<SUBMISSION>
<ACCESSION-NUMBER>0000898430-03-001602
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20030214
<EFFECTIVENESS-DATE>20030214
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACTIVCARD CORP
<CIK>0001183941
<ASSIGNED-SIC>7372
<IRS-NUMBER>450485038
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8
<ACT>33
<FILE-NUMBER>333-103247
<FILM-NUMBER>03568375
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6623 DUMBARTON CIRCLE
<CITY>FREMONT
<STATE>CA
<ZIP>94555
<PHONE>5105710100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6623 DUMBARTON CIRCLE
<CITY>FREMONT
<STATE>CA
<ZIP>94555
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ds8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML><HEAD>
<TITLE>Form S-8</TITLE>
</HEAD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>As filed with the Securities and Exchange Commission on February 14, 2003
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Registration No. 333- </B></FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WASHINGTON, D.C. 20549 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM S-8 </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4" COLOR="#000000"><B>REGISTRATION STATEMENT UNDER </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="4" COLOR="#000000"><B>THE SECURITIES ACT OF 1933 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6" COLOR="#000000"><B>ACTIVCARD CORP. </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Exact Name of Registrant as Specified in its Charter) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Delaware</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>45-0485038</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>of Incorporation or Organization)</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>6623
Dumbarton Circle </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Fremont, California 94555 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Address of Principal Executive Offices) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ActivCard 2002 Stock Option Plan </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ActivCard
Common Stock Warrants </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Full Title of the Plans) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Steven Humphreys </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Chief Executive Officer </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>6623 Dumbarton Circle </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Fremont, California
94555 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Telephone: (510) 574-0100 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Facsimile: (510) 574-0101 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Name and Address of Agent For Service)
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Copy to: </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Stephen C. Ferruolo, Esq. </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Heller Ehrman White &amp; McAuliffe LLP </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>4350 La Jolla Village Drive, 7th Floor </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>San Diego, California 92122-1246 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Telephone: (858) 450-8400
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Facsimile: (858) 450-8499 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>CALCULATION OF REGISTRATION FEE </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="bottom" WIDTH="46%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Title of Securities</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>to be Registered</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Amount</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>to be</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Registered</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Proposed Maximum</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">
<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Offering Price</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>per Share(1)</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Proposed Maximum</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">
<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Aggregate</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Offering Price(1)</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Amount of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Registration</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Fee</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="46%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Common Stock, par value $0.001 per share</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9,460,800</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$7.73</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$73,131,984</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$6,729</FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Estimated solely for the purpose of computing the registration fee pursuant to Rule 457 under the Securities Act of 1933 and based on the average of the high and
low sale prices of the Registrant&#146;s common stock, as quoted on the Nasdaq National Market, on February 10, 2003. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Part II </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents
by Reference.</B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The following documents,
which have been filed with or furnished to the Securities and Exchange Commission (the &#147;Commission&#148;) by the Registrant are incorporated herein by reference and made a part hereof: </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD WIDTH="4%"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Prospectus of ActivCard Corp., dated December 31, 2002, filed with the SEC January 6, 2003 pursuant to Rule 424(b)(3), which contains the Registrant&#146;s audited
financial statements for the year ended December 31, 2001. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the effective date of this Registration Statement, prior to the filing of a post-effective amendment to
this Registration Statement indicating that all securities offered hereby have been sold or deregistering all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of
such documents. Any statement contained herein or in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a
part of this Registration Statement, except as so modified or superseded. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities. </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Not applicable. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel. </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">None. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of
Directors and Officers.</B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ActivCard
Corp.&#146;s bylaws require indemnification of its past and present directors, officers, employees and agents to the fullest extent permitted under Delaware law. Under Delaware law, a corporation may indemnify any director, officer, employee or
agent involved in a third party action by reason of his agreeing to serve, serving or formerly serving as an officer, director, employee or agent of the corporation, against all expenses, judgments, fines and settlement amounts paid in the third
party action, if the director, officer, employee or agent acted in good faith and reasonably believed that his actions were in, or not opposed to, the best interests of the corporation and, with respect to any criminal proceeding, had no reasonable
cause to believe that his conduct was unlawful. In addition, a corporation may indemnify any director, officer, employee or agent involved in a derivative action brought by or on behalf of the corporation against expenses incurred in the derivative
action, if the director, officer, employee or agent acted in good faith and reasonably believed that his actions were in, or not opposed to, the best interests of the corporation. If a person has been successful in defending a third party or
derivative action, indemnification for expenses incurred is mandatory under Delaware law. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">The statutory provisions for indemnification are nonexclusive with respect to any other rights, such as contractual rights, to which a person seeking indemnification may be entitled. Furthermore, under
Delaware law a corporation may advance expenses incurred by officers, directors, employees and agents in defending any action upon receipt of an undertaking by the person to repay the amount advanced if it is ultimately determined that such person
is not entitled to indemnification. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item
7.&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.</B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">Not applicable. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item
8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Exhibit No.</B></FONT></P><HR WIDTH="41" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Description</B></FONT></P><HR WIDTH="65" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Opinion of Heller Ehrman White &amp; McAuliffe LLP</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of Deloitte &amp; Touche LLP</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.2</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of Ernst &amp; Young Audit</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.3</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of Heller Ehrman White &amp; McAuliffe LLP (filed as a part of Exhibit 5)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of attorney (page 5)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ActivCard Corp. 2002 Stock Option Plan*</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.2</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of ActivCard Common Stock Warrant</FONT></P></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>*</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B></B>Incorporated by reference from the Registrant&#146;s Registration Statement on Form S-4 filed with the Commission on September 25, 2002.
</FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item
9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(a)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(1)&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)&nbsp;&nbsp;to include any prospectus required by Section
10(a)(3) of the Securities Act; </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(ii)&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in aggregate, represent a
fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (&#167;230.424(b) of this chapter) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iii)&nbsp;&nbsp;to include any material information with
respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in the registration statement; provided, however, that the undertakings set forth in paragraphs (1)(i) and (1)(ii)
above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in this registration statement; </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(2)&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof; and </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(3)&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(b)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby further undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of any employee benefit plan&#146;s annual report pursuant to Section (d) of the Securities Exchange Act of 1934) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial <I>bona fide</I> offering thereof.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(c)&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>SIGNATURES </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Fremont, California, on February 13, 2003.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ActivCard Corp.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>TEVEN</SMALL>
H<SMALL>UMPHREYS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Steven Humphreys</B></FONT></P></TD></TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>President and Chief Executive Officer</B></FONT></P></TD></TR>
</TABLE></DIV><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>POWER OF ATTORNEY </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Each of the undersigned
hereby constitutes and appoints Steven Humphreys and Blair Geddes jointly and severally, his attorneys-in-fact, each with power of substitution, in his name and in the capacity indicated below, to sign any and all further amendments (including
post-effective amendments) to this Registration Statement on Form S-8 and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each
of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on the dates set forth below.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="41%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Signature</B></FONT></P><HR WIDTH="54" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="41%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Title</B></FONT></P><HR WIDTH="25" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="17%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Date</B></FONT></P><HR WIDTH="26" SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>TEVEN</SMALL>
H<SMALL>UMPHREYS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>Steven Humphreys</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Chairman of the Board of Directors, President and Chief Executive
Officer</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February&nbsp;13,&nbsp;2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;Y<SMALL>VES</SMALL> A<SMALL>UDEBERT</SMALL></FONT></P><HR
SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Yves Audebert</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Vice Chairman of the Board of Directors and Chief Technology Officer</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 13, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;B<SMALL>LAIR</SMALL>
G<SMALL>EDDES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>Blair Geddes</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 13, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>ERGIO</SMALL>
C<SMALL>ELLINI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>Sergio Cellini</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 12, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>LIFFORD</SMALL>
G<SMALL>UNDLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>Clifford Gundle</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 13, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Montague Koppel</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February &nbsp;&nbsp;&nbsp;&nbsp;, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Lee Kheng Nam</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February &nbsp;&nbsp;&nbsp;&nbsp;, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>AMES</SMALL> E.
O<SMALL>USLEY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>James E. Ousley</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 11, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="41%"><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Antoine R.
Spillman</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February &nbsp;&nbsp;&nbsp;&nbsp;, 2003</FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EXHIBIT
INDEX </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Exhibit No.</B></FONT></P><HR WIDTH="41" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Description</B></FONT></P><HR WIDTH="65" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Opinion of Heller Ehrman White &amp; McAuliffe LLP</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of Deloitte &amp; Touche LLP</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.2</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of Ernst &amp; Young Audit</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.3</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of Heller Ehrman White &amp; McAuliffe LLP (filed as a part of Exhibit 5)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney (page 5)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ActivCard Corp. 2002 Stock Option Plan*</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="6%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.2</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="93%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of ActivCard Common Stock Warrant </FONT></P></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">*</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Incorporated by reference from the Registrant&#146;s Registration Statement on Form S-4 filed with the Commission on September 25, 2002. </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6 </FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>dex5.htm
<DESCRIPTION>OPINION OF HELLER EHRMAN WHITE & MCAULIFFE LLP
<TEXT>
<HTML><HEAD>
<TITLE>Opinion of Heller Ehrman White &amp; McAuliffe LLP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EXHIBIT 5 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>[Heller Ehrman White &amp; McAuliffe LLP] </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 14, 2003 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ActivCard Corp. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6623 Dumbarton Circle
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Fremont, California 94555 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Registration Statement on Form S-8 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Ladies and Gentlemen: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We have acted as counsel to ActivCard Corp., a Delaware corporation (the &#147;Company&#148;), in connection with the Registration
Statement on Form S-8 which the Company intends to file with the Securities and Exchange Commission on or about February&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 (as may be further amended or supplemented, the &#147;Registration Statement&#148;) for the
purpose of registering under the Securities Act of 1933, 8,600,000 shares of its authorized but unissued Common Stock, par value $0.001 per share (the &#147;Option Shares&#148;) which may be issued pursuant to the Company&#146;s 2002 Stock Option
Plan (the &#147;Plan&#148;), and 860,800 shares of its authorized but unissued Common Stock, par value $0.001 per share (the &#147;Warrant Shares&#148;) which may be issued pursuant to those certain warrants issued to directors of the Company (the
&#147;Warrants&#148;). </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We have assumed the
authenticity of all records, documents and instruments submitted to us as originals, the genuineness of all signatures, the legal capacity of natural persons and the conformity to the originals of all records, documents and instruments submitted to
us as copies. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In rendering our opinion, we have
examined the following records, documents, and instruments: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Amended and Restated Certificate of Incorporation of the Company, certified by the Secretary of State of the State of Delaware as of February 3, 2003 and
certified to us by an officer of the Company as being complete and in full force and effect as of the date of this opinion; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Bylaws of the Company certified to us by an officer of the Company as being complete and in full force and effect as of the date of this opinion;
</FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">A Certificate of an officer of the Company (i) attaching records certified to us as constituting all records of proceedings and actions of the Board of Directors
relating to the Option Shares and Warrant Shares and the Registration Statement and (ii) certifying as to certain factual matters; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">Heller Ehrman White &amp; McAuliffe LLP&nbsp;&nbsp;&nbsp;&nbsp;4350 La Jolla Village Drive, 7th Floor&nbsp;&nbsp;&nbsp;&nbsp;San Diego, CA
92122-1246&nbsp;&nbsp;&nbsp;&nbsp;www.hewm.com </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000">San Francisco&nbsp;&nbsp;&nbsp;&nbsp;Silicon Valley&nbsp;&nbsp;&nbsp;&nbsp;<B>San
Diego</B>&nbsp;&nbsp;&nbsp;&nbsp;Seattle&nbsp;&nbsp;&nbsp;&nbsp;Portland&nbsp;&nbsp;&nbsp;&nbsp;Anchorage&nbsp;&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;&nbsp;Washington, D.C. &nbsp;&nbsp;&nbsp;&nbsp;Madison, WI </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">Hong Kong&nbsp;&nbsp;&nbsp;&nbsp;Singapore&nbsp;&nbsp;&nbsp;&nbsp;<I>Affiliated
Offices:</I>&nbsp;&nbsp;&nbsp;&nbsp;Milan&nbsp;&nbsp;&nbsp;&nbsp;Paris&nbsp;&nbsp;&nbsp;&nbsp;Rome </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="4" COLOR="#000000"><B>HellerEhrman</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>February 14, 2002</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATTORNEYS</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"> <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Page 2</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Registration Statement; and </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Plan and the Warrants. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">This opinion is limited to the federal laws of the United States of America and the general corporate laws of the State of Delaware. We
disclaim any opinion as to the laws of any other jurisdiction. We further disclaim any opinion as to any other statute, rule, regulation, ordinance, order or other promulgation of any other jurisdiction or any regional or local governmental body or
as to any related judicial or administrative opinion. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Based on the foregoing and our examination of such questions of law as we have deemed necessary or appropriate for the purpose of this opinion, and assuming that: (i) the Registration Statement becomes and remains effective during
the period when the Option Shares and Warrant Shares (collectively, the &#147;Shares&#148;) are offered and sold, (ii) the Shares are issued, delivered and paid for in accordance with the terms of the Plan and Warrants, as applicable, and (iii) all
applicable securities laws are complied with, it is our opinion that upon payment of the purchase price for the Shares and issuance and delivery of the Shares pursuant to the terms of the Plan and Warrants, as applicable, the Shares will be validly
issued, fully paid and non-assessable. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">This
opinion is rendered to you in connection with the Registration Statement and we disclaim any obligation to advise you of any change of law that occurs, or any facts of which we may become aware, after the date of this opinion. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Very truly yours, </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;Heller Ehrman White &amp; McAuliffe LLP </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Heller Ehrman White &amp; McAuliffe LLP </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>dex231.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML><HEAD>
<TITLE>Consent of Deloitte &amp; Touche LLP</TITLE>
</HEAD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 23.1</B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>CONSENT OF INDEPENDENT AUDITORS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated February 5, 2002
(February 15, 2002 as to Note 25) relating to the consolidated financial statements of ActivCard S.A. for the year ended December 31, 2001 appearing in the Prospectus of ActivCard Corp., dated December 31, 2002, filed with the Securities and
Exchange Commission on January 6, 2003. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Deloitte &amp; Touche
LLP </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">San Jose, California </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 10, 2003 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>dex232.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG AUDIT
<TEXT>
<HTML><HEAD>
<TITLE>Consent of Ernst &amp; Young Audit</TITLE>
</HEAD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 23.2 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>CONSENT OF INDEPENDENT AUDITORS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated January 5, 2001,
with respect to the consolidated financial statements of ActivCard S.A. included in the Prospectus of ActivCard Corp., dated December 31, 2002, filed January 6, 2003 pursuant to Rule 424(b)(3) under the Securities Act of 1933. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Ernst &amp; Young Audit </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;John Mackey
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Represented by John Mackey
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Paris, France </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">February 12, 2003 </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>dex992.htm
<DESCRIPTION>FORM ACTIVCARD DIRECTOR WARRANT
<TEXT>
<HTML><HEAD>
<TITLE>Form ActivCard Director Warrant</TITLE>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 99.2
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Warrant No. &nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ACTIVCARD CORP. </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>COMMON STOCK WARRANT </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;ACT&#148;). ANY TRANSFER OF SUCH
SECURITIES SHALL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR, IN THE OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, SUCH REGISTRATION IS UNNECESSARY FOR SUCH TRANSFER TO COMPLY WITH THE ACT.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BACKGROUND </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">A.&nbsp;&nbsp;&nbsp;&nbsp;On
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &#147;<B><I>Grant
Date</I></B>&#148;), ActivCard S.A., a corporation organized under the laws of the Republic of France, (&#147;<B><I>ActivCard S.A.</I></B>&#148;) issued a warrant or complementary stock purchase right to the Holder, a director of ActivCard S.A.,
entitling the Holder to purchase securities of ActivCard S.A. on substantially similar terms to those set forth herein (the &#147;<B><I>ActivCard S.A. Warrant</I></B>&#148;). </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">B.&nbsp;&nbsp;&nbsp;&nbsp;On February 4, 2003, ActivCard Corp., a Delaware corporation, (the
&#147;<B><I>Company</I></B>&#148;) acquired a majority of the outstanding capital stock of ActivCard S.A. in connection the change of domicile of the publicly held entity in the ActivCard group of companies. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">C.&nbsp;&nbsp;&nbsp;&nbsp;This Warrant to purchase shares of
the Company&#146;s common stock, par value $0.001 per share (the &#147;<B><I>Common Stock</I></B>&#148;), is being issued to the Holder in substitution for the ActivCard S.A. Warrant. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">This certifies that
[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] (the &#147;<B><I>Holder</I></B>&#148;), or assigns, for value received, is entitled to purchase
from the Company, subject to the terms set forth below, a maximum of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] fully-paid and nonassessable shares (subject to adjustment as provided herein) of
the Company&#146;s Common Stock, par value $0.001 per share, (the &#147;<B><I>Warrant Shares</I></B>&#148;) for cash at a price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share (the
&#147;<B><I>Exercise Price</I></B>&#148;) (subject to adjustment as provided herein) at any time or from time to time up to and including 5:00 p.m. (Pacific Time) on the earlier of: (i) the fifth anniversary of the Grant Date, or (ii) six months
from the date that the Holder&#146;s status as a member of the Board of Directors of the Company terminates, such earlier date being referred to herein as the &#147;<B><I>Expiration Date</I></B>,&#148; upon surrender to the Company at its principal
office (or at such other location as the Company may advise the Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly filled in and signed and upon payment in cash or by check of the aggregate
Exercise Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Exercise Price is subject to adjustment as provided in Section 3 of this Warrant. This Warrant is issued
subject to the following terms and conditions: </FONT></P>

<p Style='page-break-before:always'>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">1.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise, Issuance of Certificates. </I></B>For so long as the Holder continues to serve as a member of the Board of Directors of the Company, this Warrant shall be and become exercisable with respect
to 25% of the Warrant Shares upon the first anniversary of the Grant Date and then with respect to an additional 25% of the Warrant Shares each anniversary thereafter. Subject to the foregoing vesting schedule, the Holder may exercise this Warrant
on or prior to the Expiration Date, at any time or from time to time following, for all or any part of the Warrant Shares (but not for a fraction of a share) which may be purchased hereunder, as that number may be adjusted pursuant to Section 3 of
this Warrant. The Company agrees that the Warrant Shares purchased under this Warrant shall be and are deemed to be issued to the Holder hereof as the record owner of such Warrant Shares as of the close of business on the date on which this Warrant
shall have been surrendered, properly endorsed, the completed and executed Form of Subscription delivered, and payment made for such Warrant Shares. Certificates for the Warrant Shares so purchased, together with any other securities or property to
which the Holder hereof is entitled upon such exercise, shall be delivered to the Holder hereof by the Company at the Company&#146;s expense as soon as practicable after the rights represented by this Warrant have been so exercised. In case of a
purchase of less than all the Warrant Shares which may be purchased under this Warrant, the Company shall cancel this Warrant and execute and deliver to the Holder hereof within a reasonable time a new Warrant or Warrants of like tenor for the
balance of the Warrant Shares purchasable under the Warrant surrendered upon such purchase. Each stock certificate so delivered shall be registered in the name of such Holder. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Shares to be Fully Paid; Reservation of Shares</I></B>. The Company covenants
and agrees that all Warrant Shares, will, upon issuance and, if applicable, payment of the applicable Exercise Price, be duly authorized, validly issued, fully paid and nonassessable, and free of all preemptive rights, liens and encumbrances, except
for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company shall at all times reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of providing
for the exercise of the rights to purchase all Warrant Shares granted pursuant to this Warrant, such number of shares of Common Stock as shall, from time to time, be sufficient therefor. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of Exercise Price and Number of Shares</I></B>. The Exercise Price
and the total number of Warrant Shares shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3. Upon each adjustment of the Exercise Price, the Holder of this Warrant shall thereafter be
entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares purchasable pursuant hereto
immediately prior to such adjustment, and dividing the product thereof by the Exercise Price resulting from such adjustment. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3.1<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Subdivision or Combination of Stock</I></B>. In the event the outstanding shares of the Company&#146;s
Common Stock shall be increased by a stock dividend payable in Common Stock, stock split, subdivision, or other similar transaction occurring after the date hereof into a greater number of shares of Common Stock, the Exercise Price in effect
immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares issuable hereunder proportionately increased. Conversely, in the event the outstanding shares of the </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Company&#146;s Common Stock shall be decreased by reverse stock split, combination, consolidation, or
other similar transaction occurring after the date hereof into a lesser number of shares of Common Stock, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Shares issuable
hereunder proportionately decreased. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">3.2<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Reclassification</I></B>. If any reclassification of the capital stock of the Company or any reorganization, consolidation, merger, or any sale, lease, license, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all, of the business and/or assets of the Company (the &#147;<B><I>Reclassification Events</I></B>&#148;) shall be effected in such a way that holders of Common Stock shall be
entitled to receive stock, securities, or other assets or property, then, as a condition of such Reclassification Event lawful and adequate provisions shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive
(in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares of stock, securities, or other assets or property as may be issued or payable
with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby. In any
Reclassification Event, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price
and of the number of Warrant Shares), shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities, or assets thereafter deliverable upon the exercise hereof. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3.3<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Adjustment</I></B>.
Upon any adjustment of the Exercise Price or any increase or decrease in the number of Warrant Shares, the Company shall give written notice thereof, by first class mail postage prepaid, addressed to the registered Holder of this Warrant at the
address of such Holder as shown on the books of the Company. The notice shall be prepared and signed by the Company&#146;s Chief Financial Officer and shall state the Exercise Price resulting from such adjustment and the increase or decrease, if
any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;No Voting or Dividend
Rights</I></B>. Nothing contained in this Warrant shall be construed as conferring upon the holder hereof the right to vote or to consent to receive notice as a shareholder of the Company on any other matters or any rights whatsoever as a
shareholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been
exercised. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">5.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Securities Act: Transferability of Warrant.</I></B> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5.1<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Securities Act</I></B>. The Holder of this Warrant, by acceptance hereof, agrees that
this Warrant is being acquired for investment and that it will not offer, sell, or otherwise dispose of this Warrant except under circumstances which will not result </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">in a violation of the Act or any applicable state securities laws. This Warrant shall be stamped or
imprinted with a legend in substantially the following form: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;ACT&#148;). ANY TRANSFER OF SUCH SECURITIES SHALL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN
EFFECT AS TO SUCH TRANSFER OR, IN THE OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, SUCH REGISTRATION IS UNNECESSARY FOR SUCH TRANSFER TO COMPLY WITH THE ACT.&#148; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5.2<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfer</I></B>. Unless otherwise approved by the Company,
the Warrant shall not be assignable or otherwise transferable by the Holder except by will or by the laws of descent and distribution. However, the Warrant may be transferred, in whole or in part, and exercised in accordance with a Qualified
Domestic Relations. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">6.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Modification and Waiver</I></B>. This Warrant and any provision hereof may be changed, waived, discharged, or terminated only by an instrument in writing signed by the party against whom enforcement of
the same is sought. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7.&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Notices</I></B>. Any notice, request, or other document required or permitted to be given or delivered to the Holder hereof or the Company shall be delivered by hand or messenger or shall be sent by certified mail, postage prepaid, or by
overnight courier to each such Holder at its address as shown on the books of the Company or to the Company at the address indicated therefor in the first paragraph of this Warrant or such other address as either may from time to time provide to the
other. Each such notice or other communication shall be treated as effective or having been given: (i) when delivered if delivered personally, (ii) if sent by registered or certified mail, at the earlier of its receipt or three business days after
the same has been registered or certified as aforesaid, or (iii) if sent by overnight courier, on the next business day after the same has been deposited with a nationally recognized courier service. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law</I></B>. This
Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Lost or Stolen Warrant</I></B>. 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 receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation, upon surrender and
cancellation of such Warrant, the Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Fractional Shares</I></B>. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional share, pay the Holder entitled to such fraction a sum in cash equal to such fraction (calculated to the nearest 1/100th of a share) </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">multiplied by the then effective Exercise Price on the date the Form of Subscription is received by the
Company. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;No
Impairment</I></B>. The Company will not, by charter amendment or by 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 terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against
impairment. Upon the request of the Holder, the Company will at any time during the period this Warrant is outstanding acknowledge in writing, in form satisfactory to Holder, the continued validity of this Warrant and the Company&#146;s obligations
hereunder. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">12.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns</I></B>. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the permitted successors of the Company and the Holder. The provisions of
this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant, and shall be enforceable by any such Holder. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">* * * </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of this
&nbsp;&nbsp;&nbsp;&nbsp; day of February, 2003. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><DIV STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ActivCard Corp.</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">a Delaware corporation</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
</TABLE></DIV><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Warrant No. &nbsp;&nbsp;&nbsp;&nbsp; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>FORM OF SUBSCRIPTION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(To be signed only upon exercise of Warrant) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">To:&nbsp;&nbsp;&nbsp;&nbsp;ActivCard Corp. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The undersigned, the holder of the attached Common Stock Warrant, hereby
irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>1</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> shares of Common Stock of ActivCard Corp. and herewith makes payment of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; therefor. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The undersigned requests that certificates for such shares be issued in the
name of, and delivered to: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">whose address is: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">DATED: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">

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<TD VALIGN="top" COLSPAN="3" WIDTH="37%"><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Signature must conform in all respects to name of Holder as specified on the face of the
Warrant)</FONT></P></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
</TABLE></DIV><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="20%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>1</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment for any stock or other
securities or property or cash which, pursuant to the adjustment provisions of the Warrant, may be deliverable upon exercise. </FONT></P>
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