Document:

Exhibit 4.2.101

                                 AMENDMENT NO. 8
                                 ---------------
                                       TO
                                       --
                          SECURITIES PURCHASE AGREEMENT
                          -----------------------------

     This Amendment No. 8 (this "Amendment"), dated as of November 19, 2007, to
the Securities Purchase Agreement, dated as of June 4, 2004 (the "Purchase
Agreement"), as amended, is by and among Salon Media Group, Inc., a Delaware
corporation (the "Company"), and a majority of Purchasers who are signatories to
the Purchase Agreement, as Amended. Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Purchase Agreement.

                                    RECITALS
                                    --------

     WHEREAS, the Company has held seven Closings of the sale of Shares and
issuance of the Warrants and wishes to sell additional Shares and issue
additional Warrants; and

     WHEREAS, Section 9.4 of the Purchase Agreement provides that any term
thereof may be amended with the written consent of the Company and the holders
of at least a majority of the Common Stock issued or issuable upon conversion of
the Shares then outstanding; and

     WHEREAS, the Company and the undersigned Purchasers who hold at least a
majority of the Common Stock issued or issuable upon conversion of the Shares
currently outstanding are in favor of and consent to this Amendment.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.   Amendments.

               Schedule A of the Purchase Agreement is hereby amended and
          restated as follows:

<TABLE>
<S>     <C>
                                                          SCHEDULE A

     Series D-1 issuance on June 4, 2004
     Purchaser                                          Purchase Price          Shares            Warrants
     ----------------------------------------------- --------------------- ------------------  ----------------
     John Warnock                                              249,600.00                208           402,580
     The Hambrecht 1980 Revocable Trust                        175,200.00                146           282,580
     HAMCO Capital Corporation                                  50,400.00                 42            81,290
     William E Mayer Holdings, Inc.                             25,200.00                 21            40,645
                                                     --------------------- ------------------  ----------------
                                                               500,400.00                417           807,095
                                                     ===================== ==================  ================
</TABLE>

<PAGE>

<TABLE>
<S>     <C>
     Series D-2 issuance on September 30, 2004
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     John Warnock                                              249,600.00                 208           340,363
                                                      --------------------  ------------------  ----------------
                                                               249,600.00                 208           340,363
                                                      ====================  ==================  ================

     Series D-2 issuance on February 2, 2005
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     The Hambrecht 1980 Revocable Trust                        225,600.00                 188           307,636
     HAMCO Capital Corporation                                  25,200.00                  21            34,363
                                                      --------------------  ------------------  ----------------
                                                               250,800.00                 209           341,999
                                                      ====================  ==================  ================

     Series D-3 issuance on December 21, 2005
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     Nancy and Timothy Armstrong                               250,800.00                 209           404,516
                                                      --------------------  ------------------  ----------------
                                                               250,800.00                 209           404,516
                                                      ====================  ==================  ================

     Series D-3 issuance on July 27, 2006
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     The Hambrecht 1980 Revocable Trust                        150,000.00                 125           181,940
     John E. and Marva M. Warnock                               99,600.00                  83           120,808
                                                      --------------------  ------------------  ----------------
                                                               249,600.00                 208           302,748
                                                      ====================  ==================  ================

     Series D-4 issuance on July 27, 2006
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     John E. and Marva M. Warnock                               50,400.00                  42            61,131
                                                      --------------------  ------------------  ----------------
                                                                50,400.00                  42            61,131
                                                      ====================  ==================  ================

     Series D-4 issuance on September 21, 2006
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     The Hambrecht 1980 Revocable Trust                        200,400.00                 167           351,990
     John E. and Marva M. Warnock                              199,200.00                 166           349,882
                                                      --------------------  ------------------  ----------------
                                                               399,600.00                 333           701,872
                                                      ====================  ==================  ================

     Series D-4 issuance on December 18, 2006
     Purchaser                                           Purchase Price          Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     John E. and Marva M. Warnock                                50,400.00                 42             8,244
                                                      --------------------  ------------------  ----------------
                                                                 50,400.00                 42             8,244
                                                      ====================  ==================  ================
</TABLE>

<PAGE>

<TABLE>
<S>     <C>
     Series D-5 issuance on December 18, 2006
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     John E. and Marva M. Warnock                              150,000.00                 125            24,536
                                                      --------------------  ------------------  ----------------
                                                               150,000.00                 125            24,536
                                                      ====================  ==================  ================

     Series D-5 issuance on November 19, 2007
     Purchaser                                          Purchase Price           Shares            Warrants
     -----------------------------------------------  --------------------  ------------------  ----------------
     The Hambrecht 1980 Revocable Trust                        350,400.00                 292            35,040
                                                      --------------------  ------------------  ----------------
                                                               350,400.00                 292            35,040
                                                      ====================  ==================  ================
</TABLE>

     2.   General.

          (a) This Amendment shall be governed in all respects by the laws of
the State of California.

          (b) This Amendment may be executed in any number of counterparts, each
of which shall be deemed to be an original, and all of which together shall
constitute one and the same instrument. This Amendment may be delivered by
facsimile or electronic transmission of the relevant signature pages hereof.

          (c) The Purchase Agreement, as amended by this Amendment, shall remain
in full force and effect.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by as of the date first written above.

                                        SALON MEDIA GROUP, INC.

                                        By: /s/ Conrad Lowry
                                            ----------------
                                                Conrad Lowry
                                                Chief Financial Officer
                                                and Secretary

[Counterpart Signature Page to Amendment No. 8 to Securities Purchase Agreement]

<PAGE>

                                        PURCHASER

                                        By: /s/ John E.Warnock
                                            ------------------
                                                John E.Warnock

                                        By: /s/ Marva M. Warnock
                                            --------------------
                                                Marva M. Warnock

                                        Name: John E. Warnock & Marva M. Warnock

                                        Title:________________________________

                                        Address:______________________________

                                        ______________________________________

[Counterpart Signature Page to Amendment No. 8 to Securities Purchase Agreement]

<PAGE>

                                        PURCHASER

                                        By: /s/ John E.Warnock
                                            ------------------
                                                John E.Warnock

                                        Name: John E. Warnock

                                        Title:________________________________

                                        Address:______________________________

                                        ______________________________________

[Counterpart Signature Page to Amendment No. 8 to Securities Purchase Agreement]

<PAGE>

                                        PURCHASER
                                        The Hambrecht 1980 Revocable Trust

                                        By: /s/ Anna-Marie Schweizer
                                            ------------------------
                                                Anna-Marie Schweizer

                                        Name:  Anna-Marie Schweizer

                                        Title: Trustee
                                        Address: 539 Bryant St. Suite 100

                                        San Francisco, CA 94107
                                        -----------------------

[Counterpart Signature Page to Amendment No. 8 to Securities Purchase Agreement]

<PAGE>

                                        PURCHASER
                                        Eu Revocable Trust

                                        By: /s/ Elizabeth Hambrecht
                                            -----------------------
                                                Elizabeth Hambrecht

                                        Name:  Elizabeth Hambrecht

                                        Title: Trustee
                                        Address:

[Counterpart Signature Page to Amendment No. 8 to Securities Purchase Agreement]Exhibit 4.2.102

EXCEPT AS OTHERWISE PROVIDED IN THIS WARRANT, THE SECURITIES EVIDENCED BY THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS (i) THERE IS
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING SUCH SECURITIES, (ii)
THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR (iii) THE COMPANY
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY
SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT.

                             SALON MEDIA GROUP, INC.
                          COMMON STOCK PURCHASE WARRANT

     1. Price and Number of Shares Subject to Warrant. FOR VALUE RECEIVED and
subject to the terms and conditions herein set forth, The Hambrecht 1980
Revocable Trust, (the "Purchaser"), is entitled to purchase from Salon Media
Group, Inc., a Delaware corporation (the "Company"), at any time after 5:00 p.m.
California time on November 19, 2007 and before the termination of this Warrant
pursuant to Section 12 below, at a price per share equal to $1.84, as adjusted
in accordance with Section 3 below (the "Warrant Price"), that number of shares
indicated in Section 2 below of fully paid and nonassessable shares of the
Common Stock of the Company, as adjusted pursuant to Section 3 (the "Warrant
Shares").

     2. Number of Warrant Shares. The number of Warrant Shares for which this
Warrant is exercisable is equal to 35,040.

     3. Adjustment of Warrant Price and Warrant Shares. The number of Warrant
Shares issuable upon the exercise of this Warrant and the exercise price thereof
shall be subject to adjustment from time to time, and the Company agrees to
provide notice upon the happening of certain events, as follows:

          (a) Merger, Sale of Assets, etc. If at any time the Company proposes
to (i) consolidate with or merge with or sell or convey all or substantially all
of its assets to any other corporation or entity, or (ii) distribute stock,
securities or other assets to the holders of Common Stock in exchange for their
shares of the Company's Common Stock, then the Company shall give the holder of
this Warrant thirty (30) days advance notice of the effective date of such
transaction and to the extent the Warrant has not been exercised in full by the
effective date of such transaction, this Warrant shall terminate. The foregoing
notwithstanding, a merger or consolidation of the Company with or into another
corporation after which the shareholders of the Company immediately prior to
such transaction hold more than fifty percent (50%) of the voting power of the
surviving entity, shall not result in termination of this Warrant; instead this
Warrant shall be exchanged for a warrant of the surviving corporation that shall
entitle the holder hereof to acquire upon the exercise thereof the number of
shares of stock or other property to which the holder of the number of Warrant
Shares which are subject to this

                                       1
<PAGE>

Warrant on the effective date of the merger would have been entitled to receive
for such securities under the terms of the merger.

          (b) Reclassification, etc. If the Company at any time shall, by
subdivision, combination or reclassification of securities or otherwise, change
any of the securities to which purchase rights under this Warrant exist into the
same or a different number of securities of any class or classes, this Warrant
shall thereafter entitle its holder to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities which were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other
change. If shares of the class of the Company's stock for which this Warrant is
being exercised are subdivided or combined into a greater or smaller number of
shares of stock, the Warrant Price shall be proportionately reduced in the case
of subdivision of shares or proportionately increased in the case of combination
of shares, in both cases by the ratio which the total number of shares of such
class of stock to be outstanding immediately after such event bears to the total
number of shares of such class of stock outstanding immediately prior to such
event.

          (c) Adjustment for Dividends in Stock. In case at any time or from
time to time on or after the date hereof the holders of the shares of the
Company's capital stock of the same class and series as the Warrant Shares (or
any shares of stock or other securities at the time receivable upon the exercise
of this Warrant) shall have received, or, on or after the record date fixed for
the determination of eligible shareholders, shall have become entitled to
receive, without payment therefor, other or additional stock of the Company by
way of dividend, then and in each case, the holder of this Warrant shall, upon
the exercise hereof, be entitled to receive, in addition to the number of
Warrant Shares receivable thereupon, and without payment of any additional
consideration therefor, the amount of such other or additional stock of the
Company which such holder would hold on the date of such exercise had it been
the holder of record of such Warrant Shares on the date hereof and had
thereafter, during the period from the date hereof to and including the date of
such exercise, retained such shares and/or all other additional stock receivable
by it as aforesaid during such period, giving effect to all adjustments called
for during such period by paragraph (c) of this Section 3.

          (d) Adjustment of Warrant Price.

               (i) Special Definitions. For purposes of this Section 3(d), the
following definitions shall apply:

                    (A) "Options" shall mean rights, options or warrants to
subscribe for, purchase or otherwise acquire either Common Stock or Convertible
Securities (as defined below).

                    (B) "Convertible Securities" shall mean any evidences of
indebtedness, shares or other securities convertible into or exchangeable for
Common Stock.

                                       2
<PAGE>

                    (C) "Additional Shares of Common Stock" shall mean all
shares of Common Stock issued (or, pursuant to Section 3(d) below, deemed to be
issued) by the Company after the Warrant Issue Date (as defined below), other
than shares of Common Stock issued or issuable:

                    (I) upon conversion of shares of Preferred Stock;

                    (II) to officers, directors or employees of, or consultants
to, the Company pursuant to a warrant, stock grant, option agreement or plan,
purchase plan or other employee stock incentive program or agreement approved by
the Board of Directors, up to a maximum number of shares of Common Stock
(assuming full conversion of any such convertible securities into Common Stock)
equal to 25% of the then outstanding shares of the Company's Common Stock and
Preferred Stock (as converted);

                    (III) in connection with the acquisition by the Company of
another business entity or majority ownership thereof approved by the Board of
Directors;

                    (IV) to lease companies, real estate lessors, banks or
financial institutions, whether shares or warrants, in connection with any lease
or debt financing transaction approved by the Board of Directors;

                    (V) upon exercise of warrants outstanding as of the Warrant
Issue Date (as defined hereafter);

                    (VI) in connection with a transaction described in Section
3(d)(vi);

                    (VII) in connection with a strategic investment and/or
acquisition of technology or intellectual property approved by the Board of
Directors;

                    (VIII) by way of dividend or other distribution on shares of
Common Stock excluded from the definition of Additional Shares of Common Stock
by the foregoing clauses (I) through (VII).

                    (D) "Warrant Issue Date" shall mean the date on which the
Warrant was first issued by the Company.

               (ii) No Adjustment of Warrant Price. No adjustment in the Warrant
Price shall be made with respect to the issuance of Additional Shares of Common
Stock unless the consideration per share for an Additional Share of Common Stock
issued or deemed to be issued by the Company is less than the Warrant Price in
effect on the date of, and immediately prior to, such issue.

               (iii) Deemed Issue of Additional Shares of Common Stock. In the
event the Company at any time or from time to time after the Warrant Issue Date
shall issue any Options or Convertible Securities or shall fix a record date for
the determination of holders

                                       3
<PAGE>

of any class of securities entitled to receive any such Options or Convertible
Securities, then the maximum number of shares (as set forth in the instrument
relating thereto without regard to any provisions contained therein for a
subsequent adjustment of such number) of Common Stock issuable upon the exercise
of such Options or, in the case of Convertible Securities, the conversion or
exchange of the Convertible Securities shall be deemed to be Additional Shares
of Common Stock issued as of the time of the issuance of such Option or
Convertible Security or, in case such a record date shall have been fixed, as of
the close of business on such record date:

                    (A) except as provided in Section 3(d)(iii)(B) and
3(d)(iii)(C) below, no further adjustment in the Warrant Price shall be made
upon the subsequent issue of Convertible Securities or shares of Common Stock
upon the exercise of such Options or conversion or exchange of such Convertible
Securities;

                    (B) if such Options or Convertible Securities by their terms
provide, with the passage of time or otherwise, for any change in the
consideration payable to the Company, or change in the number of shares of
Common Stock issuable, upon the exercise, conversion or exchange thereof (other
than under or by reason of provisions designed to protect against dilution), a
Warrant Price computed upon the original issue thereof (or upon the occurrence
of a record date with respect thereto) and any subsequent adjustments based
thereon, shall, upon any such increase or decrease becoming effective, be
recomputed to reflect such increase or decrease insofar as it affects such
Options or the rights of conversion or exchange under such Convertible
Securities;

                    (C) upon the expiration of any such Options or Convertible
Securities, the Warrant Price, to the extent in any way affected by or computed
using such Options or Convertible Securities, shall be recomputed to reflect the
issuance of only the number of shares of Common Stock actually issued upon the
exercise of such Options or Convertible Securities; and

                    (D) no readjustment pursuant to Section 3(d)(iii) clauses
(B) and (C) above shall have the effect of increasing the Warrant Price to an
amount which exceeds the lower of (1) the Warrant Price on the original
adjustment date or (2) the Warrant Price that would have resulted from any
issuance of Additional Shares of Common Stock between the original adjustment
date and such readjustment date.

               (iv) Adjustment of Warrant Price Upon Issuance of Additional
Shares of Common Stock Below Purchase Price. In the event this Corporation shall
issue Additional Shares of Common Stock (including Additional Shares of Common
Stock deemed to be issued pursuant to Section 3(d)(iii)), after the Warrant
Issue Date, without consideration or for a consideration per share less than the
Warrant Price in effect on the date of and immediately prior to such issue (such
issuance price being referred to herein as the "Dilution Price"), then and in
each such event the Warrant Price shall automatically be adjusted as set forth
in this Section 3(d)(iv), unless otherwise provided in this Section 3(d)(i).

                    (A) Adjustment Formula. Whenever the Conversion Price is
adjusted by Section 3(d)(iv), the new Warrant Price shall be determined by
multiplying the Warrant Price then in effect by a fraction, the numerator of
which shall be the number of

                                       4
<PAGE>

shares of Common Stock outstanding immediately prior to such issue plus the
number of shares of Common Stock which the aggregate consideration received by
the Company for the total number of Additional Shares of Common Stock so issued
would purchase at such Warrant Price in effect immediately prior to such
issuance, and the denominator of which shall be the number of shares of Common
Stock outstanding immediately prior to such issues plus the number of such
additional shares of Common Stock so issued. For the purposes of this paragraph,
the number of outstanding shares of Common Stock shall be deemed to include the
Common Stock issuable on conversion of all other outstanding Preferred Stock,
upon conversion or exercise of any other outstanding Convertible Securities and
upon exercise of all vested Options (and assuming conversion of Convertible
Securities issuable upon exercise of Options).

               (v) Determination of Consideration. For purposes of this Section
3(d), the consideration received by the Company for the issue of any Additional
Shares of Common Stock shall be computed as follows:

                    (A) Cash and Property: Such consideration shall:

                         (1) insofar as it consists of cash, be computed at the
aggregate amount of cash received by the Company before deducting any reasonable
discounts, commissions or other expenses allowed, paid or incurred by the
Company for any underwriting or otherwise in connection with the issuance and
sale thereof;

                         (2) insofar as it consists of property other than cash,
be computed at the fair value thereof at the time of such issue, as determined
by Board in the good faith exercise of its reasonable business judgment; and

                         (3) in the event Additional Shares of Common Stock are
issued together with other shares or securities or other assets of the Company
for consideration which covers both, be the proportion of such consideration so
received, computed as provided in clauses (1) and (2) above, as determined in
good faith by the Board.

                    (B) Options and Convertible Securities. The consideration
per share received by the Company for Additional Shares of Common Stock deemed
to have been issued pursuant to Section 3(d), relating to Options and
Convertible Securities, shall be determined by dividing:

                         (1) the total amount, if any, received or receivable by
the Company as consideration for the issue of such Options or Convertible
Securities, plus the minimum aggregate amount of additional consideration (as
set forth in the instruments relating thereto, without regard to any provision
contained therein for a subsequent adjustment of such consideration) payable to
the Company upon the exercise of such Options or the conversion or exchange of
such Convertible Securities, or in the case of Options for Convertible
Securities, the exercise of such Options for Convertible Securities and the
conversion or exchange of such Convertible Securities, by

                                       5
<PAGE>

                         (2) the maximum number of shares of Common Stock (as
set forth in the instruments relating thereto, without regard to any provision
contained therein for a subsequent adjustment of such number) issuable upon the
exercise of such Options or the conversion or exchange of such Convertible
Securities.

     4. No Stockholder Rights. This Warrant, by itself, as distinguished from
any shares purchased hereunder, shall not entitle its holder to any of the
rights of a stockholder of the Company.

     5. Exercise of Warrant. This Warrant may be exercised in whole or part by
the holder, at any time after the date hereof and prior to the termination of
this Warrant, by the surrender of this Warrant, together with the Notice of
Exercise attached hereto as Attachment 1, duly completed and executed at the
principal office of the Company, accompanied by payment in full of the Warrant
Price in cash or by check with respect to the Warrant Shares being purchased.
This Warrant shall be deemed to have been exercised immediately prior to the
close of business on the date of its surrender for exercise as provided above,
and the person entitled to receive the Warrant Shares issuable upon such
exercises shall be treated for all purposes as holder of such shares of record
as of the close of business on such date. As promptly as practicable after such
date, the Company shall issue and deliver to the person or persons entitled to
receive the same a certificate or certificates for the number of full Warrant
Shares issuable upon such exercise.

     6. Conversion. In lieu of exercising this Warrant or any portion hereof by
paying cash, the holder hereof shall have the right to convert this Warrant or
any portion hereof and receive Warrant Shares by executing and delivering to the
Company at its principal office the written notice of conversion in the form
attached hereto as Attachment 2, respectively, specifying the portion of the
Warrant to be converted, and accompanied by this Warrant. The number of Warrant
Shares to be issued upon such conversion shall be computed using the following
formula:

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

     Where X =      the number of Warrant Shares to be issued to the holder for
                    the portion of the Warrant being converted.

           P =      the portion in the form of a fraction of the Warrant being
                    converted.

           Y =      the total number of Warrant Shares issuable upon exercise of
                    the Warrant in full.

           A =      the fair market value of one Warrant Share which shall mean
                    the last reported sale price per share of the Common Stock
                    as reported on the Nasdaq National Market (or if the Common
                    Stock is not then listed on the Nasdaq National Market, then
                    such last reported sale price on a national securities
                    exchange or other nationally recognized exchange or trading
                    system) on the day upon which the holder delivered its
                    notice of conversion to the Company, or if no

                                       6
<PAGE>

                    such price is reported on such day, such price on the next
                    preceding business day for which such price is reported.

           B =      the Warrant Price on the day upon which the holder delivered
                    its notice of conversion to the Company.

Any portion of this Warrant that is converted shall be immediately canceled.

     7. Certificate of Adjustment. Whenever the Warrant Price or number or type
of securities issuable upon exercise of this Warrant is adjusted, as herein
provided, the Company shall deliver to the record holder of this Warrant a
certificate of an officer or other authorized person of the Company setting
forth the nature of such adjustment and a brief statement of the facts requiring
such adjustment.

     8. Sale or Transfer of Warrant. The Purchaser shall not sell or transfer
this Warrant other than to an affiliate of Purchaser. For the purposes of this
Agreement, an "Affiliate" shall mean any partner, limited partner or member of
Purchaser or any person or entity that directly or indirectly through one or
more intermediaries controls or is controlled by or is under common control with
Purchaser.

     9. Successors and Assigns. The terms and provisions of this Warrant shall
inure to the benefit of, and be binding upon the Company, its successors and
assigns. This Warrant cannot be assigned by Purchaser, except to an Affiliate,
without the express written consent of the Company.

     10. Representations and Covenants of the Company. The Company makes the
following representations and covenants:

          (a) Authorization. All corporate action on the part of the Company,
its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Warrant, the performance of all obligations of
the Company hereunder and thereunder, and the authorization, issuance (or
reservation for issuance), sale and delivery of the Warrant Shares issuable
hereunder has been taken or will be taken prior to the Closing, and this Warrant
constitutes valid and legally binding obligations of the Company, enforceable in
accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors' rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) to the extent the indemnification provisions
contained in this Warrant may be limited by applicable federal or state
securities laws.

          (b) Valid Issuance of Common Stock. The Warrant Shares issuable
hereunder, when issued, sold and delivered in accordance with the terms of this
Warrant for the consideration expressed herein, will be duly and validly issued,
fully paid and nonassessable, and will be free of restrictions on transfer other
than restrictions on transfer under this Warrant and under applicable state and
federal securities laws.

          (c) Company Action. The Company will at all times during the term of
this Warrant act in good faith to assist in the carrying out of all of the
provisions of this

                                       7
<PAGE>

Warrant. The Company will at all times during the term of the Warrant take any
and all action as may be necessary or appropriate to protect the exercise of the
rights of the Purchaser under this Warrant.

     11. Representations and Covenants of the Purchaser. This Warrant has been
entered into by the Company in reliance upon the following representations and
covenants of the Purchaser:

          (a) Investment Purpose. The right to acquire Common Stock contained
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Purchaser has no present intention of
selling or engaging in any public distribution of the same except pursuant to a
registration or exemption.

          (b) Private Issue. The Purchaser understands (i) that the Common Stock
issuable upon exercise of the purchase rights under this Warrant is not
registered under the Securities Act of 1933 Act or qualified under applicable
state securities laws on the ground that the issuance contemplated by this
Warrant will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company's reliance on such exemption is predicated on
the representations set forth in this Section.

          (c) Financial Risk. The Purchaser has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of its investment, and has the ability to bear the economic risks of its
investment.

          (d) Accredited Investor. Purchaser is an "accredited investor" within
the meaning of SEC Rule 501 of Regulation D, as presently in effect.

          (e) Authorization. This Warrant constitutes the Purchaser's valid and
legally binding obligation, enforceable in accordance with its terms.

          (f) Disclosure of Information. Purchaser believes it has received all
the information it considers necessary or appropriate for deciding whether to
purchase the rights under this Warrant. Purchaser further represents that it has
had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the Warrant and the Common Stock issuable
upon exercise of the purchase rights thereunder.

          (g) Investment Experience. Purchaser is an investor in securities of
companies and acknowledges that it is able to fend for itself, can bear the
economic risk of its investment and has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and
risks of the investment in the Company's stock. If other than an individual,
Purchaser also represents that it has not been organized for the purpose of
acquiring the rights under this Warrant.

          (h) Legends. It is understood that the Common Stock issuable upon
exercise of the rights under this Warrant may bear one or all of the following
legends:

                                       8
<PAGE>

               (i) "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND ARE
"RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT. THE
SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT
(i) IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER
THE ACT OR (ii) IN COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO AN OPINION OF
COUNSEL, THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS TO SAID SALE,
OFFER OR DISTRIBUTION."

               (ii) Any legend required by the laws of the State of California
or other states, including any legend required by the California Department of
Corporations and Sections 417 and 418 of the Corporations Code.

     12. Termination. Unless otherwise terminated pursuant to Section 3(a)
above, this Warrant shall terminate at 5:00 p.m., California time, on the third
anniversary of the date hereof.

     13. Notices. Unless otherwise provided, any notice 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 upon deposit with
the United States Post Office, by registered or certified mail, postage prepaid
and addressed to the party to be notified at the address supplied by Purchaser
to the Company or at such other address as Purchaser shall designate by ten days
advance written notice to the Company.

     14. Miscellaneous. This Warrant shall be governed by the laws of the State
of California, as such laws are applied to contracts to be entered into and
performed entirely in California by California residents. The headings in this
Warrant are for purposes of convenience and reference only, and shall not be
deemed to constitute a part hereof. Any provision of this Warrant may be
amended, waived or modified upon the written consent of the Company, and the
Purchaser; provided, however that each other Purchaser of a Warrant shall, at
its option, be entitled to amend, waive or modify the Warrant held by such
Purchaser in a similar manner.

                                       9
<PAGE>

Upon delivery of written notice to the Company by the Purchaser, this Warrant
shall be deemed amended, waived or modified in the same manner as any other
Warrant. Any amendment or waiver effected in accordance with this Section 14
shall be binding upon the Company, the Purchaser and each transferee of this
Warrant.

                                    SALON MEDIA GROUP, INC.

                                    Signed: /s/ Conrad Lowry
                                            ------------------------------------

                                    Printed: Conrad Lowry
                                             -----------------------------------

                                    Title:  Chief Financial Officer & Secretary
                                            -----------------------------------

                                       10
<PAGE>

                                  Attachment 1

                               NOTICE OF EXERCISE

TO: Salon Media Group, Inc.

     1. The undersigned hereby elects to purchase _____________________ shares
of Common Stock of Salon Media Group, Inc., pursuant to the terms of the
attached Warrant, and tenders herewith payment of the purchase price in full,
together with all applicable transfer taxes, if any.

     2. Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

     ___________________________________
     (Name)

     ___________________________________
     (Address)

_______________________________________   ______________________________________
(Date)                                    (Name of Warrant Holder)

                                      By:_______________________________________

                                      Title:____________________________________
                                            (Name of purchaser, and title and
                                            signature of authorized person)

<PAGE>

                                  Attachment 2

                              NOTICE OF CONVERSION

TO: Salon Media Group, Inc.

     1. The undersigned hereby elects to acquire _______________________ shares
of Common Stock of Salon Media Group, Inc., pursuant to the terms of the
attached Warrant, by conversion of ________ percent (___%) of the Warrant.

     2. Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

     ___________________________________
     (Name)

     ___________________________________
     (Address)

_______________________________________   ______________________________________
(Date)                                    (Name of Warrant Holder)

                                      By:_______________________________________

                                      Title:____________________________________
                                            (Name of purchaser, and title and
                                            signature of authorized person)

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