Document:

EXHIBIT 4.4

No. of Stock Units:  164,611                                Warrant No. FUN-1

                                     WARRANT
                           TO PURCHASE COMMON STOCK OF
                             BIG DOG HOLDINGS, INC.
                               Dated March 3, 2004
                           (Void after June 30, 2004)

                  THIS IS TO CERTIFY THAT the  Post-Confirmation  Committee
established under the Plan (as defined below), or registered  assigns,  is
entitled to purchase from Big Dog Holdings,  Inc., a Delaware  corporation
(the "Company"),  at any time and from time to time after March 3, 2004 (the
"Initial  Exercisability  Date"),  but not later than 5:00 p.m.,  Pacific
Standard time, on June 30, 2004 (the  "Expiration  Date"),  164,611 Stock Units,
in whole or in part in integral  units,  at a purchase price per Stock Unit of
$4.35,  all on the terms and conditions hereinbelow.

                  This  Warrant is issued by the Company  pursuant  to the
Second  Amended  Plan of  Reorganization (the "Plan") of The Walking  Company
and Alan's Shoes,  Inc.  (collectively,  the "Debtors") in connection with the
Debtors'  Bankruptcy Case in the United States  Bankruptcy  Court for the
Central  District of California (Case No.
SV 03-15880-GM).

                  Section  1.  Certain  Definitions.  As  used  in  this
Warrant,  unless  the  context  otherwise requires:

                  "Board of  Directors"  shall  mean  either  the board of
directors  of the  Company  or any duly authorized committee of that board.

                  "Business  Day" shall mean any day other than a  Saturday,
Sunday or a day on which banks in the State of California are required or
permitted to close.

                  "Common  Stock" shall mean the  Company's  authorized
common  stock,  par value $0.01 per share, irrespective  of class  unless
otherwise  specified,  as  constituted  on the date of  original  issuance  of
this Warrant,  and any stock into which such Common Stock may  thereafter  be
changed,  and shall also include  stock of the Company of any other class,
which is not  preferred as to dividends or assets over any other class of stock
of the Company, issued to the holders of shares of the Company's stock upon
any reclassification thereof.

                  "Exercise  Price" shall mean the purchase  price per Stock
Unit as set forth on the first page of this  Warrant  on the  Issuance  Date
and  thereafter  shall  mean  such  dollar  amount as shall  result  from the
adjustments specified in Section 4.

                  "Holder"  means,  initially,  the  Post-Confirmation
Committee  established  under the Plan, and thereafter  any Person that is or
Persons that are the  registered  holder(s) of this Warrant as  registered on
the books of the Company.

                  "Issuance Date" shall mean March 3, 2004, the date of
issuance of this Warrant.

                  "Person" shall include a natural person, limited partnership,
a corporation,  an association,  a partnership,  a limited liability company,
a trust or estate, a government,  foreign or domestic, and any agency or
political subdivision thereof, or any other entity.

                  "Stock Unit" shall  constitute  one share of Common Stock,
as such Common Stock was  constituted on the date hereof and thereafter  shall
constitute  such number of shares  (including  any fractional  shares) of
Common Stock as shall result from the adjustments specified in Section 4.

                  "Total  Exercise  Price" shall mean the product of the
Exercise  Price times the number of Stock
Units to be purchased by the holder of this Warrant upon the exercise thereof.

                  "Warrant"  shall mean this  Warrant to  purchase up to 164,611
Stock  Units as set forth  herein initially issued to Holder,  and all Warrants
issued upon transfer,  division or combination of, or in substitution
therefor.

                  "Warrant  Stock" shall mean the shares of Common Stock
purchasable by the holder of this Warrant upon the exercise thereof.

                  Section 2.  Exercise  of  Warrant.  The Holder of this
Warrant  may,  one time only on and after the Initial  Exercisability  Date,
but not later than the  Expiration  Date,  exercise this Warrant in whole or in
part for the  integral  number of Stock  Units  which such  holder is then
entitled  to  purchase  hereunder.  The exercise procedures for this Warrant
are as follows:

                  (a)      The Holder  shall  deliver to the Company at its
office  maintained  pursuant to Section 11 for such purpose (i) an Exercise
Notice in the form attached as Exhibit A, duly completed and signed,  (ii) the
original of this Warrant and (iii) the  Total  Exercise Price  therefor,
which shall be payable solely by delivery of the consideration described in
paragraph (b) below.

                  (b)      The Total  Exercise  Price shall be payable  solely
by  delivery of the First  Unsecured Creditors Promissory Note (the "Note")
issued by TWC Acquisition Corp., a Delaware  corporation ("TWC"),  which for
purposes of this Warrant shall be valued at the unpaid  principal  amount
thereof plus accrued but unpaid  interest thereon,  together with written
notice to the Company  specifying what portion of the principal  amount of the
Note delivered  (plus accrued but unpaid  interest on such  portion)  shall be
applied to pay the Exercise  Price.  Upon any partial  application  of the
principal  amount of the Note,  the Company shall cause TWC promptly to issue
and deliver to or upon the order of the Holder a new Note in a principal
amount equal to the  remaining  principal of such surrendered Note which is not
applied to such payment.

                  The Company  shall  within 20 days of its receipt of a
conforming  Exercise  Notice  cause to be issued in the name of and  delivered
to such Holder,  or as the Holder may direct,  a certificate  or  certificates
representing  the aggregate  number of duly  authorized,  validly issued,
fully-paid and  nonassessable  shares of Common Stock issuable upon such
exercise.

                  The  stock  certificate  or  certificates  for  Warrant
Stock  so  delivered  shall  be in  such denominations  as may be specified in
said notice and shall be  registered in the name of such Holder or such other
name or names as shall be designated  in said notice.  Such  certificate  or
certificates  shall be deemed to have been issued and such Holder or any other
Person so  designated  to be named  therein shall be deemed to have become a
holder of record of such  shares,  with,  to the extent  permitted  by law,
the right to vote such  shares or to consent  or to  receive  notice  as a
stockholder,  as of the time said  notice is  delivered  to the  Company  as
aforesaid.

                  The Company  shall pay all expenses  and stock  transfer
taxes  payable in  connection  with the preparation, issuance and delivery of
stock certificates under this Section 2.

                  All shares of Common Stock  issuable upon the exercise of
this Warrant shall be duly  authorized, validly issued, fully paid and
nonassessable, and free from all liens and other encumbrances thereon.

                  The  Company  shall not issue  certificates  for  fractional
shares  of  Common  Stock  upon any exercise of this  Warrant.  If the amount
of principal  of the Note that is being  requested to be used to purchase
Warrant  Shares would result in the issuance of fractional  shares,  the amount
of principal  being applied to such purchase shall be adjusted  downward to the
nearest  whole-share  amount,  and the Company may at its option either pay the
balance of such  principal in cash or include it in the remaining  principal
amount of the new Note issued after payment of the Total Exercise Price
pursuant to Section 2(b).

                  Section 3.  Transfer,  Division  and  Combination.  This
Warrant  and all rights  hereunder  are
transferable,  in whole but not in part,  on the books of the  Company  to be
maintained  for such  purpose,  upon surrender  of this  Warrant at the office
of the  Company  maintained  for such  purpose  pursuant  to Section  11,
together with (a) a  written  assignment in the form set out at the end of
this Warrant duly executed by the Holder hereof or its agent or attorney and
(b) payment  of funds  sufficient to pay any stock transfer taxes payable upon
the making of such transfer.  Upon such surrender,  execution and payment,
the Company shall execute and deliver a new  Warrant  in the name of the
assignee,  and this  Warrant  shall  promptly  be  canceled.  If this  Warrant
is assigned in blank,  the Company may (but shall not be obliged to) treat the
bearer hereof as the absolute  owner of this Warrant for all purposes and the
Company  shall not be affected by any notice to the  contrary.  This Warrant,
if properly  assigned in  compliance  with this  Section 3, may be  exercised
by an assignee  for the  purchase of shares of Common Stock without having a new
Warrant issued.

                  The Company shall pay all expenses  other than stock
transfer  taxes  incurred by the Company in the  performance of its  obligations
in connection  with the  preparation,  issuance and delivery of Warrants under
this Section 3.

                  The Company agrees to maintain at its aforesaid  office books
for the  registration  and transfer of the Warrants.

                  Section 4.  Adjustment  of Stock Unit or  Exercise  Price.
The number of shares of Common  Stock comprising a Stock Unit,  and the Exercise
Price per Stock Unit,  shall be subject to adjustment  from time to time
as set forth in this Section 4 and in Section 5.

                  4.1. Stock  Dividends,  Subdivisions and  Combinations.  In
case at any time or from time to time the Company shall:

                  (a) take a record of the  holders  of its  Common  Stock for
the  purpose  of  entitling  them to receive a dividend payable in, or other
distribution of, Common Stock, or

                  (b)  subdivide  its  outstanding  shares of Common Stock
into a larger number of shares of Common Stock, or

                  (c)  combine its  outstanding  shares of Common  Stock into
a smaller  number of shares of Common Stock,

then the number of shares of Common  Stock  comprising  a Stock Unit
immediately  after the  happening of any such event  shall be  adjusted  so as
to consist of the number of shares of Common  Stock  which a record  holder of
the number of shares of Common Stock  comprising a Stock Unit  immediately
prior to the  happening of such event would own or be entitled to receive after
the happening of such event.

                  4.2. Other  Provisions  Applicable to Adjustments.  The
following  provisions shall be applicable to the  adjustment  of the number of
shares of Common Stock  comprising a Stock Unit  hereinbefore  provided for in
this Section 4:

                  (a)  When  Adjustments  to Be  Made.  The  adjustments
required  by  Section  4.1  shall be made whenever  and as often as any
specified  event  requiring  an  adjustment  shall  occur.  For the  purpose
of any adjustment,  any  specified  event  shall be deemed to have  occurred
at the close of  business on the date of its occurrence.

                  (b) Fractional  Interests.  In computing  adjustments under
this Section 4, fractional  interests in Common Stock shall be taken into
account to the nearest one-thousandth of a share.

                  (c) When  Adjustment  Not  Required.  If the  Company  shall
take a record of the  holders of its Common Stock for the purpose of entitling
them to receive a dividend or  distribution  and shall,  thereafter  and
before  the  distribution  thereof  to  shareholders,  abandon  its  plan  to
pay  or  deliver  such  dividend  or distribution,  then thereafter no
adjustment  shall be required by reason of the taking of such record and any
such adjustment previously made in respect thereof shall be rescinded and
annulled.

                  4.3.  Merger,  Consolidation  Etc. In case the Company shall
(a) merge into or  consolidate  with another  Person and shall not be the
continuing  or surviving  Person of such merger or  consolidation,  (b) shall
permit any other Person to merge into or  consolidate  with the Company and the
Company shall be the  continuing or surviving Person,  but, in connection with
such merger or consolidation,  the Common Stock shall be changed into or
exchanged  for stock or other  securities  of any other Person or cash or any
other any other  property,  (c) shall sell,  transfer or otherwise  dispose of
all or  substantially  all of its property,  assets or business to another
Person or (d) effect a capital  reorganization  or  reclassification  of the
Common  Stock  (other  than a capital reorganization  or  reclassification  for
which an adjustment is provided by Section 4.1) and pursuant to the terms
of such merger, consolidation,  disposition, capital reorganization or
reclassification,  shares of common stock of a  successor  or  acquiring
Person are to be  received by or  distributed  to the  holders of Common  Stock
of the Company,  then each holder of a Warrant shall have the right thereafter
to receive,  upon exercise of such Warrant, Stock Units each comprising the
number of shares of common stock of such successor or acquiring  Person
receivable upon or as a result of such merger,  consolidation,  disposition,
capital  reorganization or reclassification by a holder of the  number of shares
of Common  Stock  comprising  a Stock Unit  immediately  prior to such  event.
If, pursuant to the terms of such merger, consolidation,  disposition, capital
reorganization or reclassification,  any cash,  shares of stock,  other
securities  or property or warrants  or other  subscription  or purchase
rights or property  of any nature  whatsoever  are to be  received by or
distributed  to the holders of Common  Stock of the Company,  then, at the
Holder's  option,  either  (i) there shall be a reduction of the Exercise Price
equal to the amount  applicable  to the number of shares of Common  Stock then
comprising  a Stock Unit of any such cash and of the fair  value of any and all
such  shares  of stock or of other  securities  or  property  to be  received
by or distributed  to the holders of Common  Stock of the  Company,  or (ii)
such Holder shall have the right to receive, upon  exercise  of its  Warrant,
such cash,  shares of stock or other  securities  or  property of any nature as
a holder of the number of shares of Common  Stock  underlying  a Stock Unit
would have been  entitled to receive upon the  occurrence  of such event.  Such
fair value shall be determined in good faith by the Board of Directors of the
Company. In case of any such merger, consolidation,  disposition,  capital
reorganization or reclassification,  the successor or acquiring  Person shall
expressly  assume the due and punctual  observance and performance of each and
every  covenant  and  condition  of this  Warrant  to be  performed  and
observed  by the  Company  and all of the obligations  and  liabilities
hereunder,  subject  to such  modification  as shall be  necessary  to  provide
for adjustments of Stock Units which shall be as nearly  equivalent as
practicable to the  adjustments  provided for in this Section 4. For the
purposes of this Section 4 "common  stock of the  successor  or  acquiring
Person"  shall include  stock of such  corporation  of any class,  that is not
preferred as to dividends or assets over any other class of stock of such
corporation and that is not subject to redemption,  and shall also include any
evidences of indebtedness,  shares of stock or other  securities  which are
convertible into or exchangeable for any such stock, either  immediately  or
upon the  arrival of a  specified  date or the  happening  of a  specified
event,  and any warrants or other rights to subscribe  for or purchase any such
stock.  The  foregoing  provisions  of this Section 4.3  shall  similarly
apply to  successive  mergers,  consolidations,  dispositions,  capital
reorganizations  or reclassifications.

                  4.4 No  Impairment.  The Company will not, by amendment of
its  certificate of  incorporation  or through a consolidation,  merger,
reorganization,  transfer of assets, dissolution, issue or sale of securities
or any other  voluntary  action,  avoid or seek to avoid the  observance  or
performance  of any of the terms of this Warrant,  but will at all times in
good  faith  assist in the  carrying  out of all such terms and in the taking
of all such action as may be  necessary  or  appropriate  in order to protect
the rights of the Holder of this Warrant against  impairment.  Without
limiting the generality of the foregoing,  the Company will not permit the par
value of any shares of stock  receivable  upon the exercise of this Warrant to
exceed the amount  payable  therefor  upon such  exercise,  (b) will take all
such action as may be  necessary  or  appropriate  in order that the Company
may validly and legally  issue fully paid and  nonassessable  shares of stock
on the exercise of the Warrants from time to time  outstanding,  and (c) will
not take any action that results in any adjustment of the Exercise Price if the
total  number of shares of Common Stock (or other  securities)  issuable
after the action upon  exercise of all of the Warrants would exceed the total
number of shares of Common Stock (or other  securities)  then authorized by the
Company's certificate of incorporation and available for the purpose of issue
upon such exercise.

                  Section 5. Notice to Warrant  Holders of  Adjustment  of
Stock Unit or Exercise  Price.  Whenever the number of shares of Common Stock
comprising a Stock Unit,  or the price at which a Stock Unit may be purchased
upon  exercise of the  Warrants,  shall be adjusted  pursuant to Section 4, the
Company  shall  forthwith  issue a notice  setting  forth,  in reasonable
detail,  the event  requiring the  adjustment  and the method by which such
adjustment  was  calculated  (including a statement of the fair value,  as
determined by the Board of Directors of the Company,  of any evidences of
indebtedness,  shares of stock, other securities or property or warrants or
other subscription  or purchase  rights or property of any nature  whatsoever
referred to in Section 4.3) and specifying the number of shares of Common Stock
comprising a Stock Unit and (if such  adjustment was made pursuant to Section
4.3)  describing  the number and kind of any other shares of stock  comprising
a Stock Unit,  and any change in the purchase price or prices  thereof,  after
giving effect to such  adjustment or change.  The Company shall within 30
days after the making of such adjustment send such notice to the Holder in
accordance with Section 12.

                  Section  6.  Reservation  and  Authorization  of Common
Stock.  The  Company  shall at all times reserve and keep  available  solely
for issuance  upon the exercise of Warrants such number of its  authorized
but unissued  shares of Common Stock as will be sufficient  to permit the
exercise in full of this Warrant.  All shares of Common Stock which shall be so
issuable,  when issued upon  exercise of this Warrant or upon such  exercise,
as the case may be, shall be duly and validly authorized and issued, fully-paid
and nonassessable.

                  Section 7.  Taking of Record;  Stock and Warrant  Transfer
Books.  In the case of all  dividends or other  distributions  by the Company
to the holders of its Common Stock with  respect to which any  provision of
Section 4 which  refers to the taking of a record of such  holders,  the
Company  will in each such case take such record as of the close of business on
a Business  Day. The Company will not at any time,  except upon  dissolution,
liquidation  or winding up or as  otherwise  may be  required  by law,  close
its stock  transfer  books or Warrant transfer books so as to result in
preventing or delaying the exercise or transfer of any Warrant.

                  Section 8. Limitation of Liability.  No provision  hereof,
in the absence of affirmative  action by the Holder to purchase  shares of
Common Stock,  and no mere  enumeration  herein of the rights or privileges of
the Holder,  shall give rise to any  liability  of the Holder for the purchase
price of the Warrant  Stock or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company.

                  Section 9. Loss or  Destruction  of Warrant  Certificates.
Upon  receipt of evidence  reasonably satisfactory  to the Company of the loss,
theft,  destruction or mutilation of any Warrant and, in the case of any
such loss,  theft or  destruction,  upon receipt of indemnity or security in an
amount  reasonably  satisfactory to the Company (the original Holder's or any
other  institutional  Holde's indemnity being satisfactory  indemnity in
the event of loss,  theft or destruction  of any Warrant owned by such
institutional  Holder),  or, in the case of any such mutilation,  upon
surrender and cancellation of such Warrant,  the Company will at its own
expense execute and  deliver,  in lieu of such lost,  stolen,  destroyed  or
mutilated  Warrant,  a new  Warrant of like tenor and representing the right to
purchase the same aggregate number of shares of Warrant Stock.

                  Section 10.  Amendments.  The terms of this  Warrant may be
amended,  and the  observance  of any term therein may be waived, but only with
the written consent of the Holder.

                  Section 11.  Office of the Company.  So long as this  Warrant
remains  outstanding,  the Company shall maintain an office where the Warrant
may be presented for exercise,  transfer,  division or combination as in
this  Warrant  provided.  Such  office  shall be at Big Dog  Holdings,  Inc.,
121 Gray  Avenue,  Suite 300,  Santa Barbara,  California 93101,  Attention:
General Counsel,  Fax: (805) 962-9460,  unless and until the Company shall
designate and maintain some other office for such purposes and deliver written
notice thereof to the Holder.

                  Section 12.  Notices Generally.

                  12.1.  All  communications  (including  all  required  or
permitted  notices)  pursuant  to  the provisions hereof shall be in writing
and shall be sent, to any registered  Holder of this Warrant,  to the address
of such  Holder as it  appears  in the stock or warrant  ledger of the  Company
or at such  other  address as such Holder may have furnished in writing to the
Company.

                  12.2.  Any  notice  shall be deemed  to have  been duly
delivered  when  delivered  by hand,  if personally  delivered,  and if sent
by mail to a party whose  address is in the same  country as the  sender,
five Business  Days  after  being  deposited  in the mail,  postage  prepaid,
and if sent by  recognized  international courier,  freight prepaid,  with a
copy sent by telecopier,  to a party whose address is not in the same country
as the sender, three Business Days after the later of (a) being telecopied and
(b) delivery to such courier.

                  Section 13.  Governing  Law. This Warrant  shall be governed
by and construed in accordance  with the laws of the State of California
(without regard to the conflicts of laws provisions thereof).

<PAGE>

                  IN WITNESS  WHEREOF,  the Company has caused this  Warrant to
be executed in its name by its duly authorized officer.

Dated as of:      March 3, 2004

                                            BIG DOG HOLDINGS, INC.,
                                            a Delaware corporation

                                            By /s/ Andrew D. Feshbach
                                               ----------------------
                                            Title: President

<PAGE>

                                    EXHIBIT A

                                 EXERCISE NOTICE
                                Warrant No. FUN-1

To Big Dog Holdings, Inc.:

                  The  undersigned  registered  owner of this Warrant to
Purchase Common Stock of Big Dog Holdings, Inc.  dated March 3, 2004 (this
"Warrant")  irrevocably  exercises  this Warrant for and purchases
________ Stock Units of Big Dog  Holdings,  Inc.,  a Delaware  corporation,
purchasable with this  Warrant,  and hereby  tenders $___________________
in principal amount of the attached First  Unsecured  Creditors  Promissory
Note as payment therefor,  all at the  price  and on the  terms  and  conditions
specified  in  this  Warrant  and  requests  that certificates  for the
shares  of  Common  Stock  hereby  purchased  be  issued  in the  name of and
delivered  to _________________________ whose address is__________________.
..

                  The  undersigned   registered  owner  of  this  Warrant
hereby  certifies  that  it  is  not  an "underwriter" as that term is defined
in Section 1145(b) of the United States  Bankruptcy Code, and indemnifies and
holds Big Dog Holdings,  Inc.  harmless  against any liability,  loss or expense
(including,  without  limitation, reasonable attorneys' fees) incurred or
suffered by it arising out of the inaccuracy of this certification.

                  Capitalized terms not otherwise defined herein shall have
the meanings ascribed thereto in this Warrant.

Dated:_____________________,2004                POST CONFIRMATION COMMITTEE

                                                By
                                                Name:
                                                Title:

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

                  FOR VALUE RECEIVED the  undersigned  registered  owner of
this Warrant hereby sells,  assigns and transfers unto the Assignee named below
all of the rights of the undersigned under this Warrant:

                          Name and Address of Assignee

and does hereby irrevocably constitute and appoint________Attorney to make sure
transfer  occurs on the books of Big Dog  Holdings,  Inc., a Delaware
corporation,  maintained  for the purpose, with full power of substitution in
the premises.

Dated:

 ___________________________
          Signature

 ___________________________
          Witness

NOTICE: The signature to the assignment  must  correspond with the name as
        written upon the face of the Warrant in  every particular instance,
        without alteration or enlargement or any change whatsoever.

        The signature to this  assignment  must be guaranteed by a bank or
        trust company having an office or correspondent in New York, New York or
        by a firm having membership on the New York Stock Exchange.EXHIBIT 4.3

No. of Stock Units: 286,978                                     Warrant No. 1

                                     WARRANT
                           TO PURCHASE COMMON STOCK OF
                             BIG DOG HOLDINGS, INC.
                               Dated March 3, 2004
                           (Void after June 30, 2004)

                  THIS IS TO CERTIFY THAT Retail & Restaurant  Growth  Capital
L.P.,  or  registered  assigns,  is entitled to purchase from Big Dog Holdings,
Inc., a Delaware  corporation  (the  "Company"),  at any time and from
time to time after  March 3, 2004 (the  "Initial  Exercisability  Date"),
but not later  than 5:00  p.m.,  Pacific Standard  time, on June 30, 2004 (the
"Expiration  Date"),  286,978  Stock Units,  in whole or in part in integral
units, at a purchase price per Stock Unit of $4.35, all on the terms and
conditions hereinbelow.

                  This Warrant is issued by the Company  pursuant to the Second
Amended Plan of  Reorganization  of The Walking  Company  and Alan's  Shoes,
Inc.  (collectively,  the  "Debtors")  in  connection  with the  Debtors'
Bankruptcy  Case in the  United  States  Bankruptcy  Court for the  Central
District  of  California  (Case No. SV 03-15880-GM).

                  Section  1.  Certain  Definitions.  As  used  in  this
Warrant,  unless  the  context  otherwise requires:

                  "Board of  Directors"  shall  mean  either  the board of
directors  of the  Company  or any duly authorized committee of that board.

                  "Business  Day" shall mean any day other than a  Saturday,
Sunday or a day on which banks in the State of California are required or
permitted to close.

                  "Common  Stock" shall mean the  Company's  authorized
common  stock,  par value $0.01 per share, irrespective  of class  unless
otherwise  specified,  as  constituted  on the date of  original  issuance  of
this Warrant,  and any stock into which such Common Stock may  thereafter  be
changed,  and shall also include  stock of the Company of any other class,
which is not  preferred as to dividends or assets over any other class of stock
of the Company, issued to the holders of shares of the Company's stock upon any
reclassification thereof.

                  "Exercise  Price" shall mean the purchase  price per Stock
Unit as set forth on the first page of this  Warrant  on the  Issuance  Date
and  thereafter  shall  mean  such  dollar  amount as shall  result  from the
adjustments specified in Section 4.

                  "Holder"  means,  initially,  Retail & Restaurant  Growth
Capital L.P., and thereafter any Person that is or Persons that are the
registered holder(s) of this Warrant as registered on the books of the Company.

                  "Issuance Date" shall mean March 3, 2004, the date of
issuance of this Warrant.

                  "Person" shall include a natural person, limited partnership,
a corporation,  an association, a partnership,  a limited liability company,
a trust or estate, a government,  foreign or domestic, and any agency or
political subdivision thereof, or any other entity.

                  "Stock Unit" shall  constitute  one share of Common Stock,
as such Common Stock was  constituted on the date hereof and thereafter  shall
constitute  such number of shares  (including  any fractional  shares) of
Common Stock as shall result from the adjustments specified in Section 4.

                  "Total  Exercise  Price" shall mean the product of the
Exercise  Price times the number of Stock Units to be purchased by the holder
of this Warrant upon the exercise thereof.

                  "Warrant"  shall mean this  Warrant to  purchase up to
286,978  Stock  Units as set forth  herein initially issued to Holder,  and
all Warrants issued upon transfer,  division or combination of, or in
substitution therefor.

                  "Warrant  Stock" shall mean the shares of Common Stock
purchasable by the holder of this Warrant upon the exercise thereof.

                  Section 2.  Exercise  of  Warrant.  The Holder of this
Warrant  may,  one time only on and after the Initial  Exercisability  Date,
but not later than the  Expiration  Date,  exercise this Warrant in whole or in
part for the  integral  number of Stock  Units  which such  holder is then
entitled  to  purchase  hereunder.  The exercise procedures for this Warrant
are as follows:

                  (a)      The Holder  shall  deliver to the Company at its
office  maintained  pursuant to Section 11 for such purpose (i) an Exercise
Notice in the form attached as Exhibit A, duly completed and signed,  (ii) the
original of this Warrant and (iii) the  Total  Exercise Price  therefor,
which shall be payable solely by delivery of the consideration described
in paragraph (b) below.

                  (b)      The Total  Exercise  Price  shall be  payable
solely by  delivery  of a Junior  Secured Creditors Promissory Note (the "Note")
issued by TWC Acquisition Corp., a Delaware  corporation ("TWC"),  which for
purposes of this Warrant shall be valued at the unpaid  principal  amount
thereof plus accrued but unpaid  interest thereon,  together with written
notice to the Company  specifying what portion of the principal  amount of the
Note delivered  (plus accrued but unpaid  interest on such  portion)  shall be
applied to pay the Exercise  Price.  Upon any partial  application  of the
principal  amount of a Note,  the Company  shall cause TWC  promptly to issue
and deliver to or upon the order of the Holder a new Note in a principal
amount  equal to the  remaining  principal of such surrendered Note which is
not applied to such payment.

                  The Company  shall  within 20 days of its receipt of a
conforming  Exercise  Notice  cause to be issued in the name of and  delivered
to such Holder,  or as the Holder may direct,  a certificate  or  certificates
representing  the aggregate  number of duly  authorized,  validly issued,
fully-paid and  nonassessable  shares of Common Stock issuable upon such
exercise.

                  The  stock  certificate  or  certificates  for  Warrant
Stock  so  delivered  shall  be in  such denominations  as may be specified in
said notice and shall be  registered in the name of such Holder or such other
name or names as shall be designated  in said notice.  Such  certificate  or
certificates  shall be deemed to have been issued and such Holder or any other
Person so  designated  to be named  therein shall be deemed to have become
a holder of record of such  shares,  with,  to the extent  permitted  by law,
the right to vote such  shares or to consent  or to  receive  notice  as a
stockholder,  as of the time said  notice is  delivered  to the  Company  as
aforesaid.

                  The Company  shall pay all expenses  and stock  transfer
taxes  payable in  connection  with the preparation, issuance and delivery of
stock certificates under this Section 2.

                  All shares of Common Stock issuable upon the exercise of
this Warrant shall be duly  authorized, validly issued, fully paid and
nonassessable, and free from all liens and other encumbrances thereon.

                  The  Company  shall not issue  certificates  for  fractional
shares  of  Common  Stock  upon any exercise of this  Warrant.  If the amount
of principal  of the Note that is being  requested to be used to purchase
Warrant  Shares would result in the issuance of fractional  shares,  the amount
of principal  being applied to such
purchase shall be adjusted  downward to the nearest  whole-share  amount,  and
the Company may at its option either pay the balance of such  principal in
cash or include it in the remaining  principal  amount of the new Note issued
after payment of the Total Exercise Price pursuant to Section 2(b).

                  Section 3.  Transfer,  Division  and  Combination.  This
Warrant  and all rights  hereunder  are transferable,  in whole but not in part,
on the books of the  Company  to be  maintained  for such  purpose,  upon
surrender  of this  Warrant at the office of the  Company  maintained  for
such  purpose  pursuant  to Section  11, together with (a) a  written
assignment in the form set out at the end of this Warrant duly executed by the
Holder hereof or its agent or attorney and  (b) payment  of funds  sufficient
to pay any stock transfer taxes payable upon the making of such transfer.  Upon
such surrender,  execution and payment,  the Company shall execute and deliver
a new  Warrant  in the name of the  assignee,  and this  Warrant  shall
promptly  be  canceled.  If this  Warrant is assigned in blank,  the Company
may (but shall not be obliged to) treat the bearer hereof as the absolute
owner of this Warrant for all purposes and the Company  shall not be affected
by any notice to the  contrary.  This Warrant, if properly  assigned in
compliance  with this  Section 3, may be  exercised  by an assignee  for the
purchase of shares of Common Stock without having a new Warrant issued.

                  The Company shall pay all expenses  other than stock
transfer  taxes  incurred by the Company in the  performance of its
obligations in connection  with the  preparation,  issuance and delivery of
Warrants under this Section 3.

                  The Company agrees to maintain at its aforesaid  office books
for the  registration  and transfer of the Warrants.

                  Section 4.  Adjustment  of Stock Unit or  Exercise  Price.
The number of shares of Common  Stock comprising a Stock Unit,  and the
Exercise Price per Stock Unit,  shall be subject to adjustment  from time to
time as set forth in this Section 4 and in Section 5.

                  4.1. Stock  Dividends,  Subdivisions and  Combinations.
In case at any time or from time to time the Company shall:

                  (a) take a record of the  holders  of its  Common  Stock for
the  purpose  of  entitling  them to receive a dividend payable in, or other
distribution of, Common Stock, or

                  (b)  subdivide  its  outstanding  shares of Common Stock
into a larger number of shares of Common Stock, or

                  (c)  combine its  outstanding  shares of Common  Stock into
a smaller  number of shares of Common Stock,

then the number of shares of Common  Stock  comprising  a Stock Unit
immediately  after the  happening of any such event  shall be  adjusted  so as
to consist of the number of shares of Common  Stock  which a record  holder of
the number of shares of Common Stock  comprising a Stock Unit  immediately
prior to the  happening of such event would own or be entitled to receive after
the happening of such event.

                  4.2. Other  Provisions  Applicable to Adjustments.  The
following  provisions shall be applicable to the  adjustment  of the number of
shares of Common Stock  comprising a Stock Unit  hereinbefore  provided for in
this Section 4:

                  (a)  When  Adjustments  to Be  Made.  The  adjustments
required  by  Section  4.1  shall be made whenever  and as often as any
specified  event  requiring  an  adjustment  shall  occur.  For the  purpose
of any adjustment,  any  specified  event  shall be deemed to have  occurred
at the close of  business on the date of its occurrence.

                  (b) Fractional  Interests.  In computing  adjustments under
this Section 4, fractional  interests in Common Stock shall be taken into
account to the nearest one-thousandth of a share.

                  (c) When  Adjustment  Not  Required.  If the  Company  shall
take a record of the  holders of its Common Stock for the purpose of entitling
them to receive a dividend or  distribution  and shall,  thereafter  and
before  the  distribution  thereof  to  shareholders,  abandon  its  plan  to
pay  or  deliver  such  dividend  or distribution,  then thereafter no
adjustment  shall be required by reason of the taking of such record and any
such adjustment previously made in respect thereof shall be rescinded and
annulled.

                  4.3.  Merger,  Consolidation  Etc. In case the Company shall
(a) merge into or  consolidate  with another  Person and shall not be the
continuing  or surviving  Person of such merger or  consolidation,  (b) shall
permit any other Person to merge into or  consolidate  with the Company and the
Company shall be the  continuing or surviving Person,  but, in connection with
such merger or consolidation,  the Common Stock shall be changed into or
exchanged  for stock or other  securities  of any other Person or cash or any
other any other  property,  (c) shall sell,  transfer or otherwise  dispose of
all or  substantially  all of its property,  assets or business to another
Person or (d) effect a capital  reorganization  or  reclassification  of the
Common  Stock  (other  than a capital reorganization  or  reclassification  for
which an adjustment is provided by Section 4.1) and pursuant to the terms
of such merger, consolidation,  disposition, capital reorganization or
reclassification,  shares of common stock of a  successor  or  acquiring
Person are to be  received by or  distributed  to
the  holders of Common  Stock of the Company,  then each holder of a Warrant
shall have the right thereafter to receive,  upon exercise of such Warrant,
Stock Units each comprising the number of shares of common stock of such
successor or acquiring  Person  receivable upon or as a result of such merger,
consolidation,  disposition,  capital  reorganization or reclassification by a
holder of the  number of shares of Common  Stock  comprising  a Stock Unit
immediately  prior to such  event.  If, pursuant to the terms of such merger,
consolidation,  disposition, capital reorganization or reclassification,  any
cash,  shares of stock,  other  securities  or property or warrants  or other
subscription  or purchase  rights or property  of any nature  whatsoever  are
to be  received by or  distributed  to the holders of Common  Stock of the
Company,  then, at the Holder's  option,  either  (i) there shall be a
reduction of the Exercise Price equal to the amount  applicable  to the number
of shares of Common  Stock then  comprising  a Stock Unit of any such cash and
of the fair  value of any and all such  shares  of stock or of other
securities  or  property  to be  received  by or distributed  to the holders of
Common  Stock of the  Company,  or (ii) such Holder shall have the right to
receive, upon  exercise  of its  Warrant,  such cash,  shares of stock or other
securities  or  property of any nature as a holder of the number of shares of
Common  Stock  underlying  a Stock Unit would have been  entitled to receive
upon the  occurrence  of such event.  Such fair value shall be determined in
good faith by the Board of Directors of the Company. In case of any such merger,
consolidation,  disposition,  capital reorganization or reclassification,  the
successor or acquiring  Person shall expressly  assume the due and punctual
observance and performance of each and every  covenant  and  condition  of this
Warrant  to be  performed  and  observed  by the  Company  and all of the
obligations  and  liabilities  hereunder,  subject  to such  modification  as
shall be  necessary  to  provide  for adjustments of Stock Units which shall be
as nearly  equivalent as practicable to the  adjustments  provided for in
this Section 4. For the  purposes of this Section 4 "common  stock of the
successor  or  acquiring  Person"  shall include  stock of such  corporation
of any class,  that is not  preferred as to dividends or assets over any other
class of stock of such  corporation and that is not subject to redemption,  and
shall also include any evidences of indebtedness,  shares of stock or other
securities  which are convertible into or exchangeable for any such stock,
either  immediately  or upon the  arrival of a  specified  date or the
happening  of a  specified  event,  and any warrants or other rights to
subscribe  for or purchase any such stock.  The  foregoing  provisions  of this
Section 4.3  shall  similarly  apply to  successive  mergers,  consolidations,
dispositions,  capital  reorganizations  or reclassifications.

                  4.4 No  Impairment.  The Company will not, by amendment of
its  certificate of  incorporation  or through a consolidation,  merger,
reorganization,  transfer of assets, dissolution, issue or sale of securities
or any other  voluntary  action,  avoid or seek to avoid the  observance  or
performance  of any of the terms of this Warrant,  but will at all times in
good  faith  assist in the  carrying  out of all such terms and in the taking
of all such action as may be  necessary  or  appropriate  in order to protect
the rights of the Holder of this Warrant against  impairment.  Without
limiting the generality of the foregoing,  the Company will not permit the par
value of any shares of stock  receivable  upon the exercise of this Warrant to
exceed the amount  payable  therefor  upon such  exercise,  (b) will take all
such action as may be  necessary  or  appropriate  in order that the Company
may validly and legally  issue fully paid and  nonassessable  shares of stock
on the exercise of the Warrants from time to time  outstanding,  and (c) will
not take any action that results in any adjustment of the Exercise Price if the
total  number of shares of Common Stock (or other  securities)  issuable  after
the action upon  exercise of all of the Warrants would exceed the total number
of shares of Common Stock (or other  securities)  then authorized by the
Compan's certificate of incorporation and available for the purpose of issue
upon such exercise.

                  Section 5. Notice to Warrant  Holders of  Adjustment  of
Stock Unit or Exercise  Price.  Whenever the number of shares of Common Stock
comprising a Stock Unit,  or the price at which a Stock Unit may be purchased
upon  exercise of the  Warrants,  shall be adjusted  pursuant to Section 4,
the  Company  shall  forthwith  issue a notice  setting  forth,  in reasonable
detail,  the event  requiring the  adjustment  and the method by which such
adjustment  was  calculated  (including a statement of the fair value,  as
determined by the Board of Directors of the Company,  of any evidences of
indebtedness,  shares of stock, other securities or property or warrants or
other subscription  or purchase  rights or property of any nature  whatsoever
referred to in Section 4.3) and specifying the number of shares of Common Stock
comprising a Stock Unit and (if such  adjustment was made pursuant to Section
4.3)  describing  the number and kind of any other shares of stock  comprising
a Stock Unit,  and any change in the purchase price or prices  thereof,  after
giving effect to such  adjustment or change.  The Company shall within 30
days after the making of such adjustment send such notice to the Holder in
accordance with Section 12.

                  Section  6.  Reservation  and  Authorization  of Common
Stock.  The  Company  shall at all times reserve and keep  available  solely
for issuance  upon the exercise of Warrants such number of its  authorized  but
unissued  shares of Common Stock as will be sufficient  to permit the exercise
in full of this Warrant.  All shares of Common Stock which shall be so issuable,
when issued upon  exercise of this Warrant or upon such  exercise,  as the case
may be, shall be duly and validly authorized and issued, fully-paid and
nonassessable.

                  Section 7.  Taking of Record;  Stock and Warrant  Transfer
Books.  In the case of all  dividends or other  distributions  by the Company
to the holders of its Common Stock with  respect to which any  provision of
Section 4 which  refers to the taking of a record of such  holders,  the
Company  will in each such case take such record as of the close of business on
a Business  Day. The Company will not at any time,  except upon  dissolution,
liquidation  or winding up or as  otherwise  may be  required  by law,  close
its stock  transfer  books or Warrant transfer books so as to result in
preventing or delaying the exercise or transfer of any Warrant.

                  Section 8. Limitation of Liability.  No provision  hereof,
in the absence of affirmative  action by the Holder to purchase  shares of
Common Stock,  and no mere  enumeration  herein of the rights or privileges of
the Holder,  shall give rise to any  liability  of the Holder for the purchase
price of the Warrant  Stock or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company.

                  Section 9. Loss or  Destruction  of Warrant  Certificates.
Upon  receipt of evidence  reasonably satisfactory  to the Company of the loss,
theft,  destruction or mutilation of any Warrant and, in the case of any such
loss,  theft or  destruction,  upon receipt of indemnity or security in an
amount  reasonably  satisfactory to the Company (the original Holder's or any
other  institutional  Holder's indemnity being satisfactory  indemnity in
the event of loss,  theft or destruction  of any Warrant owned by such
institutional  Holder),  or, in the case of any such mutilation,  upon
surrender and cancellation of such Warrant,  the Company will at its own
expense execute and  deliver,  in lieu of such lost,  stolen,  destroyed  or
mutilated  Warrant,  a new  Warrant of like tenor and representing the right to
purchase the same aggregate number of shares of Warrant Stock.

                  Section 10.  Amendments.  The terms of this  Warrant may be
amended,  and the  observance  of any term therein may be waived, but only with
the written consent of the Holder.

                  Section 11.  Office of the Company.  So long as this  Warrant
remains  outstanding,  the Company shall maintain an office where the Warrant
may be presented for exercise,  transfer,  division or combination as in
this  Warrant  provided.  Such  office  shall be at Big Dog  Holdings,  Inc.,
121 Gray  Avenue,  Suite 300,  Santa Barbara,  California 93101,  Attention:
General Counsel,  Fax: (805) 962-9460,  unless and until the Company shall
designate and maintain some other office for such purposes and deliver written
notice thereof to the Holder.

                  Section 12.  Notices Generally.

                  12.1.  All  communications  (including  all  required  or
permitted  notices)  pursuant  to  the provisions hereof shall be in writing
and shall be sent, to any registered  Holder of this Warrant,  to the address
of such  Holder as it  appears  in the stock or warrant  ledger of the  Company
or at such  other  address as such Holder may have furnished in writing to the
Company.

                  12.2.  Any  notice  shall be deemed  to have  been duly
delivered  when  delivered  by hand,  if personally  delivered,  and if sent
by mail to a party whose  address is in the same  country as the  sender,  five
Business  Days  after  being  deposited  in the mail,  postage  prepaid,  and
if sent by  recognized  international courier,  freight prepaid,  with a copy
sent by telecopier,  to a party whose address is not in the same country as
the sender, three Business Days after the later of (a) being telecopied and (b)
delivery to such courier.

                  Section 13.  Governing  Law. This Warrant  shall be governed
by and construed in accordance  with the laws of the State of California
(without regard to the conflicts of laws provisions thereof).

<PAGE>

                  IN WITNESS  WHEREOF,  the Company has caused this  Warrant to
be executed in its name by its duly authorized officer.

Dated as of:      March 3, 2004

                                          BIG DOG HOLDINGS, INC.,
                                          a Delaware corporation

                                          By /s/ Andrew D. Feshbach
                                             ----------------------
                                          Title: President

<PAGE>

                                    EXHIBIT A

                                 EXERCISE NOTICE
                                  Warrant No. 1

To Big Dog Holdings, Inc.:

                  The  undersigned  registered  owner of this Warrant to
Purchase Common Stock of Big Dog Holdings, Inc.  dated March 3, 2004 (this
"Warrant")  irrevocably  exercises  this Warrant for and purchases
________ Stock Units of Big Dog  Holdings,  Inc.,  a Delaware  corporation,
purchasable  with this  Warrant,  and hereby  tenders $___________________  in
principal  amount of the attached  Junior  Secured  Creditors  Promissory
Note as payment therefor,  all at the  price  and on the  terms  and
conditions  specified  in  this  Warrant  and  requests  that
certificates  for the  shares  of  Common  Stock  hereby  purchased  be
issued  in the  name of and  delivered  to _________________________ whose
address is________________________.

                  The  undersigned   registered  owner  of  this  Warrant
hereby  certifies  that  it  is  not  an "underwriter" as that term is defined
in Section 1145(b) of the United States  Bankruptcy Code, and indemnifies and
holds Big Dog Holdings,  Inc.  harmless against any liability,  loss or
expenses  (including,  without  limitation, reasonable attorneys' fees)
incurred or suffered by it arising out of the inaccuracy of this certification.

                  Capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in this Warrant.

Dated:____________________ , 2004              RETAIL & RESTAURANT GROWTH
                                               CAPITAL L.P.

                                               By ________________________

                                               Title:_____________________

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

                  FOR VALUE RECEIVED the  undersigned  registered  owner of
this Warrant hereby sells,  assigns and transfers unto the Assignee named
below all of the rights of the undersigned under this Warrant:

                          Name and Address of Assignee

and does hereby irrevocably constitute and appoint________________Attorney
to make sure  transfer  occurs on the books of Big Dog  Holdings,  Inc., a
Delaware  corporation,  maintained  for the purpose, with full power of
substitution in the premises.

Dated:

 _______________________________
           Signature

________________________________
           Witness

NOTICE: The signature to the assignment  must  correspond with the name as
        written upon the face of the Warrant in every particular instance,
        without alteration or enlargement or any change whatsoever.

        The signature to this  assignment  must be guaranteed by a bank or
trust company having an office or correspondent in New York, New York or by a
firm having membership on the New York Stock Exchange.

<PAGE>

                                    SCHEDULE

The following persons received substantially identical Warrants for the number
of Stock Units set forth opposite their names:
<TABLE>

           ----------------------------------------------------------- -----------------------
                                      NAME                                  STOCK UNITS
                                       <S>                                      <C>
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Stratford Capital Partners, L.P.                                   286,978
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Provender Opportunities Fund, L.P.                                  17,007
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Cornerstone Equity Investors IV, L.P.                               58,202
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Jim Argyropolous                                                    53,818
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Harry Adler                                                         7,816
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Greg Milne                                                           781
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Dan Zukerman                                                         781
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Steve Nessim                                                         782
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Pinney Family Trust                                                 1,596
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Appleton Family Trust                                               1,311
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Robert Taicher                                                      3,523
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Giles Bateman                                                        640
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Herbert Simon                                                       20,347
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Montesano Family Trust                                              20,347
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Perlman Family Trust                                                6,782
           ----------------------------------------------------------- -----------------------
           ----------------------------------------------------------- -----------------------
           Trent and Merilyn Merrill Trust dated 1/29/90                       3,391
           ----------------------------------------------------------- -----------------------
</TABLE>

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