<PAGE>

                                  EXHIBIT 4.2

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED
WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION
OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE
APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE
PROVISIONS OF SECTION 7 OF THIS WARRANT.

                                 eMACHINES, INC.

                           WARRANT TO PURCHASE SHARES
                                 OF COMMON STOCK

No. ______

     THIS CERTIFIES THAT, for value received, [HOLDER] and its assignees are
entitled to subscribe for and purchase [number] shares of the fully paid and
nonassessable Common Stock (as adjusted pursuant to Section 4 hereof, the
"Shares") of eMACHINES, INC., a Delaware corporation (the "Company"), at the
price of $____ [$2.4 billion divided by number of eMachines shares outstanding
immediately after the Effective Time on an as-converted basis assuming the
exercise or conversion of all outstanding options, warrants, rights or
convertible securities] per share (such price and such other price as shall
result, from time to time, from the adjustments specified in Section 4 hereof is
herein referred to as the "Warrant Price"), subject to the provisions and upon
the terms and conditions hereinafter set forth. As used herein, (a) the term
"Date of Grant" shall mean [Closing Date]_________, 1999 and (b) the term "Other
Warrants" shall mean any other warrants issued by the Company in connection with
that certain Agreement and Plan of Reorganization dated as of November 24, 1999
by and among the Company, eMachines Acquisition Corp. and FreePC, Inc. (the
"Agreement and Plan of Reorganization"), and any warrant issued upon transfer or
partial exercise of this Warrant. The term "Warrant" as used herein shall be
deemed to include Other Warrants unless the context clearly requires otherwise.

     1. Term. The purchase right represented by this Warrant is exercisable, in
        ----
whole at any time or in part, at any time and from time to time from the Date of
Grant on or before 5:00 P.M., Pacific Time on the date (the "Expiration Date")
that is the earlier of (i) ___________, 2001 [two years after Closing Date] or
(ii) one (1) year after the closing of the Company's initial public offering of
its Common Stock (the "IPO") effected pursuant to a Registration Statement on
form S-1 (or its successor) filed under the Securities Act of 1933, as amended
(the "Act"); provided that, notwithstanding the foregoing, (x) the purchase
             -------- ----
right represented by this Warrant shall not be exercisable during the 120 day
period following the closing of the Company's IPO, (y) the purchase right
represented by this Warrant shall not be exercisable until the expiration or
early termination of any applicable waiting periods imposed by the Hart-Scott-
Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") and (z) if
on or before the Expiration Date, the holder of this
<PAGE>

Warrant has sent a notice of exercise to Company and holder has not been able to
complete the exercise of the purchase right represented by this Warrant prior to
the Expiration Date because of restrictions under the HSR Act or because the
Expiration Date is within the 120 day period following closing of the Company's
IPO, the holder shall be entitled to complete the process of exercising this
Warrant, for a period of ten (10) business days following termination of such
HSR Act restrictions and/or the 120 day period following the closing of the
Company's IPO, in accordance with the procedures contained herein,
notwithstanding the fact that completion of the exercise of this Warrant would
take place after the Expiration Date.

     2. Method of Exercise; Payment; Issuance of New Warrant. Subject to Section
        ----------------------------------------------------
1 hereof, the purchase right represented by this Warrant may be exercised by the
holder hereof, in whole or in part and from time to time, at the election of the
holder hereof, by (a) the surrender of this Warrant (with the notice of exercise
substantially in the form attached hereto as Exhibit A-1 duly completed and
executed) at the principal office of the Company and by the payment to the
Company, by certified or bank check, or by wire transfer to an account
designated by the Company (a "Wire Transfer") of an amount equal to the then
applicable Warrant Price multiplied by the number of Shares then being purchased
(the "Exercise Amount"); (b) if in connection with a registered public offering
of the Company's securities, the surrender of this Warrant (with the notice of
exercise form attached hereto as Exhibit A-2 duly completed and executed) at the
principal office of the Company together with notice of arrangements reasonably
satisfactory to the Company for payment to the Company either by certified or
bank check or by Wire Transfer from the proceeds of the sale of shares to be
sold by the holder in such public offering of an amount equal to the Exercise
Amount; (c) exercise of the "net issuance" right provided for in Section 10.2
hereof; or (d) by means of any "easy sale" exercise pursuant to Section 10.3
hereof. The person or persons in whose name(s) any certificate(s) representing
the Shares shall be issuable upon exercise of this Warrant shall be deemed to
have become the holder(s) of record of, and shall be treated for all purposes as
the record holder(s) of, the shares represented thereby (and such shares shall
be deemed to have been issued) immediately prior to the close of business on the
date or dates upon which this Warrant is exercised. In the event of any exercise
of the rights represented by this Warrant, certificates for the shares of stock
so purchased shall be delivered to the holder hereof as soon as possible after
such exercise and, unless this Warrant has been fully exercised or expired, a
new Warrant representing the portion of the Shares, if any, with respect to
which this Warrant shall not then have been exercised shall also be issued to
the holder hereof as soon as possible.

     3. Stock Fully Paid; Reservation of Shares. The Company hereby covenants
        ---------------------------------------
that at all times there shall be reserved for issuance and delivery upon
exercise of this Warrant such number of shares of Common Stock or other shares
of capital stock of the Company as are from time to time issuable upon exercise
of this Warrant and, from time to time, will take all steps necessary to amend
its Certificate of Incorporation to provide sufficient reserves of shares of
Common Stock issuable upon exercise of this Warrant. All such shares shall be
duly authorized, and when issued upon such exercise, shall be validly issued,
fully paid and non-assessable, free and clear of all liens, security interests,
charges and other encumbrances or restrictions on sale and free and clear of all
preemptive rights, except encumbrances or restrictions arising (i) under federal
or state securities laws or (ii) pursuant to the Rights and Restrictions
Agreement (as such term is defined in the Agreement and Plan of Reorganization),
if applicable.

                                      -2-
<PAGE>

     4. Adjustment of Warrant Price and Number of Shares. The number and kind of
        ------------------------------------------------
securities purchasable upon the exercise of this Warrant and the Warrant Price
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

     (a) Reclassification or Merger. In case of any reclassification, conversion
         --------------------------
or other change of securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is the acquiring and
the surviving corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or in
case of any sale of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, shall
duly execute and deliver to the holder of this Warrant a new Warrant (in form
and substance satisfactory to the holder of this Warrant), so that the holder of
this Warrant shall have the right to receive, at a total purchase price not to
exceed that payable upon the exercise of the unexercised portion of this
Warrant, and in lieu of the shares of Common Stock theretofore issuable upon
exercise of this Warrant, (i) the kind and amount of shares of stock, other
securities, money and property receivable upon such reclassification,
conversion, change or merger by a holder of the number of shares of Common Stock
then purchasable under this Warrant, or (ii) in the case of such a merger or
sale of all or substantially all of the assets of the Company in which the
consideration paid consists all or in part of assets other than securities of
the successor or purchasing corporation, the securities of the successor or
purchasing corporation having a value at the time of the transaction equivalent
to the value of the Common Stock at the time of the transaction. In all events,
appropriate adjustment (as determined in good faith by the Company's Board of
Directors) shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the holder after the transaction, to
the end that the provisions of this Warrant shall be applicable after that
event, as near as reasonably may be, in relation to any shares or other property
deliverable after that event upon exercise of this Warrant. The provisions of
this subparagraph (a) shall similarly apply to successive reclassifications,
conversions, changes, mergers and transfers.

     (b) Adjustment for Stock Splits, Stock Subdivisions or Combinations of
         ------------------------------------------------------------------
Shares. The Warrant Price shall be proportionally decreased and the number of
------
shares of Common Stock issuable upon exercise of this Warrant (or any shares of
stock or other securities at the time issuable upon exercise of this Warrant)
shall be proportionally increased to reflect any stock split or subdivision of
the Company's Common Stock. The Warrant Price shall be proportionally increased
and the number of shares of Common Stock issuable upon exercise of this Warrant
(or any shares of stock or other securities at the time issuable upon exercise
of this Warrant) shall be proportionally decreased to reflect any combination of
the Company's Common Stock.

     (c) Stock Dividends and Other Distributions. If the Company at any time
         ---------------------------------------
while this Warrant is outstanding and unexpired shall (i) pay a dividend with
respect to Common Stock payable in Common Stock, then the Warrant Price shall be
adjusted, from and after the date of determination of shareholders entitled to
receive such dividend or distribution, to that price determined by multiplying
the Warrant Price in effect immediately prior to such date of determination by a
fraction (A) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately prior to such dividend or distribution, and
(B) the

                                      -3-
<PAGE>

denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such dividend or distribution; or (ii) make any
other distribution with respect to Common Stock (except any distribution
specifically provided for in Sections 4(a) and 4(b)), then, in each such case,
provision shall be made by the Company such that the holder of this Warrant
shall receive upon exercise of this Warrant a proportionate share of any such
dividend or distribution as though it were the holder of the Common Stock as of
the record date fixed for the determination of the shareholders of the Company
entitled to receive such dividend or distribution.

     (d) Adjustment of Number of Shares. Upon each adjustment in the Warrant
         ------------------------------
Price, the number of Shares purchasable hereunder shall be adjusted, to the
nearest whole share, to the product obtained by multiplying the number of Shares
purchasable immediately prior to such adjustment in the Warrant Price by a
fraction, the numerator of which shall be the Warrant Price immediately prior to
such adjustment and the denominator of which shall be the Warrant Price
immediately thereafter.

     5. Notice of Adjustments. Whenever the Warrant Price or the number of
        ---------------------
Shares purchasable hereunder shall be adjusted pursuant to Section 4 hereof, the
Company shall give notice of the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated, and the
Warrant Price and the number of Shares purchasable hereunder after giving effect
to such adjustment, and shall cause copies of such notice to be mailed, by first
class mail, postage prepaid (notwithstanding Section 13 hereof) to the holder of
this Warrant at such holder's last known address.

     6. Fractional Shares. No fractional shares of Common Stock will be issued
        -----------------
in connection with any exercise hereunder, but in lieu of such fractional shares
the Company shall make a cash payment therefor based on the fair market value of
the Common Stock on the date of exercise as determined in accordance with
Section 10.2(c)(ii) or 10.2(c)(iii), as applicable.

     7. Compliance with Act; Disposition of Warrant or Shares of Common Stock.
        ---------------------------------------------------------------------

     (a) Compliance with Act. The holder of this Warrant, by acceptance hereof,
         -------------------
agrees that this Warrant, and the Shares to be issued upon exercise hereof are
being acquired for investment and that such holder will not offer, sell or
otherwise dispose of this Warrant, or any Shares except under circumstances
which will not result in a violation of the Act or any applicable state
securities laws. Upon exercise of this Warrant, unless the Shares being acquired
are registered under the Act and any applicable state securities laws or an
exemption from such registration is available, the holder hereof shall confirm
in writing that the Shares so purchased are being acquired for investment and
not with a view toward distribution or resale in violation of the Act and shall
confirm such other matters related thereto as may be reasonably requested by the
Company. This Warrant and all Shares issued upon exercise of this Warrant
(unless registered under the Act and any applicable state securities laws) shall
be stamped or imprinted with a legend in substantially the following form:

     "THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE
     OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION
     STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE,

                                      -4-
<PAGE>

     REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT
     REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE
     GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS
     OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED,
     DIRECTLY OR INDIRECTLY."

Said legend shall be removed by the Company, upon the request of a holder, at
such time as the restrictions on the transfer of the applicable security shall
have terminated. In addition, in connection with the issuance of this Warrant,
the holder specifically represents to the Company by acceptance of this Warrant
as follows:

     (1) The holder is aware of the Company's business affairs and financial
condition, and has acquired information about the Company sufficient to reach an
informed and knowledgeable decision to acquire this Warrant. The holder is
acquiring this Warrant for its own account for investment purposes only and not
with a view to, or for the resale in connection with, any "distribution" thereof
in violation of the Act.

     (2) The holder understands that this Warrant has not been registered under
the Act or registered or qualified under any applicable state securities laws,
in reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of the holder's investment intent as
expressed herein.

     (3) The holder further understands that this Warrant must be held
indefinitely unless subsequently registered under the Act and qualified under
any applicable state securities laws, or unless exemptions from registration and
qualification are otherwise available. The holder is aware of the provisions of
Rule 144, promulgated under the Act.

     (b) Disposition of Warrant or Shares. With respect to any offer, sale or
         --------------------------------
other disposition of this Warrant or any Shares acquired pursuant to the
exercise of this Warrant prior to registration of such Warrant or Shares, the
holder hereof agrees to give written notice to the Company prior thereto,
describing briefly the manner thereof, together with a written opinion of such
holder's counsel, or other evidence, if reasonably satisfactory to the Company,
to the effect that such offer, sale or other disposition may be effected without
registration or qualification (under the Act as then in effect or any federal or
state securities law then in effect) of this Warrant or the Shares and
indicating whether or not under the Act certificates for this Warrant or the
Shares to be sold or otherwise disposed of require any restrictive legend as to
applicable restrictions on transferability in order to ensure compliance with
such law. Upon receiving such written notice and opinion or other reasonably
satisfactory evidence, the Company, as promptly as practicable, shall notify
such holder that such holder may sell or otherwise dispose of this Warrant or
such Shares, all in accordance with the terms of the notice delivered to the
Company. If the holder has not delivered an opinion of counsel to such effect
and a determination has been made pursuant to this Section 7(b) that such other
evidence is not reasonably satisfactory to the Company, the Company shall so
notify the holder promptly with details thereof after such determination has
been made. Notwithstanding the foregoing, this Warrant or such Shares may, as to
such federal laws, be offered, sold or otherwise disposed of in accordance with
Rule 144 or 144A (or any successor exemptions) under the Act,

                                      -5-
<PAGE>

provided that the Company shall have been furnished with such information as the
Company may reasonably request to provide a reasonable assurance that the
provisions of Rule 144 or 144A (or any such successor exemption) have been
satisfied. Each certificate representing this Warrant or the Shares thus
transferred (except a transfer pursuant to Rule 144 or 144A (or any such
successor exemption)) shall bear a legend as to the applicable restrictions on
transferability in order to ensure compliance with such laws, unless in the
aforesaid opinion of counsel for the holder, such legend is not required in
order to ensure compliance with such laws. The Company may issue stop transfer
instructions to its transfer agent in connection with such restrictions.

     (c) Applicability of Restrictions. Neither any restrictions of any legend
         -----------------------------
described in this Warrant nor the requirements of Section 7(b) above shall apply
to any transfer or grant of a security interest in, this Warrant (or the Common
Stock obtainable upon exercise thereof) or any part hereof (i) to a partner of
the holder if the holder is a partnership or to a member of the holder if the
holder is a limited liability company, (ii) to a partnership of which the holder
is a partner or to a limited liability company of which the holder is a member,
or (iii) to any affiliate of the holder if the holder is a corporation;
provided, however, in any such transfer, if applicable, the transferee shall on
--------  -------
the Company's request agree in writing to be bound by the terms of this Warrant
as if an original holder hereof.

     8. Rights as Shareholders. No holder of this Warrant, as such, shall be
        ----------------------
entitled to vote or receive dividends or be deemed the holder of Shares, nor
shall anything contained herein be construed to confer upon the holder of this
Warrant, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or (subject to (S) 10.1 below) to receive
notice of meetings, or to receive dividends or subscription rights or otherwise
until this Warrant shall have been exercised and the Shares purchasable upon the
exercise hereof shall have become deliverable, as provided herein.

     9. Rights and Restrictions Agreement. In the case of holders who are
        ---------------------------------
Warrant Holders (as such term is defined in the Rights and Restrictions
Agreement), the Shares issuable upon the exercise of this Warrant are subject to
certain registration rights and restrictions as set forth in the Rights and
Restrictions Agreement.

     10. Additional Rights.
         ------------------

          10.1  Notices of Record Date.  In case:
                ----------------------

          (a) the Company shall take a record of the holders of its Common Stock
(or other stock or securities at the time receivable upon the exercise of this
Warrant), for the purpose of entitling them to receive any dividend or other
distribution, or any right to subscribe for or purchase any shares of stock of
any class or any other securities or to receive any other right; or

          (b) of any consolidation or merger of the Company with or into another
corporation, any capital reorganization of the Company, any reclassification of
the Capital Stock of the Company, or any conveyance of all or substantially all
of the assets of the Company to another corporation in which holders of the
Company's stock are to receive stock, securities or property of another
corporation; or

                                      -6-
<PAGE>

          (c) of any voluntary dissolution, liquidation or winding-up of the
Company; or

          (d) of any redemption or conversion of all outstanding Common Stock;

then, and in each such case, the Company will mail or cause to be mailed to the
Registered holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend,
distribution or right, or (ii) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation,
winding-up, redemption or conversion is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock or (such stock or
securities as at the time are receivable upon the exercise of this Warrant),
shall be entitled to exchange their shares of Common Stock (or such other stock
or securities), for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up. Such notice shall be delivered at least
thirty (30) days prior to the date therein specified.

     10.2  Right to Convert Warrant into Stock:  Net Issuance.
           --------------------------------------------------

     (a) Right to Convert. In addition to and without limiting the rights of the
         ----------------
holder under the terms of this Warrant, the holder shall have the right to
convert this Warrant or any portion thereof (the "Conversion Right") into shares
of Common Stock as provided in this Section 10.2 at any time or from time to
time during the term of this Warrant other than the 120 day period following the
closing of the Company's IPO. Upon exercise of the Conversion Right with respect
to a particular number of shares subject to this Warrant (the "Converted Warrant
Shares"), the Company shall deliver to the holder (without payment by the holder
of any exercise price or any cash or other consideration) that number of shares
of fully paid and nonassessable Common Stock as is determined according to the
following formula:

                    X =   B - A
                        ---------
                            Y

     Where:     X  =  the number of shares of Common Stock that shall be issued
         to the holder

                Y  =  the fair market value of one share of  Common Stock

                A  =  the aggregate Warrant Price of the specified number of
         Converted Warrant Shares immediately prior to the exercise of the
         Conversion Right (i.e., the number of Converted Warrant Shares
         multiplied by the Warrant Price)

                B  =  the aggregate fair market value of the specified number of
         Converted Warrant Shares (i.e. the number of Converted Warrant Shares
         multiplied by the fair market value of one Converted Warrant Share)

No fractional shares shall be issuable upon exercise of the Conversion Right,
and, if the number of shares to be issued determined in accordance with the
foregoing formula is other than a whole number, the Company shall pay to the
holder an amount in cash equal to the fair market value of the resulting
fractional share on the Conversion Date (as hereinafter defined). For purposes
of Section 9

                                      -7-
<PAGE>

of this Warrant, shares issued pursuant to the Conversion Right
shall be treated as if they were issued upon the exercise of this Warrant.


     (b) Method of Exercise. The Conversion Right may be exercised by the holder
         ------------------
by the surrender of this Warrant at the principal office of the Company together
with a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2
hereto) specifying that the holder thereby intends to exercise the Conversion
Right and indicating the number of shares subject to this Warrant which are
being surrendered (referred to in Section 10.2(a) hereof as the Converted
Warrant Shares) in exercise of the Conversion Right. Such conversion shall be
effective upon receipt by the Company of this Warrant together with the
aforesaid written statement, or on such later date as is specified therein (the
"Conversion Date"), and, at the election of the holder hereof, may be made
contingent upon the closing of the sale of the Company's Common Stock to the
public in a public offering pursuant to a Registration Statement under the Act
(a "Public Offering"). Certificates for the shares issuable upon exercise of the
Conversion Right and, if applicable, a new warrant evidencing the balance of the
shares remaining subject to this Warrant, shall be issued as of the Conversion
Date and shall be delivered to the holder promptly following the Conversion
Date.

     (c) Determination of Fair Market Value. For purposes of this Section 10.2,
"fair market value" of a share of Common Stock as of a particular date (the
"Determination Date") shall mean:

          (i) If the Conversion Right is exercised in connection with and
contingent upon a Public Offering, and if the Company's Registration Statement
relating to such Public Offering ("Registration Statement") has been declared
effective by the Securities and Exchange Commission, then the initial "Price to
Public" specified in the final prospectus with respect to such offering.

          (ii) If the Conversion Right is not exercised in connection with and
contingent upon a Public Offering, then as follows:

               (A) If traded on a securities exchange, the fair market value of
     the Common Stock shall be deemed to be the average of the closing prices of
     the Common Stock on such exchange over the 30-day period ending five
     business days prior to the Determination Date;

               (B) If traded on the NASDAQ Stock Market or other over-the-
     counter system, the fair market value of the Common Stock shall be deemed
     to be the average of the closing bid prices of the Common Stock over the
     30-day period ending five business days prior to the Determination Date;
     and

               (C) If there is no public market for the Common Stock, then fair
     market value shall be determined by mutual agreement of the holder of this
     Warrant and the Company provided, however, that if the Company and the
                             --------  -------
     Holder cannot agree on such value, such value shall be determined by an
     independent valuation firm experienced in valuing businesses such as the
     Company and jointly selected in good faith by the Company and the Holder.
     Fees and expenses of the valuation firm shall be paid for by the Company.

                                      -8-
<PAGE>

          10.3.  "Easy Sale" Exercise.  In lieu of the payment methods set forth
                 --------------------
in Section 10.2 above, when permitted by law and applicable regulations
(including Nasdaq and NASD rules), the holder hereof may pay the Exercise Amount
through a "same day sale" commitment from such holder (and if applicable a
broker-dealer that is a member of the National Association of Securities Dealers
(a "NASD Dealer")), whereby the holder irrevocably elects to exercise this
Warrant and to sell at least that number of shares so purchased to pay the
Exercise Amount (and up to all of the shares so purchased) and the Holder (or,
if applicable, the NASD Dealer) commits upon sale (or, in the case of the NASD
Dealer, upon receipt) of such shares to forward the Exercise Amount directly to
the Company, with any sale proceeds in excess of the Exercise Amount being for
the benefit of the holder hereof.

     11. Modification and Waiver. This Warrant and any provision hereof may be
         -----------------------
changed, waived, discharged or terminated only by an instrument in writing
signed by either (i) the Company and the holders of warrants representing at
least fifty percent (50%) of the Common Stock issuable upon the exercise of all
Other Warrants, or (ii) the party against which enforcement of the same is
sought.

     12. Notices. Any notice, request, communication or other document required
         -------
or permitted to be given or delivered to the holder hereof or the Company shall
be delivered, or shall be sent by certified or registered mail, postage prepaid,
to each such holder (or its successors or assigns) at its address as shown on
the books of the Company or to the Company at the address indicated therefor on
the signature page of this Warrant.

     13. Binding Effect on Successors. This Warrant shall be binding upon any
         ----------------------------
corporation succeeding the Company by merger, consolidation or acquisition of
all or substantially all of the Company's assets, and all of the obligations of
the Company relating to the Shares issuable upon the exercise or conversion of
this Warrant shall survive the exercise, conversion and termination of this
Warrant and all of the covenants and agreements of the Company shall inure to
the benefit of the successors and assigns of the holder hereof.

     14. Lost Warrants or Stock Certificates. The Company covenants to the
         -----------------------------------
holder hereof that, upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate 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 or stock
certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     15. "Market Stand-Off" Agreement. By acceptance of this Warrant, the holder
         ----------------------------
hereof agrees that upon the request of the Company or the underwriters managing
any underwritten offering of the Company's securities, not to sell or otherwise
transfer or dispose of any Common Stock (or other securities) of the Company
acquired upon exercise of this Warrant held by the holder (other than those
included in the registration) during the 120 day period following the effective
date of a registration statement of the Company filed under the Act.
Notwithstanding the foregoing, to the extent the holder hereof is subject to the
market standoff agreement set forth in Section 12 of the

                                      -9-
<PAGE>

Rights and Restrictions Agreement, as amended from time to time, the holder
shall have no obligation under this Section 15.

     16. Descriptive Headings. The descriptive headings of the several
         --------------------
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant. The language in this Warrant shall be
construed as to its fair meaning without regard to which party drafted this
Warrant.

     17. Governing Law. 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.

     18. Survival of Representations, Warranties and Agreements. All
         ------------------------------------------------------
representations and warranties of the Company and the holder hereof contained
herein shall survive the Date of Grant, the exercise or conversion of this
Warrant (or any part hereof) or the termination or expiration of rights
hereunder. All agreements of the Company and the holder hereof contained herein
shall survive indefinitely until, by their respective terms, they are no longer
operative.

     19. Remedies. In case any one or more of the covenants and agreements
         --------
contained in this Warrant shall have been breached, the holders hereof (in the
case of a breach by the Company), or the Company (in the case of a breach by a
holder), may proceed to protect and enforce their or its rights either by suit
in equity and/or by action at law, including, but not limited to, an action for
damages as a result of any such breach and/or an action for specific performance
of any such covenant or agreement contained in this Warrant.

     20. No Impairment of Rights. The Company will not, by amendment of its
         -----------------------
Charter or through any other means, avoid or seek to avoid the observance or
performance of any of the 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 of this Warrant against impairment.

     21. Severability. The invalidity or unenforceability of any provision of
         ------------
this Warrant in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction, or affect any other provision of
this Warrant, which shall remain in full force and effect.

     22. Recovery of Litigation Costs. If any legal action or other proceeding
         ----------------------------
is brought for the enforcement of this Warrant, or because of an alleged
dispute, breach, default, or misrepresentation in connection with any of the
provisions of this Warrant, the successful or prevailing party or parties shall
be entitled to recover reasonable attorneys' fees and other costs incurred in
that action or proceeding, in addition to any other relief to which it or they
may be entitled.

     23. Entire Agreement; Modification. This Warrant constitutes the entire
         ------------------------------
agreement between the parties pertaining to the subject matter contained in it
and supersedes all prior and contemporaneous agreements, representations, and
undertakings of the parties, whether oral or written, with respect to such
subject matter. This Warrant and any provision hereof may only be

                                      -10-
<PAGE>

amended, waived, discharged or terminated by an agreement in writing signed by
the party against which enforcement of the amendment, waiver, discharge or
termination is sought.

     24. No Conflicting Agreements. The Company will not on or after the date of
         -------------------------
this Warrant enter into any agreement with respect to its securities which
conflicts with the rights granted to the holders hereof or otherwise conflicts
with the provisions hereof. The rights granted to the holder hereunder do not in
any way conflict with the rights granted to holders of the Company's securities
under any other agreements, except rights that have been waived. Notwithstanding
the foregoing, the holders acknowledge that the Company may, from time to time,
issue warrants and other rights to purchase shares of stock of the Company,
including Common Stock

           [The remainder of this page is intentionally left blank.]

                                      -11-
<PAGE>

     The Company has caused this Warrant to be duly executed and delivered as of
the Date of Grant specified above.

                                    EMACHINES, INC.


                                    By:
                                       ----------------------------------
                                       STEPHEN DUKKER

                                       CHIEF EXECUTIVE OFFICER

                                    Address: 14350 Myford Road, Suite 100
                                             Irvine, California 92606

                                      -12-
<PAGE>

                                  EXHIBIT A-1

                               NOTICE OF EXERCISE

     To: eMACHINES, INC. (the "Company")

     1.   The undersigned hereby:

     ___  elects to purchase_______ shares of Common Stock of the Company
          pursuant to the terms of the attached Warrant, and tenders herewith
          payment of the purchase price of such shares in full, or

     ___  elects to exercise its net issuance rights pursuant to Section 10.2 of
          the attached Warrant with respect to____ shares of Common Stock.

     2. Please issue a certificate or certificates representing ____ shares in
the name of the undersigned or in such other name or names as are specified
below:


                                                                       (Name)
-----------------------------------------------------------------------


-----------------------------------------------------------------------
                                                                       (Address)
-----------------------------------------------------------------------

     3. The undersigned represents that the aforesaid shares are being acquired
for the account of the undersigned for investment and not with a view to, or for
resale in connection with, the distribution thereof and that the undersigned has
no present intention of distributing or reselling such shares, all except as in
compliance with applicable securities laws.

                                                            (Signature)
                                    ------------------------
     Date:
          ---------------------

                                      -13-
<PAGE>

                                  EXHIBIT A-2

                               NOTICE OF EXERCISE

     To:  eMACHINES, INC. (the "Company")

     1. Contingent upon and effective immediately prior to the closing (the
"Closing") of the Company's public offering contemplated by the Registration
Statement on Form S, filed, 19, the undersigned hereby:

     ___  elects to purchase ____ shares of Common Stock of the Company (or such
          lesser number of shares as may be sold on behalf of the undersigned at
          the Closing) pursuant to the terms of the attached Warrant, or

     ___  elects to exercise its net issuance rights pursuant to Section 10.2 of
          the attached Warrant with respect to____ Shares of Common Stock.

     2. Please deliver to the custodian for the selling shareholders a stock
certificate representing such _____________ shares.

     3. The undersigned has instructed the custodian for the selling
shareholders to deliver to the Company $_________________ or, if less, the net
proceeds due the undersigned from the sale of shares in the aforesaid public
offering. If such net proceeds are less than the purchase price for such shares,
the undersigned agrees to deliver the difference to the Company prior to the
Closing.

                                                            (Signature)
                                 ---------------------------

     Date:
          ------------------

                                      -14-
<PAGE>

                                    EXHIBIT B

                                     CHARTER

                                      -15-