Document:

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                                                                     EXHIBIT 4.3

                                 DATASCOPE CORP.

                             STOCK OPTION AGREEMENT

         Agreement, made as of the 25th day of February 2003, between DATASCOPE
CORP., a Delaware corporation (the "Company"), and Dr. Samuel Money (the
"Optionee"), residing at 1514 Jefferson Highway, New Orleans, Louisiana 70121.

         The Board of Directors of the Company (the "Board of Directors") has
adopted a resolution granting the Optionee a five-year option to purchase 1,200
shares (the "Shares") of common stock, par value $0.01 per share ("Common
Stock"), of the Company, subject to and upon the terms and conditions set forth
herein (the "Option").

         Therefore, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the adequacy and
receipt of which are hereby acknowledged, the parties hereto have agreed as
follows:

         1. (a) The price at which the Optionee shall have the right to purchase
the Shares under this Agreement is $22.49 per share.

            (b) Unless this Option is previously terminated pursuant to the
terms of this Agreement, this Option shall be exercisable on or after August 25,
2003. If, prior to August 25, 2003, the Optionee shall at any such time
voluntarily or involuntarily cease to serve as a consultant of the Company or
any of its subsidiaries or if the Optionee's service shall terminate on account
of death or disability, the Option, and all rights of Optionee hereunder, shall
terminate.

            (c) If the Optionee shall at any time voluntarily or involuntarily
cease to serve as a consultant of the Company or any of its subsidiaries or if
the Optionee's service shall terminate on account of death or disability, the
Option shall terminate three months following the first day that the Optionee is
no longer a consultant of the Company or such subsidiary (one year in the case
of termination on account of death or disability). A leave of absence approved
by the Board of Directors shall not constitute an interruption or cessation of
the Optionee's service as a consultant of the Company or such subsidiary.

            (d) This Option is not intended to satisfy the requirements for an
incentive stock option under the Internal Revenue Code of 1986, as amended.

         2. Nothing contained herein shall be construed (i) to confer on the
Optionee any right to continue to serve as a consultant of the Company or any of
its subsidiaries or (ii) to derogate from any right of the Company or any of its
subsidiaries to terminate any consulting agreement or other agreement with the
Optionee, or to retire, request the resignation of, layoff or require a leave of
absence of the Optionee, with or without pay, at any time, with or without
cause.

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         3. The Option shall not be subject in any manner to transfer (except by
will or the laws of descent and distribution), sale, exchange, assignment,
anticipation, pledge or encumbrance, except to the extent that the Option may be
exercised by a guardian or conservator in the event of the Optionee's disability
or an executor or administrator in the event of the Optionee's death. The Option
may be exercised during the lifetime of the Optionee only by the Optionee or, in
the event of his disability, his duly appointed guardian or conservator or, in
the event of his death, his executor or administrator. Notwithstanding anything
to the contrary that may be contained in this Agreement, the Option may be
transferred, without consideration, by the Optionee to members of his immediate
family, to a partnership or limited liability company all, or substantially all,
of the interests in which are owned by the Optionee or members of his immediate
family, or to a trust, the beneficiaries of which are the Optionee or members of
his immediate family (each of the foregoing being referred to herein as an
"Permitted Transferee"), under such other terms and conditions, and subject to
such agreements by the Optionee and the Permitted Transferee(s) as the Board of
Directors, in its absolute discretion, shall require.

         4. (a) If the outstanding shares of the Company are subdivided,
consolidated, increased, decreased, changed into or exchanged for a different
number or kind of shares or securities of the Company through reorganization,
merger, recapitalization, reclassification, capital adjustment or otherwise, or
if the Company shall issue shares as a dividend or upon a stock split, then the
number and kind of shares subject to the unexercised portion of the Option and
the exercise price of the Option shall be adjusted to prevent the inequitable
enlargement or dilution of any rights hereunder; provided, however, that any
such adjustment shall be made without change in the aggregate exercise price
applicable to the unexercised portion of the Option. Adjustments under this
Paragraph 4 shall be made by the Board of Directors, whose determination shall
be final and binding and conclusive. In computing any adjustment under this
Paragraph 4, any fractional share shall be eliminated. Nothing contained in this
Agreement shall be construed to affect in any way the right or power of the
Company to make any adjustment, reclassification, reorganization or changes to
its capital or business structure or to merge or to consolidate or to dissolve,
liquidate or transfer all or any part of its business or assets.

            (b) In the event of the dissolution or liquidation of the Company,
or in the event of a merger or consolidation in which (1) the Company is not the
surviving corporation, and (2) the agreements governing such merger or
consolidation do not provide for the issuance to the Optionee and/or any
Permitted Transferee, as the case may be, of a Substitute Option (as hereinafter
defined) or the express assumption of this Option, the Company, at least ten
(10) days prior to the date of such event, will mail or cause to be mailed to
the Optionee and/or any Permitted Transferee, as the case may be, a notice
specifying the date such event to the address of the Optionee specified on page
1 of this Agreement (and to the addresses of the Permitted Transferees that have
been provided to the Company) or to such other address as the Optionee (or such
Permitted Transferee) delivers or transmits by registered or certified mail to
the Treasurer of the Company at its principal office. In the event the Option is
not exercised on or prior to the date of such event, the Option and any rights
hereunder shall terminate as of said date. For purposes of this Paragraph 4, a
"Substitute Option" shall mean an option under which the Optionee and/or any
Permitted Transferee has the right to purchase on substantially equivalent terms
(as hereinafter defined) (in lieu of the Shares), the stock, securities, or
other property he would have been entitled to receive upon the consummation of
such merger or consolidation had he exercised the option immediately prior
thereto. For purposes of the preceding sentence, substantially equivalent terms
shall be those terms given approval by the Board of Directors in their sole
discretion.

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         5. The Option shall be exercised when written notice of such exercise,
signed by the person entitled to exercise the Option, has been delivered or
transmitted by registered or certified mail, to the Secretary of the Company at
its principal office. Said written notice shall specify the number of Shares
purchasable under the Option which such person then wishes to purchase and shall
be accompanied by such documentation, if any, as may be required by the Company
as provided in Paragraph 7 and payment of the aggregate option price. Such
payment shall be in the form of (i) cash or a certified check (unless such
certification is waived by the Company) payable to the order of the Company in
the amount of the aggregate option price for such number of shares, (ii)
certificates duly endorsed for transfer (with all transfer taxes paid or
provided for) evidencing a number of shares of Common Stock of the Company of
which the aggregate fair market value on the date of exercise is equal to the
aggregate option exercise price of the Shares being purchased or (iii) a
combination of these methods of payment; provided, however, that payment,
whether in whole or in part, by surrendering certificates, may only be made if
the Optionee has held such shares for a period of at least six (6) months prior
to the date of surrender. Delivery of said notice and such documentation shall
constitute an irrevocable election to purchase the Shares specified in said
notice and the date on which the Company receives said notice and documentation
shall, subject to the provisions of Paragraphs 6 and 7, be the date as of which
the Shares so purchased shall be deemed to have been issued. The person entitled
to exercise the Option shall not have the right or status as a holder of shares
to which such exercise relates prior to receipt by the Company of such payment,
notice and documentation.

         6. Anything in this Agreement to the contrary notwithstanding, in no
event may the Option be exercisable if the Company shall, at any time and in its
sole discretion, determine that (i) the listing, registration or qualification
of any shares otherwise deliverable upon such exercise, upon any securities
exchange or under any state or federal law, or (ii) the consent or approval of
any regulatory body or the satisfaction of withholding tax or other withholding
liabilities is necessary or desirable in connection with such exercise. In such
event, such exercise shall be held in abeyance and shall not be effective unless
and until such withholding, listing, registration, qualification or approval
shall have been effected or obtained free of any conditions not acceptable to
the Company.

         7. (a) The Company shall not be deemed obligated to the Optionee to
register any of the Shares which may be acquired pursuant to any exercise of the
Option under the Securities Act of 1933, as amended (the "Act"). The Optionee
acknowledges that, if the Shares are not so registered, his acquisition of any
of the Shares pursuant to an exercise of the Option will be made in part in
reliance upon the exemption from the registration requirements of the Act
afforded by Section 4(2) of the Act for transactions by an issuer not involving
any public offering. The Optionee further acknowledges that the Company's
reliance upon this exemption at the time of any exercise of the Option will be
predicated upon the Optionee's representation at that time that such Shares are
being acquired by him as an investment solely for his account and that he then
has no intention of selling, pledging, transferring or otherwise distributing or
disposing of all or any part of such Shares or any interest or participation
therein except as permitted by the Act and the rules and regulations promulgated
thereunder. The Optionee further acknowledges that, accordingly, if the Shares
are not so registered, the receipt by the Board of Directors of written
representations to such effect is a condition precedent to the right to exercise
the Option, in whole or in part.

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            (b) The Optionee agrees that there will be no disposition of all or
any part of the Shares acquired pursuant to any exercise of the Option or any
interest or interests therein, unless and until such disposition has been
registered under the Act or the Company receives an opinion of its counsel that
registration under the Act is not required in connection with such disposition.

            (c) The Optionee agrees that upon any exercise of the Option, unless
the Shares acquired pursuant to such exercise have been registered under the
Act, the transfer agent for the Shares acquired pursuant to such exercise will
be instructed to place appropriate stop orders against transfer of the Shares
and that the certificate or certificates to be issued representing the Shares
will conspicuously bear a legend substantially as follows:

         The offer and sale of the shares represented by this certificate have
         not been registered under the Securities Act of 1933, as amended. The
         shares have been acquired for investment and may not be sold,
         transferred, pledged, hypothecated or otherwise disposed of in the
         absence of an effective registration statement for the shares under the
         Securities Act of 1933, as amended, or an opinion of counsel to the
         Company that registration is not required under said Act.

            (d) The Optionee acknowledges that he is presently familiar with the
Company's business, operations and financial condition. In this connection, the
Company agrees that, upon the request of the Optionee, it will provide the
Optionee with a copy of its then most recent definitive Proxy Statement in
connection with a meeting of its shareholders for the election of directors, its
then most recent Annual Report on Form 10-K, and all Quarterly Reports on Form
10-Q and Current Reports on Form 8-K filed by the Company with the Securities
and Exchange Commission subsequent to the filing of its then most recent Annual
Report on Form 10-K. In addition, principal officers of the Company will be
reasonably available to discuss with the Optionee the information contained in
these documents.

         8. Notwithstanding anything to the contrary in this Agreement, without
the prior written consent of the Company, the person or entity exercising the
Option shall not sell, transfer, pledge, hypothecate or otherwise dispose of any
Shares acquired upon the exercise of the Option or any interest therein without
first offering to the Company in writing the right to purchase such Shares at a
price per share equal to the average of the high and low sale price of such
Shares as quoted on the NASDAQ National Market System on the trading day
immediately preceding the day of such offer (the "Offer Price"). The Company
shall have no more than two trading days to accept or reject such offer. In the
event the Company agrees to purchase such Shares, the certificate or
certificates evidencing the Shares shall forthwith be delivered to the Company
against full payment for the Shares in the form of cash or check.

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         9. This Agreement shall be construed and enforced in accordance with
the laws of the State of Delaware, without regard to any choice-of-law
principles thereof.

         10. Subject to Paragraph 3, this Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective heirs,
personal representatives, successors or assigns, as the case may be.

               [Remainder of this page intentionally left blank.]

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                  IN WITNESS WHEREOF, the parties have witnessed this Agreement
to be duly executed and delivered as of the date first above written.

                                      DATASCOPE CORP.

                                      By: /s/ Murray Pitkowsky
                                          -----------------------------------
                                      Name:
                                      Title:

                                      /s/ Dr. Samuel Money
                                      ---------------------------------------
                                      Optionee

                                       6Prepared and filed by St Ives Burrups

 EXHIBIT
  4.5

	 	VOID
      AFTER 5:00 P.M., NEW YORK CITY
	 	TIME,
      ON MAY 16, 2008
	 	(UNLESS
      EXTENDED PURSUANT TO SECTION 2 HEREOF) 
	 	 
	 	THIS WARRANT
      AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
      OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION.
      THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD OR TRANSFERRED
      IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
      UNDER APPLICABLE SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED PURSUANT
      TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.
        

	 	 
	 	Right
      to Purchase 75,000 Shares of
	 	Common
      Stock, par value $.001 per share 

 Date:
  May 16, 2003

 
  ORCHID BIOSCIENCES, INC. 

  STOCK PURCHASE WARRANT 

       THIS
  CERTIFIES THAT, for value received, Punk, Ziegel & Company, L.P., or its
  registered assigns, is entitled to purchase from Orchid BioSciences, Inc., a
  corporation organized under the laws of the State of Delaware (the “Company”),
  at any time or from time to time during the period specified in Section 2 hereof,
  Seventy-Five Thousand (75,000) fully paid and nonassessable shares of the Company’s
  common stock, par value $.001 per share (the “Common
  Stock”),
  at an exercise price per share (the “Exercise
  Price”)
  equal to $.65 per share. The number of shares of Common Stock purchasable hereunder
  (the “Warrant
  Shares”)
  and the Exercise Price are subject to adjustment as provided in Section 4 hereof.
  The term “Warrant”
  means this Warrant. 

       This
  Warrant is subject to the following terms, provisions and conditions:

       1.   Manner
  of Exercise; Issuance of Certificates; Payment for Shares.
  Subject to the provisions hereof, including, without limitation, the limitations
  contained in Section 7 hereof, this Warrant may be exercised by the holder hereof,
  in whole or in part, by the surrender of this Warrant, together with a completed
  exercise agreement in the form attached hereto (the “Exercise Agreement”),
  to the Company during normal business hours on any business day at the Company’s
  principal executive offices (or such other office or agency of the Company as
  it may designate by notice to the holder hereof), and payment to the Company
  in cash, by certified or official bank check or by wire transfer for the account
  of the Company, of the Exercise Price 

 for the Warrant
  Shares specified in the Exercise Agreement. The Warrant Shares so purchased
  shall be deemed to be issued to the holder hereof or such holder’s designee,
  as the record owner of such shares, as of the close of business on the date
  on which this Warrant shall have been surrendered, the completed Exercise Agreement
  shall have been delivered, and payment shall have been made for such shares
  as set forth above or, if such date is not a business date, on the next succeeding
  business date. The Warrant Shares so purchased, representing the aggregate number
  of shares specified in the Exercise Agreement, shall (by the Company or through
  its transfer agent) be delivered (i.e., deposited with a nationally-recognized
  overnight courier service postage prepaid) to the holder hereof within a reasonable
  time, not exceeding two business days, after this Warrant shall have been so
  exercised (the “Delivery Period”). If the Company’s transfer
  agent is participating in the Depository Trust Company (“DTC”) Fast
  Automated Securities Transfer program, and so long as the certificates therefor
  do not bear a legend and the holder is not obligated to return such certificate
  for the placement of a legend thereon, the Company shall cause its transfer
  agent to electronically transmit the Warrant Shares so purchased to the holder
  by crediting the account of the holder or its nominee with DTC through its Deposit
  Withdrawal Agent Commission system (“DTC Transfer”). If the aforementioned
  conditions to a DTC Transfer are not satisfied, the Company shall deliver as
  provided herein to the holder physical certificates representing the Warrant
  Shares so purchased. Further, the holder may instruct the Company to deliver
  to the holder physical certificates representing the Warrant Shares so purchased
  in lieu of delivering such shares by way of DTC Transfer. Any certificates so
  delivered shall be in such denominations as may be reasonably requested by the
  holder hereof, shall be registered in the name of such holder or such other
  name as shall be designated by such holder and, following the date on which
  the Warrant Shares have been registered under the Securities Act pursuant to
  that certain Registration Rights Agreement, dated as of March 31, 2003, by and
  between the Company and the signatories thereto (the “Registration Rights
  Agreement”) or otherwise may be sold by the holder pursuant to Rule 144(k)
  promulgated under the Securities Act (or a successor rule), shall not bear any
  restrictive legend. If this Warrant shall have been exercised only in part,
  then the Company shall, at its expense, at the time of delivery of such certificates,
  deliver to the holder a new Warrant representing the number of shares with respect
  to which this Warrant shall not then have been exercised.

       2.   Period
  of Exercise.
  This Warrant shall be exercisable at any time or from time to time during the
  period beginning on May 16, 2003 and ending at 5:00 p.m., New York City time,
  on May 16, 2008 (the “Exercise Period”). The Exercise Period shall
  automatically be extended by one (1) day for each day during the Exercise Period
  (or any extension thereof) on which the Company does not have a number of shares
  of Common Stock reserved for issuance upon exercise hereof at least equal to
  the number of shares of Common Stock issuable upon exercise hereof.

       3.   Certain
  Agreements of the Company.
  The Company hereby covenants and agrees as follows:

         
  (a)   Shares to be Fully Paid. All Warrant Shares will,
  upon issuance in accordance with the terms of this Warrant, be validly issued,
  fully paid, and nonassessable and free from all taxes, liens, claims and encumbrances.

     (b)   Reservation
  of Shares.
  During the Exercise Period, the Company shall at all times have authorized,
  and reserved for the purpose of issuance upon exercise of this Warrant, a sufficient
  number of shares of Common Stock to provide for the exercise in full of this
  Warrant (without giving effect to the limitations on exercise set forth in Section
  7(g) hereof). 

       (c)   Listing.
  The Company shall file an amendment to the Notification
  Form: Listing of Additional Shares
  as filed on March 29, 2003 with respect to the Warrant Shares with the Nasdaq
  National Market (“NNM”), and shall maintain, so long as any other
  shares of Common Stock shall be so listed, such listing of all shares of Common
  Stock from time to time issuable upon the exercise of this Warrant; and the
  Company shall so list on each national securities exchange or automated quotation
  system, as the case may be, and shall maintain such listing of, any other shares
  of capital stock of the Company issuable upon the exercise of this Warrant if
  and so long as any shares of the same class shall be listed on such national
  securities exchange or automated quotation system.

       (d)   Certain
  Actions Prohibited.
  The Company will not, by amendment of its charter or through any reorganization,
  transfer of assets, consolidation, merger, dissolution, issue or sale of securities,
  or any other voluntary action, avoid or seek to avoid the observance or performance
  of any of the terms to be observed or performed by it hereunder, but will at
  all times in good faith assist in the carrying out of all the provisions of
  this Warrant and in the taking of all such action as may reasonably be requested
  by the holder of this Warrant in order to protect the economic benefit inuring
  to the holder hereof and the exercise privilege of the holder of this Warrant
  against dilution or other impairment, consistent with the tenor and purpose
  of this Warrant. Without limiting the generality of the foregoing, the Company
  (i) will not increase the par value of any shares of Common Stock receivable
  upon the exercise of this Warrant above the Exercise Price then in effect, and
  (ii) will take all such actions as may be necessary or appropriate in order
  that the Company may validly and legally issue fully paid and nonassessable
  shares of Common Stock upon the exercise of this Warrant. 

       (e)   Successors
  and Assigns.
  This Warrant will be binding upon any entity succeeding to the Company by merger,
  consolidation, or acquisition of all or substantially all of the Company’s
  assets. 

       (f)   Blue
  Sky Laws.
  The Company shall, on or before the date of issuance of any Warrant Shares,
  take such actions as the Company shall reasonably determine are necessary to
  qualify the Warrant Shares for, or obtain exemption for the Warrant Shares for,
  sale to the holder of this Warrant upon the exercise hereof under applicable
  securities or “blue sky” laws of the states of the United States,
  and shall provide evidence of any such action so taken to the holder of this
  Warrant prior to such date if requested by the holder hereof; provided, however,
  that the Company shall not be required in connection therewith or as a condition
  thereto to (a) qualify to do business in any jurisdiction where it would not
  otherwise be required to qualify but for this Section 3(f), (b) subject itself
  to general taxation in any such jurisdiction or (c) file a general consent to
  service of process in any such jurisdiction. 

       4.   Antidilution
  Provisions.
  During the Exercise Period, the Exercise Price and the number of Warrant Shares
  issuable hereunder shall be subject to adjustment from time to 

 
time as provided
  in this Section 4. In the event that any adjustment of the Exercise Price as
  required herein results in a fraction of a cent, such Exercise Price shall be
  rounded up or down to the nearest cent.

       (a)   Subdivision
  or Combination of Common Stock.
  If the Company, at any time during the Exercise Period, subdivides (by any stock
  split, stock dividend, recapitalization, reorganization, reclassification or
  otherwise) its shares of Common Stock into a greater number of shares, then,
  after the date of record for effecting such subdivision, the Exercise Price
  in effect immediately prior to such subdivision will be proportionately reduced.
  If the Company, at any time during the Exercise Period, combines (by reverse
  stock split, recapitalization, reorganization, reclassification or otherwise)
  its shares of Common Stock into a smaller number of shares, then, after the
  date of record for effecting such combination, the Exercise Price in effect
  immediately prior to such combination will be proportionately increased. 

       (b)   Adjustment
  in Number of Shares.
  Upon each adjustment of the Exercise Price pursuant to the provisions of this
  Section 4, the number of shares of Common Stock issuable upon exercise of this
  Warrant at each such Exercise Price shall be adjusted 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
  at such Exercise Price immediately prior to such adjustment and dividing the
  product so obtained by the adjusted Exercise Price. 

       (c)   Consolidation,
  Merger or Sale.
  In case of any consolidation of the Company with, or merger of the Company into,
  any other corporation, or in case of any sale or conveyance of all or substantially
  all of the assets of the Company other than in connection with a plan of complete
  liquidation of the Company at any time during the Exercise Period, then as a
  condition of such consolidation, merger or sale or conveyance, adequate provision
  will be made whereby the holder hereof will have the right to acquire and receive
  upon exercise of this Warrant in lieu of the shares of Common Stock immediately
  theretofore acquirable upon the exercise of this Warrant, such shares of stock,
  securities, cash or assets as may be issued or payable with respect to or in
  exchange for the number of shares of Common Stock immediately theretofore acquirable
  and receivable upon exercise of this Warrant had such consolidation, merger
  or sale or conveyance not taken place. In any such case, the Company will make
  appropriate provision to insure that the provisions of this Section 4 hereof
  will thereafter be applicable as nearly as may be in relation to any shares
  of stock or securities thereafter deliverable upon the exercise of this Warrant.
  The Company will not effect any consolidation, merger or sale or conveyance
  unless prior to the consummation thereof, the successor corporation (if other
  than the Company) assumes by written instrument the obligations under this Warrant
  and the obligations to deliver to the holder hereof such shares of stock, securities
  or assets as, in accordance with the foregoing provisions, the holder may be
  entitled to acquire.

       (d)   Distribution
  of Assets. In case the Company shall declare or make any distribution of its
  assets (or rights to acquire its assets) to holders of Common Stock as a partial
  liquidating dividend, stock repurchase by way of return of capital or otherwise
  (including any dividend or distribution to the Company’s stockholders of
  cash or shares (or rights to acquire shares) of capital stock of a subsidiary)
  (a “Distribution”), at any time during the Exercise

 
Period, then
  the holder hereof shall be entitled upon exercise of this Warrant for the purchase
  of any or all of the shares of Common Stock subject hereto, to receive the amount
  of such assets (or rights) which would have been payable to the holder had such
  holder been the holder of such shares of Common Stock on the record date for
  the determination of stockholders entitled to such Distribution. If the Company
  distributes rights, warrants, options or any other form of convertible securities
  and the right to exercise or convert such securities would expire in accordance
  with their terms prior to the expiration of the Exercise Period, then the terms
  of such securities shall provide that such exercise or convertibility right
  shall remain in effect until 30 days after the date the holder hereof receives
  such securities pursuant to the exercise hereof.

       (e)   Notice
  of Adjustment.
  Upon the occurrence of any event which requires any adjustment of the Exercise
  Price, then, and in each such case, the Company shall give notice thereof to
  the holder hereof, which notice shall state the Exercise Price resulting from
  such adjustment and the increase or decrease in the number of Warrant Shares
  purchasable at such price upon exercise, setting forth in reasonable detail
  the method of calculation and the facts upon which such calculation is based.
  Such calculation shall be certified by the chief financial officer of the Company.
  

       (f)   Minimum
  Adjustment of Exercise Price.
  No adjustment of the Exercise Price shall be made in an amount of less than
  $.01, but any such lesser adjustment shall be carried forward and shall be made
  at the time and together with the next subsequent adjustment which, together
  with any adjustments so carried forward, shall amount to not less than $.01.
  

       (g)   No
  Fractional Shares.
  No fractional shares of Common Stock are to be issued upon the exercise of this
  Warrant, but the Company shall pay a cash adjustment in respect of any fractional
  share which would otherwise be issuable in an amount equal to the same fraction
  of the Market Price of a share of Common Stock on the date of such exercise.
  

       (h)   Other
  Notices. In
  case at any time: 

            (i)   the
  Company shall declare any dividend upon the Common Stock payable in shares of
  stock of any class or make any other distribution (other than dividends or distributions
  payable in cash out of retained earnings consistent with the Company’s
  past practices with respect to declaring dividends and making distributions)
  to the holders of the Common Stock; 

            (ii)   the
  Company shall offer for subscription pro rata to the holders of the Common Stock
  any additional shares of stock of any class or other rights;

            (iii)   there
  shall be any capital reorganization of the Company, or reclassification of the
  Common Stock, or consolidation or merger of the Company with or into, or sale
  of all or substantially all of its assets to, another corporation or entity;
  or

            (iv)   there
  shall be a voluntary or involuntary dissolution, liquidation or winding-up of
  the Company;

 
then, in each
  such case, the Company shall give to the holder of this Warrant (a) notice of
  the date or estimated date on which the books of the Company shall close or
  a record shall be taken for determining the holders of Common Stock entitled
  to receive any such dividend, distribution, or subscription rights or for determining
  the holders of Common Stock entitled to vote in respect of any such reorganization,
  reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up
  and (b) in the case of any such reorganization, reclassification, consolidation,
  merger, sale, dissolution, liquidation or winding-up, notice of the date (or,
  if not then known, a reasonable estimate thereof by the Company) when the same
  shall take place. Such notice shall also specify the date on which the holders
  of Common Stock shall be entitled to receive such dividend, distribution, or
  subscription rights or to exchange their Common Stock for stock or other securities
  or property deliverable upon such reorganization, reclassification, consolidation,
  merger, sale, dissolution, liquidation, or winding-up, as the case may be. Such
  notice shall be given at least ten (10) days prior to the record date or the
  date on which the Company’s books are closed in respect thereto. Failure
  to give any such notice or any defect therein shall not affect the validity
  of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above. Notwithstanding
  the foregoing, the Company shall publicly disclose the substance of any notice
  delivered hereunder prior to delivery of such notice to the holder hereof.

      (i)   Certain
  Events. If, at any time during the Exercise Period, any event occurs of
  the type contemplated by the adjustment provisions of this Section 4 but not
  expressly provided for by such provisions, the Company will give notice of such
  event as provided in Section 4(e) hereof, and an appropriate adjustment in the
  Exercise Price and the number of shares of Common Stock acquirable upon exercise
  of this Warrant at each such Exercise Price shall be made so that the rights
  of the holder shall be neither enhanced nor diminished by such event. 

      (j)   Certain
  Definitions.

           (i)   “Certificate
  of Designation”
  means that certain Certificate of Designations,
  Preferences and Rights relating to the Series A Convertible Preferred Stock
  of the Company, filed with the Secretary of State of the State of Delaware on
  March 31, 2003.

           (ii)   “Common
  Stock”
  for purposes of this Section 4, includes the Common Stock and any additional
  class of stock of the Company having no preference as to dividends or distributions
  on liquidation, provided that the shares purchasable pursuant to this Warrant
  shall include only Common Stock in respect of which this Warrant is exercisable,
  or shares resulting from any subdivision or combination of such Common Stock,
  or in the case of any reorganization, reclassification, consolidation, merger,
  or sale of the character referred to in Section 4(c) hereof, the stock or other
  securities or property provided for in such Section.

           (iii)   “Market
  Price”
  as of any date, (i) means the average of the closing sales prices for the shares
  of Common Stock on the Nasdaq National Market or other trading market where
  such security is listed or traded as reported by Bloomberg Financial Markets
  (or a comparable reporting service of national reputation selected by the Company
  and reasonably acceptable to the holders if Bloomberg Financial Markets is not
  then reporting sales prices of such security)(collectively, “Bloomberg”)
  for the five (5) consecutive trading days immediately preceding such date, or
  (ii) if the Nasdaq National Market is not the principal trading market for 

 
the shares
  of Common Stock, the average of the reported sales prices reported by Bloomberg
  on the principal trading market for the Common Stock during the same period,
  or, if there is no sales price for such period, the last sales price reported
  by Bloomberg for such period, or (iii) if the foregoing do not apply, the last
  sales price of such security in the over-the-counter market on the pink sheets
  or bulletin board for such security as reported by Bloomberg, or if no sales
  price is so reported for such security, the last bid price of such security
  as reported by Bloomberg, or (iv) if market value cannot be calculated as of
  such date on any of the foregoing bases, the Market Price shall be the average
  fair market value as reasonably determined by an investment banking firm selected
  by the Company and reasonably acceptable to the holder, with the costs of the
  appraisal to be borne by the Company. The manner of determining the Market Price
  of the Common Stock set forth in the foregoing definition shall apply with respect
  to any other security in respect of which a determination as to market value
  must be made hereunder.

       5.   Issue
  Tax. The issuance
  of certificates for Warrant Shares upon the exercise of this Warrant shall be
  made without charge to the holder of this Warrant or such shares for any issuance
  tax or other costs in respect thereof, provided that the Company shall not be
  required to pay any tax which may be payable in respect of any transfer involved
  in the issuance and delivery of any certificate in a name other than the holder
  of this Warrant. 

       6.   No
  Rights or Liabilities as a Stockholder.
  This Warrant shall not entitle the holder hereof to any voting rights or other
  rights as a stockholder of the Company. No provision of this Warrant, in the
  absence of affirmative action by the holder hereof to purchase Warrant Shares,
  and no mere enumeration herein of the rights or privileges of the holder hereof,
  shall give rise to any liability of such holder for the Exercise Price or as
  a stockholder of the Company, whether such liability is asserted by the Company
  or by creditors of the Company. 

     7.   Transfer,
  Exchange and Replacement of Warrant.

          (a)   Restriction
on Transfer. This Warrant and the rights granted to the holder
hereof are transferable,
in whole or in part, upon surrender of this Warrant, together with a properly
executed assignment in the form attached hereto, at the office or agency of the
Company referred to in Section 7(e) below, provided,
however, that
any transfer or assignment shall be subject to the conditions set forth in Sections
7(f) and (g) hereof and to the provisions of Sections 2(f) and 2(g) of the Subscription
Agreement, dated May 16, 2003, between the Company and Punk Ziegel & Company,
L.P., provided further, that this Warrant and the rights granted to the holder
hereof are not transferable to direct competitors of the Company or persons or
entities that have announced plans to compete directly with the Company. Until
due presentment for registration of transfer on the books of the Company, the
Company may treat the registered holder hereof as the owner and holder hereof
for all purposes, and the Company shall not be affected by any notice to the contrary.
Notwithstanding anything to the contrary contained herein, the registration rights
described in Section 8 hereof are assignable only in accordance with the provisions
of the Registration Rights Agreement.
            (b)   Warrant
  Exchangeable for Different Denominations.
  This Warrant is exchangeable, upon the surrender hereof by the holder hereof
  at the office or agency of the Company referred to in Section 7(e) below, for
  new warrants of like tenor of different 

 
 denominations
  representing in the aggregate the right to purchase the number of shares of
  Common Stock which may be purchased hereunder, each of such new warrants to
  represent the right to purchase such number of shares (at the Exercise Price
  therefor) as shall be designated by the holder hereof at the time of such surrender,
  and all such warrants thereafter constituting the Warrant referenced herein.
  Notwithstanding the foregoing, in no event shall the Company be required to
  issue new warrants pursuant to this Section 7(b) for the right to purchase less
  than 1,000 shares of Common Stock.

       (c)   Replacement
  of Warrant. Upon receipt of evidence reasonably satisfactory to the Company
  of the loss, theft, destruction, or mutilation of this Warrant and, in the case
  of any such loss, theft, or destruction, upon delivery of an indemnity agreement
  reasonably satisfactory in form and amount to the Company, or, in the case of
  any such mutilation, upon surrender and cancellation of this Warrant, the Company,
  at its expense, will execute and deliver, in lieu thereof, a new Warrant of
  like tenor.

     (d)   Cancellation;
  Payment of Expenses. Upon the surrender of this Warrant in connection with
  any transfer, exchange, or replacement as provided in this Section 7, this Warrant
  shall be promptly canceled by the Company. The Company shall pay all taxes (other
  than securities transfer taxes) and all other expenses (other than legal expenses,
  if any, incurred by the Holder or transferees) and charges payable in connection
  with the preparation, execution, and delivery of any Warrant pursuant to this
  Section 7.

       (e)   Warrant
  Register.
  The Company shall maintain, at its principal executive offices (or such other
  office or agency of the Company as it may designate by notice to the holder
  hereof), a register for this Warrant, in which the Company shall record the
  name and address of the person in whose name this Warrant has been issued, as
  well as the name and address of each transferee and each prior owner of this
  Warrant. 

      (f)   Exercise
  or Transfer Without Registration.
  If, at the time of the surrender of this Warrant in connection with any exercise,
  transfer, or exchange of this Warrant, this Warrant (or, in the case of any
  exercise, the Warrant Shares issuable hereunder), shall not be registered under
  the Securities Act and under applicable state securities or blue sky laws, the
  Company may require, as a condition of allowing such exercise, transfer, or
  exchange, (i) that the holder or transferee of this Warrant, as the case may
  be, furnish to the Company a written opinion of counsel (which opinion shall
  be in form, substance and scope customary for opinions of counsel in comparable
  transactions and reasonably acceptable to the Company) to the effect that such
  exercise, transfer, or exchange may be made without registration under the Securities
  Act and under applicable state securities or blue sky laws, (ii) that the holder
  or transferee execute and deliver to the Company an investment letter in form
  and substance acceptable to the Company and (iii) that the transferee be an
  “accredited investor” as defined in Rule 501(a) promulgated under
  the Securities Act;
  provided that
  no such opinion, letter, or status as an “accredited investor” shall
  be required in connection with a transfer pursuant to Rule 144 under the Securities
  Act.

     (g)   Additional
  Restrictions on Exercise or Transfer.
  In no event shall the holder hereof have the right to exercise any portion of
  this Warrant for shares of Common Stock or to 

 
dispose of
  any portion of this Warrant to the extent that such right to effect such exercise
  or disposition would result in the holder or any of its affiliates together
  beneficially owning more than the greater of (a) 4.99% of the outstanding shares
  of Common Stock or (b) that percentage of the outstanding shares of Common Stock
  held by such holder and its affiliates immediately prior to the date of issuance
  of this Warrant (including in such calculation any shares of Common Stock underlying
  warrants to purchase Common Stock (other than this Warrant) held by such holder
  immediately prior to the date of issuance of this Warrant). For purposes of
  this Section 7(g), beneficial ownership shall be determined in accordance with
  Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
  13D-G thereunder. The restriction contained in this Section 7(g) may not be
  altered, amended, deleted or changed in any manner whatsoever unless the holders
  of a majority of the outstanding shares of Common Stock and the holder hereof
  shall approve, in writing, such alteration, amendment, deletion or change.

     
  8.   Registration
  Rights. The
  initial holder of this Warrant (and certain assignees thereof) is entitled to
  the benefit of such registration rights in respect of the Warrant Shares as
  are set forth in the Registration Rights Agreement, including the right to assign
  such rights to certain assignees, as set forth therein. 

     9.   Notices.
  Any notices required or permitted to be given under the terms of this Warrant
  shall be sent by certified or registered mail (return receipt requested) or
  delivered personally or by courier or by confirmed telecopy, and shall be effective
  five days after being placed in the mail, if mailed, or upon receipt or refusal
  of receipt, if delivered personally or by courier, or by confirmed telecopy,
  in each case addressed to a party. The addresses for such communications shall
  be: 

  If to the
    Company:

   Orchid BioSciences,
    Inc.

    4390 US Route One North

    Princeton, NJ 08540

    Telephone: (609) 750-2200

    Fax: (609) 750-6400

    Attn: Chief Financial Officer

   with a copy
    simultaneously transmitted by like means to:

   Mintz, Levin,
    Cohn, Ferris, Glovsky and Popeo, P.C.

    One Financial Center

    Boston, MA 02111  

    Telephone: (617) 542-6000

    Fax: (617) 542-2241

    Attn: John J. Cheney, III, Esq. 

 If to the
  holder, at such address as such holder shall have provided in writing to the
  Company, or at such other address as such holder furnishes by notice given in
  accordance with this Section 9.

      10.   Governing
  Law; Jurisdiction.
  This Warrant shall be governed by and construed in accordance with the laws
  of the State of Delaware. Each of the Company and the holder hereof irrevocably
  consents to the jurisdiction of the United States federal courts and state courts
  located in the State of Delaware in any suit or proceeding based on or arising
  under this Warrant and irrevocably agrees that all claims in respect of such
  suit or proceeding may be determined in such courts. Each of the Company and
  the holder hereof irrevocably waives any objection to the laying of venue and
  the defense of an inconvenient forum to the maintenance of such suit or proceeding.
  Each of the Company and the holder hereof further agrees that service of process
  mailed by certified or registered mail shall be deemed in every respect effective
  service of process in any such suit or proceeding. Nothing herein shall affect
  the Company’s or the holder’s right to serve process in any other
  manner permitted by law. Each of the Company and the holder hereof agrees that
  a final non-appealable judgment in any such suit or proceeding shall be conclusive
  and may be enforced in other jurisdictions by suit on such judgment or in any
  other lawful manner. 

       11.   Miscellaneous.

            (a)   Amendments.
  Except as provided in section 7(g) hereof, this warrant and any provision hereof
  may only be amended by an instrument in writing signed by the company and the
  holder hereof. 

            (b)   Descriptive
  Headings.
  The descriptive headings of the several sections of this warrant are inserted
  for purposes of reference only, and shall not affect the meaning or construction
  of any of the provisions hereof. 

            (c)   [Reserved]

           (d)   Trading
  Day. For purposes
  of this Warrant, the term “trading day” means any day on which the
  principal United States securities exchange or trading market where the Common
  Stock is then listed is open for trading.

            (e)   Redemption
  of Warrant by Company.

                (i)   Provided
  that (x) all shares of Common Stock issuable upon exercise of this Warrant are
  then (A) authorized and reserved for issuance, (B) registered under the Securities
  Act of 1933, as amended, for resale by the holder of the Warrant, and (C) eligible
  to be traded on a National Securities Market (as defined in the Certificate
  of Designation), (y) all of the Required Conditions (as defined in the Certificate
  of Designation) are satisfied, and (z) the Company has undergone a Change of
  Control Event (as defined in the Certificate of Designation) within the 30-day
  period immediately prior to the delivery by the Company of a Redemption Notice
  (as defined below), the Company, or if the Company is not the surviving entity
  in such Change of Control Event, such other entity that has assumed the obligations
  hereunder (for purposes of this Section 11(e) only, the Company may elect, upon
  delivery of at least thirty (30) days’ prior written notice (the “Redemption
  Notice”)
  to the holder hereof, to redeem all of the Warrant for a redemption amount equal
  to the number of Warrant Shares 

 
issuable upon
  the exercise of all of this Warrant multiplied by a value per warrant using
  the Black-Scholes model of valuation, using, the Exercise Price, 50% volatility,
  and an interest rate of 5% (the “Redemption
  Amount”).
  

                (ii)   The
  Company may not deliver a Notice of Redemption unless on or prior to the date
  of delivery of a Notice of Redemption, the Company shall have segregated on
  the books and records of the Company an amount of cash sufficient to pay all
  amounts to which the holder of the Warrant is entitled pursuant to Section 11(e)(i).
  Any Notice of Redemption delivered shall be irrevocable and shall be accompanied
  by a statement executed by a duly authorized officer of the Company.

                (iii)   The
  Redemption Amount shall be paid to the holder within three (3) business days
  of the date of redemption set forth in the Notice of Redemption; provided, however,
  that the Company shall not be obligated to deliver any portion of the Redemption
  Amount until either this Warrant is delivered to the Company or the holder notifies
  the Company that the Warrant has been lost, stolen or destroyed and delivers
  the documentation in accordance with Section 7(c) hereof. In the event only
  a portion of this Warrant is being redeemed, the Company shall issue, at its
  expense, a new Warrant representing the number of shares with respect to which
  this Warrant shall not then have been redeemed or exercised.

                (iv)   Notwithstanding
  the delivery of a Redemption Notice, the holder may exercise all or a portion
  of this Warrant subject to such Redemption Notice by the delivery prior to the
  date of redemption set forth in such notice of an Exercise Agreement pursuant
  to the procedures set forth in Section 1.

           (f)   Indemnification
  by Company.
  

                (i)   The
  Company shall hold harmless and indemnify the holder of this Warrant from and
  against, and shall compensate and reimburse such holder for, any damages which
  are directly or indirectly suffered or incurred by such holder or to which such
  holder may otherwise become subject (regardless of whether or not such damages
  relate to any third-party claim) and which arise from or as a result of, or
  are directly or indirectly connected with any breach of any of the Company’s
  covenants set forth herein.

                (ii)   In
  the event of the assertion or commencement by any person of any claim or legal
  proceeding with respect to which the holder may have indemnification rights
  pursuant to this Section 11(f)(i), the holder shall promptly notify the Company
  thereof in writing, but the failure to so notify the Company will not limit
  the holder’s rights to indemnification hereunder, except to the extent
  the Company demonstrates that the defense of such action is prejudiced by the
  failure to so give such notice. Within a reasonable time of receipt of such
  notice, the Company may at its election participate at its own expense in the
  defense of such claim or assume the defense of any such claim with counsel chosen
  by the Company; provided, however,
  that if the defendants in any such action include such holder and the Company
  and the holder shall have been advised by its counsel that there may be legal
  defenses available to the holder which are different from or additional to and
  in conflict with or present a potential conflict with those available to the
  Company, such holder shall have the right to employ its own counsel 

 in such action,
  and in such event the reasonable fees and expenses of such counsel shall be
  borne by the Company. If the Company assumes the defense of such claim and no
  conflict exists permitting the holder to retain separate counsel pursuant to
  the immediately preceding sentence, the Company shall have no obligation to
  pay any fees or expenses of any counsel retained the holder or any other person
  entitled to indemnification hereunder in connection with such a claim. The holder
  shall not settle any claim in respect of which indemnification shall be sought
  hereunder without the prior written consent of the Company. The Company shall
  not be liable for any settlement of any action, claim, suit or proceeding (or
  for any related losses, damages, liabilities, costs or expenses) if such settlement
  is effectuated without its written consent, which shall not be unreasonably
  withheld.

 [Remainder
  of page left blank.]

      IN
  WITNESS WHEREOF,
  the Company has caused this Warrant to be signed by its duly authorized officer.
  

	 	 	 
	 	ORCHID
      BIOSCIENCES, INC.  
	 	 	 
	 	 	 
	 	By:
           /s/ Andrew P. Savadelis                                
	 	       Name:
      Andrew P. Savadelis
	 	       Title:	Sr. Vice
      President, Finance and
	 	 	  Chief
      Financial Officer

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