Document:

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                                                                   EXHIBIT 10.35

                                                                        Series S
                                                                       No. S-001

         THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES
         ISSUABLE UPON EXERCISE HEREOF MAY NOT BE OFFERED OR SOLD EXCEPT
         PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), (ii) AN EXEMPTION FROM
         REGISTRATION, OR (iii) TO THE EXTENT APPLICABLE, RULE 144 UNDER SUCH
         ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF
         SECURITIES).

                        WARRANT TO PURCHASE COMMON STOCK

         WARRANT TO PURCHASE COMMON STOCK ("Warrant") dated November 21, 2003
between NEOPROBE CORPORATION, a Delaware corporation (the "Company"), and
Alberdale Capital, LLC (the "Purchaser").

         WHEREAS, the Company hereby grants to Alberdale Capital, LLC or its
registered assigns (the "Registered Holder") the right to purchase from the
Company 78,261 shares of the Company's common stock, par value $.001 per share
("Common Stock") at a price per share of $.28 (as adjusted from time to time
hereunder, the "Exercise Price"). Certain capitalized terms used herein are
defined in Section 5 hereof. The amount and kind of securities obtainable
pursuant to the rights granted hereunder and the purchase price for such
securities are subject to adjustment pursuant to the provisions contained in
this Warrant.

                  This Warrant is subject to the following provisions:

                  Section 1.  Exercise of Warrant.

                  1.1. Exercise Period. The Registered Holder may exercise, in
whole or in part, the purchase rights represented by this Warrant at any time
and from time to time after November __, 2003 (hereinafter, the "Commencement
Date") to and including 5:00 p.m., New York time, on the fifth anniversary of
the Commencement Date or, if such day is not a Business Day, on the next
preceding Business Day (the "Exercise Period"). The Company shall give the
Registered Holder written notice of the expiration of the rights hereunder at
least thirty (30) days but not more than ninety (90) days prior to the end of
the Exercise Period.

                  1.2.     Exercise Procedure.

                           (a) This Warrant shall be deemed to have been
exercised when the Company has received all of the following items (the
"Exercise Time"):

                               (i) a completed Exercise Agreement, as described
     in paragraph 1.3 below, executed by the Person exercising all or part of
     the purchase rights represented by this Warrant (the "Purchaser");

                               (ii) this Warrant;

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                               (iii) if this Warrant is not registered in the
     name of the Purchaser, an Assignment or Assignments evidencing the
     assignment of this Warrant to the Purchaser, in which case the Registered
     Holder shall have 9complied with the provisions set forth in Section 7
     hereof; and

                               (iv) either (1) a check payable to the Company in
     an amount equal to the product of the Exercise Price multiplied by the
     number of shares of Common Stock being purchased upon such exercise (the
     "Aggregate Exercise Price"), (2) the surrender to the Company of debt or
     equity securities of the Company having a Fair Market Value equal to the
     Aggregate Exercise Price of the Common Stock being purchased upon such
     exercise (provided, that for purposes of this subparagraph, the Fair Market
     Value of any note or other debt security or any preferred stock shall be
     deemed to be equal to the aggregate outstanding principal amount or
     liquidation value thereof plus all accrued and unpaid interest thereon or
     accrued or declared and unpaid dividends thereon) or (3) a written notice
     to the Company that the Purchaser is exercising the Warrant (or a portion
     thereof) on a "cashless" basis by authorizing the Company to withhold from
     issuance a number of shares of Common Stock issuable upon such exercise of
     the Warrant which when multiplied by the Fair Market Value of the Common
     Stock is equal to the Aggregate Exercise Price (and such withheld shares
     shall no longer be issuable under this Warrant).

                    (b) Certificates for shares of Common Stock purchased upon
exercise of this Warrant shall be delivered by the Company to the Purchaser
within three (3) Business Days after the date of the Exercise Time. Unless this
Warrant has expired or all of the purchase rights represented hereby have been
exercised, the Company shall prepare a new Warrant, substantially identical
hereto, representing the rights formerly represented by this Warrant which have
not expired or been exercised and shall within such three-day period, deliver
such new Warrant to the Person designated for delivery in the Exercise
Agreement.

                    (c) The Common Stock issuable upon the exercise of this
Warrant shall be deemed to have been issued to the Purchaser at the Exercise
Time, and the Purchaser shall be deemed for all purposes to have become the
record holder of such Common Stock at the Exercise Time.

                    (d) The issuance of certificates for shares of Common Stock
upon exercise of this Warrant shall be made without charge to the Registered
Holder or the Purchaser for any issuance tax in respect thereof or other cost
incurred by the Company in connection with such exercise and the related
issuance of shares of Common Stock. Each share of Common Stock issuable upon
exercise of this Warrant shall upon payment of the Exercise Price therefor, be
fully paid and nonassessable and free from all liens and charges with respect to
the issuance thereof.

                    (e) The Company shall not close its books against the
transfer of this Warrant or of any share of Common Stock issued or issuable upon
the exercise of this Warrant in any manner which interferes with the timely
exercise of this Warrant. The Company shall from time to time take all such
action as may be necessary to assure that the par value per share of the
unissued Common

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Stock acquirable upon exercise of this Warrant is at all times equal to or less
than the Exercise Price then in effect.

                    (f) The Company shall assist and cooperate with any
Registered Holder or Purchaser required to make any governmental filings or
obtain any governmental approvals prior to or in connection with any exercise of
this Warrant (including, without limitation, making any filings required to be
made by the Company).

                    (g) Notwithstanding any other provision hereof, if an
exercise of all or any portion of this Warrant is to be made in connection with
a registered public offering, a sale of the Company or any transaction or event,
such exercise may, at the election of the Registered Holder hereof, be
conditioned upon the consummation of such transaction or event in which case
such exercise shall not be deemed to be effective until the consummation of such
transaction or event.

                    (h) The Company shall at all times reserve and keep
available out of its authorized but unissued shares of Common Stock solely for
the purpose of issuance upon the exercise of this Warrant, such number of shares
of Common Stock as are issuable upon the exercise of this Warrant. All shares of
Common Stock which are so issuable shall, when issued, be duly and validly
issued, fully paid and nonassessable and free from all taxes, liens and charges.
The Company shall take all such actions as may be necessary to assure that all
such shares of Common Stock may be so issued without violation of any applicable
law or governmental regulation or any requirements of any domestic securities
exchange upon which shares of Common Stock may be listed (except for official
notice of issuance which shall be immediately delivered by the Company upon each
such issuance). The Company shall not take any action which would cause the
number of authorized but unissued shares of Common Stock to be less than the
number of such shares required to be reserved hereunder for issuance upon
exercise of this Warrant. The Company will use its best efforts to cause the
shares of Common Stock, immediately upon such exercise, to be listed on any
domestic securities exchange upon which shares of Common Stock or other
securities constituting such shares of Common Stock are listed at the time of
such exercise.

                  1.3. Exercise Agreement. Upon any exercise of this Warrant,
the Exercise Agreement shall be substantially in the form set forth in either
Exhibit I or Exhibit II attached hereto, except that if the shares of Common
Stock are not to be issued in the name of the Person in whose name this Warrant
is registered, the Exercise Agreement shall also state the name of the Person to
whom the certificates for the shares of Common Stock are to be issued, and if
the number of shares of Common Stock to be issued does not include all the
shares of Common Stock purchasable hereunder, it shall also state the name of
the Person to whom a new Warrant for the unexercised portion of the rights
hereunder is to be delivered. Such Exercise Agreement shall be dated the actual
date of execution thereof.

                  1.4. Fractional Shares. If the Common Stock is listed on any
securities exchange or quoted on the Nasdaq Stock Market System or the
over-the-counter market and a fractional share of Common Stock would, but for
the provisions of this paragraph 1.4, be issuable upon exercise of the rights
represented by this Warrant, the Company shall, within five (5) Business Days
after the date of the Exercise Time, deliver to the Purchaser a check payable to
the Purchaser in lieu of such

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fractional share in an amount equal to the difference between Fair Market Value
of such fractional share as of the date of the Exercise Time and the Exercise
Price of such fractional share.

                  Section 2. Adjustment of Exercise Price and Number of Shares
of Common Stock. In order to prevent dilution of the rights granted under this
Warrant and grant the holder hereof certain additional rights, the Exercise
Price and the number of shares of Common Stock obtainable upon exercise of this
Warrant shall be subject to adjustment from time to time as provided in this
Section 2.

                  2.1. Computation of Adjusted Exercise Price. Except as
hereinafter provided, in case the Company shall at any time after the date
hereof issue or sell any shares of Common Stock, other than the issuances or
sales referred to in Section 2.7 hereof ("Excluded Issuances"), including shares
held in the Company's treasury and shares of Common Stock issued upon the
exercise of any outstanding options, rights or warrants, to subscribe for shares
of Common Stock and shares of Common Stock issued upon the direct or indirect
conversion or exchange of securities for shares of Common Stock, for a
consideration per share less than the Exercise Price in effect immediately prior
to the issuance or sale of such shares, or without consideration, then forthwith
upon such issuance or sale, the Exercise Price shall (until another issuance or
sale) be reduced to the price (calculated to the nearest full cent) equal to the
quotient derived by dividing (i) an amount equal to the sum of (a) the total
number of shares of Common Stock outstanding immediately prior to the issuance
or sale of such shares, multiplied by the Exercise Price in effect immediately
prior to such issuance or sale, and (b) the aggregate of the amount of all
consideration, if any, received by the Company upon such issuance or sale, by
(ii) the total number of shares of Common Stock outstanding immediately after
such issuance or sale; provided, however, that in no event shall the Exercise
Price be adjusted pursuant to this computation to an amount in excess of the
Exercise Price in effect immediately prior to such computation, except in the
case of a combination of outstanding shares of Common Stock, as provided by
Section 2.3 hereof.

         For the purposes of this Section 2 the term "Exercise Price" shall mean
the Exercise Price per share of Common Stock set forth in Section 5 hereof, as
adjusted from time to time pursuant to the provisions of this Section 2.

         For the purposes of any computation to be made in accordance with this
Section 2.1, the following provisions shall apply:

                  (i) In case of the issuance or sale of shares of Common Stock
for a consideration, part or all of which shall be cash, the amount of the cash
consideration therefor shall be deemed to be the amount of cash received by the
Company for such shares (or, if shares of Common Stock are offered by the
Company for subscription, the subscription price, or if either of such
securities shall be sold to underwriters or dealers for public offering without
a subscription offering, the initial public offering price) before deducting
therefrom any compensation paid or discount allowed in the sale, underwriting or
purchase thereof by underwriters or dealers or others performing similar
services, or any expenses incurred in connection therewith.

               (ii) In case of the issuance or sale (otherwise than as a
dividend

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or other distribution on any stock of the Company) of shares of Common Stock for
a consideration part or all of which shall be other than cash, the amount of the
consideration therefor other than cash shall be deemed to be the value of such
consideration as determined in good faith by the Board of Directors of the
Company.

               (iii) Shares of Common Stock issuable by way of dividend or other
distribution on any capital stock of the Company shall be deemed to have been
issued immediately after the opening of business on the day following the record
date for the determination of stockholders entitled to receive such dividend or
other distribution and shall be deemed to have been issued without
consideration.

               (iv) The reclassification of securities of the Company other than
shares of Common Stock into securities including shares of Common Stock shall be
deemed to involve the issuance of such shares of Common Stock for a
consideration other than cash immediately prior to the close of business on the
date fixed for the determination of security holders entitled to receive such
shares, and the value of the consideration allocable to such shares of Common
Stock shall be determined as provided in subsection (ii) of this Section 2.1.

               (v) The number of shares of Common Stock at any one time
outstanding shall include the aggregate number of shares issued or issuable
(subject to readjustment upon the actual issuance thereof) upon the exercise of
options, rights, warrants and upon the conversion or exchange of convertible or
exchangeable securities.

               (vi) As used herein, the phrase "Market Price" at any date shall
be deemed to be the last reported sale price, or, in case no such reported sale
takes place on such day, the average of the last reported sale prices for the
last three (3) trading days, in either case as officially reported by the
principal securities exchange on which the Common Stock is listed or admitted to
trading, or, if the Common Stock is not listed or admitted to trading on any
national securities exchange, the average closing bid price as furnished by the
NASD through NASDAQ or similar organization if NASDAQ is no longer reporting
such information, or if the Common Stock is not quoted on NASDAQ, as determined
in good faith by resolution of the Board of Directors of the Company, based on
the best information available to it.

               2.2. Options, Rights, Warrants and Convertible and Exchangeable
Securities. In case the Company shall at any time after the date hereof issue
options, rights or warrants to subscribe for shares of Common Stock, or issue
any securities convertible into or exchangeable for shares of Common Stock,
other than Excluded Issuances, for a consideration per share less than the
Exercise Price in effect or the Market Price immediately prior to the issuance
of such options, rights or warrants, or such convertible or exchangeable
securities, or without consideration, the Exercise Price in effect immediately
prior to the issuance of such options, rights or warrants, or such convertible
or exchangeable securities, as the case may be, shall be reduced to a price
determined by making a computation in accordance with the provisions of Section
2.1 hereof, provided that:

               (a) The aggregate maximum number of shares of Common Stock, as
the case may be, issuable under such options, rights or warrants shall be deemed
to be issued and outstanding at the time such options, rights or warrants were
issued, and for a consideration equal to the minimum purchase price per share
provided for in such options, rights or warrants at the time of issuance, plus
the

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consideration (determined in the same manner as consideration received on the
issue or sale of shares in accordance with the terms of the Series R Warrants),
if any, received by the Company for such options, rights or warrants.

               (b) The aggregate maximum number of shares of Common Stock
issuable upon conversion or exchange of any convertible or exchangeable
securities shall be deemed to be issued and outstanding at the time of issuance
of such securities, and for a consideration equal to the consideration
(determined in the same manner as consideration received on the issue or sale of
shares of Common Stock in accordance with the terms of the Series R Warrants)
received by the Company for such securities, plus the minimum consideration, if
any, receivable by the Company upon the conversion or exchange thereof.

               (c) If any change shall occur in the price per share provided for
in any of the options, rights or warrants referred to in subsection (a) of this
Section 2.2, or in the price per share at which the securities referred to in
subsection (b) of this Section 2.2 are convertible or exchangeable, such
options, rights or warrants or conversion or exchange rights, as the case may
be, shall be deemed to have expired or terminated on the date when such price
change became effective in respect of shares not theretofore issued pursuant to
the exercise or conversion or exchange thereof, and the Company shall be deemed
to have issued upon such date new options, rights or warrants or convertible or
exchangeable securities at the new price in respect of the number of shares
issuable upon the exercise of such options, rights or warrants or the conversion
or exchange of such convertible or exchangeable securities.

               2.3. Subdivision and Combination. In case the Company shall at
any time subdivide or combine the outstanding shares of Common Stock, the
Exercise Price shall forthwith be proportionately decreased in the case of
subdivision or increased in the case of combination.

               2.4. Adjustment in Number of Securities. Upon each adjustment of
the Exercise Price pursuant to the provisions of this Section 2, the number of
shares of Common Stock issuable upon the exercise of this Warrant shall be
adjusted to the nearest full amount by multiplying a number equal to the
Exercise Price in effect immediately prior to such adjustment by the number of
shares of Common Stock issuable upon exercise of this Warrant immediately prior
to such adjustment and dividing the product so obtained by the adjusted Exercise
Price.

               2.5. Definition of Common Stock. For the purpose of this
Agreement, the term "Common Stock" shall mean (i) the class of stock designated
as Common Stock in the Certificate of Incorporation of the Company as may be
amended as of the date hereof, or (ii) any other class of stock resulting from
successive changes or reclassifications of such Common Stock consisting solely
of changes in par value, or from par value to no par value, or from no par value
to par value. In the event that the Company shall after the date hereof issue
securities with greater or superior voting rights than the shares of Common
Stock outstanding as of the date hereof, the Holder, at its option, may receive
upon exercise of this Warrant either shares of Common Stock or a like number of
such securities with greater or superior voting rights.

               2.6. Merger or Consolidation. In case of any consolidation of the
Company with, or

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merger of the Company with, or merger of the Company into, or sale by the
Company of all or substantially all of its assets to another corporation (other
than a consolidation or merger which does not result in any reclassification or
change of the outstanding Common Stock), the corporation formed by such
consolidation or merger or acquiror of such assets shall execute and deliver to
the Holder a supplemental warrant agreement providing that the Holder of each
Warrant then outstanding or to be outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
Warrant, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the number
of shares of Common Stock of the Company for which such Warrant might have been
exercised immediately prior to such consolidation, merger, sale or transfer.
Such supplemental warrant agreement shall provide for adjustments which shall be
identical to the adjustments provided in Section 2. The above provision of this
subsection shall similarly apply to successive consolidations or mergers.

               2.7. No Adjustment of Exercise Price in Certain Cases. No
adjustment of the Exercise Price shall be made:

               (a) Upon the issuance or sale of this Warrant, any Series R
Warrant or Series S Warrant, or the shares of Common Stock issuable upon the
exercise of any of the foregoing, or any other options, rights or warrants
issued and outstanding on the date hereof;

               (b) If the amount of said adjustment shall be less than 2 cents
($.02) per Warrant, provided, however, that in such case any adjustment that
would otherwise be required then to be made shall be carried forward and shall
be made at the time of and together with the next subsequent adjustment which,
together with any adjustment so carried forward, shall amount to at least 2
cents ($.02) per Warrant; or

               (c) (i)the issuance of Common Stock to employees, consultants,
officers or directors of the Corporation pursuant to stock purchase or stock
option plans or agreements approved by the Board of Directors of the Corporation
(the "Board"), (ii) the issuance of Common Stock (or securities exercisable for
or converted into Common Stock) representing in the aggregate not more than 2%
of the outstanding Common Stock of the Company to vendors, distributors,
suppliers, financial institutions or lessors in connection with commercial
credit arrangements, equipment financings or similar transactions approved by
the Board, or (iii) the issuance of securities pursuant to transactions
involving the in-licensing of technology or products or the development of
technology or products on behalf of the Company unanimously approved by the
Board.

                  2.8. Dividends and Other Distributions. In the event that the
Company shall at any time prior to the exercise of the Warrant declare a
dividend (other than a dividend consisting solely of shares of Common Stock) or
otherwise distribute to its stockholders any assets, property, rights, evidences
of indebtedness, securities (other than shares of Common Stock), whether issued
by the Company or by another, or any other thing of value, the Holder of any
unexercised portion of this Warrant shall thereafter be entitled, in addition to
the shares of Common Stock or other securities and property receivable under the
exercise thereof, to receive, upon the exercise of thereof, the same property,
assets, rights, evidences of indebtedness, securities or any other thing of
value that they would have been entitled to receive at the time of such dividend
or distribution as if such unexercised portion

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had been exercised immediately prior to such dividend or distribution. At the
time of any such dividend or distribution, the Company shall make appropriate
reserves to ensure the timely performance of the provisions of this Subsection
2.8.

                  2.9.     Notices.

                    (a) Immediately upon any adjustment of the Exercise Price,
the Company shall give written notice thereof to the Registered Holder, setting
forth in reasonable detail and certifying the calculation of such adjustment.

                    (b) The Company shall give written notice to the Registered
Holder at least twenty (20) days prior to the date on which the Company closes
its books or takes a record (A) with respect to any dividend or distribution
upon the Common Stock, (B) with respect to any pro rata subscription offer to
holders of Common Stock, or (C) for determining rights to vote with respect to
any Liquidation Event or other dissolution or liquidation.

                    (c) The Company shall also give written notice to the
Registered Holder at least twenty (20) days prior to the date on which any
Liquidation Event or other dissolution or liquidation shall take place.

                  Section 3. Liquidating Dividends. If the Company declares or
pays a dividend upon the Common Stock payable otherwise than in cash out of
earnings or earned surplus (determined in accordance with generally accepted
accounting principles, consistently applied) except for a stock dividend payable
in shares of Common Stock (a "Liquidating Dividend"), then the Company shall pay
to the Registered Holder of this Warrant at the time of payment thereof the
Liquidating Dividend which would have been paid to such Registered Holder on the
Common Stock had this Warrant been fully exercised immediately prior to the date
on which a record is taken for such Liquidating Dividend, or, if no record is
taken, the date as of which the record holders of Common Stock entitled to such
dividends are to be determined.

                  Section 4. Purchase Rights. If at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the "Purchase Rights"), then the Registered Holder of
this Warrant shall be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which such holder could have
acquired if such holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if
no such record is taken, the date as of which the record holders of Common Stock
are to be determined for the grant, issue or sale of such Purchase Rights.

                  Section 5. Definitions. The following terms have meanings set
forth below:

                  "Board of Directors" means the board of directors of the
Company.
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                  "Business Day" means any day other than a Saturday, a Sunday
or a day on which banks in New York City are authorized or obligated by law or
executive order to close.

                  "Common Stock" means the Company's Common Stock, par value
$0.001 per share, and except for purposes of the shares obtainable upon exercise
of this Warrant, any capital stock of any class of the Company hereafter
authorized which is not limited to a fixed sum or percentage of par or stated
value in respect to the rights of the holders thereof to participate in
dividends or in the distribution of assets upon any liquidation, dissolution or
winding up of the Company.

                  "Convertible Securities" means any stock or securities
(directly or indirectly) convertible into or exchangeable for Common Stock.

                  "Exchange Act" means the Securities and Exchange Act of 1934,
as amended.

                  "Fair Market Value" means as to any security, the greater of
either (i) the closing price on the day "Fair Market Value" is to be determined
or (ii) the average of the closing prices of such security's sales on the New
York Stock Exchange, the American Stock Exchange or any other domestic
securities exchanges on which such security may at the time be listed, or, if
there have been no sales on any such exchange on any day, the average of the
highest bid and lowest asked prices on all such exchanges at the end of such
day, or, if on any day such security is not so listed, the average of the
representative bid and asked prices quoted in the Nasdaq Stock Market as of 4:00
P.M., New York time, on such day, or, if on any day such security is not quoted
in the Nasdaq Stock Market, the average of the highest bid and lowest asked
prices on such day in the domestic over-the-counter market as reported by the
National Quotation Bureau, Incorporated, or any similar successor organization
(collectively, a "Securities Exchange"), in each such case averaged over a
period of three (3) days consisting of the day as of which "Fair Market Value"
is being determined and the two (2) consecutive Business Days prior to such day.
If at any time such security is not listed or quoted on any Securities Exchange,
the "Fair Market Value" shall be the fair value thereof determined jointly by
the Company and the Registered Holders of Series R Warrants and Series S
Warrants representing a Majority of the Common Stock purchasable upon exercise
of all the Series R Warrants and Series S Warrants then outstanding; provided,
that if such parties are unable to reach agreement within a reasonable period of
time, such fair value shall be determined by an appraiser jointly selected by
the Company and the Registered Holders of Series R and Series S Warrants
representing two-thirds of the Common Stock purchasable upon exercise of all the
Series R and Series S Warrants then outstanding. The determination of such
appraiser shall be final and binding on the Company and the Registered Holders
of the Warrants, and the fees and expenses of such appraiser shall be paid by
the Company.

                  "Liquidation Event" means (a) the liquidation, dissolution or
winding up of the Company, (b) any merger, reorganization or consolidation to
which the Company is a party, except for a merger, reorganization or
consolidation in which the Company is the surviving Company, the terms of the
Warrants or Common Stock are not changed and neither the Warrants nor Common
Stock are exchanged for cash, securities or other property, and after giving
effect to such merger, reorganization or consolidation, the holders of the
Company's outstanding capital stock possessing a majority of the voting power
(under ordinary circumstances) to elect a majority of the Board of

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Directors immediately prior to the merger, reorganization or consolidation shall
continue to own the Company's outstanding capital stock possessing the voting
power (under ordinary circumstances) to elect a majority of the Board of
Directors, (c) any sale or transfer of more than 50% of the assets of the
Company and its Subsidiaries on a consolidated basis (measured either by book
value in accordance with generally accepted accounting principles consistently
applied or by fair market value determined in the reasonable good faith judgment
of the Board of Directors) in any transaction or series of transactions and (d)
any sale, transfer or issuance or series of sales, transfers and/or issuances of
Common Stock or other securities by the Company or any holders thereof which
results in either (i) any Person or group of Persons (as the term "group" is
used under the Exchange Act), beneficially owning (as such term is used in the
Exchange Act) more than 50% of the Common Stock outstanding or on a fully
diluted basis at the time of such sale, transfer or issuance or series of sales,
transfers and/or issuances or (ii) Persons beneficially owning the Common Stock
outstanding or on a fully diluted basis at the time of such sale, transfer or
issuance or series of sales, transfers and/or issuances beneficially owning less
than 50% of the Common Stock outstanding or on a fully diluted basis following
such sale, transfer or issuance or series of sales, transfers and/or issuances.

                  "Options" means any rights or options to subscribe for or
purchase Common Stock or Convertible Securities.

                  "Person" means an individual, a partnership, a joint venture,
a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

                  "Series R Warrants" means the warrants to purchase 6,086,959
shares of Common Stock which were designated as Series R Warrants that were
issued by the Company to certain purchasers (the "Purchasers") in connection
with a private placement of securities contemporaneously with the issuance of
this Warrant.

                  "Series S Warrants" means the warrants to purchase 1,432,609
shares of Common Stock which are designated as Series S Warrants, and of which
series this Warrant is a part.

                  Section 6. No Voting Rights; Limitations of Liability. This
Warrant shall have voting rights as provided in the Company's Certificate of
Incorporation. No provision hereof, in the absence of affirmative action by the
Registered Holder to purchase Common Stock, and no enumeration herein of the
rights or privileges of the Registered Holder shall give rise to any liability
of such Registered Holder for the Exercise Price of Common Stock acquirable by
exercise hereof or as a stockholder of the Company.

                  Section 7. Warrant Transferable. Subject to the transfer
conditions referred to in the legend endorsed hereon, this Warrant and all
rights hereunder are transferable, in whole or in part, without charge to the
Registered Holder, upon surrender of this Warrant with a properly executed
Assignment (in the form of Exhibit III hereto) at the principal office of the
Company.

                  Section 8. Warrant Exchangeable for Different Denominations.
This Warrant is exchangeable, upon the surrender hereof by the Registered Holder
at the principal office of the

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Company, for new Warrants of like tenor representing in the aggregate the
purchase rights hereunder, and each of such new Warrants shall represent such
portion of such rights as is designated by the Registered Holder at the time of
such surrender. All Warrants representing portions of the rights hereunder are
referred to herein as the "Warrants."

                  Section 9. Replacement. Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation of
any certificate evidencing this Warrant, and in the case of any such loss, theft
or destruction, upon receipt of an unsecured indemnity agreement of the
Registered Holder in form reasonably satisfactory to the Company, or, in the
case of any such mutilation upon surrender of such certificate, the Company
shall (at its expense) execute and deliver in lieu of such certificate a new
certificate of like kind representing the same rights represented by such lost,
stolen, destroyed or mutilated certificate and dated the date of such lost,
stolen, destroyed or mutilated certificate.

                  Section 10. Notices. Except as otherwise expressly provided
hereunder, all notices referred to herein shall be in writing and shall be (i)
delivered in person, (ii) transmitted by facsimile, (iii) sent by registered or
certified mail, postage prepaid with return receipt requested, or (iv) sent by
reputable overnight courier service, fees prepaid, to (x) the Company, at its
principal executive offices and (y) to any Registered Holder, at such Registered
Holder's address as it appears in the records of the Company (unless otherwise
indicated by any such Registered Holder). Notices shall be deemed given upon
personal delivery, upon receipt of return receipt in the case of delivery by
mail, upon acknowledgment by the receiving facsimile machine or one day
following deposit with an overnight courier service.

                  Section 11. Amendment and Waiver. Except as otherwise provided
herein, the provisions of the Warrants may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Registered Holders of Series R and Series S Warrants representing a majority of
the shares of Common Stock obtainable upon exercise of outstanding Series R and
Series S Warrants; provided, that no such action may change the Exercise Price
of the Warrants or the number of shares or class of stock obtainable upon
exercise of each Warrant without the written consent of the Registered Holders
of Warrants representing 100% of the shares of Common Stock obtainable upon
exercise of the Warrants.

                  Section 12. Warrant Register. The Company shall maintain at
its principal executive offices books for the registration and the registration
of transfer of Warrants. The Company may deem and treat the Registered Holder as
the absolute owner hereof (notwithstanding any notation of ownership or other
writing hereon made by anyone) for all purposes and shall not be affected by any
notice to the contrary.

                  Section 13. Governing Law. The corporate laws of the State of
Delaware shall govern all issues concerning the relative rights of the Company
and its stockholders. ALL OTHER QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK

                                       11

<PAGE>

WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES. THE PARTIES HERETO
FURTHER AGREE AND ACKNOWLEDGE THAT ANY DISPUTE OR CONTROVERSY ARISING OUT OF OR
IN ANY MANNER WHATSOEVER RELATING TO THIS WARRANT SHALL BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR THE UNITED STATES OF AMERICA FOR THE SOUTHERN
DISTRICT OF NEW YORK LOCATED IN THE STATE OF NEW YORK, AND BY EXECUTION AND
DELIVERY OF THIS WARRANT HEREBY (i) ACCEPTS THE JURISDICTION OF THE AFORESAID
COURTS; (ii) IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT OF ANY SUCH COURT
WITH RESPECT TO THIS WARRANT; AND (iii) IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE, COURT, ACTION OR PROCEEDING WITH RESPECT TO THIS WARRANT
BROUGHT IN ANY SUCH COURT AND FURTHER IRREVOCABLY WAIVES ANY SUCH CLAIM THAT ANY
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

                  Section 14. Headings. The headings of the various sections of
this Warrant have been inserted for reference only and shall not be deemed to be
a part of this Warrant .

                  Section 15. Specific Performance. The Company, on the one
hand, and the holder of this Warrant, on the other hand, acknowledge that money
damages would not be a sufficient remedy for any breach of this Warrant. It is
accordingly agreed that the parties shall be entitled to specific performance
and injunctive relief as remedies for any such breach, these remedies being in
addition to any of the remedies to which they may be entitled at law or equity.

                  Section 16. Remedies Cumulative. Except as otherwise provided
herein, the remedies provided herein shall be cumulative and shall not preclude
the assertion by any party hereto of any other rights or the seeking of any
other remedies against any other party hereto.

                  Section 17. No Third Party Beneficiaries. Except as
specifically set forth or referred to herein, nothing herein is intended or
shall be construed to confer upon any person or entity other than the parties
hereto and their successors or assigns, any rights or remedies under or by
reason of this Warrant.

                  Section 18. Severability. If any term, provision, covenant or
restriction of this Warrant is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Warrant shall remain in full force and effect
and shall in no way be affected, impaired or invalidated.

                  Section 19. Entire Agreement; Modification. This Warrant
contains the entire understanding between the parties hereto with respect to the
subject matter hereof and may not be modified or amended except by a writing
duly signed by the party against whom enforcement of the modification or
amendment is sought.

                                       12

<PAGE>

                  Section 20. No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Warrant. In the
event an ambiguity or question of intent or interpretation arises, this Warrant
shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Warrant.

                  Section 21. Registration Rights. The Company shall include the
shares of Common Stock issuable on exercise of this Warrant in any registration
statement filed to register under the Act the sale to the public of shares of
Common Stock issuable upon the exercise of the Series R Warrants pursuant to
Registration Rights Agreements between the Company and the Purchasers, and the
Registered Holder shall have the same rights and obligations as the Purchasers
the Registration Rights Agreements with respect to the preparation and filing of
any such registration statement, the payment of expenses, and indemnification
and contribution.

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
signed and attested by its duly authorized officers under its corporate seal and
to be dated the date hereof.

                                     NEOPROBE CORPORATION

                                     Dated:    November 21, 2003
                                            ------------------------------------

                                     By:          /s/ David C. Bupp
                                            ------------------------------------
                                               Name:  David C. Bupp
                                               Title:  Chief Executive Officer

                                       13
<PAGE>

                                                                       EXHIBIT I

          [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 1.2(a)(iv)]
                 (Exercise and payment by check or securities)

To: Dated:

                  The undersigned, pursuant to the provisions set forth in the
attached Warrant (Certificate No. S-____), hereby agrees to subscribe for the
purchase of ____________ shares of the Common Stock covered by such Warrant and
makes payment herewith in full therefor at the price per share provided by such
Warrant.

                                     Signature:_________________________________

                                     Address:___________________________________

<PAGE>

                     SCHEDULE IDENTIFYING OMITTED DOCUMENTS

       The only particulars in which the foregoing instrument differs materially
from the omitted instruments are the names of the holders of the warrants and
the number of shares of common stock for which the warrants are exercisable,
which information is contained in the following table:

<TABLE>
<CAPTION>
     ------------------------------------------------- ------------------
                          HOLDER                        WARRANT SHARES
     ------------------------------------------------- ------------------
<S>                                                     <C>
     Trautman Wasserman & Company, Inc.                          136,957
     ------------------------------------------------- ------------------
     Rockwood Group, LLC                                       1,217,391
     ------------------------------------------------- ------------------
     Duncan Capital, LLC                                         391,304
     ------------------------------------------------- ------------------
     David Fuchs                                                 228,261
     ------------------------------------------------- ------------------
     Matthew L. Norton                                            25,000
     ------------------------------------------------- ------------------
     Sol Lax                                                      21,913
     ------------------------------------------------- ------------------
</TABLE>

<PAGE>

                                                                      EXHIBIT II

        [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 1.2(a)(iv)(3)]
                               (Cashless Exercise)

               The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase _________________ shares of
Common Stock all in accordance with the terms hereof and Section 1.2(a)(iv)(3)
of the Warrant Agreement. The undersigned requests that a certificate for such
securities be registered in the name of ________________________________________
whose address is _______________________________________________________________
______________________ and that such Certificate be delivered to _______________
_________________________ whose address is _____________________________________
___________________________________________.

Dated:

                           Signature _____________________________________

                           (Signature must conform in all respects to name of
                           holder as specified on the face of the Warrant
                           Certificate.)

                           ________________________________
                           (Insert Social Security or Other
                           Identifying Number of Holder)

<PAGE>

                                                                     EXHIBIT III

              [FORM OF ASSIGNMENT PURSUANT TO SECTION 1.2(a)(iii)]

(To be executed by the registered holder if such holder desires to transfer the
Warrant Certificate.)

     FOR VALUE RECEIVED
hereby sells, assigns and transfers unto

_____________________________________________
(Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,
and hereby irrevocably constitutes and appoints _______________________________
Attorney, to transfer the within Warrant Certificate on the books of the
within-named Company, with full power of substitution.

Dated:

               Signature: ___________________________________

               (Signature must confirm in all respects to name of holder as
               specified on the face of the Warrant Certificate.)

        (Insert Social Security or Other Identifying Number of Assignee).<PAGE>
                                                                    EXHIBIT 4.16

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "Agreement") is entered into
effective this 29th day of September, 2003 by and among Health Care REIT, Inc.,
a Delaware corporation ("HCN" or the "Company"), Southern Assisted Living, Inc.,
a North Carolina corporation ("SALI"), and the holders of debt or equity
securities of SALI identified on the signature page hereof (the "Investor Group"
and, together with SALI, the "Stockholders").

         WHEREAS, the Company has, as of the date hereof, purchased certain
assets of certain subsidiaries of SALI under an Asset Purchase Agreement dated
as of September 29, 2003 (the "Acquisition Agreement") and, in connection
therewith, has issued 1,060,000 shares of its 6% Series E Cumulative Convertible
and Redeemable Preferred Stock (the "Series E Preferred Stock") to SALI, a
portion of which Series E Preferred Stock has been transferred by SALI to the
Investor Group;

         WHEREAS, the Series E Preferred Stock is convertible into common stock
of the Company, par value $1.00 per share (the "Common Stock");

         WHEREAS, the Series E Preferred Stock was issued to SALI in a private
offering, was transferred to the Investor Group in a private resale supported by
an Investment Intent Agreement signed by the Investment Group (the "Investment
Intent Agreement"), and accordingly has not been registered under the Securities
Act of 1933, as amended (the "Securities Act");

         WHEREAS, the Common Stock, when issued on conversion of the Series E
Preferred Stock, will be issued as part of the same private offering pursuant to
exemptions from registration under the Securities Act and, accordingly, will not
be registered under the Securities Act at the time of issuance thereof ; and

         WHEREAS, the Company has agreed to provide SALI and the Stockholders
with the right to obtain registration under the Securities Act of the shares of
Common Stock issuable upon conversion of shares of Series E Preferred Stock so
that such Common Stock may be resold by them in public resale transactions;

         NOW, THEREFORE, in consideration of the premises, the performance by
SALI under the Acquisition Agreement and other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:

1.       CERTAIN DEFINITIONS

         In addition to the definitions set forth above, the following
capitalized terms shall have the following meanings for purposes of this
Agreement:

         Effective Date: The date the Shelf Registration is declared effective
by the SEC.

         Holder: SALI, each Stockholder and any transferee as permitted under
Section 7 hereof, holding Registrable Securities or securities convertible into
Registrable Securities.

                                       1
<PAGE>

         Exchange Act:  The Securities Exchange Act of 1934, as amended from
         time to time.

         Indemnified Holder:  See Section 6 (a).

         NASD:  National Association of Securities Dealers, Inc.

         Person: An individual, partnership, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

         Prospectus: The prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities, including
post-effective amendments and all documents incorporated by reference in such
prospectus.

         Registrable Securities: (i) Common Stock issued or issuable upon
conversion of the Series E Preferred Stock, held by SALI, any Stockholder or any
transferee as permitted by Section 7 hereof; and (ii) Common Stock issued as a
dividend or other distribution with respect to, or in exchange or in replacement
of, such Registrable Securities; provided that Common Stock shall cease to be
Registrable Securities when the holder thereof may resell such Common Stock and
any other Registrable Securities held by such holder to the public pursuant to
Rule 144 of the SEC (or any similar provisions then in force) without volume
restriction within a single 90-day period or when the certificate therefor
ceases to contain the restricted stock legend specified in the Investment Intent
Agreement or equivalent thereof and is freely tradable.

         Registration Expenses:  See Section 5.

         Registration Statement: Any registration statement of the Company under
the Securities Act that covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including (i) the Prospectus, (ii) any amendments
and supplements to such Registration Statement, including post-effective
amendments, and (iii) all exhibits and all documents incorporated by reference
in such Registration Statement.

         SEC:  The Securities and Exchange Commission.

         Shelf Registration:  See Section 3.

2.       SECURITIES SUBJECT TO THIS AGREEMENT

         The benefits of this Agreement are limited to Registrable Securities as
held by SALI, any of the Stockholders and any transferees as permitted by
Section 7 hereof.

3.       SHELF REGISTRATION: TIMING OF FILING, EFFECTIVENESS AND PERIOD OF
USABILITY

         Subject to the provisions of Section 4 hereof, the Company shall, as
soon as practicable, but in any event within forty-five (45) days after the date
of closing under the Acquisition Agreement (the "Closing Date"), file and shall
thereafter use its commercially reasonable best efforts to cause to be declared
effective, as soon as reasonably practicable following the filing

                                       2
<PAGE>

thereof, a Registration Statement on Form S-3 for an offering to be made on a
continuous basis pursuant to Rule 415 (or similar rule that may be adopted by
the SEC) under the Securities Act (a "Shelf Registration") covering all the
Registrable Securities, which form shall be available for the sale of the
Registrable Securities by the Holders for cash in market transactions or in
accordance with such other intended method or methods of distribution thereof as
identified by them to the Company in writing prior to the time of filing of the
Registration Statement.

         The Company agrees to use its commercially reasonable best efforts to
keep the Registration Statement continuously effective and usable for resale of
Registrable Securities until 730 days (the "Effectiveness Period") from the
Closing Date or such shorter period that will terminate when all the Registrable
Securities covered by such Registration Statement have been sold pursuant to
such Registration Statement, may be sold pursuant to Rule 144 by the Holders
thereof without volume restriction within a single 90-day period, or are freely
tradeable.

         Notwithstanding the foregoing, the Company shall have the right (i) to
defer for a period of up to 90 days the filing of or the request for
acceleration of effectiveness of the Registration Statement or, after
effectiveness, to suspend effectiveness of the Registration Statement for a
period of up to 90 days if, in the good faith judgment of the Board of Directors
of the Company or upon the advice of counsel to the Company, such delay in
filing or requesting acceleration of effectiveness or such suspension of
effectiveness would be in the best interests of the Company at such time due to
a pending material transaction or other material development that has not been
publicly disclosed and the disclosure of which would not be in the best
interests of the Company at such time (a "Material Transaction"), (ii) in the
event that audited financial information for an entity that the Company has
acquired or is proposing to acquire in whole or in part must be included in the
Registration Statement but is not available, to defer the request for
acceleration of effectiveness or, after effectiveness, to suspend effectiveness
of the Registration Statement for a period of up to ten (10) days after the
necessary audited financial information is available to the Company, (iii) to
suspend sales under the Registration Statement in the event that the Company
undertakes a public offering of Common Stock in an amount greater than $10
million for a period commencing five (5) days prior to the closing of the sale
in the public offering until thirty (30) days after the closing of the sale to
the public in the offering, unless the Company or, in the case of an
underwritten offering, the lead underwriter for the offering, consents to a
waiver of such suspension or to an earlier resumption of sales under the
Registration Statement, or (iv) as required by law or rules and regulations of
the SEC. Notwithstanding any provision herein to the contrary, the aggregate
number of days during any given twelve month period in which the filing or the
request for acceleration of effectiveness of the Registration Statement may be
deferred, or the effectiveness of the Registration Statement, once effective,
may be suspended at the request of the Company under sub-item (i) above shall
not exceed ninety (90) days, and the Effectiveness Period shall be extended by
the total number of days during which the filing or the request for acceleration
of effectiveness of the Registration Statement has been deferred or the
effectiveness of the Registration Statement has been suspended or sales under
the Registration Statement have been suspended under sub-items (i) through (iii)
above (such Effectiveness Period, including any such extensions, shall
hereinafter be referred to as the "Effectiveness Period"). The Company will give
each of the Holders prompt written notice of any decision to defer or suspend
effectiveness of the Registration Statement and will use its best efforts to
ensure that the filing, request for acceleration or use of the Registration
Statement may be completed or resumed, as the case may be, as soon as, in the
good faith judgment of the Board of Directors of the Company, is practicable.

                                       3
<PAGE>

         In connection with the registration of Registrable Securities as
provided in this Agreement, the Company shall be entitled to include in the
Registration Statement any other securities of the Company (whether to be
offered by the Company or other security holders of the Company and regardless
of the proposed terms of transfer or sale of such other securities), provided
that the inclusion of such securities shall not limit or reduce the number of
Registrable Securities of the Holders included in such registration.

4.       REGISTRATION PROCEDURES

         In connection with the Company's obligation to file and maintain
effectiveness of the Registration Statement as provided in Section 3 hereof, but
subject to the terms, conditions and limitations thereof, the Company will, as
soon as practicable, but in any event within forty-five (45) days after the
Closing Date:

         (a) prepare and file with the SEC the Registration Statement and such
         amendments and post-effective amendments to the Registration Statement,
         and such supplements to the Prospectus, as may be required by the
         rules, regulations or instructions applicable to the registration form
         utilized by the Company or by the Securities Act or rules and
         regulations thereunder for a shelf registration or otherwise necessary
         to achieve effectiveness of the Registration Statement and to keep the
         Registration Statement effective for the applicable period under the
         requirements of Section 3 hereof and cause the Prospectus as so
         supplemented to be filed pursuant to Rule 424 under the Securities Act;
         and comply with the provisions of the Securities Act with respect to
         the disposition of all securities covered by such Registration
         Statement during the applicable period in accordance with the intended
         methods of disposition by the sellers thereof set forth in such
         Registration Statement or supplement(s) to the Prospectus;

         (b)      notify the Holders promptly, and confirm such advice in
         writing,

                  (1) when the Registration Statement or any Prospectus
                  supplement or post-effective amendment has been filed and,
                  with respect to the Registration Statement or any
                  post-effective amendment, when the same has become effective;

                  (2) of the issuance by the SEC of any stop order suspending
                  the effectiveness of the Registration Statement or the
                  initiation of any proceedings for that purpose; and

                  (3) of the receipt by the Company of any notification with
                  respect to the suspension of the qualification of the
                  Registrable Securities for sale in any jurisdiction or the
                  initiation or threatening of any proceeding for such purpose.

         (c) make every commercially reasonable effort to avoid the issuance of,
         or if issued, obtain the withdrawal of any stop order or order
         suspending the use or effectiveness of the Registration Statement at
         the earliest possible date;

                                       4
<PAGE>

         (d) furnish, without charge, to the Holders at least one conformed copy
         of the Registration Statement and any post-effective amendment thereto,
         including financial statements and schedules and all exhibits (but
         excluding documents and exhibits incorporated therein by reference) ;

         (e) deliver to the Holders without charge as many copies of the
         Prospectus (including each preliminary prospectus) and any amendment or
         supplement thereto as such persons may reasonably request for use by
         each Holder in connection with the offering and sale of the Registrable
         Securities covered by the Prospectus or any amendment or supplement
         thereto;

         (f) cooperate with the Holders to facilitate the timely preparation and
         delivery of certificates representing Registrable Securities to be sold
         and not bearing any restricted stock legends;

         (g) use its commercially reasonable best efforts to cause the
         Registrable Securities covered by the Registration Statement to be
         registered with or approved by such governmental agencies or
         authorities within the United States as may be necessary to enable the
         seller or sellers thereof to consummate the disposition of such
         Registrable Securities in such jurisdiction as the sellers may specify
         in response to inquiries to be made by the Company, provided that the
         Company will not be required to qualify generally to do business in any
         jurisdiction where it is not then so qualified or to take any action
         that would subject it to general service of process or taxation in any
         such jurisdiction where it is not then so subject;

         (h) if any event shall occur as a result of which it is necessary, in
         the opinion of the Company, to amend or supplement the Prospectus in
         order to make the Prospectus not misleading in the light of the
         circumstances existing at the time it is delivered to a purchaser,
         prepare a supplement or post-effective amendment to the Registration
         Statement or the related Prospectus or any document incorporated
         therein by reference or file any other required document so that, as
         thereafter delivered to the purchasers of the Registrable Securities,
         the Prospectus will not contain an untrue statement of a material fact
         or omit to state any material fact necessary to make the statements
         therein not misleading;

         (i) otherwise use its best efforts to comply with all applicable rules
         and regulations of the SEC and make generally available to its security
         holders an earnings statement satisfying the provisions of Section
         11(a) of the Securities Act (in accordance with Rule 158 thereunder or
         otherwise) no later than 45 days after the end of the 12-month period
         (or 90 days, if such period is a fiscal year) beginning with the first
         month of the Company's first fiscal quarter commencing after the
         Effective Date, which statements shall cover said 12-month period;

         (j) if at any time an event of the kind described in Section 4 (h)
         shall occur, promptly notify the Holders that the use of the Prospectus
         must be discontinued;

         (k) cause the Common Stock issued to the Holders to be listed on the
         New York Stock Exchange.

                                       5
<PAGE>

         Each selling holder of Registrable Securities as to which any
registration is being effected agrees, as a condition to the registration
obligations with respect to such holder provided herein, to (i) furnish to the
Company such information regarding the distribution of such securities as the
Company may from time to time reasonably request in writing, and (ii) give the
Company at least TWO (2) FULL BUSINESS DAYS PRIOR WRITTEN NOTICE OF ANY SALE of
the Registrable Securities pursuant to the Registration Statement, WHICH NOTICE
SHALL COMPLY WITH ALL REQUIREMENTS UNDER SECTION 9(B) HEREOF.

         Each Holder agrees by acquisition of such Registrable Securities that,
upon receipt of any notice from the Company described in paragraph 4(j), such
Holder will forthwith discontinue disposition of Registrable Securities until
such Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 4(h) hereof, or until it is advised in writing by the
Company (which notice the Company shall give as promptly as possible), that the
use of the Prospectus may be resumed, and has received copies of any additional
or supplemental filings that are incorporated by reference in the Prospectus;
and, if so directed by the Company, such Holder will deliver to the Company (at
the Company's expense) all copies, other than permanent file copies then in such
Holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice.

5.       REGISTRATION EXPENSES

         (a) All expenses incident to the Company's performance of or compliance
         with this Agreement (the "Registration Expenses"), including without
         limitation:

                  (1) all registration, filing and listing fees;

                  (2) fees and expenses of compliance with securities or blue
                  sky laws (including reasonable fees and disbursements of
                  counsel in connection with blue sky qualifications of the
                  Registrable Securities under the laws of such jurisdictions as
                  the holders of a majority in principal amount of the
                  Registrable Securities being sold may reasonably designate) ;

                  (3) printing, messenger, telephone and delivery expenses;

                  (4) fees and disbursements of counsel for the Company;

                  (5) fees and disbursements of all independent certified public
                  accountants of the Company (including the expenses of any
                  special audit necessary to satisfy the requirements of the
                  Securities Act and any "cold comfort" letters required by or
                  incident to such performance) ;

                  (6) securities acts liability insurance if the Company so
                  desires;

                  (7) fees and expenses of other Persons retained by the
                  Company; and

                  (8) fees and expenses associated with any NASD filing required
                  to be made in connection with the Registration Statement.

                                       6
<PAGE>
will be borne by the Company, regardless of whether the Registration Statement
becomes effective.

         The Company will, in any event, pay its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit, the
fees and expenses incurred in connection with the listing of the securities to
be registered on the New York Stock Exchange, rating agency fees and the fees
and expenses of any Person, including special experts, retained by the Company.

6.       INDEMNIFICATION AND CONTRIBUTION

         (a) Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Holder, its officers, directors, employees and agents and
each Person who controls such holder within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act (each such person being
sometimes hereinafter referred to as an "Indemnified Holder") from and against
all losses, claims, damages, liabilities and expenses (including reasonable
costs of investigation and legal expenses) arising out of or based upon (i) any
violation or alleged violation by the Company of any federal, state or common
law rule or regulation applicable to the Company in connection with any
registration or qualification effected hereunder, or (ii) any untrue statement
or alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or based upon any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages, liabilities or expenses arise out of or are based upon
any such untrue statement or omission or allegation thereof based upon
information furnished in writing to the Company by such holder expressly for use
therein; provided, however, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, liability or expense
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in any preliminary prospectus if (i) such
holder failed to send or deliver a copy of the Prospectus with or prior to the
delivery of written confirmation of the sale of Registrable Securities, and (ii)
the Prospectus would have corrected such untrue statement or omission; and
provided further that the Company shall not be liable in any such case to the
extent that any such loss, claim, damage, liability or expense arises out of or
is based upon an untrue statement or alleged untrue statement or omission or
alleged omission in the Prospectus, if such untrue statement or alleged untrue
statement, omission or alleged omission is corrected in an amendment or
supplement to the Prospectus and if, having previously been furnished by or on
behalf of the Company with copies of the Prospectus as so amended or
supplemented, such holder thereafter fails to deliver such Prospectus as so
amended or supplemented prior to or concurrently with the sale of a Registrable
Security to the person asserting such loss, claim, damage, liability or expense
who purchased such Registrable Security from such holder. The Company will also
indemnify underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, their officers and
directors and each Person who controls such Persons (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same
extent as provided above with respect to the indemnification of the Holders.

                                       7
<PAGE>

         If any action or proceeding (including any governmental investigation
or inquiry) shall be brought or asserted against any Indemnified Holder in
respect of which indemnity may be sought from the Company, such Indemnified
Holder shall promptly notify the Company in writing, and the Company shall
assume the defense thereof, including the employment of counsel reasonably
satisfactory to such Indemnified Holder and the payment of all expenses.
Indemnified Holders shall have the right, collectively, to employ their own
counsel in any such action and to participate in the defense thereof, but the
fees and expenses of such counsel shall be the expense of the Indemnified
Holders unless (i) the Company has agreed to pay such fees and expenses or (ii)
the Company shall have failed to assume the defense of such action or proceeding
and employ counsel reasonably satisfactory to the Indemnified Holders in any
such action or proceeding or (iii) the named parties to any such action or
proceeding (including any impleaded parties) include the Indemnified Holders and
the Company, and the Indemnified Holders shall have been advised by counsel that
there may be one or more legal defenses available to the Indemnified Holders
that are different from or additional to those available to the Company (in
which case, if the Indemnified Holders notify the Company in writing that they
elect to employ their own counsel at the expense of the Company, the Company
shall not have the right to assume the defense of such action or proceeding on
behalf of the Indemnified Holders, it being understood, however, that the
Company shall not, in connection with any one such action or proceeding or
separate but substantially similar or related actions or proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm of
attorneys (together with appropriate local counsel) at any time for the
Indemnified Holders, which firm shall be designated in writing by the
Indemnified Holders representing at least a majority of the aggregate principal
amount of the Registrable Securities). Any such fees and expenses payable by the
Company shall be paid to the Indemnified Holders entitled thereto as incurred by
the Indemnified Holders. The Company shall not be liable for any settlement of
any such action or proceeding effected without its written consent, but if
settled with its written consent, or if there be a final judgment for the
plaintiff in any such action or proceeding, the Company agrees, subject to the
terms and conditions hereof, to indemnify and hold harmless the Indemnified
Holders from and against any loss or liability by reason of such settlement or
judgment.

                  (b) Indemnification bv the Holders. Each Holder agrees,
severally and not jointly, to indemnify and hold harmless the Company, its
respective directors and officers and each Person, if any, who controls the
Company within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act (i) to the same extent as the foregoing indemnity from
the Company to such Holder in connection with any Registration Statement
pursuant to which any Holder sold or offered for resale any Registrable
Securities, but only with respect to information relating to such Holder
furnished in writing by such Holder expressly for use in any Registration
Statement or Prospectus, or any amendment or supplement thereto, or any
preliminary prospectus, and made in such Registration Statement or Prospectus or
any amendment or supplement thereto in conformity with such writing, and (ii)
from and against all losses, claims, damages, liabilities and expenses
(including reasonable costs of investigation and legal expenses) arising out of
or based upon any violation or alleged violation by such Holder of any federal,
state or common law rule or regulation applicable to the sale of the Registrable
Securities under the Registration Statement; provided that the liability of all
such Holders hereunder in aggregate (unless a Holder's liability hereunder is
based upon such Holder's willful misconduct) shall not exceed the net proceeds
received by all Holders in aggregate from the sale of Registrable Securities
under such Registration Statement. In case any action or proceeding

                                       8
<PAGE>

shall be brought against the Company or its respective directors or officers or
any such controlling person in respect of which indemnity may be sought against
a Holder, such Holder shall have the rights and duties given the Company, and
the Company or its respective directors or officers or such controlling person
shall have the rights and duties given to each Holder by the preceding
paragraph. Each such Holder will also indemnify underwriters, selling brokers,
dealer managers and similar securities industry professionals participating in
the distribution, their officers and directors and each Person who controls such
Persons (within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Company. The Company and each Holder shall be entitled to
receive indemnities from underwriters, selling brokers, dealer managers and
similar securities industry professionals participating in the distribution to
the same extent as provided above with respect to information so furnished in
writing by such Persons specifically for inclusion in any Prospectus or
Registration Statement.

         (c) Contribution. If the indemnification provided for in this Section 6
is unavailable to an indemnified party under Section 6 (a) or Section 6(b)
hereof (other than by reason of exceptions provided in those Sections) in
respect of any losses, claims, damages, liabilities or expenses referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities or
expenses, (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company from the issuance of the Series E Preferred
Stock pursuant to the Acquisition Agreement that were converted to Common Stock
and sold pursuant to the Registration Statement on the one hand and each Holder
of Registrable Securities from the offering of the Registrable Securities by
such holder, on the other hand, or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the Company on the one hand and each Holder on the
other in connection with the actions, statements or omissions that resulted in
such losses, claims, damages, or liabilities, as well as the other relevant
equitable considerations. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or the particular Holder and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The Company and the
Holders agree that it would not be just and equitable if contributions pursuant
to this subsection (c) were to be determined by pro rata allocation or by any
other method of allocation that does not take account of the equitable
considerations referred to in the first sentence of this subsection (c). The
amount paid by an indemnified party as a result of the losses, claims, damages
or liabilities referred to in the first sentence of this subsection (c) shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigation or defending against any
action or claim that is the subject of this subsection (c). Notwithstanding the
provision of this subsection (c), the Holders in aggregate shall not be required
to contribute any amount in excess of the net proceeds received by all Holders
in aggregate from the sale of the Registrable Securities under the Registration
Statement. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11 (f) of the Securities Act), shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.

                                       9
<PAGE>

7. TRANSFER OF RIGHTS. The rights contained herein may be assigned or otherwise
conveyed to transferees or assignees of Registrable Securities or of Series E
Preferred Stock that is then convertible into Registrable Securities, who shall
be considered a "Holder" for purposes hereof, provided that (i) such transfer is
a "Permitted Transfer" as defined herein, and (ii) such transfer takes place at
least forty-eight (48) hours prior to the initial filing of the Registration
Statement by the Company pursuant to the terms and conditions hereof unless the
proposed transferee agrees in writing to reimburse the Company for all fees and
expenses of preparing and filing any post-effective amendment to the
Registration Statement that is necessary to include information on the
transferee as a potential seller of the Registrable Securities. Any Holder that
desires to assign or otherwise convey rights hereunder shall provide the Company
with at least forty-eight (48) hours prior written notice of the proposed
assignment.

         For purposes of this Agreement, a "Permitted Transfer" shall mean: (i)
a transaction not involving a change in beneficial ownership; (ii) transactions
involving distributions or transfers by a stockholder that is a partnership,
limited liability company or corporation to (A) any of its partners, members or
stockholders (as the case may be), (B) any of its retired partners, members or
stockholders, (C) any of its affiliates, or (D) the estate of any of its
partners, members or stockholders; (iii) transfers by any stockholder who is an
individual to a trust for the benefit of such stockholder or his family; (iv)
transfers by gift, will or intestate succession to the spouse, lineal
descendants, whether by blood or by adoption, spouses of such descendants,
ancestors, siblings, or direct lineal descendants, whether by blood or by
adoption, of such siblings, of any stockholder or spouse of a stockholder or a
trust or family limited partnership for the sole benefit of such persons; or (v)
transfers to an "accredited investor", as defined in Rule 501 of the SEC under
the Securities Act.

8.       SEC RULE 144

         The Company shall make and keep current public information available,
within the meaning of SEC Rule 144, and file the reports required to be filed by
it under the Securities Act and the Exchange Act in a timely manner and, if at
any time it is not required to file such reports but in the past had been
required to or did file such reports, it will, upon the request of any Holder,
make available other information as required by, and so long as necessary to
permit sales of Registrable Securities pursuant to, SEC Rule 144.

9.       MISCELLANEOUS.

         (a) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless the Company has obtained the written consent of holders of a
majority of the Registrable Securities. Notwithstanding the foregoing, a waiver
or consent to departure from the provisions hereof that relates exclusively to
the rights of Holders of Registrable Securities whose securities are being sold
pursuant to a Registration Statement and that does not directly or indirectly
affect the rights of other Holders may be given by the holders of a majority of
the Registrable Securities being sold.

                                       10
<PAGE>

         (b) Notices. All notices, requests, consents and other communications
hereunder shall be in writing, shall be sent by e-mail, telecopy, a nationally
recognized overnight express courier service, or first-class registered or
certified mail, all expenses prepaid, and shall be deemed given (i) when receipt
is acknowledged if given by e-mail or telecopy, (ii) the next business day if
sent by nationally recognized overnight express courier, or (iii) five (5)
business days later if sent by first class registered or certified mail, and
shall be addressed or directed as follows:

                  (1) if to a Holder, in accordance with the information set
                  forth on the signature page hereof as updated from time to
                  time by the Holder in accordance with the provisions of this
                  Section 9(b), or as otherwise provided to the company in
                  writing by a transferee of a Holder; and

                  (2) if to the Company, initially as set forth below and
                  thereafter as updated from time to time in accordance with the
                  provisions of this Section 9(b):

                                   To: Raymond W. Braun
                                       President and Chief Financial Officer
                                       Health Care REIT, Inc.
                                       One SeaGate, Suite 1500
                                       P. O. Box 1475
                                       Toledo, Ohio 43603-1475

                                       Fax:  (419) 247-2826
                                       E-mail:  rbraun@hcreit.com

                    With A Copy To:    Erin C. Ibele
                                       Vice President and Corporate Secretary
                                       Health Care REIT, Inc.
                                       One SeaGate, Suite 1500
                                       P. O. Box 1475
                                       Toledo, Ohio  43603-1475

                                       Fax:  (419) 247-2826
                                       E-mail:  eibele@hcreit.com

                                       and

                                       Mary Ellen Pisanelli, Esq.
                                       Shumaker, Loop & Kendrick, LLP
                                       1000 Jackson
                                       Toledo, Ohio  43624-1573

                                       Fax:  (419) 241-6894
                                       E-mail:  mpisanelli@slk-law.com

                                       11
<PAGE>

         (c) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and permitted assigns of each of the
parties and shall inure to the benefit of each existing and future Holder. The
Company may not assign its rights or obligations hereunder without the prior
written consent of the Holders of a majority of the Registrable Securities,
other than by operation of law pursuant to a merger or consolidation to which
the Company is a party.

         (d) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (e) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

         (f) Counterparts. This Agreement may be executed in any number of
counterparts by the parties hereto, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one
and the same instrument.

         (g) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OHIO, AS APPLIED TO CONTRACTS MADE
AND PERFORMED WITHIN THE STATE OF OHIO, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW.

                                       12
<PAGE>
       IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the date first above written.

HEALTH CARE REIT, INC.

By: /s/ Erin C. Ibele
   --------------------------------

Print Name: Erin C. Ibele

Title: Vice President and Corporate Secretary

SOUTHERN ASSISTED LIVING, INC,

By: /s/ Christopher W. Hollister
   --------------------------------

Print Name: Christopher W. Hollister

Title: President

INVESTOR GROUP:

KITTY HAWK CAPITAL LIMITED PARTNERSHIP, III
       By:  Kitty Hawk Partners Limited Partnership, III, General Partner

       By: /s/ Walter H. Wilkinson, Jr.
           -------------------------------------------------
               Walter H. Wilkinson, Jr. General Partner

KITTY HAWK CAPITAL LIMITED PARTNERSHIP, IV
       By:  Kitty Hawk Partners Limited Liability Company, IV, General Partner

       By: /s/ Walter H. Wilkinson, Jr.
          --------------------------------------------------
               Walter H. Wilkinson, Jr. Managing Member

                                       13
<PAGE>
THE NORTH CAROLINA ENTERPRISE FUND, LIMITED PARTNERSHIP
         By:  The North Carolina Enterprise Corporation, General Partner

         By: /s/ Charles T. Closson
             -------------------------------------------------
                 Charles T. Closson, President and CEO

PRIMUS CAPITAL FUND III LIMITED PARTNERSHIP
         By:  Primus Venture Partners III Limited Partnership, General Partner
         By:  Primus Venture Partners, Inc., General Partner

         By: /s/ Steven Rothman
             ----------------------------------------
         Name: Steven Rothman
         Title: Secretary and Treasurer

PRIMUS CAPITAL FUND IV LIMITED PARTNERSHIP
         By:  Primus Venture Partners IV Limited Partnership, General Partner

         By:  Primus Venture Partners IV, Inc., General Partner

         By: /s/ Steven Rothman
             ----------------------------------------
         Name: Steven Rothman
         Title: Secretary and Treasurer

PRIMUS EXECUTIVE FUND LIMITED PARTNERSHIP
         By:  Primus Venture Partners IV Limited Partnership, General Partner
         By:  Primus Venture Partners IV, Inc., General Partner

         By: /s/ Steven Rothman
             ----------------------------------------
         Name: Steven Rothman
         Title: Secretary and Treasurer

PNC VENTURE CORPORATION

By: /s/ Gary J. Zentner
    ----------------------------------------------------------
        Gary J. Zentner, President

                                       14
<PAGE>

CHARTWELL CAPITAL INVESTORS II, L.P.

By: Chartwell Capital Management Company II, Investment Manager for Chartwell
Capital Investors II, L.P.

        By: /s/ Ryan Burke
            -----------------------------------------
        Name: Ryan Burke
        Title: VP & CFO

Record
       ----------------------------------------------
Address:
        ---------------------------------------------

Fax:
    -------------------------------------------------

E-mail:
       ----------------------------------------------

LOVETT MILLER VENTURE FUND II, LIMITED PARTNERSHIP
         By:  Lovett Miller Venture Partners II, L.L.C., Its General Partner

         By: /s/ W. Radford Lovett, II
             -------------------------------------------------
         Name: W. Radford Lovett, II
         Title: Managing Director

RAYMOND JAMES CAPITAL PARTNERS, L.P.
         By:  RJC PARTNERS, L.P., Its General Partner

         By:  RJC PARTNERS, INC., Its General Partner

                  By: /s/ David E. Thomas, Jr.
                      ----------------------------------------
                  Name: David E. Thomas, Jr.
                  Title: President

/s/ Pier C. Borra
-----------------------------------------------------
Pier C. Borra

                                       15

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