Document:

<PAGE>   1
                                                                    EXHIBIT 10.2

                           WARRANT PURCHASE AGREEMENT

                  THIS WARRANT PURCHASE AGREEMENT ("AGREEMENT") is dated APRIL
20, 2000, by and between DELPHI AUTOMOTIVE SYSTEMS CORPORATION, a Delaware
corporation ("HOLDER") and DURASWITCH INDUSTRIES, INC., a Nevada corporation
("COMPANY").

                  In consideration of the premises and the mutual
representations, warranties, covenants and agreements contained in this
Agreement, the parties, intending to be legally bound, agree as follows:

                  1. In consideration of Holder entering into a License
Agreement with Company dated as of the date of this Agreement, and other good
and valuable consideration, receipt of which is hereby acknowledged by Company,
Company hereby issues to Holder its warrant to purchase up to 225,000 shares of
its $.001 par value common stock (the "COMMON STOCK"), subject to adjustment as
provided therein (the "WARRANT").

                  2. Company represents and warrants to Holder that:

                  (a) Company will at all times have authorized, and reserved
         sufficient shares of Common Stock for issuance pursuant to the Warrant;
         it will take all actions necessary to ensure that all such shares are
         issued in full compliance with all applicable laws and regulations, and
         with any requirement of any securities exchange upon which any capital
         stock of Company may be listed; and the issuance of the Warrant is, and
         of such shares will be, exempt from registration under any federal or
         state securities laws; and

                  (b) Company's authorized capitalization consists solely of
         40,000,000 shares of Common Stock par value $.001 per share and
         10,000,000 shares of Series A, no par value preferred stock; with
         respect to each class of shares, Company's most recent SEC filing, Form
         10-KSB describes outstanding shares and shares issuable based on all
         existing options, warrants and other rights to acquire Company's Common
         Stock or Preferred Stock (as the case may be), with no changes since
         that filing, except as previously otherwise disclosed in writing to
         Holder.

                  (c) Company has full power and authority to enter into this
         Agreement and to consummate the transactions contemplated herein, and
         this Agreement has been duly executed and delivered by Company and is a
         valid and legally binding obligation of Company in accordance with its
         terms under Nevada law.

                  3.       Holder represents and warrants to Company that it is
acquiring the Warrant (and will acquire the Common Stock issuable upon exercise
of the Warrant) for its own account for investment and not with a view towards
distribution, except in compliance with all applicable laws.

                  4.       Holder shall not sell or otherwise transfer the
Warrant or any Common Stock acquired upon the exercise of the Warrant except
pursuant to an effective registration under the Securities Act of 1933 (the
"SECURITIES ACT") or in a transaction which, in the opinion of counsel (which
may be in-house counsel to Holder), qualifies as an exempt transaction under the
Securities Act and the rules and regulations promulgated thereunder and any
applicable state securities laws. The certificates evidencing the Warrant and
the Common Stock issuable upon exercise of the Warrant may bear an appropriate
legend reflecting the foregoing restrictions on the transfer of such securities.

                  5.       The provisions of Exhibit A hereto, pursuant to which
Company has granted certain registration rights to Holder, are incorporated
herein by reference as if stated in full in this Agreement.

                  6.       This Agreement (including the Exhibits), together
with the Warrant (and Exhibits to the Warrant), constitutes the complete and
entire agreement between Holder and Company regarding the sale of the Warrant to
Holder by Company.

                                       1
<PAGE>   2
                  7.       The interpretation, performance and enforcement of
this Agreement shall be governed by the laws of the State of Nevada without
resort to that state's conflict-of-laws principles.

                  8.       This Agreement (including the registration rights set
forth in Exhibit A) shall inure to the benefit of and be binding upon the
successors, assigns and transferees of each of the parties, including, without
limitation and without the need for an express assignment, subsequent
transferees of the Warrant or any shares of Common Stock acquired upon the
exercise of the Warrant; but nothing herein shall be deemed to permit any
assignment, transfer or other disposition of the Warrant or any shares of Common
Stock acquired upon the exercise of the Warrant issued pursuant to this
Agreement in violation of applicable law.

                  IN WITNESS WHEREOF, each of the parties has duly executed this
Agreement as of this 20th day of April, 2000.

Signed:

DELPHI AUTOMOTIVE SYSTEMS               DURASWITCH INDUSTRIES, INC.
CORPORATION

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

                                       2
<PAGE>   3
                                    EXHIBIT A

                               REGISTRATION RIGHTS

                  1.       PIGGY-BACK RIGHTS.

                  (a)      If Company decides, at any time prior to the second
         year anniversary of the expiration of the Exercise Period (as defined
         in the Warrant), to prepare and file a registration statement under the
         Securities Act of 1933 (the "SECURITIES ACT") with respect to the
         public offering for cash of any shares of its Common Stock (or of other
         securities convertible into or exchangeable for Common Stock)
         ("REGISTRATION STATEMENT"), and which is not a registration solely to
         implement an employee benefit plan or a transaction to which Rule 145
         under the Securities Act is applicable, Company shall give 30 days'
         prior written notice of such decision to Holder and shall, upon the
         written request of Holder and subject to Paragraph 3 below, include in
         the Registration Statement such number of Warrant Shares (as defined in
         the Warrant) as Holder may request, together with any other shares of
         Common Stock then beneficially owned by Holder or Holder's affiliates
         (collectively "HOLDER'S SHARES"). If Company has not received a request
         from Holder to include Warrant Shares within such 30-day period, then
         Company shall have no obligation to include any such shares in the
         offering. The registration rights granted in this section shall expire
         if not exercised before the second year anniversary of the expiration
         of the Exercise Period.

                  (b)      Company shall keep such Registration Statement(s) and
         other filings relating thereto effective and current under the
         Securities Act permitting the sale of Holder's Shares included therein
         for the same period that the registration is maintained effective in
         respect of shares of other persons (including Company). In any
         underwritten offering of Common Stock, any Holder's Shares which are
         included will be sold at the same time and the same per-share price as
         Company's shares. In connection with any Registration Statement or
         subsequent amendment or similar document filed with respect thereto,
         Company shall make Holder's Shares covered thereby eligible for public
         offering and sale under the securities and Blue Sky laws of such
         jurisdictions as may be specified by Holder before the effective date
         of such Registration Statement; provided that Company shall not be
         obligated to qualify to do business in any jurisdiction where it is not
         so qualified as of such effectiveness, or to take any action which
         would subject it to unlimited service of process in any jurisdiction
         where it is not so subject at such time. Company shall keep such Blue
         Sky filings current for the length of time it must keep effective any
         Registration Statement, post-effective amendment, prospectus or
         offering circular pursuant hereto.

                  (c)      Upon receipt of any notice from Company that the
         Registration Statement or any prospectus included therein must be
         supplemented or amended, Holder will forthwith discontinue disposition
         of any shares pursuant to such Registration Statement until Holder's
         receipt of copies of a supplemented or amended prospectus covering such
         shares, and, if so directed by Company, Holder will deliver to Company
         (at Company's expense and as soon as possible) all copies, other than
         permanent file copies then in Holder's possession, of the prospectus
         covering such shares current at the time of its receipt of such notice.
         Company shall use its best efforts to deliver and, if necessary, cause
         to be made effective under the Securities Act, and any applicable state
         securities laws, any such amended or supplemented prospectus as soon as
         possible.

                  2.       EXPENSES; CONSENT. In connection with any
Registration Statement or other filing described herein (including without
limitation keeping such filings effective as provided herein), Company shall
bear all the expenses and professional fees related to the registration
including, but not limited to, printing, filing, legal, accounting and
registration fees (provided that Holder shall be responsible for any legal
expenses incurred by Holder relating to registration of Holder's Shares).
Company shall also provide Holder with such number of printed copies of the
prospectus, offering circulars and/or supplemental or amended prospectuses in
final and preliminary form as Holder may reasonably request. Company consents to
the use of each such prospectus or offering circular in connection with the sale
of the Holder's Shares.

                                       3
<PAGE>   4
                  3.       UNDERWRITTEN OFFERINGS.

                  (a)      If any registration in which Holder proposes to
         participate pursuant to Paragraph 1 involves the distribution of any
         securities through one or more underwriters, Company will, if requested
         by Holder, arrange for such underwriters to include all of the Company
         shares to be offered and sold by Holder among the securities of Company
         to be distributed by such underwriters. The underwriters' obligation to
         include such Shares shall be conditioned upon Holder's agreement to
         enter into an agreement with the managing or lead underwriter, as is
         customary for selling shareholders which are not affiliates of the
         issuer, provided that Holder shall not be required to make any
         representations or warranties to or agreements with Company or the
         underwriters other than representations, warranties or agreements
         regarding Holder, its shares and its intended method of distribution or
         any other representations or warranties required by law or customarily
         given by selling shareholders which are not affiliates of the Issuer in
         an underwritten public offering.

                  (b)      If any registration under Paragraph 1 involves an
         underwritten offering and the managing underwriter of such offering
         shall advise Company that, in its view, the number of securities
         requested to be included in such registration exceeds the largest
         number (the "MAXIMUM AMOUNT") that can be sold in an orderly manner in
         such offerings, within a price range acceptable to Company, Company
         shall include in such registration shares in the following priority:
         first, all shares of Common Stock that the Company proposes to register
         for its own account; and second, Holder's Shares requested by Holder to
         be included in the Registration Statement, pro rata with the aggregate
         of all shares of all other persons exercising similar registration
         rights granted before the date hereof.

                  4.       INDEMNIFICATION; CONTRIBUTION.

                  (a)      INDEMNIFICATION BY COMPANY. Company shall indemnify,
         to the fullest extent permitted by law, Holder, its directors,
         stockholders, officers, affiliates, employees, agents and each person
         who controls any of the foregoing within the meaning of the Securities
         Act against all losses, claims, damages, liabilities and expenses
         (including reasonable attorneys' fees) caused by, resulting from,
         arising out of or related to any untrue or alleged untrue statement of
         a material fact contained in any Registration Statement, prospectus or
         preliminary prospectus or any omission or alleged omission to state
         therein a material fact required to be stated therein or necessary to
         make the statements made therein not misleading, except insofar as the
         same are caused by or contained in any information with respect to
         Holder furnished in writing to Company by Holder specifically for use
         therein or caused by Holder's failure to deliver a copy of the
         Registration Statement or prospectus or any amendments or supplements
         thereto in accordance with the requirements of the Securities Act after
         Company has furnished such Holder with a copy of the same. Company
         shall also indemnify any underwriter of Company's Common Stock, its
         officers, employees and directors and each person who controls such
         underwriter (within the meaning of the Securities Act) to the same
         extent as provided above with respect to the indemnification of Holder.

                  (b)      INDEMNIFICATION BY HOLDER. In connection with any
         Registration Statement in which Holder is participating, such Holder
         will furnish to Company in writing such information and affidavits as
         Company reasonably requests in connection with preparation of the
         Registration Statement, prospectus or preliminary prospectus and shall
         indemnify, to the full extent permitted by law, Company, its directors,
         each of its officers who have signed the Registration Statement and
         each person who controls Company (within the meaning of the Securities
         Act) against any losses, claims, damages, liabilities and expenses
         (including reasonable attorneys' fees) caused

                                       4
<PAGE>   5
         by, resulting from, arising out of or related to 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 any amendment
         thereof or supplement thereto, or necessary to make the statements
         therein (in the case of a prospectus, in the light of the circumstances
         under which they were made) not misleading, to the extent, but only to
         the extent, that such untrue statement or omission is caused by or
         contained in any information or affidavit furnished in writing by such
         Holder expressly for use in such Registration Statement, prospectus,
         preliminary prospectus or any amendment thereof. In no event shall the
         liability of Holder hereunder exceed the amount of net proceeds
         received by it upon the sale of securities pursuant to such offering.

                  (c)      CONDUCT OF INDEMNIFICATION PROCEEDINGS. Any person
         entitled to indemnification hereunder shall give prompt written notice
         to the indemnifying party after the receipt by such person of any
         written notice of the commencement of any action, suit, proceeding or
         investigation or threat thereof made in writing for which such person
         may claim indemnification or contribution pursuant to this Agreement
         and, unless in the reasonable judgment of such indemnified party a
         conflict of interest may exist between such indemnified party and the
         indemnifying party with respect to such claim, permit the indemnifying
         party to assume the defense of such claim with counsel satisfactory to
         such indemnified party. If the indemnifying party is not entitled to,
         or elects not to, assume the defense of a claim, it will not be
         obligated to pay the fees and expenses of more than one counsel with
         respect to such claim, unless in the reasonable judgment of counsel for
         such indemnified party a conflict of interest may exist between such
         indemnified party and any other of such indemnified parties with
         respect to such claim, in which event the indemnifying party shall be
         obligated to pay the reasonable fees and expenses of such additional
         counsel or counsels. The indemnifying party will not be subject to any
         liability for any settlement made without its consent.

                  (d)      CONTRIBUTION.

                           (i)      If the indemnification provided for in this
                  Paragraph 4 from the indemnifying party is unavailable to an
                  indemnified party in respect of any losses, claims, damages,
                  liabilities or expenses referred to herein, then the
                  indemnifying party, in lieu of indemnifying such indemnified
                  party, shall contribute to the amount paid or payable by such
                  indemnified party as a result of such losses, claims, damages,
                  liabilities or expenses in such proportion as is appropriate
                  to reflect the relative fault of the indemnifying party and
                  indemnified parties in connection with the actions which
                  resulted in such losses, claims, damages, liabilities or
                  expenses, as well as any other relevant equitable
                  considerations. The relative fault of such indemnifying party
                  and indemnified party shall be determined by reference to,
                  among other things, whether any action in question, including
                  any untrue or alleged untrue statement of a material fact or
                  omission or alleged omission to state a material fact, has
                  been made by, or relates to information supplied by, such
                  indemnifying party or indemnified parties, and the parties'
                  relative intent, knowledge, access to information and
                  opportunity to correct or prevent such action. The amount paid
                  or payable by a party as a result of the losses, claims,
                  damages, liabilities and expenses referred to above shall be
                  deemed to include, subject to the limitations set forth in
                  Subparagraph 4(c) hereof, any legal or other fees or expenses
                  reasonably incurred by such party in connection with any
                  investigation or proceeding.

                           (ii)     The parties agree that it would not be just
                  and equitable if contribution pursuant to this Subparagraph
                  4(d) were determined by pro rata allocation or by any other
                  method of allocation which does not take account of the
                  equitable considerations referred to in the immediately
                  preceding paragraph.

                                       5
<PAGE>   6
                           (iii)    If indemnification is available under this
                  Paragraph 4, the indemnifying parties shall indemnify each
                  indemnified party to the full extent provided in Subparagraphs
                  4(a) and 4(b) hereof without regard to the relative fault of
                  said indemnifying party or indemnified party or any other
                  equitable consideration provided for in this Paragraph 4(d).

                                       6<PAGE>   1
                                                                    Exhibit 10.3

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR UNDER APPLICABLE STATE SECURITIES LAWS.
EXCEPT AS PROVIDED HEREIN, THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED EXCEPT IN COMPLIANCE WITH APPLICABLE LAWS AND THE OTHER
RESTRICTIONS ON TRANSFER SET FORTH HEREIN.

                           DURASWITCH INDUSTRIES, INC.

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

                        WARRANT TO PURCHASE COMMON STOCK

                                 APRIL 20, 2000

                  1.       GRANT. DuraSwitch Industries, Inc, a Nevada
corporation (hereinafter, "COMPANY"), for value received hereby grants to Delphi
Automotive Systems Corporation, a Delaware corporation ("HOLDER") the right from
time to time to subscribe for and purchase up to 225,000 shares of Company's
authorized but unissued $.001 par value common stock (the "COMMON STOCK"),
subject to adjustment as provided below. (The shares of Common Stock issuable
under this Warrant are referred to as the "WARRANT SHARES".)

                  2.       TERM. This Warrant may be exercised at any time
before 11:59 p.m. on April 20, 2002, or 11:59 p.m. on April 20, 2004 if Holder
exercises its call option for Company's stock dated April 20, 2000 (the
"EXERCISE PERIOD").

                  3.       EXERCISE PRICE. The exercise price of this Warrant
(the "ORIGINAL EXERCISE PRICE") is $ 7.00 per share.

                  4.       RESERVATION AND AUTHORIZATION OF COMMON STOCK.
Company agrees (a) that all Warrant Shares will, upon issuance, be validly
issued, fully paid and non-assessable and free of all transfer taxes, liens and
charges, (b) that during the Exercise Period, Company will at all times have
authorized and reserved for the purpose of issue or transfer upon exercise of
this Warrant, sufficient shares of Common Stock to provide for the exercise of
this Warrant and (c) that Company will take all such actions as may be necessary
to ensure that the Warrant Shares may be issued without violation of any
applicable law or regulation, or any requirement of any securities exchange upon
which any capital stock of Company may be listed.

                  5.       EXERCISE PROCEDURE.

                  (a)      Holder may exercise this Warrant, in whole or in part
         (but not as to a fractional share of Common Stock), by presenting it
         and tendering the Exercise Price for the Warrant Shares as to which the
         Warrant is being exercised in legal tender or by certified check or
         wire transfer to Company, at Company's principal executive offices,
         along with a duly exercised written subscription substantially in the
         form of Exhibit 5. (The date on which this Warrant is thus surrendered
         is referred to as the "EXERCISE DATE".) Company shall promptly, but in
         no event later than ten (10) days after the Exercise Date, at its
         expense (including the payment of issuance taxes), issue and deliver to
         Holder certificate(s) representing the number of shares of Common Stock
         so purchased, together with any cash in lieu of fractional shares
         pursuant to subparagraph 5(b) below. Such shares of Common Stock shall
         be deemed issued to Holder for all purposes as of the opening of
         business on the Exercise Date notwithstanding any delay in the actual
         issuance. Unless this Warrant has expired (or been exercised in full),
         a new Warrant representing the portion of this Warrant, if any, that
         shall not have been exercised also shall be delivered to Holder within
         such time.

                  (b)      Company shall not be required to issue fractional
         shares of Common Stock on the exercise of this Warrant. The number of
         full shares of Common Stock which shall be issuable upon such exercise
         shall be computed on the basis of the aggregate number of whole shares
         of

                                       1
<PAGE>   2
         Common Stock purchasable on exercise of the Warrant (or portion thereof
         so presented). If any fraction of a share of Common Stock would, except
         for the provisions of this subparagraph 5(b), be issuable on the
         exercise of the Warrant (or proportion thereof so presented), Company
         shall pay an amount in cash calculated by it to be equal to the product
         yielded by the multiplication of (i) the Fair Market Value of a share
         of Common Stock on the Exercise Date by (ii) the fraction of a share of
         Common Stock which Holder would otherwise be entitled to receive as a
         result of such exercise.

                  6.       RESALE OF WARRANT OR SHARES. Neither this Warrant nor
the Warrant Shares have been registered under the Securities Act or under the
securities laws of any state. Neither this Warrant nor such shares when issued
may be sold or transferred, in the absence of (i) an effective registration
statement for this Warrant or such shares, as the case may be, under the
Securities Act and such registration or qualification as may be necessary under
the securities laws of any state, or (ii) if requested by Company, an opinion of
counsel reasonably satisfactory to Company (who may be inside counsel to Holder)
that such registration or qualification is not required. Company shall cause any
certificate evidencing securities issued upon exercise of this Warrant before
said registration and qualification of such securities to bear an appropriate
legend describing the foregoing transfer restrictions. Notwithstanding any other
provision of this Warrant, Holder may transfer this Warrant (in whole or in
part) and any securities issuable upon exercise of this Warrant to any person or
entity which is an affiliate or subsidiary of Holder.

                  7.       TRANSFER. This Warrant shall be registered on the
books of Company which shall be kept at its principal office for that purpose,
and, subject to paragraph 6, shall be transferable in whole or in part but only
on such books by Holder in person or by duly authorized attorney with written
notice substantially in the form of Exhibit 7 hereof. Company will at no time
close its transfer books against the transfer of this Warrant or of any shares
of Common Stock or other securities issuable upon the exercise of this Warrant
in any manner which interferes with the timely exercise of this Warrant.

                  8.       ADJUSTMENTS UPON CERTAIN EVENTS.

                  (a)      STOCK SPLIT OR DIVIDEND; ADJUSTMENT TO EXERCISE PRICE
         AND NUMBER OF WARRANT SHARES. If the shares of Common Stock at any time
         outstanding shall be subdivided into a greater or combined into a
         lesser number of shares of Common Stock, by stock-split, reverse split
         or otherwise, or if shares of Common Stock shall be issued as a stock
         dividend, the Exercise Price shall be increased or decreased, as
         applicable, to an amount which shall bear the same relation to the
         Exercise Price in effect immediately before such subdivision,
         combination or stock dividend as the total number of shares of Common
         Stock outstanding immediately after such subdivision, combination or
         stock dividend shall bear to the total number of shares of Common Stock
         outstanding immediately before such subdivision, combination or stock
         dividend; likewise, in case of any such subdivision, combination or
         stock dividend, the number of Warrant Shares shall be increased or
         decreased as applicable, to the number which shall bear the same
         relation to the number of Warrant Shares obtainable hereunder
         immediately before such event, as the total number of shares of Common
         Stock outstanding immediately after such event shall bear to the total
         number of shares of Common Stock outstanding immediately before such
         event. An adjustment made pursuant to this subparagraph 8(a) shall
         become effective immediately upon the effective date of such
         subdivision, combination or stock dividend retroactive to the record
         date, if any, for such subdivision, combination or stock dividend.

                  (b)      MERGER, RECLASSIFICATION, ETC. In case of any capital
         reorganization, or any reclassification of the Common Stock, or in case
         of any consolidation of Company with or the merger of Company into any
         other corporation or other entity (other than a consolidation or merger
         in which Company is the continuing corporation) or in case of the sale
         of all or substantially all of the property and assets of Company to
         any other corporation or other entity, this Warrant shall, effective
         upon such reorganization, reclassification, consolidation, merger or
         sale be exercisable upon the terms and conditions specified herein, for
         the number of shares of stock or other securities or property of
         Company, or of the corporation, person or other entity

                                       2
<PAGE>   3
         resulting from such consolidation or surviving such merger or to which
         such sale shall be made, as the case may be, which Holder of this
         Warrant would have been entitled to receive had this Warrant been
         exercised immediately before such reorganization, reclassification,
         consolidation, merger or sale or any record date with respect thereto.
         In any such case, if necessary, the provision set forth in this Warrant
         with respect to the rights and interests thereafter of Holder shall be
         appropriately adjusted in good faith by the Board of Directors of
         Company so as to be applicable, as nearly as may reasonably be
         possible, to any shares of stock or other securities or property
         thereafter deliverable on the exercise of this Warrant. The subdivision
         or combination of shares of Common Stock at any time outstanding into a
         greater or lesser number of shares of Common Stock which results in
         adjustment pursuant to subparagraph 8(a) above shall not be deemed to
         be a reclassification of the Common Stock of Company for the purposes
         of this subparagraph 8(b). Company shall not effect any such
         consolidation, merger, or sale, unless before or upon the consummation
         thereof the successor corporation (if other than Company) resulting
         from such consolidation or merger or the corporation purchasing such
         assets shall assume, by written instrument executed and delivered to
         Company and Holder, the obligation to deliver to Holder such shares of
         stock, securities or assets to which in accordance with the foregoing
         provisions, such Holder may be entitled, as well as any other
         obligations arising under this Warrant. If any such transaction occurs,
         but does not expressly incorporate a price per share of Common Stock of
         Company, Company's Board of Directors shall nonetheless reduce the
         Exercise Price if, in good faith, it concludes that such transaction
         values Company at a per share price of less than the Exercise Price.

                  (c)      LIQUIDATING DIVIDENDS, ETC. If Company makes a
         distribution of its assets to the holders of its Common Stock as a
         dividend in liquidation or by way of return of capital or other than as
         a dividend payable out of earnings or surplus legally available for
         dividends under applicable law or any distribution to such holders made
         in respect of the sale of all or substantially all of Company's assets
         (other than as provided in Sections 8(a) or 8(b), Holder shall be
         entitled to receive upon the exercise hereof, in addition to the shares
         of Common Stock receivable upon such exercise, and without payment of
         any consideration other than the Exercise Price, an amount in cash
         equal to the fair market value of such distribution per share of Common
         Stock multiplied by the number of shares of Common Stock which, on the
         record date for such distribution, are issuable upon exercise of this
         Warrant, or if no such record is taken, as of the date of such
         distribution (with no further adjustment being made following any event
         which causes a subsequent adjustment in the number of shares of Common
         Stock issuable upon the exercise hereof), and an appropriate provision
         therefor shall be made a part of any such distribution.

                  (d)      NOTICE OF ADJUSTMENT. Whenever the number of Warrant
         Shares or the Exercise Price is adjusted, as herein provided, Company
         shall promptly notify Holder in writing of such adjustment(s) and shall
         deliver to such Holder a statement setting forth the number of Warrant
         Shares and the Exercise Price after such adjustment(s), setting forth a
         brief statement of the facts requiring such adjustment(s) and setting
         forth the computation by which such adjustment(s) was made.

                  (e)      STATEMENT OF WARRANT. The form of this Warrant need
         not be changed because of any change in the Exercise Price or in the
         number of Warrant Shares.

                  9.       NOTICE. When any notice is required by this Warrant
to be given to a person, such notice shall be provided by first class mail,
postage prepaid or by facsimile transmission or any other means of physical
delivery reasonably calculated to reach such person at least as quickly as first
class mail, to the principal executive offices of such person, attention:
Corporate Secretary.

                  10.      REPLACEMENT OF WARRANT. At the request of Holder and
on production of evidence reasonably satisfactory to Company of the loss, theft,
destruction or mutilation of this Warrant (and in the case of loss, theft, or
destruction, if required by Company, upon delivery of an indemnity agreement
reasonably requested by Company), Company at its expense will issue in lieu
thereof a new

                                       3
<PAGE>   4
Warrant of like tenor, representing the right to subscribe for and purchase the
number of shares of Common Stock which may be subscribed for and purchased
hereunder.

                  11.      REPRESENTATIONS.

                  (a)      Holder, by its acceptance hereof represents that it
         is an accredited investor within the meaning of Rule 501 of the
         Securities Act and covenants that this Warrant is, and any stock issued
         hereunder will be, acquired for investment purposes, and that Holder
         will not distribute the same in violation of any state or federal law
         or regulation.

                  (b)      Company represents that it is duly incorporated under
         the laws of the State of Nevada; that Company has been duly authorized
         by all necessary corporate action to issue this Warrant to Holder; and
         that this Warrant, when executed on Company's behalf by the person
         named below will be binding upon Company in accordance with its terms.

                  IN WITNESS WHEREOF, Company has caused this Warrant to be
signed on its behalf by its undersigned officer, and its corporate seal to be
hereunto affixed, as of the date first above written.

                                        DURASWITCH INDUSTRIES, INC.

Attest:

By:                                     By:
   --------------------------------        ---------------------------------

Title:                                  Title:
   --------------------------------        ---------------------------------

[Corporate Seal]

                                       4
<PAGE>   5
                                    EXHIBIT 5
                          FORM OF ELECTION TO PURCHASE

TO: DURASWITCH INDUSTRIES, INC.

Ladies and Gentlemen:
                           The undersigned hereby elects to exercise its right
                           under the attached Warrant by purchasing
                           ____________________ shares of the Common Stock of
                           Company, and herewith tenders in payment for such
                           shares the aggregate exercise price of
                           $_____________________ all in accordance with the
                           terms of the attached Warrant.

                  The undersigned requests that the certificate(s) for such
shares be issued in the name of _________________________ whose taxpayer number
is _________________ and whose address is __________________________
_______________________ and that such certificates (and any cash delivered
therewith) be delivered to _______________________________ whose address is
____________________________________________.

Date:_____________________

Signed:_____________________________________
         (Signature must conform in all respects to name of Holder as specified
         on face of the Warrant.)

Name of Holder:____________________________________________________________
                                   (please print)

Address of Holder:____________________________________________________________

                                       5
<PAGE>   6
                                    EXHIBIT 7

                                   ASSIGNMENT

FOR VALUE RECEIVED,
                    -----------------------------------------------------
                                     (Name)

whose address is
                    -----------------------------------------------------

ASSIGNS AND TRANSFERS the attached Warrant together with all right, title and
interest therein, and does hereby irrevocably appoint
                                                     ---------------------------
-------------------------- attorney to transfer said Warrant on the books of
Company with full power of substitution in the premises.

Done this     day of
          ---        ----------------, ---------.

Signed:
       ---------------------------------
By:
   -------------------------------------
Its:
    ------------------------------------

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}]]