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                                                                   EXHIBIT 10.15

                     1999 NON-QUALIFIED STOCK OPTION PLAN OF
                          WOMEN FIRST HEALTHCARE, INC.

                Women First HealthCare, Inc., a Delaware corporation (the
"Company"), has adopted The 1999 Non-Qualified Stock Option Plan of Women First
HealthCare, Inc. (the "Plan") for the benefit of its eligible employees and
consultants.

                The purposes of this Plan are as follows:

                (1) To provide an additional incentive for eligible key
Associates (as defined below) and consultants to further the growth, development
and financial success of the Company by personally benefiting through the
ownership of Company stock.

                (2) To enable the Company to obtain and retain the services of
eligible key Associates and consultants considered essential to the long range
success of the Company by offering them an opportunity to own stock in the
Company.

                (3) To provide a material inducement to eligible key Associates
to become employees of the Company.

                                   ARTICLE I.
                                   DEFINITIONS

                1.1 General. Wherever the following terms are used in this Plan
they shall have the meaning specified below, unless the context clearly
indicates otherwise.

                1.2 Associate. "Associate" shall mean any employee (as defined
in accordance with Section 3401(c) of the Code) of the Company, or of any
corporation which is a Subsidiary.

                1.3 Award Limit. "Award Limit" shall mean one hundred thousand
(100,000) shares of Common Stock, as adjusted pursuant to Section 7.3.

                1.4 Board. "Board" shall mean the Board of Directors of the
Company.

                1.5 Change in Control. "Change in Control" shall mean a change
in ownership or control of the Company effected through either of the following
transactions:

                (a) any person or related group of persons (other than the
Company or a person that directly or indirectly controls, is controlled by, or
is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act)
of securities possessing more than 20% of the total combined voting power of the
Company's outstanding securities pursuant to a tender or exchange offer made
directly to the Company's stockholders which the Board does not recommend such
stockholders to accept; or

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                (b) there is a change in the composition of the Board over a two
consecutive year period so that individuals who were Directors at the beginning
of that period no longer constitute a majority of the Board (unless the election
or nomination of each new Director was approved by at least two-thirds of the
Directors who had been directors at the beginning of the period and who were
still in office at the time of the election or nomination).

                1.6 Code. "Code" shall mean the Internal Revenue Code of 1986,
as amended.

                1.7 Committee. "Committee" shall mean the Compensation Committee
of the Board, or another committee, or a subcommittee of the Board, appointed as
provided in Section 6.1.

                1.8 Common Stock. "Common Stock" shall mean the common stock of
the Company, par value $.001 per share, and any equity security of the Company
issued or authorized to be issued in the future, but excluding any preferred
stock and any warrants, options or other rights to purchase Common Stock. Debt
securities of the Company convertible into Common Stock shall be deemed equity
securities of the Company.

                1.9 Company. "Company" shall mean Women First HealthCare, Inc.,
a Delaware corporation.

                1.10 Corporate Transaction. "Corporate Transaction" shall mean
any of the following stockholder-approved transactions to which the Company is a
party:

                (a) a merger or consolidation in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to
change the State in which the Company is incorporated, to form a holding company
or to effect a similar reorganization as to form whereupon this Plan and all
Options are assumed by the successor entity;

                (b) the sale, transfer, exchange or other disposition of all or
substantially all of the assets of the Company, in complete liquidation or
dissolution of the Company in a transaction not covered by the exceptions to
clause (a) above; or

                (c) any reverse merger in which the Company is the surviving
entity but in which securities possessing more than fifty percent (50%) of the
total combined voting power of the Company's outstanding securities are
transferred or issued to a person or persons different from those who held such
securities immediately prior to such merger.

                1.11 Director. "Director" shall mean a member of the Board.

                1.12 Disability. "Disability" shall mean, with respect to any
Optionee, (i) the suffering of any mental or physical illness, disability or
incapacity that shall in all material aspects preclude such Optionee from
performing his or her employment or consultant duties, or (ii) the absence of
such Optionee from his or her employment or consultant duties by reason of any
mental or physical illness, disability or incapacity for a period of six (6)
months during any twelve

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(12) month period; provided, however, in either case, that such illness,
disability or incapacity shall be reasonably determined to be of a permanent
nature by the Committee.

                1.13 Exchange Act. "Exchange Act" shall mean the Securities
Exchange Act of 1934, as amended.

                1.14 Fair Market Value. "Fair Market Value" of a share of Common
Stock as of a given date shall be: (i) the closing sale price of a share of
Common Stock on the principal exchange on which the Common Stock is then
trading, if any, on such date, or, if shares were not traded on such date, then
on the next preceding trading day during which a sale occurred; (ii) if the
Common Stock is not traded on an exchange but is quoted on Nasdaq or a successor
quotation system, (1) the last sales price (if the Common Stock is then quoted
on the Nasdaq National Market or the Nasdaq SmallCap Market) or (2) the mean
between the closing representative bid and asked prices (in all other cases) for
a share of the Common Stock on such date, or, if shares were not traded on such
date, then on the next preceding trading day during which a sale occurred, as
reported by Nasdaq or such successor quotation system; (iii) if the Common Stock
is not publicly traded on an exchange and not quoted on Nasdaq or a successor
quotation system, the mean between the closing bid and asked prices for a share
of Common Stock on such date, or, if shares were not traded on such date, then
on the next preceding trading day during which a sale occurred, as determined in
good faith by the Committee; or (iv) if the Common Stock is not publicly traded,
the fair market value of a share of Common Stock established by the Committee
acting in good faith.

                1.15 Independent Director. "Independent Director" shall mean a
member of the Board who is not an Associate of the Company.

                1.16 Non-Qualified Stock Option. "Non-Qualified Stock Option"
shall mean a stock option which does not constitute an "incentive stock option"
under Section 422 of the Code.

                1.17 Officer. "Officer" shall mean a President, Secretary,
Treasurer, Chairman of the Board, Vice President, Assistant Secretary or
Assistant Treasurer of the Company, as such positions are described in the
Company's Bylaws, or any other person designated an "officer" of the Company by
the Board of Directors in accordance with the Company's Bylaws.

                1.18 Option. "Option" shall mean a Non-Qualified Stock Option
granted under Article III of this Plan. All Options granted under this Plan
shall be Non-Qualified Stock Options.

                1.19 Optionee. "Optionee" shall mean an Associate or consultant
granted an Option under this Plan.

                1.20 Plan. "Plan" shall mean The 1999 Non-Qualified Stock Option
Plan of Women First HealthCare, Inc.

                1.21 QDRO. "QDRO" shall mean a qualified domestic relations
order as defined by the Code or Title I of the Employee Retirement Income
Security Act of 1974, as amended, or the rules thereunder.

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                1.22 Rule 16b-3. "Rule 16b-3" shall mean that certain Rule 16b-3
under the Exchange Act, as such Rule may be amended from time to time.

                1.23 Subsidiary. "Subsidiary" shall mean (i) any corporation in
an unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain then owns
stock possessing 50 percent or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain and (ii) any
partnership or limited liability company in which the Company (A) directly or
indirectly holds a managing partner or managing member interest or (B) is
entitled to 50 percent or more of the profits or assets upon dissolution.

                1.24 Termination of Consultancy. "Termination of Consultancy"
shall mean the time when the engagement of an Optionee as a consultant to the
Company or a Subsidiary is terminated for any reason, with or without cause,
including, but not by way of limitation, by resignation, discharge, death,
Disability or retirement; but excluding terminations where there is a
simultaneous commencement of employment with the Company or any Subsidiary. The
Committee, in its absolute discretion, shall determine the effect of all matters
and questions relating to Termination of Consultancy, including, but not by way
of limitation, the question of whether a Termination of Consultancy resulted
from a discharge for good cause, and all questions of whether particular leaves
of absence constitute Terminations of Consultancy. Notwithstanding any other
provision of this Plan, the Company or any Subsidiary has an absolute and
unrestricted right to terminate a consultant's service at any time for any
reason whatsoever, with or without cause, except to the extent expressly
provided otherwise in writing.

                1.25 Termination of Employment. "Termination of Employment"
shall mean the time when the employee-employer relationship between an Optionee
and the Company or any Subsidiary is terminated for any reason, with or without
cause, including, but not by way of limitation, a termination by resignation,
discharge, death, Disability or retirement; but excluding (i) terminations where
there is a simultaneous reemployment or continuing employment of an Optionee by
the Company or any Subsidiary, (ii) at the discretion of the Committee,
terminations which result in a temporary severance of the employee-employer
relationship, and (iii) at the discretion of the Committee, terminations which
are followed by the simultaneous establishment of a consulting relationship by
the Company or a Subsidiary with the former employee. The Committee, in its
absolute discretion, shall determine the effect of all matters and questions
relating to Termination of Employment, including, but not by way of limitation,
the question of whether a Termination of Employment resulted from a discharge
for good cause, and all questions of whether particular leaves of absence
constitute Terminations of Employment; provided, however, that, unless otherwise
determined by the Committee in its discretion, a leave of absence, change in
status from an employee to an independent contractor or other change in the
employee-employer relationship shall constitute a Termination of Employment if,
and to the extent that, such leave of absence, change in status or other change
interrupts employment for the purposes of Section 422(a)(2) of the Code and the
then applicable regulations and revenue rulings under said Section.
Notwithstanding any other provision of this Plan, the Company or any Subsidiary
has an absolute and unrestricted right to terminate an Associate's employment at
any time for any reason whatsoever, with or without cause, except to the extent
expressly provided otherwise in writing.

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                                   ARTICLE II.
                             SHARES SUBJECT TO PLAN

                2.1 Shares Subject to Plan.

                (a) The shares of stock subject to Options granted under the
Plan shall be Common Stock. The aggregate number of such shares which may be
issued upon exercise of such Options shall not exceed two hundred fifty thousand
250,000 shares of Common Stock. The shares of Common Stock issuable upon
exercise of such Options may be either previously authorized but unissued shares
or treasury shares.

                (b) The maximum number of shares which may be subject to Options
granted under the Plan to any individual in any fiscal year shall not exceed the
Award Limit.

                2.2 Unexercised Options and Other Rights. If any Option expires
or is canceled without having been fully exercised, the number of shares subject
to such Option but as to which such Option was not exercised prior to its
expiration or cancellation may again be optioned or granted hereunder, subject
to the limitations of Section 2.1. Furthermore, any shares subject to Options
which are adjusted pursuant to Section 7.3 and become exercisable with respect
to shares of stock of another corporation shall be considered cancelled and may
again be available for the granting of Options hereunder, subject to the
limitations of Section 2.1. Shares of Common Stock which are delivered by the
Optionee or withheld by the Company upon the exercise of any Option under this
Plan, in payment of the exercise price thereof, may again be available for the
granting of Options hereunder, subject to the limitations of Section 2.1.

                                  ARTICLE III.
                               GRANTING OF OPTIONS

                3.1 Eligibility. Only the following classes of persons shall be
eligible to receive grants of Options under this Plan: (i) except as provided in
(ii) below, key Associates who are not Officers or Directors of the Company,
(ii) newly hired Associates (including Associates who will become Officers or
Directors of the Company) and who have not previously been employed by the
Company and with respect to whom Options are to be granted as an inducement
essential to such Associates' entering into employment contracts with the
Company; and (iii) consultants who are not Officers or Directors of the Company.

                3.2 Non-Qualified Options. No Option granted under this Plan
shall constitute an "incentive stock option" under Section 422 of the Code.

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                3.3 Granting of Options.

                (a) The Committee shall from time to time, in its absolute
discretion, and subject to applicable limitations of this Plan:

                        (i) Determine which eligible Associates are key
        Associates and select from among the key Associates and consultants such
        of them as in its opinion should be granted Options;

                        (ii) Subject to the Award Limit, determine the number of
        shares to be subject to such Options granted to the selected key
        Associates and consultants;

                        (iii) Determine the terms and conditions of such
        Options, consistent with this Plan.

                (b) Upon the selection of a key Associate or consultant to be
granted an Option, the Committee shall instruct the Secretary of the Company to
issue the Option and may impose such conditions on the grant of the Option as it
deems appropriate. Without limiting the generality of the preceding sentence,
the Committee may, in its discretion and on such terms as it deems appropriate,
require as a condition on the grant of an Option to an Associate or consultant
that the Associate or consultant surrender for cancellation some or all of the
unexercised Options which have been previously granted to him under this Plan or
otherwise. An Option, the grant of which is conditioned upon such surrender, may
have an option price lower (or higher) than the exercise price of such
surrendered Option, may cover the same (or a lesser or greater) number of shares
as such surrendered Option, may contain such other terms as the Committee deems
appropriate, and shall be exercisable in accordance with its terms, without
regard to the number of shares, price, exercise period or any other term or
condition of such surrendered Option.

                                   ARTICLE IV.
                                TERMS OF OPTIONS

                4.1 Option Agreement. Each Option shall be evidenced by a
written Stock Option Agreement, which shall be executed by the Optionee and an
authorized officer of the Company and which shall contain such terms and
conditions as the Committee shall determine, consistent with this Plan.

                4.2 Option Price. The price per share of the shares subject to
each Option shall be set by the Committee; provided, however, that such price
shall not be less than 85% of the Fair Market Value of a share of Common Stock
on the date the Option is granted.

                4.3 Option Term. The term of each Option shall be ten (10) years
unless otherwise set by the Committee in its discretion; provided, however, that
such term shall not be more than ten (10) years from the date the Option is
granted. Notwithstanding anything contained herein, unless the Committee
provides otherwise pursuant to the terms of the Option, if

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an Option (or portion thereof) is not exercisable solely by reason of Section
4.4(c) on the date on which such Option would otherwise terminate pursuant to
the terms of such Option, such Option (or portion thereof) shall not terminate
until three (3) months after such Option (or portion thereof) thereafter ceases
to be subject to Section 4.4(c).

                4.4 Option Vesting.

                (a) The period during which the right to exercise an Option in
whole or in part vests in the Optionee shall be set by the Committee and the
Committee may determine that an Option may not be exercised in whole or in part
for a specified period after it is granted. At any time after grant of an
Option, the Committee may, in its sole and absolute discretion and subject to
whatever terms and conditions it selects, accelerate the period during which an
Option vests.

                (b) No portion of an Option which is unexercisable at
Termination of Employment or Termination of Consultancy shall thereafter become
exercisable, except as may be otherwise provided by the Committee either in the
Stock Option Agreement or by action of the Committee following the grant of the
Option.

                (c) Notwithstanding anything contained herein, no Option (or
portion thereof) shall be exercisable by any person to the extent that the
Company's federal income tax deduction with respect to the exercise of such
Option (or portion thereof) would be subject to disallowance pursuant to Section
162(m) of the Code, or any successor thereto.

                4.5 Consideration. In consideration of the granting of an
Option, the Optionee shall agree, in the written Stock Option Agreement, to
remain in the employ of (or to consult for) the Company or any Subsidiary for a
period of at least one year after the Option is granted (or such shorter period
as may be fixed in the Stock Option Agreement or by action of the Committee or
the Board following grant of the Option). Nothing in this Plan or in any Stock
Option Agreement hereunder shall confer upon any Optionee any right to continue
in the employ of (or to consult for) the Company or any Subsidiary, or shall
interfere with or restrict in any way the rights of the Company and any
Subsidiary, which are hereby expressly reserved, to discharge any Optionee at
any time for any reason whatsoever, with or without good cause.

                                   ARTICLE V.
                               EXERCISE OF OPTIONS

                5.1 Partial Exercise. An exercisable Option may be exercised in
whole or in part. However, an Option shall not be exercisable with respect to
fractional shares and the Committee may require that, by the terms of the
Option, a partial exercise be with respect to a minimum number of shares.

                5.2 Manner of Exercise. All or a portion of an exercisable
Option shall be deemed exercised upon delivery of all of the following to the
Secretary of the Company or his or her office:

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                (a) A written notice complying with the applicable rules
established by the Committee stating that the Option, or a portion thereof, is
exercised. The notice shall be signed by the Optionee or other person then
entitled to exercise the Option or such portion;

                (b) Such representations and documents as the Committee, in its
absolute discretion, deems necessary or advisable to effect compliance with all
applicable provisions of the Securities Act of 1933, as amended, and any other
federal or state securities laws or regulations. The Committee or Board may, in
its absolute discretion, also take whatever additional actions it deems
appropriate to effect such compliance including, without limitation, placing
legends on share certificates and issuing stop-transfer notices to agents and
registrars;

                (c) In the event that the Option shall be exercised pursuant to
Section 7.1 by any person or persons other than the Optionee, appropriate proof
of the right of such person or persons to exercise the Option; and

                (d) Full cash payment to the Secretary of the Company for the
shares with respect to which the Option, or portion thereof, is exercised.
However, at the discretion of the Committee, the terms of the Option may (i)
allow a delay in payment up to thirty (30) days from the date the Option, or
portion thereof, is exercised; (ii) allow payment, in whole or in part, through
the delivery of shares of Common Stock owned by the Optionee (which, in the case
of shares of Common Stock acquired from the Company, have been owned by the
Optionee for more than six (6) months on the date of delivery), duly endorsed
for transfer to the Company with a Fair Market Value on the date of delivery
equal to the aggregate exercise price of the Option or exercised portion
thereof; (iii) allow payment, in whole or in part, through surrender of shares
of Common Stock then issuable upon exercise of the Option having a Fair Market
Value on the date of Option exercise equal to the aggregate exercise price of
the Option or exercised portion thereof; (iv) allow payment, in whole or in
part, through the delivery of property of any kind which constitutes good and
valuable consideration; (v) allow payment, in whole or in part, through the
delivery of a full recourse promissory note bearing interest (at no less than
such rate as shall then preclude the imputation of interest under the Code) and
payable upon such terms as may be prescribed by the Committee or the Board; (vi)
allow payment, in whole or in part, through the delivery of a notice that the
Optionee has placed a market sell order with a broker with respect to shares of
Common Stock then issuable upon exercise of the Option, and that the broker has
been directed to pay a sufficient portion of the net proceeds of the sale to the
Company in satisfaction of the Option exercise price and any applicable
withholding or other employment taxes; or (vii) allow payment through any
combination of the consideration provided in the foregoing subparagraphs (ii),
(iii), (iv), (v) and (vi). In the case of a promissory note, the Committee may
also prescribe the form of such note and the security to be given for such note.
The Option may not be exercised, however, by delivery of a promissory note or by
a loan from the Company when or where such loan or other extension of credit is
prohibited by law.

                5.3 Conditions to Issuance of Stock Certificates. The Company
shall not be required to issue or deliver any certificate or certificates for
shares of stock purchased upon the exercise of any Option or portion thereof
prior to fulfillment of all of the following conditions:

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                (a) The admission of such shares to listing on all stock
exchanges on which such class of stock is then listed;

                (b) The completion of any registration or other qualification of
such shares under any state or federal law, or under the rulings or regulations
of the Securities and Exchange Commission or any other governmental regulatory
body which the Committee or Board shall, in its absolute discretion, deem
necessary or advisable;

                (c) The obtaining of any approval or other clearance from any
state or federal governmental agency which the Committee shall, in its absolute
discretion, determine to be necessary or advisable;

                (d) The lapse of such reasonable period of time following the
exercise of the Option as the Committee may establish from time to time for
reasons of administrative convenience; and

                (e) The receipt by the Company of full payment for such shares,
including payment of any applicable withholding tax.

                5.4 Rights as Stockholders. The holders of Options shall not be,
nor have any of the rights or privileges of, stockholders of the Company in
respect of any shares purchasable upon the exercise of any part of an Option
unless and until certificates representing such shares have been issued by the
Company to such holders.

                5.5 Ownership and Transfer Restrictions. The Committee, in its
absolute discretion, may impose such restrictions on the ownership and
transferability of the shares purchasable upon the exercise of an Option as it
deems appropriate. Any such restriction shall be set forth in the respective
Stock Option Agreement and may be referred to on the certificates evidencing
such shares.

                                   ARTICLE VI.
                                 ADMINISTRATION

                6.1 Compensation Committee. The Compensation Committee (or
another committee or a subcommittee of the Board assuming the functions of the
Committee under this Plan) shall consist solely of two or more Independent
Directors appointed by and holding office at the pleasure of the Board, each of
whom is a "non-employee director" (as defined by Rule 16b-3). Appointment of
Committee members shall be effective upon acceptance of appointment. Committee
members may resign at any time by delivering written notice to the Board.
Vacancies in the Committee may be filled by the Board.

                6.2 Duties and Powers of Committee. It shall be the duty of the
Committee to conduct the general administration of this Plan in accordance with
its provisions. The Committee shall have the power to interpret this Plan and
the agreements pursuant to which Options are granted, and to adopt such rules
for the administration, interpretation, and application of this Plan as are
consistent therewith and to interpret, amend or revoke any such rules. Any grant
of

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Options under this Plan need not be the same with respect to each Optionee. The
Committee may delegate to one or more members of the Board who are not
Independent Directors the authority to grant awards under the Plan to eligible
persons who are not "officers" within the meaning of Rule 16b-3 promulgated
under the Exchange Act. In its absolute discretion, the Board may at any time
and from time to time exercise any and all rights and duties of the Committee
under this Plan except with respect to matters which under Rule 16b-3, or any
regulations or rules issued thereunder, are required to be determined in the
sole discretion of the Committee.

                6.3 Majority Rule. The Committee shall act by a majority of its
members in attendance at a meeting at which a quorum is present or by a
memorandum or other written instrument signed by all members of the Committee.

                6.4 Compensation; Professional Assistance; Good Faith Actions.
Members of the Committee shall receive such compensation for their services as
members as may be determined by the Board. All expenses and liabilities that
members of the Committee incur in connection with the administration of this
Plan shall be borne by the Company. The Committee may, with the approval of the
Board, employ attorneys, consultants, accountants, appraisers, brokers, or other
persons. The Committee, the Company and the Company's Officers and Directors
shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All actions taken and all interpretations and determinations made by
the Committee or the Board in good faith shall be final and binding upon all
Optionees, the Company and all other interested persons. No member of the
Committee or the Board shall be personally liable for any action, determination
or interpretation made in good faith with respect to this Plan or Options, and
all members of the Committee and the Board shall be fully protected by the
Company in respect of any such action, determination or interpretation.

                                  ARTICLE VII.
                            MISCELLANEOUS PROVISIONS

                7.1 Not Transferable.

                (a) No Option under this Plan may be sold, pledged, assigned, or
transferred in any manner other than by will or the laws of descent and
distribution or pursuant to a QDRO, unless and until such Option has been
exercised, the shares underlying such Option have been issued, and all
restrictions applicable to such shares have lapsed. No Option or interest or
right therein shall be liable for the debts, contracts or engagements of the
Optionee or his or her successors in interest or shall be subject to disposition
by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation
of law by judgment, levy, attachment, garnishment or any other legal or
equitable proceedings (including bankruptcy), and any attempted disposition
thereof shall be null and void and of no effect, except to the extent that such
disposition is permitted by the preceding sentence.

                (b) During the lifetime of the Optionee, only he or she may
exercise an Option (or any portion thereof) granted to him or her under the
Plan, unless the Option has been disposed

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of pursuant to a QDRO. After the death of the Optionee, any exercisable portion
of an Option may, prior to the time when such portion becomes unexercisable
under the Plan or the applicable Stock Option Agreement, be exercised by his or
her personal representative or by any person empowered to do so under the
deceased Optionee's will or under the then applicable laws of descent and
distribution.

                7.2 Amendment, Suspension or Termination of this Plan. Except as
otherwise provided in this Section 7.2, this Plan may be wholly or partially
amended or otherwise modified, suspended or terminated at any time or from time
to time by the Board or the Committee. No amendment, suspension or termination
of this Plan shall, without the consent of the Optionee, alter or impair any
rights or obligations under any Options theretofore granted, unless the Option
itself otherwise expressly so provides. No Options may be granted during any
period of suspension or after termination of this Plan.

                7.3 Changes in Common Stock or Assets of the Company,
Acquisition or Liquidation of the Company and Other Corporate Events.

                (a) In the event that the Committee determines that any dividend
or other distribution (whether in the form of cash, Common Stock, other
securities, or other property), recapitalization, reclassification,
reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets of the Company (including,
but not limited to, a Corporate Transaction), or exchange of Common Stock or
other securities of the Company, issuance of warrants or other rights to
purchase Common Stock or other securities of the Company, or other similar
corporate transaction or event, in the Committee's sole discretion, affects the
Common Stock such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan or with respect
to an Option, then the Committee shall, in such manner as it may deem equitable,
adjust any or all of:

                        (i) the number and kind of shares of Common Stock (or
        other securities or property) with respect to which Options may be
        granted under the Plan, (including, but not limited to, adjustments of
        the limitations in Section 2.1 on the maximum number and kind of shares
        which may be issued and adjustments of the Award Limit),

                        (ii) the number and kind of shares of Common Stock (or
        other securities or property) subject to outstanding Options, and

                        (iii) the grant or exercise price with respect to any
        Option.

                (b) Upon a Corporate Transaction or Change in Control, all
Options outstanding under the Plan shall be fully vested and exercisable as to
all shares covered thereby, notwithstanding anything to the contrary in (i)
Section 4.4 or (ii) the provisions of any such Option; provided that the
Committee may offer Optionees the right to exchange their vested

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Options for fully vested and exercisable options covering the stock of the
successor or survivor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices.

                (c) In the event of any transaction or event (other than a
Corporate Transaction) described in Section 7.3(a) or any unusual or
nonrecurring transactions or events affecting the Company, any affiliate of the
Company, or the financial statements of the Company or any affiliate, or of
changes in applicable laws, regulations, or accounting principles, the Committee
in its discretion is hereby authorized to take any one (1) or more of the
following actions whenever the Committee determines that such action is
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan or with respect
to any Option under this Plan, to facilitate such transactions or events or to
give effect to such changes in laws, regulations or principles:

                        (i) In its sole and absolute discretion, and on such
        terms and conditions as it deems appropriate, the Committee may provide,
        either by the terms of the agreement or by action taken prior to the
        occurrence of such transaction or event and either automatically or upon
        the Optionee's request, for either the purchase of any such Option for
        an amount of cash equal to the amount that could have been attained upon
        the exercise of such Option, or realization of the Optionee's rights had
        such Option been currently exercisable or payable or fully vested or the
        replacement of such Option with other rights or property selected by the
        Committee in its sole discretion;

                        (ii) In its sole and absolute discretion, the Committee
        may provide, either by the terms of such Option or by action taken prior
        to the occurrence of such transaction or event that it cannot be
        exercised after such event;

                        (iii) In its sole and absolute discretion, and on such
        terms and conditions as it deems appropriate, the Committee may provide,
        either by the terms of such Option or by action taken prior to the
        occurrence of such transaction or event, that for a specified period of
        time prior to such transaction or event, such Option shall be
        exercisable as to all shares covered thereby, notwithstanding anything
        to the contrary in (i) Section 4.4 or (ii) the provisions of such
        Option;

                        (iv) In its sole and absolute discretion, and on such
        terms and conditions as it deems appropriate, the Committee may provide,
        either by the terms of such Option or by action taken prior to the
        occurrence of such transaction or event, that upon such event, such
        Option be assumed by the successor or survivor corporation, or a parent
        or subsidiary thereof, or shall be substituted for by similar options
        covering the stock of the successor or survivor corporation, or a parent
        or subsidiary thereof, with appropriate adjustments as to the number and
        kind of shares and prices; and

                        (v) In its sole and absolute discretion, and on such
        terms and conditions as it deems appropriate, the Committee may make
        adjustments in the number and type of shares of Common Stock (or other
        securities or property) subject to outstanding Options

                                       12
<PAGE>   13

        and/or in the terms and conditions of (including the grant or exercise
        price), and the criteria included in, outstanding Options and Options
        which may be granted in the future.

                (d) Subject to Section 7.6, the Committee may, in its
discretion, include such further provisions and limitations in any Option as it
may deem equitable and in the best interests of the Company.

                7.4 Tax Withholding. The Company shall be entitled to require
payment in cash or deduction from other compensation payable to each Optionee of
any sums required by federal, state or local tax law to be withheld with respect
to the issuance, vesting or exercise of any Option. The Committee may in its
discretion and in satisfaction of the foregoing requirement allow such Optionee
to satisfy withholding tax obligations by electing to have the Company withhold
from the shares of Common Stock to be issued upon exercise of an Option that
number of shares having a Fair Market Value equal to the minimum amount required
to be withheld based on the statutory withholding rates for federal and state
tax purposes that apply to supplemental taxable income. The Fair Market Value of
the shares of Common Stock to be withheld shall be determined on the date that
the amount of tax to be withheld is to be determined. All elections by Optionees
to have shares of Common Stock withheld for this purpose shall be made in such
form and under such conditions as the Committee may deem necessary or advisable.

                7.5 Loans. The Committee may, in its discretion, extend one or
more loans to key Associates or consultants in connection with the exercise or
receipt of an Option granted under this Plan. The terms and conditions of any
such loan shall be set by the Committee.

                7.6 Limitations Applicable to Section 16 Persons.
Notwithstanding any other provision of this Plan, this Plan, and any Option
granted to any individual who is then subject to Section 16 of the Exchange Act,
shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3 of the Exchange Act) that are requirements for the application of
such exemptive rule. To the extent permitted by applicable law, the Plan and
Options granted hereunder shall be deemed amended to the extent necessary to
conform to such applicable exemptive rule.

                7.7 Effect of Plan Upon Options and Compensation Plans. The
adoption of this Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Subsidiary. Nothing in this Plan shall be
construed to limit the right of the Company (i) to establish any other forms of
incentives or compensation for Associates, Independent Directors or consultants
of the Company or any Subsidiary or (ii) to grant or assume options or other
rights otherwise than under this Plan in connection with any proper corporate
purpose including but not by way of limitation, the grant or assumption of
options in connection with the acquisition by purchase, lease, merger,
consolidation or otherwise, of the business, stock or assets of any corporation,
partnership, firm or association.

                7.8 Compliance with Laws. This Plan, the granting and vesting of
Options under this Plan and the issuance and delivery of shares of Common Stock
and the payment of money under this Plan or under Options granted hereunder are
subject to compliance with all

                                       13
<PAGE>   14

applicable federal and state laws, rules and regulations (including but not
limited to state and federal securities law and federal margin requirements) and
to such approvals by any listing, regulatory or governmental authority as may,
in the opinion of counsel for the Company, be necessary or advisable in
connection therewith. Any securities delivered under this Plan shall be subject
to such restrictions, and the person acquiring such securities shall, if
requested by the Company, provide such assurances and representations to the
Company as the Company may deem necessary or desirable to assure compliance with
all applicable legal requirements. To the extent permitted by applicable law,
the Plan and Options granted hereunder shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations.

                7.9 Titles. Titles are provided herein for convenience only and
are not to serve as a basis for interpretation or construction of this Plan.

                7.10 Governing Law. This Plan and any agreements hereunder shall
be administered, interpreted and enforced under the internal laws of the State
of Delaware without regard to conflicts of laws thereof.

                                       14<PAGE>   1

                                                                   EXHIBIT 10.22

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE SECURITIES
MAY NOT BE OFFERED, SOLD OR TRANSFERRED ABSENT SUCH REGISTRATION OR AN EXEMPTION
THEREFROM UNDER SAID ACT.

                        PLANET POLYMER TECHNOLOGIES, INC.
                     WARRANT TO PURCHASE UP TO A MAXIMUM OF
                          50,000 SHARES OF COMMON STOCK

        In consideration of the sum of good and valuable consideration, the
receipt of which is hereby acknowledged by PLANET POLYMER TECHNOLOGIES, INC., a
California corporation (the "Company"), LBC CAPITAL (the "Holder"), is hereby
granted the right to purchase, at any time from the date hereof until 5:00 P.M.,
Pacific Standard Time, on March 30, 2004 (the "Expiration Date") up to all or
any part of fifty thousand (50,000) fully paid and non-assessable shares of the
Company's common stock, without par value ("Common Stock").

1. EXERCISE OF WARRANT. This Warrant is exercisable at a price of $4.1250 per
share of Common Stock issuable hereunder (the "Exercise Price") payable in cash
or by certified or official bank check. Upon surrender of this Warrant together
with a subscription form substantially in the form of Exhibit A hereto duly
executed, together with payment of the Exercise Price for the shares of Common
Stock purchased, at the principal executive offices of the Company, 9985
Businesspark Avenue, Suite A, San Diego, California, 92131, or at such other
office as the Company may designate by notice in writing, the Holder shall be
entitled to receive, as promptly as practicable after surrender of the Warrant,
a certificate or certificates for the shares of Common Stock so purchased. Upon
exercise of this Warrant as set forth in the preceding sentence, the Holder
shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such exercise.

The purchase rights represented by this Warrant are exercisable at the option of
the Holder hereof, in whole or in part (but not as to fractional shares of the
Common Stock), during any period in which this Warrant may be exercised as set
forth above. In the case of the purchase of less than all the shares of Common
Stock purchasable under this Warrant, the Company shall cancel this Warrant upon
the surrender hereof and shall execute and deliver a new Warrant of like kind
for the balance of the shares of Common Stock purchasable hereunder.

2. ISSUANCE OF STOCK CERTIFICATES. The issuance of certificates for shares of
Common Stock upon the exercise of this Warrant shall be made without charge to
the Holder hereof any tax which may be payable in respect to the issuance
thereof, and such certificates shall (subject to the provisions of Sections 3
and 5 hereof) be issued in the name of, or in such names as may be directed by,
the Holder hereof; provided, however, that the Company shall not be required to
pay any tax which may be payable in respect to any transfer involved in the
issuance and delivery of any such certificate in a name other than that of the
Holder and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid, and
provided that the issuance of certificates for such shares of Common Stock shall
not violate the securities laws.

                                       1.
<PAGE>   2

3. TRANSFER, DIVISION AND COMBINATION.

        3.1 TRANSFER. Subject to compliance with Section 5.9, the Holder of this
Warrant may transfer this Warrant at any time to any subsidiary or affiliate of
the Holder. Transfer of this Warrant and all rights hereunder, in whole or in
part, shall be registered on the books of the Company to be maintained for such
purpose, upon surrender of this Warrant at the principal office of the Company
or the office or agency designated by the Company, together with a written
assignment of this Warrant substantially in the form of Exhibit B hereto duly
executed by Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall, subject to Section 5.9,
execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees and in the denomination specified in such instrument of assignment,
and shall issue to the assignor a new Warrant evidencing the portion of this
Warrant not so assigned, and this Warrant shall promptly be canceled. A Warrant,
if properly assigned in compliance with Section 5.9, may be exercised by a new
Holder for the purchase of shares of Common Stock without having a new Warrant
issued.

        3.2 DIVISION AND COMBINATION. Subject to Section 5.9, this Warrant may
be divided or combined with other Warrants upon presentation hereof at the
aforesaid office or agency of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by Holder or its agent or attorney. Subject to compliance with Section
3.1 and with Section 5, as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice.

        3.3 EXPENSES. The Company shall prepare, issue and deliver at its own
expense (other than transfer taxes) the new Warrant or Warrants under this
Section 3.

        3.4 MAINTENANCE OF BOOKS. The Company agrees to maintain, at its
aforesaid office or agency, books for the registration and the registration of
transfer of the Warrants.

4. EXERCISE PRICE. The exercise price of this Warrant shall be $4.1250 per share
of Common Stock.

5. REGISTRATION AND REGISTRATION RIGHTS.

        5.1 RESTRICTED SECURITIES. The shares of Common Stock issuable upon
exercise of this Warrant (the "Warrant Stock") have not been registered under
the Securities Act of 1933, as amended ("the Securities Act").

        Except as otherwise provided in this Section 5, upon exercise, in part
or in whole, of this Warrant, the Warrant Stock shall bear the following legend:

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

                                       2.
<PAGE>   3

        5.2 DEFINITIONS. For purposes of Section 5:

               (a) The term "Commission" means the Securities and Exchange
Commission;

               (b) The term "Exchange Act" means the Securities Exchange Act of
1934, as amended;

               (c) The terms "register," "registered," and "registration" refer
to a registration effected by preparing and filing a registration statement in
compliance with the Securities Act and the declaration or ordering of
effectiveness of such registration statement;

               (d) The term "Registrable Securities" means Common Stock issuable
or issued upon exercise of Warrants to purchase Common Stock of the Company
outstanding as of the filing of any registration statement subject to the
provisions of Section 5.3;

               (e) The term "Holder" means any investor holding Registrable
Securities and any other person holding Registrable Securities to whom these
registration rights have been transferred pursuant to Sections 3 and 5; and

               (f) The term "Securities Act" means the Securities Act of 1933,
as amended.

        5.3 COMPANY REGISTRATION.

               (a) If the Company at any time proposes to file on its behalf
and/or on behalf of any of its security holders (the "demanding security
holders") a registration statement under the Securities Act on any form (other
than a Registration Statement on Form S-4 or S-8 or any successor form for
securities to be offered in a transaction of the type referred to in Rule 145
under the Securities Act or to employees of the Company pursuant to any employee
benefit plan, respectively) for the general registration of securities to be
sold for cash with respect to its Common Stock or any other class of equity
security (as defined in Section 3(a)(11) of the Exchange Act) of the Company, it
will give written notice to all holders of Warrants or Warrant Stock at least
ten (10) days before the initial filing with the Commission of such registration
statement, which notice shall set forth the intended method of disposition of
the securities proposed to be registered by the Company. The notice shall offer
to include in such filing the aggregate number of shares of Warrant Stock, and
the number of shares of Common Stock for which this Warrant is exercisable, as
such holders may request.

               (b) Each holder of any such Warrants or any such Warrant Stock
desiring to have Warrant Stock registered under this Section 5.3 shall advise
the Company in writing within ten (10) days after the date of receipt of such
offer from the Company, setting forth the amount of such Warrant Stock for which
registration is requested. The Company shall thereupon include in such filing
the number of shares of Warrant Stock for which registration is so requested,
subject to the paragraph 5.3(c) below, and shall use its best efforts to effect
registration under the Securities Act of such shares.

               (c) If the registration of which the Company gives notice is for
a registered public offering involving an underwriting, the Company shall so
indicate in the notice given pursuant to Section 5.3(a). In such event the right
of any Holder to registration pursuant to this Section 5.3 shall be conditioned
upon such Holder's agreeing to participate in such underwriting

                                       3.
<PAGE>   4

and in the inclusion of the securities of the Holder to be so registered in the
underwriting to the extent provided herein. All Holders proposing to distribute
their securities through such underwriting shall (together with the Company and
the other holders distributing their securities through such underwriting) enter
into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company. Notwithstanding any
other provision of this Section 5.3, if the underwriter determines that
marketing factors require a limitation of the number of shares to be
underwritten, the underwriter may exclude some or all of the securities of the
Holders from such registration and underwriting (hereinafter an "Underwriter
Cutback"). In the event of an Underwriter Cutback, the Company shall so advise
the Holders distributing their securities through such underwriting, and the
number of Registrable Securities that may be included in the registration and
underwriting shall be allocated among the Holders in proportion, as nearly as
practicable, to the respective amounts of Registrable Securities held by such
Holders at the time of filing the registration statement; provided that in no
event shall the Company be required to include in the registration less than one
thousand (1,000) shares held by any Holder. If any Holder disapproves of the
terms of any such underwriting, such Holder may elect to withdraw therefrom by
written notice to the Company and the underwriter. Any securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration.
Except as otherwise provided in Section 5.5, all expenses of such registration
shall be borne by the Company.

        5.4 FURNISH INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Section 5 that the
Holders shall furnish to the Company such information regarding them, the
Registrable Securities held by them, and the intended method of disposition of
such securities as the Company shall reasonably request and as shall be required
in connection with the action to be taken by the Company.

        5.5 COMPANY REGISTRATION EXPENSES. All expenses incurred in complying
with Section 5, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel for the Company, the
reasonable fees and expenses of one counsel for the selling security holders
(selected by those holding a majority of the shares being registered), expenses
of any special audits incident to or required by any such registration and
expenses of complying with the securities or blue sky laws of any jurisdictions
pursuant to Section 5, shall be paid by the Company, except that the Company
shall not be liable for any fees, discounts or commissions to any underwriter or
any fees or disbursements of counsel for any underwriter in respect of the
securities sold by such Holder of Warrant Stock.

        5.6 DELAY OF REGISTRATION. No Holder shall have any right to take any
action to restrain, enjoin, or otherwise delay any registration as the result of
any controversy that might arise with respect to the interpretation or
implementation of this Section 5.

        5.7 INDEMNIFICATION. In the event any Registrable Securities are
included in a registration statement under Section 5:

               (a) To the extent permitted by law, the Company will indemnify
and hold harmless each Holder, each of such Holder's directors and officers and
each other person who is requesting or joining in a registration, any
underwriter (as defined in the Securities Act) for it, and each other person, if
any, who controls such Holder or underwriter within the meaning of the
Securities Act, against any losses, claims, damages, or liabilities, joint or
several, to which they may become subject under the Securities Act or otherwise,
insofar as such losses, claims,

                                       4.
<PAGE>   5

damages, or liabilities (or actions in respect thereof) arise out of or are
based on any untrue or alleged untrue statement of any material fact contained
in such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading or arise out of any violation by the Company of any rule
or regulation promulgated under the Securities Act applicable to the Company and
relating to action or inaction required of the Company in connection with any
such registration; and will reimburse each such Holder, director, officer,
participating person, underwriter, or controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this Section 5.7(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Company nor shall the
Company be liable in any such case for any such loss, claim, damage, liability,
or action to the extent that it arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
connection with such registration statement, preliminary prospectus, final
prospectus, or amendments or supplements thereto, in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by any such Holder, director, officer, other
participating person, underwriter, or controlling person. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on
behalf of such Holder or such director, officer, participating person,
underwriter or controlling person, and shall survive the transfer of such
Securities by such Holder.

               (b) To the extent permitted by law, each Holder requesting or
joining in a registration will indemnify and hold harmless the Company, each of
its directors, each of its officers who has signed the registration statement,
each person, if any, who controls the Company within the meaning of the
Securities Act, and each agent and any underwriter for the Company (within the
meaning of the Securities Act) against any losses, claims, damages, or
liabilities to which the Company or any such director, officer, controlling
person, agent, or underwriter may become subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages, or liabilities (or actions
in respect thereto) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in such registration
statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was made in such
registration statement, preliminary or final prospectus, or amendments or
supplements thereto, in reliance upon and in conformity with written information
furnished by such Holder expressly for use in connection with such registration;
and each such Holder will reimburse any legal or other expenses reasonably
incurred by the Company or any such director, officer, controlling person,
agent, or underwriter in connection with investigating or defending any such
loss, claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this Section 5.7(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of such Holder (which consent shall
not be unreasonably withheld).

                                       5.
<PAGE>   6

               (c) Promptly after receipt by an indemnified party under this
section of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party
under this section, notify the indemnifying party in writing of the commencement
thereof and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the parties. The failure to notify an indemnifying
party promptly of the commencement of any such action, if prejudicial to his
ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this section, but the omission so to
notify the indemnifying party will not relieve him of any liability that he may
have to any indemnified party otherwise than under this section.

        5.8 REPORTS UNDER THE EXCHANGE ACT. With a view to making available to
the Holders the benefits of Rule 144 promulgated under the Securities Act and
any other rule or regulation of the Commission that may at any time permit a
Holder to sell securities of the Company to the public without registration, the
Company agrees to use its best efforts to:

               (a) make and keep public information available, as those terms
are understood and defined in Rule 144, at all times subsequent to the date
hereof;

               (b) file with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act; and

               (c) furnish to any Holder so long as such Holder owns any of the
Registrable Securities forthwith upon request a written statement of the Company
that it has complied with the reporting requirements of Rule 144, and of the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed by the
Company as may be reasonably requested in availing any Holder of any rule or
regulation of the Commission permitting the selling of any such securities
without registration.

        5.9 LOCKUP AGREEMENT. In consideration for the Company agreeing to its
obligations under this Section 5, each Holder agrees in connection with any
registration of the Company's securities that, upon the request of the Company
or the underwriters managing any underwritten offering of the Company's
securities, not to sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of any Warrants or Warrant Stock (other than
those included in the registration) without the prior written consent of the
Company or such underwriters, as the case may be, for such period of time (not
to exceed one hundred eighty (180) days) from the effective date of such
registration as the Company or the underwriters may specify.

6. ADJUSTMENTS OF PURCHASE PRICE AND NUMBER OF SHARES.

        6.1 SUBDIVISION AND COMBINATION. In case the Company shall at any time
subdivide or combine the outstanding shares of Common Stock, the Exercise Price
shall forthwith be proportionately decreased in the case of subdivision or
increased in the case of combination.

        6.2 ADJUSTMENT IN NUMBER OF SHARES. Upon each adjustment of the Exercise
Price pursuant to the provisions of this Section 6 (including Sections 6.4
through 6.7 below), the

                                       6.
<PAGE>   7

number of shares of Common Stock issuable upon the exercise of each Warrant
shall be adjusted to the nearest full share by multiplying the Exercise Price in
effect immediately prior to such adjustment by the number of shares of Common
Stock issuable upon exercise of the Warrant immediately prior to such adjustment
and dividing the product so obtained by the adjusted Exercise Price.

        6.3 ANTI-DILUTION PROVISIONS. The Exercise Price in effect at any time
and the number and kind of securities purchasable upon the exercise of this
Warrant shall also be subject to adjustment from time to time upon the happening
of any of the events set forth in Sections 6.4 through 6.7.

        6.4 In the event the Company shall issue or sell any shares of Common
Stock (except as provided in Section 6.7) for a consideration per share less
than the Exercise Price in effect immediately prior to such issue or sale, then
the Exercise Price in effect immediately prior to such issue or sale shall be
reduced to such lesser price (calculated to the nearest cent) as shall be
determined by multiplying the Exercise Price in effect immediately prior thereto
by a fraction, the numerator of which shall be the sum of (i) the number of
shares of Common Stock outstanding immediately prior to the issuance or sale of
such additional shares and (ii) the number of shares of Common Stock which the
aggregate consideration received for the issuance or sale of such additional
shares would purchase at the Exercise Price then in effect, and the denominator
of which shall be the number of shares of Common Stock outstanding immediately
after the issuance or sale of such additional shares. For purposes of this
Section 6.4, all shares of Common Stock issuable upon exercise of outstanding
options and warrants, and all shares of Common Stock issuable upon exercise of
this Warrant, shall be deemed to be outstanding.

        6.5 For the purposes of Section 6.4 above, the following subparagraphs
(a) to (d), inclusive, shall be applicable:

               (a) If at any time the Company shall issue or sell any rights to
subscribe for, or any rights or options to purchase, Common Stock or any stock
or other securities convertible into or exchangeable for Common Stock (such
convertible or exchangeable stock or securities being hereinafter called
"Convertible Securities"), whether or not such rights or options or the right to
convert or exchange any such Convertible Securities shall be immediately
exercisable, and the price per share for which Common Stock shall be issuable
upon the exercise of such rights or options or upon conversion or exchange of
such Convertible Securities (determined by dividing (1) the total amount, if
any, received or receivable by the Company as consideration for the granting of
such rights or options, plus the minimum aggregate amount of additional
consideration payable to the Company upon the exercise of such rights or
options, plus, in the case of any such rights or options which shall relate to
Convertible Securities, the minimum aggregate amount of additional
consideration, if any, payable upon the issue or sale of such Convertible
Securities and upon the conversion or exchange thereof, by (2) the total number
of shares of Common Stock issuable upon the exercise of such rights or options
or upon the conversion or exchange of all such Convertible Securities issuable
upon the exercise of such rights or options) shall be less than the Exercise
Price in effect immediately prior to the time of the issue or sale of such
rights or options, then the total number of shares of Common Stock issuable upon
the exercise of such rights or options or upon conversion or exchange of the
total amount of such Convertible Securities issuable upon the exercise of such
rights or options shall (as of the date of granting of such rights or options)
be deemed to be outstanding and to have been issued for such price per share,
and except as provided in Section 6.6, no further adjustments of the Exercise
Price shall be made upon the actual issue of

                                       7.
<PAGE>   8

such Common Stock or of such Convertible Securities, upon the exercise of such
rights or options or upon the actual issue of such Common Stock upon conversion
or exchange of such Convertible Securities.

               (b) If at any time the Company shall issue or sell any
Convertible Securities, whether or not the rights to exchange or convert
thereunder shall be immediately exercisable, and the price per share for which
Common Stock shall be issuable upon such conversion or exchange (determined by
dividing (1) the total amount received or receivable by the Company as
consideration for the issue or sale of such Convertible Securities, plus the
minimum aggregate amount of additional consideration, if any, payable to the
Company upon the conversion or exchange thereof, by (2) the total number of
shares of Common Stock issuable upon the conversion or exchange of all such
Convertible Securities) shall be less than the Exercise Price in effect
immediately prior to the time of such issue or sale, then the total number of
shares of Common Stock issuable upon conversion or exchange of all such
Convertible Securities shall (as of the date of the issue or sale of such
Convertible Securities) be deemed to be outstanding and to have been issued for
such price per share, and, except as provided in Section 6.6 no further
adjustments of the Exercise Price shall be made upon the actual issue of such
Common Stock upon conversion or exchange of such Convertible Securities. In
addition, if any issue or sale of such Convertible Securities shall be made upon
exercise of any rights to subscribe for or to purchase or any option to purchase
any such Convertible Securities for which adjustments of the Exercise Price
shall have been or shall be made pursuant to other provisions of this Section
6.5, no further adjustment of the Exercise Price shall be made by reason of such
issue or sale.

               (c) If at any time any shares of Common Stock or Convertible
Securities or any rights or options to purchase any such Common Stock or
Convertible Securities shall be issued or sold for cash, the consideration
received therefor shall be deemed to be the amount received by the Company
therefor, without deduction therefrom of any expenses incurred or any
underwriting commissions or concessions or discounts paid or allowed by the
Company in connection therewith. In case any shares of Common Stock or
Convertible Securities or any rights or options to purchase any such Common
Stock or Convertible Securities shall be issued or sold for a consideration
other than cash, the amount of the consideration other than cash received by the
Company shall be deemed to be the fair value of such consideration as determined
by the Board of Directors, without deduction therefrom of any expenses incurred
or any underwriting commissions or concessions or discounts paid or allowed by
the Company in connection therewith. In case any shares of Common Stock or
Convertible Securities or any rights or options to purchase any such Common
Stock or Convertible Securities shall be issued in connection with any merger of
another corporation into the Company, the amount of consideration therefor shall
be deemed to be the fair value of the net assets of such merged corporation as
determined by the Board of Directors after deducting therefrom all cash and
other consideration (if any) paid by the Company in connection with such merger.

               (d) The number of shares of Common Stock outstanding at any given
time shall not include shares owned or held by or for the account of the
Company, provided that such shares are neither issued, sold or otherwise
distributed by the Company.

        6.6 If the purchase or exercise price provided for in any right or
option referred to in Section 6.5, or the rate at which any Convertible
Securities referred to in Section 6.5 (a) or (b) shall be convertible into or
exchangeable for Common Stock, shall change or a different purchase or exercise
price or rate shall become effective at any time or from time to time (including
any change resulting from termination of such right, option or convertible
security),

                                       8.
<PAGE>   9

then, upon such change becoming effective, the Exercise Price then in effect
hereunder shall forthwith be increased or decreased to such Exercise Price as
would have been obtained had the adjustments made upon the granting or issuance
of such rights or options or Convertible Securities been made upon the basis of
(a) the issuance of the number of shares of Common Stock theretofore actually
delivered upon the exercise of such options or rights or upon the conversion or
exchange of such Convertible Securities for the consideration received therefor
and (b) the granting or issuance at the time of such change of any such options,
rights or Convertible Securities then still outstanding for the consideration,
if any, received by the Company therefor and to be received on the basis of such
changed price.

        6.7 The Company shall not be required to make any adjustment to the
Exercise Price in the case of:

               (a) the granting, after the date hereof, by the Company of stock
options under the Company's 1995 Stock Option Plan, so long as the shares of
Common Stock underlying such options are covered by the 500,000 shares currently
reserved for issuance under such Plan as of the date hereof;

               (b) the issuance of shares of Common Stock, pursuant to the
exercise of the options referred to in Section 6.7(a) above or the exercise of
any other options or warrants outstanding as of the date hereof;

               (c) the issuance of shares of Common Stock upon the conversion of
any shares of the Company's Series A Convertible Preferred Stock or upon the
exercise of any of the Warrants originally issued to Special Situations Private
Equity Fund, L.P. on September 24, 1997; and

               (d) the issuance of shares of Common Stock upon the exercise of
any options or warrants outstanding as of the date hereof.

        6.8 RECLASSIFICATION, CONSOLIDATION, MERGER, ETC. In case of any
reclassification or change of the outstanding shares of Common Stock (other than
a change in 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 the case of any consolidation
of the Company with, or merger of the Company into, another corporation (other
than a consolidation or merger in which the Company is the surviving corporation
and which does not result in any reclassification or change of the outstanding
shares of Common Stock, except a change as a result of a subdivision or
combination of such shares or conveyance to another corporation of the property
of the Company as an entirety), the Holder of this Warrant shall thereafter have
the right to purchase the kind and number of shares of stock and other
securities and property receivable upon such reclassification, change,
consolidation, merger, sale or conveyance at an aggregate price equal to the
product of (x) the number of shares issuable upon exercise of this Warrant and
(y) the Exercise Price in effect immediately prior to the record date for such
reclassification, change, consolidation, merger, sale or conveyance as if such
Holder had exercised this Warrant prior to such record date.

                                       9.
<PAGE>   10

        6.9 APPROVAL AND NOTICE OF ADJUSTMENT IN EXERCISE PRICE. Any adjustment
of the Exercise Price made pursuant to this Section 6 shall be made or approved
by the Company's independent public accountants at the time of such adjustment.

7. FINANCIAL AND BUSINESS INFORMATION.

        7.1 ANNUAL INFORMATION. The Company will deliver to each Holder as soon
as practicable after the end of each fiscal year of the Company, and in any
event within 90 days thereafter, one copy of:

               (a) an audited consolidated balance sheet of the Company and its
subsidiaries as at the end of such year, and

               (b) audited consolidated statements of income, retained earnings
and changes in financial position of the Company and its subsidiaries for such
year; setting forth in each case in comparative form the figures for the
corresponding periods in the previous fiscal year; all prepared in accordance
with GAAP, and which audited financial statements shall be accompanied by (i) an
opinion thereon of the independent certified public accountants regularly
retained by the Company, or any other form of independent certified public
accountants of recognized national standing selected by the Company and (ii) a
report of such independent certified public accountants confirming any
adjustment made pursuant to Section 6 during such year.

8. REPRESENTATIONS OF HOLDER.

        8.1 ACQUISITION OF WARRANT FOR PERSONAL ACCOUNT. The Holder represents
and warrants that it is acquiring the Warrant solely for its account for
investment and not with a view to or for sale or distribution of said Warrant or
any part thereof. The Holder also represents that the entire legal and
beneficial interests of the Warrant and Warrant Stock is being acquired for, and
will be held for, its account only.

        8.2 SECURITIES ARE NOT REGISTERED.

               (a) The Holder recognizes that this Warrant and Warrant Stock
being acquired by it must be held indefinitely unless they are subsequently
registered under the Act or an exemption from such registration is available.
The Holder recognizes that, except as set forth in Section 5 hereof, the Company
does not have any obligation to register this Warrant or the Warrant Stock or to
comply with any exemption from such registration.

               (b) The Holder is aware that neither this Warrant nor the Warrant
Stock may be sold pursuant to Rule 144 adopted under the Act unless certain
conditions are met and until the Holder has held the Warrant Stock for at least
one year. Among the conditions for use of Rule 144 is the availability of
current information to the public about the Company. The Holder understands that
the Company has not made such information available and has no present plans to
do so.

               (c) The Holder represents and warrants that it is an "accredited
investor" as such term is defined in Rule 501(a) under the Act. Specifically,
the Holder represents and

                                      10.
<PAGE>   11

warrants that it is either a corporation or partnership, not formed for the
specific purpose of acquiring securities of the Company, with total assets in
excess of $5,000,000.

        8.3 DISPOSITION OF WARRANT AND WARRANT STOCK.

               (a) The Holder further agrees not to make any disposition of all
or any part of this Warrant or the Warrant Stock in any event unless and until:

                      (i) The Company shall have received a letter secured by
the Holder from the Securities and Exchange Commission stating that no action
will be recommended to the Commission with respect to the proposed disposition;
or

                      (ii) There is then in effect a registration statement
under the Act covering such proposed disposition and such disposition is made in
accordance with said registration statement; or

                      (iii) The Holder shall have notified the Company of the
proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, the Holder
shall have furnished the Company with an opinion of counsel for the Holder to
the effect that such disposition will not require registration of such Warrant
or shares under the Act, and such opinion of counsel for the Holder shall have
been concurred in by the Company's counsel and the Company shall advise the
Holder of such concurrence.

                      (iv) Notwithstanding the provisions of paragraphs (i),
(ii) and (iii) above, no such Securities and Exchange Commission letter,
registration statement or opinion of counsel shall be required (i) for any
transfer of this Warrant or any shares issuable upon exercise of this Warrant in
compliance with SEC Rule 144 or 144A, or (ii) for any transfer of this Warrant
or shares issuable upon exercise of this Warrant by a Holder that is a
partnership or a corporation to (A) a partner of such partnership or shareholder
or affiliate of such corporation, (B) a retired partner or shareholder, or (iii)
for the transfer by gift, will or intestate succession by any Holder to his or
her spouse or lineal descendants or ancestors or any trust for any of the
foregoing.

9. EXCHANGE AND REPLACEMENT OF WARRANT. This Warrant is exchangeable without
expense, upon the surrender hereof by the registered Holder at the principal
executive office of the Company, for a new Warrant of like kind and date
representing in the aggregate the right to purchase the same number of shares as
are purchasable hereunder in such denominations and in the name(s) of such
assignee(s) as shall be designated by the registered Holder hereof at the time
of such surrender.

        Upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft or destruction of this Warrant, of indemnity or security
reasonably satisfactory to it, and reimbursement to the Company of all
reasonable expenses incidental thereto, and upon surrender and cancellation of
this Warrant, if mutilated, the Company will make and deliver a new Warrant of
like kind, in lieu of this Warrant.

10. FRACTIONAL SHARES. No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant. With respect to any
fraction of a share called for

                                      11.
<PAGE>   12

upon any exercise hereof, the Company shall pay to the Holder an amount in cash
equal to such fraction multiplied by the current market value of a share of
Common Stock, as determined in good faith by the Board of Directors of the
Company.

11. RESERVATION AND LISTING OF SHARES. The Company shall at all times reserve
and keep available out of its authorized shares of Common Stock, solely for the
purpose of issuance upon the exercise of this Warrant, such number of shares of
Common Stock as shall be issuable upon the exercise hereof. The Company
covenants and agrees that, upon exercise of this Warrant and payment of the
Exercise Price therefor, all shares of Common Stock issuable upon such exercise
shall be duly and validly issued, fully paid and non-assessable, provided that
the Exercise Price per share shall equal or exceed the par value of the Common
Stock. As long as the Warrant shall be outstanding, the Company shall use its
best efforts to cause all shares of Common Stock issuable upon the exercise of
the Warrant to be listed (subject to official notice of issuance) on all
securities exchanges on which the Common Stock may then be listed.

12. CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each adjustment or
readjustment of the Exercise Price, the Company, at its expense, shall promptly
compute such adjustment or readjustment in accordance with the terms hereof and
prepare and furnish to the Holder a certificate of the chief financial officer
of the Company setting forth such adjustment or readjustment and showing in
detail the facts upon which such adjustment or readjustment is based. The
Company shall, upon the written request at any time of the Holder, furnish to
the Holder a like certificate setting forth (i) such adjustments and
readjustments, (ii) the Exercise Price at the time in effect, and (iii) the
number of shares of Common Stock and the amount, if any, of other property which
at the time would be received upon the exercise of this Warrant.

13. RIGHTS OF WARRANT HOLDERS. Nothing contained in this Warrant shall be
construed as conferring upon the Holder hereof the right to vote or to consent
or to receive notice as a shareholder in respect of any meetings or shareholders
for the election of directors or any other matter, or as having any rights
whatsoever as a shareholder of the Company.

14. NOTICES. All notices, requests, consents and other communications hereunder
shall be in writing and shall be deemed to have been duly made when delivered in
person, or mailed by registered or certified mail, return receipt requested:

               (a) If to the registered Holder or Holders of this Warrant, to
the address of such Holder as shown on the books of the Company; or

               (b) If to the Company, to the address set forth on the first page
of this Warrant or to such other address as the Company may designate by notice
to the Holders.

15. REMEDIES. Each holder of Warrant and Warrant Stock, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under Section 5 of this
Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions
of Section 5 of this Warrant and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

16. AMENDMENT. This Warrant and all other Warrants may be modified or amended or
the provisions hereof waived with the written consent of the Company and the
Holder or Holders,

                                      12.
<PAGE>   13

provided that no such Warrant may be modified or amended to reduce the number of
shares of Common Stock for which such Warrant is exercisable or to increase the
price at which such shares may be purchased upon exercise of such Warrant
(before giving effect to any adjustment as provided therein) without the prior
written consent of the Holder thereof.

17. SEVERABILITY. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Warrant.

18. SUCCESSORS. All the covenants, agreements, representations and warranties
contained in this Warrant shall bind the parties hereto and their respective
heirs, executors, administrators, distributes, successors and assigns.

19. HEADINGS. The Section headings in this Warrant are inserted for purposes of
convenience only and shall have no substantive effect.

20. LAW GOVERNING. This Warrant shall be construed and enforced in accordance
with, and governed by, the laws of the State of California.

        WITNESS the seal of the Company and the signature of its duly authorized
officer.

Dated: March 29, 1999

                                   PLANET POLYMER TECHNOLOGIES, INC.

                                   By:
                                      ------------------------------------------
                                   Robert J. Petcavich,
                                   Chief Executive Officer

                                      13.
<PAGE>   14

                                    EXHIBIT A

                                SUBSCRIPTION FORM
                    (To be Executed by the Registered Holder
                        in Order to Exercise the Warrant)

        The undersigned hereby irrevocably elects to exercise the right to
purchase _____ shares of Common Stock of Planet Polymer Technologies, Inc.
covered by the Warrant to which this Exhibit A is attached, according to the
conditions of such Warrant, and herewith makes payment of the Exercise Price of
such shares in full.

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

NAME
    ----------------------------------
ADDRESS
       -------------------------------

                                           -------------------------------------
                                           Signature

Dated:
      --------------------------------

<PAGE>   15

                                    EXHIBIT B

                                 ASSIGNMENT FORM

        FOR VALUE RECEIVED, the undersigned registered owner of the Warrant to
which this Exhibit B is attached hereby sells, assigns and transfers unto the
Assignee named below all of the rights of the undersigned under such Warrant,
with respect to the number of shares of Common stock set forth below:

NAME AND ADDRESS OF ASSIGNEE               NO. OF SHARES OF COMMON STOCK
--------------------------------------     -------------------------------------

and does hereby irrevocably constitute and appoint _________ attorney-in-fact to
register such transfer on the books of Planet Polymer Technologies, Inc.
maintained for the purpose, with full power of substitution in the premises.

Dated:                                     -------------------------------------
      ------------------------             Signature

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