Document:

Exhibit 4.8
                                   -----------
         Subscribers Receiving Warrants in Form Set Forth in Exhibit 4.7

         The following subscribers received warrants in a private placement of
securities on December 31, 1999, pursuant to Warrant certificates that were
substantially similar to the form set forth in exhibit 4.7. The sole material
difference between these Warrants was the Warrant holder and the amount of
Warrants purchased.

                         Name                           Number of Warrants
                         ----                           ------------------
BPI Canadian Small Companies Fund......................      117,647.5
956872 Ontario Ltd.....................................       18,000
Interward Capital Corporation..........................       20,000
Rockhaven Holdings Ltd.................................       10,000
YMG Capital Management Inc.............................       23,529
Acuity Investment Management Inc.......................       235,295
Beluga NV..............................................      117,647.5
Pinetree Capital Corp..................................       20,000
Fallingbrook Investments Ltd...........................      17,647.5
Glentel Inc............................................       934,000
Scott Leckie...........................................       12,500
Frank Fini.............................................       12,500
Crothers Leasing Limited...............................       12,500
Moise Afriat...........................................       12,500
Lionel K. Conacher.....................................       12,500
Kehler International Equities (1990) Inc...............       11,765
Jean Gevaert...........................................       23,530
Ron Kaulbach...........................................       12,500
Andrew Parsons.........................................       12,500
Eldon Guay.............................................       12,500
David J. Grand.........................................       18,000
Murdoch & Co...........................................       137,500
Robert F. Wilson.......................................      117,647.5
Thomson Kernaghan & Co. Limited........................       217,642

913564.1EXHIBIT 4.9

                       Placement Agent Warrant Certificate
                       -----------------------------------

THE SECURITIES EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED  ("ACT"),
OR UNDER THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO (I) AN EFFECTIVE  REGISTRATION  STATEMENT UNDER THE ACT, (II) TO THE
EXTENT  APPLICABLE,  RULE 144 UNDER THE ACT (OR ANY SIMILAR  RULE UNDER SUCH ACT
RELATING TO THE DISPOSITION OF SECURITIES),  OR (III) AN OPINION OF COUNSEL,  IF
SUCH OPINION SHALL BE REASONABLY  SATISFACTORY  IN FORM AND SUBSTANCE TO COUNSEL
TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

    Void after 2:00 p.m. New York Time, on the earlier of (i) the three-year
anniversary date of the effectiveness of the Registration Statement (as defined
           herein), or (ii) December 31, 2009 (the "Expiration Date")

                   Warrant to Purchase Shares of Common Stock

                             JAWS TECHNOLOGIES, INC.
                    COMMON STOCK PURCHASE WARRANT CERTIFICATE

Warrant No. 1A                                                217,642 WARRANTS

      This is to Certify  That,  FOR VALUE  RECEIVED,  Thompson  Kernaghan & Co.
Limited  or  assigns  ("Holder"),  is  entitled  to  purchase,  subject  to  the
provisions of this Warrant, from JAWS TECHNOLOGIES,  INC., ("Company"),  217,642
of the fully paid, validly issued and nonassessable  shares of common stock, par
value $.001 per share, of the Company  ("Common Stock") at any time or from time
to time during the period from the date hereof,  on or before the earlier of (i)
the  three-year  anniversary  date  of the  effectiveness  of  the  Registration
Statement  (as defined  herein),  or (ii)  December  31,  2009 (the  "Expiration
Date"), but not later than 2:00 p.m. New York Time, on the applicable Expiration
Date  ("Exercise  Period").  The price to be paid for each share of Common Stock
shall be U.S.$4.25 per share (the "Exercise Price").  The shares of Common Stock
deliverable  upon  such  exercise,  and as  adjusted  from  time  to  time,  are
hereinafter  sometimes  referred  to as  "Warrant  Shares"  and  the  respective
exercise  price of a share of Common Stock in effect at any time and as adjusted
from time to time is hereinafter sometimes referred to as the "Exercise Price."

a.    Exercise of Warrant.  The Holder may exercise  this Warrant in whole or in
      part,  at any time or from time to time on any Business Day on or prior to
      the Expiration  Date, by delivering to the Company a duly executed  notice
      (a "Notice of Exercise") in the form of Annex A hereto,  by payment to the
      Company of the Exercise Price per Warrant Share in

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      an amount  equal to the product of (i) the  Exercise  Price times (ii) the
      number of Warrant Shares as to which this Warrant is being exercised.

      (i)   As soon as  practicable  after the Company  shall have received such
            Notice of Exercise  and any  required  payment,  the  Company  shall
            execute  and  deliver  or cause to be  executed  and  delivered,  in
            accordance  with  such  Notice  of  Exercise,  to the  Holder at the
            address  set  forth in such  Notice of  Exercise  a  certificate  or
            certificates  representing  the  number of  shares  of Common  Stock
            specified in such Notice of Exercise. The Warrant shall be deemed to
            have been exercised and such share certificate or certificates shall
            be deemed to have been  issued,  and the Holder  shall be deemed for
            all  purposes  to have become a holder of record of shares of Common
            Stock,  as of the date that such Notice of Exercise and any required
            payment shall have been received by the Company.

      (ii)  The Holder shall  surrender this Warrant  certificate of the Company
            when it  delivers  the  Notice  of  Exercise,  and in the event of a
            partial  exercise  of the  Warrant,  the Company  shall  execute and
            deliver to the Holder,  at the time the Company  delivers  the share
            certificate  or  certificates  issued  pursuant  to such  Notice  of
            Exercise,  a new Warrant  certificate for the unexercised portion of
            the  Warrant,  but in all other  respect  identical  to this Warrant
            certificate.

      (iii) The  Company  shall not be  require  to issue  fractional  shares of
            Common Stock upon an exercise of the  Warrant.  If any fraction of a
            share would, but for this restriction,  be issuable upon an exercise
            of the Warrant,  in lieu of delivering  such fractional  share,  the
            Company  shall pay to the Holder,  in cash,  an amount  equal to the
            same fraction times the Current Market Value (as defined in Sections
            c.(1),  c.(2),  and c.(3) below, as applicable) for the Common Stock
            immediately  prior to the date of such  exercise.  The Company shall
            pay all expenses, taxes and other charges payable in connection with
            the  preparation,  issuance  and  delivery of  certificates  for the
            Warrant Shares and any new Warrant certificates.

b.    Reservation of Shares. The Company shall at all times reserve for issuance
      and/or delivery upon exercise of this Warrant such number of shares of its
      Common Stock as shall be required for issuance and delivery  upon exercise
      of the Warrants.

c.    Fractional Shares. No fractional shares or script representing  fractional
      shares shall be issued upon the exercise of this Warrant.  With respect to
      any fraction of a share called for upon any exercise  hereof,  the Company
      shall  pay to the  Holder  an  amount  in  cash  equal  to  such  fraction
      multiplied  by the Current  Market Value of a share,  which shall have the
      following meaning:

      (1)   If the Common Stock is listed on a National  Securities  Exchange or
            admitted to unlisted trading privileges on such exchange or included
            for quotation on the

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            NASDAQ  system,  the Current Market Value shall be the last reported
            sale  price  of the  Common  Stock  on such  exchange  or  automated
            quotation  system  on the  last  business  day  prior to the date of
            exercise of this Warrant or if no such sale is made (or reported) on
            such day,  the average  closing bid and asked prices for such day on
            such exchange or system; or

      (2)   If the Common Stock is not so listed or admitted to unlisted trading
            privileges,  the Current  Market Value shall be the mean of the last
            reported bid and asked prices  reported by the  Electronic  Bulletin
            Board or National  Quotation  Bureau,  Inc. on the last business day
            prior to the date of the exercise of this Warrant; or

      (3)   If the Common Stock is not so listed or admitted to unlisted trading
            privileges and bid and asked prices are not so reported, the Current
            Market Value shall be an amount, not less than book value thereof as
            at the end of the most  recent  fiscal  year of the  Company  ending
            prior to the date of the exercise of the Warrant, determined in such
            reasonable  manner as may be prescribed by the Board of Directors of
            the Company (the "Board").

      d.    Exchange,  Transfer,  Assignment or Loss of Warrant. This Warrant is
            exchangeable,  without  expense,  at the option of the Holder,  upon
            presentation  and surrender hereof to the Company for other warrants
            of different  denominations entitling the holder thereof to purchase
            in  the  aggregate  the  same  number  of  shares  of  Common  Stock
            purchasable hereunder. Upon surrender of this Warrant to the Company
            at its principal  office,  with the  Assignment  Form annexed hereto
            duly  executed and funds  sufficient  to pay any  transfer  tax, the
            Company shall, without charge,  execute and deliver a new Warrant in
            the name of the assignee named in such  instrument of assignment and
            this Warrant shall promptly be canceled. This Warrant may be divided
            or  combined  with other  warrants  which carry the same rights upon
            presentation hereof at the principal office of the Company, together
            with a written  notice  specifying  the names and  denominations  in
            which new Warrants are to be issued and signed by the Holder hereof.
            The  term"Warrant"  as used herein  includes any warrants into which
            this  Warrant  may be  divided  or  exchanged.  Upon  receipt of the
            Company  of  evidence   satisfactory  to  it  of  the  loss,  theft,
            destruction or mutilation of this Warrant, and (in the case of loss,
            theft or  destruction) of reasonably  satisfactory  indemnification,
            and upon surrender and  cancellation of this Warrant,  if mutilated,
            the Company will execute and deliver a new Warrant of like tenor and
            date. Any such new Warrant  executed and delivered shall  constitute
            an  additional  contractual  obligation  on the part of the Company,
            whether or not this Warrant so lost, stolen, destroyed, or mutilated
            shall be at any time enforceable by anyone.

e.    Rights of the Holder.  The Holder shall not, by virtue hereof, be entitled
      to any rights of a  shareholder  in the Company,  either at law or equity,
      and the rights of the Holder are limited to those expressed in the Warrant
      and are not enforceable against the Company except to the extent set forth
      herein.

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f.    Anti-Dilution  Provisions.  The respective Exercise Price in effect at any
      time and the number and kind of securities  purchasable  upon the exercise
      of the Warrants shall be subject to adjustment  from time to time upon the
      happening of certain events as follows:

      (1)   In  case  the  Company  shall  (i)  declare  a  dividend  or  make a
            distribution on its outstanding  shares of Common Stock in shares of
            Common Stock, (ii) subdivide or reclassify its outstanding shares of
            Common Stock into a greater  number of shares,  or (iii)  combine or
            reclassify  its  outstanding  shares of Common  Stock into a smaller
            number of shares,  the  respective  Exercise  Price in effect at the
            time of the record date for such dividend or  distribution or of the
            effective date of such subdivision,  combination or reclassification
            shall be  adjusted so that it shall  equal the price  determined  by
            multiplying  the  respective  Exercise  Price  by  a  fraction,  the
            denominator  of which shall be the number of shares of Common  Stock
            Outstanding  (as defined  below) after giving effect to such action,
            and the  numerator  of which shall be the number of shares of Common
            Stock Outstanding  immediately prior to such action. Such adjustment
            shall be made  successively  whenever  any event  listed above shall
            occur.

      (2)   In the event that the  Company  shall  distribute  to all holders of
            shares of Common Stock (including any such  distribution made to the
            shareholders of the Company in connection  with a  consolidation  or
            merger  in  which  the  Company  is  the   surviving  or  continuing
            corporation)  evidences of its  indebtedness,  cash or assets (other
            than distributions and dividends payable in Shares of Common Stock),
            or rights,  options or warrants to subscribe for or purchase  shares
            of Common  Stock or  securities  convertible  or  exchangeable  into
            shares of Common Stock, then, in each case, the Exercise Price shall
            be adjusted by multiplying the Exercise Price in effect  immediately
            prior to the  record  date  for the  determination  of  shareholders
            entitled to receive such  distribution by a fraction,  the numerator
            of which  shall be the  Current  Market  Value of a share of  Common
            Stock for the twenty  (20) days  ending on the  seventh  trading day
            proceeding  such  distribution  on such record  date,  less the fair
            market  value (as  determined  by the  Board) of the  portion of the
            evidences of indebtedness  or assets to be  distributed,  or of such
            rights,   options  or  warrants  or  convertible   or   exchangeable
            securities,  or the amount of such cash,  applicable to one share of
            Common Stock  Outstanding on such record date and the denominator of
            which shall be such Current Market Value per share.  Such adjustment
            shall become effective at the close of business on such record date.

      (3)   In the event that the Company  shall sell or issue at any time after
            the date hereof  shares of Common  Stock  (other  than the  Excluded
            Stock, as defined below) at a consideration  per share less than the
            Current Market Value in effect immediately prior to the time of such
            sale or issuance,  then,  upon such sale or  issuance,  the Exercise
            Price  shall be  reduced to an  adjusted  price  (calculated  to the
            nearest cent)

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            determined by dividing (i) the sum of (A) the total number of shares
            of Common Stock Outstanding (as defined below)  immediately prior to
            such  sale or  issuance  multiplied  by the  then-existing  Exercise
            Price, plus (B) the aggregate of the amount of all consideration, if
            any, received by the Company upon such sale or issuance, by (ii) the
            total number of shares of Common Stock Outstanding immediately after
            such sale or issuance;  provided,  however,  that the Exercise Price
            shall not be reduced  unless the  issuance  is at a per share  price
            below the Current  Market Value and is also below the greater of (i)
            the  lesser of (A) US $6.50,  and (B)  eighty  percent  (80%) of the
            Current Market Value per share of the shares of Common Stock for the
            twenty  (20) days ending on the seventh  trading day  preceding  the
            date of the Company's  issuance of such shares of Common Stock,  and
            (ii) US $4.25;  provided,  further,  however,  that if the  Exercise
            Price is reduced  pursuant to the foregoing  provision,  it shall be
            reduced only to the extent of the difference  between the applicable
            per share amount  calculated  pursuant to the preceding  clauses (i)
            and (ii) and the applicable issuance price per share.

            Notwithstanding  anything herein to the contrary, the Exercise Price
            shall not be  adjusted  pursuant  to  Section  f(3) by virtue of the
            issuance  and/or  sale of  "Excluded  Stock"  which  shall  mean the
            following:  (i) shares of Common Stock,  Options (as defined below),
            or  Convertible  Securities  (as defined  below) to be issued and/or
            sold  to   employees,   advisors,   directors  or  officers  of,  or
            consultants to, the Company or any of its subsidiaries pursuant to a
            stock grant, stock option plan,  restricted stock agreements,  stock
            purchase  plan,  pension  or  profit  sharing  plan or  other  stock
            agreement  or  arrangement,  (ii)  shares of Common  Stock,  Options
            and/or  Convertible  Securities  to be issued  pursuant  to  Options
            and/or  Convertible  Securities  outstanding  as of the date of this
            Warrant,  (iii) shares of Common  Stock and/or  Options to be issued
            pursuant to the placement agency  agreement,  to be entered into, by
            and between the Company and  SmallCaps  Online LLC or the  placement
            agency agreement, to be entered into, by and between the Company and
            Thomson  Kernaghan & Co.  Limited,  and (iv) shares of Common Stock,
            Options  or  Convertible  Securities  to be  issued  and/or  sold in
            connection  with any  acquisition  by the  Company  of any assets or
            capital  stock  of  any  other  person  or  entity  involved  in the
            information  security business.  For purposes of this Section f, all
            shares of Excluded  Stock shall be deemed to have been issued for an
            amount of  consideration  per share  equal to the  initial  Exercise
            Price (subject to adjustment in the manner set forth herein.

      (4)   Whenever the respective Exercise Price payable upon exercise of each
            Warrant is adjusted  pursuant to Section  f(1),  f(2) or f(3) above,
            the number of Shares purchasable upon exercise of this Warrant shall
            be adjusted  simultaneously  by multiplying the respective number of
            Shares  issuable  upon  exercise of this Warrant  immediately  prior
            thereto by the respective Exercise Price in effect on the date

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            hereof and  dividing  the  product  so  obtained  by the  respective
            Exercise Price, as adjusted.

      (5)   No adjustment  in the  respective  Exercise  Price shall be required
            unless such  adjustment  would require an increase or decrease of at
            least one cent ($0.01) in such price;  provided,  however,  that any
            adjustment  which by reason of this  Section f(5) is not required to
            be made  shall be  carried  forward  and taken  into  account in any
            subsequent   adjustment   required   to  be  made   hereunder.   All
            calculations under this Section f. shall be made to the nearest cent
            or to the  nearest  one-hundredth  of a  share,  as the case may be.
            Anything in this  Section f. to the  contrary  notwithstanding,  the
            Company shall be entitled,  but shall not be required,  to make such
            changes in the  respective  Exercise  Price,  in  addition  to those
            required  by this  Section  f., as it shall  determine,  in its sole
            discretion,   to  be   advisable  in  order  that  any  dividend  or
            distribution  in  shares  of  Common  Stock,  or  any   subdivision,
            reclassification  or combination of Common Stock,  hereafter made by
            the Company shall not result in any Federal  Income tax liability to
            the holders of Common Stock or  securities  convertible  into Common
            Stock (including the Warrants).

      (6)   In the event  that at any time,  as a result of an  adjustment  made
            pursuant to Section  f(1) to f(3) above,  the Holder of this Warrant
            thereafter  shall  become  entitled  to  receive  any  shares of the
            Company,  other than  Common  Stock,  thereafter  the number of such
            other shares so  receivable  upon  exercise of this Warrant shall be
            subject to adjustment  from time to time in a manner and on terms as
            nearly  equivalent as practicable to the provisions  with respect to
            the Common Stock contained in Sections f(1) to f(3) inclusive above.

      (7)   Irrespective of any adjustments in the respective  Exercise Price or
            the related  number or kind of share  purchasable  upon  exercise of
            this Warrant, Warrants theretofore or thereafter issued may continue
            to  express  the same  price  and  number  and kind of shares as are
            stated in the similar Warrants  initially  issuable pursuant to this
            Agreement.

      (8)   For purposes of Section f(3), the following definitions shall apply:

            (i)   "Convertible Securities" shall mean any indebtedness or equity
                  securities  convertible  into or  exchangeable  for  shares of
                  Common Stock.

            (ii)  "Common  Stock  Outstanding"  shall mean the  aggregate of all
                  shares of Common  Stock  outstanding  and all shares  issuable
                  upon exercise of all outstanding Options and conversion of all
                  outstanding Convertible Securities.

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            (iii) "Options"  shall  mean any  rights,  warrants  or  options  to
                  subscribe   for  or  purchase   shares  of  Common   Stock  or
                  Convertible Securities.

      (9)   For purposes of Section f(3), the following provisions shall also be
            applicable:

            (i)   Cash  Consideration.  In the  event  of the  sale or  issuance
                  (otherwise   than   conversion  or  exchange  of   Convertible
                  Securities) of additional  shares of Common Stock,  Options or
                  Convertible Securities for cash, the consideration received by
                  the Company  therefor shall be deemed to be the amount of cash
                  received  by the  Company  for such  securities  (or,  if such
                  securities  are offered by the Company for  subscription,  the
                  subscription  price,  or,  if  such  securities  are  sold  to
                  underwriters  or  dealers  for  public   offering   without  a
                  subscription  offering,  the public offering  price),  without
                  deducting  therefrom  any  compensation  or  discount  paid or
                  allowed  to  underwriters  or  dealers  or  others  performing
                  similar  services or for any expenses  incurred in  connection
                  therewith.

            (ii)  Non-Cash  Consideration.  In the event of the sale or issuance
                  (otherwise  than upon  conversion  or exchange of  Convertible
                  Securities) of additional  shares of Common Stock,  Options or
                  Convertible  Securities for  consideration  other than cash or
                  consideration  a part of which  shall be other than cash,  the
                  fair value of such consideration as determined by the Board in
                  the good faith exercise of its business judgment, irrespective
                  of the accounting treatment thereof, shall be deemed to be the
                  value,  for  purposes of Section  f(3),  of the  consideration
                  other than cash received by the Company for such securities.

            (iii) Options and Convertible  Securities.  In the event the Company
                  shall  in  any  manner  issue  or  grant  any  Options  or any
                  Convertible Securities,  the total maximum number of shares of
                  Common  Stock  issuable  upon the  exercise of such Options or
                  upon  conversion  or exchange of the total  maximum  amount of
                  such  Convertible  Securities  at the  time  such  Convertible
                  Securities first become  convertible or exchangeable shall (as
                  of the date of issue or grant of such  Options or, in the case
                  of the sale or issue of  Convertible  Securities  (other  that
                  where the same are issuable upon the exercise of Options),  as
                  of the date of such sale or issue) be deemed to be issued  and
                  to be outstanding  for the purpose of Section f(3) and to have
                  been  issued  for the sum of the amount (if any) paid for such
                  Options  or  Convertible  Securities  and the  amount (if any)
                  payable upon the  exercise of such Options or upon  conversion
                  or exchange of such  Convertible  Securities  at the time such
                  Convertible    Securities   first   became    convertible   or
                  exchangeable;  provided  that,  subject to the  provisions  of
                  Section  f(10),  no further  adjustment of the Exercise  Price
                  shall be made upon the actual

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                  issuance of any such Shares or Convertible  Securities or upon
                  the conversion or exchange of any such Convertible Securities.

      (10)  In the event  that the  purchase  price  provided  for in any Option
            referred  to  in  Section   f(9)(iii)  or  the  rate  at  which  any
            Convertible   Securities   referred  to  in  Section  f(9)(iii)  are
            convertible  into or  exchangeable  for shares of Common Stock shall
            change at any time or any additional  consideration shall be payable
            in connection  with the exercise of any Option or the  conversion or
            exchange  of any  Convertible  Securities  (other  than  under or by
            reason of provisions  designed to protect against  dilution upon the
            occurrence of events of the type described in this Section f), then,
            for  purposes  of any  adjustment  required  by  Section  f(3),  the
            Exercise  Price in effect at the time of such event shall  forthwith
            be readjusted  to the Exercise  Price that would have been in effect
            at such  time had  such  Options  or  Convertible  Securities  still
            outstanding  provided for such changed  purchase  price,  conversion
            rate or  additional  consideration,  as the case may be, at the time
            initially  granted,   issued  or  sold;   provided,   that  if  such
            readjustment is an increase in the Exercise Price, such readjustment
            shall not exceed the amount (as  adjusted by Section  f(1),  f(2) or
            f(3)) by which the Exercise Price was decreased  pursuant to Section
            f(3) upon the issuance of the Option or Convertible Securities.

      (11)  In the  event  of the  termination  or  expiration  of any  right to
            purchase  shares of Common Stock under any Option  granted after the
            date  of  this  Warrant  or of any  right  to  convert  or  exchange
            Convertible  Securities  issued after the date of this Warrant,  the
            Exercise  Price  shall,  upon such  termination  or  expiration,  be
            readjusted  to the Exercise  Price that would have been in effect at
            the  time of such  termination  or  expiration  had such  Option  or
            Convertible Securities,  to the extent outstanding immediately prior
            to such expiration or termination,  never been issued, and the Share
            issuable  thereunder  shall no longer  be deemed to be Common  Stock
            Outstanding;  provided,  that if such readjustment is an increase in
            the Exercise Price,  such  readjustment  shall not exceed the amount
            (as  adjusted by Section  f(1),  f(2) or f(3)) by which the Exercise
            Price was  decreased  pursuant to Section  f(3) upon the issuance of
            the Option or Convertible Securities.  The termination or expiration
            of any right to  purchase  shares of Common  Stock  under any Option
            granted prior to the date of this Warrant or of any right to convert
            or exchange Convertible  Securities issued prior to the date of this
            Warrant shall not trigger any adjustment to the Exercise Price,  but
            the  shares  of  Common  Stock   issuable   under  such  Options  or
            Convertible Securities shall no longer be counted in determining the
            number of shares of Common Stock Outstanding on the date of issuance
            of this  Warrant  for  purposes  of  subsequent  calculations  under
            Section f(3).

      (12)  Whenever  there shall be  adjustment  as provided in this Section f,
            the Company shall within 30 days  thereafter  cause  written  notice
            thereof  to be sent by  registered  mail,  postage  prepaid,  to the
            Holder, at its address as it shall appear in the Warrant

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            Register,   which  notice  shall  be  accompanied  by  an  officer's
            certificate  setting  forth the  adjusted  number of Warrant  Shares
            issuable  hereunder  and  the  exercise  price  thereof  after  such
            adjustment  and  setting  forth  a  brief  statement  of  the  facts
            requiring  such  adjustment  and  the  computation  thereof,   which
            officer's   certificate   shall  be   conclusive   evidence  of  the
            correctness of any such adjustment absent manifest error.

g.    Officer's  Certificate.  Whenever the  respective  Exercise Price shall be
      adjusted as required by the  provisions  of the  foregoing  Section f, the
      Company  shall  forthwith  file  in the  custody  of its  Secretary  or an
      Assistant  Secretary at its  principal  office,  an officer's  certificate
      showing  the  adjusted  respective  Exercise  Price  determined  as herein
      provided,  setting forth in  reasonable  detail the facts  requiring  such
      adjustment,  including  a  statement  of the number of related  additional
      shares of Common Stock, if any, and such other facts as shall be necessary
      to show the reason for and the manner of computing such  adjustment.  Each
      such officer's certificate shall be made available at all reasonable times
      for  inspection  by the  holder or any  holder of a Warrant  executed  and
      delivered  pursuant to Section a. and the Company shall,  forthwith  after
      each such adjustment, mail a copy by certified mail of such certificate to
      the Holder or any such holder.

h.    Notices to Warrant Holders.  So long as this Warrant shall be outstanding,
      (i) if the Company  shall pay any dividend or make any  distribution  upon
      the Common  Stock or (ii) if the  Company  shall  offer to the  holders of
      Common Stock for  subscription  or purchase by them any share of any class
      or any other rights or (iii) if the capital reorganization of the Company,
      reclassification  of the capital  stock of the Company,  consolidation  or
      merger of the Company with or into  another  corporation,  sale,  lease or
      transfer of all or  substantially  all of the  property  and assets of the
      Company to another corporation,  or voluntary or involuntary  dissolution,
      liquidation  or winding up of the Company  shall be effected,  then in any
      such case,  the Company shall cause to be mailed by certified  mail to the
      Holder,  at least  fifteen  days  prior the date  specified  in (x) or (y)
      below, as the case may be, a notice  containing a brief description of the
      proposed  action and  stating  the date on which (x) action is to be taken
      for the  purpose of such  dividend,  distribution  or rights,  or (y) such
      reclassification,   reorganization,   consolidation,  merger,  conveyance,
      lease,  dissolution,  liquidation  or  winding up is to take place and the
      date,  if any is to be fixed,  as of which the holders of Common  Stock or
      other  securities  shall receive cash or other property  deliverable  upon
      such reclassification,  reorganization, consolidation, merger, conveyance,
      dissolution,  liquidation  or winding  up. The failure to give such notice
      shall not otherwise effect the action taken by the Company.

i.    Reclassification,    Reorganization    or   Merger.   In   case   of   any
      reclassification,  capital  reorganization  or other change of outstanding
      shares of Common Stock of the Company,  or in case of any consolidation or
      merger of the  Company  with or into  another  corporation  (other  than a
      merger with a  subsidiary  in which  merger the Company is the  continuing
      corporation  and which  does not result in any  reclassification,  capital
      reorganization or

903053.4
                                      9

<PAGE>

      other change of  outstanding  shares of Common Stock of the class issuable
      upon exercise of this Warrant) or in case of any sale, lease or conveyance
      to another corporation of the property of the Company as an entirety,  the
      Company  shall,  as a  condition  precedent  to  such  transaction,  cause
      effective  provisions  to be made so that the Holder  shall have the right
      thereafter by exercising  this Warrant at any time prior to the expiration
      of the  Warrant,  to  purchase  the kind and amount of shares of stock and
      other  securities  and  property  receivable  upon such  reclassification,
      capital  reorganization and other change,  consolidation,  merger, sale or
      conveyance by a holder of the number of shares of Common Stock which might
      have been  purchased  upon exercise of this Warrant  immediately  prior to
      such reclassification,  change, consolidation, merger, sale or conveyance.
      Any such provision shall include  provision for adjustments which shall be
      as nearly equivalent as may be practicable to the adjustments provided for
      in this  Warrant.  The  foregoing  provisions  of this  Section  i.  shall
      similarly apply to successive  reclassifications,  capital reorganizations
      and changes of shares of Common  Stock and to  successive  consolidations,
      mergers,  sales or  conveyances.  In the event that in connection with any
      such capital  reorganization or reclassification,  consolidation,  merger,
      sale or conveyance,  additional  shares of Common Stock shall be issued in
      exchange, conversion,  substitution or payment, in whole or in part, for a
      security of the Company other than Common  Stock,  any such issue shall be
      treated  as an  issue  of  Common  Stock  covered  by  the  provisions  of
      Subsection (1) of Section f hereof.

j.    Call Rights on Warrants. If at any time following the effectiveness of the
      registration  statement  that is filed in connection  with the  underlying
      shares of Common  Stock,  the last reported sale price per share of Common
      Stock exceeds $9.75 for any consecutive  thirty day trading  period,  then
      the Company may, at any time upon thirty days notice,  call and repurchase
      these  Warrants at a call price of $.001 per  Warrant.  The Company  shall
      exercise  the call right  specified  herein by delivery of written  notice
      (the "Call  Notice") to the Warrant  holders,  specifying the payment date
      for the purchase  thereof by the Company  (which payment date shall not be
      prior to thirty (30) days from the date of such  notice),  and  certifying
      that the conditions precedent to the call right have been satisfied.  Upon
      receipt  of a Call  Notice,  the  Warrant  holder  shall  be  required  to
      surrender  to  the  Company  this  Warrant  certificate,  at  the  address
      specified  in the  Call  Notice,  against  the  Company's  payment  of the
      applicable call price,  without interest thereon, by certified check. Upon
      delivery  of the Call  Notice  and  until  so  surrendered,  this  Warrant
      certificate shall be deemed, for all corporate purposes,  to evidence only
      the right to receive the applicable  call price,  without  interest,  upon
      surrender of this Warrant certificate,  and the Warrant holder shall cease
      to have all rights associated  herewith,  except as otherwise set forth in
      this paragraph j.

k.    Registration  Rights and  Adjustment  to Exercise  Price.  Pursuant to the
      terms of the  Subscription  Agreement,  by and between the Company and the
      holder of this  Warrant,  the  Company  has agreed to file a  registration
      statement (the "Registration Statement"), to register, among other things,
      the Warrant Shares issuable upon exercise of this Warrant.

903053.4
                                      10

<PAGE>

      This Warrant shall expire if not exercised on or before the earlier of (i)
      the three-year  anniversary date of the  effectiveness of the Registration
      Agreement, or (ii)December 31, 2009.

l.    Venue.  The terms of this Agreement  shall be construed in accordance with
      the laws of the State of New York. The exclusive venue with respect to any
      claims or disputes under this Agreement shall be the appropriate  State or
      Federal Courts located in New York, New York.

                            [Signature page follows]

903053.4
                                       11

<PAGE>

      IN WITNESS  WHEREOF,  the Company has caused this Warrant to be signed and
attested by the Undersigned, each being duly authorized, as of the date below.

                              JAWS TECHNOLOGIES, INC.

                                By:__________________________________
                              Its: __________________________________
Dated:
ATTEST:
____________________________
__________________, Secretary

                                       12

<PAGE>

                                  EXERCISE FORM

      The undersigned  hereby  irrevocably elects to exercise the within Warrant
to the extent of purchasing Shares of Common Stock of Jaws Technologies, Inc. at
$______ per share (an aggregate of $______).

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

Name: __________________________________________________
          (Please typewrite or print in block letters)

Address ____________________________________________________

Social Security of Federal I.D. Number: __________________________

THE  UNDERSIGNED  REPRESENTS  AND WARRANTS TO JAWS  TECHNOLOGIES,  INC. THAT THE
CONDITIONS FOR EXERCISE OF THE WITHIN WARRANT SET FORTH IN THE FIRST SENTENCE OF
THE FIRST PARAGRAPH ABOVE HAVE BEEN FULLY COMPLIED WITH.

Payment of $__________ enclosed

Signature _____________________________________________
        (Sign exactly as your name appears on the first page of this Warrant)

                                      13

<PAGE>

                               ASSIGNMENT FORM

FOR VALUE RECEIVED, __________________________________________hereby sells,
assigns and transfers unto

Name ___________________________________________      _______________________
    (Please typewrite or print in block letters)      Address

Social Security of Federal I.D. Number: _________________________

the  right  to  purchase  shares  of  Common  Stock of Jaws  Technologies,  Inc.
represented  by this  Warrant  as to which such  right is  exercisable  and does
hereby   irrevocably   constitute  and  appoint ________________________________
Attorney, to transfer the same on the books of Jaws Technologies, Inc. with full
power of substitution in the premises.

Date:

Signature ________________________________________
      (Sign exactly as your name appears on the first page of this Warrant)

                                       14

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