<PAGE>

EXHIBIT 4.3

                            STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement is made as of the 30th day of March, 2001
(this "Agreement"), between Globecomm Systems Inc., a Delaware corporation (the
"Purchaser"), and George Soros (the "Seller").

     In consideration of the mutual covenants set forth herein, the parties
agree as follows:

1.   PURCHASE AND SALE OF SHARES.
     ----------------------------

     1.1    Subject to the terms and conditions of this Agreement, the Purchaser
            shall purchase from the Seller and the Seller shall sell to the
            Purchaser, at the Closing (as hereinafter defined), that number of
            shares of Series A Participating preferred stock, $.001 par value,
            of NetSat Express, Inc. ("NetSat"), and that number of shares of
            common stock, $.001 par value, of NetSat (such preferred stock and
            common stock collectively referred to herein as the "Shares") set
            forth opposite its name in Schedule I hereto.

     1.2    The closing of the purchase and sale of the Shares (the "Closing")
            will take place at the offices of Brobeck, Phleger & Harrison LLP,
            1633 Broadway, New York, New York at 5:00 P.M. New York time on such
            date as shall be mutually agreed to by the parties hereto, but in
            any case on or prior to March 30, 2001.

     1.3    At the Closing, the Seller will deliver to the Purchaser good and
            valid title to the Shares free and clear of any liens, charges,
            encumbrances, security interests, options or rights or claims of
            others with respect thereto, by (i) delivering to the Purchaser
            certificates for the Shares, duly endorsed in blank or accompanied
            by the appropriate instruments of assignment duly executed in blank,
            and (ii) having all requisite stock transfer stamps attached.

     1.4    As payment in full of the purchase price for the Shares, and against
            delivery of the certificates evidencing the Shares as aforesaid, the
            Purchaser shall:

            (i) issue and deliver to the Seller at the Closing, a certificate
            representing the number of shares (the "Purchaser Shares") of common
            stock, $.001 par value per share, of the Purchaser ("Purchaser
            Common Stock") set forth opposite the name of the Seller in Schedule
            I hereto under the heading "Purchaser Shares Issued at Closing";

            (ii) issue to the Seller at the Closing a warrant, substantially in
            the form attached hereto as Exhibit A (the "Warrant"), to purchase
            the number of shares (the "Warrant Shares") of Purchaser Common
            Stock set forth opposite the name of the Seller in Schedule I hereto
            under the heading "Warrants Issued at Closing"; and



                                       1
<PAGE>

            (iii) pay to the Seller at the Closing by wire transfer the
            principal amount set forth opposite the name of the Seller in
            Schedule I hereto (the "Cash") under the heading "Cash Paid at
            Closing."

2.   INVESTMENT REPRESENTATIONS OF THE PURCHASER. The Purchaser hereby
     represents and warrants to the Seller as follows:

     2.1    The Purchaser is duly incorporated, validly existing and in good
            standing under the laws of Delaware, and has full legal right, power
            and authority to enter into, execute, deliver and perform this
            Agreement and the Warrant, and to consummate the transactions
            contemplated hereby and thereby. The Purchaser has taken all
            corporate action necessary for the execution and delivery of this
            Agreement and the Warrant, and the consummation of the transactions
            contemplated hereby and thereby. Each of this Agreement and the
            Warrant has been duly executed and delivered and constitutes the
            legal, valid and binding obligation of the Purchaser and is
            enforceable with respect to the Purchaser in accordance with its
            terms, except (a) as enforcement may be limited by bankruptcy,
            insolvency, priority or other laws or court decisions relating to or
            affecting generally the enforcement of creditors' rights or
            affecting generally the availability of equitable remedies and (b)
            to the extent the indemnification provisions contained herein may be
            limited by applicable federal or state securities laws.

     2.2    The Purchaser Common Stock that is being issued to the Seller
            hereunder and the Warrant Shares, when issued, sold and delivered in
            accordance with the terms of this Agreement for the consideration
            expressed herein, will be duly and validly issued, fully paid and
            nonassessable.

     2.3    The execution and delivery by the Purchaser of this Agreement and
            the Warrant, and the consummation of the transactions contemplated
            hereby and thereby, do not and shall not with or without the giving
            of notice or the passage of time, violate, conflict with, or result
            in a breach of, or a default or loss of rights under, any material
            covenant, agreement, mortgage, indenture, lease or instrument to
            which the Purchaser is a party or by which the Purchaser or any of
            its assets is bound or any judgment, order, decree, law, rule or
            regulation to which the Purchaser or any of its assets is subject.

     2.4    If, within one hundred twenty (120) days from the date hereof, the
            Purchaser purchases or commits to purchase shares of common stock or
            preferred stock of NetSat from a third party on terms materially
            more favorable to such third party than the terms provided herein to
            the Seller, the Purchaser shall provide notice of such transaction
            to the Seller within fifteen (15) days of the close of such
            transaction. Within a reasonable period of time of the provision of
            such notice, the Purchaser shall take action to put the Seller in
            the same economic position the Seller would have been in had the
            Seller sold the Shares under the same terms as the aforementioned
            third party, giving effect to any difference in the aggregate number
            of shares of NetSat sold by the Seller and such third party.


                                       2
<PAGE>

     2.5    As of their respective filing dates, the Company's annual report on
            Form 10-K for its fiscal year ended June 30, 2000, its quarterly
            reports on Form 10-Q for its fiscal quarters ended September 30,
            2000 and December 31, 2000 and its proxy statement to stockholders
            as filed with the Securities and Exchange Commission (the "SEC") on
            October 13, 2000 did not contain any untrue statement of a material
            fact or omit to state any material fact necessary to make the
            statements made therein, in light of the circumstances under which
            they were made, not misleading.

3.   REPRESENTATIONS AND WARRANTIES OF THE SELLER. The Seller hereby represents
     and warrants to the Purchaser as follows:

     3.1    The Seller has full legal right, power and authority to enter into,
            execute, deliver and perform this Agreement. This Agreement has been
            duly executed and delivered and constitutes the legal, valid and
            binding obligation of the Seller and is enforceable with respect to
            the Seller in accordance with its terms, except (a) as enforcement
            may be limited by bankruptcy, insolvency, priority or other laws or
            court decisions relating to or affecting generally the enforcement
            of creditors' rights or affecting generally the availability of
            equitable remedies and (b) to the extent the indemnification
            provisions contained herein may be limited by applicable federal or
            state securities laws.

     3.2    The Seller is the lawful holder of record and beneficial owner of
            that number of Shares set forth opposite the Seller's name in
            Schedule I hereto, free and clear of any and all pledges, security
            interests, liens or other encumbrances. The delivery by the Seller
            of certificates or instruments and agreements evidencing the Shares,
            duly endorsed for transfer or accompanied by stock transfer powers
            duly endorsed in blank, to the Purchaser pursuant to Section 1
            above, against payment as provided in Section 1 above, will transfer
            valid title to the Shares to the Purchaser, free and clear of any
            and all pledges, security interests, liens or other encumbrances.

     3.3    The Seller has had the opportunity to ask questions of, and receive
            answers from, officers of the Purchaser with respect to the business
            and financial condition of the Purchaser and the terms and
            conditions of the sale of the Purchaser Shares and the Warrant and
            to obtain additional information necessary to verify such
            information.

     3.4    The Seller is acquiring the Purchaser Shares and the Warrant for the
            Seller's own account for investment purposes only, not as a nominee
            or agent, and not with a view to the resale or distribution of any
            part thereof. The Seller is an "accredited investor" within the
            meaning of Rule 501 of Regulation D of the Securities Act of 1933,
            as amended (the "Securities Act"). The Seller further represents
            that it does not have any contract, undertaking, agreement or
            arrangement with any person to sell, transfer or grant participation
            to such person or to any third person, with respect to any of the
            Purchaser Shares or the Warrant. In addition to restrictions on
            transfer of the Warrant and the Warrant Shares set forth in the
            Warrant, the


                                       3
<PAGE>

            Seller understands that until the Purchaser Shares may be sold
            pursuant to Rule 144 under the Securities Act without any
            restriction, each certificate or instrument representing the
            Purchaser Shares shall be imprinted with a legend in substantially
            the following form (and a stop transfer order may be placed against
            transfer of the certificates representing the Purchaser Shares):

            "THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
            SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE
            SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD OR OFFERED FOR SALE
            EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
            SECURITIES UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
            AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
            ACT OR APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
            REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
            REQUIRED."

4.   REGISTRATION RIGHTS OF THE PURCHASER SHARES.

     4.1    Registration Procedures. Purchaser will:

            (a)     use commercially reasonable efforts to file with the SEC the
                    Registration Statement on Form S-3 (the "Registration
                    Statement") relating to the sale of the Purchaser Shares and
                    the Warrant Shares by the Seller, and the shares of Common
                    Stock of the Purchaser issued to Globix Corporation, a
                    Delaware corporation ("Globix"), and Reuters Holdings
                    Switzerland SA, an organization formed under the laws of
                    Switzerland ("Reuters"), in connection with the sale of
                    their shares of NetSat common stock to the Purchaser,
                    including any shares of Common Stock of the Purchaser
                    underlying any warrants issued in connection therewith (the
                    "Additional Shares") from time to time on the Nasdaq
                    National Market or the facilities of any national securities
                    exchange on which the Purchaser Common Stock is then traded
                    or in privately-negotiated transactions, as soon as
                    practicable from the date hereof, but in any event within
                    the later to occur of (i) the date sixty (60) days from the
                    date hereof or (b) the date the Purchaser shall have
                    received the information contained on the certificate from
                    the Seller as set forth in Section 4.1(g) below;

            (b)     prepare and file with the SEC such amendments and
                    supplements to the Registration Statement and the prospectus
                    used in connection therewith as may be necessary to cause
                    the Registration Statement to become and remain effective
                    for two years after the effective date of the Registration
                    Statement, provided that if, during the period the
                    Registration Statement is required to be kept effective, the
                    Purchaser delivers a certificate, stating that, in the good
                    faith, reasonable judgment of the Board of Directors of the
                    Purchaser, it would be seriously detrimental to the
                    Purchaser and its

                                       4
<PAGE>

                    stockholders for the Registration Statement to be kept
                    effective during a specified period of time not to exceed
                    thirty (30) days (the "Blackout Period"), then the Purchaser
                    shall not be obligated to keep the Registration Statement
                    effective, and the Seller shall not sell any of its
                    Purchaser Shares or Warrant Shares covered by the
                    Registration Statement, during such Blackout Period
                    (provided, however, the Seller shall be permitted to sell
                    its Purchaser Shares and Warrant Shares during such Blackout
                    Period pursuant to an exemption from the registration
                    requirements of the Securities Act and any applicable state
                    securities laws). After the termination of such Blackout
                    Period, the Purchaser shall file an amendment to the
                    Registration Statement or a new registration statement with
                    respect to the unsold portion of the Purchaser Shares,
                    Warrant Shares and Additional Shares included in the
                    original Registration Statement and shall keep such
                    amendment or new registration statement effective for a
                    period of two years less the number of days the original
                    Registration Statement was kept effective;

            (c)     furnish to the Seller with respect to the Purchaser Shares
                    and Warrant Shares registered under the Registration
                    Statement such reasonable number of copies of prospectuses
                    and such other documents as the Seller may reasonably
                    request, in order to facilitate the public sale or other
                    disposition of all or any of the Purchaser Shares and
                    Warrant Shares by the Seller; provided, however, that the
                    obligation of the Purchaser to deliver copies of
                    prospectuses to the Seller shall be subject to the receipt
                    by the Purchaser of reasonable assurances from the Seller
                    that the Seller will comply with the applicable provisions
                    of the Securities Act and of such other securities or blue
                    sky laws as may be applicable in connection with any use of
                    such prospectuses;

            (d)     file documents required of the Purchaser for normal Blue Sky
                    clearance in states specified in writing by the Seller;
                    provided, however, that the Purchaser shall not be required
                    to qualify to do business or consent to service of process
                    in any jurisdiction in which it is not now so qualified or
                    has not so consented;

            (e)     prepare and promptly file with the SEC and promptly notify
                    the Seller of the filing of such amendment or supplement to
                    the Registration Statement or prospectus as may be necessary
                    to correct any statements or omissions if, at the time when
                    a prospectus relating to such securities is required to be
                    delivered under the Securities Act, any event shall have
                    occurred as the result of which any such prospectus or any
                    other prospectus as then in effect would include an untrue
                    statement of a material fact or omit to state any material
                    fact necessary to make the statements therein, in the light
                    of the circumstances in which they were made, not
                    misleading;

            (f)     advise the Seller promptly after it shall receive notice of
                    the issuance of any stop order by the SEC suspending the
                    effectiveness of the Registration

                                       5
<PAGE>

                    Statement or the initiation or threatening of any proceeding
                    for that purpose, and promptly use its commercially
                    reasonable efforts to prevent the issuance of any stop order
                    or to obtain its withdrawal if such stop order should be
                    issued;

            (g)     in connection with the Registration Statement, the Seller
                    will furnish to Purchaser in writing such information with
                    respect to itself and the proposed distribution as is
                    contained on the certificate attached hereto as Exhibit C;
                    and

            (h)     if the Registration Statement is not declared effective
                    within one hundred twenty (120) days of the date hereof,
                    then the one hundred twenty (120) day time period specified
                    in Section 2.4 herein shall be extended until such date as
                    the Registration Statement is declared effective.

     4.2    Expenses. The Seller, Globix and Reuters shall bear all reasonable
            expenses pro rata in connection with the procedures in Section 4.1
            and the registration of the Purchaser Shares, the Warrant Shares and
            the Additional Shares pursuant to the Registration Statement,
            including the fees and expenses of counsel or other advisers to the
            Purchaser. In the event any other holders of the Purchaser's capital
            stock shall have their shares registered on the Registration
            Statement pursuant to the exercise of "piggyback" or other
            registration rights, they shall be required to pay their portion of
            the expenses incurred in connection with the registration of such
            shares.

     4.3    Transfer of the Purchaser Shares and Warrant Shares after
            Registration. The Seller agrees that it will not effect any
            disposition of the Purchaser Shares or Warrant Shares or its right
            to purchase the Purchaser Shares or Warrant Shares that would
            constitute a sale within the meaning of the Securities Act, except
            as contemplated in the Registration Statement referred to in Section
            4.1 or pursuant to an exemption from the registration requirements
            under the Securities Act and applicable state securities laws, and
            that it will promptly notify the Purchaser of any changes in the
            information set forth in the Registration Statement regarding the
            Seller or its plan of distribution.

     4.4    Indemnification.

     (a)    To the extent permitted by law, the Purchaser will indemnify and
            hold harmless the Seller and each person, if any, who controls the
            Seller within the meaning of the Securities Act or the Securities
            Act of 1934, as amended (the "1934 Act"), against any losses,
            claims, damages, or liabilities (joint or several) to which they may
            become subject under the Securities Act, or the 1934 Act, insofar as
            such losses, claims, damages, or liabilities (or actions in respect
            thereof) arise out of or are based upon any of the following
            statements, omissions or violations (collectively a


                                       6
<PAGE>

                    "Violation"): (i) any untrue statement or alleged untrue
                    statement of a material fact contained in the Registration
                    Statement, including any preliminary prospectus or final
                    prospectus contained therein or any amendments or
                    supplements thereto, (ii) the omission or alleged omission
                    to state therein a material fact required to be stated
                    therein, or necessary to make the statements therein not
                    misleading, or (iii) any violation or alleged violation by
                    the Purchaser of the Securities Act, the 1934 Act, or any
                    rule or regulation promulgated under the Securities Act, or
                    the 1934 Act; and the Purchaser will pay to each such Seller
                    or controlling person, any legal or other expenses
                    reasonably incurred by them in connection with investigating
                    or defending any such loss, claim, damage, liability, or
                    action; provided, however, that the indemnity agreement
                    contained in this subsection 4.4(a) shall not apply to
                    amounts paid in settlement of any such loss, claim, damage,
                    liability, or action if such settlement is effected without
                    the consent of the Purchaser (which consent shall not be
                    unreasonably withheld), nor shall the Purchaser be liable in
                    any such case for any such loss, claim, damage, liability,
                    or action to the extent that it arises out of or is based
                    upon a Violation which occurs in reliance upon and in
                    conformity with written information furnished expressly for
                    use in connection with the registration by the Seller or
                    controlling person.

            (b)     To the extent permitted by law, the Seller will indemnify
                    and hold harmless the Purchaser, each of its directors, each
                    of its officers who has signed the registration statement,
                    each person, if any, who controls the Purchaser within the
                    meaning of the Securities Act or the 1934 Act, any other
                    security holder selling securities in the Registration
                    Statement and any controlling person of any other security
                    holder, against any losses, claims, damages, or liabilities
                    (joint or several) to which any of the foregoing persons may
                    become subject, under the Securities Act, or the 1934 Act,
                    insofar as such losses, claims, damages, or liabilities (or
                    actions in respect thereto) arise out of or are based upon
                    any Violation, in each case to the extent (and only to the
                    extent) that such Violation occurs in reliance upon written
                    information furnished by and concerning the Seller expressly
                    for use in connection with such registration; and the Seller
                    will pay any legal or other expenses reasonably incurred by
                    any person intended to be indemnified pursuant to this
                    subsection 4.4(b), in connection with investigating or
                    defending any such loss, claim, damage, liability, or
                    action; provided, however, that the indemnity agreement
                    contained in this subsection 4.4(b) shall not apply to
                    amounts paid in settlement of any such loss, claim, damage,
                    liability or action if such settlement is effected without
                    the consent of the Seller, which consent shall not be
                    unreasonably withheld; provided further that in no event
                    shall any indemnity under this subsection 4.4(b) exceed the
                    gross proceeds from the offering received by the Seller.

            (c)     Promptly after receipt by an indemnified party under this
                    Section 4.4 of notice of the commencement of any action
                    (including any governmental



                                       7
<PAGE>

                    action), such indemnified party will, if a claim in respect
                    thereof is to be made against any indemnifying party under
                    this Section 4.4, deliver to the indemnifying party a
                    written notice of the commencement thereof and the
                    indemnifying party shall have the right to participate in,
                    and, to the extent the indemnifying party so desires,
                    jointly with any other indemnifying party similarly noticed,
                    to assume the defense thereof with counsel mutually
                    satisfactory to the parties; provided, however, that an
                    indemnified party (together with all other indemnified
                    parties which may be represented without conflict by one
                    counsel) shall have the right to retain one separate
                    counsel, with the fees and expenses to be paid by the
                    indemnifying party, if representation of such indemnified
                    party by the counsel retained by the indemnifying party
                    would be inappropriate due to actual or potential differing
                    interests between such indemnified party and any other party
                    represented by such counsel in such proceeding. The failure
                    to deliver written notice to the indemnifying party within a
                    reasonable time of the commencement of any such action, if
                    prejudicial to its ability to defend such action, shall
                    relieve such indemnifying party of any liability to the
                    indemnified party under this Section 4.4, but the omission
                    so to deliver written notice to the indemnifying party will
                    not relieve it of any liability that it may have to any
                    indemnified party otherwise than under this Section 4.4.

            (d)     If the indemnification provided for in this Section 4.4 is
                    held by a court of competent jurisdiction to be unavailable
                    to an indemnified party with respect to any loss, liability,
                    claim, damage, or expense referred to therein, then the
                    indemnifying party, in lieu of indemnifying such indemnified
                    party hereunder, shall contribute to the amount paid or
                    payable by such indemnified party as a result of such loss,
                    liability, claim, damage, or expense in such proportion as
                    is appropriate to reflect the relative fault of the
                    indemnifying party on the one hand and of the indemnified
                    party on the other in connection with the statements or
                    omissions that resulted in such loss, liability, claim,
                    damage, or expense as well as any other relevant equitable
                    considerations. The relative fault of the indemnifying party
                    and of the indemnified party shall be determined by
                    reference to, among other things, whether the untrue or
                    alleged untrue statement of a material fact or the omission
                    to state a material fact relates to information supplied by
                    the indemnifying party or by the indemnified party and the
                    parties' relative intent, knowledge, access to information,
                    and opportunity to correct or prevent such statement or
                    omission.

            (e)     The obligations of the Purchaser and the Seller under this
                    Section 4.4 shall survive the completion of any offering of
                    Purchaser Shares or Warrant Shares in a registration
                    statement under this Section 4.4, and otherwise.

     4.5    Form S-3 Eligibility. The Purchaser is eligible to use Form S-3 for
            registration under the Securities Act, and shall use its reasonable
            best efforts to remain so eligible during the period of time in
            which the Registration Statement is required

                                       8
<PAGE>

            to be kept effective pursuant to Section 4.1(b) hereof. The
            Purchaser shall use its reasonable best efforts to file any form,
            report or other document with the Nasdaq National Market to ensure
            that the Purchaser Shares, the Warrant Shares and the Additional
            Shares are admitted for quotation on the Nasdaq National Market.

5.   CONDITIONS OF THE PURCHASER'S OBLIGATIONS AT CLOSING. The obligations of
     the Purchaser under Section 1 of this Agreement are subject to the
     fulfillment on or before the Closing of each of the following conditions:

     5.1    Representations and Warranties. The representations and warranties
            of the Seller contained in Section 3 shall be true and correct on
            and as of the Closing with the same effect as though such
            representations and warranties had been made on and as of the date
            of such Closing.

     5.2    Release. The Seller shall deliver to the Purchaser a Release,
            substantially in the form attached hereto as Exhibit B (the
            "Release").

     5.3    Director Registration. Stewart Paperin shall have resigned from the
            Board of Directors of NetSat.

     5.4    Acknowledgment. The Seller shall deliver to the Purchaser an
            acknowledgment reasonably acceptable to the Purchaser that, by
            virtue of the Seller's sale of the Shares contemplated hereunder,
            the Seller has no rights or obligations under (a) the Amended and
            Restated Investors' Rights Agreement, dated October 28, 1999, by and
            among the Seller, NetSat, the Purchaser and certain other parties
            thereto or (b) the Amended and Restated Stockholders Rights
            Agreement, dated October 28, 1999, by and among the Seller, NetSat,
            the Purchaser and certain other parties thereto.

     5.5    Consents. Any required consent for the sale of the Shares by the
            Seller hereunder under any agreement, contract or license shall have
            been obtained.

6.   CONDITIONS OF THE SELLER'S OBLIGATIONS AT CLOSING. The obligations of the
     Seller under Section 1 of this Agreement are subject to the fulfillment on
     or before the Closing of each of the following conditions:

     6.1    Representations and Warranties. The representations and warranties
            of the Purchaser contained in Section 2 shall be true and correct on
            and as of the Closing with the same effect as though such
            representations and warranties had been made on and as of the date
            of such Closing.

     6.2    Warrant. The Purchaser shall deliver to the Seller a Warrant to
            purchase the Warrant Shares.

     6.3    Consents. Any required consent for the purchase of the Shares by the
            Purchaser hereunder under any agreement, contract or license shall
            have been obtained.


                                       9
<PAGE>

7.   MISCELLANEOUS.

     7.1    Governing Law. This Agreement shall be governed by and construed
            under the laws of the State of New York.

     7.2    Amendment. Any provision may be amended only by the written consent
            of the Seller and the Purchaser, provided that any party hereto may
            waive any of its rights hereunder without obtaining the consent of
            the other parties hereto.

     7.3    Notices. All notices required or permitted hereunder shall be in
            writing and shall be deemed effectively given (i) upon personal
            delivery to the party to be notified, (ii) when sent by facsimile to
            the party to be notified if sent during the normal business hours of
            such party, if not, then on the next business day, (iii) five (5)
            days after deposit in the United States mail, by registered or
            certified mail, postage prepaid, or (iv) one (1) day after deposit
            with a nationally recognized overnight courier, specifying next day
            delivery, with written verification of receipt. All notices and
            communications shall be properly addressed to the party to be
            notified as set forth on the signature page hereof or at such other
            address as such party may designate by written notice to the other
            parties hereto.

     7.4    Severability. In the event one or more of the provisions of this
            Agreement should, for any reason, be held to be invalid, illegal or
            unenforceable in any respect, such invalidity, illegality or
            unenforceability shall not affect any other provisions of this
            Agreement, and this Agreement shall be construed as if such invalid,
            illegal or unenforceable provision had never been contained herein.

     7.5    Successors and Assigns. This Agreement shall be binding upon,
            enforceable against and inure to the benefit of, the parties hereto
            and their respective heirs, administrators, executors, personal
            representatives, successors and assigns, and nothing herein is
            intended to confer any right, remedy or benefit upon any other
            person. This Agreement may not be assigned by any party hereto
            except with the prior written consent of the other party, which
            consent shall not be unreasonably withheld.

     7.6    Counterparts. This Agreement may be executed in two or more
            counterparts, each of which shall be deemed an original, but all of
            which together shall constitute one and the same instrument.


                                       10
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Stock Purchase Agreement
as of the date first above written.


THE PURCHASER:

GLOBECOMM SYSTEMS INC.

By:
   ----------------------------------------
     Name:    Andrew C. Melfi, Vice President and Chief Financial Officer
     Address: 45 Oser Avenue
              Hauppage, New York  11788


THE SELLER:


--------------------------------
George Soros
by attorney-in-fact
     Address: c/o Soros Fund Management LLC
              888 7th Avenue
              New York, New York  10106
              Attn: Michael C. Neus




                                       11
<PAGE>

                                   SCHEDULE I

                                     SELLER


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
NAME                      NUMBER OF        NUMBER OF       PURCHASER        WARRANTS ISSUED AT      CASH PAID AT CLOSING
                          SHARES OF        SHARES OF       SHARES ISSUED    CLOSING
                          NETSAT COMMON    PREFERRED       AT CLOSING
                          STOCK            STOCK
-------------------------------------------------------------------------------------------------------------------------
<S>                        <C>            <C>               <C>                 <C>                    <C>
George Soros                  333,334        2,000,000         233,334             262,501                $583,335
-------------------------------------------------------------------------------------------------------------------------
</TABLE>












                                       12
<PAGE>

                                    Exhibit A
                                    ---------
                                 Form of Warrant

NEITHER THIS WARRANT, NOR THE COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF,
HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
QUALIFIED UNDER THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION (THE
"LAW"), AND THIS WARRANT HAS BEEN, AND THE COMMON STOCK TO BE ISSUED UPON
EXERCISE HEREOF WILL BE, ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR
RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF. NO SUCH SALE OR OTHER
DISPOSITION MAY BE MADE EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND QUALIFICATION UNDER THE LAW RELATED THERETO, OR AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS UNDER THE ACT AND LAW, RESPECTIVELY, OR AN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY (AS THAT TERM IS DEFINED BELOW)
AND ITS COUNSEL, THAT SAID REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER
THE ACT AND LAW, RESPECTIVELY.

                             GLOBECOMM SYSTEMS INC.

March 30, 2001                                                    262,501 Shares
                                                                 of Common Stock

                            WARRANT FOR COMMON STOCK

     This certifies that George Soros whose address is 888 7th Avenue, New York,
NY 10106 (the "Holder") is entitled to subscribe for and purchase, subject to
Section 1.4 below, during the period commencing on the date hereof, and ending
at 5:00 P.M., New York local time, on March 30, 2006, TWO HUNDRED SIXTY TWO
THOUSAND FIVE HUNDRED ONE (262,501) shares of fully paid and nonassessable
Common Stock, $.001 par value per share ("Common Stock"), of Globecomm Systems
Inc., a Delaware corporation (the "Company"). The purchase price of each such
share shall be the amount set forth in Section 1.3 herein (the "Warrant Price").
This Warrant shall not be assignable except to affiliates of Holder, and shall
only be exercisable, by the Holder or affiliates thereof.

1.   EXERCISE; PAYMENT

     1.1 Payment. The purchase rights under this Warrant may be exercised by
Holder, in whole or in part, by the surrender of this Warrant at the principal
office of the Company located at 45 Oser Avenue, Hauppauge, New York 11788 (by
personal delivery or facsimilie to the Chief Financial Officer), and by the
payment to the Company, by wire transfer or by certified, cashier's or other
check acceptable to the Company, of an amount equal to the aggregate Warrant
Price of the shares being purchased.

     1.2 Net Issue Exercise. In lieu of exercising this Warrant pursuant to
Section 1.1, Holder may elect to receive shares equal to the value of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at
the principal office of the Company together with notice of such election, in
which event the Company shall issue to Holder a number of shares of the
Company's Common Stock computed using the following formula:

                 X =  Y (W-Z)
                     --------
                        W


                                       13
<PAGE>

Where:

     X = the number of shares of Common Stock to be issued to Holder;

     Y = the number of shares of Common Stock purchasable under this Warrant
         (at the date of such calculation);

     W = the fair market value of one share of the Company's Common Stock (at
         the date of such calculation); and

     Z = Warrant Price, as set forth in Section 1.4 herein (as adjusted to the
         date of such calculation as provided in Section 3 herein).

     Fair Market Value. For purposes of this Section 1, "fair market value" of
one share of the Company's Common Stock shall mean the average of the closing
sale prices of such share as quoted on the Nasdaq National Market, the Nasdaq
system, or any other nationally recognized exchange or quotation system on which
the Common Stock is listed as published in The Wall Street Journal for the ten
(10) trading days prior to the date of determination of fair market value. If
the Common Stock is not traded on the Nasdaq National Market, the Nasdaq system
or any other nationally recognized exchange or quotation system, fair market
value of the Common Stock per share shall be the price per share which the
Company's Board of Directors shall determine in good faith.

     1.3 Stock Certificates. In the event of any exercise of the rights to
acquire Common Stock granted under this Warrant, certificates for the shares of
Common Stock so purchased shall be delivered to Holder within a reasonable time
and, unless this Warrant has been fully exercised or has expired, a new Warrant
representing the shares with respect to which this Warrant shall not have been
exercised shall also be issued to Holder within such time.

     1.4 Warrant Price. The purchase price for the shares of Common Stock to be
issued upon exercise of this Warrant shall be $11.375 per share, subject to
adjustment as provided in Section 3 herein (the "Warrant Price").

2.   STOCK FULLY PAID; RESERVATION OF SHARES

     The Company covenants and agrees that all securities which may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be fully paid and nonassessable and free from all taxes, liens and charges with
respect to the issuance thereof (excluding taxes based on the income of Holder).
The Company covenants and agrees that none of the shares of Common Stock which
may be issued upon exercise of this Warrant will, upon issuance, be in violation
of or subject to any preemptive rights of any person. The Company further
covenants and agrees that during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized
and reserved for issuance a sufficient number of shares of its Common Stock or
other securities as would be required upon the full exercise of the rights
represented by this Warrant.


                                       14
<PAGE>

3.   ADJUSTMENT

     The kind of securities purchasable upon the exercise of this Warrant, the
number of shares under this Warrant and the Warrant Price shall be subject to
adjustment from time to time upon the happening of certain events, as follows:

     3.1 Reclassification, Consolidation or Merger. In case of: (i) any
reclassification or change of outstanding securities issuable upon exercise of
this Warrant; (ii) any consolidation or merger of the Company with or into
another corporation (other than a merger with another corporation in which the
Company is a continuing corporation and which does not result in any
reclassification, change or exchange of outstanding securities issuable upon
exercise of this Warrant); or (iii) any sale or transfer to another corporation
of all, or substantially all, of the property of the Company, then, and in each
such event, the Company or such successor or purchasing corporation, as the case
may be, shall execute a new Warrant which will provide that Holder shall have
the right to exercise such new Warrant and purchase upon such exercise, in lieu
of each share of Common Stock theretofore issuable upon exercise of this
Warrant, the kind of securities, money and property receivable upon such
reclassification, change, consolidation, merger, sale or transfer by a holder of
Common Stock issuable upon exercise of this Warrant had this Warrant been
considered exercised immediately prior to such reclassification, change,
consolidation, merger, sale or transfer. Such new Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided in this Section 3, and the provisions of this Section 3 and
the provisions of this Section 3.1 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and transfers.

     3.2 Subdivisions or Combination of Shares. If the Company at any time while
this Warrant remains outstanding and unexercised, in whole or in part, (i) shall
divide its Common Stock, the Warrant Price shall be proportionately reduced and
the number of shares under this Warrant shall be proportionately increased; or
(ii) shall combine shares of its Common Stock, the Warrant Price shall be
proportionately increased and the number of shares under this Warrant shall be
proportionately reduced.

     3.3 Stock Dividends. If the Company, at any time while this Warrant is
outstanding and unexpired, shall pay a dividend payable in, or make any other
distribution to shareholders of, its Common Stock (except any distribution
described in Sections 3.1 and 3.2 hereof), then and in each case, this Warrant
shall represent the right to acquire, in addition to the number of shares of the
security receivable upon exercise of this Warrant, and without payment of any
additional consideration therefor, the amount of such additional stock of the
Company which such holder would hold on the date of such exercise had it been
the holder of record of the security receivable upon exercise of this Warrant on
the date hereof and had thereafter, during the period from the date hereof to
and including the date of such exercise, retained such shares and/or all other
additional stock available by it as aforesaid during such period, giving effect
to all adjustments called for during such period by the provisions of this
Section 3.

     3.4 Time of Adjustments. All adjustments, unless otherwise specified
herein, shall be effective as of the earlier of:

         3.4.1  the date of issuance of the security causing the adjustment;

                                       16
<PAGE>

         3.4.2  the effective date of a division or combination of shares;

         3.4.3  the record date of any action of holders of the Company's
         capital stock of any class taken for the purpose of dividing or
         combining shares or entitling holders of Common Stock to receive a
         distribution or dividends payable in the Company's capital stock.

     3.5 Notice of Adjustments. In each case of an adjustment, the Company, at
its expense, shall cause the Chief Financial Officer (or other such similar
officer) of the Company to compute such adjustments and prepare a certificate
setting forth such adjustments and showing in detail the facts upon which such
adjustment is based. The Company shall promptly mail a copy of each such
certificate to Holder pursuant to Section 13 hereof.

4.   FRACTIONAL SHARES

     No fractional share of Common Stock will be issued in connection with any
exercise hereof, but in lieu of a fractional share upon complete exercise
hereof, Holder may purchase a whole share at the then effective Warrant Price.

5.   SHAREHOLDER RIGHTS

     Holder shall not, solely by virtue hereof, be entitled to any rights of a
shareholder of the Company. Holder shall have all rights of a shareholder with
respect to securities purchased upon exercise hereof at the time the exercise
price for such securities is delivered pursuant to Section l hereof and this
Warrant is surrendered.

6.   NO TRANSFER; EXCHANGE

     6.1 Transfer. This Warrant shall not be transferable by the Holder except
to affiliates thereof.

     6.2 Securities Laws. The Holder, by acceptance hereof, agrees that, absent
an effective registration statement under the Securities Act of 1933, as amended
(the "Securities Act") and qualification under applicable state securities laws,
covering the disposition of Common Stock issued or issuable upon exercise
hereof, Holder will not sell or transfer any or all of such Common Stock, except
pursuant to an exemption from the registration requirements under the Securities
Act and any applicable state securities laws or without first providing the
Company with an opinion of counsel reasonably acceptable to the Company and its
counsel to the effect that such sale or transfer will be exempt from the
registration requirements of the Securities Act and applicable state securities
laws, and Holder consents to the Company making a notation on its records in
order to implement such restriction on transferability.

     6.3 Exchange. This Warrant is exchangeable at the principal office of the
Company for Warrants to purchase the same aggregate number of shares of Common
Stock purchasable hereunder, each new Warrant to represent the right to purchase
such number of shares as Holder shall designate at the time of such exchange.


                                       16
<PAGE>

7.   LOSS OR MUTILATION

     Upon receipt by the Company of evidence satisfactory to it of the ownership
of, and the loss, theft, destruction or mutilation of, this Warrant and (in the
case of loss, theft or destruction) of indemnity satisfactory to it, and (in the
case of mutilation) upon surrender and cancellation hereof, the Company will
execute and deliver in lieu hereof a new Warrant.

8.   GOVERNING LAWS

     The internal laws of the State of New York (irrespective of its choice of
law principles) shall govern the validity of this Warrant, the construction of
its terms, and the interpretation and enforcement of the rights and duties of
the parties hereto.

9.   BINDING UPON SUCCESSORS AND ASSIGNS

     Subject to, and unless otherwise provided in, this Warrant, each and all of
the covenants, terms, provisions, and agreements contained herein shall be
binding upon, and inure to the benefit of the permitted successors, executors,
heirs, representatives, administrators and assigns of the parties hereto.

10.  SEVERABILITY

     If any provision of this Warrant, or the application hereof, shall for any
reason and to any extent, be invalid or unenforceable, the remainder of this
Warrant and application of such provisions to other persons or circumstances
shall be interpreted so as best to reasonably effect the intent of the parties
hereto. The parties further agree to replace such void or unenforceable
provisions of this Warrant with valid or enforceable provisions which will
achieve, to the extent possible, the economic, business and other purposes of
the void or unenforceable provisions.

11.  AMENDMENT

     This Warrant may be amended upon the written consent of the Company and the
Holder.

12.  NO WAIVER

     The failure of any party to enforce any of the provisions hereof shall not
be construed to be a waiver of the right of such party thereafter to enforce
such provisions.

13.  NOTICES

     Whenever any party hereto desires or is required to give any notice,
demand, or request with respect to this Warrant, all notices required or
permitted hereunder shall be in writing and shall be deemed effectively given
(i) upon personal delivery to the party to be notified, (ii) when sent by
facsimile to the party to be notified if sent during the normal business hours
of such party, if not, then on the next business day, (iii) five (5) days after
deposit in the United States mail, by registered or certified mail, postage
prepaid, or (iv) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of
receipt. All notices and communications shall be properly addressed to the party
to be notified

                                       17
<PAGE>

as set forth below or at such other address as such party may designate by
written notice to the other parties hereto:

     Company:  Address set forth in Section 1 hereof
               Attn: Chief Executive Officer

     Holder:   Address as set forth in paragraph 1 hereof
               Attn: Michael C. Neus

14.  CONSTRUCTION OF AGREEMENT

     A reference in this Warrant to any Section shall include a reference to
every Section the number of which begins with the number of the Section to which
reference is specifically made. The titles and headings herein are for reference
purposes only and shall not in any manner limit the construction of this Warrant
which shall be considered as a whole.

15.  NO ENDORSEMENT

     Holder understands that no federal or state securities administrator has
made any finding or determination relating to the fairness of investment in the
Company or purchase of the Common Stock hereunder and that no federal or state
securities administrator has recommended or endorsed the offering of securities
by the Company hereunder.

16.  PRONOUNS

     All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine or neuter, singular or plural, as the identity of the
person, persons, entity or entities may require.





                                       18
<PAGE>

17.  FURTHER ASSISTANCE

     Each party agrees to cooperate fully with the other parties and to execute
such further instruments, documents and agreements and to give such further
written assurances, as may be reasonably requested by any other party to better
evidence and reflect the transactions described herein and contemplated hereby,
and to carry into effect the intents and purposes of this Warrant.


                                  GLOBECOMM SYSTEMS INC.


                                  ----------------------------------------------
                                  By: Andrew C. Melfi
                                      Vice President and Chief Financial Officer






                                       19
<PAGE>

                            FORM OF WARRANT EXERCISE
                   (To be signed only on exercise of Warrant)

TO _______________________

     The undersigned, the holder of the within Warrant, hereby irrevocably
elects to

     (A) exercise this Warrant for, and to purchase thereunder, ______ shares of
Common Stock of Globecomm Systems Inc., a Delaware corporation, and herewith
makes payment of $__________ therefor, and requests that the certificates for
such shares be issued in the name of, and delivered to _____________, whose
address is __________________________;

     or

     (B) under the Net Issue Exercise provision of Section 1.2 of this Warrant,
to surrender the right to purchase _______ shares of Common Stock of Globecomm
Systems Inc. pursuant to this Warrant.



Dated:
                                  ----------------------------------------------
                                   (Signature must conform to name of holder as
                                         specified on the face of the Warrant)


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

                                  Tax Identification Number:
                                                            --------------------

<PAGE>

                                    Exhibit B
                                    ---------
                                 Form of Release

                                     RELEASE

     IT IS HEREBY UNDERSTOOD, ACKNOWLEDGED, ADMITTED AND AGREED that:

1. For and in consideration of the payment from Globecomm Systems Inc.
("Globecomm") to George Soros (the "Seller" or "Releasor") in the amount and
form set forth in Schedule I to the Stock Purchase Agreement, dated the date
hereof (the "Agreement"), between Globecomm and the Seller (as defined in the
Agreement), receipt of which is hereby acknowledged, and intending to be legally
bound, the Seller for himself hereby releases, acquits and forever discharges
Globecomm and NetSat Express, Inc. ("NetSat") and Globecomm's and NetSat's
present and former officers, directors, stockholders, representatives, agents,
employees, attorneys, financial advisors, underwriters, predecessors,
successors, affiliates, subsidiaries, parents, servants, insurers,
administrators, executors, trustees, licensees and assigns (collectively, the
RELEASEES), of and from all manner of actions, suits, proceedings, and causes of
action, in law or in equity, whether foreseen or unforeseen, matured or
unmatured, known or unknown, accrued or not accrued, and of and from all direct
or indirect debts, assessments, dues, claims, losses, damages, judgments,
executions, defaults, covenants, contracts, controversies, agreements, promises,
attorneys' fees, costs, interest payments and expenses, accounts, bills,
variances, trespasses, assignments, notes, leases, rights, liabilities,
obligations and demands of any kind whatsoever concerning NetSat, including, but
not limited to, claims arising out of the management of NetSat or Globecomm's
conduct as a stockholder and/or creditor of NetSat, which RELEASOR ever had, now
has, or hereafter can, shall or may have, for, upon, or by reason of any matter,
cause or thing that existed or occurred at any time prior to the date of this
Release (it being understood by Globecomm and the Seller that this Release shall
not apply to actions, suits, proceedings and causes of actions of any kind
relating to the Stock Purchase Agreement, dated March 30, 2001, between
Globecomm and the Seller).

2. This Release, together with the Agreement contains the entire agreement among
the parties hereto, and the terms of this Release are contractual and not a mere
recital.

3. This Release may not be modified except by a writing jointly signed by the
parties hereto.

4. If any of the provisions or terms of this Release shall be held for any
reason to be invalid or unenforceable, such invalidity or unenforceability shall
not affect any of the other terms hereof, and this Release shall be construed as
if such unenforceable term had never been contained herein.

5. This Release shall be in all respects interpreted, enforced and governed by
and under the laws of the State of New York, without regard to New York
conflicts of laws principles.

6. Litigation of any dispute arising out of or relating in any way to this
Release shall only take place in a state or federal court located in New York
County, New York.

                                       21
<PAGE>

7. All parties to this Release are represented by competent counsel in
connection with the negotiation and execution of this Release and understand
fully the terms and conditions set forth herein.

     IN WITNESS WHEREOF, RELEASOR and RELEASEES, intending to be legally bound,
have duly executed this Release on the date set forth below.


Agreed In Full:


RELEASEE:


GLOBECOMM SYSTEMS INC.


-------------------------------------------------------
Name:  Andrew C. Melfi
Title: Vice President and Chief Financial Officer



RELEASOR:



-------------------------------------------------------
George Soros
by attorney-in-fact