholder's rights contained
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present Intention
of selling or engaging in any public distribution of the same except pursuant to
a registration or exemption.

     (b)  Private Issue.  The Warrantholder understands (i) that the Preferred
          -------------
Stock issuable upon exercise of this Warrant is not registered under the 1933
Act or qualified under applicable state securities laws on the ground that the
issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirement; thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 10.

     (c)  Disposition of Warrantholder's Rights.  In no event will the
          -------------------------------------
Warrantholder make a disposition of any of Its rights to acquire Preferred Stock
or Preferred Stock issuable upon exercise of such rights unless and until (i) it
shall have notified the Company of the proposed disposition, and (ii) If
requested by the Company, it shall have furnished the Company with an opinion of
counsel (which counsel may either be inside or outside counsel to the
Warrantholder) satisfactory to the Company and its counsel to the effect that
(A) appropriate action necessary for compliance with the 1933 Act has been
taken, or (B) an exemption from the registration requirements of the 1933 Act is
available. Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of its rights to acquire Preferred Stock or Preferred
Stock issuable on the exercise of such rights do not apply to transfers from the
beneficial owner of any of the aforementioned securities to its nominee or from
such nominee to its beneficial owner, and shall terminate as to any particular
share of Preferred Stock when (1) such security shall have been effectively
registered under the 1033 Act and sold by the holder thereof In accordance with
such registration or (2) such security shall have been sold without registration
in compliance with Rule 144 under the 1933 Act, or (3) a letter shall have been
issued to the Warrantholder at its request by the staff of the Securities and
Exchange Commission or a ruling shall have been issued to the Warrantholder at
its request by such Commission stating that no action shall be recommended by
such staff or taken by such Commission, as the case may be, if such security is
transferred without registration under the 1933 Act in accordance with the
conditions set forth in such letter or ruling and such letter or ruling
specifies that no subsequent restrictions on transfer are required. Whenever the
restrictions imposed hereunder shall terminate, as hereinabove provided, the
Warrantholder or holder of a share of Preferred Stock then outstanding as to
which such restrictions have terminated shall be entitled to receive from the
Company, without expense to such holder, one or more new certificates for the
Warrant or for such shares of Preferred Stock not bearing any restrictive
legend.

     (d)  Financial Risk.  The Warrantholder has such knowledge and experience
          --------------
in financial and business matters as to be capable of evaluating the merits and
risks of Its Investment, and has the ability to bear the economic risks of its
investment.

     (e)  Risk of No Registration.  The Warrantholder understands that if the
          -----------------------
does not register with the Securities and Exchange Commission pursuant to
Section 12 of the 1934 Act (the "1934 Act"), or file reports pursuant to Section
15(d), of the 1934 Act, or if a registration statement covering the securities
under the 1933 Act is not in effect when it desires to sell (i) the rights to
purchase Preferred Stock pursuant to this Warrant Agreement, or (ii) the
Preferred Stock issuable upon exercise of the right to purchase, it may be
required to hold such securities for an indefinite period. The Warrantholder
also understands that any sale of its rights of the Warrantholder to purchase
Preferred Stock or Preferred Stock which might be made by it in reliance upon
Rule 144 under the 1933 Act may be made only in accordance with the terms and
conditions of that Rule.

     (f)  Accredited Investor.  Warrantholder is an "accredited investor" within
          -------------------
the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

     (G)  MARKET "STAND-OFF" AGREEMENT.  The Warrantholder hereby agrees that
          ----------------------------
during the period of duration (up to, but not exceeding 180 days) specified by
the Company and the lead underwriter following the effective dated of a
registration statement of the Company filed under the 1933 Act, it shall not, to
the extent requested by the underwriter, sell or otherwise transfer or dispose
of (other than to donees who agree to be similarly bound) any equity securities
of the Company held by it at any time during such period except equity
securities included in such registration; provided, however, that

             (i)    such agreement shall be applicable only to the first such
     registration statement of the Company which covers Common Stock (or other
     securities) to be sold on its behalf to the public in an underwritten
     offering; and
             (ii)   each officer and director of the Company enters into a
     similar agreement.

        To enforce the foregoing covenant, the company may impose stop-transfer
  instructions with respect to the shares or securities of the Warrantholder
  (and the shares or securities or every other person subject to the foregoing
  restriction) until the end of such period.

11.  TRANSFERS.
     ---------

     Subject to the terms and conditions contained in Section 10 hereof, this
Warrant Agreement and all rights hereunder are transferable in whole or in part
by the Warrantholder and any successor transferee, provided, however, in no
event shall the number of transfers of the rights and interests in all of the
Warrants exceed three (3) transfers.  The transfer shall be recorded on the
books of the Company upon receipt by the Company of a notice of transfer in the
form attached hereto as Exhibit III (the "Transfer Notice"), at its principal
offices and the payment to the Company of all transfer taxes and other
governmental charges Imposed on such transfer.

                                       5
<PAGE>

12.  MISCELLANEOUS.
     -------------

     (a)  Effective Date.  The provisions of this Warrant Agreement shall be
          --------------
construed and shall be given effect in all respects as if it had been executed
and delivered by the Company on the date hereof. This Warrant Agreement shall be
binding upon any successor's or assigns of the Company.

     (b)  Attorney's Fees.  In any litigation, arbitration or court proceeding
          ---------------
between the Company and the Warrantholder relating hereto, the prevailing party
shall be entitled to attorneys' fees and expenses and all costs of proceedings
incurred in enforcing this Warrant Agreement

     (c)  Governing Law.  This Warrant Agreement shall be governed by and
          -------------
construed for all purposes under and in accordance with the laws of the State of
Illinois.

     (d)  Counterparts.  This Warrant Agreement may be executed in two or more
          ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     (e)  Notices.  Any notice required or permitted hereunder shall be given in
          -------
writing and shall be deemed effectively given upon personal delivery, facsimile
transmission (provided that the original is sent by personal delivery or mail as
hereinafter set forth) or seven (7) days after deposit In the United States
mail, by registered or certified mail, addressed (i) to the Warrantholder at
6111 North River Road, Rosemont, Illinois 60018, Attention: Venture Lease
Administration, cc: Legal Department, Attention: General Counsel, (and/or, if by
facsimile. (847) 518-5465 and (847) 518-5088) and (ii) to the Company at 46758
Lakeview Blvd., Fremont, CA 94583, Attention: Chief Financial Officer (and/or if
by facsimile, (510) 440-9668 or at such other address as any such party may
                    --------
subsequently designate by written notice to the other party.

     (f)  Remedies.  In the event of any default hereunder, the non-defaulting
          --------
party may proceed to protect and enforce its rights either by suit in equity
and/or by action at law, including but not limited to an action for damages as a
result of any such default, and/or an action for specific performance for any
default where Warrantholder will not have an adequate remedy at law and where
damages will not be readily ascertainable. The Company expressly agrees that it
shall not oppose an application by the Warrantholder or any other person
entitled to the benefit of this Agreement requiring specific performance of any
or all provisions hereof or enjoining the Company from continuing to commit any
such breach of this Agreement

     (g)  No Impairment of Rights.  The Company will not, by amendment of its
          -----------------------
Charter or through any other means, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate in order to protect the rights of the
Warrantholder against impairment.

     (h)  Survival.  The representations, warranties, covenants and conditions
          --------
of the respective parties contained herein or made pursuant to this Warrant
Agreement shall survive the execution and delivery of this Wan-ant Agreement.

     (i)  Severability.  In the event any one or more of the provisions of this
          ------------
Warrant Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closest to the intention or the parties underlying the invalid, illegal or
unenforceable provision.

     (j)  Amendments.  Any provision of this Warrant Agreement may be amended
          ----------
by a written instrument signed by the Company and by the Warrantholder.

     (k)  Additional Documents.  The Company, upon execution of this Warrant
          --------------------
Agreement, shall provide the Warrantholder with certified resolutions with
respect to the representations, warranties and covenants set forth in
subparagraphs (a) through (d), (f) and (g) of Section 9 above. If the purchase
price for the Leases referenced in the preamble of this Warrant Agreement
exceeds $1,000,000, the Company will also provide Warrantholder with an opinion
from the Company's counsel with respect to those same representations,
warranties and covenants. The Company shall also supply such other documents as
the Warrantholder may from time to time reasonably request.

                                       6
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement
to be executed by its officers thereunto duty authorized as of the Effective
Date.

                              Company:  APPLIED FIBER OPTICS, INC.

                              By:  /s/ Sheau-Sheng Chen
                                 --------------------------------
                                   Title: President and CEO

                              Warrantholder:  COMDISCO, INC.

                              By:  /s/ James P. Lare
                                 --------------------------------
                                   Title: President, Comdisco Ventures Division

                                       7<PAGE>

                                                                     EXHIBIT 4.5

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. NO SALE
OR DISPOSITION MAY BE EFFECTED WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY
OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES
AND EXCHANGE COMMISSION.

THE SALE OF THESE SECURITIES HAS NOT BEEN QUALIFIED WITH ANY STATE SECURITIES
AUTHORITIES. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED
UPON SUCH QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT.

THIS WARRANT MAY NOT BE EXERCISED EXCEPT IN COMPLIANCE WITH ALL APPLICABLE
FEDERAL AND STATE SECURITIES LAWS TO THE REASONABLE SATISFACTION OF THE COMPANY
AND LEGAL COUNSEL FOR THE COMPANY.

                                                        Void after April 6, 2004

                        WAVESPLITTER TECHNOLOGIES, INC.

                            STOCK PURCHASE WARRANT

                                  ___________

     THIS CERTIFIES THAT, for value received, Mayfield IX and its registered
assigns (hereinafter called the "Holder") is entitled to purchase from
WaveSplitter Technologies, Inc. (the "Company"), at any time after the date
specified in Section 1 hereof and ending at 5:00 p.m. Pacific Standard Time on
the Expiration Date, as such term is defined in Section 1 hereof, the shares of
the Company's Capital Stock determined by the schedule in Section 1 hereof.

     This Warrant is a "Warrant" referred to in that certain Loan Agreement
dated April 6,1999 between the Company and certain Investors (the "Loan
Agreement"), and is subject to the terms of the Loan Agreement.  Unless
otherwise defined herein, capitalized terms used herein shall have me meanings
ascribed to them in the Loan Agreement.

     The Exercise Price per share of this warrant shall be (i) the price per
share of the Equity Security issued in the Next Financing, as such term is
defined in Section 4.1 of the Loan Agreement, if the Next Financing has occurred
prior to June 30,1999, or (ii) $2.725 per share if the Next Financing has not
occurred prior to June 30,1999. This Warrant may be exercised in whole or in
part, at the option of the Holder and in accordance with the schedule in Section
1 hereof.

     1.   Term and Vesting Schedule. This Warrant shall be exercisable through
          --------------------------
April 6, 2004 (the "Expiration Date") according to the following schedule:

          (a)  Next Financing. If the Next Financing has occurred prior to June
               ---------------
30,1999, then this Warrant shall be exercisable for the number of shares of the
type of Equity Securities issued in the Next Financing equal to (i) fifteen
percent (15%) of the principal amount set forth opposite such Investor's name on
Exhibit A to the Loan Agreement, divided by (ii) the Exercise Price.
---------

          (b)  No Next Financing. If the Next Financing has not occurred prior
               ------------------
to June 30, 1999, then this Warrant shall be exercisable for that number of
shares of Common Stock equal to (i)
<PAGE>

fifteen percent (15%) of the principal amount set forth opposite such Investor's
name on Exhibit A to the Loan Agreement, divided by (B) $2.725.
        ---------

          (c)  The shares of capital stock that become exercisable pursuant to
the terms of the Loan Agreement and this Warrant are hereinafter referred to as
the "Warrant Shares".

     2.   Method of Exercise; Payment; Issuance of New Warrant. Subject to
          ----------------------------------------------------
Section 1 hereof, the purchase right represented by this Warrant may be
exercised by the Holder, in whole or in part, by:

          2.1  the surrender of this Warrant (with the notice of exercise form
attached hereto as Attachment A and the Investment Representation Statement
attached hereto as Attachment B duly executed) at the principal office of the
Company; and

          2.2  the payment to the Company, by check or wire, of an amount equal
to the then applicable Warrant Price per share multiplied by the number of
Warrant Shares then being purchased.

          If this Warrant should be exercised in part only, the Company shall,
upon surrender of this Warrant, execute and deliver a new Warrant evidencing the
rights of the Holder thereof to purchase the balance of the Warrant Shares
purchasable hereunder. Upon receipt by the Company of this Warrant and such
notice of exercise, together with, if applicable, the aggregate Warrant Price,
at such office, or by the stock transfer agent or warrant agent of the Company
at its office, the Holder shall be deemed to be the holder of record of the
applicable Warrant Shares, notwithstanding that the stock transfer books of the
Company shall then be closed or that certificates representing such Warrant
Shares shall not then be actually delivered to the Holder. The Company shall pay
any and all documentary stamp or similar issue or transfer taxes payable in
respect of the issue or delivery of the Warrant Shares.

          2.3  Net Exercise. In addition to and without limiting the rights of
               ------------
the Holder under the terms of this Warrant, the Holder may elect to convert this
Warrant or any portion thereof (the "Conversion Right") into Warrant Shares, the
aggregate value of which Warrant Shares shall be equal to the value of this
Warrant or the portion thereof being converted. The Conversion Right may be
exercised by the Holder by surrender of this Warrant at the principal office of
the Company together with notice of the Holder's intention to exercise the
Conversion Right, in which event the Company shall issue to the Holder a number
of Warrant Shares computed using the following formula:

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

Where:

        X -    The number of Warrant Shares to be issued to the holder upon
               exercise of Conversion Right.

        Y -    The number of Warrant Shares issuable under this Warrant.

        A -    The fair market value of one Warrant Share, as determined in good
               faith by the board of directors of the Company, as at the time
               the Conversion Right is exercised pursuant to this Section 2.

        B -    Exercise Price (as adjusted to the date of such calculations).

                                      C-2
<PAGE>

     3.   Stock Fully Paid; Reservation of Warrant Shares. All shares of stock
          -----------------------------------------------
which may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be fully paid and nonassessable, and free from all taxes,
liens and charges with respect to the issue thereof.  During the period within
which the rights represented by this Warrant may be exercised, the Company will
at all times have authorized and reserved for the purpose of issue upon exercise
of the purchase rights evidenced by this Warrant, a sufficient number of shares
of its stock to provide for the exercise of the rights represented by this
Warrant. In the event that there is an insufficient number of Warrant Shares
reserved for issuance pursuant to the exercise of this Warrant, the Company will
take appropriate action to authorize an increase in the capital stock to allow
for such issuance or similar issuance acceptable to the Holder.

     4.   Adjustment of Warrant Price and Number of Warrant Shares.  The number
          --------------------------------------------------------
and kind of Warrant Shares purchasable upon the exercise of this Warrant and the
Warrant Price shall be subject to adjustment from time to time upon the
occurrence of certain events, as follows:

          4.1  Reclassification; Merger. In case of any reclassification or
               ------------------------
change of outstanding securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any consolidation or merger of the Company with or into another
corporation (other than a merger with another corporation in which the Company
is a continuing corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or any
other corporate reorganization in which the Company shall not be the continuing
or surviving entity of such consolidation, merger or reorganization, or any
transaction in which in excess of 50% of the Company's voting power is
transferred, or any sale of all or substantially all of the assets of the
Company (a "Merger Transaction"), the Company shall, as condition precedent to
such transaction, execute a new Warrant or cause such successor or purchasing
corporation, as the case may be, to execute a new Warrant, providing that the
Holder shall have the right to exercise such new Warrant and upon such exercise
to receive, in lieu of each share of stock theretofore issuable upon exercise of
this Warrant, the kind and amount of shares of stock, other securities, money
and property receivable upon such reclassification, change, merger or
acquisition by a holder of one share of stock. Such new Warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 4. The provisions of this Section 4.1
shall similarly apply to successive reclassifications, changes, mergers, and
acquisitions.

          4.2  Subdivision or Combination of Warrant Shares. If the Company at
               --------------------------------------------
any time while this Warrant remains outstanding and unexpired shall subdivide or
combine its stock, the Warrant Price shall be proportionately decreased in the
case of a subdivision or increased in the case of a combination.

          4.3  Stock Dividends. If the Company at any time while this Warrant is
               ---------------
outstanding and unexpired shall pay a dividend with respect to stock payable in,
or make any other distribution with respect to stock (except any distribution
specifically provided for in the foregoing Sections 4.1 and 4.2) of, stock, then
the Warrant Price shall be adjusted, from and after the date of determination of
shareholders entitled to receive such dividend or distribution, to that price
determined by multiplying the Warrant Price in effect immediately prior to such
date of determination by a fraction (i) the numerator of which shall be the
total number of shares of stock outstanding immediately prior to such dividend
or distribution, and (ii) the denominator of which shall be the total number of
shares of stock outstanding immediately after such dividend or distribution.

          4.4  Adjustment of Number of Warrant Shares. Upon each adjustment in
               --------------------------------------
the Warrant Price, the number of shares of stock purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying the
number of Warrant Shares purchasable immediately prior to such adjustment in the
Warrant Price by a fraction, the numerator of which shall be the Warrant Price
immediately prior to such adjustment and the denominator of which shall be the
Warrant Price immediately thereafter.

                                      C-3
<PAGE>

          4.5  Acceleration upon IPO or Merger Transaction. Notwithstanding the
               -------------------------------------------
provisions of Section 4.1 above, in the event of the consummation of a sale by
the Company of its Common Stock in a bona fide, firm commitment underwriting
pursuant to a registration statement under the Securities Act of 1933, as
amended (the "Act"), which results in aggregate gross cash proceeds to the
corporation in excess of $15,000,000 and a public offering price (prior to
underwriting discounts, commissions, or expenses) of not less than $7.50 per
share (adjusted to reflect subsequent stock dividends, stock splits or
recapitalizations) (herein, a "Qualified IPO"), or a merger Transaction, the
Company may, at its discretion, provide written notice of such transaction not
less than twenty (20) days prior thereto to the registered holder of the Warrant
giving notice of the impending transaction and of the Company's election to have
the Warrant expire upon the closing of such transaction, in which event,
notwithstanding any other provisions of this Warrant, any portion of this
Warrant that remains unexercised as of the time and date of such closing shall
expire.

     5.   Fractional Warrant Shares. No fractional Warrant Shares will be issued
          -------------------------
in connection with any exercise hereunder, but in lieu of such fractional shares
the Company shall make a cash payment therefore upon the basis of the Warrant
Price then in effect

     6.   Compliance with Securities Act; Non-transferability of Warrant;
          ---------------------------------------------------------------
          Disposition of Shares of Stock.
          ------------------------------

          6.1  Compliance with Securities Act. The Holder, by acceptance hereof,
               -------------------------------
agrees that this Warrant and the Warrant Shares are being acquired for
investment and that he will not offer, sell or otherwise dispose of this Warrant
or any Warrant Shares except under circumstances which will not result in a
violation of the Act. Upon exercise of this Warrant, the Holder hereof shall
confirm in writing, in a form of Attachment B, that the Warrant Shares so
purchased are being acquired for investment and not with a view toward
distribution or resale. In addition, the Holder shall provide such additional
information regarding such Holder's financial and investment background as the
Company may reasonably request. This Warrant and all Warrant Shares (unless
registered under the Act) shall be stamped or imprinted with a legend in
substantially the following form:

    "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. NO
    SALE OR DISPOSITION MAY BE EFFECTED WITHOUT THE PRIOR WRITTEN CONSENT OF THE
    COMPANY AND WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
    AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH
    REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER
    FROM THE SECURITIES AND EXCHANGE COMMISSION."

          6.2  Transferability of Warrant. This Warrant may not be transferred
               --------------------------
or assigned in whole or in part without (i) the prior written consent of the
Company and (ii) compliance with applicable federal and state securities laws;
provided, however, that the Warrant may be transferred without the prior written
--------  -------
consent of the Company in the following transactions:

               A transfer of the Warrant in whole by a Holder who is a natural
person during such Holder's lifetime or on death by will or intestacy to such
Holder's immediate family or to any custodian or trustee for the account of such
Holder or such Holder's immediate family. "Immediate family" as used herein
shall mean spouse, lineal descendant, father, mother, brother, or sister of the
Holder.

               A transfer of the Warrant in whole to the Company or to any
shareholder of the Company.

               A transfer of the Warrant in whole or in part to a person who, at
the time of such transfer, is or is an affiliate of an officer or director of
the Company.

               A transfer of the Warrant in whole pursuant to and in accordance
with the terms

                                      C-4
<PAGE>

of any merger, consolidation, reclassification of shares or capital
reorganization of the corporate shareholder or pursuant to a sale of all or
substantially all of the stock or assets of a corporate shareholder.

               A transfer of the Warrant in whole to a parent, subsidiary or
affiliate of a Holder.

               A transfer of the Warrant in whole by a Holder which is a limited
or general partnership to any of its partners or former partners.

          6.3  Disposition of Warrant Shares. Upon exercise of the Warrant
               -----------------------------
Shares, the Holder will be entitled to any registration rights granted the other
holders of securities issued in the Next Financing. With respect to any offer,
sale or other disposition of any Warrant Shares prior to registration of such
shares, the Holder and each subsequent Holder of this Warrant agrees to give
written notice to the Company prior thereto, describing briefly the manner
thereof, together with a written opinion of such Holder's counsel, if reasonably
requested by the Company, to the effect that such offer, sale or other
disposition may be effected without registration or qualification (under the Act
as then in effect or any federal or state law then in effect) of such Warrant
Shares and indicating whether or not under the Act certificates for such shares
to be sold or otherwise disposed of require any restrictive legend as to
applicable restrictions on transferability in order to ensure compliance with
the Act; provided, however, that no such opinion of counsel or no action letter
shall be necessary for a transfer without consideration by a Holder which is a
partnership to a partner of such partnership, so long as such transfer is made
pursuant to the terms of the partnership agreement, or to the transfer by gift,
will or interstate succession by the Holder to his or her spouse or lineal
descendants or ancestors or any trust for the benefit of any of the foregoing if
the transferee agrees in writing to be subject to the terms hereof to the same
extent as if he/she were an original Holder hereunder. Notwithstanding the
foregoing, such Warrant Shares may be offered, sold or otherwise disposed of in
accordance with Rule 144.

     7.   Rights of Shareholders. No Holder of this Warrant shall be entitled to
          -----------------------
vote or receive dividends or be deemed the holder of stock or any other
securities of the Company which may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to
confer upon the Holder of this Warrant, as such, any of the rights of a
shareholder of the Company or any right to vote for the election of directors or
upon any matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value or change of
stock to no par value, consolidation, merger, conveyance, or otherwise) or to
receive notice of meetings, or to receive dividends or subscription rights or
otherwise until this Warrant has been exercised and the Warrant Shares shall
have become deliverable, as provided herein.

     8.   Governing Law. The terms and conditions of this Warrant shall be
          --------------
governed by and construed in accordance with California law.

     9.   Miscellaneous. The headings in this Warrant are for purposes of
          --------------
convenience and reference only, and shall not be deemed to constitute a part
hereof Neither this Warrant nor any term hereof may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the Company and the registered Holder. All notices and other communications from
the Company to the Holder shall be delivered by hand or mailed by first-class
registered or certified mail, postage prepaid, to the address furnished to the
Company in writing by the Holder.

                                   WAVESPLITTER TECHNOLOGIES, INC.

                                      C-5
<PAGE>

                                   By: /s/ Bruce Pollock
                                      ------------------------
                                       Bruce Pollock, Chief Financial Officer

                                      C-6
<PAGE>

                                 ATTACHMENT A

                              NOTICE OF EXERCISE
                              ------------------

TO:  WaveSplitter Technologies, Inc.

     1.   The undersigned hereby elects to purchase _______ shares of _________
stock of WaveSplitter Technologies, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full, together with all applicable transfer taxes, if any.

     1.   The undersigned hereby elects to convert the attached Warrant into
Warrant Shares in the manner specified in Section 2.3 of the Warrant.  This
conversion is exercised with respect to ______________ of the Shares covered by
the Warrant.

     [Strike paragraph above that does not apply]

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

              Name:  ____________________________________

              Address:  _________________________________
                        _________________________________
                        _________________________________

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

                              ___________________________________________
                              WARRANTHOLDER

                              By: _______________________________________

                              Title:_____________________________________

Date:  ________________

                                      C-7
<PAGE>

                                 ATTACHMENT B

                      INVESTMENT REPRESENTATION STATEMENT
                      -----------------------------------

PURCHASER :

COMPANY   :    WAVESPLITTER TECHNOLOGIES, INC.

SECURITY  :

AMOUNT    :

DATE      :

In connection with the purchase of the above-listed securities and underlying
stock (the "Securities"), I, the Purchaser, represent to the Company the
following:

          (a)  I am aware of the Company's business affairs and financial
condition, and have acquired sufficient information about the Company to reach
an informed and knowledgeable decision to acquire the Securities. I am
purchasing these Securities for my own account for investment purposes only and
not with a view to, or for the resale in connection with, any "distribution"
thereof for purposes of the Securities Act of 1933 ("Securities Act").

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

          (c)  I further understand that the Securities must be held
indefinitely unless subsequently registered under the Securities Act or unless
an exemption from registration is otherwise available. Moreover, I understand
that the Company is under no obligation to register the Securities. In addition,
I understand that the certificate evidencing the Securities will be imprinted
with a legend which prohibits the transfer of the Securities unless they are
registered or such registration is not required in the opinion of counsel for
the Company.

          (d)  I am aware of the provisions of Rule 144, promulgated under the
Securities Act, which, in substance, permits limited public resale of
"restricted securities acquired, directly or indirectly, from the issuer thereof
(or from an affiliate of such issuer), in a non-public offering subject to the
satisfaction of certain conditions.

          (e)  I further understand that at the time I wish to sell the
Securities there may be no public market upon which to make such a sale.

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

                                   _________________________________________
                                   WARRANTHOLDER

                                   _________________________________________
                                             (signature)

                                   _________________________________________
                                             (title)

                                   Date:  _____________________, ___________

                                      C-9

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