Document:

Exhibit 4.2

                          REGISTRATION RIGHTS AGREEMENT

         This  Registration  Rights  Agreement  (the  "Agreement")  is made  and
entered into as of this 10th day of May, 2004 by and among Find/SVP, Inc., a New
York  corporation  (the  "Company"),  and the "Investors"  named in that certain
Purchase  Agreement by and among the Company and the  Investors  (the  "Purchase
Agreement").

         The parties hereby agree as follows:

         1. CERTAIN DEFINITIONS.

         As used in this Agreement, the following terms shall have the following
meanings:

         "AFFILIATE"  means, with respect to any person,  any other person which
directly or indirectly  controls,  is controlled  by, or is under common control
with, such person.

         "BUSINESS DAY" means a day,  other than a Saturday or Sunday,  on which
banks in New York City are open for the general transaction of business.

         "COMMON STOCK" shall mean the Company's common stock, par value $0.0001
per  share,  and any  securities  into  which such  shares  may  hereinafter  be
reclassified.

         "INVESTORS"  shall  mean  the  Investors  identified  in  the  Purchase
Agreement  and any  Affiliate or permitted  transferee  of any Investor who is a
subsequent holder of any Warrants or Registrable Securities.

         "PER SHARE SUBSCRIPTION  PRICE" as to any Investor,  shall mean, on any
date of  determination,  the quotient  obtained by dividing (a) such  Investor's
Subscription  Amount plus the aggregate  exercise  price paid by the Investor in
connection  with any Warrant  exercise by such Investor on or prior to such date
by (b) the Shares  acquired  by the  Investor  on the  Closing  Date (as defined
below)  plus the  shares of  Common  Stock  acquired  by the  Investor  upon the
exercise of any Warrants exercised on or prior to such date of determination.

         "PROSPECTUS"  shall mean the  prospectus  included in any  Registration
Statement, as amended or supplemented by any prospectus supplement, with respect
to the  terms of the  offering  of any  portion  of the  Registrable  Securities
covered  by  such  Registration  Statement  and  by  all  other  amendments  and
supplements  to the  prospectus,  including  post-effective  amendments  and all
material incorporated by reference in such prospectus.

         "REGISTER,"  "REGISTERED"  and  "REGISTRATION"  refer to a registration
made by preparing  and filing a  Registration  Statement or similar  document in
compliance with the 1933 Act (as defined below), and the declaration or ordering
of effectiveness of such Registration Statement or document.

         "REGISTRABLE SECURITIES" shall mean the Shares and the shares of Common
Stock issuable (i) upon the exercise of the Warrants, if any, and (ii) any other
securities  issued or issuable  with respect to or in exchange  for  Registrable
Securities;  provided, that, a security shall cease to be a Registrable Security
upon (A) sale  pursuant to a  Registration  Statement or Rule 144 under the 1933
Act, or (B) such security becoming  eligible for sale by the Investors  pursuant
to Rule 144(k).

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         "REGISTRATION  STATEMENT" shall mean any registration  statement of the
Company  filed  under  the  1933  Act  that  covers  the  resale  of  any of the
Registrable Securities pursuant to the provisions of this Agreement,  amendments
and  supplements  to  such  Registration  Statement,   including  post-effective
amendments,  all  exhibits and all  material  incorporated  by reference in such
Registration Statement.

         "REQUIRED  INVESTORS"  means the  Investors  holding a majority  of the
Registrable Securities.

         "SEC" means the U.S. Securities and Exchange Commission.
          ---

         "SHARES"  means the  shares  of Common  Stock  issued  pursuant  to the
Purchase Agreement.

         "SUBSCRIPTION  AMOUNT"  means for each  Investor the  aggregate  amount
invested by such Investor  pursuant to the Purchase  Agreement as of the Closing
Date.

         "1933 ACT" means the Securities Act of 1933, as amended,  and the rules
and regulations promulgated thereunder.

         "1934 ACT" means the Securities  Exchange Act of 1934, as amended,  and
the rules and regulations promulgated thereunder.

         "WARRANTS"  means,  the  warrants  to purchase  shares of Common  Stock
issued to the Investors pursuant to the Purchase Agreement, the form of which is
attached to the Purchase Agreement as Exhibit A.

         "WARRANT  SHARES"  means the shares of Common Stock  issuable  upon the
exercise of the Warrants.

         2. REGISTRATION.

                    (a) REGISTRATION STATEMENTS.

                    (i) Promptly  following the closing of the purchase and sale
of the securities  contemplated  by the Purchase  Agreement (the "Closing Date")
but no later than  thirty-five  (35) days after the  Closing  Date (the  "Filing
Deadline"),  the Company  shall  prepare and file with the SEC one  Registration
Statement on Form S-1,  S-2 or S-3 (or, if such Forms are not then  available to
the Company,  on such form of  registration  statement  as is then  available to
effect a registration for resale of the Registrable  Securities,  subject to the
Required  Investors'  consent not to be  unreasonably  withheld),  covering  the
resale of the  Registrable  Securities in an amount at least equal to the number
of Shares  plus the  number of shares of Common  Stock  necessary  to permit the
exercise in full of the  Warrants.  Subject to SEC comments,  such  Registration
Statement shall include the plan of  distribution  attached hereto as EXHIBIT A.
Such Registration  Statement also shall cover, to the extent allowable under the
1933  Act and the  rules  promulgated  thereunder  (including  Rule  416),  such
indeterminate  number of additional  shares of Common Stock resulting from stock
splits,  stock dividends or similar transactions with respect to the Registrable
Securities.  The Company shall use its commercially reasonable efforts to obtain
from each person who now has  piggyback  registration  rights  (other than Petra
Mezzanine Fund,  L.P.) a waiver of those rights with respect to the Registration
Statement. The Registration Statement (and each amendment or supplement thereto,
and each request for acceleration of effectiveness thereof) shall be provided in
accordance  with Section 3(c) to the  Investors  and their  counsel prior to its
filing or other submission. If a Registration Statement covering the

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Registrable  Securities  is not  filed  with the SEC on or  prior to the  Filing
Deadline,  the  Company  will  make  pro  rata  payments  to each  Investor,  as
liquidated  damages  and not as a  penalty,  in an amount  equal to 1.25% of the
aggregate  amount  invested by such  Investor for each 30-day period or pro rata
for any portion thereof following the date by which such Registration  Statement
should have been filed for which no Registration Statement is filed with respect
to the Registrable Securities. Such payments shall be in partial compensation to
the Investors, and shall not constitute the Investors' exclusive remedy for such
events. Such payments shall be made to each Investor in cash.

                    (ii)  ADDITIONAL  REGISTRABLE  SECURITIES.  Upon the written
demand of any Investor  and upon any change in the Warrant  Price (as defined in
the Warrant) such that  additional  shares of Common Stock become  issuable upon
the exercise of the  Warrants,  the Company  shall prepare and file with the SEC
one or  more  Registration  Statements  on Form  S-1,  S-2 or S-3 or  amend  the
Registration  Statement filed pursuant to clause (i) above, if such Registration
Statement has not previously been declared  effective (or, if such Forms are not
then available to the Company, on such form of registration statement as is then
available  to effect a  registration  for  resale of such  additional  shares of
Common  Stock (the  "Additional  Shares"),  subject to the  Required  Investors'
consent not to be unreasonably  withheld)  covering the resale of the Additional
Shares, but only to the extent the Additional Shares are not at the time covered
by an effective Registration  Statement.  Such Registration Statement also shall
cover,  to the  extent  allowable  under the 1933 Act and the rules  promulgated
thereunder  (including Rule 416), such indeterminate number of additional shares
of Common  Stock  resulting  from  stock  splits,  stock  dividends  or  similar
transactions  with respect to the Additional  Shares.  The Company shall use its
commercially reasonable efforts to obtain from each person who now has piggyback
registration  rights a waiver of those rights with respect to such  Registration
Statement. The Registration Statement (and each amendment or supplement thereto,
and each request for acceleration of effectiveness thereof) shall be provided in
accordance  with Section 3(c) to the  Investors  and their  counsel prior to its
filing or other submission.  If a Registration Statement covering the Additional
Shares is required to be filed under this Section 2(a)(ii) and is not filed with
the SEC within five  Business  Days of the request of any  Investor or after the
occurrence of any of the events specified in this Section 2(a)(ii),  the Company
will make pro rata payments to each Investor, as liquidated damages and not as a
penalty, in an amount equal to the greater of (i) 1.25% of 50% of the Investor's
Subscription Amount or (ii) 1.25% of the product of (x) the Investor's Per Share
Subscription  Price  multiplied  by (y) the sum of (i) the  Shares  and (ii) the
Warrant Shares then held by the Investor, for each 30-day period or pro rata for
any portion  thereof  following  the date by which such  Registration  Statement
should have been filed for which no Registration Statement is filed with respect
to the Additional Shares. Such payments shall be in partial  compensation to the
Investors,  and shall not constitute the  Investors'  exclusive  remedy for such
events. Such payments shall be made to each Investor in cash.

                    (b) EXPENSES.  The Company will pay all expenses  associated
with each  registration,  including  filing and  printing  fees,  the  Company's
counsel and accounting  fees and expenses,  costs  associated  with clearing the
Registrable  Securities for sale under applicable state securities laws, listing
fees,  fees and  expenses of one  counsel to the  Investors  and the  Investors'
reasonable   expenses  in  connection  with  the  registration,   but  excluding
discounts,  commissions, fees of underwriters,  selling brokers, dealer managers
or similar  securities  industry  professionals  with respect to the Registrable
Securities being sold.

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<PAGE>

                    (c) EFFECTIVENESS.

                    (i) The Company shall use commercially reasonable efforts to
have the Registration  Statement declared effective as soon as practicable.  The
Company  shall  notify the  Investors  by  facsimile  or e-mail as  promptly  as
practicable,  and in any event,  within one business day, after any Registration
Statement is declared  effective  and shall at such time  provide the  Investors
with copies of any related  Prospectus to be used in connection with the sale or
other  disposition  of the  securities  covered  thereby.  If (x) a Registration
Statement  covering the Registrable  Securities is not declared effective by the
SEC within  ninety (90) days after the Closing Date (120 days if the SEC reviews
the Registration Statement), or (y) a Registration Statement covering Additional
Shares is not declared  effective by the SEC within  ninety (90) days  following
the time such  Registration  Statement  was  required  to be filed  pursuant  to
Section  2(a)(ii) (a  "Blackout  Period"),  then the Company  will make pro rata
payments to each  Investor,  as liquidated  damages and not as a penalty,  in an
amount equal to 1.25% of the aggregate amount invested by such Investor for each
30-day  period or pro rata for any portion  thereof  following the date by which
such Registration Statement should have been effective.  If after a Registration
Statement has been declared  effective by the SEC, sales cannot be made pursuant
to such Registration  Statement for any reason (including  without limitation by
reason of a stop  order,  or the  Company's  failure to update the  Registration
Statement),  but excluding the inability of any Investor to sell the Registrable
Securities  covered  thereby  due to market  conditions  and  except as  excused
pursuant  to  subparagraph  (ii)  below,  then the  Company  will  make pro rata
payments to each  Investor,  as liquidated  damages and not as a penalty,  in an
amount equal to the greater of (i) 1.25% of 50% of the  Investor's  Subscription
Amount or (ii) 1.25% of the product of (x) the Investor's Per Share Subscription
Price  multiplied  by (y) the sum of (i) the Shares and (ii) the Warrant  Shares
then held by the Investor,  for such Blackout Period.  Such payments pursuant to
this paragraph 2(c) shall be in partial compensation to the Investors, and shall
not  constitute  the Investors'  exclusive  remedy for such events.  The amounts
payable as liquidated  damages  pursuant to this paragraph shall be paid monthly
within  three (3)  Business  Days of the last day of each  month  following  the
commencement of a Blackout Period until the termination of such Blackout Period.
Such payments shall be made to each Investor in cash.

                    (ii) For not more than twenty (20) consecutive days or for a
total of not more than forty-five (45) days in any twelve (12) month period, the
Company may delay the disclosure of material non-public  information  concerning
the  Company,   by  suspending  the  use  of  any  Prospectus  included  in  any
registration  contemplated  by this Section  containing  such  information,  the
disclosure  of which  at the  time is not,  in the  good  faith  opinion  of the
Company,  in the best interests of the Company (an "Allowed  Delay");  provided,
that the  Company  shall  promptly  (a) notify the  Investors  in writing of the
existence of (but in no event, without the prior written consent of an Investor,
shall the Company  disclose to such  Investor any of the facts or  circumstances
regarding) material non-public  information giving rise to an Allowed Delay, (b)
advise  the  Investors  in  writing  to cease all sales  under the  Registration
Statement until the end of the Allowed Delay and (c) use commercially reasonable
efforts to terminate an Allowed Delay as promptly as practicable.

                    (d)  UNDERWRITTEN  OFFERING.  If any offering  pursuant to a
Registration  Statement pursuant to Section 2(a) hereof involves an underwritten
offering,  the Company shall

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<PAGE>

have the right to select an  investment  banker and  manager to  administer  the
offering, which investment banker or manager shall be reasonably satisfactory to
the Required Investors.

         3. COMPANY  OBLIGATIONS.  The Company will use commercially  reasonable
efforts to effect the  registration of the Registrable  Securities in accordance
with the terms hereof,  and pursuant  thereto the Company will, as expeditiously
as possible:

                    (a)  use  commercially  reasonable  efforts  to  cause  such
Registration  Statement to become effective and to remain continuously effective
for a period that will  terminate  upon the earlier of (i) the date on which all
Registrable  Securities  covered by such Registration  Statement as amended from
time to time,  have  been  sold,  and (ii)  the  date on which  all  Registrable
Securities  covered by such Registration  Statement may be sold pursuant to Rule
144(k) (the "Effectiveness Period") and advise the Investors in writing when the
Effectiveness Period has expired;

                    (b)  prepare  and  file  with the SEC  such  amendments  and
post-effective  amendments to the  Registration  Statement and the Prospectus as
may be necessary to keep the  Registration  Statement  effective  for the period
specified in Section 3(a) and to comply with the  provisions of the 1933 Act and
the  1934  Act  with  respect  to the  distribution  of  all of the  Registrable
Securities covered thereby;

                    (c) provide copies to and permit  counsel  designated by the
Investors  to  review  each  Registration   Statement  and  all  amendments  and
supplements  thereto no fewer than three (3) business days prior to their filing
with the SEC and not file any document to which such counsel reasonably objects;

                    (d) furnish to the  Investors  and their  legal  counsel (i)
promptly  after the same is prepared  and publicly  distributed,  filed with the
SEC, or received by the Company (but not later than two (2) Business  Days after
the filing date,  receipt date or sending date, as the case may be) one (1) copy
of any  Registration  Statement  and any  amendment  thereto,  each  preliminary
prospectus and Prospectus  and each  amendment or supplement  thereto,  and each
letter  written  by or on behalf of the  Company  to the SEC or the staff of the
SEC,  and each item of  correspondence  from the SEC or the staff of the SEC, in
each case relating to such Registration Statement (other than any portion of any
thereof which contains information for which the Company has sought confidential
treatment),  and (ii)  such  number  of  copies  of a  Prospectus,  including  a
preliminary  prospectus,  and all  amendments and  supplements  thereto and such
other  documents as each Investor may reasonably  request in order to facilitate
the  disposition of the Registrable  Securities  owned by such Investor that are
covered by the related Registration Statement;

                    (e) use commercially  reasonable  efforts to (i) prevent the
issuance of any stop order or other  suspension  of  effectiveness  and, (ii) if
such order is issued,  obtain the  withdrawal  of any such order at the earliest
possible moment;

                    (f) prior to any public offering of Registrable  Securities,
use commercially reasonable efforts to register or qualify or cooperate with the
Investors and their counsel in connection with the registration or qualification
of such  Registrable  Securities for offer and sale under the securities or blue
sky laws of such  jurisdictions  requested by the

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<PAGE>

Investors  and do any and  all  other  commercially  reasonable  acts or  things
necessary or advisable to enable the  distribution in such  jurisdictions of the
Registrable Securities covered by the Registration Statement; provided, however,
that the Company shall not be required in connection therewith or as a condition
thereto to (i)  qualify to do business  in any  jurisdiction  where it would not
otherwise be required to qualify but for this Section 3(f),  (ii) subject itself
to general  taxation  in any  jurisdiction  where it would not  otherwise  be so
subject but for this Section 3(f), or (iii) file a general consent to service of
process in any such jurisdiction;

                    (g)  use  commercially   reasonable  efforts  to  cause  all
Registrable  Securities covered by a Registration Statement to be listed on each
securities  exchange,  interdealer  quotation  system  or other  market on which
similar securities issued by the Company are then listed;

                    (h)  immediately  notify the  Investors,  at any time when a
Prospectus relating to Registrable  Securities is required to be delivered under
the 1933 Act,  upon  discovery  that,  or upon the  happening  of any event as a
result of which, the Prospectus included in a Registration Statement, as then in
effect,  includes an untrue  statement of a material  fact or omits to state any
material fact required to be stated  therein or necessary to make the statements
therein not misleading in light of the circumstances  then existing,  and at the
request of any such  holder,  promptly  prepare  and  furnish  to such  holder a
reasonable  number  of  copies  of a  supplement  to or  an  amendment  of  such
Prospectus  as  may  be  necessary  so  that,  as  thereafter  delivered  to the
purchasers of such Registrable Securities,  such Prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements  therein not misleading in
light of the circumstances then existing; and

                    (i) otherwise use commercially  reasonable efforts to comply
with all applicable  rules and regulations of the SEC under the 1933 Act and the
1934 Act, take such other  actions as may be reasonably  necessary to facilitate
the registration of the Registrable Securities hereunder;  and make available to
its security holders, as soon as reasonably practicable,  but not later than the
Availability Date (as defined below), an earnings statement covering a period of
at  least  twelve  (12)  months,  beginning  after  the  effective  date of each
Registration Statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the 1933 Act,  including Rule 158  promulgated  thereunder (for
the  purpose of this  subsection  3(i),  "Availability  Date" means the 45th day
following the end of the fourth fiscal  quarter that includes the effective date
of such  Registration  Statement,  except that, if such fourth fiscal quarter is
the last quarter of the  Company's  fiscal year,  "Availability  Date" means the
90th day after the end of such fourth fiscal quarter).

                    (j) With a view to making  available  to the  Investors  the
benefits of Rule 144 (or its successor rule) and any other rule or regulation of
the SEC that may at any time permit the Investors to sell shares of Common Stock
to the public  without  registration,  the Company  covenants and agrees to: (i)
make and keep public  information  available,  as those terms are understood and
defined in Rule 144,  until the earlier of (A) six months after such date as all
of the Registrable Securities may be resold pursuant to Rule 144(k) or any other
rule of  similar  effect or (B) such date as all of the  Registrable  Securities
shall have been  resold;  (ii) file with the SEC in a timely  manner all reports
and other  documents  required  of the  Company  under  the 1934 Act;  and (iii)
furnish  to each  Investor  upon  request,  as long as such  Investor  owns  any
Registrable  Securities,  (A) a written  statement  by the  Company  that it has
complied  with the

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<PAGE>

reporting  requirements of the 1934 Act, (B) a copy of the Company's most recent
Annual Report on Form 10-K or Quarterly  Report on Form 10-Q, and (C) such other
information  as may be  reasonably  requested in order to avail such Investor of
any  rule  or  regulation  of the SEC  that  permits  the  selling  of any  such
Registrable Securities without registration.

              4. DUE  DILIGENCE  REVIEW;  INFORMATION.  The  Company  shall make
available,  during  normal  business  hours,  for  inspection  and review by the
Investors,  advisors to and representatives of the Investors (who may or may not
be  affiliated  with the  Investors  and who are  reasonably  acceptable  to the
Company),  any underwriter  participating in any disposition of shares of Common
Stock on  behalf  of the  Investors  pursuant  to a  Registration  Statement  or
amendments or  supplements  thereto or any blue sky,  NASD or other filing,  all
financial  and other  records,  all SEC  Filings  (as  defined  in the  Purchase
Agreement) and other filings with the SEC, and all other corporate documents and
properties of the Company as may be reasonably necessary for the purpose of such
review,  and cause the Company's  officers,  directors and  employees,  within a
reasonable time period, to supply all such information  reasonably  requested by
the Investors or any such  representative,  advisor or underwriter in connection
with such Registration Statement (including,  without limitation, in response to
all questions and other inquiries  reasonably made or submitted by any of them),
prior to and  from  time to time  after  the  filing  and  effectiveness  of the
Registration  Statement  for the sole purpose of enabling the Investors and such
representatives,  advisors and underwriters and their respective accountants and
attorneys  to conduct  initial  and ongoing due  diligence  with  respect to the
Company and the accuracy of such Registration Statement.

                  The Company shall not disclose material nonpublic  information
to the Investors, or to advisors to or representatives of the Investors,  unless
prior to disclosure of such information the Company  identifies such information
as being  material  nonpublic  information  and  provides  the  Investors,  such
advisors and representatives  with the opportunity to accept or refuse to accept
such  material  nonpublic  information  for review and any  Investor  wishing to
obtain such  information  enters into an appropriate  confidentiality  agreement
with the Company with respect thereto.

         5. OBLIGATIONS OF THE INVESTORS.

                    (a) Each  Investor  shall  furnish in writing to the Company
such information regarding itself, the Registrable Securities held by it and the
intended  method of disposition  of the  Registrable  Securities  held by it, as
shall be  reasonably  required to effect the  registration  of such  Registrable
Securities and shall execute such documents in connection with such registration
as the  Company  may  reasonably  request.  Such  documents  shall  include  the
questionnaire  attached  hereto as EXHIBIT B. At least  five (5)  Business  Days
prior to the first anticipated  filing date of any Registration  Statement,  the
Company shall notify each Investor of the information the Company  requires from
such Investor if such Investor elects to have any of the Registrable  Securities
included  in  the  Registration   Statement.  An  Investor  shall  provide  such
information  to the  Company at least two (2)  Business  Days prior to the first
anticipated  filing date of such Registration  Statement if such Investor elects
to  have  any  of  the  Registrable  Securities  included  in  the  Registration
Statement.

                    (b) Each  Investor,  by its  acceptance  of the  Registrable
Securities  agrees to cooperate with the Company as reasonably  requested by the
Company  in  connection

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<PAGE>

with the preparation and filing of a Registration  Statement  hereunder,  unless
such Investor has notified the Company in writing of its election to exclude all
of its Registrable Securities from such Registration Statement.

                    (c) Each  Investor  agrees that,  upon receipt of any notice
from the Company of either (i) the  commencement of an Allowed Delay pursuant to
Section  2(c)(ii) or (ii) the  happening  of an event  pursuant to Section  3(h)
hereof (each, a "Suspension Event"), such Investor will immediately  discontinue
disposition of Registrable  Securities  pursuant to the  Registration  Statement
covering such Registrable Securities, until the Investor's receipt of the copies
of the  supplemented  or  amended  prospectus  filed  with the SEC and until any
related  post-effective  amendment is declared  effective and, if so directed by
the Company,  the Investor  shall  deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a  certificate  of  destruction)
all  copies  in  the  Investor's  possession  of  the  Prospectus  covering  the
Registrable  Securities  current  at the time of  receipt  of such  notice.  The
Suspension  Event and notice  thereof  described  in this  Section 5(c) shall be
deemed to be  confidential  information  and shall be held by each  Investor  in
strictest confidence.

                    (d) Each Investor agrees that they will not offer to sell or
make any sale, assignment,  pledge, hypothecation or other transfer with respect
to the Registrable Shares that would constitute a sale within the meaning of the
1933 Act except pursuant to either (1) the Registration Statement,  (2) Rule 144
of the  1933  Act  or (3)  any  other  exemption  from  registration  under  the
Securities  Act, and that they will promptly  notify the Company of any material
changes in the information  set forth in the  Registration  Statement  regarding
such Investor.

                    Provided that a Suspension Event is not then in effect,  the
Investors may sell Registrable  Securities  under the Registration  Statement in
accordance with the Plan of Distribution included in the Prospectus. The selling
Investors shall comply with any prospectus  delivery  requirement  applicable to
such sales.

         6. INDEMNIFICATION.

                    (a)  INDEMNIFICATION  BY  THE  COMPANY.   The  Company  will
indemnify  and hold  harmless,  to the fullest  extent  permitted  by law,  each
Investor and its officers,  directors, members, employees and agents, successors
and assigns,  and each other person,  if any, who controls such Investor  within
the meaning of the 1933 Act, against any losses, claims, damages or liabilities,
joint  or  several,  to which  they may  become  subject  under  the 1933 Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect  thereof)  arise out of or are based upon:  (i) any untrue  statement or
alleged  untrue  statement of any material  fact  contained in any  Registration
Statement,  any preliminary prospectus or final prospectus contained therein, or
any  amendment or supplement  thereof;  (ii) any blue sky  application  or other
document  executed by the Company  specifically  for that  purpose or based upon
written  information  furnished  by the  Company  filed  in any  state  or other
jurisdiction in order to qualify any or all of the Registrable  Securities under
the  securities  laws thereof  (any such  application,  document or  information
herein called a "Blue Sky Application");  (iii) 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; (iv) any violation by the Company or
its agents of any rule or regulation  promulgated  under the 1933 Act applicable
to the Company

                                      -8-
<PAGE>

or its agents and  relating  to action or  inaction  required  of the Company in
connection with such registration; or (v) any failure to register or qualify the
Registrable  Securities included in any such Registration in any state where the
Company or its agents has affirmatively undertaken or agreed in writing that the
Company will  undertake  such  registration  or  qualification  on an Investor's
behalf  (the  undertaking  of  any  underwriter  chosen  by  the  Company  being
attributed  to the  Company) and will  reimburse  such  Investor,  and each such
officer,  director or member and each such  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  Company  will not be liable in any such case if and to the extent that
any such loss, claim,  damage or liability arises out of or is based upon (1) an
untrue  statement or alleged untrue statement or omission or alleged omission so
made in  conformity  with  information  furnished  by such  Investor or any such
controlling  person  in  writing  specifically  for  use  in  such  Registration
Statement  or  Prospectus,  (2) the failure of such  Investor to comply with the
covenants and agreements  contained in this Agreement  respecting  resale of the
Registrable  Securities,  or (3) any untrue  statement or omission of a material
fact required to make such statement not  misleading in any  Prospectus  that is
corrected in any  subsequent  Prospectus  that was  delivered to such Investor a
reasonable period of time before the pertinent sale or sales by such Investor.

                    (b) INDEMNIFICATION BY THE INVESTORS.  Each Investor agrees,
severally but not jointly, to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its directors, officers, employees,  stockholders
and each person who  controls  the Company  (within the meaning of the 1933 Act)
against  any  losses,  claims,  damages,   liabilities  and  expense  (including
reasonable  attorney fees) resulting from (i) any untrue statement of a material
fact  or  any  omission  of a  material  fact  required  to  be  stated  in  the
Registration  Statement or Prospectus or preliminary  prospectus or amendment or
supplement  thereto or necessary to make the statements  therein not misleading,
to the extent,  but only to the extent that such untrue statement or omission is
contained  in any  information  furnished  in  writing by such  Investor  to the
Company specifically for inclusion in such Registration  Statement or Prospectus
or  amendment  or  supplement  thereto or (ii) any  failure of such  Investor to
comply with the covenants and agreements  contained in this Agreement respecting
resale of the  Registrable  Securities  and such  Investor  will  reimburse  the
Company,  each  of its  directors,  officers,  agents  and  employees,  and  any
controlling  persons for any reasonable  legal and other expense incurred by the
Company,  its directors,  officers,  agents and employees,  and any  controlling
persons, in connection with investigating,  defending, settling, compromising or
paying any such loss, claim, damage,  liability,  expense or action. In no event
shall the  liability of an Investor be greater in amount than the dollar  amount
of the proceeds (net of all expense paid by such Investor in connection with any
claim relating to this Section 6 and the amount of any damages such Investor has
otherwise  been required to pay by reason of such untrue  statement or omission)
received by such Investor upon the sale of the Registrable  Securities  included
in the Registration Statement giving rise to such indemnification obligation.

                    (c)  CONDUCT  OF  INDEMNIFICATION  PROCEEDINGS.  Any  person
entitled  to  indemnification  hereunder  shall  (i) give  prompt  notice to the
indemnifying  party of any claim with respect to which it seeks  indemnification
and (ii) permit such indemnifying party to assume the defense of such claim with
counsel  reasonably  satisfactory  to the indemnified  party;  PROVIDED that any
person  entitled  to  indemnification  hereunder  shall have the right to employ

                                      -9-
<PAGE>

separate  counsel and to participate in the defense of such claim,  but the fees
and expenses of such counsel  shall be at the expense of such person  unless (a)
the  indemnifying  party has  agreed to pay such  fees or  expenses,  or (b) the
indemnifying  party  shall have  failed to assume the  defense of such claim and
employ counsel  reasonably  satisfactory to such person or (c) in the reasonable
judgment  of any such  person,  based  upon  written  advice of its  counsel,  a
conflict of interest exists between such person and the indemnifying  party with
respect to such claims (in which case, if the person  notifies the  indemnifying
party in  writing  that such  person  elects to employ  separate  counsel at the
expense of the indemnifying  party,  the  indemnifying  party shall not have the
right to  assume  the  defense  of such  claim on behalf  of such  person);  and
PROVIDED,  FURTHER,  that the failure of any indemnified party to give notice as
provided  herein  shall not relieve the  indemnifying  party of its  obligations
hereunder,  except  to the  extent  that  such  failure  to  give  notice  shall
materially  adversely affect the  indemnifying  party in the defense of any such
claim or litigation.  It is understood that the indemnifying party shall not, in
connection with any proceeding in the same  jurisdiction,  be liable for fees or
expenses of more than one  separate  firm of  attorneys at any time for all such
indemnified  parties. No indemnifying party will, except with the consent of the
indemnified party, consent to entry of any judgment or enter into any settlement
that  does not  include  as an  unconditional  term  thereof  the  giving by the
claimant or plaintiff to such indemnified  party of a release from all liability
in respect of such claim or litigation.

                    (d)  CONTRIBUTION.  If for any  reason  the  indemnification
provided  for in the  preceding  paragraphs  (a)  and (b) is  unavailable  to an
indemnified  party or insufficient to hold it harmless,  other than as expressly
specified  therein,  then the indemnifying  party shall contribute to the amount
paid or payable by the indemnified party as a result of such loss, claim, damage
or liability in such  proportion as is appropriate to reflect the relative fault
of the  indemnified  party  and the  indemnifying  party,  as well as any  other
relevant   equitable   considerations.    No   person   guilty   of   fraudulent
misrepresentation  within the meaning of Section  11(f) of the 1933 Act shall be
entitled  to  contribution  from  any  person  not  guilty  of  such  fraudulent
misrepresentation.  In no event shall the contribution obligation of a holder of
Registrable  Securities  be  greater  in amount  than the  dollar  amount of the
proceeds (net of all expenses  paid by such holder in connection  with any claim
relating  to this  Section  6 and the  amount of any  damages  such  holder  has
otherwise  been  required  to pay by reason of such  untrue  or  alleged  untrue
statement or omission or alleged  omission)  received by it upon the sale of the
Registrable Securities giving rise to such contribution obligation.

         7. MISCELLANEOUS.

                    (a)  AMENDMENTS  AND WAIVERS.  This Agreement may be amended
only by a writing signed by the Company and the Required Investors.  The Company
may take  any  action  herein  prohibited,  or omit to  perform  any act  herein
required to be  performed  by it, only if the Company  shall have  obtained  the
written  consent to such  amendment,  action or omission to act, of the Required
Investors.

                    (b) NOTICES. All notices and other  communications  provided
for or  permitted  hereunder  shall be made as set forth in  Section  9.4 of the
Purchase Agreement.

                    (c) ASSIGNMENTS  AND TRANSFERS BY INVESTORS.  The provisions
of this  Agreement  shall be  binding  upon  and  inure  to the  benefit  of the
Investors and their respective

                                      -10-
<PAGE>

successors  and assigns.  An Investor  may transfer or assign,  in whole or from
time to time in part, to one or more persons its rights  hereunder in connection
with the transfer of  Registrable  Securities  by such  Investor to such person,
provided  that such  Investor  complies  with all laws  applicable  thereto  and
provides  written  notice of  assignment  to the  Company  promptly  after  such
assignment is effected.

                    (d) ASSIGNMENTS AND TRANSFERS BY THE COMPANY. This Agreement
may not be assigned by the Company  (whether by operation  of law or  otherwise)
without the prior written consent of the Required Investors,  provided, however,
that the Company may assign its rights and delegate its duties  hereunder to any
surviving or successor  corporation in connection with a merger or consolidation
of  the  Company  with  another  corporation,  or  a  sale,  transfer  or  other
disposition  of all or  substantially  all of the  Company's  assets to  another
corporation,  without the prior written consent of the Required Investors, after
notice duly given by the Company to each Investor.

                    (e) BENEFITS OF THE  AGREEMENT.  The terms and conditions of
this Agreement  shall inure to the benefit of and be binding upon the respective
permitted  successors  and assigns of the  parties.  Nothing in this  Agreement,
express or implied,  is intended to confer upon any party other than the parties
hereto  or  their  respective  successors  and  assigns  any  rights,  remedies,
obligations,  or  liabilities  under or by reason of this  Agreement,  except as
expressly provided in this Agreement.

                    (f)  COUNTERPARTS;  FAXES. This Agreement may be executed in
two or more counterparts,  each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.  This Agreement may
also be executed via facsimile, which shall be deemed an original.

                    (g) TITLES AND  SUBTITLES.  The titles and subtitles used in
this  Agreement  are used for  convenience  only and are not to be considered in
construing or interpreting this Agreement.

                    (h)  SEVERABILITY.  Any provision of this  Agreement that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating the remaining  provisions  hereof but shall be interpreted as if it
were  written  so as to be  enforceable  to  the  maximum  extent  permitted  by
applicable law, and any such prohibition or unenforceability in any jurisdiction
shall  not  invalidate  or  render  unenforceable  such  provision  in any other
jurisdiction.  To the extent  permitted by  applicable  law, the parties  hereby
waive any provision of law which  renders any  provisions  hereof  prohibited or
unenforceable in any respect.

                    (i)  FURTHER  ASSURANCES.  The  parties  shall  execute  and
deliver  all such  further  instruments  and  documents  and take all such other
actions as may reasonably be required to carry out the transactions contemplated
hereby and to evidence the fulfillment of the agreements herein contained.

                    (j) ENTIRE  AGREEMENT.  This  Agreement  is  intended by the
parties as a final  expression of their  agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained

                                      -11-
<PAGE>

herein.  This  Agreement  supersedes  all prior  agreements  and  understandings
between the parties with respect to such subject matter.

                    (k) GOVERNING LAW; CONSENT TO  JURISDICTION;  WAIVER OF JURY
TRIAL.  This Agreement  shall be governed by, and construed in accordance  with,
the internal  laws of the State of New York without  regard to the choice of law
principles  thereof.  Each of the  parties  hereto  irrevocably  submits  to the
exclusive  jurisdiction  of the  courts of the State of New York  located in New
York County and the United States  District  Court for the Southern  District of
New York for the purpose of any suit, action, proceeding or judgment relating to
or arising  out of this  Agreement  and the  transactions  contemplated  hereby.
Service of process in connection with any such suit, action or proceeding may be
served on each party  hereto  anywhere  in the world by the same  methods as are
specified  for the giving of notices under this  Agreement.  Each of the parties
hereto  irrevocably  consents to the  jurisdiction of any such court in any such
suit,  action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit,
action or  proceeding  brought in such courts and  irrevocably  waives any claim
that any such  suit,  action or  proceeding  brought  in any such court has been
brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO
REQUEST A TRIAL BY JURY IN ANY  LITIGATION  WITH RESPECT TO THIS  AGREEMENT  AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

                                      -12-
<PAGE>

                  IN WITNESS  WHEREOF,  the parties have executed this Agreement
or caused their duly  authorized  officers to execute  this  Agreement as of the
date first above written.

The Company:                        FIND/SVP, INC.

                                    By:   /s/ Peter M. Stone
                                       ------------------------------
                                    Name:     Peter M. Stone
                                    Title:    Chief Financial Officer

                                      -13-
<PAGE>

The Investors:                      SPECIAL SITUATIONS FUND III, L.P.

                                    By: /s/ David M. Greenhouse
                                    --------------------------------------------
                                    Name: David M. Greenhouse
                                    Title: General Partner

                                    SPECIAL SITUATIONS CAYMAN FUND, L.P.

                                    By: /s/ David M. Greenhouse
                                    --------------------------------------------
                                    Name: David M. Greenhouse
                                    Title: General Partner

                                    SPECIAL SITUATIONS PRIVATE EQUITY FUND, L.P.

                                    By: /s/ David M. Greenhouse
                                    --------------------------------------------
                                    Name: David M. Greenhouse
                                    Title: General Partner

                                      -14-
<PAGE>

                  City of Milford Pension & Retirement Fund
                  City of Stamford Firemen's Pension Fund
                  National Federation of Independent Business Employee
                     Pension Trust
                  National Federation of Independent Business
                  Norwalk Employees' Pension Plan
                  Public Employee Retirement System of Idaho
                  Asphalt Green, Inc.
                  Lazar Foundation
                  Alan B. & Joanne K. Vidinsky 1993 Trust
                  Helen Hunt
                  Francois deMenil
                  HBL Charitable Unitrust
                  Jeanne L. Morency
                  Psychology Associates
                  Peter Looram
                  Domenic J. Mizio
                  Morgan Trust Co. of the Bahamas Ltd. as Trustee
                     U/A/D 11/30/93
                  John Rowan
                  Susan Uris Halpern
                  Theeuwes Family Trust, Felix Theeuwes Trustee
                  William B. Lazar
                  Robert K. Winters

                  By: Zesiger Capital Group LLC, as Attorney-in-fact

                  By: /s/ Albert L. Zesiger
                     -------------------------------------
                  Name:   Albert L. Zesiger
                  Title:  Managing Director

                                      -15-

<PAGE>

                                    [LEVITICUS PARTNERS, L.P.]

                                    By: /s/ Adam M. Hutt
                                       -------------------------
                                    Name:   Adam M. Hutt
                                    Title:  President AMN Equity Ltd.
                                            (G.P.-Leviticus Partners, L.P.)

                                      -16-
<PAGE>

                                    Castle Creek Technology Partners LLC

                                    By: /s/ Thomas A. Frei
                                       -------------------------
                                    Name:   Thomas A. Frei
                                    Title:  Managing Director of the
                                            Investment Manager

                                      -17-
<PAGE>

                                    By: /s/ Gideon I. Gartner
                                       -------------------------
                                    Name:   Gideon I. Gartner
                                    Title:

                                      -18-
<PAGE>

                                    Crown Investment Partners, LP

                                    By: /s/ Chris H. Pauli
                                       -------------------------
                                    Name:   Chris H. Pauli
                                    Title:  Managing Member of the
                                            General Partner

                                      -19-
<PAGE>

                                    Pequot Scout Fund, L.P.
                                    By Pequot Capital Management, Inc.
                                    Investment Manager

                                    By: /s/ Aryeh Davis
                                       -------------------------
                                    Name:   Aryeh Davis
                                    Title:  General Counsel

                                    Pequot Navigator Onshore Fund, L.P.
                                    By Pequot Capital Management, Inc.
                                    Investment Manager

                                    By: /s/ Aryeh Davis
                                       -------------------------
                                    Name:   Aryeh Davis
                                    Title:  General Counsel

                                      -20-
<PAGE>

                                    [Corsair Capital Partners LP]

                                    By: /s/ Jay Petschek
                                       -------------------------
                                    Name:   Jay Petschek
                                    Title:  Managing Member of the G.P.
                                            Corsair Capital Partners LP

                                      -21-
<PAGE>

                                    [Corsair Capital Partners 100, LP]

                                    By: /s/ Jay Petschek
                                       -------------------------
                                    Name:   Jay Petschek
                                    Title:  Managing Member of the G.P.
                                            Corsair Capital Partners 100, LP

                                      -22-
<PAGE>

                                    [Corsair Capital Investors, Ltd.]

                                    By: /s/ Jay Petschek
                                       -------------------------
                                    Name:   Jay Petschek
                                    Title:  Managing Member of the I.M.
                                            Corsair Capital Investors, Ltd

                                      -23-
<PAGE>

                                    SCHOTTENFELD QUALIFIED ASSOCIATES, LP

                                    By: /s/ Richard Schottenfeld
                                       -------------------------
                                    Name:   Richard Schottenfeld
                                    Title:  Managing Member of the
                                            General Partner

                                      -24-
<PAGE>

                                    DKR SOUNDSHORE OASIS HOLDING FUND LTD.

                                    By: /s/ Barbara Burger
                                       -------------------------
                                    Name:   Barbara Burger
                                    Title:  Alternate Director

                                      -25-

<PAGE>

                                    Basso Multi-Strategy Holding Fund Ltd.

                                    By:    /s/ John Lepore
                                       ----------------------------
                                    Name:  John Lepore
                                    Title: Authorized Signatory

                                      -26-
<PAGE>

                                    Basso Equity Opportunity Holding Fund Ltd.

                                    By:    /s/ John Lepore
                                       ----------------------------
                                    Name:  John Lepore
                                    Title: Authorized Signatory

                                      -27-
<PAGE>

                                    Iroquois Capital LP

                                    By:    /s/ Joshua Silverman
                                       ----------------------------
                                    Name:  Joshua Silverman
                                    Title: Partner

                                      -28-
<PAGE>

                                    [Stuart Schapiro Money Purchase Plan]

                                    By: /s/ Stuart Schapiro
                                       -------------------------
                                    Name:   Stuart Schapiro
                                    Title:  Authorized Signatory

                                      -29-
<PAGE>

                                    SHANNON RIVER PARTNERS, LP

                                    By: /s/ Spencer Waxman
                                       -------------------------
                                    Name:   Spencer Waxman
                                    Title:  Managing Partner

                                      -30-
<PAGE>

                                    SHANNON RIVER PARTNERS II

                                    By: /s/ Spencer Waxman
                                       -------------------------
                                    Name:   Spencer Waxman
                                    Title:  Managing Partner

                                      -31-
<PAGE>

                                    [Kensington Partners, LP]

                                    By: /s/ Richard Keim
                                       -------------------------
                                    Name:   Richard Keim
                                    Title:  Managing Member

                                      -32-

<PAGE>

                                    [Bald Eagle Fund, Ltd.]

                                    By: /s/ Richard Keim
                                       -------------------------
                                    Name:   Richard Keim
                                    Title:  Managing Member

                                      -33-

<PAGE>

                                    SF CAPITAL PARTNERS LTD.

                                    By: /s/ Michael A. Roth
                                       -------------------------
                                    Name:   Michael A. Roth
                                    Title:  Authorized Signatory

                                      -34-Exhibit 4.3

         THE SECURITIES  REPRESENTED  HEREBY MAY NOT BE  TRANSFERRED  UNLESS (I)
SUCH  SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED,  (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144(K),  OR
(III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY  SATISFACTORY TO
IT THAT SUCH  TRANSFER  MAY  LAWFULLY  BE MADE  WITHOUT  REGISTRATION  UNDER THE
SECURITIES ACT OF 1933 OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

         SUBJECT TO THE  PROVISIONS OF SECTION 10 HEREOF,  THIS WARRANT SHALL BE
VOID AFTER 5:00 P.M.  EASTERN TIME ON [FIFTH  ANNIVERSARY  OF THE CLOSING  DATE]
(the "EXPIRATION DATE").

No. __________

                                                        Dated: _________________

                                 FIND/SVP, INC.

                      WARRANT TO PURCHASE _______ SHARES OF
                    COMMON STOCK, PAR VALUE $0.0001 PER SHARE

         For VALUE RECEIVED, ____________________ ("Warrantholder"), is entitled
to purchase,  subject to the provisions of this Warrant, from Find/SVP,  Inc., a
New York corporation ("Company"),  at any time not later than 5:00 P.M., Eastern
time, on the Expiration Date (as defined above),  at an exercise price per share
equal to $3.00 (the  exercise  price in effect being herein  called the "Warrant
Price"),  ______ shares  ("Warrant  Shares") of the Company's  Common Stock, par
value  $0.0001  per  share  ("Common  Stock").  The  number  of  Warrant  Shares
purchasable upon exercise of this Warrant and the Warrant Price shall be subject
to  adjustment  from  time to time as  described  herein.  From  and  after  the
Expiration Date, this Warrant shall be of no further force and effect.

         Section 1.  REGISTRATION.  The  Company  shall  maintain  books for the
transfer  and  registration  of the Warrant.  Upon the initial  issuance of this
Warrant,  the Company  shall issue and  register  the Warrant in the name of the
Warrantholder.  The Company may deem and treat the registered  Warrantholder  of
this Warrant as the absolute owner hereof for the purpose of any exercise hereof
or any  distribution to the  Warrantholder,  and for all other purposes,  absent
actual notice to the contrary.

         Section  2.  TRANSFERS.   As  provided  herein,  this  Warrant  may  be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933,  as amended  (the  "Securities  Act"),  or an  exemption  from such
registration.  Subject to such  restrictions,  the Company  shall  transfer this
Warrant  from time to time upon the books to be  maintained  by the  Company for
that  purpose,   upon  surrender  thereof  for  transfer  properly  endorsed  or
accompanied by appropriate instructions for transfer and such other documents as
may be  reasonably  required  by the  Company,  including,  if  required  by the
Company,  an opinion of its

<PAGE>

counsel  to the  effect  that  such  transfer  is exempt  from the  registration
requirements  of the  Securities  Act, to establish  that such transfer is being
made in accordance  with the terms hereof,  and a new Warrant shall be issued to
the transferee and the surrendered Warrant shall be canceled by the Company.

         Section 3. EXERCISE OF WARRANT.  (a) Subject to the provisions  hereof,
the  Warrantholder  may  exercise  this  Warrant in whole or in part at any time
prior to its expiration upon surrender of the Warrant, together with delivery of
the duly  executed  Warrant  exercise  form  attached  hereto as Appendix A (the
"Exercise  Agreement") and payment by cash,  certified check or wire transfer of
funds for the aggregate  Warrant Price (unless,  the Cashless  Exercise Election
(as defined below) is made by the Company,  in which case, the aggregate Warrant
Price shall be settled only in  accordance  with the  provisions of section 3(b)
below) for that number of Warrant  Shares then being  purchased,  to the Company
during  normal  business  hours on any business day at the  Company's  principal
executive  offices  (or such  other  office or agency of the  Company  as it may
designate by notice to the Warrantholder). The Warrant Shares so purchased shall
be deemed to be issued to the Warrantholder or the Warrantholder's  designee, as
the record  owner of such  shares,  as of the close of  business  on the date on
which this Warrant shall have been  surrendered  (or evidence of loss,  theft or
destruction thereof and security or indemnity  satisfactory to the Company), the
Warrant Price shall have been paid and the completed  Exercise  Agreement  shall
have  been  delivered.   Certificates  for  the  Warrant  Shares  so  purchased,
representing the aggregate number of shares specified in the Exercise Agreement,
shall be delivered to the Warrantholder  within a reasonable time, not exceeding
three (3) business  days,  after this Warrant shall have been so exercised.  The
certificates so delivered shall be in such  denominations as may be requested by
the  Warrantholder  and shall be registered in the name of the Warrantholder or,
subject to the transfer restrictions  contained herein, such other name as shall
be designated by the  Warrantholder.  If this Warrant shall have been  exercised
only in part, then,  unless this Warrant has expired,  the Company shall, at its
expense,  at  the  time  of  delivery  of  such  certificates,  deliver  to  the
Warrantholder  a new Warrant  representing  the number of shares with respect to
which this Warrant shall not then have been exercised. As used herein, "business
day" means a day,  other than a Saturday  or Sunday,  on which banks in New York
City are open for the general  transaction  of business.  Each  exercise  hereof
shall   constitute   the   re-affirmation   by  the   Warrantholder   that   the
representations and warranties  contained in Section 5 of the Purchase Agreement
(as defined below) are true and correct in all material respects with respect to
the Warrantholder as of the time of such exercise.

         (b) Prior to the  Expiration  Date,  the Company  shall have the right,
upon not less than sixty (60) days'  prior  written  notice,  to make a one-time
irrevocable  election (the  "Cashless  Exercise  Election") to require that this
Warrant may only be  exercised  pursuant  to the  cashless  exercise  provisions
contained in this Section  3(b);  provided,  however,  that the Company  makes a
similar  election at the same time with  respect to all of the Company  Warrants
(as defined below).  From and after the date specified in the Cashless  Exercise
Election (the "Cashless Exercise Date"),  this Warrant shall be exercisable only
on a net issue  basis  whereby  the  Warrantholder  will be entitled to receive,
without the  payment by the  Warrantholder  of the  aggregate  Warrant  Price in
respect of the shares of Common  Stock to be  acquired,  shares of Common  Stock
equal to the value of this  Warrant or any portion  hereof by the  surrender  of
this Warrant (or such portion of this Warrant being so exercised)  together with
the Net Issue  Election  Notice  annexed  hereto as

                                      -2-
<PAGE>

Appendix  B  duly   executed.   Thereupon,   the  Company  shall  issue  to  the
Warrantholder such number of fully paid, validly issued and nonassessable shares
of Common Stock as is computed using the following formula:

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

where

                    X  =  the  number  of  shares  of  Common  Stock  which  the
Warrantholder has then requested be issued to the Warrantholder;

                    Y = the total  number of shares of Common  Stock  covered by
this Warrant which the  Warrantholder has surrendered at such time for cash-less
exercise  (including both shares to be issued to the Warrantholder and shares to
be canceled as payment therefor);

                    A = the  "Market  Price" of one share of Common  Stock as at
the time the net issue election is made; and

                    B = the Warrant  Price in effect  under this  Warrant at the
time the Warrant is exercised.

         Section  4.  COMPLIANCE  WITH THE  SECURITIES  ACT OF 1933.  Except  as
provided in the Purchase Agreement (as defined below), the Company may cause the
legend  set  forth on the  first  page of this  Warrant  to be set forth on each
Warrant or similar  legend on any security  issued or issuable  upon exercise of
this  Warrant,  unless  counsel for the Company is of the opinion as to any such
security that such legend is unnecessary.

         Section 5. PAYMENT OF TAXES. The Company will pay any documentary stamp
taxes  attributable to the initial  issuance of Warrant Shares issuable upon the
exercise  of the  Warrant;  provided,  however,  that the  Company  shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issuance or delivery of any certificates for Warrant Shares in a
name other than that of the  Warrantholder  in respect of which such  shares are
issued,  and in such case, the Company shall not be required to issue or deliver
any  certificate  for Warrant Shares or any Warrant until the person  requesting
the same has paid to the  Company the amount of such tax or has  established  to
the  Company's  reasonable  satisfaction  that  such  tax  has  been  paid.  The
Warrantholder shall be responsible for income taxes due under federal,  state or
other law, if any such tax is due.

         Section 6. MUTILATED OR MISSING WARRANTS. In case this Warrant shall be
mutilated,  lost, stolen, or destroyed,  the Company shall issue in exchange and
substitution of and upon  cancellation of the mutilated  Warrant,  or in lieu of
and  substitution  for the Warrant lost,  stolen or destroyed,  a new Warrant of
like tenor and for the  purchase  of a like number of Warrant  Shares,  but only
upon receipt of evidence  reasonably  satisfactory  to the Company of such loss,
theft or  destruction  of the  Warrant,  and with  respect to a lost,  stolen or
destroyed  Warrant,  reasonable  indemnity  or bond  with  respect  thereto,  if
requested by the Company.

                                      -3-
<PAGE>

         Section 7. RESERVATION OF COMMON STOCK.  The Company hereby  represents
and  warrants  that  there  have been  reserved,  and the  Company  shall at all
applicable  times keep reserved until issued (if necessary) as  contemplated  by
this  Section 7, out of the  authorized  and  unissued  shares of Common  Stock,
sufficient  shares  to  provide  for the  exercise  of the  rights  of  purchase
represented  by this Warrant.  The Company agrees that all Warrant Shares issued
upon due  exercise  of the  Warrant  shall  be, at the time of  delivery  of the
certificates  for such Warrant Shares,  duly authorized,  validly issued,  fully
paid and non-assessable shares of Common Stock of the Company.

         Section 8. ADJUSTMENTS.  Subject and pursuant to the provisions of this
Section  8, the  Warrant  Price and  number of  Warrant  Shares  subject to this
Warrant  shall  be  subject  to  adjustment  from  time  to  time  as set  forth
hereinafter.

                  (a) If the  Company  shall,  at any time or from  time to time
while this Warrant is outstanding,  pay a dividend or make a distribution on its
Common Stock in shares of Common  Stock,  subdivide  its  outstanding  shares of
Common Stock into a greater number of shares or combine its  outstanding  shares
of Common Stock into a smaller number of shares or issue by  reclassification of
its  outstanding  shares  of  Common  Stock  any  shares  of its  capital  stock
(including  any such  reclassification  in connection  with a  consolidation  or
merger in which the Company is the continuing  corporation),  then the number of
Warrant Shares purchasable upon exercise of the Warrant and the Warrant Price in
effect  immediately  prior to the date  upon  which  such  change  shall  become
effective, shall be adjusted by the Company so that the Warrantholder thereafter
exercising  the  Warrant  shall be  entitled  to receive the number of shares of
Common Stock or other capital stock which the Warrantholder  would have received
if the Warrant had been exercised  immediately  prior to such event upon payment
of a Warrant  Price that has been  adjusted to reflect a fair  allocation of the
economics of such event to the  Warrantholder.  Such  adjustments  shall be made
successively whenever any event listed above shall occur.

                  (b) If any  capital  reorganization,  reclassification  of the
capital  stock of the  Company,  consolidation  or  merger of the  Company  with
another corporation in which the Company is not the survivor,  or sale, transfer
or other  disposition  of all or  substantially  all of the Company's  assets to
another   corporation   shall  be  effected,   then,  as  a  condition  of  such
reorganization, reclassification, consolidation, merger, sale, transfer or other
disposition,   lawful  and  adequate   provision  shall  be  made  whereby  each
Warrantholder  shall thereafter only have the right to purchase and receive upon
the basis and upon the terms and conditions  herein specified and in lieu of the
Warrant Shares  immediately  theretofore  issuable upon exercise of the Warrant,
such  shares of stock,  securities  or assets  as would  have been  issuable  or
payable with  respect to or in exchange for a number of Warrant  Shares equal to
the number of Warrant Shares immediately  theretofore  issuable upon exercise of
the Warrant, had such reorganization,  reclassification,  consolidation, merger,
sale,  transfer  or other  disposition  not  taken  place,  and in any such case
appropriate  provision shall be made with respect to the rights and interests of
each  Warrantholder to the end that the provisions  hereof  (including,  without
limitation,  provision for adjustment of the Warrant Price) shall  thereafter be
applicable, as nearly equivalent as may be practicable in relation to any shares
of stock,  securities or assets thereafter deliverable upon the exercise hereof.
The Company shall not effect any such consolidation,  merger,  sale, transfer or

                                      -4-
<PAGE>

other  disposition  unless  prior to or  simultaneously  with  the  consummation
thereof the successor  corporation  (if other than the Company)  resulting  from
such  consolidation  or  merger,  or the  corporation  purchasing  or  otherwise
acquiring  such assets or other  appropriate  corporation or entity shall assume
the  obligation  to deliver  to the  Warrantholder,  at the last  address of the
Warrantholder  appearing  on the  books of the  Company,  such  shares of stock,
securities  or assets  as, in  accordance  with the  foregoing  provisions,  the
Warrantholder may be entitled to purchase,  and the other obligations under this
Warrant.  The  provisions  of  this  paragraph  (b)  shall  similarly  apply  to
successive reorganizations,  reclassifications,  consolidations, mergers, sales,
transfers or other dispositions.

                  (c) In case  the  Company  shall  fix a  payment  date for the
making of a  distribution  to all holders of Common  Stock  (including  any such
distribution  made in  connection  with a  consolidation  or merger in which the
Company is the continuing  corporation)  of evidences of  indebtedness or assets
(other than cash  dividends or cash  distributions  payable out of  consolidated
earnings or earned surplus or dividends or distributions  referred to in Section
8(a)),  or  subscription  rights or warrants,  the Warrant Price to be in effect
after such payment date shall be determined by multiplying  the Warrant Price in
effect  immediately  prior to such payment date by a fraction,  the numerator of
which shall be the total number of shares of Common Stock outstanding multiplied
by the Market  Price (as defined  below) per share of Common  Stock  immediately
prior to such payment  date,  less the fair market value (as  determined  by the
Company's  Board of  Directors  in good  faith) of said assets or  evidences  of
indebtedness so distributed, or of such subscription rights or warrants, and the
denominator  of which  shall be the total  number  of  shares  of  Common  Stock
outstanding   multiplied  by  such  Market  Price  per  share  of  Common  Stock
immediately  prior to such payment date.  "Market Price" as of a particular date
(the "Valuation Date") shall mean the following: (a) if the Common Stock is then
listed on a national  stock  exchange,  the  closing  sale price of one share of
Common  Stock on such  exchange on the last  trading day prior to the  Valuation
Date;  (b) if the Common Stock is then quoted on The Nasdaq Stock  Market,  Inc.
("Nasdaq"),  the National  Association of Securities Dealers,  Inc. OTC Bulletin
Board (the "Bulletin  Board"),  the National  Quotation Board "Pink Sheets" (the
"NQB") or such similar  exchange or  association,  the closing sale price of one
share of Common Stock on Nasdaq,  the Bulletin  Board or such other  exchange or
association  on the last trading day prior to the Valuation  Date or, if no such
closing sale price is  available,  the average of the high bid and the low asked
price quoted thereon on the last trading day prior to the Valuation Date; or (c)
if the Common Stock is not then listed on a national stock exchange or quoted on
Nasdaq,  the  Bulletin  Board or such other  exchange or  association,  the fair
market value of one share of Common  Stock as of the  Valuation  Date,  shall be
determined  in good  faith by the  Board of  Directors  of the  Company  and the
Warrantholder.  If the Common Stock is not then listed on a national  securities
exchange, the Bulletin Board, the NQB or such other exchange or association, the
Board of Directors of the Company  shall  respond  promptly,  in writing,  to an
inquiry by the  Warrantholder  prior to the  exercise  hereunder  as to the fair
market value of a share of Common Stock as  determined by the Board of Directors
of the Company.  In the event that the Board of Directors of the Company and the
Warrantholder  are  unable to agree  upon the fair  market  value in  respect of
subpart (c) hereof,  the Company and the  Warrantholder  shall jointly select an
appraiser,  who is experienced  in such matters.  The decision of such appraiser
shall be final and  conclusive,  and the cost of such  appraiser  shall be borne
equally by the  Company and the

                                      -5-
<PAGE>

Warrantholder.  Such  adjustment  shall  be made  successively  whenever  such a
payment date is fixed.

                  (d) An adjustment to the Warrant Price shall become  effective
immediately  after the payment date in the case of each dividend or distribution
and  immediately  after the effective date of each other event which requires an
adjustment.

                  (e) In the  event  that,  as a result  of an  adjustment  made
pursuant to this Section 8, the  Warrantholder  shall become entitled to receive
any shares of capital  stock of the Company  other than shares of Common  Stock,
the number of such other  shares so  receivable  upon  exercise of this  Warrant
shall be subject  thereafter to adjustment  from time to time in a manner and on
terms as nearly  equivalent as practicable to the provisions with respect to the
Warrant Shares contained in this Warrant.

                  (f)  Except as  provided  in  subsection  (g)  hereof,  if and
whenever  the Company  shall  issue or sell,  or is, in  accordance  with any of
subsections  (f)(l) through  (f)(7)  hereof,  deemed to have issued or sold, any
shares of Common Stock for no  consideration  or for a  consideration  per share
less  than the  Warrant  Price in effect  immediately  prior to the time of such
issue  or  sale,  then  and  in  each  such  case  (a  "TRIGGER  ISSUANCE")  the
then-existing  Warrant Price,  shall be reduced,  as of the close of business on
the effective date of the Trigger Issuance, to a price determined as follows:

                  Adjusted Warrant Price = (A X B) + D
                                           -----------
                                               A+C

                    where

                    "A"  equals  (i)  the  number  of  shares  of  Common  Stock
outstanding,  plus (ii) the Additional Shares of Common Stock (as defined below)
deemed to be issued  hereunder,  immediately  preceding  such  Trigger  Issuance
(including,  for this  purpose  only,  shares which would  otherwise  constitute
Excluded Issuances hereunder);

                    "B" equals the Warrant Price in effect immediately preceding
such Trigger Issuance;

                    "C" equals the number of  Additional  Shares of Common Stock
issued or deemed issued hereunder as a result of the Trigger Issuance; and

                    "D" equals the aggregate consideration,  if any, received or
deemed to be received by the Company upon such Trigger Issuance

provided,  however, that in no event shall the Warrant Price after giving effect
to such Trigger  Issuance be greater  than the Warrant  Price in effect prior to
such Trigger Issuance.

                                      -6-
<PAGE>

                  For purposes of this  subsection  (f),  "Additional  Shares of
Common  Stock"  shall mean all shares of Common  Stock  issued by the Company or
deemed to be  issued  pursuant  to this  subsection  (f),  other  than  Excluded
Issuances (as defined in subsection (g) hereof).

                  For purposes of this subsection (f), the following subsections
(f)(l) to (f)(7) shall also be applicable:

                           (f)(1) Issuance of Rights or Options.  In case at any
                  time the Company  shall in any manner grant  (directly and not
                  by assumption in a merger or otherwise)  any warrants or other
                  rights to subscribe for or to purchase, or any options for the
                  purchase of, Common Stock or any stock or security convertible
                  into or exchangeable  for Common Stock (such warrants,  rights
                  or options  being called  "Options"  and such  convertible  or
                  exchangeable  stock or  securities  being called  "Convertible
                  Securities")  whether  or not  such  Options  or the  right to
                  convert  or  exchange  any  such  Convertible  Securities  are
                  immediately  exercisable,  and the  price  per share for which
                  Common Stock is issuable  upon the exercise of such Options or
                  upon the conversion or exchange of such Convertible Securities
                  (determined   by  dividing   (i)  the  sum  (which  sum  shall
                  constitute  the  applicable  consideration)  of (x) the  total
                  amount,  if any,  received  or  receivable  by the  Company as
                  consideration  for the granting of such Options,  plus (y) the
                  aggregate  amount of additional  consideration  payable to the
                  Company  upon the exercise of all such  Options,  plus (z), in
                  the  case  of  such  Options   which  relate  to   Convertible
                  Securities,  the 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
                  (ii) the total  maximum  number  of  shares  of  Common  Stock
                  issuable  upon  the  exercise  of such  Options  or  upon  the
                  conversion  or  exchange  of all such  Convertible  Securities
                  issuable upon the exercise of such Options) shall be less than
                  the Warrant Price in effect  immediately  prior to the time of
                  the granting of such Options,  then the total number of shares
                  of Common Stock  issuable upon the exercise of such Options or
                  upon  conversion  or  exchange  of the  total  amount  of such
                  Convertible  Securities  issuable  upon the  exercise  of such
                  Options shall be deemed to have been issued for such price per
                  share  as of the  date  of  granting  of such  Options  or the
                  issuance of such  Convertible  Securities and thereafter shall
                  be deemed to be  outstanding  for  purposes of  adjusting  the
                  Warrant  Price.  Except as  otherwise  provided in  subsection
                  8(f)(3), no adjustment of the Warrant Price shall be made upon
                  the actual issue of such Common  Stock or of such  Convertible
                  Securities  upon  exercise of such  Options or upon the actual
                  issue of such Common Stock upon conversion or exchange of such
                  Convertible Securities.

                           (f)(2)  Issuance of Convertible  Securities.  In case
                  the Company  shall in any manner  issue  (directly  and not by
                  assumption in a merger or  otherwise) or sell any  Convertible
                  Securities,  whether or not the rights to  exchange or convert
                  any such Convertible  Securities are immediately  exercisable,
                  and the price per share  for which  Common  Stock is  issuable
                  upon such  conversion or exchange  (determined by dividing (i)
                  the  sum   (which   sum  shall   constitute   the   applicable

                                      -7-
<PAGE>

                  consideration)  of (x) the total amount received or receivable
                  by the Company as consideration  for the issue or sale of such
                  Convertible  Securities,  plus  (y) the  aggregate  amount  of
                  additional consideration,  if any, payable to the Company upon
                  the conversion or exchange  thereof,  by (ii) the total number
                  of shares of Common  Stock  issuable  upon the  conversion  or
                  exchange  of all such  Convertible  Securities)  shall be less
                  than the Warrant Price in effect immediately prior to the time
                  of such issue or sale, then the total maximum number of shares
                  of Common Stock  issuable  upon  conversion or exchange of all
                  such  Convertible  Securities  shall be  deemed  to have  been
                  issued for such price per share as of the date of the issue or
                  sale of such  Convertible  Securities and thereafter  shall be
                  deemed to be outstanding for purposes of adjusting the Warrant
                  Price,  provided  that (a)  except as  otherwise  provided  in
                  subsection  8(f)(3),  no adjustment of the Warrant Price shall
                  be made upon the actual  issuance  of such  Common  Stock upon
                  conversion or exchange of such Convertible  Securities and (b)
                  no further  adjustment  of the Warrant  Price shall be made by
                  reason of the  issue or sale of  Convertible  Securities  upon
                  exercise  of any  Options  to  purchase  any such  Convertible
                  Securities  for which  adjustments  of the Warrant  Price have
                  been made pursuant to the other provisions of subsection 8(f).

                           (f)(3)  Change in Option  Price or  Conversion  Rate.
                  Upon the happening of any of the following events,  namely, if
                  the purchase price  provided for in any Option  referred to in
                  subsection  8(f)(l) hereof, the additional  consideration,  if
                  any,   payable  upon  the   conversion   or  exchange  of  any
                  Convertible  Securities  referred to in subsections 8(f)(l) or
                  8(f)(2), or the rate at which Convertible  Securities referred
                  to in subsections  8(f)(l) or 8(f)(2) are convertible  into or
                  exchangeable  for  Common  Stock  shall  change  at  any  time
                  (including,  but not limited to, changes under or by reason of
                  provisions designed to protect against dilution),  the Warrant
                  Price in effect at the time of such event shall  forthwith  be
                  readjusted  up or down to the  Warrant  Price which would have
                  been in effect at such time had such  Options  or  Convertible
                  Securities  still   outstanding   provided  for  such  changed
                  purchase price,  additional  consideration or conversion rate,
                  as the case may be, at the time initially  granted,  issued or
                  sold.  On  the   termination  of  any  Option  for  which  any
                  adjustment  was made pursuant to this  subsection  8(f) or any
                  right to convert or exchange Convertible  Securities for which
                  any  adjustment  was made  pursuant  to this  subsection  8(f)
                  (including  without limitation upon the redemption or purchase
                  for  consideration  of  such  Convertible  Securities  by  the
                  Company),  the Warrant  Price then in effect  hereunder  shall
                  forthwith  be changed to the  Warrant  Price  which would have
                  been in effect at the time of such termination had such Option
                  or   Convertible   Securities,   to  the  extent   outstanding
                  immediately prior to such termination, never been issued.

                           (f)(4) Stock Dividends.  Subject to the provisions of
                  this  Section  8(f),  in case  the  Company  shall  declare  a
                  dividend or make any other  distribution upon any stock of the
                  Company (other than the Common Stock) payable in Common Stock,
                  Options or  Convertible  Securities,  then any  Common  Stock,
                  Options  or  Convertible  Securities,  as  the  case  may  be,
                  issuable in payment of such dividend or distribution  shall be
                  deemed to have been issued or sold without consideration.

                                      -8-
<PAGE>

                           (f)(5) Consideration for Stock. In case any shares of
                  Common  Stock,  Options  or  Convertible  Securities  shall be
                  issued or sold for cash, the  consideration  received therefor
                  shall be deemed to be the net amount  received  by the Company
                  therefor,   after  deduction  therefrom  of  any  underwriting
                  commissions or  concessions  paid or allowed by the Company in
                  connection  therewith.  In case any  shares of  Common  Stock,
                  Options 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  in good  faith by the  Board of  Directors  of the
                  Company,  after deduction of any  underwriting  commissions or
                  concessions  paid or  allowed  by the  Company  in  connection
                  therewith.  In case any Options  shall be issued in connection
                  with the issue and sale of other  securities  of the  Company,
                  together  comprising  one  integral  transaction  in  which no
                  specific  consideration  is  allocated  to such Options by the
                  parties  thereto,  such  Options  shall be deemed to have been
                  issued for such  consideration  as determined in good faith by
                  the  Board of  Directors  of the  Company.  If  Common  Stock,
                  Options or Convertible  Securities  shall be issued or sold by
                  the Company and, in  connection  therewith,  other  Options or
                  Convertible  Securities (the "Additional  Rights") are issued,
                  then the  consideration  received  or deemed to be received by
                  the Company  shall be reduced by the fair market  value of the
                  Additional  Rights  (as  determined  using  the  Black-Scholes
                  option pricing model or another method  mutually  agreed to by
                  the Company and the Warrantholder).  The Board of Directors of
                  the Company shall respond promptly,  in writing, to an inquiry
                  by  the  Warrantholder  as to the  fair  market  value  of the
                  Additional Rights. In the event that the Board of Directors of
                  the Company and the Warrantholder are unable to agree upon the
                  fair market value of the  Additional  Rights,  the Company and
                  the  Warrantholder  shall jointly select an appraiser,  who is
                  experienced  in such matters.  The decision of such  appraiser
                  shall be final and conclusive,  and the cost of such appraiser
                  shall be borne evenly by the Company and the Warrantholder.

                           (f)(6)  Record Date. In case the Company shall take a
                  record of the  holders of its Common  Stock for the purpose of
                  entitling them (i) to receive a dividend or other distribution
                  payable in Common Stock, Options or Convertible  Securities or
                  (ii) to subscribe  for or purchase  Common  Stock,  Options or
                  Convertible Securities,  then such record date shall be deemed
                  to be the date of the  issue or sale of the  shares  of Common
                  Stock deemed to have been issued or sold upon the  declaration
                  of such dividend or the making of such other  distribution  or
                  the date of the  granting  of such  right of  subscription  or
                  purchase, as the case may be.

                           (f)(7)  Treasury  Shares.  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 or
                  any of its wholly-owned  subsidiaries,  and the disposition of
                  any such shares  (other than the  cancellation  or  retirement
                  thereof)  shall be considered an issue or sale of Common Stock
                  for the purpose of this subsection (f).

                                      -9-
<PAGE>

                  (g)  Anything  herein  to the  contrary  notwithstanding,  the
Company shall not be required to make any adjustment of the Warrant Price in the
case of the issuance of (A) capital  stock,  Options or  Convertible  Securities
issued to  directors,  officers,  employees  or  consultants  of the  Company in
connection with their service as directors of the Company,  their  employment by
the Company or their  retention  as  consultants  by the Company  pursuant to an
equity compensation program approved by the Board of Directors of the Company or
the compensation  committee of the Board of Directors of the Company, (B) shares
of Common Stock issued upon the conversion or exercise of Options or Convertible
Securities  granted or issued prior to the date hereof,  (C)  securities  issued
pursuant  to that  certain  Purchase  Agreement  dated May __,  2004,  among the
Company  and  the  Investors  named  therein  (the  "Purchase   Agreement")  and
securities   issued  upon  the  exercise  or  conversion  of  those   securities
(including,  without limitation,  warrants issued to C. E. Unterberg,  Towbin as
described  in Schedule  4.20 of the  Purchase  Agreement),  (D) shares of Common
Stock  issued  or  issuable  by  reason  of a  dividend,  stock  split  or other
distribution  on shares  of Common  Stock  (but only to the  extent  that such a
dividend,  split or  distribution  results in an adjustment in the Warrant Price
pursuant to the other  provisions  of this  Warrant)  (E) shares of Common Stock
which may be issued by the  Company in  satisfaction  of its  obligations  under
Section 2.3 of that certain Stock Purchase  Agreement dated as of April 1, 2003,
by and among the  Company,  Jay L.  Friedland,  Robert La Terra,  and  Guideline
Research Corp.  and (F) the warrant and underlying  shares of common stock which
may be issued pursuant to Section 10 (a) of the warrants  granted to Petra prior
to the date hereof (collectively, "Excluded Issuances").

                  (h) Upon any  adjustment  to the  Warrant  Price  pursuant  to
Section 8(f) above, the number of Warrant Shares purchasable  hereunder shall be
adjusted by multiplying such number by a fraction,  the numerator of which shall
be the Warrant  Price in effect  immediately  prior to such  adjustment  and the
denominator  of  which  shall  be  the  Warrant  Price  in  effect   immediately
thereafter.

                  (i)  Notwithstanding  any  provision of this SECTION  8(f), no
adjustment  of the Exercise  Price shall be required if such  adjustment is less
than $0.01;  PROVIDED,  HOWEVER,  that any  adjustments  which by reason of this
SECTION 8(i) are not required to be made shall be carried forward and taken into
account for purposes of any subsequent adjustment.

         Section 9.  FRACTIONAL  INTEREST.  The Company shall not be required to
issue  fractions  of Warrant  Shares upon the exercise of this  Warrant.  If any
fractional  share of Common Stock would,  except for the provisions of the first
sentence of this Section 9, be deliverable upon such exercise,  the Company,  in
lieu  of  delivering  such  fractional  share,   shall  pay  to  the  exercising
Warrantholder  an amount in cash  equal to the Market  Price of such  fractional
share of Common Stock on the date of exercise.

         Section 10. EXTENSION OF EXPIRATION DATE. If the Company fails to cause
any Registration  Statement  covering  Registrable  Securities (unless otherwise
defined  herein,  capitalized  terms are as defined in the  Registration  Rights
Agreement relating to the Warrant Shares (the "Registration  Rights Agreement"))
to be declared effective prior to the applicable dates set forth therein,  or if
any of the events  specified  in Section  2(c)(ii)  of the  Registration

                                      -10-
<PAGE>

Rights  Agreement  occurs,  and  the  Blackout  Period  (whether  alone,  or  in
combination with any other Blackout  Period)  continues for more than 60 days in
any 12 month period,  or for more than a total of 90 days,  then the  Expiration
Date of this Warrant shall be extended one day for each day beyond the 60-day or
90-day  limits,  as the case may be,  that the  Blackout  Period  continues.  In
addition, if the Expiration Date occurs during a Blackout Period, the Expiration
Date shall be extended for a period of fifteen (15) business days  commencing on
the first business day after the expiration of any operative Blackout Period.

         Section 11.  BENEFITS.  Nothing in this  Warrant  shall be construed to
give  any  person,   firm  or  corporation  (other  than  the  Company  and  the
Warrantholder)  any legal or equitable  right,  remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Company and
the Warrantholder.

         Section 12. NOTICES TO  WARRANTHOLDER.  Upon the happening of any event
requiring an adjustment of the Warrant  Price,  the Company shall  promptly give
written  notice  thereof to the  Warrantholder  at the address  appearing in the
records of the  Company,  stating the  adjusted  Warrant  Price and the adjusted
number of  Warrant  Shares  resulting  from  such  event  and  setting  forth in
reasonable  detail  the  method of  calculation  and the facts  upon  which such
calculation is based.  Failure to give such notice to the  Warrantholder  or any
defect  therein  shall not  affect  the  legality  or  validity  of the  subject
adjustment.

         Section 13.  IDENTITY OF TRANSFER  AGENT.  The  Transfer  Agent for the
Common  Stock  is  Computershare  Trust  Company.  Upon the  appointment  of any
subsequent  transfer agent for the Common Stock or other shares of the Company's
capital stock  issuable upon the exercise of the rights of purchase  represented
by the Warrant,  the Company will mail to the  Warrantholder a statement setting
forth the name and address of such transfer agent.

         Section 14. NOTICES.  Unless otherwise provided, any notice required or
permitted  under  this  Warrant  shall be given in  writing  and shall be deemed
effectively  given as hereinafter  described (i) if given by personal  delivery,
then such  notice  shall be deemed  given upon such  delivery,  (ii) if given by
telex or facsimile or  electronic  mail,  then such notice shall be deemed given
upon receipt of  confirmation of complete  transmittal,  (iii) if given by mail,
then such notice  shall be deemed  given upon the earlier of (A) receipt of such
notice by the  recipient  or (B) three days after such  notice is  deposited  in
first  class  mail,  postage  prepaid,  and (iv) if given by an  internationally
recognized  overnight  air  courier,  then such notice shall be deemed given one
business day after  delivery to such carrier.  All notices shall be addressed as
follows:  if to the Warrantholder,  at its address as set forth in the Company's
books and records and, if to the Company,  at the address as follows, or at such
other  address as the  Warrantholder  or the Company may  designate by ten days'
advance written notice to the other:

                           If to the Company:

                            Find/SVP, Inc.
                            625 Avenue of the Americas
                            New York, NY 10011
                            Fax:  (212) 255-7632
                            Email: pstone@findsvp.com
                            Attention:  Mr. David Walke

                                      -11-
<PAGE>

                            with a copy to:
                            Kane Kessler, P.C.
                            1350 Avenue of the Americas
                            New York, NY 10019
                            Fax:  (212) 245-3009
                            Email: mhollander@kanekessler.com
                            Attention:  Robert L. Lawrence, Esq.
                           Mitchell D. Hollander, Esq.

         Section 15. REGISTRATION RIGHTS. The initial  Warrantholder is entitled
to the  benefit of certain  registration  rights  with  respect to the shares of
Common  Stock  issuable  upon the  exercise  of this  Warrant as provided in the
Registration Rights Agreement,  and any subsequent Warrantholder may be entitled
to such rights.

         Section 16.  SUCCESSORS.  All the covenants and provisions hereof by or
for the benefit of the Warrantholder  shall bind and inure to the benefit of its
respective successors and assigns hereunder.

         Section 17.  GOVERNING  LAW;  CONSENT TO  JURISDICTION;  WAIVER OF JURY
TRIAL.  This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of New York,  without  reference to the choice of law
provisions   thereof.   The  Company  and,  by  accepting   this  Warrant,   the
Warrantholder,  each  irrevocably  submits to the exclusive  jurisdiction of the
courts of the State of New York located in New York County and the United States
District  Court for the  Southern  District  of New York for the  purpose of any
suit, action,  proceeding or judgment relating to or arising out of this Warrant
and the transactions  contemplated hereby. Service of process in connection with
any such suit,  action or proceeding may be served on each party hereto anywhere
in the world by the same  methods  as are  specified  for the  giving of notices
under  this  Warrant.   The  Company  and,  by  accepting   this  Warrant,   the
Warrantholder,  each irrevocably  consents to the jurisdiction of any such court
in any such suit, action or proceeding and to the laying of venue in such court.
The Company and, by accepting this Warrant, the Warrantholder,  each irrevocably
waives  any  objection  to the  laying  of  venue of any such  suit,  action  or
proceeding brought in such courts and irrevocably waives any claim that any such
suit,  action or  proceeding  brought in any such  court has been  brought in an
inconvenient  forum.  EACH OF THE COMPANY  AND, BY ITS  ACCEPTANCE  HEREOF,  THE
WARRANTHOLDER  HEREBY  WAIVES  ANY  RIGHT  TO  REQUEST  A  TRIAL  BY JURY IN ANY
LITIGATION  WITH  RESPECT TO THIS WARRANT AND  REPRESENTS  THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

         Section 18. CALL  PROVISION.  (a)  Notwithstanding  any other provision
contained  herein to the contrary,  in the event that the closing bid price of a
share of Common Stock as reported on the Nasdaq (or the Bulletin Board,  the NQB
or such other  exchange  or stock  market on which the Common  Stock may then be
listed or quoted), equals or exceeds $4.50 (appropriately adjusted

                                      -12-
<PAGE>

for  any  stock   split,   reverse   stock  split,   stock   dividend  or  other
reclassification  or  combination of the Common Stock  occurring  after the date
hereof)  for  twenty  (20)   consecutive   trading  days  commencing  after  the
Registration  Statement (as defined in the  Registration  Rights  Agreement) has
been  declared  effective,  the  Company,  upon thirty (30) days' prior  written
notice (the "NOTICE PERIOD") given to the Warrantholder  within one business day
immediately  following the end of such twenty (20) trading day period,  may call
this  Warrant  for 50% of the  shares  of  Common  Stock  initially  purchasable
pursuant hereto,  at a redemption price equal to $0.01 per share of Common Stock
then  purchasable  pursuant  to this  Warrant;  provided  that  (i) the  Company
simultaneously  calls all Company  Warrants (as defined below) on the same terms
and on a pro rata  basis and (ii) all of the  shares of  Common  Stock  issuable
hereunder  either  (A) are  registered  pursuant  to an  effective  Registration
Statement (as defined in the Registration  Rights  Agreement) which has not been
suspended  and for which no stop order is in effect,  and  pursuant to which the
Warrantholder  is able to sell such shares of Common  Stock at all times  during
the Notice Period or (B) no longer constitute Registrable Securities (as defined
in the Registration  Rights Agreement).  Notwithstanding  any such notice by the
Company,  the Warrantholder  shall have the right to exercise this Warrant prior
to the end of any Notice  Period.  At all other times  after a call  pursuant to
this Section 18(a),  the right to call this Warrant shall be pursuant to Section
18(b) below.

(b) Notwithstanding any other provision contained herein to the contrary, in the
event that the closing  bid price of a share of Common  Stock as reported on the
Nasdaq (or the Bulletin Board, the NQB or such other exchange or stock market on
which the  Common  Stock may then be listed or quoted)  equals or exceeds  $6.00
(appropriately adjusted for any stock split, reverse stock split, stock dividend
or other reclassification or combination of the Common Stock occurring after the
date  hereof) for twenty (20)  consecutive  trading  days  commencing  after the
Registration  Statement (as defined in the  Registration  Rights  Agreement) has
been declared effective, the Company, upon thirty (30) days prior written notice
(the  "NOTICE  PERIOD")  given to the  Warrantholder  within  one  business  day
immediately  following the end of such twenty (20) trading day period,  may call
this  Warrant  for 100% or 50%,  as  applicable,  of the shares of Common  Stock
initially  purchasable hereto, at a redemption price equal to $0.01 per share of
Common Stock then  purchasable  pursuant to this Warrant;  provided that (i) the
Company simultaneously calls all Company Warrants (as defined below) on the same
terms  and,  if  applicable,  on a pro rata  basis and (ii) all of the shares of
Common  Stock  issuable  hereunder  either  (A) are  registered  pursuant  to an
effective   Registration  Statement  (as  defined  in  the  Registration  Rights
Agreement)  which  has not been  suspended  and for  which  no stop  order is in
effect,  and pursuant to which the  Warrantholder is able to sell such shares of
Common Stock at all times during the Notice  Period or (B) no longer  constitute
Registrable  Securities  (as  defined  in the  Registration  Rights  Agreement).
Notwithstanding any such notice by the Company, the Warrantholder shall have the
right to exercise this Warrant prior to the end of the Notice Period.

         Section  19. NO RIGHTS AS  STOCKHOLDER.  Prior to the  exercise of this
Warrant,  the  Warrantholder  shall  not  have  or  exercise  any  rights  as  a
stockholder of the Company by virtue of its ownership of this Warrant.

         Section  20.  AMENDMENT;  WAIVER.  This  Warrant  is one of a series of
Warrants of like tenor issued by the Company pursuant to the Purchase  Agreement
and  initially  covering an

                                      -13-
<PAGE>

aggregate  of  3,000,000  shares of Common  Stock  (collectively,  the  "COMPANY
WARRANTS").  Any term of this  Warrant may be amended or waived  (including  the
adjustment  provisions  included in Section 8 of this  Warrant) upon the written
consent of the Company and the holders of Company Warrants representing at least
50% of the  number of shares of Common  Stock then  subject  to all  outstanding
Company Warrants (the "MAJORITY HOLDERS"); PROVIDED, that (x) any such amendment
or waiver  must  apply to all  Company  Warrants;  and (y) the number of Warrant
Shares subject to this Warrant,  the Warrant Price and the  Expiration  Date may
not be  amended,  and the right to exercise  this  Warrant may not be altered or
waived, without the written consent of the Warrantholder.

         Section 21. SECTION HEADINGS.  The section headings in this Warrant are
for the  convenience of the Company and the  Warrantholder  and in no way alter,
modify, amend, limit or restrict the provisions hereof.

         Section 22.  WARRANT  AGENT.  The Company  shall serve as warrant agent
under this Warrant. Upon not less than 30 days' notice to the Warrantholder, the
Company may appoint a new warrant agent, which shall be reasonably  satisfactory
to the  Majority  Holders.  Any Person into which any new  warrant  agent may be
merged,  any Person  resulting from any  consolidation  to which any new warrant
agent  shall be a party or any Person to which any new warrant  agent  transfers
substantially all of its corporate trust or shareholders services business shall
be a successor  warrant  agent under this  Warrant  without any further act. Any
such  successor  warrant agent shall  promptly cause notice of its succession as
warrant  agent to be mailed  (by  first  class  mail,  postage  prepaid)  to the
Warrantholder  at the  Warrantholder's  last  address  as shown  on the  Warrant
register.

         Section  23.  SEVERABILITY.  Any  provision  of  this  Warrant  that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating the remaining  provisions  hereof but shall be interpreted as if it
were  written  so as to be  enforceable  to  the  maximum  extent  permitted  by
applicable law, and any such prohibition or unenforceability in any jurisdiction
shall  not  invalidate  or  render  unenforceable  such  provision  in any other
jurisdiction. To the extent permitted by applicable law, the Company, and by its
acceptance hereof,  the  Warrantholder,  hereby waive any provision of law which
renders any provision hereof prohibited or unenforceable in any respect.

                  [Remainder of page intentionally left blank]

                                      -14-
<PAGE>

         IN WITNESS  WHEREOF,  the Company  has caused  this  Warrant to be duly
executed, as of the ______ day of ___________, 200_.

                                      FIND/SVP, INC.

                                      By:___________________________
                                      Name:
                                      Title:

                                      -15-
<PAGE>

                                   APPENDIX A
                                 FIND/SVP, INC.
                              WARRANT EXERCISE FORM

To Find/SVP, Inc.:

         The  undersigned  hereby  irrevocably  elects to exercise  the right of
purchase  represented  by the within  Warrant  ("Warrant")  for, and to purchase
thereunder  by the payment of the Warrant  Price and  surrender  of the Warrant,
_______________  shares of Common Stock ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows:

                           -------------------------------
                           Name
                           --------------------------------
                           Address
                           --------------------------------
                           --------------------------------
                           Federal Tax ID or Social Security No.

         and   delivered  by   (certified   mail  to  the  above   address,   or
(electronically  (provide  DWAC  Instructions:___________________),   or  (other
(specify): __________________________________________).

and,  if the  number  of  Warrant  Shares  shall not be all the  Warrant  Shares
purchasable upon exercise of the Warrant,  that a new Warrant for the balance of
the Warrant  Shares  purchasable  upon exercise of this Warrant be registered in
the name of the undersigned Warrantholder or the undersigned's Assignee as below
indicated and delivered to the address stated below.

Dated: ___________________, ____

Note:  The signature must correspond with         Signature:____________________
the name of the Warrantholder as written
on the first page of the Warrant in every         ______________________________
particular, without alteration or enlargement     Name (please print)
or any change whatever, unless the Warrant
has been assigned.                                ______________________________
                                                  ------------------------------
                                                  Address
                                                  ------------------------------
                                                  Federal Identification or
                                                  Social Security No.
                                                  Assignee:
                                                  ------------------------------
                                                  ------------------------------
                                                  ------------------------------

                                      -16-
<PAGE>

                                   APPENDIX B
                                 FIND/SVP, INC.
                            NET ISSUE ELECTION NOTICE

To: Find/SVP, Inc.:

Date:[_________________________]

         The  undersigned  hereby  elects  under  SECTION 18 of this  Warrant to
surrender the right to purchase  ______________  shares of Common Stock pursuant
to this Warrant and hereby requests the issuance of  ________________  shares of
Common Stock.  The  certificate(s)  for the shares  issuable upon such net issue
election  shall  be  issued  in the  name  of the  undersigned  or as  otherwise
indicated below.

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

-----------------------------------------
Name for Registration

-----------------------------------------
Mailing Address

                                      -17-

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