Document:

EXHIBIT 10.59

     NEITHER  THIS  WARRANT NOR THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
     EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED,  OR ANY APPLICABLE STATE SECURITIES LAW AND NEITHER MAY BE
     SOLD OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER
     SUCH  SECURITIES ACT AND SUCH APPLICABLE  STATE  SECURITIES LAWS SHALL
     HAVE BECOME  EFFECTIVE WITH REGARD THERETO,  OR (II) THE COMPANY SHALL
     HAVE RECEIVED A WRITTEN  OPINION OF COUNSEL  ACCEPTABLE TO THE COMPANY
     TO THE EFFECT THAT  REGISTRATION  UNDER SUCH  SECURITIES  ACT AND SUCH
     APPLICABLE  STATE  SECURITIES  LAWS IS NOT REQUIRED IN CONNECTION WITH
     SUCH PROPOSED TRANSFER.

                                COMPOSITECH LTD.
                          COMMON STOCK PURCHASE WARRANT

Warrant No. 8                                                     148,800 shares

                      Original Issue Date: October 4, 1999

     THIS CERTIFIES THAT, FOR VALUE RECEIVED, SOVCAP EQUITY PARTNERS, LTD or its
assigns (the "Holder") is entitled to purchase, on the terms and conditions
hereinafter set forth, at any time or from time to time from the date hereof
until 5:00 p.m., Eastern Time, on the fifth (5th) anniversary of the Original
Issue Date set forth above, or if such date is not a day on which the Company is
open for business, then the next succeeding day on which the Company is open for
business (such date is the "Expiration Date"), but not thereafter, up to ONE
HUNDRED FORTY-EIGHT THOUSAND EIGHT HUNDRED (148,800) shares of the Common Stock,
par value $.01 (the "Common Stock"), of COMPOSITECH LTD., a Delaware corporation
(the "Company"), at a price of $1.20 per share (the "Exercise Price"), such
number of shares and Exercise Price being subject to adjustment upon the
occurrence of the contingencies set forth in this Warrant. Each share of Common
Stock as to which this Warrant is exercisable is a "Warrant Share" and all such
shares are collectively referred to as the "Warrant Shares."

     Section 1. Exercise of Warrant; Conversion of Warrant.

          (a) This Warrant may, at the option of the Holder, be exercised in
     whole or in part from time to time by delivery to the Company at its office
     at 120 Ricefield Lane, Hauppauge, New York 11788, Attention: President, or
     to any transfer agent for the Common Stock, on or before 5:00 p.m., Eastern
     Time, on the Expiration Date, (i) a written notice of such registered
     Holder's election to exercise this Warrant (the "Exercise Notice"), which
     notice may be in the form of the Notice of Exercise attached hereto,
     properly executed and completed by the registered Holder or an authorized
     officer thereof, (ii) a check payable to the order of the Company, in an
     amount equal to the product of the Exercise Price multiplied by the number
     of Warrant Shares specified in the Exercise Notice, and (iii) this Warrant
     (the items specified in (i), (ii), and (iii) are collectively the "Exercise
     Materials").

          (b) Upon timely receipt of the Exercise Materials, the Company shall,
     as promptly as practicable, and in any event within five (5) business days
     after its receipt of the Exercise Materials, execute or cause to be
     executed and delivered to Holder a certificate or certificates representing
     the number of Warrant Shares specified in the Exercise Notice, together
     with cash in lieu of any fraction of a share, and, (x) if the Warrant is
     exercised in full, a copy of this Warrant marked "Exercised," or (y) if the
     Warrant is partially exercised, a copy of this Warrant marked "Partially
     Exercised" together with a new Warrant on the same terms for the
     unexercised balance of the Warrant Shares, or (z) if the Warrant is
     converted, a copy of this Warrant marked "Converted." The stock certificate
     or certificates shall be registered in the name of the registered

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     Holder of this Warrant or such other name or names as shall be designated
     in the Exercise Notice or Conversion Notice. The date on which the Warrant
     shall be deemed to have been exercised or converted (the "Effective Date"),
     and the date the person in whose name any certificate evidencing the Common
     Stock issued upon the exercise or conversion hereof is issued shall be
     deemed to have become the holder of record of such shares, shall be the
     date the Corporation receives the Exercise Materials, irrespective of the
     date of delivery of a certificate or certificates evidencing the Common
     Stock issued upon the exercise or conversion hereof, except that, if the
     date on which the Exercise Materials are received by the Company is a date
     on which the stock transfer books of the Company are closed, the Effective
     Date shall be the date the Company receives the Exercise Materials, and the
     date such person shall be deemed to have become the holder of the Common
     Stock issued upon the exercise or conversion hereof shall be the next
     succeeding date on which the stock transfer books are open. All shares of
     Common Stock issued upon the exercise or conversion of this Warrant will,
     upon issuance, be fully paid and nonassessable and free from all taxes,
     liens, and charges with respect thereto.

          (c) If the Company shall fail to issue to Holder within five (5)
     business days following the Effective Date a certificate for the number of
     shares of Common Stock to which such holder is entitled upon such holder's
     exercise or conversion of this Warrant, in addition to all other available
     remedies which such holder may pursue hereunder and the Series 1 Bridge
     Note Purchase and Security Agreement between the Company and the initial
     holder of the Warrant, as amended (the "Securities Purchase Agreement")
     including indemnification pursuant to Section 7.18 thereof (all of which
     shall be cumulative), the Company shall pay additional damages to such
     holder on each day after the Effective Date, an amount equal to 1.0% of the
     product of (A) the number of Warrant Shares not issued to Holder and to
     which Holder is entitled multiplied by (B) the Closing Bid Price of the
     Common Stock on the Effective Date. Such damages shall be computed daily
     and are due and payable daily. Additionally, notwithstanding anything in
     this Section 1 to the contrary, Holder may withdraw an Exercise Notice at
     any time prior to Holder's receipt of certificates evidencing the Warrant
     Shares if Holder has otherwise complied with the requirements of this
     Section 1.

     Section 2. Adjustments to Warrant Shares. The number of Warrant Shares
issuable upon the exercise hereof shall be subject to adjustment as follows:

          (a) In the event the Company is a party to a consolidation, share
     exchange, or merger, or the sale of all or substantially all of the assets
     of the Company to, any person, or in the case of any consolidation or
     merger of another corporation into the Company in which the Company is the
     surviving corporation, and in which there is a reclassification or change
     of the shares of Common Stock of the Company, this Warrant shall after such
     consolidation, share exchange, merger, or sale be exercisable for the kind
     and number of securities or amount and kind of property of the Company or
     the corporation or other entity resulting from such share exchange, merger,
     or consolidation, or to which such sale shall be made, as the case may be
     (the "Successor Company"), to which a holder of the number of shares of
     Common Stock deliverable upon the exercise (immediately prior to the time
     of such consolidation, share exchange, merger, or sale) of this Warrant
     would have been entitled upon such consolidation, share exchange, merger,
     or sale; and in any such case appropriate adjustments shall be made in the
     application of the provisions set forth herein with respect to the rights
     and interests of the registered Holder of this Warrant, such that the
     provisions set forth herein shall thereafter correspondingly be made
     applicable, as nearly as may reasonably be, in relation to the number and
     kind of securities or the type and amount of property thereafter
     deliverable upon the exercise of this Warrant. The above provisions shall
     similarly apply to successive consolidations, share exchanges, mergers, and
     sales. Any adjustment

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     required by this Section 2 (a) because of a consolidation, share exchange,
     merger, or sale shall be set forth in an undertaking delivered to the
     registered Holder of this Warrant and executed by the Successor Company
     which provides that the Holder of this Warrant shall have the right to
     exercise this Warrant for the kind and number of securities or amount and
     kind of property of the Successor Company or to which the holder of a
     number of shares of Common Stock deliverable upon exercise (immediately
     prior to the time of such consolidation, share exchange, merger, or sale)
     of this Warrant would have been entitled upon such consolidation, share
     exchange, merger, or sale. Such undertaking shall also provide for future
     adjustments to the number of Warrant Shares and the Exercise Price in
     accordance with the provisions set forth in Section 2 hereof.

          (b) In the event the Company should at any time, or from time to time
     after the Original Issue Date, fix a record date for the effectuation of a
     stock split or subdivision of the outstanding shares of Common Stock or the
     determination of holders of Common Stock entitled to receive a dividend or
     other distribution payable in additional shares of Common Stock, or
     securities or rights convertible into, or entitling the holder thereof to
     receive directly or indirectly, additional shares of Common Stock
     (hereinafter referred to as "Common Stock Equivalents") without payment of
     any consideration by such holder for the additional shares of Common Stock
     or the Common Stock Equivalents (including the additional shares of Common
     Stock issuable upon exercise or exercise thereof), then, as of such record
     date (or the date of such dividend, distribution, split, or subdivision if
     no record date is fixed), the number of Warrant Shares issuable upon the
     exercise hereof shall be proportionately increased and the Exercise Price
     shall be appropriately decreased by the same proportion as the increase in
     the number of outstanding Common Stock Equivalents of the Company resulting
     from the dividend, distribution, split, or subdivision. Notwithstanding the
     preceding sentence, no adjustment shall be made to decrease the Exercise
     Price below $.01 per Share.

          (c) In the event the Company should at any time or from time to time
     after the Original Issue Date, fix a record date for the effectuation of a
     reverse stock split, or a transaction having a similar effect on the number
     of outstanding shares of Common Stock of the Company, then, as of such
     record date (or the date of such reverse stock split or similar transaction
     if no record date is fixed), the number of Warrant Shares issuable upon the
     exercise hereof shall be proportionately decreased and the Exercise Price
     shall be appropriately increased by the same proportion as the decrease of
     the number of outstanding Common Stock Equivalents resulting from the
     reverse stock split or similar transaction.

          (d) In the event the Company should at any time or from time to time
     after the Original Issue Date, fix a record date for a reclassification of
     its Common Stock, then, as of such record date (or the date of the
     reclassification if no record date is set), this Warrant shall thereafter
     be convertible into such number and kind of securities as would have been
     issuable as the result of such reclassification to a holder of a number of
     shares of Common Stock equal to the number of Warrant Shares issuable upon
     exercise of this Warrant immediately prior to such reclassification, and
     the Exercise Price shall be unchanged.

          (e) The Company will not, by amendment of its Certificate of
     Incorporation or through reorganization, consolidation, merger,
     dissolution, issue, or sale of securities, sale of assets or any other
     voluntary action, void or seek to avoid the observance or performance of
     any of the terms of the Warrant, but will at all times in good faith assist
     in the carrying out of all such terms and in the taking of all such actions
     as may be necessary or appropriate in order to protect the rights of the
     Holder against dilution or other impairment. Without limiting the
     generality of the

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     foregoing, the Company (x) will not create a par value of any share of
     stock receivable upon the exercise of the Warrant above the amount payable
     therefor upon such exercise, and (y) will take all such action as may be
     necessary or appropriate in order that the Company may validly and legally
     issue fully paid and non-assessable shares upon the exercise of the
     Warrant.

          (f) When any adjustment is required to be made in the number or kind
     of shares purchasable upon exercise of the Warrant, or in the Exercise
     Price, the Company shall promptly notify the Holder of such event and of
     the number of shares of Common Stock or other securities or property
     thereafter purchasable upon exercise of the Warrants and of the Exercise
     Price, together with the computation resulting in such adjustment.

          (g) The Company covenants and agrees that all Warrant Shares which may
     be issued will, upon issuance, be validly issued, fully paid, and
     non-assessable. The Company further covenants and agrees that the Company
     will at all times have authorized and reserved, free from preemptive
     rights, a sufficient number of shares of its Common Stock to provide for
     the exercise of the Warrant in full.

     Section 3. No Stockholder Rights. This Warrant shall not entitle the Holder
hereof to any voting rights or other rights as a stockholder of the Company.

     Section 4. Transfer of Securities.

          (a) This Warrant and the Warrant Shares and any shares of capital
     stock received in respect thereof, whether by reason of a stock split or
     share reclassification thereof, a stock dividend thereon, or otherwise,
     shall not be transferable except upon compliance with the provisions of the
     Securities Act of 1933, as amended (the "Securities Act") and applicable
     state securities laws with respect to the transfer of such securities. The
     Holder of this Warrant, by acceptance of this Warrant, agrees to be bound
     by the provisions of Section 4 hereof and to indemnify and hold harmless
     the Company against any loss or liability arising from the disposition of
     this Warrant or the Warrant Shares issuable upon exercise hereof or any
     interest in either thereof in violation of the provisions of this Warrant.

          (b) Each certificate for the Warrant Shares and any shares of capital
     stock received in respect thereof, whether by reason of a stock split or
     share reclassification thereof, a stock dividend thereon or otherwise, and
     each certificate for any such securities issued to subsequent transferees
     of any such certificate shall (unless otherwise permitted by the provisions
     hereof) be stamped or otherwise imprinted with a legend in substantially
     the following form:

     Legend for Warrant Shares or other shares of capital stock:

     NEITHER  THIS  WARRANT NOR THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
     EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED,  OR ANY APPLICABLE STATE SECURITIES LAW AND NEITHER MAY BE
     SOLD OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER
     SUCH  SECURITIES ACT AND SUCH APPLICABLE  STATE  SECURITIES LAWS SHALL
     HAVE BECOME  EFFECTIVE WITH REGARD THERETO,  OR (II) THE COMPANY SHALL
     HAVE RECEIVED A WRITTEN  OPINION OF COUNSEL  ACCEPTABLE TO THE COMPANY
     TO THE EFFECT THAT  REGISTRATION  UNDER SUCH  SECURITIES  ACT AND SUCH
     APPLICABLE  STATE  SECURITIES  LAWS IS NOT REQUIRED IN CONNECTION WITH
     SUCH PROPOSED TRANSFER.

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     Section 5. Miscellaneous.

          (a) The terms of this Warrant shall be binding upon and shall inure to
     the benefit of any successors or assigns of the Company and of the holder
     or holders hereof and of the Common Stock issued or issuable upon the
     exercise hereof.

          (b) Except as otherwise provided herein, this Warrant and all rights
     hereunder are transferable by the registered holder hereof in person or by
     duly authorized attorney on the books of the Company upon surrender of this
     Warrant, properly endorsed, to the Company. The Company may deem and treat
     the registered holder of this Warrant at any time as the absolute owner
     hereof for all purposes and shall not be affected by any notice to the
     contrary.

          (c) Notwithstanding any provision herein to the contrary, Holder
     hereof may not exercise, sell, transfer, or otherwise assign this Warrant
     unless the Company is provided with an opinion of counsel satisfactory in
     form and substance to the Company, to the effect that such exercise, sale,
     transfer, or assignment would not violate the Securities Act or applicable
     state securities laws.

          (d) This Warrant may be divided into separate Warrants covering one
     share of Common Stock or any whole multiple thereof, for the total number
     of shares of Common Stock then subject to this Warrant at any time, or from
     time to time, upon the request of the registered holder of this Warrant and
     the surrender of the same to the Company for such purpose. Such subdivided
     Warrants shall be issued promptly by the Company following any such request
     and shall be of the same form and tenor as this Warrant, except for any
     requested change in the name of the registered holder stated herein.

          (e) All notices, requests, demands, and other communications required
     or permitted under this Warrant and the transactions contemplated herein
     shall be in writing and shall be deemed to have been duly given, made, and
     received when personally delivered the day after deposited with a
     recognized national overnight delivery service prior to its dead-line for
     receiving packages for next day delivery or upon the fifth day after
     deposited in the United States registered or certified mail with postage
     prepaid, return receipt requested, in each case addressed as set forth
     below:

          If to the Company:

                          Compositech Ltd.
                          120 Ricefield Lane
                          Hauppauge, New York 11788
                          Attn: Samuel S. Gross
                          Facsimile: (516) 436-5203

          If to the Holder hereof, to the address of such Holder appearing on
     the books of the Company.

          (f) This Agreement shall be governed by and construed in accordance
     with the laws of the State of New York, irrespective of the choice of law
     provisions thereof. The parties agree that any appropriate state court
     located in New Castle County, Delaware, or any federal Court located in
     Wilmington, Delaware, including without limitation to the United States
     District Court of

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     Delaware, shall have exclusive jurisdiction of any case or controversy
     arising under or in connection with this Agreement and shall be a proper
     forum in which to adjudicate such case or controversy. The parties consent
     to the jurisdiction of such courts.

                       [Signatures on the following page]

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                                 SIGNATURE PAGE
                                       TO
                                     COMPANY
                          COMMON STOCK PURCHASE WARRANT

     IN WITNESS WHEREOF, the Company, has caused this Warrant to be executed in
its name by its duly authorized officers under its corporate seal, and to be
dated as of the date first above written.

                                   COMPOSITECH LTD.

                                   By:_______________________________________
                                      Samuel S. Gross, Chief Financial Officer
ATTEST:

                                                [Corporate Seal]
_______________________________________
Assistant Secretary

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<PAGE>

                                   ASSIGNMENT

     (To be  Executed  by the  Registered  Holder  to effect a  Transfer  of the
foregoing Warrant)

     FOR VALUE RECEIVED, the undersigned hereby sells, and assigns and transfers
unto __________________________________________________________ the foregoing
Warrant and the rights represented thereto to purchase shares of Common Stock of
Compositech Ltd. in accordance with terms and conditions thereof, and does
hereby irrevocably constitute and appoint ________________ Attorney to transfer
the said Warrant on the books of the Company, with full power of substitution.

     Holder:

     ________________________

     ________________________

     Address

     Dated: __________________, 19__

     In the presence of:

     ________________________

<PAGE>

                    FORM OF NOTICE OF EXERCISE OR CONVERSION

     [To be signed only upon exercise of Warrant]

To:  COMPOSITECH LTD.

     The undersigned registered Holder of the attached Warrant hereby
irrevocably elects to exercise the Warrant for, and to purchase thereunder,
_____ shares of Common Stock of Compositech Ltd., issuable upon exercise of said
Warrant and hereby surrenders said Warrant.

 |_|      The Holder herewith delivers to Compositech Ltd., a check in the
          amount of $______ representing the Exercise Price for such shares.

     The undersigned herewith requests that the certificates for such shares be
issued in the name of, and delivered to the undersigned, whose address is
________________________________.

     Dated: ___________________

                                       Holder:

                                       ________________________________

                                       ________________________________

                                       By:
                                           ________________________________

                                           ________________________________

                                     NOTICE

     The signature above must correspond to the name as written upon the face of
the within Warrant in every particular, without alteration or enlargement or any
change whatsoever.EXHIBIT 10.60

     NEITHER  THIS  WARRANT NOR THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
     EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED,  OR ANY APPLICABLE STATE SECURITIES LAW AND NEITHER MAY BE
     SOLD OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER
     SUCH  SECURITIES ACT AND SUCH APPLICABLE  STATE  SECURITIES LAWS SHALL
     HAVE BECOME  EFFECTIVE WITH REGARD THERETO,  OR (II) THE COMPANY SHALL
     HAVE RECEIVED A WRITTEN  OPINION OF COUNSEL  ACCEPTABLE TO THE COMPANY
     TO THE EFFECT THAT  REGISTRATION  UNDER SUCH  SECURITIES  ACT AND SUCH
     APPLICABLE  STATE  SECURITIES  LAWS IS NOT REQUIRED IN CONNECTION WITH
     SUCH PROPOSED TRANSFER.

                                COMPOSITECH LTD.
                           ATTACHED REPRICING WARRANT

Warrant No. RPW-7                                                ____,000 shares

                      Original Issue Date: October 4, 1999

     THIS CERTIFIES THAT, FOR VALUE RECEIVED, SOVCAP EQUITY PARTNERS, LTD. or
its assigns (the "Holder") is entitled to purchase, on the terms and conditions
hereinafter set forth, at any time or from time to time during the Exercise
Period, but not thereafter, a number of shares of the Common Stock, par value
$.01 (the "Common Stock"), of COMPOSITECH LTD., a Delaware corporation (the
"Company"), determined in accordance with Section 2 hereof, at a price of $.01
per share (the "Exercise Price"). Each share of Common Stock as to which this
Repricing Warrant is exercisable is a "Repricing Share" and all such shares are
collectively referred to as the "Repricing Shares." This Repricing Warrant shall
remain attached to the Series 1 Bridge Financing Note issued to Holder on the
Original Issue Date (the "Bridge Note"), until conversion of the Bridge Note, at
which time it shall automatically detach.

     Section 1. Definitions.

     The following capitalized terms are not defined elsewhere in this Repricing
Warrant, and are used herein with the meanings thereafter ascribed:

     "Average Market Price" means, the arithmetic mean of the Closing Bid Prices
of the Common Stock for each trading day in a ten (10) trading day period which
ends on the Exercise Date.

     "Closing Bid Price" means, the last closing bid price of the Common Stock
on the NASDAQ National Market (the "NASDAQ-NM") as reported by Bloomberg
Financial Markets ("Bloomberg"), or, if the NASDAQ-NM is not the principal
trading market for the Common Stock, the last closing bid price of the Common
Stock on the principal securities exchange or trading market where the Common
Stock is listed or traded as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price of the Common Stock in the over-the-counter
market on the pink sheets or bulletin board for the Common Stock as reported by
Bloomberg, or, if no closing bid price is reported for the Common Stock by
Bloomberg, the last closing trade price of the Common Stock as reported by
Bloomberg. If the Closing Bid Price cannot be calculated for the Common Stock on
such date on any of the foregoing bases, the Closing Bid Price of the Common
Stock on such date shall be the fair market value as reasonably determined in
good faith by the Board of Directors of the Company (all as appropriately
adjusted for any stock dividend, stock split, or other similar transaction
during such period);

     "Conversion Date" means the date Bridge Note is converted into Common
Stock.

     "Conversion Price" means $1.1375, the conversion price of the Bridge Note.

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     "Conversion Shares" means the number of shares of Common Stock issued upon
conversion of the Bridge Note.

     "Exercise Period" means a period which commences on the Conversion Date and
ends at 5:00 p.m. (Eastern Time) on the Expiration Date.

     "Expiration Date" means the ninetieth (90th) day after the Conversion Date,
provided however, that the Expiration Date shall accelerate to the twenty-first
(21st) trading day after the Conversion Date, if and only if the average Closing
Bid Price of the Common Stock over a period of twenty (20) trading days
commencing on the Conversion Date is at least 120% of the Conversion Price.

     Section 2. Determination of Number of Repricing Shares. The number of
Repricing Shares issuable upon exercise of this Repricing Warrant shall be
determined on the Exercise Date. The number of Repricing Shares shall be equal
to: the number of Conversion Shares multiplied by a fraction, (a) the numerator
of which is 120% of the Conversion Price minus the Average Market Price and (b)
the denominator of which is the Average Market Price. In the case of a dispute
as to the determination of the Average Market Price or the arithmetic
calculation of the Exercise Price, the Company shall promptly issue to such
Holder(s) the number of shares of Common Stock that is not disputed and shall
submit the disputed determinations or arithmetic calculations to the holder via
facsimile within three (3) business days of receipt of such holder's Conversion
Notice. If such Holder(s) and the Company are unable to agree upon the
determination of the Average Market Price or arithmetic calculation of the
Exercise Price within two (2) business days of such disputed determination or
arithmetic calculation being submitted to the holder, then the Company shall
within one (1) business day submit via facsimile (A) the disputed determination
of the Average Market Price to an independent, reputable investment bank or (B)
the disputed arithmetic calculation of the Exercise Price to its independent,
outside accountant. The Company shall cause the investment bank or the
accountant, as the case may be, to perform the determinations or calculations
and notify the Company and such Holders of the results no later than forty-eight
(48) hours from the time it receives the disputed determinations or
calculations. Such investment bank's or accountant's determination or
calculation, as the case may be, shall be binding upon all parties absent
manifest error.

     Section 3. Exercise of Warrant; Conversion of Warrant; Election to Pay
Cash.

          (a) This Warrant may, at the option of the Holder, be exercised in
     whole or in part from time to time by delivery to the Company at its office
     at 120 Ricefield Lane, Hauppauge, New York 11788, Attention: President, or
     to any transfer agent for the Common Stock, on or before 5:00 p.m., Eastern
     Time, on the Expiration Date, (i) a written notice of such registered
     Holder's election to exercise this Warrant (the "Exercise Notice"), which
     notice may be in the form of the Notice of Exercise attached hereto,
     properly executed and completed by the registered Holder or an authorized
     officer thereof, (ii) a check payable to the order of the Corporation, in
     an amount equal to the product of the Exercise Price multiplied by the
     number of Repricing Shares specified in the Exercise Notice, and (iii) this
     Warrant (the items specified in (i), (ii), and (iii) are collectively the
     "Exercise Materials").

          (b) This Warrant may, at the option of the Holder, be converted into
     Common Stock in whole but not in part, if and only if the Value of one
     share of Common Stock on the Exercise Date (as defined in Section 1(c)
     hereof) is greater than the Exercise Price, by delivery to the Company at
     the address designated in Section 1(a) above or to any transfer agent for
     the Common Stock, on or before 5:00 p.m. Eastern Time on the Expiration
     Date, (i) a written notice of Holder's election to convert this Warrant
     (the "Conversion Notice"), properly executed and completed by

                                      -2-
<PAGE>

     the registered Holder or an authorized officer thereof, and (ii) this
     Warrant (the items specified in (i) and (ii) are collectively the
     "Conversion Materials"). The number of shares of Common Stock issuable upon
     conversion of this Warrant is equal to the quotient of (x) the product of
     the number of Repricing Shares then issuable upon exercise of this Warrant
     (assuming an exercise for cash) multiplied by the difference between (A)
     the Average Market Price minus (B) the then effective Exercise Price
     divided by (y) the Average Market Price. Any fraction resulting from the
     calculation of the number of Repricing Shares then issuable in a conversion
     of this Repricing Warrant shall be truncated;

          (c) Upon timely receipt of the Exercise Materials or Conversion
     Materials (whichever is applicable), the Company shall, as promptly as
     practicable, and in any event within five (5) business days after its
     receipt of the Exercise Materials or Conversion Materials, execute or cause
     to be executed and delivered to Holder a certificate or certificates
     representing the number of Repricing Shares specified in the Exercise
     Notice or if Holder delivered a Conversion Notice, the number of shares of
     Common Stock issuable upon conversion of this Warrant (whichever is
     applicable), together with cash in lieu of any fraction of a share, and,
     (x) if the Warrant is exercised in full, a copy of this Warrant marked
     "Exercised," or (y) if the Warrant is partially exercised, a copy of this
     Warrant marked "Partially Exercised" together with a new Warrant on the
     same terms for the unexercised balance of the Repricing Shares, or (z) if
     the Warrant is converted, a copy of this Warrant marked "Converted." The
     stock certificate or certificates shall be registered in the name of the
     registered Holder of this Warrant or such other name or names as shall be
     designated in the Exercise Notice or Conversion Notice. The date on which
     the Warrant shall be deemed to have been exercised or converted (the
     "Exercise Date"), and the date the person in whose name any certificate
     evidencing the Common Stock issued upon the exercise or conversion hereof
     is issued shall be deemed to have become the holder of record of such
     shares, shall be the date the Corporation receives the Exercise Materials
     or Conversion Materials, irrespective of the date of delivery of a
     certificate or certificates evidencing the Common Stock issued upon the
     exercise or conversion hereof, except that, if the date on which the
     Exercise Materials or Conversion Materials are received by the Company is a
     date on which the stock transfer books of the Company are closed, the
     Exercise Date shall be the date the Company receives the Exercise Materials
     or Conversion Materials, and the date such person shall be deemed to have
     become the holder of the Common Stock issued upon the exercise or
     conversion hereof shall be the next succeeding date on which the stock
     transfer books are open. All shares of Common Stock issued upon the
     exercise or conversion of this Warrant will, upon issuance, be fully paid
     and nonassessable and free from all taxes, liens, and charges with respect
     thereto.

          (d) If the Company shall fail to issue to Holder within five (5)
     business days following the date of receipt by the Company or the Transfer
     Agent of the Exercise Materials or the Conversion Materials, a certificate
     for the number of shares of Common Stock to which such holder is entitled
     upon such holder's exercise or conversion of this Warrant, in addition to
     all other available remedies which such holder may pursue hereunder and
     under this Warrant and the Series 1 Bridge Note Purchase and Security
     Agreement dated March 16, 1999 between the Company and the initial holder
     of this Warrant, as amended (the "Securities Purchase Agreement") including
     indemnification pursuant to Section 7.18 thereof, the Company shall pay
     additional damages to such holder on each day after the Exercise Date, an
     amount equal to 1.0% of the product of (A) the number of Repricing Shares
     not issued to Holder and to which Holder is entitled multiplied by (B) the
     Closing Bid Price of the Common Stock on the Exercise Date. Such damages
     shall be computed daily and are due and payable daily. Additionally,
     notwithstanding anything in this Section 3 to the contrary, Holder may
     withdraw an Exercise Notice at any time prior to Holder's

                                      -3-
<PAGE>

     receipt of certificates evidencing the Conversion Shares if Holder has
     otherwise complied with the requirements of this Section 3.

          (e) The Company may, in lieu of issuing the Repricing Shares pay
     Holder an amount equal to the number of Repricing Shares issuable on the
     Exercise Date multiplied by the Average Market Price (the "Payment
     Amount"). In such event, the Company shall be obligated to deliver the
     Payment Amount to Holder within five (5) business days following the
     Exercise Date. If the Company shall fail to deliver the Payment Amount
     within five (5) business days after the Exercise Date, in addition to all
     other available remedies which Holder may pursue at law or equity,
     including indemnification pursuant to Section 7.18 of the Securities
     Purchase Agreement, the Company shall pay additional damages to Holder on
     each day after the Exercise Date, until the Payment Amount has been paid,
     an amount equal to 1.0% of the Payment Amount. Such damages shall be
     computed daily and are due and payable daily.

     Section 4. Adjustments to Repricing Shares. The number of Repricing Shares
issuable upon the exercise hereof shall be subject to adjustment as follows:

          (a) In the event the Company is a party to a consolidation, share
     exchange, or merger, or the sale of all or substantially all of the assets
     of the Company to, any person, or in the case of any consolidation or
     merger of another corporation into the Company in which the Company is the
     surviving corporation, and in which there is a reclassification or change
     of the shares of Common Stock of the Company, this Warrant shall after such
     consolidation, share exchange, merger, or sale be exercisable for the kind
     and number of securities or amount and kind of property of the Company or
     the corporation or other entity resulting from such share exchange, merger,
     or consolidation, or to which such sale shall be made, as the case may be
     (the "Successor Company"), to which a holder of the number of shares of
     Common Stock deliverable upon the exercise (immediately prior to the time
     of such consolidation, share exchange, merger, or sale) of this Warrant
     would have been entitled upon such consolidation, share exchange, merger,
     or sale; and in any such case appropriate adjustments shall be made in the
     application of the provisions set forth herein with respect to the rights
     and interests of the registered Holder of this Warrant, such that the
     provisions set forth herein shall thereafter correspondingly be made
     applicable, as nearly as may reasonably be, in relation to the number and
     kind of securities or the type and amount of property thereafter
     deliverable upon the exercise of this Warrant. The above provisions shall
     similarly apply to successive consolidations, share exchanges, mergers, and
     sales. Any adjustment required by this Section 2 (a) because of a
     consolidation, share exchange, merger, or sale shall be set forth in an
     undertaking delivered to the registered Holder of this Warrant and executed
     by the Successor Company which provides that the Holder of this Warrant
     shall have the right to exercise this Warrant for the kind and number of
     securities or amount and kind of property of the Successor Company or to
     which the holder of a number of shares of Common Stock deliverable upon
     exercise (immediately prior to the time of such consolidation, share
     exchange, merger, or sale) of this Warrant would have been entitled upon
     such consolidation, share exchange, merger, or sale. Such undertaking shall
     also provide for future adjustments to the number of Repricing Shares and
     the Exercise Price in accordance with the provisions set forth in Section 2
     hereof.

          (b) In the event the Company should at any time, or from time to time
     after the Original Issue Date, fix a record date for the effectuation of a
     stock split or subdivision of the outstanding shares of Common Stock or the
     determination of holders of Common Stock entitled to receive a dividend or
     other distribution payable in additional shares of Common Stock, or
     securities or rights convertible into, or entitling the holder thereof to
     receive directly or indirectly, additional

                                      -4-
<PAGE>

          shares of Common Stock (hereinafter referred to as "Common Stock
     Equivalents") without payment of any consideration by such holder for the
     additional shares of Common Stock or the Common Stock Equivalents
     (including the additional shares of Common Stock issuable upon exercise or
     exercise thereof), then, as of such record date (or the date of such
     dividend, distribution, split, or subdivision if no record date is fixed),
     the number of Repricing Shares issuable upon the exercise hereof shall be
     proportionately increased and the Exercise Price shall be appropriately
     decreased by the same proportion as the increase in the number of
     outstanding Common Stock Equivalents of the Company resulting from the
     dividend, distribution, split, or subdivision. Notwithstanding the
     preceding sentence, no adjustment shall be made to decrease the Exercise
     Price below $.01 per Share.

          (c) In the event the Company should at any time or from time to time
     after the Original Issue Date, fix a record date for the effectuation of a
     reverse stock split, or a transaction having a similar effect on the number
     of outstanding shares of Common Stock of the Company, then, as of such
     record date (or the date of such reverse stock split or similar transaction
     if no record date is fixed), the number of Repricing Shares issuable upon
     the exercise hereof shall be proportionately decreased and the Exercise
     Price shall be appropriately increased by the same proportion as the
     decrease of the number of outstanding Common Stock Equivalents resulting
     from the reverse stock split or similar transaction.

          (d) In the event the Company should at any time or from time to time
     after the Original Issue Date, fix a record date for a reclassification of
     its Common Stock, then, as of such record date (or the date of the
     reclassification if no record date is set), this Warrant shall thereafter
     be convertible into such number and kind of securities as would have been
     issuable as the result of such reclassification to a holder of a number of
     shares of Common Stock equal to the number of Repricing Shares issuable
     upon exercise of this Warrant immediately prior to such reclassification,
     and the Exercise Price shall be unchanged.

          (e) The Company will not, by amendment of its Certificate of
     Incorporation or through reorganization, consolidation, merger,
     dissolution, issue, or sale of securities, sale of assets or any other
     voluntary action, void or seek to avoid the observance or performance of
     any of the terms of the Warrant, but will at all times in good faith assist
     in the carrying out of all such terms and in the taking of all such actions
     as may be necessary or appropriate in order to protect the rights of the
     Holder against dilution or other impairment. Without limiting the
     generality of the foregoing, the Company (x) will not create a par value of
     any share of stock receivable upon the exercise of the Warrant above the
     amount payable therefor upon such exercise, and (y) will take all such
     action as may be necessary or appropriate in order that the Company may
     validly and legally issue fully paid and non-assessable shares upon the
     exercise of the Warrant.

          (f) When any adjustment is required to be made in the number or kind
     of shares purchasable upon exercise of the Warrant, or in the Exercise
     Price, the Company shall promptly notify the Holder of such event and of
     the number of shares of Common Stock or other securities or property
     thereafter purchasable upon exercise of the Warrants and of the Exercise
     Price, together with the computation resulting in such adjustment.

          (g) The Company covenants and agrees that all Repricing Shares which
     may be issued will, upon issuance, be validly issued, fully paid, and
     non-assessable. The Company further covenants and agrees that the Company
     will at all times have authorized and reserved, free from

                                      -5-
<PAGE>

     preemptive rights, a sufficient number of shares of its Common Stock to
     provide for the exercise of the Warrant in full.

     Section 5. No Stockholder Rights. This Warrant shall not entitle the Holder
hereof to any voting rights or other rights as a stockholder of the Company.

     Section 6. Transfer of Securities.

          (a) This Warrant and the Repricing Shares and any shares of capital
     stock received in respect thereof, whether by reason of a stock split or
     share reclassification thereof, a stock dividend thereon, or otherwise,
     shall not be transferable except upon compliance with the provisions of the
     Securities Act of 1933, as amended (the "Securities Act") and applicable
     state securities laws with respect to the transfer of such securities. The
     Holder of this Warrant, by acceptance of this Warrant, agrees to be bound
     by the provisions of Section 4 hereof and to indemnify and hold harmless
     the Company against any loss or liability arising from the disposition of
     this Warrant or the Repricing Shares issuable upon exercise hereof or any
     interest in either thereof in violation of the provisions of this Warrant.

          (b) Each certificate for the Repricing Shares and any shares of
     capital stock received in respect thereof, whether by reason of a stock
     split or share reclassification thereof, a stock dividend thereon or
     otherwise, and each certificate for any such securities issued to
     subsequent transferees of any such certificate shall (unless otherwise
     permitted by the provisions hereof) be stamped or otherwise imprinted with
     a legend in substantially the following form:

     Legend for Repricing Shares or other shares of capital stock:

     NEITHER  THIS  WARRANT NOR THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
     EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED,  OR ANY APPLICABLE STATE SECURITIES LAW AND NEITHER MAY BE
     SOLD OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER
     SUCH  SECURITIES ACT AND SUCH APPLICABLE  STATE  SECURITIES LAWS SHALL
     HAVE BECOME  EFFECTIVE WITH REGARD THERETO,  OR (II) THE COMPANY SHALL
     HAVE RECEIVED A WRITTEN  OPINION OF COUNSEL  ACCEPTABLE TO THE COMPANY
     TO THE EFFECT THAT  REGISTRATION  UNDER SUCH  SECURITIES  ACT AND SUCH
     APPLICABLE  STATE  SECURITIES  LAWS IS NOT REQUIRED IN CONNECTION WITH
     SUCH PROPOSED TRANSFER.

     Section 7. Miscellaneous.

          (a) The terms of this Warrant shall be binding upon and shall inure to
     the benefit of any successors or assigns of the Company and of the holder
     or holders hereof and of the Common Stock issued or issuable upon the
     exercise hereof.

          (b) Except as otherwise provided herein, this Warrant and all rights
     hereunder are transferable by the registered holder hereof in person or by
     duly authorized attorney on the books of the Company upon surrender of this
     Warrant, properly endorsed, to the Company. The Company may deem and treat
     the registered holder of this Warrant at any time as the absolute owner
     hereof for all purposes and shall not be affected by any notice to the
     contrary.

          (c) Notwithstanding any provision herein to the contrary, Holder
     hereof may not exercise, sell, transfer, or otherwise assign this Warrant
     unless the Company is provided with an opinion of counsel satisfactory in
     form and substance to the Company, to the effect that such exercise, sale,
     transfer, or assignment would not violate the Securities Act or applicable
     state securities laws.

                                      -6-
<PAGE>

          (d) This Warrant may be divided into separate Warrants covering one
     share of Common Stock or any whole multiple thereof, for the total number
     of shares of Common Stock then subject to this Warrant at any time, or from
     time to time, upon the request of the registered holder of this Warrant and
     the surrender of the same to the Company for such purpose. Such subdivided
     Warrants shall be issued promptly by the Company following any such request
     and shall be of the same form and tenor as this Warrant, except for any
     requested change in the name of the registered holder stated herein.

          (e) All notices, requests, demands, and other communications required
     or permitted under this Warrant and the transactions contemplated herein
     shall be in writing and shall be deemed to have been duly given, made, and
     received when personally delivered the day after deposited with a
     recognized national overnight delivery service prior to its dead-line for
     receiving packages for next day delivery or upon the fifth day after
     deposited in the United States registered or certified mail with postage
     prepaid, return receipt requested, in each case addressed as set forth
     below:

          If to the Company:

                           Compositech Ltd.
                           120 Ricefield Lane
                           Hauppauge, New York 11788
                           Attn: Samuel S. Gross
                           Facsimile: (516) 436-5203

     If to the Holder hereof, to the address of such Holder appearing on the
     books of the Company.

          (f) This Agreement shall be governed by and construed in accordance
     with the laws of the State of New York, irrespective of the choice of law
     provisions thereof. The parties agree that any appropriate state court
     located in New Castle County, Delaware, or any federal Court located in
     Wilmington, Delaware, including without limitation to the United States
     District Court of Delaware, shall have exclusive jurisdiction of any case
     or controversy arising under or in connection with this Agreement and shall
     be a proper forum in which to adjudicate such case or controversy. The
     parties consent to the jurisdiction of such courts.

                       [Signatures on the following page]

                                      -7-
<PAGE>

                                 SIGNATURE PAGE
                                       TO
                           ATTACHED REPRICING WARRANT

     IN WITNESS WHEREOF, the Company, has caused this Warrant to be executed in
its name by its duly authorized officers under its corporate seal, and to be
dated as of the date first above written.

                                  COMPOSITECH LTD.

                                  By: _________________________________________
                                       Samuel S. Gross, Chief Financial Officer
ATTEST:

________________________________
Assistant Secretary                                [Corporate Seal]

                                      -8-
<PAGE>

                                   ASSIGNMENT

     (To be Executed by the Registered Holder to effect a Transfer of the
foregoing Warrant)

     FOR VALUE RECEIVED, the undersigned hereby sells, and assigns and transfers
unto ___________________________________________________________________________
the foregoing Warrant and the rights represented thereto to purchase shares of
Common Stock of Compositech Ltd. in accordance with terms and conditions
thereof, and does hereby irrevocably constitute and appoint ________________
Attorney to transfer the said Warrant on the books of the Company, with full
power of substitution.

     Holder:

     ___________________________

     ___________________________

     Address

     Dated: __________________, 19__

     In the presence of:

     ___________________________

<PAGE>

                    FORM OF NOTICE OF EXERCISE OR CONVERSION

     [To be signed only upon exercise of Warrant]

To:  COMPOSITECH LTD.

     The undersigned registered Holder of the attached Warrant hereby
irrevocably elects to exercise the Warrant for, and to purchase thereunder,
_____ shares of Common Stock of Compositech Ltd., issuable upon exercise of said
Warrant and hereby surrenders said Warrant.

                                   Choose One:

          |_|  The Holder herewith delivers to Compositech Ltd., a check in the
               amount of $______ representing the Exercise Price for such
               shares.

                                       or

          |_|  The Holder elects a cashless exercise pursuant to Section 2(b) of
               the Warrant. The Average Market Price as of _______ was $_____.

     The undersigned herewith requests that the certificates for such shares be
issued in the name of, and delivered to the undersigned, whose address is
________________________________.

     Dated: ___________________

                                                Holder:

                                                ________________________________

                                                ________________________________

                                                By: ____________________________
                                                    ______________

                                     NOTICE

     The signature above must correspond to the name as written upon the face of
the within Warrant in every particular, without alteration or enlargement or any
change whatsoever.

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