Document:

FORM OF WARRANT

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO BE ISSUED UPON
ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933 (THE "SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS (THE "STATE
ACTS") AND SHALL NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER HAS
BEEN REGISTERED UNDER THE SECURITIES ACT AND STATE ACTS, OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS IS AVAILABLE, THE AVAILABILITY OF WHICH MUST BE
ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

                         CLASS C STOCK PURCHASE WARRANT

WARRANT NO.                                                    NUMBER OF SHARES:

                              ADZONE RESEARCH, INC.
                     COMMON STOCK, PAR VALUE $.001 PER SHARE
                        VOID AFTER 5:00 P.M. EASTERN TIME
                             ON ____________, 200___

            This Warrant is issued to _______________________________ ("Holder")
by Adzone Research, Inc., a Delaware corporation (hereinafter with its
successors called the "Company").

For value received and subject to the terms and conditions hereinafter set out,
Holder is entitled to purchase from the Company at an initial purchase price of
$___[125% of Fixed Price] per share, _______________________________fully paid
and nonassessable shares of common stock, par value $.001 per share ("Common
Shares") of the Company. Such purchase price per Common Share, adjusted from
time to time as provided herein, is referred to as the "Purchase Price."

      1.The Holder may exercise this Warrant, in whole or in part, upon
surrender of this Warrant, with the exercise form annexed hereto duly executed,
at the office of the Company, _____________, or such other office as the Company
shall notify the Holder in writing, together with a certified or bank cashier's
check payable to the order of the Company in the amount of the Purchase Price
times the number of Common Shares being purchased.

      2. The person or persons in whose name or names any certificate
representing Common Shares is issued hereunder shall be deemed to have become
the holder of record of the Common Shares represented thereby as of the close of
business on the date on which this Warrant is exercised with respect to such
shares, whether or not the transfer books of the Company shall be closed. Until
such time as this Warrant is exercised or terminates, the Purchase Price payable
and the number and character of securities issuable upon exercise of this
Warrant are subject to adjustment as hereinafter provided.

      3. Unless previously exercised, this Warrant shall expire at 5:00 p.m.
Eastern Time, On December 31, 2008 and shall be void thereafter or can be
extended at the Company's discretion ("Expiration Date").

                                       24
<PAGE>

      4. The Company covenants that it will at all times reserve and keep
available a number of its authorized Common Shares, free from all preemptive
rights, which will be sufficient to permit the exercise of this Warrant. The
Company further covenants that such shares as may be issued pursuant to the
exercise of this Warrant will, upon issuance, be duly and validly issued, fully
paid and nonassessable and free from all taxes, liens, and charges.

      5. If the Company subdivides its outstanding Common Shares, by split-up or
otherwise, or combines its outstanding Common Shares, the Purchase Price then
applicable to shares covered by this Warrant shall forthwith be proportionately
decreased in the case of a subdivision, or proportionately increased in the case
of a combination.

      6. If (a) the Company reorganizes its capital, reclassifies its capital
stock, consolidates or merges with or into another corporation (but only if the
Company is not the surviving corporation and no longer has more than a single
shareholder) or sells, transfers or otherwise disposes of all or substantially
all its property, assets, or business to another corporation, and (b) pursuant
to the terms of such reorganization, reclassification, merger, consolidation, or
disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock, or other securities or property of
any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in lieu of common stock of the successor or acquiring
corporation ("Other Property"), are to be received by or distributed to the
holders of Common Shares, then (c) Holder shall have the right thereafter to
receive, upon exercise of this Warrant, the same number of shares of common
stock of the successor or acquiring corporation and Other Property receivable
upon such reorganization, reclassification, merger, consolidation, or
disposition of assets as a holder of the number of Common Shares for which this
Warrant is exercisable immediately prior to such event. At the time of such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation shall expressly assume the due
and punctual observance and performance of each and every covenant and condition
of this Warrant to be performed and observed by the Company and all the
obligations and liabilities hereunder, subject to such modifications as may be
deemed appropriate (as determined by resolution of the Board of Directors of the
Company) in order to adjust the number of shares of the common stock of the
successor or acquiring corporation for which this Warrant is exercisable. For
purposes of this section, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock, or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this section shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations, or disposition of
assets.

      7. If a voluntary or involuntary dissolution, liquidation or winding up of
the Company (other than in connection with a merger or consolidation of the
Company) is at any time proposed during the term of this Warrant, the Company
shall give written notice to the Holder at least thirty days prior to the record
date of the proposed transaction. The notice shall contain: (1) the date on
which the transaction is to take place; (2) the record date (which must be at
least thirty days after the giving of the notice) as of which holders of the
Common Shares entitled to receive distributions as a result of the transaction
shall be determined; (3) a brief description of the transaction; (4) a brief
description of the distributions, if any, to be made to holders of the Common
Shares as a result of the transaction; and (5) an estimate of the fair market
value of the distributions. On the date of the transaction, if it actually
occurs, this Warrant and all rights existing under this Warrant shall terminate.

                                       25
<PAGE>

      8. In no event shall any fractional Common Share of the Company be issued
upon any exercise of this Warrant. If, upon exercise of this Warrant as an
entirety, the Holder would, except as provided in this Section 8, be entitled to
receive a fractional Common Share, then the Company shall issue the next higher
number of full Common Shares, issuing a full share with respect to such
fractional share. If this Warrant is exercised at one time for less than the
maximum number of Common Shares purchasable upon the exercise hereof, the
Company shall issue to the Holder a new warrant of like tenor and date
representing the number of Common Shares equal to the difference between the
number of shares purchasable upon full exercise of this Warrant and the number
of shares that were purchased upon the exercise of this Warrant.

      9. No adjustments in the Purchase Price shall be required unless such
adjustment would require an increase or decrease of at least five cents in such
price, provided however, that any adjustments which by reason of this Section 9
are not required to be made shall be carried forward and taken into account in
any subsequent adjustment.

      10. Whenever the Purchase Price is adjusted, as herein provided, the
Company shall promptly deliver to the Holder a certificate setting forth the
Purchase Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment.

      11. If at any time prior to the expiration or exercise of this Warrant,
the Company shall pay any dividend or make any distribution upon its Common
Shares or shall make any subdivision or combination of, or other change in its
Common Shares, the Company shall cause notice thereof to be mailed, first class,
postage prepaid, to Holder at least thirty full business days prior to the
record date set for determining the holders of Common Shares who shall
participate in such dividend, distribution, subdivision, combination or other
change. Such notice shall also specify the record date as of which holders of
Common Shares who shall participate in such dividend or distribution are to be
determined. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of any dividend or distribution.

      12. The Company will maintain a register containing the names and
addresses of the Holder and any assignees of this Warrant. Holder may change its
address as shown on the warrant register by written notice to the Company
requesting such change. Any notice or written communication required or
permitted to be given to the Holder may be delivered by confirmed facsimile or
telecopy or by a recognized overnight courier, addressed to Holder at the
address shown on the warrant register.

      13. This Warrant has not been registered under the Securities Act of 1933,
as amended (the "Securities Act"), or any state securities laws ("State Acts")
or regulations in reliance upon exemptions under the Securities Act, and
exemptions under the State Acts. Subject to compliance with the Securities Act
and State Acts, this Warrant and all rights hereunder are transferable in whole
or in part, at the office of the Company at which this Warrant is exercisable,
upon surrender of this Warrant together with the assignment hereof properly
endorsed.

                                       26
<PAGE>

      14. In case this Warrant shall be mutilated, lost, stolen, or destroyed,
the Company may issue a new warrant of like tenor and denomination and deliver
the same (a) in exchange and substitution for and upon surrender and
cancellation of any mutilated Warrant, or (b) in lieu of any Warrant lost,
stolen, or destroyed, upon receipt of evidence satisfactory to the Company of
the loss, theft or destruction of such Warrant (including a reasonably detailed
affidavit with respect to the circumstances of any loss, theft, or destruction)
and of indemnity with sufficient surety satisfactory to the Company.

      15. Unless a current registration statement under the Securities Act,
shall be in effect with respect to the securities to be issued upon exercise of
this Warrant, the Holder, by accepting this Warrant, covenants and agrees that,
at the time of exercise hereof, and at the time of any proposed transfer of
securities acquired upon exercise hereof, the Company may require Holder to make
such representations, and may place such legends on certificates representing
the Common Shares issuable upon exercise of this Warrant, as may be reasonably
required in the opinion of counsel to the Company to permit such Common Shares
to be issued without such registration.

      16. The Company has granted the Holder piggy back registration rights, for
the Common Stock underlying the Warrant.

      17. This Warrant does not entitle Holder to any of the rights of a
stockholder of the Company.

      18. Nothing expressed in this Agreement and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer
upon, or give to, any person or corporation other than the parties to this
Agreement any covenant, condition, stipulation, promise, or agreement contained
herein, and all covenants, conditions, stipulations, promises and agreements
contained herein shall be for the sole and exclusive benefit of the parties
hereto and their respective successors and assigns.

      19. The provisions and terms of this Warrant shall be construed in
accordance with the laws of the State of Delaware.

                                       27
<PAGE>

      IN WITNESS WHEREOF, this Warrant has been duly executed by the Company as
of the ___ day of ___________, 2003.

                                                 ADZONE RESEARCH, INC.

                                                 By:____________________________

                                       28
<PAGE>

                                FORM OF EXERCISE

                                              Date: ____________________

To:      ADZONE RESEARCH, INC.

      The undersigned hereby subscribes for _______ shares of common stock of
Adzone Research, Inc. covered by this Warrant and hereby delivers $___________
in full payment of the purchase price thereof. The certificate(s) for such
shares should be issued in the name of the undersigned or as otherwise indicated
below:

                                             ----------------------------
                                             Signature:

                                             ----------------------------
                                             Printed Name

                                             ----------------------------
                                             Name for Registration, if different

                                             ----------------------------
                                             Street Address

                                             ----------------------------
                                             City, State and Zip Code

                                             ----------------------------
                                             Social Security Number

                                       29
<PAGE>

                                   ASSIGNMENT

      For Value Received, the undersigned hereby sells, assigns and transfers
unto the assignee(s) set forth below the within Warrant certificate, together
with all right, title and interest therein, and hereby irrevocably constitutes
and appoints ___________________________________ attorney, to transfer the said
Warrant on the books of the within-named Company with respect to the number of
Common Shares set forth below, with full power of substitution in the premises.

                         Social Security or
                         other Identifying
Name(s) of               Number(s) of                              No. of
Assignee(s)              Assignee(s)            Address            Shares
----------               ------------------     -------            ------

Dated: ______________________________

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

                        NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
                        WITH THE NAME AS WRITTEN UPON THE FACE OF THE WARRANT IN
                        EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR
                        ANY CHANGE WHATSOEVER.

                        ------------------------------------
                        PRINT NAME AND TITLE

                                       30EXHIBIT 4.9

THIS WARRANT AND ANY SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, OFFERED FOR
SALE, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT
OR UPON AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE REASONABLY SATISFACTORY TO
FIBERSTARS, INC. THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT
TO RULE 144 OF SUCH ACT OR ANOTHER APPLICABLE EXEMPTION.

                                FIBERSTARS, INC.

      Warrant Exercisable for the Purchase of 81,014 Shares of Common Stock

No. W-CS 35                                                    December 12, 2003

           THIS CERTIFIES that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Merriman Curhan Ford & Co.
(formerly known as RTX Securities Corporation) or registered assigns (the
"HOLDER"), is entitled to subscribe for and purchase from FIBERSTARS, INC., a
California corporation (the "COMPANY"), upon the terms and conditions set forth
herein, at any time or from time to time during the period commencing August 14,
2004 and ending at 5:00 p.m. (Pacific time) on August 13, 2008 (the "EXERCISE
PERIOD"), up to an aggregate of 81,014 fully paid and non-assessable shares (the
"WARRANT SHARES") of the Company's Common Stock (the "COMMON STOCK"), at an
initial exercise price (subject to adjustment as set forth herein, the "EXERCISE
PRICE") of $4.50 per share, upon surrender of this Warrant and payment of the
Exercise Price as provided in Section 2. As used herein, the term "THIS WARRANT"
shall mean and include this Warrant and any Warrant or Warrants hereafter issued
as a consequence of the exercise or transfer of this Warrant in whole or in
part.

1.    WARRANT. This Warrant is issued pursuant to Section 5(a)(ii) of the Letter
Agreement  dated  March 27,  2003  between RTX  Securities  Corporation  and the
Company.

2.    EXERCISE OF WARRANT.  This Warrant may be exercised,  in whole at any time
or in part from time to time,  during the  Exercise  Period by the  surrender of
this Warrant (with a completed  Election to Exercise  attached  hereto),  to the
Company at its main office,  or such other place which the Company may designate
in writing,  together  with proper  payment of an amount equal to the product of
the  Exercise  Price and the  number of  Warrant  Shares  being  exercised  (the
"AGGREGATE WARRANT PRICE"). Payment of the Aggregate Warrant Price shall be made
by  certified or official  bank check  payable to the order of the Company or by
wire transfer of  immediately  available  funds to an account  designated by the
Company.  If this Warrant is  exercised in part,  this Warrant must be exercised
for a number of whole shares of Common  Stock,  and the Holder shall be entitled
to  receive a new  Warrant  covering  the  Warrant  Shares  which  have not been
exercised.  Upon  surrender  of this  Warrant,  the  Company  will  (a)  issue a
certificate or  certificates in the name of the Holder for the largest number of
whole shares of Common Stock to which the Holder shall be entitled  and, if this
Warrant is exercised  in whole,  in lieu of any  fractional  share of the Common

<PAGE>

Stock to which the Holder shall be entitled, pay to the Holder cash in an amount
equal to the fair market  value of such  fractional  share  (determined  in such
reasonable manner as the Board of Directors of the Company shall determine), and
(b) deliver the other securities and properties  receivable upon the exercise of
this Warrant,  or the proportionate part thereof if this Warrant is exercised in
part, pursuant to the provisions of this Warrant.

3.    CASHLESS  EXERCISE.  Notwithstanding  anything  contained  herein  to  the
contrary, the holder of this Warrant may, in its sole discretion,  exercise this
Warrant in whole or in part and,  in lieu of making the cash  payment  otherwise
contemplated  to be made to the  Company  upon such  exercise  in payment of the
Aggregate  Warrant  Price,  elect instead to receive upon such exercise the "NET
NUMBER" of shares of Common Stock determined  according to the following formula
(a "CASHLESS EXERCISE"):

Net Number =            A X (B - C)
                        -----------
                             B

      For purposes of the foregoing formula:

      A  =  the total  number of  shares  with  respect to which this Warrant is
            then being exercised.

      B  =  the  closing  sale  price  of the Common  Stock (as  reported by The
            Wall Street Journal) on the date immediately  preceding the date the
            Election to Exercise is received by the Company.

      C  =  the  Exercise  Price  then  in effect  for  the  applicable  Warrant
            Shares at the time of such exercise.

4.    REGISTRATION AND TRANSFERS.

      4.1.  REGISTRATION.  Any Warrants  issued upon the transfer or exercise in
part of this  Warrant  shall be numbered  and shall be  registered  in a warrant
register  (the  "WARRANT  REGISTER")  maintained  by the Company or its transfer
agent as they are issued.  The Company shall be entitled to treat the registered
holder of any Warrant on the Warrant  Register as the owner in fact  thereof for
all  purposes  and  shall  not be  bound by any  notice  to the  contrary  or to
recognize  any  equitable  or other claim to or interest in such  Warrant on the
part of any other person.

      4.2.  TRANSFERS.  This  Warrant  and the  Warrant  Shares  issued upon the
exercise of this Warrant may not be  transferred or assigned in whole or in part
without  compliance with all applicable federal and state securities laws by the
transferor and transferee  (including the delivery of investment  representation
letters and legal opinions  reasonably  satisfactory to the Company, if such are
requested by the Company.  The Holder, by acceptance  hereof,  acknowledges that
this Warrant and the Warrant Shares to be issued upon exercise  hereof are being
acquired  solely for the Holder's own account and not as a nominee for any other
party, and for investment, and that the Holder will not offer, sell or otherwise
transfer  any Warrant  Shares to be issued upon  exercise  hereof  except  under
circumstances  that  will not  result  in a  violation  of the Act or any  state

                                       2
<PAGE>

securities  laws  and  other  than  in a  transaction  covered  by an  effective
registration   statement   filed  under  or  exempted   from  the   registration
requirements  of the Act);  provided,  however,  the  Holder may  transfer  this
Warrant to one or more of its  affiliates  if such  affiliate is an  "accredited
investor"  under  Regulation D under the Act and agrees to be bound by the terms
and obligations of this Warrant.

5.    ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES.

      5.1.  SUBDIVISION AND COMBINATION.  In the event that the Company shall at
any time subdivide (by stock split,  stock dividend or otherwise) or combine the
outstanding Common Stock, the Exercise Price shall be decreased,  in the case of
subdivision, or increased, in the case of combination, in the same proportion as
the Common Stock is subdivided or combined, in each case effective automatically
upon,  and  simultaneously   with,  the  effectiveness  of  the  subdivision  or
combination which gives rise to the adjustment.

      5.2.  ADJUSTMENT IN NUMBER OF SHARES. Upon each adjustment of the Exercise
Price pursuant to the provisions of this Section 5, the number of Warrant Shares
issuable  upon the exercise of this Warrant  shall be adjusted by  multiplying a
number  equal  to the  Exercise  Price  in  effect  immediately  prior  to  such
adjustment  by the number of  Warrant  Shares  issuable  upon  exercise  of this
Warrant  immediately  prior to such  adjustment  and  dividing  the  product  so
obtained by the adjusted  Exercise  Price,  and by then  rounding to the nearest
whole share.

      5.3.  MERGER OR  CONSOLIDATION.  In case the Company after the date hereof
(i) shall  consolidate  with or merge into any other person and shall not be the
continuing or surviving  corporation of such  consolidation  or merger,  or (ii)
shall permit any other person to consolidate  with or merge into the Company and
the Company shall be the continuing or surviving  person but, in connection with
such  consolidation  or  merger,  the  Common  Stock  shall be  changed  into or
exchanged for stock or other securities of any other person or cash or any other
property,  or (iii) shall transfer all or substantially all of its properties or
assets to any other  person,  or (iv) shall effect a capital  reorganization  or
reclassification  of the Common  Stock (other than a capital  reorganization  or
reclassification  resulting  in the issue of  additional  Common Stock for which
adjustment  in the Exercise  Price is provided in this Section 5), then,  and in
the case of each such transaction,  proper provision shall be made so that, upon
the basis and the terms and in the manner  provided in this Warrant,  the Holder
of this Warrant,  upon the exercise hereof at any time after the consummation of
such transaction,  shall be entitled to receive (at the aggregate Exercise Price
in effect at the time of such  consummation for all Warrant Shares issuable upon
such exercise  immediately  prior to such  consummation),  in lieu of the Common
Stock  or  other   securities   issuable  upon  such  exercise   prior  to  such
consummation,  the highest amount of securities, cash or other property to which
the  Holder  would  actually  have  been  entitled  as  shareholder   upon  such
consummation if the Holder had exercised the rights  represented by this Warrant
immediately   prior  thereto,   subject  to  adjustments   (subsequent  to  such
consummation) as nearly  equivalent as possible to the adjustments  provided for
in this Section 5.

      5.4. ASSUMPTION OF OBLIGATIONS. Notwithstanding anything contained in this
Warrant to the  contrary,  the Company  will not effect any of the  transactions
described  in clauses  (i)  through  (iv) of Section  5.3  unless,  prior to the
consummation thereof, each person (other than the Company) which may be required
to deliver any stock,  securities,  cash or property  upon the  exercise of this

                                       3
<PAGE>

Warrant as provided herein shall assume, by written instrument delivered to, and
reasonably  satisfactory to, the Holder of this Warrant,  (a) the obligations of
the  Company   under  this  Warrant  (and  if  the  Company  shall  survive  the
consummation of such  transaction,  such assumption shall be in addition to, and
shall not release the Company from,  any  continuing  obligations of the Company
under this Warrant) and (b) the  obligation to deliver to the Holder such shares
of stock,  securities,  cash or property as, in  accordance  with the  foregoing
provisions of this Section 5, the Holder may be entitled to receive.

      5.5. NOTICE OF ADJUSTMENT  EVENTS.  Whenever the Company  contemplates the
occurrence of an event which would give rise to  adjustments  under this Section
5, the  Company  shall use  commercially  reasonable  efforts  to deliver to the
Holder of this Warrant,  at least thirty (30) days prior to the record date with
respect  to such  event or, if no record  date  shall be  established,  at least
thirty (30) days prior to such event, a notice  specifying (i) the nature of the
contemplated  event,  (ii) the date on which any such  record is to be taken for
the  purpose of such  event,  (iii) the date on which such event is  expected to
become  effective and (iv) the time, if any is to be fixed,  when the holders of
record of Common  Stock shall be entitled to  exchange  their  Common  Stock for
securities or other property deliverable in connection with such event.

      5.6.  NOTICE OF  ADJUSTMENTS.  Whenever the Exercise  Price or the kind of
securities or property issuable upon exercise of this Warrant, or both, shall be
adjusted pursuant to this Section 5, the Company shall make a certificate signed
by an executive officer of the Company, setting forth, in reasonable detail, the
event  requiring the  adjustment,  the amount of the  adjustment,  the method of
which such  adjustment was  calculated  (including a description of the basis on
which the Company made any determination hereunder),  and the Exercise Price and
the kind of securities or property  issuable upon exercise of this Warrant after
giving effect to such adjustment,  and shall cause copies of such certificate to
be mailed (by first class mail,  postage  prepaid) to the Holder  promptly after
each adjustment.

6.    RESERVATION OF SHARES; FULLY PAID STOCK.

      6.1. The Company shall at all times reserve and keep available,  free from
pre-emptive  rights, out of its authorized and unissued Common Stock, solely for
the purpose of providing  for the exercise of the rights to purchase all Warrant
Shares granted  pursuant to this Warrant,  such number of shares of Common Stock
as shall, from time to time, be sufficient therefor.

      6.2. The Company  covenants  that all shares of Common Stock issuable upon
exercise of this Warrant, upon receipt by the Company of the full Exercise Price
therefor, shall be duly and validly issued, fully paid, non-assessable,  and the
Holder shall receive good and valid title to such shares free and clear from any
adverse claim (as defined in the applicable  Uniform  Commercial  Code),  except
such as has been created by the Holder.

7.    TAXES. The issuance of any shares or other securities upon the exercise of
this Warrant, and the delivery of certificates or other instruments representing
such shares or other securities,  shall be made without charge to the Holder for
any tax or other  charge in respect  of such  issuance,  other  than  applicable
transfer taxes. The Company shall not, however, be required to pay any tax which
may be payable in respect of any transfer  involved in the issue and delivery of
any  certificate  in a name other than that of the Holder and the Company  shall
not be required to issue or deliver  any such  certificate  unless and until the

                                       4
<PAGE>

person or persons  requesting  the issue  thereof shall have paid to the Company
the  amount of such tax or shall have  established  to the  satisfaction  of the
Company that such tax has been paid.

8.    LEGEND.  The Warrant  Shares issued upon exercise of this Warrant shall be
subject to a stop transfer order and the certificate or certificates  evidencing
such Warrant Shares shall bear the following legend:

      "THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE HAVE NOT BEEN REGISTERED
      OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),  OR
      THE SECURITIES LAWS OF ANY STATE,  AND MAY NOT BE SOLD,  OFFERED FOR SALE,
      ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
      A REGISTRATION  STATEMENT IN EFFECT WITH RESPECT TO THE  SECURITIES  UNDER
      SUCH ACT OR UPON AN OPINION OF COUNSEL OR SUCH OTHER  EVIDENCE  REASONABLY
      SATISFACTORY TO FIBERSTARS, INC. THAT SUCH REGISTRATION IS NOT REQUIRED OR
      UNLESS  SOLD  PURSUANT  TO RULE  144 OF  SUCH  ACT OR  ANOTHER  APPLICABLE
      EXEMPTION."

together with such other legends as may be required under state securities laws.

9.    REPLACEMENT WARRANT.  Upon receipt of evidence satisfactory to the Company
of the  loss,  theft,  destruction,  or  mutilation  of this  Warrant  (and upon
surrender of this Warrant at the principal  office of the Company if mutilated),
and upon reimbursement of the Company's  reasonable  incidental expenses and, if
reasonably  requested,  an indemnity  reasonably  acceptable to the Company, the
Company  shall  execute  and  deliver to the Holder a new  Warrant of like date,
tenor, and denomination.

10.   NOTICES.

      Unless  otherwise  provided,   any  notice,   request,   demand  or  other
communication required or permitted under this Warrant shall be given in writing
and shall be deemed  effectively given upon personal delivery to the party to be
notified,  or when  sent by  facsimile  (with  receipt  confirmed  and  promptly
confirmed by personal delivery, U.S. first class mail, or courier), or overnight
courier  service,  or upon  deposit  with the  United  States  Post  Office,  by
registered or certified  mail,  postage  prepaid and addressed as follows (or to
such other address as a party may designate by notice to the other):

                     If to the Company:

                     Fiberstars, Inc.
                     44259 Nobel Drive
                     Fremont, California 94538
                     Attention:  David N. Ruckert, CEO
                     Facsimile:  (510) 490-0947
                     Telephone:  (510) 490-0719

                                       5
<PAGE>

                     with a copy to:

                     Pillsbury Winthrop LLP
                     2475 Hanover Street
                     Palo Alto, California 94304
                     Attention:  Richard S. Bebb
                     Facsimile:  (650) 233-4545
                     Telephone:  (650) 233-4500

                     If to Holder:

                     Merriman Curhan Ford & Co.
                     601 Montgomery Street, Suite 1800
                     San Francisco, CA  94111
                     Attention: Jon Merriman
                     Facsimile:   (415) 248-5690
                     Telephone:  (415) 248-5600

11.   HOLDER NOT A SHAREHOLDER.  The Holder shall not have, solely on account of
such status,  any rights of a  shareholder  of the Company,  either at law or in
equity, or to any notice of meetings of shareholders or of any other proceedings
of the Company, except as provided in this Warrant.

12.   REMEDIES.  The Company  agrees that the remedies at law of the Holder,  in
the event of any default or threatened default by the Company in the performance
of or  compliance  with any of the terms  hereof,  may not be adequate  and such
terms may, in addition to and not in lieu of any other remedy,  be  specifically
enforced by a decree of specific  performance of any agreement  contained herein
or by an injunction against a violation of any of the terms hereof or otherwise.

13.   HEADINGS.  The headings  contained in this Warrant are for  convenience of
reference only and are not part of this Warrant.

14.   APPLICABLE  LAW. This Warrant  shall be construed in  accordance  with the
laws of the State of California applicable to contracts made and to be performed
within such State, without regard to principles of conflicts of law.

                                       6
<PAGE>

           IN WITNESS WHEREOF, the Company has executed and delivered this
Warrant as of the date set forth above.

                                        FIBERSTARS, INC.,
                                        a California corporation

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

                                        Name:
                                             -----------------------------------

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

                                       7
<PAGE>

                              ELECTION TO EXERCISE

Fiberstars, Inc.
44259 Nobel Drive
Fremont, California 94538
Attention: Chief Financial Officer

The undersigned hereby exercises his or its rights to purchase _______ Warrant
Shares covered by the within Warrant No. W-CS 35 and tenders payment herewith in
accordance with the terms thereof, certifies that he owns this Warrant free and
clear of any and all claims, liens and/or encumbrances and requests that
certificates for such securities be issued in the name of, and delivered to:

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

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

           ----------------------------------------------------------
                    (Print Name, Address and Social Security
                          or Tax Identification Number)

The undersigned hereby elects to pay the Exercise Price (select one option):

           ___       By payment of cash, check or wire transfer;  or

           ___       By Cashless Exercise (as calculated pursuant to Section 3
                     of the Warrant).

If the number of Warrant Shares purchased upon such exercise or surrendered in
lieu of payment of the Exercise Price shall not be all the Warrant Shares
covered by the within Warrant, the undersigned requests that a new Warrant for
the balance of the Warrant Shares covered by the within Warrant be registered in
the name of, and delivered to, the undersigned at the address stated below.

All terms used and not defined herein shall have their respective meanings as
set forth in the Warrant.

Dated:                                  Holder:
      -----------------------                  ---------------------------------
                                                       (Please Print)

                                        By:
                                           -------------------------------------
                                                        (Signature)

                                           -------------------------------------
                                                    (Please Print Name)

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

                                        Address:
                                                --------------------------------

                                       8

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