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                                                                   EXHIBIT 10.13

                                                                  EXECUTION COPY

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                             SHAREHOLDERS AGREEMENT

                                      AMONG

                BELL CANADA INTERNATIONAL (ESPELHO SUL) LIMITED,

                         VELOCOM CAYMAN BRASIL HOLDINGS,

                            QUALCOMM DO BRASIL LTDA.

                                       AND

                             BV INTERATIVA HOLDINGS

                           DATED AS OF MARCH 22, 2000

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                                TABLE OF CONTENTS

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Article I. Definitions and Interpretation.........................................................................1
     Section 1.1 Defined Terms ...................................................................................1
     Section 1.2 Interpretation ..................................................................................6

Article II. Interativa............................................................................................6
     Section 2.1 Capitalization of Interativa ....................................................................6
     Section 2.2 Initial Contributions of Shareholders to Interativa .............................................6
     Section 2.3 Increases in Capital ............................................................................7
     Section 2.4 Mechanism for Funding Cash Calls ................................................................7
     Section 2.5 Funding Obligations .............................................................................7
     Section 2.6 Preemptive Rights ...............................................................................8
     Section 2.7 Purposes ........................................................................................9

Article III. Representations, Warranties And Covenants............................................................9
     Section 3.1 Representations and Warranties ..................................................................9
     Section 3.2 Covenants Regarding the Foreign Corrupt Practices Act ..........................................10

Article IV. Accounting Matters...................................................................................11
     Section 4.1 Books and Accounting Records ...................................................................11
     Section 4.2 Access .........................................................................................11
     Section 4.3 Auditor ........................................................................................12
     Section 4.4 Internal Audits ................................................................................12
     Section 4.5 Interests of the Companies .....................................................................12
     Section 4.6 Distributions of Excess Cash ...................................................................12
     Section 4.7 Funding Policy .................................................................................12
     Section 4.8 Business Plan ..................................................................................12
     Section 4.9 Annual Tax Return ..............................................................................12
     Section 4.10 Related Party Transactions ....................................................................12
     Section 4.11 Financial Information .........................................................................13

Article V. Board and Shareholder Meetings........................................................................13
     Section 5.1 Appointments to the Board of Directors of Interativa ...........................................13
     Section 5.2 Rights Regarding Appointment of Directors ......................................................14
     Section 5.3 Chairman .......................................................................................14
     Section 5.4 Frequency of Board Meetings; Location; Notice; Agenda; Attendance of Alternates;
                     Committees .................................................................................15
     Section 5.5 Quorum and Voting Requirements for Board Meetings ..............................................16
     Section 5.6 Quorum and Voting Requirements for Shareholder Meetings ........................................19
     Section 5.7 Officers .......................................................................................21
     Section 5.8 Related Party Agreements .......................................................................21

Article VI. Restrictions On Transfer And Encumbrance.............................................................21
     Section 6.1 Encumbrance of Shares ..........................................................................21
     Section 6.2 Transfers Subject to Restrictions ..............................................................21
     Section 6.3 Right of First Negotiation .....................................................................22
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     Section 6.4 Right of First Refusal .........................................................................23
     Section 6.5 Transfers to Affiliates ........................................................................25
     Section 6.6 Expenses .......................................................................................25
     Section 6.7 Further Assurances .............................................................................25
     Section 6.8 Closing of Any Transfer ........................................................................25
     Section 6.9 Restrictive Legend .............................................................................26

Article VII. Further Covenants and Agreements....................................................................26
     Section 7.1 Management of the Companies ....................................................................26
     Section 7.2 Shareholders Agreement Controls ................................................................26

Article VIII. Confidentiality....................................................................................27
     Section 8.1 General ........................................................................................27
     Section 8.2 Disclosure Required by Law or Court Order ......................................................28
     Section 8.3 Use of Confidential Information ................................................................28

Article IX. Termination; Liquidation.............................................................................28
     Section 9.1 Term of Agreement ..............................................................................28
     Section 9.2 Termination by Unanimous Consent ...............................................................28
     Section 9.3 Termination on Bankruptcy or Liquidation .......................................................28
     Section 9.4 Liquidation ....................................................................................29

Article X. Governing Law; Arbitration............................................................................29
     Section 10.1 Law ...........................................................................................29
     Section 10.2 Arbitration ...................................................................................29
     Section 10.3 Waiver of Jury Trial ..........................................................................32

Article XI. Miscellaneous........................................................................................32
     Section 11.1 Notices .......................................................................................32
     Section 11.2 Assignment ....................................................................................34
     Section 11.3 Entire Agreement ..............................................................................34
     Section 11.4 Headings ......................................................................................34
     Section 11.5 Section References ............................................................................34
     Section 11.6 Amendments; Waivers ...........................................................................34
     Section 11.7 Third-Party Rights ............................................................................34
     Section 11.8 Rights and Remedies ...........................................................................34
     Section 11.9 Further Assurances ............................................................................34
     Section 11.10 Transfer Taxes; Recording Fees ...............................................................34
     Section 11.11 No Consequential Damages .....................................................................35
     Section 11.12 Expenses of Negotiation ......................................................................35
     Section 11.13 Relationship Among the Shareholders; Relationship between Interativa and the
                     Shareholders ...............................................................................35
     Section 11.14 Voting .......................................................................................35
     Section 11.15 No Brokers ...................................................................................35
     Section 11.16 News Releases ................................................................................36
     Section 11.17 Compliance with Transaction Documents ........................................................36
     Section 11.18 Counterparts .................................................................................36
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                             SHAREHOLDERS AGREEMENT

         This Shareholders Agreement (this "Agreement") dated as of March 22,
2000 among Bell Canada International (Espelho Sul) Limited, a British Virgin
Islands Company ("BCI"), VeloCom Cayman Brasil Holdings, a Cayman Islands
company ("VeloCom"), QUALCOMM do Brasil Ltda, a Brasilian sociedade de
responsibilidade limitada ("QUALCOMM") and BV Interativa Holdings, a Cayman
Islands Company ("Interativa").

                                    RECITALS

         WHEREAS, BCI and VeloCom each owns 45% of the issued and outstanding
capital stock of Interativa;

         WHEREAS, QUALCOMM owns 10% of the issued and outstanding capitalized
stock of Interativa;

         WHEREAS, Interativa owns 99.9% of BV Interativa Ltda., a Brasilian
sociedade de responsibilidade limitada ("Interativa Brasil").

         WHEREAS, pursuant to the terms of the Purchase Agreement (as defined
below), Interativa Brasil purchased, on the Closing Date (as defined below),
100% of the issued and outstanding capital stock of BR Home Shopping Internet
S.A., a Brasilian sociedade anonima ("BRHS"), from its shareholders; and

         WHEREAS, the Shareholders wish to set forth the terms and conditions of
the operation of Interativa and its Subsidiaries (as defined below), including
BRHS and Interativa Brasil (the "Interativa Subsidiaries").

         NOW, THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements, and upon the terms and subject to the
conditions hereinafter set forth, the parties hereto agree as follows:

                                   AGREEMENTS

                                   ARTICLE I.
                         DEFINITIONS AND INTERPRETATION

         Section 1.1 Defined Terms. As used in this Agreement, the following
terms shall have the following meanings (such meanings to be equally applicable
to the singular and plural forms of the terms defined).

         "Acceptance Period" shall have the meaning set forth in Section 6.4(d)
hereof.

         "Adjusted Valuation Price" shall have the meaning set forth in Section
6.4(e) hereof.

         "Affiliate" shall mean, with respect to any Person, any other Person
directly or indirectly Controlling, Controlled by or under common Control with
such Person.

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         "Agreement" shall mean this Shareholders Agreement, including all
exhibits, annexes and schedules hereto.

         "Annual Audit Report" shall have the meaning set forth in Section 4.3
hereof.

         "Articles" shall have the meaning set forth in Section 5.1 hereof.

         "BCI" shall have the meaning set forth in the Recitals hereof.

         "Board" shall mean the board of directors of each of the Companies as
the context requires.

         "Bona Fide Offer" shall have the meaning specified in Section 6.4(c)
hereof.

         "Bona Fide Shares" shall have the meaning specified in Section 6.4(d)
hereof.

         "BRHS" shall have the meaning set forth in the Recitals hereof.

         "Business Day" shall mean a day of the year on which banks are not
required or authorized to close in Montreal, Canada; New York, New York or Sao
Paulo, Brasil.

         "Cash Call Notice" shall mean a written notice for a Contribution sent
in accordance with Article II hereof.

         "Chairman" shall have the meaning specified in Section 5.3 hereof.

         "Chief Executive Officer" shall mean the chief executive officer of
Interativa, who shall be appointed by BCI and VeloCom.

         "Closing Date" shall mean March 17, 2000.

         "Companies" shall mean Interativa and the Interativa Subsidiaries.

         "Company Act" means the New Brazilian Company Law, Law No. 6404 of
December 15, 1976, as amended from time to time, and any successor or
replacement legislation thereof.

         "Confidential Information" shall have the meaning specified in Section
8.1(b) hereof.

         "Contribution" shall mean any capital contribution and/or Shareholder
loan made pursuant to Section 2.2 or Section 2.3 hereof.

         "Control" is possessed by a Person over another Person (such other
Person the "subject Person") if such Person (alone or in combination with one or
more Related Parties and/or Affiliates), (i) holds shares or possesses rights
that assure it the majority of votes in resolutions in a general meeting of
shareholders and the power to elect a majority of the subject Person's members,
directors and officers; or (ii) holds shares or possesses rights

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either directly or indirectly through the control of other subject Person(s)
that assure its prevalence in corporate resolutions and the power to elect the
majority of the subject Person's directors and officers; or (iii) satisfies the
definitions of "control" set forth in articles 116 and 243(2) of the Company Act
or any successor or replacement legislation thereof or (iv) has the power
otherwise to cause the direction of the management of the subject Person and
"Controlling" or "Controlled" have corresponding meanings.

         "Defaulting Shareholder" shall mean any Shareholder that causes an
Event of Default.

         "Demand" shall have the meaning set forth in Section 10.2(c) hereof.

         "Dispute" shall have the meaning set forth in Section 10.2(a) hereof.

         "Dollars" or "US$" shall mean the lawful currency of the United States
of America.

         "Event of Default" shall mean the occurrence, by or with respect to any
Shareholder, of (i) the violation or breach of any of the Material Provisions of
this Agreement which has not been remedied after a period of twenty (20)
Business Days following the receipt by the Defaulting Shareholder of a written
notice of such violation or breach (unless a different delay to remedy the Event
of Default is specifically expressed in this Agreement); (ii) the voluntary
filing of a petition or judgment declaring bankruptcy or insolvency, or the
voluntary liquidation, dissolution or winding-up; or (iii) the making of any
arrangement with all or substantially all of such Party's creditors; provided,
however, that the failure of any Shareholder to make any capital contribution
other than as set forth in Section 2.2 shall not constitute an Event of Default.

         "Excess Shares" shall have the meaning set forth in Section 2.6(c)
hereof.

         "Experts" shall have the meaning set forth in Section 6.4(e) hereof.

         "Final Payment" shall have the meaning specified in Section 2.3(c) of
the Purchase Agreement.

         "First Refusal Notice" shall have the meaning set forth in Section
6.4(b).

         "Floor Price" shall have the meaning set forth in Section 6.3(c)
hereof.

         "Foreign Corrupt Practices Act" shall mean the Foreign Corrupt
Practices Act of the United States of America (15 U.S.C.A. Section 78dd) and any
successor statute or legislation.

         "Foreign Official" means (i) an officer or employee of the government
of the Federative Republic of Brasil or any political subdivision, department,
agency or instrumentality thereof, (ii) a Person acting in an official capacity
for or on behalf of any such government or department, agency or
instrumentality, (iii) a member or official of a political party in the
Federative Republic of Brasil or (iv) a candidate for political office in the
Federative Republic of Brasil.

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         "GAAP" shall mean generally accepted accounting principles in effect in
a particular jurisdiction, consistently applied.

         "ICC" shall have the meaning set forth in Section 10.2(c) hereof.

         "Indemnitor" shall have the meaning set forth in Section 11.15(b)
hereof.

         "Interativa" shall have the meaning set forth in the Recitals hereof.

         "Interativa Brasil" shall have the meaning set forth in the Recitals
hereof.

         "Interativa Subsidiaries" shall have the meaning set forth in the
Recitals hereof.

         "Lending Shareholders" shall have the meaning set forth in Section
2.3(b) hereof.

         "Lien" shall mean any pledge, mortgage, lien, security interest or
other encumbrance.

         "Loss" shall mean any loss, damage, claim, obligation, liability or
expense, including, without limitation, reasonable attorneys' fees and costs of
litigation whether threatened or pending.

         "Material Provisions" shall mean Section 2.2, Section 3.1, Section 3.2,
Section 5.5, Section 5.6, Section 6.2, Section 6.3, Section 6.4, and Article
VIII.

         "Negotiation Period" shall have the meaning set forth in Section 6.3(b)
hereof.

         "Nonlending Shareholder" shall have the meaning set forth in Section
2.3(b) hereof.

         "Nontransferring Shareholder" shall mean, with respect to any transfer
of Shares in accordance with this Agreement, any Shareholder that is not a
Transferring Shareholder.

         "Observer" shall have the meaning set forth in Section 5.1(b) hereof.

         "Offer Notice" shall have the meaning set forth in Section 6.3(a)
hereof.

         "Offered Shares" shall have the meaning set forth in Section 6.3(a)
hereof.

         "Officer" shall mean an officer of Interativa appointed by BCI and
VeloCom.

         "Ownership Percentage" of any Shareholder shall mean, at any time, a
percentage equal to the product of (i) 100% multiplied by (ii) a fraction, the
numerator of which is the number of Shares owned by such Shareholder at such
time and the denominator of which is the aggregate number of all issued and
outstanding Shares at such time.

         "Parent Shareholder" means Bell Canada International Inc., VeloCom Inc.
and QUALCOMM Incorporated.

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         "Parties" shall mean the parties to this Agreement as of the date
hereof and from time to time.

         "Person" shall mean an individual, a corporation, a partnership, a
trust, an unincorporated organization, a government or any agency or political
subdivision thereof.

         "Preemptive Offer" shall have the meaning set forth in Section 2.6(c).

         "Preemptive Period" shall have the meaning set forth in Section 2.6(d)
hereof.

         "Proportionate Amount" shall have the meaning set forth in Section
2.6(a) hereof.

         "Pro Rata Portion" shall have the meaning set forth in Section 6.3(b)
hereof.

         "Purchase Agreement" shall mean the Purchase Agreement dated March 3,
2000 among Interativa Brasil, BRHS and the Shareholders of BRHS.

         "QUALCOMM" shall have the meaning set forth in the Recitals of this
Agreement.

         "Related Party" with respect to any individual means any Person related
by blood (up to the fourth degree), marriage or adoption (or formerly related by
marriage) to such individual, including, without limitation, spouses, in-laws,
parents, grandparents, children, grandchildren, aunts, uncles, great-aunts,
great-uncles, nieces, nephews, great-nieces and great-nephews.

         "Representative" shall mean, with respect to any Person, any director,
officer, employee, consultant, advisor or agent of such Person.

         "Rules" shall have the meaning set forth in Section 10.2(c) hereof.

         "Schedule of Authorities" shall have the meaning set forth in Section
5.5(b)(xiii).

         "Shareholders" shall mean BCI, VeloCom and QUALCOMM and any other
Person who is the owner of any Shares and is a party to this Agreement.

         "Shares" shall mean the issued and outstanding shares of Interativa,
par value US$1.00 per share.

         "Subsidiary" shall mean, with respect to any Person, another Person
controlled directly or indirectly by such Person or in which such Person owns,
directly or indirectly, a ten percent (10%) or more equity interest. For the
purposes of this definition, "control" shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of an entity, whether through the ownership of voting securities or
otherwise.

         "Transaction Documents" shall mean this Agreement and the Purchase
Agreement.

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         "Transferring Shareholder" shall mean any Shareholder that desires to
transfer Shares.

         "Valuation Price" shall have the meaning set forth in Section 6.4(e)
hereof.

         "VeloCom" shall have the meaning set forth in the Recitals of this
Agreement.

         Section 1.2 Interpretation.

                  (a) Certain Terms. In this Agreement, (i) any reference to an
agreement or document shall mean such agreement or document, including any
schedules and exhibits thereto, as the same may be supplemented, amended or
modified from time to time in accordance with its terms, (ii) the term "days"
shall mean calendar days and (iii) in the computation of periods of time from a
specified date to a later specified date, the word "from" means "from but
excluding" and the words "until" and "to" mean "to and including."

                  (b) Calculation of Interest. Interest applicable to any amount
payable hereunder shall be calculated for the actual number of days elapsed on
the basis of a year consisting of three hundred and sixty (360) days and shall
be compounded semi-annually, to the extent permitted by applicable law.

                                   ARTICLE II.
                                   INTERATIVA

         Section 2.1 Capitalization of Interativa. As of the date hereof, the
issued and outstanding capital stock of Interativa, a Cayman Islands company, is
comprised of nine million, one hundred thirty nine thousand four hundred and
twenty-five (9,139,425) Shares, par value US$1.00 per Share; of which (i) BCI
owns four million, one hundred twelve thousand, seven hundred and forty-one
(4,112,741) Shares (representing 45% of such issued and outstanding capital
stock); (ii) VeloCom owns four million, one hundred twelve thousand, seven
hundred and forty-one (4,112,741) Shares (representing 45% of such issued and
outstanding capital stock); and (iii) QUALCOMM owns nine hundred thirteen
thousand, nine hundred and forty-three (913,943) Shares (representing 10% of
such issued and outstanding capital stock).

         Section 2.2 Initial Contributions of Shareholders to Interativa.

                  (a) As of the date of this Agreement, the Shareholders have
contributed nine million, one hundred thirty nine thousand four hundred and
twenty-five Dollars (US$ 9,139,425.00) as follows: each of BCI and VeloCom has
contributed four million, one hundred twelve thousand, seven hundred and
forty-one Dollars (US$ 4,112,741.00), and QUALCOMM has contributed nine hundred
thirteen thousand, nine hundred and forty-three Dollars (US$ 913,943.00).

                  (b) Subject to and upon the terms and conditions set forth in
this Agreement, each Shareholder agrees to make on the date the Final Payment is
due under

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the Purchase Agreement, capital contributions and/or Shareholder loans to
Interativa in proportion to its Ownership Percentage in Interativa to fund the
amount of the Final Payment.

                  (c) Within thirty (30) days after the Closing Date, the
Management of BRHS will present a business plan, for the first year of BRHS's
operations, to the Board of Interativa, which business plan will include the
proposed first stage funding commitment of Interativa. The Shareholders and the
Board of Interativa will use their best efforts to approve such business plan,
with such revisions deemed necessary by the Board of Interativa within sixty
(60) days after the Closing Date.

         Section 2.3 Increases in Capital.

                  (a) The capital of Interativa may be increased from time to
time as authorized by the Interativa Board in order to fund anticipated cash
needs of Interativa. The Shareholders shall have preemptive rights in respect of
all such increases in capital in proportion to their Ownership Percentages in
Interativa as set forth in Section 2.6 hereof. Each Shareholder shall vote its
Shares in favor of such increase in capital in order to implement the vote of
the Interativa Board taken in accordance with Section 5.5 hereof.

                  (b) The amount of Shareholder loans made by each Shareholder
to Interativa shall be in proportion to such Shareholder's Ownership Percentage,
provided, however, that if any Shareholder fails to make a loan in the amount of
its Ownership Percentage (a "Nonlending Shareholder"), the Shareholders that
make loans ("Lending Shareholders") shall have the right to make additional
loans (totaling the amount of the loan not made by the Nonlending Shareholder),
each in the proportion its Ownership Percentage bears to the total Ownership
Percentage of the Lending Shareholders.

         Section 2.4 Mechanism for Funding Cash Calls. If the Interativa Board
authorizes a Contribution, Interativa shall send a Cash Call Notice to each of
the Shareholders calling for Contributions from such Shareholder. Each
Contribution (or portion thereof) required to be made by any such Shareholder
shall be payable by such Shareholder in the form of a capital contribution
and/or a Shareholder loan to Interativa (which form shall be the same for all
Shareholders) as determined by the Interativa Board and specified in the Cash
Call Notice. Each Contribution made pursuant to this Agreement shall be payable
by the Shareholders in cash, in Dollars, on the date specified in the Cash Call
Notice, by wire transfer to the account or accounts of Interativa as specified
in such Cash Call Notice.

         Section 2.5 Funding Obligations. Except as provided in Section 2.2
hereof, no Shareholder shall have any obligation pursuant to this Agreement to
make any capital contributions or Shareholder loans to Interativa. Failure by a
Shareholder to subscribe to its Proportionate Amount of any Contribution (other
than pursuant to Section 2.2) shall result in a dilution of its Ownership
Percentage and shall not constitute an Event of Default hereunder.

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         Section 2.6 Preemptive Rights.

                  (a) Each Shareholder shall have preemptive rights, as
described below, to subscribe in proportion to its respective Ownership
Percentage in Interativa (its "Proportionate Amount") for any additional Shares
of Interativa that may be issued (including Shares to be issued pursuant to a
Cash Call Notice) to satisfy Interativa's anticipated cash needs.

                  (b) Any new Shares of Interativa from time to time to be
created, or Shares already authorized but not issued, shall, before they are
issued to satisfy Interativa's anticipated cash needs, be offered to each
Shareholder in its respective Proportionate Amount.

                  (c) Every offer regarding preemptive rights (each a
"Preemptive Offer") shall be made in writing by Interativa to each Shareholder,
shall be accompanied by forms of application for use by each such Shareholder in
applying for its Proportionate Amount or for any lesser number of Shares, and
for any Shares in excess of its Proportionate Amount, to which it is prepared to
subscribe ("Excess Shares"), and shall specify:

                           (i) the aggregate number and type (including all
material terms) of Shares that Interativa proposes to allot;

                           (ii) the terms (including the price per Share and
terms of payment) on which Interativa proposes to allot the Shares;

                           (iii) each Shareholder's Proportionate Amount.

                  (d) Every Preemptive Offer shall be open for acceptance in
whole or in part for a period of thirty (30) days from the date of its delivery
(the "Preemptive Period"). An acceptance of an offer shall only be valid to the
extent that payment in full or an irrevocable commitment to pay for the Shares
accepted, on the terms set forth in the Preemptive Offer, accompanies the
acceptance. The payment for the Excess Shares subscribed shall be made as
specified in the Preemptive Offer, and failure to comply therewith shall
preclude such Shareholder from subscribing for such Excess Shares.

                  (e) At the expiration of the Preemptive Period, Interativa
shall allot the Shares in the following manner:

                           (i) each Shareholder shall be allotted its
Proportionate Amount or such lesser number of Shares that it has accepted;

                           (ii) if the number of unaccepted Shares is less than
the number of Shares for which excess applications have been made, the
unaccepted Shares shall be allotted (as nearly as may be) in proportion to the
number of Shares held by each of the Shareholders that subscribed to Excess
Shares at the date of the Preemptive Offer; and

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                           (iii) if the number of unaccepted Shares is equal to
or greater than the number of Shares for which excess applications have been
made, a Shareholder who has applied for Excess Shares shall be allotted the
number of Excess Shares for which it applied.

                  (f) The resolution of the Board authorizing the increase of
the share capital pursuant to Section 2.3 shall provide that if the entire share
capital increase is not subscribed to by the Shareholders, the share capital
increase may be decreased to the amount actually subscribed.

                  (g) If the Shares shall not be capable, without division into
fractions, of being offered to or divided among the Shareholders in the
proportions above-mentioned, the same shall be offered to or divided among the
Shareholders to achieve a distribution as close as possible to such proportions,
and any balance shall be offered to or divided among the subscribing
Shareholders in such manner as may be determined by the subscribing
Shareholders.

         Section 2.7 Purposes. Unless the Shareholders otherwise unanimously
agree, the businesses to be engaged in by Interativa shall be providing Internet
access and value added services, including, without limitation: web hosting; web
development; file transfer protocol; telenet; electronic mail; Usenet
newsgroups; applications development, delivery and hosting; content; domain name
registration and maintenance; electronic commerce and services; colocation
services; portal development and maintenance; event hosting; and IP delivered
services.

                                  ARTICLE III.
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

         Section 3.1 Representations and Warranties. Each Party represents to
the others that:

                  (a) It is duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization, with full power and
authority to own, lease and operate the assets held or used by it to conduct its
business as currently conducted. It has the power and authority to enter into
this Agreement and the other Transaction Documents to which it is a party and to
carry out its obligations hereunder and thereunder. The execution and delivery
of this Agreement and the other Transaction Documents to which it is a party and
the consummation of the transactions provided for hereby and thereby have been
duly authorized by all necessary action of the governing body of such Party, and
no other proceeding on the part of such Party is necessary to authorize the
execution or delivery of this Agreement and the other Transaction Documents to
which it is a party or the consummation of any of the transactions contemplated
hereby or thereby. This Agreement and the other Transaction Documents to which
it is a party have been duly executed and delivered by such Party and constitute
a legal, valid and binding obligation of such party, enforceable against it in
accordance with the terms set forth herein or therein, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
other similar laws affecting creditors' rights generally and, subject as to

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enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity).

                  (b) The execution and delivery of this Agreement and the
Transaction Documents to which it is a party and the consummation of the
transactions contemplated hereby and thereby do not and will not (i) conflict
with or violate any provision of the Certificate of Incorporation, Memorandum
and Articles of Incorporation, Bylaws, or any other constituent document of such
Party, (ii) violate, conflict with or result in the breach or termination of, or
otherwise give any other Person the right to accelerate, renegotiate or
terminate or receive any payment, or constitute a default, event of default or
an event which with notice, lapse of time, or both, would constitute a default
or event of default, under the terms of any material contract to which such
Party is a party or is bound, (iii) result in the creation of any material liens
upon any of their respective properties, or (iv) constitute a violation by any
such Party of any applicable law.

                  (c) It has (i) read and fully understands this Agreement and
the Transaction Documents to which it is a party, (ii) consulted with
independent counsel to the extent it deemed necessary prior to its execution of
this Agreement and the Transaction Documents to which it is a party and (iii)
received a copy of the Foreign Corrupt Practices Act and understands its
requirements.

                  (d) That (i) it has not taken any action that is or could be
deemed to be a violation of the Foreign Corrupt Practices Act if taken by a
party subject thereto in respect of any of the Companies or any of the
transactions contemplated by the Transaction Documents, (ii) it is not aware of
any action or conduct that could be deemed to be a violation of the Foreign
Corrupt Practices Act if taken by a party subject thereto in respect of any of
the Companies or any of the transactions contemplated by the Transaction
Documents, and (iii) neither it nor its Affiliates nor any of its managers,
officers, directors, employees, shareholders, members, agents or Representatives
(including the managers, officers, directors, employees, shareholders, members,
agents or Representatives of its Affiliates) has offered, given, paid,
authorized the payment of, or promised, directly or indirectly, any money, gift,
promise or other thing of value to any Foreign Official (or to any other Person
while knowing it will be offered, given or promised to a Foreign Official) for
any purpose including, by way of example but not limitation, influencing any act
or decision of such Person acting in his, her or its official capacity, or
inducing such Person to do or omit to do any action in violation of lawful duty,
inducing such Person to use his, her or its influence with the Government to
affect or influence any act or decision of such Government or instrumentality,
in order to assist any of the Companies or the Parties to obtain or retain
business for or with, or in directing business to, any Person, or for any other
improper purpose.

         Section 3.2 Covenants Regarding the Foreign Corrupt Practices Act.

                  (a) From and after the date hereof, each of the Shareholders
shall not, and shall cause its respective Affiliates and all of its and their
officers, managers, directors, employees, shareholders, members, agents and
Representatives not to (i) take any action which is or could be deemed to be a
violation of the Foreign Corrupt Practices Act if taken

                                       10
<PAGE>   14

by a party subject thereto in respect of any of the Companies, or (ii) offer,
give, pay, promise to pay, or authorize the payment directly or indirectly, of
any money, gift or other thing of value to any Foreign Official (or to any other
Person while knowing it will be offered, given or promised to a Foreign
Official) for the purpose of influencing any act or decision of such Person in
their official capacity, inducing such Person to do or to omit to do any act in
violation of their lawful duties, or inducing such Person to use their influence
with the government of the Federative Republic of Brasil or any instrumentality
thereof to affect or influence any act or decision of such government or
instrumentality, in order to assist any of the Companies or any of the
Shareholders to obtain or retain business for or with, or in directing business
to, any Person, or for any other improper purpose.

                  (b) The Shareholders hereby covenant and agree to cause the
Companies to maintain their records and accounts in reasonable detail to
accurately reflect their transactions and asset dispositions. In addition, the
Shareholders hereby covenant and agree to cause the Companies to maintain a
system of internal accounting controls to ensure that (i) transactions are
executed in accordance with their respective management's authorization, (ii)
transactions are recorded to permit the preparation of financial statements in
conformity with applicable GAAP, (iii) access to their respective assets
requires their respective management's authorization, and (iv) the recorded
accountability for their respective assets shall be compared with their
respective existing assets at reasonable intervals.

                  (c) The Shareholders agree that the Companies shall comply
with laws of the countries in which they operate and with the laws of the United
States of America and Canada applicable to each such Company's operations,
including, without limitation, the Foreign Corrupt Practices Act.

                  (d) The Shareholders agree that the Companies shall establish
internal education programs to the reasonable satisfaction of the Shareholders
and to ensure compliance by the Companies and by their employees and
consultants, with applicable legal requirements.

                                   ARTICLE IV.
                               ACCOUNTING MATTERS

         Section 4.1 Books and Accounting Records. The Companies will provide,
at the Companies' expense, reasonable information and assistance to the
Shareholders to conform financial statements of the Companies to Canadian or
United States GAAP, including information on the book value of assets and
inflation adjustments, and to enable compliance by the Shareholders with
Canadian and United States requirements for financial, regulatory and tax
reporting purposes.

         Section 4.2 Access. Each Shareholder and its designated Representatives
shall have access to the books, records and property of the Companies during the
course of normal business hours.

                                       11
<PAGE>   15

         Section 4.3 Auditor. The independent auditor(s) of the Companies shall
be determined by VeloCom and BCI (so long as each holds at least twenty percent
(20%) of the issued and outstanding Shares). The Companies' independent
auditor(s) shall perform an annual year-end audit of the consolidated financial
statements of each of the Companies and present each such audit in a report to
the Board of Interativa (the "Annual Audit Report") in accordance with United
States and Canadian GAAP.

         Section 4.4 Internal Audits. Each Shareholder, on reasonable notice to
the management of the Companies, has the right during normal office hours,
subject to the confidentiality provisions contained in Article VIII hereof, at
its sole cost and expense, to conduct an annual audit of the Companies and the
results of their operations.

         Section 4.5 Interests of the Companies. The rights described in
Sections 4.1, 4.2 and 4.4 shall be exercised in a manner to further the
interests of the Companies and not to harm unduly the operations of the
Companies.

         Section 4.6 Distributions of Excess Cash.

                  (a) The Shareholders shall cause the Companies to distribute
all excess cash to the extent permitted under applicable law and any debt
instrument to which the Companies are subject, unless reasonable business
practice dictates otherwise, and shall take all necessary action to effect such
distributions.

                  (b) The Shareholders agree that distributions shall be made by
Interativa to the Shareholders in proportion to their respective Ownership
Percentages.

         Section 4.7 Funding Policy. The financing policy and financing
requirements of the Companies shall be from time to time established by the
Board of Interativa in accordance with the provisions of this Agreement. In all
cases, the Companies will first seek to obtain favorable financing, such as
multilateral agencies (e.g., IFC), high yield bonds, or other forms of
non-recourse debt.

         Section 4.8 Business Plan. The business plan for each of the Companies
shall be approved by the Board of Interativa and revised from time to time (in
accordance with the provisions of this Agreement) for the Companies to take into
account any new factors which affect the respective business plan.

         Section 4.9 Annual Tax Return. Interativa shall provide a copy of its
and the Interativa Subsidiaries' annual tax returns, within one month of their
filing, to each Shareholder.

         Section 4.10 Related Party Transactions. Each of the Companies shall,
on a quarterly basis, produce and distribute to each Shareholder a list of
transactions between (i) such Company, on the one hand, and (ii) any of BCI,
VeloCom and/or Affiliates of either BCI or VeloCom, on the other hand, occurring
in such quarter, setting forth the type of transaction and the amount of
consideration received or paid by such Company from or to such Affiliate.

                                       12
<PAGE>   16

         Section 4.11 Financial Information. Each of the Interativa Subsidiaries
which are operating companies, including but not limited to BRHS, shall, within
five (5) days after the end of each month, or such other date as may be mutually
agreed, produce and deliver to each Shareholder a monthly report outlining key
financial data and key operating data and shall also provide on a timely basis
such other information and assistance as requested to:

                  (a) conform financial statements to Canadian and US GAAP,
including information on the book value of assets and inflation adjustments;

                  (b) enable compliance with Canadian and US requirements for
financial, securities law and tax reporting purposes;

                  (c) enable compliance on a quarterly basis with obligations in
relation to the preparation and announcement of financial results and other
financial information of Affiliates, tax and any regulatory filings; and

                  (d) enable on a monthly basis an appropriate accounting and
management reporting for the investment therein.

                                   ARTICLE V.
                         BOARD AND SHAREHOLDER MEETINGS

         Section 5.1 Appointments to the Board of Directors of Interativa.

                  (a) As of the date hereof, the Interativa Memorandum and
Articles of Incorporation (the "Articles") provides for a Board comprised of
four (4) principal directors and four (4) alternate directors, who shall be
appointed for terms of one (1) year and until their successors are qualified.
Each of VeloCom and BCI (so long as it holds (directly or indirectly) twenty
percent (20%) or more of the issued and outstanding Shares of Interativa) shall
be entitled to designate two (2) principal directors and two (2) alternate
directors to the Interativa Board.

                  (b) Each of QUALCOMM, Vesper S.A. and Vesper Sao Paulo S.A.
shall be entitled to designate one representative (each an "Observer") to attend
and observe all meetings of Interativa's Board and all committees thereof
(whether in person, telephonic or otherwise) in a non-voting observer capacity.
QUALCOMM, Vesper S.A., and Vesper Sao Paulo S.A. may each appoint an alternate
Observer. The Observers shall be entitled to receive all notices and information
forwarded by Interativa to its directors and copies of the minutes of all
meetings; provided, however, that Interativa may require the Observers and any
alternates appointed by Vesper S.A. and Vesper Sao Paulo S.A. to execute a
nondisclosure/confidentiality agreement prior to disclosing confidential
information to such Observers or alternates.

                  (c) If at any time QUALCOMM acquires (directly or indirectly,
excluding Shares held by VeloCom) more than ten percent (10%) of the issued and

                                       13
<PAGE>   17

outstanding Shares of Interativa, if QUALCOMM so requests, it shall be entitled
to appoint one director and one alternate to the Board.

         Section 5.2 Rights Regarding Appointment of Directors.

                  (a) The Shareholders shall take all necessary action
including, to the extent practicable, the calling of a meeting of the Board of
Interativa or the calling of a meeting of the Shareholders of Interativa in
order to effect the appointments of directors set forth in Section 5.1, to elect
the director or directors nominated by any Shareholder and/or to remove the
director or directors previously appointed by any Transferring Shareholder, in
each case, pursuant to the terms of Section 5.1 and this Section 5.2.

                  (b) Each Shareholder shall have the sole and exclusive right
to remove, with or without cause, the principal directors (and alternate
directors) appointed by it to the Board of Interativa and the sole and exclusive
right to appoint replacements for any principal director (or alternate director)
appointed by it.

         Section 5.3 Chairman.

                  (a) Designation. The Interativa Board shall designate one of
its members as chairman of the Board (the "Chairman") for a term of one (1)
calendar year. VeloCom shall have the right to designate the initial Chairman
and thereafter VeloCom and BCI (so long as it holds (directly or indirectly)
twenty percent (20%) or more of the issued and outstanding Shares of Interativa)
shall alternate appointing the Chairman every year. The Shareholders shall
consult with each other prior to designating the Chairman.

                  (b) Powers. Subject to the provisions of the Interativa
constituent documents, the Chairman of Interativa shall have the following
powers:

                           (i) To call, propose and prepare the agenda for and
preside over all meetings of the Shareholders and of the Board of Interativa.

                           (ii) To cause to be carried out and implemented the
resolutions of meetings of the Shareholders and of the Board of Interativa.

                           (iii) Subject to prior approval by the Board of
Interativa, to sign the Annual Audit Report to be presented at the annual
meeting of Shareholders.

                           (iv) To adjourn any meeting of Shareholders or of the
Board of Interativa.

                           (v) To make any public announcement on behalf of
Interativa required by its constituent documents, applicable law or otherwise.

         The Shareholders agree the Chairman shall have the power to cast only
one vote at any Board meeting and, therefore, he or she shall not have the power
to cast an additional vote in the event of a tie vote at any Board meeting.

                                       14
<PAGE>   18

         Section 5.4 Frequency of Board Meetings; Location; Notice; Agenda;
Attendance of Alternates; Committees.

                  (a) Frequency of Board Meetings. Unless the Interativa Board
shall otherwise agree, meetings of the Interativa Board shall occur every other
month. In addition, the Interativa Board shall meet at such additional times as
any director may reasonably request. The Chairman shall issue a notice pursuant
to Section 5.4(c) hereof for such meeting within five (5) days of the receipt by
the Chairman of a request by any director to hold such a meeting.

                  (b) Location of Board Meetings. At least once each year, the
meeting of the Board of Interativa will be held in person in the Cayman Islands.
All other meetings of the Board of Interativa shall be held in such locations as
agreed on by the Interativa Board. If permissible under applicable law,
Interativa Board meetings, other than the annual meeting held in the Cayman
Islands, may be held telephonically.

                  (c) Notice. Meetings of the Board of Interativa shall occur
upon at least ten (10) days' prior written notice by the Chairman to each of the
directors (or in the absence of such notice by the Chairman on the provision of
such notice by any director) and Observers; provided, however, that if any
director notifies the Chairman in writing within five (5) days of receipt of
such notice that he/she will be unable to attend such meeting, then the Chairman
shall reschedule such meeting to the next available date mutually agreeable to
the directors, but in no event later than ten (10) days following the originally
scheduled date. Only one such rescheduling shall be permitted by the directors
appointed by any Shareholder in respect of any meeting. Unless otherwise
unanimously agreed by the Shareholders or by the director(s) appointed by each
Shareholder, no matter may be voted on at any Interativa Board meeting unless
the notice of such Board meeting clearly sets forth such matter to be voted on.

                  (d) Agenda. The agenda of any Interativa Board meeting shall
include any item proposed by any director or the Observer appointed by QUALCOMM
to be placed thereon.

                  (e) Alternates. Unless otherwise agreed by the Interativa
Board, the alternate (if any) of any director or Observer may only attend an
Interativa Board meeting if director or Observer for whom he/she is an alternate
is not in attendance at such meeting. Further, no alternate director (i) may
request additional Board meetings pursuant to Section 5.4(a) or (ii) shall be
entitled to notice pursuant to Section 5.4(c), and (iii) may not propose
additional agenda items pursuant to Section 5.4(d), unless such principal
director is absent and the alternate director is acting in such principal
director's stead.

                  (f) Committees. The Interativa Board may, after consultation
with the Observer appointed by QUALCOMM, delegate its duties and
responsibilities as it considers appropriate to such individuals and/or
committees as it designates. QUALCOMM shall have the right to have an Observer
participate in the activities of all committees appointed by the Interativa
Board.

                                       15
<PAGE>   19

                  (g) Information. Each of the directors on the Interativa Board
(including principal directors and alternate directors) and the Observer
appointed by QUALCOMM shall be entitled to receive a copy of any proposed budget
or business plan of Interativa at least five (5) days prior to any meeting at
which the Interativa Board will discuss such budget or business plan.

         Section 5.5 Quorum and Voting Requirements for Board Meetings.

                  (a) Quorum. The presence of a majority of the directors
entitled to vote on a given matter, including the presence of at least one (1)
director appointed by each of BCI and VeloCom if both are entitled to vote, and
one (1) director appointed by QUALCOMM if QUALCOMM is entitled to appoint, and
has appointed, a director pursuant to the terms of Section 5.1(c), shall
constitute a quorum for duly convened meetings of the Interativa Board (so long
as BCI and VeloCom, as the case may be, owns (directly or indirectly) at least
twenty percent (20%) of the issued and outstanding Shares); provided, however,
that if no quorum is reached at a meeting of the Board at which a majority of
the directors are present, a second meeting of the Board may be called with at
least five (5) days advance written notice, and the presence of a majority of
the directors of the Board (with or without the presence of the directors
appointed by BCI or VeloCom, or QUALCOMM, if applicable) shall constitute a
quorum for such second meeting of the Board.

                  (b) Vote. Actions of the Board of Interativa shall be taken by
either: (i) the affirmative vote of a majority of the directors entitled to vote
on a matter or (ii) the unanimous written consent of all of the directors
entitled to vote on a matter; provided, however, that with respect to the
matters referred to below, the affirmative vote of the directors appointed by
Shareholders entitled to vote holding an aggregate of 70% or more of the Shares
at any meeting when a quorum is present, including the affirmative vote of at
least one (1) of the directors appointed by each of VeloCom and BCI (so long as
BCI and VeloCom, as the case may be, owns (directly or indirectly) at least
twenty percent (20%) of the issued and outstanding Shares), shall be required:

                           (i) the submission to the general meeting of
Shareholders of the establishment of, or any decision on the application or
utilization of, any special reserves, provisions or retentions for the Companies
not in the ordinary course of business, and application or utilization of the
same (except for mandatory reserves established by law or specifically set out
in the constituent documents of the Companies);

                           (ii) all contracts between any Company and any
Shareholder, director or Officer of any Company, or any Affiliate of a
Shareholder of any Company or of a director or Officer of any Company (provided,
however, that no director appointed by the Shareholder involved in such
transaction (whether directly or indirectly) shall be entitled to vote on such
matter);

                           (iii) any capital expenditures (including
acquisitions or leases and the selection of the supplier of major equipment) and
capital dispositions by any Company not provided for in the most recent approved
business plan exceeding

                                       16
<PAGE>   20

US$5,000,000 in any transaction or series of related transactions during any
given fiscal year, except if such capital expenditures are specifically included
and identified in a capital budget approved by the Board of Interativa;

                           (iv) the incurring of any indebtedness, or the
issuance of any guarantees or letters of comfort or other debt instruments, by
any Company, not provided for in the most recent approved business plan in
excess of 5% of the net assets of such Company or the forgiveness of any
material indebtedness of any Company or the forgiveness of any loan made by any
Company;

                           (v) the transfer of surplus moneys to the general
reserves of any Company and the declaration and payment of dividends by any
Company;

                           (vi) the imposition or creation of any lien,
debenture, mortgage, pledge or other form of encumbrance on any assets of any
Company exceeding the equivalent of US$5,000,000, or the entering into any
agreement or arrangement that would contractually restrict any Company's ability
to make distributions or pay dividends;

                           (vii) the entering into by any Company of
partnerships or joint ventures, or the purchase or sale by any Company of shares
or other securities of any other Person, or the participation by any Company in
any Persons or any other businesses;

                           (viii) establishment of any committee of the Board of
any Company, and the granting of advisory authority or discretion to any such
committee not otherwise provided for under this Agreement;

                           (ix) the terms and extent of any authority to be
delegated to the management of any Company with respect to the borrowing and/or
placement of funds by any Company;

                           (x) the granting of special authority or powers to
the Chairman of any Board;

                           (xi) establishment of each Company's compensation
policy and remuneration of executive Officers;

                           (xii) the hiring or firing of designated key
employees of each Company;

                           (xiii) establishment of a schedule of authorities
(the "Schedule of Authorities") for each Company which shall set forth, among
other things, general and special powers of attorney and signing authority of
the Chief Executive Officer and other Officers, including authority to sign, on
such Company's behalf, cheques and contracts; and the approval of any matters
beyond the limits covered by such Schedule of Authorities;

                           (xiv) the settlement of any litigation or arbitration
proceedings to which any Company is a party in an amount in excess of the
equivalent of US$100,000;

                                       17
<PAGE>   21

                           (xv) the approval of any material amendments to the
initial business plan for the Companies and the approval, at the first meeting
of the Board of Interativa each year, of an annual business plan and any
material amendments to an existing business plan and the approval of operating
budgets and capital budgets or any revisions thereto. If the Board of Interativa
does not agree upon an annual business plan at its first meeting each year, the
previously approved business plan for the prior fiscal year as adjusted for
Brasilian inflation if necessary (using the IGP-M published by Fundacao Getulio
Vargas or any successor index) shall be effective until an annual business plan
is approved;

                           (xvi) the adoption of the financing policy and
financing requirements of the Companies and any material amendment of the terms
of, or any action proposed to be taken to resolve any default under, any
financing agreement or the establishment of terms and conditions of any
Shareholder loans made to any Company;

                           (xvii) any transfer or the grant, amendment or
termination of any license in respect of, any technology, copyright, patent,
trademark, industrial design or other intellectual property of any Company;

                           (xviii) the adoption or deletion of trademarks, trade
names or other symbols to identify each Company;

                           (xix) the sale of any assets of any Company having a
value in excess of the greater of the equivalent of $1 million or 5% of any
Company's assets outside of the ordinary course of business or outside of an
approved business plan;

                           (xx) applying for a license or any other governmental
authorization not required in the ordinary course of business or entering into a
new business or market not contemplated by an approved business plan;

                           (xxi) the proposed private offering or an initial
public offering of any Company or the taking of any action which would cause any
Company to come under the supervision of the Brasilian securities authorities;

                           (xxii) the hiring or termination of senior management
of each Company; and

                           (xxiii) causing any Company to take any of the
actions set forth in (i) to (xxii) above or any action set forth in Section
5.6(b);

provided, however, that in the event that any Shareholder is a Defaulting
Shareholder and the directors appointed by such Shareholder resign or are
removed pursuant to this Agreement, the actions set forth in (i) to (xxiii)
above shall not require the affirmative vote of the directors appointed by such
Defaulting Shareholder until such time, if any, as such director is reappointed.

                                       18
<PAGE>   22

         Section 5.6 Quorum and Voting Requirements for Shareholder Meetings.

                  (a) Frequency; Quorum and Notice for Interativa. Meetings of
the Shareholders of Interativa shall be held at least annually. In addition, the
Shareholders of Interativa shall meet at such additional times as any
Shareholder holding at least 10% of the issued and outstanding Shares of
Interativa may request. Upon receipt of such request, the Chairman of Interativa
shall call a meeting of Shareholders of Interativa, such meeting to be held
within twenty (20) days of the receipt of such request.

                           (i) In connection with meetings of the Shareholders
of Interativa, on a first call for such meetings, the presence in person or by
proxy of holders of a majority of the issued and outstanding Shares of
Interativa (including the presence of Representatives of BCI and VeloCom, as the
case may be, so long as such party holds, directly or indirectly, at least
twenty percent (20%) of the issued and outstanding Shares, respectively, of
Interativa) shall constitute a quorum at any duly convened ordinary meeting of
the Shareholders of Interativa; provided, however, if no quorum is reached at a
duly called meeting of the Shareholders, a second call may be made with at least
five (5) days advance written notice, and the presence in person or by proxy of
the holders of a majority of the issued and outstanding Shares of Interativa
(with or without the presence of Representatives of BCI or VeloCom) shall
constitute a quorum for such second meeting of the Shareholders of Interativa.

                           (ii) Meetings of the Shareholders of Interativa shall
occur upon at least ten (10) days' prior written notice by the Chairman to each
of the Shareholders; provided, however, that if any Shareholder notifies the
Chairman in writing within five (5) days of receipt of such notice that it will
be unable to attend such meeting, then the Chairman shall reschedule such
meeting to the next available date mutually agreeable to the Shareholders, but
in no event later than ten (10) days following the originally scheduled date.
Unless otherwise unanimously agreed by the Shareholders, no matter may be voted
on by the Shareholders at any Shareholder meeting unless the notice of such
meeting clearly sets forth such matter to be voted on.

                  (b) Vote in Shareholder Meetings of Interativa. Except as
otherwise required by law, actions of the Shareholders of Interativa at
Shareholder meetings shall be taken by either (i) the affirmative vote of the
holders of a majority of the issued and outstanding Shares at any meeting when a
quorum is present or (ii) the unanimous written consent of all Shareholders;
provided, however, that with respect to the matters referred to below, the
affirmative vote of the holders of 70% of the issued and outstanding Shares,
including the affirmative vote of each of VeloCom and BCI (so long as BCI and
VeloCom, as the case may be, owns (directly or indirectly) at least twenty
percent (20%) of the issued and outstanding Shares), and the affirmative vote of
QUALCOMM if QUALCOMM owns (directly or indirectly, excluding Shares held by
VeloCom) at least twenty percent (20%) of the issued and outstanding Shares, at
any duly convened meeting when a quorum is present of Shareholders of Interativa
shall be required for:

                           (i) any material change in any Company's accounting
or reporting practices and standards;

                                       19
<PAGE>   23

                           (ii) approval of the audited balance sheet and profit
and loss account of each Company and any report or statement accompanying such
balance sheet and profit and loss account;

                           (iii) any creation or issue of shares or securities
and increase, reduction or other alteration of the authorized share capital of
any Company;

                           (iv) any amendment of the constituent documents of
any Company, other than ministerial amendments;

                           (v) any voluntary liquidation, dissolution and/or
winding-up of any Company, the filing of a petition in bankruptcy and any
amalgamation, merger, corporate reorganization, consolidation, restructuring or
recapitalization of any Company;

                           (vi) any change in the nature or nationality of any
Company, any change in the name or corporate identity (including the logo) of
any Company, or any change in the objects, corporate purpose or nature or scope
of the business of any Company;

                           (vii) the redemption, purchase or cancellation of any
shares of any Company, or any other securities of any Company, by any Company;

                           (viii) the establishment of a policy for the
declaration, payment, recommendation, reserve or set-aside of any distribution
or dividend (whether in cash or in kind) on any shares of any Company;

                           (ix) the appointment of, and any subsequent change
in, any Company's auditors;

                           (x) any change in the fiscal year of any Company;

                           (xi) any change of the head office or registered
office location and legal address of any Company;

                           (xii) the establishment of, or any decision on the
application or utilization of, any special reserves, provisions or retentions
not in the ordinary course of business, and application or utilization of the
same (except for mandatory reserves established by law or specifically set out
in the constituent documents of the particular Company);

                           (xiii) any variation of any rights attached to any
shares of any Company;

                           (xiv) the sale of all or substantially all of the
assets of any Company (including, without limitation, the shares of capital
stock of any of the Interativa Subsidiaries); and

                                       20
<PAGE>   24

                           (xv) any equity capital increase at any Company in
excess of that set forth in such Company's approved business plan.

provided, however, that in the event any Shareholder is a Defaulting
Shareholder, the actions set forth in (i) - (xv) above shall not require the
affirmative vote of such Defaulting Shareholder until such time, if any, as such
Defaulting Shareholder is no longer in default of its obligations under this
Agreement.

                  (c) Agenda. The agenda for all meetings of the Shareholders of
Interativa shall include any item proposed by BCI or VeloCom to be placed
thereon.

         Section 5.7 Officers. BCI and VeloCom, together, shall have the right
to appoint the Chief Executive Officer and, in consultation with the Chief
Executive Officer, other Officers of Interativa, (so long as each of BCI and
VeloCom owns (directly or indirectly) at least twenty percent (20%) of the
issued and outstanding Shares).

         Section 5.8 Related Party Agreements. All agreements between Vesper
S.A. and Vesper Sao Paulo S.A., on the one hand, and any of the Companies on the
other, shall be submitted to the Interativa Board for review to ensure they are
made on an arms length basis.

                                   ARTICLE VI.
                    RESTRICTIONS ON TRANSFER AND ENCUMBRANCE

         Section 6.1 Encumbrance of Shares. Either Shareholder may, without
obtaining the other Shareholder's consent, pledge a security interest in such
Shareholder's Shares in connection with any financing solely implemented by such
Shareholder; provided, however, (i) that the secured parties to which such
pledge is granted shall be institutional lenders (including bondholders) , (ii)
in the event that such secured parties, through a foreclosure or otherwise,
become the holders of the Shares, any transfers by such secured parties of such
Shares or other interests shall be subject to the transfer restrictions set
forth herein and (iii) such secured parties shall agree to be bound by this
Agreement; and provided, further, that in the event that the Shareholder
desiring to so pledge its interests is unable, using its commercially reasonable
efforts, to obtain the agreement of the secured parties to the provisions
described in clause (ii) above, the other Shareholders shall in good faith
cooperate with the pledging Shareholder and its lenders to reach a mutually
satisfactory resolution.

         Section 6.2 Transfers Subject to Restrictions.

                  (a) Restrictions. Except as set forth in this Agreement or
unless the Shareholders shall otherwise agree, a Shareholder shall not transfer
any Shares that it owns unless such transfer complies with all the requirements
of this Agreement. If a Shareholder transfers any of its Shares without
complying with the requirements of this Agreement, then such transfer shall be
null and void and such Shares shall not be registered in the name of the party
or parties to whom the Shares are to be transferred. Unless the Shareholders
shall otherwise agree, any transferee of Shares pursuant to this Agreement shall
take and hold

                                       21
<PAGE>   25

such Shares subject to this Agreement and to all obligations and restrictions
upon the Transferring Shareholder set forth in this Agreement and, in the event
such transferee is not a Shareholder, such transferee shall become a party to
this Agreement pursuant to agreements and instruments in form and substance
reasonably satisfactory to the Nontransferring Shareholder. As used in this
Article VI and elsewhere in this Agreement with respect to any Shares,
"transfer" shall mean and include any sale, exchange, gift and any other
disposition of any kind (other than any disposition referred to in Section 6.1,
but including the exercise of any remedies relating to any Lien), whether
voluntary or involuntary, affecting title to, interest in or possession of any
shares.

                  (b) Prior Notification. Upon the commencement of formal
commercial negotiations involving the direct or indirect transfer of any Shares
(including the transfer of any shares in any Affiliate that directly or
indirectly holds Shares), each Shareholder agrees to notify the other
Shareholders.

         Section 6.3 Right of First Negotiation.

                  (a) Offer Notice. Except as provided in Section 6.4, no
Shareholder shall transfer, offer to transfer, or accept an offer to transfer,
any Shares unless the Transferring Shareholder shall have provided a written
notice to each of the other Shareholders of such Shareholder's desire to
transfer Shares (the "Offer Notice") which: (i) sets forth such Transferring
Shareholder's intention to transfer some or all of its Shares (the "Offered
Shares"); (ii) specifies the consideration to be received by such Transferring
Shareholder in exchange for such Offered Shares; and (iii) indicates the number
of Shares that such Transferring Shareholder proposes to transfer.

                  (b) Right of Negotiation. Upon receipt of the Offer Notice in
accordance with Section 6.3(a), each Nontransferring Shareholder shall have
thirty (30) days (the "Negotiation Period") within which to negotiate with the
Transferring Shareholder regarding the terms of the sale of such Nontransferring
Shareholder's "Pro Rata Portion" of the Offered Shares. A Nontransferring
Shareholder's Pro Rata Portion of any Offered Shares will be equal to the number
of shares obtained by multiplying the total number of Offered Shares by a
fraction, the numerator of which shall be the number of Shares owned by such
Nontransferring Shareholder and the denominator of which shall be the total
number of Shares outstanding, excluding the Offered Shares. If an agreement is
reached, the electing Nontransferring Shareholder and the Transferring
Shareholder (or its relevant Affiliate) shall, as promptly as practicable, but
in no event later than thirty (30) days from the date of termination of the
Negotiation Period, prepare and enter into the documentation necessary to
provide for such transfer (including, if necessary, any modification or
amendment to this Agreement). If less than all of the Offered Shares are
purchased by the Nontransferring Shareholders, the remaining Offered Shares
shall be reoffered by the Transferring Shareholder to the Nontransferring
Shareholder(s) that purchased their full Pro Rata Portion of the Offered Shares
upon the terms set forth in this Section, except that such Nontransferring
Shareholders must exercise their purchase rights within two (2) Business Days
after receipt of such reoffer. If the Nontransferring Shareholders do not elect
to purchase all of the Offered Shares or if the necessary documents to effect
the transfer of any of the Offered Shares are not completed within

                                       22
<PAGE>   26

thirty (30) days of the Negotiation Period, then the Transferring Shareholder
shall be free to consummate the transfer of the Offered Shares at or above the
Floor Price (as defined below). If the Transferring Shareholder (or its relevant
Affiliate) does not consummate the transfer of the Offered Shares at or above
the Floor Price within one hundred twenty (120) days from the end of the
Negotiation Period, then the Offer Notice shall be deemed to be canceled, and
any subsequent attempt by the Transferring Shareholder (or its relevant
Affiliate) to transfer the Offered Shares must comply with all of the provisions
of this Article VI.

                  (c) Floor Price. The "Floor Price" for any given Negotiation
Period shall be equal to either (A) if an agreement was reached concerning a
price, the greater of (i) the price contained in the Offer Notice, and (ii) the
highest price agreed upon by the Transferring Shareholder and any
Nontransferring Shareholder during the relevant Negotiation Period, or (B) if no
agreement was reached concerning a price, the last price offered by the
Transferring Shareholder to any Nontransferring Shareholder during the
Negotiation Period.

         Section 6.4 Right of First Refusal.

                  (a) Limitations. No Shareholder will sell any Shares for a
price below the Floor Price except in accordance with this Section 6.4.

                  (b) Bona Fide Offer. The Transferring Shareholder must obtain
a Bona Fide Offer from a third party and must, within five (5) days of its
receipt, provide a copy of the Bona Fide Offer to each of the Nontransferring
Shareholders and to the Chief Executive Officer, along with a notice ("First
Refusal Notice") that shall contain the following representations:

                           (i) that the Transferring Shareholder is willing and
able to accept the Bona Fide Offer on its terms;

                           (ii) that the Bona Fide Offer complies with the terms
of this Agreement;

                           (iii) the names of the principal registered and
beneficial shareholders (if available), officers and directors, and any other
available information regarding the financial capacity, of the third party; and

                           (iv) that the price stated in the Bona Fide Offer is
the total consideration to be paid for the Bona Fide Shares, and that the
Transferring Shareholder is not a party to or the beneficiary of any other
agreements that would have the effect of reducing such consideration.

                  (c) Transfer of Control. For purposes of this Article VI, a
Bona Fide Offer for the transfer of control (as defined in the definition of
Affiliate) of: (i) any Shareholder; (ii) any direct or indirect parent of such
Shareholder up to, but not including, the Parent Shareholder of such
Shareholder; or (iii) an Affiliate of such Shareholder having

                                       23
<PAGE>   27

acquired Shares pursuant to Section 6.5, to a transferee that is not an
Affiliate of any of the parties in 6.4(c)(i) through (iii) above, shall be
deemed to be a Bona Fide Offer to sell the Shares held by such Shareholder, and
(ii) "Bona Fide Offer" shall mean an unconditional (other than customary closing
conditions such as receipt of governmental approvals and legal opinions and
accuracy of representations and warranties) cash offer, payable on the date of
the proposed transfer, from a Person who (A) is not an Affiliate of the
Shareholder receiving such offer, (B) has furnished financial information, if
requested by any Shareholder, to demonstrate that such Person has the financial
capacity to make a purchase pursuant to the offer, (C) is permitted to make such
purchase under applicable law and (D) agrees to assume the obligations of the
Transferring Shareholder under this Agreement pursuant to Section 6.2(a). A Bona
Fide Offer pursuant to this Section 6.4(c) shall be deemed to have been made at
the Valuation Price, as determined pursuant to Section 6.4(e).

                  (d) Mechanics. Upon receipt of the First Refusal Notice in
accordance with Section 6.4(b), each Nontransferring Shareholder shall have an
irrevocable and exclusive option, but not the obligation, to purchase its Pro
Rata Portion of the Shares covered by the Bona Fide Offer (the "Bona Fide
Shares") for the same aggregate cash consideration and on the same terms and
conditions as are specified in the Bona Fide Offer. Such option may be exercised
by any Nontransferring Shareholder only if it provides written notice of its
election to exercise such option to the other Shareholders, including the
Transferring Shareholder, on or prior to the 30th day after the delivery of the
First Refusal Notice (such 30-day period shall be referred to as the "Acceptance
Period"). The electing Nontransferring Shareholder and the Transferring
Shareholder (or its relevant Affiliate) shall, as promptly as practicable, but
in no event later than ninety (90) days from the end of the Acceptance Period,
prepare and enter into the documentation necessary to provide for such transfer
(including, if necessary, any modification or amendment to this Agreement). If
less than all of the Bona Fide Shares are purchased by the Nontransferring
Shareholders, the remaining Bona Fide Shares shall be reoffered by the
Transferring Shareholder to the Nontransferring Shareholder(s) that purchased
their full Pro Rata Portion of the Bona Fide Shares upon the terms set forth in
this paragraph, except that such Nontransferring Shareholders must exercise
their purchase rights within two (2) Business Days after receipt of such
reoffer. If the Nontransferring Shareholders do not elect to purchase the Bona
Fide Shares, then the Transferring Shareholder shall be free to consummate the
transfer of all, but not less than all, of the Bona Fide Shares only in
accordance with the terms of the Bona Fide Offer. If the Transferring
Shareholder (or its relevant Affiliate) does not consummate the transfer of the
Bona Fide Shares in accordance with the terms of the Bona Fide Offer within
ninety (90) days from the end of the Acceptance Period, then the Bona Fide Offer
shall be deemed to be canceled, and any subsequent attempt by the Transferring
Shareholder (or its relevant Affiliate) to transfer the Bona Fide Shares must
comply with all of the provisions of this Article VI.

                  (e) Valuation Price. For purposes of establishing the purchase
price of the Shares to be transferred pursuant to Section 6.4(c), Interativa
shall engage two independent and internationally recognized accounting or
investment banking firms (the "Experts"). The Experts shall confirm in writing
to the Chief Executive Officer that they do not have a conflict of interest with
the Transferring Shareholder. Following receipt

                                       24
<PAGE>   28

by the Chief Executive Officer of such written confirmation, the Experts shall
be engaged by Interativa, and shall be directed to determine the fair market
value per Share as a going concern of Interativa as a whole without taking into
account any minority discount or control premium and taking into account the
different subscription and redemption values, as the case may be, of each class
of Shares (the "Valuation Price") within thirty (30) days following their
acceptance of the engagement. The Experts shall deliver their written
determination of the Valuation Price to the Chief Executive Officer and the
Shareholders. If the higher of the Valuation Prices, as determined by the
Experts, is within five percent (5%) of the other, the "Adjusted Valuation
Price" shall be the average of the two Valuation Prices. If the higher of the
Valuation Prices is not within five percent (5%) of the other, a third Expert
shall determine the Adjusted Valuation Price. The Adjusted Valuation Price shall
be the average of the closest two among the three Valuation Prices. The Chief
Executive Officer shall deliver a copy of such written determination of the
Adjusted Valuation Price to the Transferring Shareholder and each of the other
Shareholders. Such written determination shall be final and binding on
Interativa and all Shareholders.

         Section 6.5 Transfers to Affiliates. Notwithstanding the provisions of
this Article VI, a Transferring Shareholder may transfer its Shares to any
Affiliate at any price if: (i) such Transferring Shareholder has provided thirty
(30) days' prior written notice of such transfer to each of the Nontransferring
Shareholders; (ii) such Affiliate is not in receivership, bankruptcy,
insolvency, dissolution, liquidation or any similar proceeding; and (iii) the
Transferring Shareholder agrees, pursuant to instruments in form and substance
reasonably satisfactory to the Nontransferring Shareholders, to remain liable,
as a guarantor, for compliance by the transferee with all of the obligations of
the Transferring Shareholder under this Agreement, unless the transferee, in the
reasonable assessment of the Nontransferring Shareholders, has sufficient
financial capacity to assume such obligations. If, pursuant to this Section 6.5,
any Transferring Shareholder has transferred Shares to an Affiliate of such
Transferring Shareholder, then prior to permitting such Affiliate to cease being
an Affiliate, the Transferring Shareholder shall cause such Affiliate to
transfer the Shares to such Transferring Shareholder or to another Affiliate of
such Transferring Shareholder.

         Section 6.6 Expenses. Each Shareholder transferring any Shares pursuant
to this Article VI shall bear its own expenses incurred in connection with such
transaction.

         Section 6.7 Further Assurances. Each of the Shareholders shall do, and
shall cause Interativa to do, all things necessary to consummate the
transactions contemplated by this Article VI as promptly as practicable,
including, without limitation, entering into agreements and instruments with
third parties, obtaining governmental approvals and providing, subject to
Article VIII, information concerning the Companies.

         Section 6.8 Closing of Any Transfer. The closing of any transfer of
Shares contemplated by this Article VI shall take place as promptly as
practicable after the execution of all necessary agreements and instruments
providing for such transfer but in no event later than thirty (30) days from the
date of such execution (subject to the receipt of any necessary governmental
approvals and the expiration of any waiting period under applicable law), at
such time and place as the parties to such agreements and instruments

                                       25
<PAGE>   29

may agree. At such closing, the Transferring Shareholder shall transfer to the
transferee(s) full right, title and interest in and to the Shares transferred,
free and clear of all Liens and shall deliver to each transferee certificates or
instruments representing the Shares transferred, duly endorsed for transfer or
accompanied by appropriate share transfer powers duly endorsed or accompanied by
all necessary documents and under applicable law; and the transferee(s) shall
deliver to the Transferring Shareholder, in full payment of the purchase price
of the Shares purchased, the cash consideration offered, payable by wire
transfer of immediately available funds to the account(s) of the Transferring
Shareholder designated by the Transferring Shareholder in writing not less than
three (3) Business Days prior to the closing of such transfer and shall execute
any instruments or other documents reasonably requested by the Nontransferring
Shareholders evidencing the transferee's agreement to be bound by the provisions
of this Agreement.

         Section 6.9 Restrictive Legend. As soon as practicable after the
execution of this Agreement, the Shareholders shall cause Interativa to include
on all certificates evidencing the Shares the following restrictive legend:

                 "The sale, assignment, transfer, pledge, mortgage,
                 hypothecation, encumbrance or other disposition of the Shares
                 evidenced by this certificate, or any interest in the Shares,
                 is restricted by the terms of the Shareholders Agreement dated
                 as of March 22, 2000. No such sale, assignment, transfer,
                 pledge, mortgage, hypothecation, encumbrance or other
                 disposition shall be effective unless and until the terms and
                 conditions of such Shareholders Agreement shall have been
                 complied with in full."

                                  ARTICLE VII.
                        FURTHER COVENANTS AND AGREEMENTS

         Section 7.1 Management of the Companies. Each Shareholder shall use its
reasonable commercial efforts to ensure that the management and operation of the
Companies shall be subject to the terms, conditions and obligations set forth in
this Agreement.

         Section 7.2 Shareholders Agreement Controls. To the extent permitted by
law, the terms of this Agreement shall be binding on each Shareholder and its
Affiliates that become subject hereto notwithstanding any of the terms of such
entities' respective organizational documents.

                                       26
<PAGE>   30

                                  ARTICLE VIII.
                                 CONFIDENTIALITY

         Section 8.1 General.

                  (a) Confidentiality Obligation. In the event Confidential
Information is disclosed to any Shareholder or any Affiliate or Representative
of such Shareholder, each such Shareholder or Affiliate or Representative shall
exercise at least the same degree of care in preventing the disclosure of such
Confidential Information to any third party, other than any other Affiliate or
Representative of such Shareholder, as such Shareholder or Affiliate or
Representative exercises in maintaining the confidentiality of its own
confidential proprietary information; provided, however, that such Shareholder
or Affiliate or Representative shall limit disclosure of such Confidential
Information to only the Shareholder or those Affiliates and Representatives of
such Shareholder who have a need to know the same in connection with
implementing, monitoring or otherwise carrying out the operation or management
of the Companies, or advising the Shareholder in connection therewith, and who
have been advised of and agree to comply with the restrictions upon such
Confidential Information set forth in this Agreement and may disclose such
Confidential Information (i) in connection with a proposed transfer of Shares
provided that any potential transferee executes a confidentiality agreement
containing the restrictions set forth in this Article VIII, (ii) in connection
with any disclosure necessary to comply with U.S., Canadian or other applicable
tax reporting requirements or (iii) as required to comply with applicable law or
applicable exchange rules. The restrictions set forth in this Section 8.1(a)
shall remain in effect until two (2) years after the date on which this
Agreement terminates pursuant to Article IX, or such earlier date as may be
provided in this Agreement.

                  (b) Definition of Confidential Information. For purposes of
this Agreement, "Confidential Information" shall mean (i) any technical
information that is proprietary to any Company, any Shareholder or any of their
respective Affiliates and disclosed in writing and marked "Confidential" in
connection with the implementation or carrying out of the operation and
management of the Companies and/or (ii) any financial, tax-related or commercial
information of any Company, any Shareholder or any of their respective
Affiliates that is disclosed during the term of this Agreement, provided that
Confidential Information shall not include any information so disclosed if:

                           (i) the recipient of such information shall have had
knowledge of such information prior to the date on which such recipient received
it from any Company, any Shareholder or any of their respective Affiliates;

                           (ii) such information shall have entered the public
domain through no fault of such recipient; or

                           (iii) such recipient shall have learned of such
information from a third party in such a manner that such recipient reasonably
believed that such third party was authorized to disclose such information.

                                       27
<PAGE>   31

         Section 8.2 Disclosure Required by Law or Court Order. If any recipient
of Confidential Information (including any Affiliate or Representative of a
Shareholder permitted to receive such information pursuant to Section 8.1(a)) is
required by order of any competent authority to disclose any Confidential
Information supplied to it by any other Person, the recipient required to make
such disclosure shall promptly notify the other Person or Persons involved so
that such Person or Persons may seek an appropriate protective order and/or
waive the required recipient's compliance with Section 8.1(a). If such
protective order or other remedy is not obtained, then the recipient or
recipients so required to disclose Confidential Information will furnish only
that portion of such Confidential Information that, in its reasonable judgment,
is legally required.

         Section 8.3 Use of Confidential Information. During the term of this
Agreement, any Confidential Information disclosed to a Person permitted to
receive such information pursuant to Section 8.1(a) (or any Affiliate or
Representative of such Person permitted to receive such information pursuant to
such Section) may be used by such recipient only in connection with
implementing, monitoring or otherwise carrying out the operation or management
of any Company and in connection with the resolution of any dispute between the
Parties. Each Shareholder and its Affiliates shall be permitted to provide
potential investors and lenders with Confidential Information so long as such
investors and lenders execute appropriate confidentiality agreements. Nothing in
this Agreement shall be construed to grant any additional rights in or licenses
to such Confidential Information. Upon the termination of this Agreement, each
Company and each Party (and its Affiliates) shall have the right to use its own
Confidential Information and shall not have the right to use another Party's or
Person's Confidential Information. The rights and obligations of the
Shareholders under this Section 8.3 shall survive the termination of this
Agreement.

                                   ARTICLE IX.
                            TERMINATION; LIQUIDATION

         Section 9.1 Term of Agreement. If not terminated earlier pursuant to
Sections 9.2 or 9.3, this Agreement shall terminate on the earlier to occur of
(i) the date there is only a single Shareholder of the Shares or (ii) the
fiftieth anniversary of the date hereof; provided that any claim for breach of
this Agreement that is the subject of arbitration pursuant to Section 10.2
hereof shall survive the termination of this Agreement. Notwithstanding anything
to the contrary herein, the provisions set forth in Sections 3.1 and 3.2,
Sections 4.1 and 4.2, Sections 6.6, 6.7 and 6.9, Article VIII, Article IX,
Article X and Article XI shall continue after the termination of this Agreement
in accordance with the terms set forth therein or until the expiration of the
statute of limitations (if not so specified) unless the Parties otherwise agree.

         Section 9.2 Termination by Unanimous Consent. This Agreement may be
terminated at any time by the written consent of all of the Parties hereto.

         Section 9.3 Termination on Bankruptcy or Liquidation. This Agreement
shall automatically terminate on the voluntary or involuntary bankruptcy or
dissolution of Interativa unless one or more of the remaining Shareholders who
holds at least a majority of the Shares votes to continue the existence of
Interativa.

                                       28
<PAGE>   32

         Section 9.4 Liquidation. In the event that this Agreement is terminated
pursuant to Sections 9.1, 9.2 or 9.3 and the Board and the Shareholders
determine to liquidate Interativa in accordance with the constituent documents
of Interativa, the Shareholders shall take such actions as are necessary to
dissolve and liquidate Interativa in accordance with applicable law and the
following requirements:

                  (a) Third Party Liquidator. The Board shall appoint a
third-party liquidator reasonably acceptable to the Shareholders who shall use
reasonable commercial efforts to sell or otherwise liquidate, or make a
custodian arrangement for, the assets of Interativa, either as going concerns or
as separate items; provided, however, that, subject to applicable law, each
Shareholder may bid for and purchase the assets of Interativa to be sold or
disposed of by the Board or such third-party liquidator. The Board or such
third-party liquidator shall seek to maximize the proceeds received for such
assets and shall use all reasonable efforts to obtain the best prices for such
assets. The Shareholders shall be bound by the terms of any sale or disposition
effected by the Board or any such third-party liquidator;

                  (b) Distribution of Proceeds. Subject to applicable law, after
the payment of all amounts owed by Interativa to any Person and the
establishment of such cash reserves as the Board or such third-party liquidator
determines to be reasonably necessary to fund any contingent or foreseeable
liability or obligation of any of the Companies, the Board or such third-party
liquidator shall distribute the proceeds of liquidation in the following order:
(A) first, to the payment of creditors of Interativa, (B) second, to the payment
of the Board's or such third-party liquidator's reasonable expenses in
liquidating Interativa; and (C) third, pro rata to the Shareholders in
proportion to their respective Ownership Percentages; and

                  (c) Continuing Liabilities. Each Shareholder shall remain
liable with respect to any commitment or obligation incurred by it prior to such
termination in connection with this Agreement or any other agreement related to
the business of Interativa (unless otherwise expressly specified therein),
including any breach of this Agreement.

                                   ARTICLE X.
                           GOVERNING LAW; ARBITRATION

         Section 10.1 Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, U.S.A., WITHOUT REGARD TO
ITS PRINCIPLES REGARDING CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

         Section 10.2 Arbitration.

                  (a) Nature of the Dispute. Any dispute arising out of or
relating to this Agreement, including, without limitation, the interpretation of
any provision of this Agreement or the breach, termination or invalidity of this
Agreement (a "Dispute") shall be settled exclusively and finally by arbitration
if not otherwise settled pursuant to Section

                                       29
<PAGE>   33

10.2(b). It is specifically understood and agreed that any Dispute may be
submitted to arbitration irrespective of the magnitude thereof, the amount in
controversy or whether such Dispute would otherwise be considered justifiable or
ripe for resolution by a court.

                  (b) Dispute Procedure. In the event a Dispute arises between
the Parties regarding the application or interpretation of any provisions of
this Agreement, the aggrieved Party shall promptly notify the other Party of the
Dispute in writing. If the Parties shall have failed to resolve the Dispute
within thirty (30) days after delivery of such written notice, each of the
Parties shall nominate a senior officer of its management to meet at a mutually
agreed upon location, to resolve the Dispute. Should the Parties be unable to
resolve the Dispute to their mutual satisfaction within thirty (30) days after
such nomination, each Party shall have the right to pursue the resolution of
such Dispute in accordance with the provisions set forth below.

                  (c) Arbitration Procedure. The Parties agree to settle all
Disputes by arbitration in accordance with the Rules of Conciliation and
Arbitration of the International Chamber of Commerce in effect at the time of
the arbitration, excluding any such rules relating to the posting of security
for costs (the "Rules"), except as the Rules may be modified by this Agreement.

                           (i) A Party desiring to submit a Dispute to
arbitration hereunder shall file a demand for arbitration with the International
Chamber of Commerce (the "ICC") at its office in New York, New York (a
"Demand"). A copy of the Demand shall be sent to all other Parties at the same
time. The arbitration proceeding shall be conducted by a panel of three
arbitrators. Within ten (10) days after a Demand has been made by a Party, each
Party shall appoint one arbitrator. Within twenty (20) days after the Demand has
been made, the two arbitrators shall choose a third arbitrator who shall act as
chairperson of the arbitral proceedings. If the two arbitrators chosen by the
Parties do not agree upon a third arbitrator within twenty (20) days after the
filing of the Demand, then upon the application of any Party thereto, the third
arbitrator shall be appointed by the ICC.

                           (ii) Following the appointment of the arbitrators,
each of the Parties shall have the right to mail to the other Party (with a copy
to the arbitrators) a written request for the production of certain identified
documents or of all documents in possession of the other Parties relevant to any
claims or counterclaims in the arbitration. Within ten (10) days of receipt of
any such request, the receiving Parties may make written objection to the
requesting Party (with a copy to the arbitrators) to all or part of such
request, on the ground that it is unduly burdensome, that the documents
requested are irrelevant or privileged, or that such documents are equally
available to the requesting Party. The arbitrators shall rule on the validity of
any such objections and the parties shall produce documents in accordance with
such order. The documents requested shall be delivered within fifteen (15) days
of receipt of such request, unless the arbitrators otherwise direct.

                           (iii) The site of the Dispute resolution shall be in
the city of New York, New York, U.S.A. The Parties shall diligently and
expeditiously proceed with arbitration. Upon the conclusion of any hearing, the
Parties shall have thirty (30) days to

                                       30
<PAGE>   34

submit written briefs in support of their respective positions. The arbitrators
shall be instructed to render a written decision within thirty (30) days after
the filing of such briefs, subject to any reasonable delay due to unforeseen
circumstances.

                           (iv) Except to the extent the Parties' remedies may
be limited by the terms of this Agreement, the arbitrators shall be empowered to
award any remedy available under the laws of New York, including monetary
damages (but excluding any punitive, consequential, special or incidental
damages). The award of the arbitrators shall be in writing with reasons for such
award and signed by the arbitrators.

                           (v) To the extent possible, the arbitrators in the
arbitration proceeding provided for herein should be individuals experienced in
the internet, investment and finance industries and competent to pass on the
matters presented for arbitration, but such arbitrators shall have no interest
in or prior connection with any of the Parties, and shall be impartial toward
each Party at the time of their selection.

                           (vi) The parties to the arbitration shall share
equally the compensation and expenses of the arbitrators as well as all fees
imposed by the ICC including, but not limited to, transcripts, hearing room
rentals, filing fees, and administrative costs. The prevailing party shall be
entitled to recover from the other party its costs, expenses and reasonable
legal fees.

                           (vii) Each of the Parties recognizes and affirms that
in the event of breach by any of them of any of the provisions of this
Agreement, money damages alone may be inadequate and an adequate remedy at law
may not exist. Accordingly, each of the Parties agrees that any Party shall have
the right, in addition to any other rights and remedies existing in its favor,
to enforce its rights and the obligations of any other Party under this
Agreement not only by an action or actions for damages, but also by an action or
actions for specific performance, injunction and/or other equitable relief in
order to enforce or prevent any violations of the provisions of this Agreement.
In accordance with the foregoing, each Party hereby waives any claim or defense
that the other Party has or may have an adequate remedy at law.

                  (d) Binding Decision and Award. Any decision or award of the
arbitral tribunal shall be final and binding upon the parties to the arbitration
proceeding. The Parties hereby waive to the extent permitted by law any rights
to appeal or to review of such award by any court or tribunal. The Parties agree
that the arbitral award may be enforced against the parties to the arbitration
proceeding or their assets wherever they may be found and that a judgment upon
the arbitral award may be entered in any court having jurisdiction thereof.

                  (e) Waiver of Immunity. To the extent that each Party has or
hereinafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service of notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or is property, it hereby irrevocably waives such immunity in respect of its
obligations under this Agreement.

                                       31
<PAGE>   35

         Section 10.3 Waiver of Jury Trial. Each Party hereby irrevocably waives
all right to trial by jury in any action, proceeding or counterclaim arising out
of or relating to this Agreement.

                                   ARTICLE XI.
                                  MISCELLANEOUS

         Section 11.1 Notices.

                  (a) Addresses. All notices, requests, consents or other
communications required or permitted hereunder shall be in writing, shall be
sent by personal delivery, nationally recognized overnight courier service or
facsimile, to the following address:

                  If to BCI, to:

                  Bell Canada International (Espelho Sul) Limited
                  Arawak Chambers
                  Road Town, Tortola
                  British Virgin Islands
                  Attention:  Secretary

                  with a copy to:

                  Bell Canada International Inc.
                  1000 de la Gauchetiere Street West
                  Suite 1100
                  Montreal, Quebec
                  HSB 448
                  Facsimile No. (514) 392-2276
                  Attention:  Vice President, Law and Corporate Secretary

                  If to VeloCom, to:

                  VeloCom Cayman Brasil Holdings
                  c/o Maples and Calder
                  P.O. Box 309
                  Ugland House
                  South Church Street, George Town
                  Grand Cayman, Cayman Islands
                  Telephone:  345-949-8066
                  Facsimile No.:  345-949-8080
                  Attention:  Adrian Pope

                                       32
<PAGE>   36

                  with a copy to:

                  VeloCom Inc.
                  6400 South Fiddlers Green Circle
                  Suite 710
                  Englewood, Colorado  80111
                  Telephone No. (303) 874-1146
                  Facsimile No. (303) 874-1125
                  Attention:  General Counsel

                  and:

                  Holland & Hart LLP
                  8390 E. Crescent Parkway
                  Suite 400
                  Greenwood Village, CO  80111
                  Telephone No.:  (303) 290-1600
                  Facsimile No.:  (303) 290-1606
                  Attention:  Paul J. Schlauch

                  If to QUALCOMM, to::

                  c/o QUALCOMM Incorporated
                  5775 Morehouse Dr.
                  San Diego, California 92121
                  Facsimile No.: (619) 658-2500
                  Attn:  President

                  with a copy to:

                  the same address
                  Attn:  Legal Department
                  Facsimile No.: (619) 658-2503

                  and:

                  QUALCOMM do Brasil Ltda.
                  Av. Eng. Luis Carlos Berrini, 550, 8th Andar
                  Sao Paulo, Brasil
                  Attn: President
                  Facsimile No. (011) 5505-9362

or to such other person or address as the addressee may have previously advised
in writing as provided herein.

                                       33
<PAGE>   37

                  (b) Effectiveness. Any notice delivered pursuant to Section
11.1(a) shall be deemed to have been given on receipt, if received during normal
business hours on a Business Day, and if not so received, on the next following
Business Day.

         Section 11.2 Assignment. Except as set forth in this Agreement, no
rights or obligations under this Agreement shall be assigned by any Shareholder
without the prior written consent of the other Shareholder; provided, however,
that any Transferring Shareholder may, upon written notice to the other
Shareholder, assign all of its rights under this Agreement to (i) any Affiliate
pursuant to Section 6.5 and (ii) any permitted transferee under Article VI
(other than an Affiliate) in connection with a transfer of Shares pursuant to
such Article.

         Section 11.3 Entire Agreement. This Agreement sets forth the entire
understanding and agreement between the Shareholders as to matters covered
herein and therein and supersedes any prior understanding, agreement or
statement (written or oral) of intent.

         Section 11.4 Headings. The headings contained in this Agreement are for
convenience of reference only and shall not affect, in any way, the meaning or
interpretation of this Agreement.

         Section 11.5 Section References. All references to Articles and
Sections herein are to the Articles and Sections of this Agreement unless
otherwise specified.

         Section 11.6 Amendments; Waivers. To be binding, any amendment of this
Agreement must be effected by an instrument in writing signed by all of the
Shareholders. No further formalities by the Shareholders shall be required to
amend this Agreement. Rights hereunder shall not be waived, except pursuant to a
writing signed by the Shareholders against which enforcement of the waiver is
sought.

         Section 11.7 Third-Party Rights. It is the intention of the
Shareholders that Interativa be a third party beneficiary of this Agreement with
the right to enforce, on its own behalf, any right or obligation hereunder. This
Agreement is not intended to confer any benefits upon, or create any rights in
favor of, any other Person or entity other than the Shareholders and Interativa.

         Section 11.8 Rights and Remedies. Except as provided in Article X and
Section 11.11, the rights and remedies granted under this Agreement shall not be
exclusive but shall be in addition to all other rights and remedies available
under law or equity.

         Section 11.9 Further Assurances. Each Shareholder shall take such
additional action and shall coordinate with the other parties hereto, as may be
reasonably necessary to effectuate this Agreement and the transactions
contemplated hereby.

         Section 11.10 Transfer Taxes; Recording Fees. Interativa shall pay any
stamp duty, transfer taxes, sales taxes, recording taxes or fees or similar
governmental charges or

                                       34
<PAGE>   38

taxes (but not income, gift or other such taxes) payable in connection with the
execution of this Agreement.

         Section 11.11 No Consequential Damages. Notwithstanding anything to the
contrary contained in this Agreement, in no event shall any Shareholder be
liable to any other Shareholder, to Interativa or to any Interativa Subsidiary
for any special, punitive, incidental or consequential damages.

         Section 11.12 Expenses of Negotiation. Each of the Shareholders shall
bear its own expenses incurred in connection with the preparation and
negotiation of this Agreement and the Transaction Documents.

         Section 11.13 Relationship Among the Shareholders; Relationship between
Interativa and the Shareholders.

                  (a) Relationship Between Interativa and Shareholders. The
relationship of the Shareholders to Interativa shall be that of shareholders,
except as otherwise may be provided in any other written agreement between or
among one or more of the Shareholders and Interativa and in no event shall any
Shareholder owe any fiduciary duty or similar duty to the other Shareholder in
its capacity as a shareholder of Interativa. No Shareholder shall act as an
agent for or on behalf of Interativa, except as specifically is provided in any
other written agreement between Interativa and such Shareholder. Each
Shareholder shall conduct its affairs with regard to third parties so as to
avoid the appearance or creation of any other or greater relationship between
the Shareholders and Interativa.

                  (b) Contracts Outside the Scope of this Agreement. Any
agreement entered into by a Shareholder which violates any provision of this
Agreement or is otherwise outside the scope of this Agreement shall not be
binding on the other Shareholders or on Interativa and only the Shareholder
entering into such agreement shall be subject to any liability which might arise
therefrom.

         Section 11.14 Voting. Each Shareholder shall vote its Shares at any
Board or Shareholder meeting of Interativa so as to implement, and shall cause
directors appointed by it to implement, the provisions of this Agreement.

         Section 11.15 No Brokers.

                  (a) Each Shareholder represents and warrants to the other
Shareholder that all negotiations relating to this Agreement and the
transactions contemplated hereby have been carried on without the intervention
of any Person acting on behalf of any Shareholders in such manner as to give
rise to a valid claim against Interativa or any Shareholders for any broker's or
finder's fee or similar compensation in connection with the transactions
contemplated by this Agreement.

                  (b) Each Shareholder (the "Indemnitor") hereby agrees to
indemnify and hold harmless the other Shareholder from any Loss that such other
Shareholder incurs as a result of or arising out of any claim by any Person for
any broker's or finder's fees or

                                       35
<PAGE>   39

similar compensation demands made by such Person against the Indemnitor in
connection with the transactions contemplated by this Agreement.

         Section 11.16 News Releases. Each Shareholder agrees to use its
reasonable efforts to ensure that no public release or announcement concerning
the operation of Interativa and the transactions contemplated by this Agreement
shall be issued by such Shareholder without providing the other Shareholder with
an opportunity to comment. Each Shareholder shall exercise reasonable care in
not disseminating any information relating to Interativa to the news media
without the prior consent of the other Shareholder.

         Section 11.17 Compliance with Transaction Documents. The Shareholders
shall comply and shall cause their Affiliates to comply with the provisions of
each of the Transaction Documents to which they are a party. No transfer of any
interest in Interativa by any Shareholder shall relieve such Shareholder of its
obligations under any of the Transaction Documents to which it is a party unless
expressly agreed to by the other parties to such Transaction Documents.

         Section 11.18 Counterparts. This Agreement may be executed in any
number of counterparts each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. This Agreement
shall become effective when such counterparts have been executed by and
delivered to each Party. Delivery by facsimile of an executed counterpart of
this Agreement shall be deemed to be delivery of an original counterpart of this
Agreement.

                                    * * * * *

                                       36
<PAGE>   40

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first set forth above.

                                 BELL CANADA INTERNATIONAL (ESPELHO SUL) LIMITED

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 VELOCOM CAYMAN BRASIL HOLDINGS

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 QUALCOMM DO BRASIL LTDA.

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 BV INTERATIVA HOLDINGS

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                       37<PAGE>   1
                                                                   EXHIBIT 10.14

                                  VELOCOM INC.
                             1998 STOCK OPTION PLAN

              (AS AMENDED AND RESTATED EFFECTIVE OCTOBER 15, 1999)

                               SECTION 1: PURPOSE

         The purpose of the VeloCom Inc. 1998 Stock Option Plan (the "Plan") is
to further the growth and development of VeloCom Inc. (the "Company") by
affording an opportunity for stock ownership to selected employees, directors
and consultants of the Company and its subsidiaries who are responsible for the
conduct and management of its business or who are involved in endeavors
significant to its success. An amendment and restatement is adopted effective
October 15, 1999 to reflect a change in the corporate name of the Company, make
a modification to Section 9.1 of the Plan and amend the definition of a "change
in control" for grants of options on and after the effective date of the
restatement.. In addition, the amendment and restatement reflects an amendment
previously approved by the shareholders that increased in the number of shares
subject to options under the Plan. The Plan is amended and restated effective
October 15, 1999.

                             SECTION 2: DEFINITIONS

         Unless otherwise indicated, the following words when used herein shall
have the following meanings:

                  (a) "Affiliate" shall mean, with respect to any person or
         entity, a person or entity that directly or indirectly through one or
         more intermediaries, controls, or is controlled by, or is under common
         control with, such person or entity.

                  (b) "Board of Directors" shall mean the Board of Directors of
         the Company.

                  (c) "Change in Control" shall be deemed to have occurred:

                           (1) At such time as a third person, including a
                  "group" as defined in Section 13(d) (3) of the Securities
                  Exchange Act of 1934, as amended, becomes the beneficial owner
                  of shares of the Company having 50% or more of the total
                  number of votes that may be cast for the election of Directors
                  of the Company;

                           (2) On the effective date of and immediately prior
                  to: (i) the closing of any agreement for a merger or
                  consolidation of the Company with another entity, provided
                  that there shall be no change of control if the persons and
                  entities who were the stockholders of the Company immediately
                  before such merger or consolidation continue to own, directly
                  or indirectly, shares of the corporation resulting from such
                  merger or consolidation having more than 70% of the total

                                       1
<PAGE>   2

                  number of votes that may be cast for the election of directors
                  of such corporation, in substantially the same proportion as
                  their ownership of the voting securities of the Company
                  outstanding immediately before such merger or consolidation;
                  or (ii) the closing of any sale, exchange or other disposition
                  of all or substantially all of the Company's assets; or (iii)
                  a dissolution or liquidation of the Company's assets; or

                           (3) On the effective date of any sale, exchange or
                  other disposition of 50% or more in fair market value of the
                  Company's assets, other than in the ordinary course of
                  business, whether in a single transaction or a series of
                  related transactions.

         In determining whether clause (1) of the preceding sentence has been
         satisfied, the third person owning shares must be someone other than a
         person or an Affiliate of a person that, as of October 1, 1998, was the
         beneficial owner of shares of the Company having 20% or more of the
         total number of votes that may be cast for the election of Directors of
         the Company. The Plan Administrator's reasonable determination as to
         whether such an event has occurred shall be final and conclusive.

                  (d) "Code" shall mean the Internal Revenue Code of 1986, as
         amended from time to time.

                  (e) "Common Stock" shall mean the Company's common stock (par
         value $.01 per share) and any share or shares of the Company's capital
         stock hereafter issued or issuable in substitution for such shares.

                  (f) "Director" shall mean a member of the Board of Directors.

                  (g) "Early Exercise Stock Purchase Agreement" shall mean an
         agreement for the repurchase by the Company of shares acquired upon
         exercise of any portion of an Option prior to its vesting.

                  (h) "Employee Stock Agreement" shall mean an agreement setting
         forth certain terms and conditions relating to the disposition of
         shares acquired upon exercise of an Option, as further described in
         Section 12.4.

                  (i) "Incentive Stock Option" shall mean any option granted to
         an eligible employee under the Plan, which the Company intends at the
         time the option is granted to be an Incentive Stock Option within the
         meaning of Section 422 of the Code.

                  (j) "Nonqualified Stock Option" shall mean any option granted
         to an eligible employee, Director or consultant under the Plan which is
         not an Incentive Stock Option.

                                       2
<PAGE>   3

                  (k) "Option" shall mean and refer collectively to Incentive
         Stock Options and Nonqualified Stock Options.

                  (l) "Option Agreement" means the agreement specified in
         Section 7.2.

                  (m) "Optionee" shall mean any employee, Director or consultant
         who is granted an Option under the Plan. "Optionee" shall also mean the
         personal representative of an Optionee and any other person who
         acquires the right to exercise an Option by bequest or inheritance.

                  (n) "Parent" shall mean a parent corporation of the Company as
         defined in Section 424(e) of the Code.

                  (o) "Plan Administrator" shall mean the body which is
         responsible for the administration of the Plan, as determined pursuant
         to Section 4.1.

                  (p) "Related Option" shall mean an Incentive Stock Option or a
         Nonqualified Stock Option which has been granted in conjunction with an
         SAR.

                  (q) "SAR" shall mean a stock appreciation right subject to the
         terms of Section 9.2.

                  (r) "Subsidiary" shall mean a subsidiary corporation of the
         Company as defined in Section 424(f) of the Code.

                            SECTION 3: EFFECTIVE DATE

         The effective date of the Plan is October 1, 1998; provided, however,
that the adoption of the Plan by the Board of Directors is subject to approval
and ratification by the shareholders of the Company within 12 months of the
effective date. Options granted under the Plan prior to approval of the Plan by
the shareholders of the Company shall be subject to approval of the Plan by the
shareholders of the Company. The effective date of the Plan as amended and
restated is October 15, 1999.

                            SECTION 4: ADMINISTRATION

         4.1 Plan Administrator. The Plan shall be administered by the Board of
Directors, unless and until such time as the Board of Directors delegates the
administration of the Plan to a committee. Any such committee shall be appointed
by and shall serve at the pleasure of the Board of Directors. The Board of
Directors may from time to time remove members from or add members to any such
committee, and vacancies on the committee, howsoever caused, shall be filled by
the Board of Directors.

                                       3
<PAGE>   4

         4.2 Meetings and Actions. The Plan Administrator shall hold meetings at
such times and places as it may determine. A majority of the members of the Plan
Administrator shall constitute a quorum, and the acts of the majority of the
members present at a meeting or a consent in writing signed by all members of
the Plan Administrator shall be the acts of the Plan Administrator and shall be
final, binding and conclusive upon all persons, including the Company, its
Subsidiaries, its shareholders, and all persons having any interest in Options
which may be or have been granted pursuant to the Plan.

         4.3 Powers of Plan Administrator. The Plan Administrator shall have the
full and exclusive right to grant and determine terms and conditions of all
Options and SARs granted under the Plan and to prescribe, amend and rescind
rules and regulations for administration of the Plan, which shall be consistent
with the terms of the Plan. In granting Options and SARs, the Plan Administrator
shall take into consideration the contribution the Optionee has made or may make
to the success of the Company or its Subsidiaries and such other factors as the
Plan Administrator shall determine.

         4.4 Interpretation of Plan. The determination of the Plan Administrator
as to any disputed question arising under the Plan, including questions of
construction and interpretation, shall be final, binding and conclusive upon all
persons, including the Company, its Subsidiaries, its shareholders, and all
persons having any interest in Options or SARs which may be or have been granted
pursuant to the Plan. Such determinations shall be consistent with the terms of
the Plan and the terms of any applicable Option Agreement.

         4.5 Indemnification. Each person who is or shall have been a member of
the Plan Administrator or of the Board of Directors shall be indemnified and
held harmless by the Company against and from any loss, cost, liability or
expense that may be imposed upon or reasonably incurred in connection with or
resulting from any claim, action, suit or proceeding to which such person may be
a party or in which such person may be involved by reason of any action taken or
failure to act under the Plan and against and from any and all amounts paid in
settlement thereof, provided that the Company approved such settlement, or paid
in satisfaction of a judgment in any such action, suit or proceeding, provided
such person shall give the Company an opportunity, at its own expense, to handle
and defend the same before undertaking to handle and defend it on such person's
own behalf. The foregoing right of indemnification shall not be exclusive of,
and is in addition to, any other rights of indemnification to which any person
may be entitled under the Company's Articles of Incorporation or Bylaws, as a
matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

                      SECTION 5: STOCK SUBJECT TO THE PLAN

         5.1 Number. The aggregate number of shares of Common Stock which may be
issued under Options granted pursuant to the Plan shall not exceed 12,000,000
shares. Shares which

                                       4
<PAGE>   5

may be issued under Options may consist, in whole or in part, of authorized but
unissued stock or treasury stock of the Company not reserved for any other
purpose.

         5.2 Unused Stock. If any outstanding Option under the Plan expires or
for any other reason ceases to be exercisable, in whole or in part, other than
upon exercise of the Option or an SAR, the shares which were subject to such
Option and as to which the Option had not been exercised shall continue to be
available for issuance under the Plan. Any shares which are repurchased by the
Company in accordance with the terms of an Early Exercise Stock Purchase
Agreement shall upon such repurchase once again be available for issuance under
the Plan.

         5.3 Adjustment for Change in Outstanding Shares. If there is (i) any
change, increase or decrease, in the outstanding shares of Common Stock which is
effected without receipt of additional consideration by the Company, by reason
of a stock dividend, recapitalization, merger, consolidation, stock split,
combination or exchange of stock, or other similar circumstances, or (ii) an
extraordinary distribution of securities or property with respect to the
outstanding shares of Common Stock, provided, however, that for this purpose a
distribution shall not include a cash dividend paid to the holders of the Common
Stock unless the Board of Directors specifies that the payment of such dividend
should result in an adjustment pursuant to this Section 5.3, then in each such
event, the Plan Administrator shall make such adjustment as shall be appropriate
in the aggregate number of shares of stock available under the Plan, the number
of shares of stock subject to each outstanding Option and the Option prices in
order to prevent the dilution or enlargement of any Optionee's rights. In making
such adjustments, fractional shares shall be rounded to the nearest whole share.
The Plan Administrator's determinations in making adjustments shall be final and
conclusive.

                             SECTION 6: ELIGIBILITY

         All full- or part-time salaried employees of the Company and its
Subsidiaries who are responsible for the conduct and management of its business
or who are involved in endeavors significant to its success shall be eligible to
receive both Incentive Stock Options and Nonqualified Stock Options and SARs
under the Plan. Directors and consultants who are neither full- nor part-time
salaried employees of the Company or its Subsidiaries but who are involved in
endeavors significant to its success shall be eligible to receive Nonqualified
Stock Options and SARs, but not Incentive Stock Options, under the Plan.

                           SECTION 7: GRANT OF OPTIONS

         7.1 Grant of Options. The Plan Administrator may from time to time in
its discretion determine which of the eligible employees, Directors and
consultants of the Company or its Subsidiaries should receive Options, the type
of Options to be granted (whether Incentive Stock Options or Nonqualified Stock
Options), the number of shares subject to such Options, whether the Optionee
shall also receive SARs, the dates on which such Options are to be granted, and
the terms and conditions of such Options, including without limitation terms and
conditions relating

                                       5
<PAGE>   6

to vesting and the terms of any Employee Stock Agreement. No employee may be
granted Incentive Stock Options to the extent that the aggregate fair market
value (determined as of the time each Option is granted) of the Common Stock
with respect to which any such Options are exercisable for the first time during
a calendar year (under all incentive stock option plans of the Company and its
Parent and Subsidiaries) would exceed $100,000. To the extent that the
limitation set forth in the preceding sentence has been exceeded, the Options
which exceed the annual limitation shall be deemed to be Nonqualified Stock
Options rather than Incentive Stock Options.

         7.2 Option Agreement. Each Option granted under the Plan shall be
evidenced by a written Option Agreement setting forth the terms upon which the
Option is granted. Each Option Agreement shall designate the type of Options
being granted (whether Incentive Stock Options or Nonqualified Stock Options),
whether the Optionee shall also receive SARs, and shall state the number of
shares of Common Stock, as designated by the Plan Administrator, to which that
Option pertains. More than one Option may be granted to an eligible person under
one or more Option Agreements. The Option Agreement may contain such other
provisions, which shall not be inconsistent with the Plan, as the Plan
Administrator shall deem appropriate, including, without limitation, vesting
provisions that relate the Optionee's ability to exercise an Option to the
passage of time or the achievement of specific goals or the occurrence of
certain events, as specified by the Plan Administrator, including, without
limitation, the Optionee's termination without cause or a material reduction in
the Optionee's duties or compensation whether or not following a Change in
Control. Notwithstanding the terms of any Option Agreement, the Plan
Administrator may, at any time in its sole discretion, provide that any
outstanding Options be made fully vested and immediately exercisable.

         7.3 Option Price. The option price per share of Common Stock under each
Option shall be determined by the Plan Administrator and stated in the Option
Agreement. The option price for Incentive Stock Options granted under the Plan
shall not be less than 100% of the fair market value (determined as of the day
the Option is granted) of the shares subject to the Option. The option price for
Nonqualified Stock Options granted under the Plan shall not be less than 25% of
the fair market value (determined as of the day the Option is granted) of the
shares subject to the Option. Notwithstanding the foregoing, in no event shall
the option price per share be less than the par value of the Common Stock.

         7.4 Determination of Fair Market Value. If the Common Stock is listed
upon an established stock exchange or exchanges, then the fair market value per
share shall be deemed to be the average of the quoted closing prices of the
Common Stock on such stock exchange or exchanges on the day for which the
determination is made, or if no sale of the Common Stock shall have been made on
any stock exchange on that day, on the next preceding day on which there was
such a sale. If the Common Stock is not listed upon an established stock
exchange but is traded in the NASDAQ National Market System, the fair market
value per share shall be deemed to be the closing price of the Common Stock in
the National Market System on the day for which the determination is made, or if
there shall have been no trading of the Common Stock

                                       6
<PAGE>   7

on that day, on the next preceding day on which there was such trading. If the
Common Stock is not listed upon an established stock exchange and is not traded
in the National Market System, the fair market value per share shall be deemed
to be the mean between the dealer "bid" and "ask" closing prices of the Common
Stock on the NASDAQ System on the day for which the determination is made, or if
there shall have been no trading of the Common Stock on that day, on the next
preceding day on which there was such trading. If none of these conditions
apply, the fair market value per share shall be deemed to be an amount as
determined in good faith by the Plan Administrator by applying any reasonable
valuation method.

         7.5 Duration of Options. Each Option shall be of a duration as
specified in the Option Agreement; provided, however, that the term of each
Option shall be no more than ten years from the date on which the Option is
granted and shall be subject to early termination as provided herein.

         7.6 Additional Limitations on Grant. No Incentive Stock Option shall be
granted to an employee who, at the time the Incentive Stock Option is granted,
owns stock (as determined in accordance with Section 424(d) of the Code)
representing more than 10% of the total combined voting power of all classes of
stock of the Company or of any Parent or Subsidiary, unless the option price of
such Incentive Stock Option is at least 110% of the fair market value
(determined as of the day the Incentive Stock Option is granted) of the stock
subject to the Incentive Stock Option and the Incentive Stock Option by its
terms is not exercisable more than five years from the date it is granted.

         7.7 Early Exercise Prior to Vesting. The Option Agreement may, but need
not, provide that the Optionee may elect to exercise all or any portion of the
Option prior to its vesting. Any shares purchased upon exercise of an unvested
portion of the Option shall be subject to a right of repurchase in favor of the
Company in accordance with the terms of a Early Exercise Stock Purchase
Agreement which shall be set forth as an attachment to the Stock Option
Agreement.

                         SECTION 8: EXERCISE OF OPTIONS

         8.1 Manner of Exercise. Subject to the limitations and conditions of
the Plan or the Option Agreement, an Option shall be exercisable, in whole or in
part, from time to time, by giving written notice of exercise to the Secretary
of the Company, which notice shall specify the number of shares of Common Stock
to be purchased and shall be accompanied by (1) payment in full to the Company
of the purchase price of the shares to be purchased, plus (2) payment in full of
such amount as the Company shall determine to be sufficient to satisfy any
liability it may have for any withholding of federal, state or local income or
other taxes incurred by reason of the exercise of the Option, (3)
representations meeting the requirements of Sections 12.3 and/or 12.5 if
requested by the Company, and (4) a Employee Stock Agreement meeting the
requirements of Section 12.4 if requested by the Company.

                                       7
<PAGE>   8

         8.2 Payment of Purchase Price. Payment for shares and withholding taxes
shall be in the form of either (1) cash, (2) a certified or bank cashier's check
to the order of the Company, or (3) shares of the Common Stock, properly
endorsed to the Company, in an amount the fair market value of which on the date
of receipt by the Company (as determined in accordance with Section 7.4) equals
or exceeds the aggregate option price of the shares with respect to which the
Option is being exercised, (4) any other form of legal consideration that may be
acceptable to the Plan Administrator, or (5) in any combination thereof;
provided, however, that no payment may be made in shares of Common Stock unless
the Plan Administrator has approved of payment in such form by such Optionee
with respect to the Option exercise in question. Should the Common Stock be
registered under Section 12(g) of the Securities Exchange Act of 1934, as
amended, at the time an Option is exercised, and to the extent the option is
exercised for vested shares, then payment may also be made through a special
sale and remittance procedure pursuant to which the Optionee shall concurrently
provide irrevocable written instructions (A) to a brokerage firm designated by
the Company to effect the immediate sale of the purchased shares and remit to
the Company, out of the sale proceeds available on the settlement date,
sufficient funds to cover the aggregate exercise price payable for the purchased
shares plus all applicable withholding taxes, and (B) to the Company to deliver
the certificates for the purchased shares directly to such brokerage firm in
order to complete the sale. Upon the exercise of any Option, the Company, in its
sole discretion, may permit the deferred payment of the purchase price on such
terms and conditions as the Company shall specify.

             SECTION 9: CHANGE IN CONTROL; STOCK APPRECIATION RIGHTS

         9.1 Acceleration of Vesting. With respect to the grant of any Option
prior to October 15, 1999, notwithstanding any vesting requirements contained in
any Option Agreement, all outstanding Options shall become immediately
exercisable in full upon the occurrence of a Change in Control as defined in
Section 2(c). The previous sentence shall not apply with respect to any Option
granted on or after October 15, 1999, which grant shall be governed by the terms
of the relevant Option Agreement.

         9.2 Stock Appreciation Rights. The Plan Administrator may, but shall
not be obligated to, grant SARs pursuant to the provisions of this Section 9.2
to any Optionee with respect to all or any portion of a Related Option. The SAR
may be granted either concurrently with the grant of the Related Option or at
any time thereafter prior to the complete exercise, termination, expiration or
cancellation of the Related Option. Each SAR shall be exercisable to the extent
the Related Option is then exercisable and may be subject to such additional
limitations on exercisability as the Option Agreement may provide. In no event
shall an SAR be exercisable after the expiration, termination or exercise of the
Related Option. Upon the exercise of SARs, the Related Option shall be
considered to have been exercised to the extent of the number of shares of
Common Stock with respect to which SARs are exercised, both for purposes of
acquiring shares of Common Stock upon exercise of an Option and for purposes of
determining the number of shares of Common Stock which may be issued pursuant to
the Plan. Except as set forth in Section 9.3, the effective date of exercise of
an SAR shall be the date on which the

                                       8
<PAGE>   9

Company shall have received notice from the Optionee of the exercise thereof.
Upon the exercise of SARs, the Optionee shall receive in cash an amount equal to
the fair market value (as determined in accordance with the terms of the
Employee Stock Agreement attached to the Optionee's Option Agreement, or in the
absence of any Employee Stock Agreement, in accordance with the terms of Section
7.4) on the date of exercise of such SAR of the shares of Common Stock with
respect to which such SAR shall have been exercised over the aggregate exercise
price of the Related Option.

         9.3 Reorganization or Sale of Assets. If there is an event which
results in a Change in Control of the Company pursuant to clauses (3) or (4) of
Section 2(c) of this Plan, the Plan Administrator shall, as to outstanding
Options, either (1) make appropriate provision for the protection of any such
outstanding Options by the substitution on an equitable basis of the appropriate
stock of the Company, or of the merged, consolidated or otherwise reorganized
corporation, which will be issuable in respect of the Common Stock, provided
that no additional benefits shall be conferred upon Optionees as a result of
such substitution, and provided further that the excess of the aggregate fair
market value of the shares subject to the Options immediately after such
substitution over the purchase price thereof is not more than the excess of the
aggregate fair market value of the shares subject to such Options immediately
before such substitution over the purchase price thereof, or (2) upon written
notice to all Optionees, which notice shall be given not less than 20 business
days prior to the effective date of the Reorganization Event, provide that all
unexercised Options and SARs must be exercised within a certain number of
business days of the date of such notice, which number or days shall be
specified by the Plan Administrator in the notice to Optionees and which shall
not be less than 20 business days, or such Options and SARs will terminate. In
response to a notice provided pursuant to clause (2) of the preceding sentence,
an Optionee may make an irrevocable election to exercise the Optionee's Option
contingent upon and effective as of the effective date of the Reorganization
Event. Options and SARs which are not exercised within the specified period
following the receipt of such a notice shall terminate and cease to be
outstanding immediately prior to the occurrence of the Reorganization Event
described in such notice.

                 SECTION 10: EFFECT OF TERMINATION OF EMPLOYMENT

         10.1 Termination of Employment Other Than Upon Death or Disability.
Subject to any limitations set forth in the Option Agreement, and provided that
the notice of exercise is provided prior to the expiration of the Option, the
Optionee shall be entitled to exercise the Option (i) during the Optionee's
employment by the Company or a Subsidiary and (ii) for a period of three months
after the date of a termination of employment. Any vesting of the Option shall
cease upon termination of employment, and the Option shall be exercisable only
to the extent that it was exercisable on the date of such termination. Any
Options not exercisable as of the date of termination, and any Options or
portions of Options not exercised within the period specified herein, shall
terminate.

                                       9
<PAGE>   10

         10.2 Termination By Death of Optionee. Notwithstanding Section 10.1, if
an Optionee should die while in the employ of the Company or a Subsidiary or
within a period of three months after termination of employment with the Company
or a Subsidiary under circumstances in which Section 10.1 would permit the
exercise of the Option following termination, the personal representatives of
the Optionee's estate or the person or persons who shall have acquired the
Option from the Optionee by bequest or inheritance may exercise the Option at
any time within the year after the date of death, but not later than the
expiration date of the Option. Any vesting of the Option shall cease upon
termination of employment, and the Option shall be exercisable only to the
extent that it was exercisable on the date of such termination. Any Options not
exercisable as of the date of termination, and any Options or portions of
Options not exercised within the period specified herein, shall terminate.

         10.3 Termination By Disability of Optionee. Notwithstanding Section
10.1, if an Optionee should terminate employment with the Company or a
Subsidiary by reason of the Optionee's disability (within the meaning of Section
22(e)(3) of the Code), the Optionee may exercise the Option at any time within
one year after the date of termination but not later than the expiration date of
the Option. Any vesting of the Option shall cease upon termination of
employment, and the Option shall be exercisable only to the extent that it was
exercisable on the date of such termination. Any Options not exercisable as of
the date of termination, and any Options or portions of Options not exercised
within the period specified herein, shall terminate.

         10.4 Termination of Directors and Consultants. For purposes of this
Section 10, a termination of employment shall be deemed to include the
termination of a Director's service as a member of the Board of Directors and
the termination of a consulting arrangement in the case of consultants, provided
that immediately following such termination the Director or consultant is not
employed by the Company or a Subsidiary.

         10.5 Extension of Option Termination Date. The Plan Administrator, in
its sole discretion, may extend the termination date of an Option granted under
the Plan without regard to the preceding provisions of this Section 10. In such
event, the termination date shall be a date selected by the Plan Administrator
in its sole discretion, but not later than the latest expiration date of the
Option permitted pursuant to Section 7.5. Such extension may be made in the
Option Agreement as originally executed or by amendment to the Option Agreement,
either prior to or following termination of an Optionee's employment. The Plan
Administrator shall have no power to extend the termination date of an Incentive
Stock Option beyond the periods provided in Sections 10.1, 10.2 and 10.3 prior
to the termination of the Optionee's employment or without the approval of the
Optionee, which may be granted or withheld in the Optionee's sole discretion.
Any extension of the termination date of an Incentive Stock Option shall be
deemed to be the grant of a new Option for purposes of the Code.

                                       10
<PAGE>   11

                    SECTION 11: NON-TRANSFERABILITY OF OPTION

         Options and SARs granted pursuant to the Plan are not transferable by
the Optionee other than by Will or the laws of descent and distribution and
shall be exercisable during the Optionee's lifetime only by the Optionee. Upon
any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the
Option or SAR contrary to the provisions hereof, or upon the levy of any
attachment or similar process upon the Option or SAR, the Option and SAR shall
immediately become null and void.

                         SECTION 12: ISSUANCE OF SHARES

         12.1 Transfer of Shares to Optionee. As soon as practicable after the
Optionee has given the Company written notice of exercise of an Option and has
otherwise met the requirements of Section 8.1, the Company shall issue or
transfer to the Optionee the number of shares of Common Stock as to which the
Option has been exercised and shall deliver to the Optionee a certificate or
certificates therefor, registered in the Optionee's name. Except as set forth in
Section 12.2, the record date of such issuance shall be the date on which the
Optionee gave written notice of exercise and otherwise met the requirements of
Section 8.1. If the Optionee has made an early exercise in accordance with the
Option Agreement, the Company may retain the non-vested shares of Common Stock
until they have vested pursuant to the Early Exercise Stock Purchase Agreement.
In no event shall the Company be required to transfer fractional shares to the
Optionee, and in lieu thereof, the Company may pay an amount in cash equal to
the fair market value (as determined in accordance with Section 7.4) of such
fractional shares on the date of exercise.

         12.2 Compliance with Laws. If the issuance or transfer of shares by the
Company would for any reason, in the opinion of counsel for the Company, violate
any applicable federal or state laws or regulations, the Company may delay
issuance or transfer of such shares to the Optionee until compliance with such
laws can reasonably be obtained. In such event, the record date of issuance
shall be the date of actual issuance by the Company. In no event shall the
Company be obligated to effect or obtain any listing, registration,
qualification, consent or approval under any applicable federal or state laws or
regulations or any contract or agreement to which the Company is a party with
respect to the issuance of any such shares. If, after reasonable efforts, the
Company is unable to obtain the authority which counsel for the Company deems
necessary for the lawful issuance and sale of shares upon exercise of Options
under the Plan, the Company shall be relieved from any liability for failure to
issue and sell shares upon exercise of such Options unless and until such
authority is obtained.

         12.3 Investment Representation. The Company may require any Optionee,
as a condition precedent to exercising any Option, to provide a written
representation providing assurances satisfactory to the Company (i) as to the
Optionee's knowledge and experience in financial and business matters and/or
that the Optionee has engaged a purchaser representative reasonably satisfactory
to the Company who is knowledgeable and experienced in financial and

                                       11
<PAGE>   12

business matters, (ii) that the Optionee is capable of evaluating, alone or
together with the purchaser representative, the merits and risks of exercising
the Option; and (iii) that the Optionee is acquiring the stock subject to the
Option for such person's own account and not with any present intention of
selling or otherwise distributing the stock. Such a representation shall not be
required if (A) the issuance of the shares upon the exercise of the Option has
been registered under a then currently effective registration statement under
the Securities Act of 1933, as amended (the "Securities Act"), or (B) as to any
particular requirement, a determination is made by counsel for the Company that
such representation is not required. Certificates representing Common Stock
acquired upon exercise of Options may contain such legends and transfer
restrictions as the Company shall deem reasonably necessary, including, without
limitation, legends restricting transfer of the Common Stock until there has
been compliance with federal and state securities laws and until the Optionee or
any other holder of the Common Stock has paid the Company such amounts as may be
necessary in order to satisfy any withholding tax liability of the Company.

         12.4 Employee Stock Agreement. If any Employee Stock Agreement is
required pursuant to the terms of the Option Agreement, the Optionee shall
execute and deliver to the Company such an Agreement in such form as shall be
attached as an exhibit to the Option Agreement. The Employee Stock Agreement may
include, without limitation, restrictions upon the Optionee's right to transfer
shares and provisions requiring the Optionee to transfer the shares to the
Company or the Company's designees upon a termination of employment. The
Employee Stock Agreement may also include, in the sole discretion of the Plan
Administrator, provisions entitling the Optionee to put the shares to the
Company in accordance with the terms and conditions of such Agreement. Execution
by the Optionee of an Employee Stock Agreement required pursuant to the terms
and conditions of the Option Agreement prior to the transfer or delivery of any
shares and prior to the expiration of the option period shall be a condition
precedent to the right to purchase such shares, unless such condition is
expressly waived in writing by the Company.

         12.5 Lock-Up Agreement. Upon demand by the Company, the Optionee shall
execute and deliver to the Company a representation that, in connection with the
first underwritten registered offering of any securities of the Company under
the Securities Act of 1933, as amended, the Optionee will not sell or otherwise
transfer or dispose of any shares of Common Stock acquired upon exercise of an
Option, or any shares of Common Stock acquired with respect thereto, during such
period following the effective date of the registration statement of the Company
filed under the Act as may be requested by the Company or the representative of
the underwriters for the Company; provided, however, that such restriction shall
apply only if the executive officers and directors of the Company agree with the
representatives of the underwriters not to transfer shares of Common Stock owned
by them for the same or a greater period. Such representation shall further
state that the Company may impose stop-transfer instructions with respect to
securities subject to the foregoing restrictions until the end of such period.

                                       12
<PAGE>   13

                             SECTION 13: AMENDMENTS

         The Board of Directors may at any time and from time to time alter,
amend, suspend or terminate the Plan or any part thereof as it may deem proper,
except that no such action shall diminish or impair the rights under an Option
previously granted. Unless the shareholders of the Company shall have given
their approval, the total number of shares for which Options may be issued under
the Plan shall not be increased, except as provided in Section 5.3, and no
amendment shall be made which reduces the price at which the Common Stock may be
offered under the Plan below the minimum required by Section 7.3, except as
provided in Section 5.3, or which materially modifies the requirements as to
eligibility for participation in the Plan. Subject to the terms and conditions
of the Plan, the Board of Directors may modify, extend or renew outstanding
Options granted under the Plan, or accept the surrender of outstanding Options
to the extent not theretofore exercised and authorize the granting of new
Options in substitution therefor, except that no such action shall diminish or
impair the rights under an Option previously granted without the consent of the
Optionee.

                            SECTION 14: TERM OF PLAN

         This Plan shall terminate on September 30, 2008; provided, however,
that the Board of Directors may at any time prior thereto suspend or terminate
the Plan. No such suspension or termination shall diminish or impair the rights
under an Option previously granted without the consent of the Optionee.

                        SECTION 15: RIGHTS AS STOCKHOLDER

         An Optionee shall have no rights as a stockholder of the Company with
respect to any shares of Common Stock covered by an Option until the date of the
issuance of the stock certificate for such shares.

                        SECTION 16: NO EMPLOYMENT RIGHTS

         Nothing contained in this Plan or in any Option granted under the Plan
shall confer upon any Optionee any right with respect to the continuation of
such Optionee's employment by the Company or any Subsidiary or interfere in any
way with the right of the Company or any Subsidiary, subject to the terms of any
separate employment agreement to the contrary, at any time to terminate such
employment or to increase or decrease the compensation of the Optionee from the
rate in existence at the time of the grant of the Option.

                            SECTION 17: GOVERNING LAW

         This Plan, and all Options granted under this Plan, shall be construed
and shall take effect in accordance with the laws of the State of Colorado,
without regard to the conflicts of laws rules of such State.

                                       13
<PAGE>   14

                           SECTION 18: USE OF PROCEEDS

         Any cash proceeds received by the Company from the sale of shares of
Common Stock under the Plan shall be used for general corporate purposes.

                                       14
<PAGE>   15

                   INCENTIVE STOCK OPTION AGREEMENT (FOUNDER)
                     (WITH AUTHORIZATION FOR EARLY EXERCISE)

OPTIONEE:
         --------------------

DATE OF GRANT:
              ---------------

         AGREEMENT between VeloCom Inc. (the "Company"), and the above named
Optionee ("Optionee"), an employee of the Company or a Subsidiary thereof.

         The Company and Optionee agree as follows:

1. Grant of Option.

         Optionee is hereby granted an Incentive Stock Option, within the
meaning of Section 422 of the Code (the "Option"), to purchase Common Stock of
the Company pursuant to the VeloCom Inc. 1998 Stock Option Plan (the "Plan").
The Option and this Agreement are subject to and shall be construed in
accordance with the terms and conditions of the Plan, as now or hereinafter in
effect. Any terms which are used in this Agreement without being defined and
which are defined in the Plan shall have the meaning specified in the Plan.

2. Date of Grant.

         The date of the grant of the Option is the date first set forth above,
the date of the action by the Plan Administrator in granting the same.

3. Number and Price of Shares.

         The number of shares as to which the Option is granted is the number
set forth in Schedule 3A to this Agreement. The purchase price per share is the
amount set forth in Schedule 3B to this Agreement.

4. Expiration Date.

         Unless sooner terminated as provided in Section 5.4 or Section 10 of
the Plan, the Option shall expire and terminate on the date set forth in
Schedule 4 to this Agreement, and in no event shall the Option be exercisable
after that date. Notwithstanding anything in Section 10.1 of the Plan to the
contrary, and provided that the notice of exercise is provided prior to the
expiration of the Option, Optionee shall be entitled to exercise the Option (i)
during Optionee's employment by the Company or a Subsidiary and (ii) for a
period of twelve months after the date of a termination of employment.

                                       1
<PAGE>   16

5. Manner of Exercise.

         Except as provided in this Agreement, the Option shall be exercisable,
in whole or in part, from time to time, in the manner provided in Section 8 of
the Plan. Optionee and the Company recognize that in order to obtain the federal
income tax advantages associated with an Incentive Stock Option, the Code
requires that at all times beginning on the date of grant of the Option and
ending on the day three months before the date of the Option's exercise, the
Optionee must be an employee of the Company or its Parent or Subsidiary, except
in the event of the Optionee's death or permanent and total disability.

6. Vesting.

         The Option granted hereby shall become vested in and exercisable by
Optionee in the installments, on the dates and subject to the conditions set
forth in Schedule 6 to this Agreement; provided, however, that in order to vest
in the Option, Optionee must have been continuously employed by the Company or a
Subsidiary thereof from the date of grant of the Option until the date specified
on Schedule 6 or until the conditions specified on Schedule 6 have been
satisfied. Notwithstanding anything in the Plan or this Agreement to the
contrary, this Option shall become immediately vested and exercisable in full if
Optionee should die while in the employ of the Company or a Subsidiary or if
Optionee should terminate employment with the Company or a Subsidiary by reason
of the Optionee's disability (within the meaning of Section 22(e)(3) of the
Code).

7. Early Exercise.

         Notwithstanding the provisions of Section 6, Optionee may elect at any
time prior to the termination of Optionee's employment with the Company or a
Subsidiary thereof to exercise the Option as to any part or all of the shares
subject to this Option, including without limitation, shares with respect to
which the Option has not yet vested pursuant to Section 6; provided, however,
that (i) a partial exercise of this Option shall be deemed to apply first to
vested shares and then to the earliest vesting installment of unvested shares,
and (ii) upon exercise of the Option with respect to unvested shares, Optionee
shall execute and deliver to the Company an Early Exercise Stock Repurchase
Agreement in substantially the form attached to this Agreement as Exhibit A,
which Agreement shall apply with respect to the unvested shares. Execution and
delivery of the Early Exercise Stock Repurchase Agreement prior to the transfer
or delivery of any shares and prior to the expiration of the option period shall
be a condition precedent to the right to purchase such shares. The election
provided in this Section 7 to purchase shares prior to the vesting of the Option
shall cease upon termination of Optionee's employment with the Company or a
Subsidiary thereof and may not be exercised after the date of such termination.

8. FOR USE AT DISCRETION OF PLAN ADMINISTRATOR. [Acceleration of Vesting. Upon
the occurrence of any of the events set forth in subsection (a), (b) or (c)
below, the Optionee's options granted hereunder shall become fully vested and
immediately exercisable:

                                       2
<PAGE>   17

         (a) There is a Change in Control as defined in Section 2(c)(1) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d); [PROVIDED, HOWEVER, THAT IN THE EVENT THE CHANGE IN CONTROL IS A
SALE OF 100% OF THE SHARES OF THE COMPANY (WHETHER BY SALE, MERGER OR OTHERWISE)
THAT HAVE VOTES THAT MAY BE CAST FOR THE ELECTION OF DIRECTORS OF THE COMPANY,
WHETHER IN A SINGLE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, NO
TERMINATION EVENT SHALL BE REQUIRED];

         (b) There is a Change in Control as defined in Section 2(c)(2) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d);

         (c) There is a Change in Control as defined in Section 2(c)(3) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d). Notwithstanding the foregoing, if the Optionee performs services
for the successor entity following such Change in Control in the same capacity
as the Optionee had with the Company, the Optionee's options shall not become
fully vested and immediately exercisable unless the Optionee experiences a
Termination Event (with respect to the successor entity) as defined in
subsection (d) within twelve (12) months of the Change in Control defined in
this subsection.

         (d) Termination Event. A Termination Event shall be deemed to have
occurred where there has been:

                  i. A material reduction in Optionee's responsibilities,
authorities or duties;

                  ii. A termination of Optionee or an elimination of Optionee's
job, each, other than by reason of promotion or termination for Cause. "Cause"
shall mean a termination on account of (a) Optionee's material breach of an
Employment Agreement, if any, (b) fraud, misappropriation, embezzlement, or
dishonesty in connection with the Optionee's employment, (c) competition with
the Company, (d) unauthorized use of any trade secret or other confidential
information of the Company, (e) willful misconduct or gross negligence in the
discharge of Optionee's duties or responsibilities, or (f) conviction of, or
plea of nolo contendere to, a felony.

                  iii. A failure by the Company to pay Optionee any amount
otherwise vested and due hereunder or under any plan or policy of the Company,
which failure is not cured within five (5) business days' of receipt by the
Company of written notice from Optionee which describes in reasonable detail the
amount which is due;

                  iv. A material reduction in Optionee's base salary, except in
the event of an across-the-board salary reduction for all executive officers;

                                       3
<PAGE>   18

                  v. A required relocation of Optionee's office outside of a
50-mile radius of Denver, Colorado (or the Optionee's other place of regular
employment), without Optionee's written consent; or

                  vi. A failure of the Company to obtain an agreement to
expressly assume this Agreement from any successor to the Company.]

9. Employee Stock Agreement.

         Upon exercise of the Option, Optionee shall execute and deliver to the
Company an Employee Stock Agreement in substantially the form attached to this
Agreement as Exhibit B. Execution and delivery of the Employee Stock Agreement
prior to the transfer or delivery of any shares and prior to the expiration of
the option period shall be a condition precedent to the right to purchase such
shares.

10. Lock-Up.

         In connection with the first underwritten registered offering of any
securities of the Company under the Securities Act of 1933, as amended (the
"Act"), Optionee will not sell or otherwise transfer or dispose of any shares of
Common Stock acquired upon exercise of this Option, or any shares of Common
Stock acquired with respect thereto, during such period following the effective
date of the registration statement of the Company filed under the Act as may be
requested by the Company or the representative of the underwriters for the
Company; provided, however, that such restriction shall apply only if the
executive officers and directors of the Company agree with the representatives
of the underwriters not to transfer shares of Common Stock owned by them for the
same or a greater period. The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of
such period.

11. Nontransferability of Option.

         The Option is not transferable by Optionee other than by Will or the
laws of descent and distribution, and the Option shall be exercisable during
Optionee's lifetime only by Optionee. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of the Option contrary to the
provisions hereof, or upon the levy of any attachment or similar process upon
the Option, the Option shall immediately become null and void.

12. Withholding for Taxes.

         Optionee shall reimburse the Company, in cash or by certified or bank
cashier's check, for any federal, state or local taxes required by law to be
withheld with respect to the exercise of the Option or any disqualifying
disposition of the Common Stock acquired upon exercise of the Option. The
Company shall have the right to deduct from any salary or other payments to be
made to Optionee any federal, state or local taxes required by law to be so
withheld. The

                                       4
<PAGE>   19

Company's obligation to deliver a certificate representing the Common Stock
acquired upon exercise of the Option is subject to the payment by Optionee of
any applicable federal, state and local withholding tax.

13. Legends.

         Certificates representing Common Stock acquired upon exercise of this
Option may contain such legends and transfer restrictions as the Company shall
deem reasonably necessary, including, without limitation, legends restricting
transfer of the Common Stock until there has been compliance with federal and
state securities laws and until Optionee or any other holder of the Common Stock
has paid the Company such amounts as may be necessary in order to satisfy any
withholding tax liability of the Company resulting from a disqualifying
disposition described in Section 422(a) of the Code.

14. Employee Benefits.

         Optionee agrees that the grant and vesting of the Option and the
receipt of shares of Common Stock upon exercise of the Option will constitute
special incentive compensation that will not be taken into account as "salary"
or "compensation" or "bonus" in determining the amount of any payment under any
pension, retirement, profit sharing or other remuneration plan of the Company.

15. Amendment.

         Subject to the terms and conditions of the Plan, the Plan Administrator
may modify, extend or renew the Option, or accept the surrender of the Option to
the extent not theretofore exercised and authorize the granting of new Options
in substitution therefor, except that no such action shall diminish or impair
the rights under the Option without the consent of Optionee.

16. Interpretation.

         The interpretations and constructions of any provision of and
determinations on any question arising under the Plan or this Agreement shall be
made by the Plan Administrator, and all such interpretations, constructions and
determinations shall be final and conclusive as to all parties. Such
interpretations, constructions and determinations shall be consistent with the
terms of the Plan and this Agreement.

17. Receipt of Plan.

         By entering into this Agreement, Optionee acknowledges (i) that he or
she has received and read a copy of the Plan and (ii) that this Agreement is
subject to and shall be construed in accordance with the terms and conditions of
the Plan, as now or hereinafter in effect.

                                       5
<PAGE>   20

18. Governing Law.

         This Agreement shall be construed and shall take effect in accordance
with the laws of the State of Colorado, without regard to the conflicts of laws
rules of such State.

19. Miscellaneous.

         This Agreement constitutes the entire understanding and agreement of
the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements or understandings, inducements or conditions,
express or implied, written or oral, between the parties with respect hereto. If
any provision of this Agreement, or the application thereof, shall for any
reason and to any extent be invalid or unenforceable, the remainder of this
Agreement and the application of such provision to other circumstances shall be
interpreted so as best to reasonably effect the intent of the parties hereto.
All notices or other communications which are required to be given or may be
given to either party pursuant to the terms of this Agreement shall be in
writing and shall be delivered personally or by registered or certified mail,
postage prepaid, to the address of the parties as set forth following the
signature of such party. Notice shall be deemed given on the date of delivery in
the case of personal delivery or on the delivery or refusal date as specified on
the return receipt in the case of registered or certified mail. Either party may
change its address for such communications by giving notice thereof to the other
party in conformity with this Section 19.

         IN WITNESS WHEREOF, the Company by a duly authorized officer of the
Company and Optionee have executed this Agreement on _____________, effective as
of the date of grant.

                                       VELOCOM INC.

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       OPTIONEE

                                       -----------------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       6
<PAGE>   21

                                    SCHEDULES
                                       TO
                   INCENTIVE STOCK OPTION AGREEMENT (FOUNDER)

Schedule
3A       Number of Shares of Stock:
                                   ------------------------
3B       Purchase Price per Share:
                                  -------------------------
4        Expiration Date:
                         ----------------------------------
6        Vesting Schedule:

The Vesting Commencement Date shall be _______________. The number of shares for
which Options shall be vested on the Date of Grant, if any, shall be as
specified in the table below. The remainder of the Option shall vest in
installments, such that the number of shares specified in the table below shall
vest on the monthly anniversary of the Vesting Commencement Date specified in
the table below*.

<TABLE>
<CAPTION>
                                                          Number of Shares
                                                      Which Become Exercisable
                   Vesting Date            (Per Month When Multiple Months Are Indicated)
         <S>                               <C>
         Date of Grant
                                                         -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
</TABLE>

*For example, if the Vesting Commencement Date is October 1, 1998 and the month
indicated in the table is month "1", the date of vesting shall be November 1,
1998 and the number of shares which vest on that date shall be the number set
forth on the same line of the table. If the month indicated in the table is
months "3 - 14", the dates of vesting shall be the first day of each month of
1999, commencing January 1, 1999, and the number of shares which vest on that
date in each such month shall be the number set forth on the same line of the
table.

                                       7
<PAGE>   22

                        INCENTIVE STOCK OPTION AGREEMENT
                     (WITH AUTHORIZATION FOR EARLY EXERCISE)

OPTIONEE:
         --------------------

DATE OF GRANT:
              ---------------

         AGREEMENT between VeloCom Inc. (the "Company"), and the above named
Optionee ("Optionee"), an employee of the Company or a Subsidiary thereof.

         The Company and Optionee agree as follows:

1. Grant of Option.

         Optionee is hereby granted an Incentive Stock Option, within the
meaning of Section 422 of the Code (the "Option"), to purchase Common Stock of
the Company pursuant to the VeloCom Inc. 1998 Stock Option Plan (the "Plan").
The Option and this Agreement are subject to and shall be construed in
accordance with the terms and conditions of the Plan, as now or hereinafter in
effect. Any terms which are used in this Agreement without being defined and
which are defined in the Plan shall have the meaning specified in the Plan.

2. Date of Grant.

         The date of the grant of the Option is the date first set forth above,
the date of the action by the Plan Administrator in granting the same.

3. Number and Price of Shares.

         The number of shares as to which the Option is granted is the number
set forth in Schedule 3A to this Agreement. The purchase price per share is the
amount set forth in Schedule 3B to this Agreement.

4. Expiration Date.

         Unless sooner terminated as provided in Section 5.4 or Section 10 of
the Plan, the Option shall expire and terminate on the date set forth in
Schedule 4 to this Agreement, and in no event shall the Option be exercisable
after that date.

5. Manner of Exercise.

         Except as provided in this Agreement, the Option shall be exercisable,
in whole or in part, from time to time, in the manner provided in Section 8 of
the Plan. Optionee and the Company recognize that in order to obtain the federal
income tax advantages associated with an Incentive Stock Option, the Code
requires that at all times beginning on the date of grant of the

                                       1
<PAGE>   23

Option and ending on the day three months before the date of the Option's
exercise, the Optionee must be an employee of the Company or its Parent or
Subsidiary, except in the event of the Optionee's death or permanent and total
disability.

6. Vesting.

         The Option granted hereby shall become vested in and exercisable by
Optionee in the installments, on the dates and subject to the conditions set
forth in Schedule 6 to this Agreement; provided, however, that in order to vest
in the Option, Optionee must have been continuously employed by the Company or a
Subsidiary thereof from the date of grant of the Option until the date specified
on Schedule 6 or until the conditions specified on Schedule 6 have been
satisfied.

7. Early Exercise.

         Notwithstanding the provisions of Section 6, Optionee may elect at any
time prior to the termination of Optionee's employment with the Company or a
Subsidiary thereof to exercise the Option as to any part or all of the shares
subject to this Option, including without limitation, shares with respect to
which the Option has not yet vested pursuant to Section 6; provided, however,
that (i) a partial exercise of this Option shall be deemed to apply first to
vested shares and then to the earliest vesting installment of unvested shares,
and (ii) upon exercise of the Option with respect to unvested shares, Optionee
shall execute and deliver to the Company an Early Exercise Stock Repurchase
Agreement in substantially the form attached to this Agreement as Exhibit A,
which Agreement shall apply with respect to the unvested shares. Execution and
delivery of the Early Exercise Stock Repurchase Agreement prior to the transfer
or delivery of any shares and prior to the expiration of the option period shall
be a condition precedent to the right to purchase such shares. The election
provided in this Section 7 to purchase shares prior to the vesting of the Option
shall cease upon termination of Optionee's employment with the Company or a
Subsidiary thereof and may not be exercised after the date of such termination.

8. FOR USE AT DISCRETION OF PLAN ADMINISTRATOR. [Acceleration of Vesting. Upon
the occurrence of any of the events set forth in subsection (a), (b) or (c)
below, the Optionee's options granted hereunder shall become fully vested and
immediately exercisable:

         (a) There is a Change in Control as defined in Section 2(c)(1) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d); [PROVIDED, HOWEVER, THAT IN THE EVENT THE CHANGE IN CONTROL IS A
SALE OF 100% OF THE SHARES OF THE COMPANY (WHETHER BY SALE, MERGER OR OTHERWISE)
THAT HAVE VOTES THAT MAY BE CAST FOR THE ELECTION OF DIRECTORS OF THE COMPANY,
WHETHER IN A SINGLE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, NO
TERMINATION EVENT SHALL BE REQUIRED];

                                       2
<PAGE>   24

         (b) There is a Change in Control as defined in Section 2(c)(2) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d);

         (c) There is a Change in Control as defined in Section 2(c)(3) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d). Notwithstanding the foregoing, if the Optionee performs services
for the successor entity following such Change in Control in the same capacity
as the Optionee had with the Company, the Optionee's options shall not become
fully vested and immediately exercisable unless the Optionee experiences a
Termination Event (with respect to the successor entity) as defined in
subsection (d) within twelve (12) months of the Change in Control defined in
this subsection.

         (d) Termination Event. A Termination Event shall be deemed to have
occurred where there has been:

                  i. A material reduction in Optionee's responsibilities,
authorities or duties;

                  ii. A termination of Optionee or an elimination of Optionee's
job, each, other than by reason of promotion or termination for Cause. "Cause"
shall mean a termination on account of (a) Optionee's material breach of an
Employment Agreement, if any, (b) fraud, misappropriation, embezzlement, or
dishonesty in connection with the Optionee's employment, (c) competition with
the Company, (d) unauthorized use of any trade secret or other confidential
information of the Company, (e) willful misconduct or gross negligence in the
discharge of Optionee's duties or responsibilities, or (f) conviction of, or
plea of nolo contendere to, a felony.

                  iii. A failure by the Company to pay Optionee any amount
otherwise vested and due hereunder or under any plan or policy of the Company,
which failure is not cured within five (5) business days' of receipt by the
Company of written notice from Optionee which describes in reasonable detail the
amount which is due;

                  iv. A material reduction in Optionee's base salary, except in
the event of an across-the-board salary reduction for all executive officers;

                  v. A required relocation of Optionee's office outside of a
50-mile radius of Denver, Colorado (or the Optionee's other place of regular
employment), without Optionee's written consent; or

                  vi. A failure of the Company to obtain an agreement to
expressly assume this Agreement from any successor to the Company.]

                                       3
<PAGE>   25

9. Employee Stock Agreement.

         Upon exercise of the Option, Optionee shall execute and deliver to the
Company an Employee Stock Agreement in substantially the form attached to this
Agreement as Exhibit B. Execution and delivery of the Employee Stock Agreement
prior to the transfer or delivery of any shares and prior to the expiration of
the option period shall be a condition precedent to the right to purchase such
shares.

10. Lock-Up.

         In connection with the first underwritten registered offering of any
securities of the Company under the Securities Act of 1933, as amended (the
"Act"), Optionee will not sell or otherwise transfer or dispose of any shares of
Common Stock acquired upon exercise of this Option, or any shares of Common
Stock acquired with respect thereto, during such period following the effective
date of the registration statement of the Company filed under the Act as may be
requested by the Company or the representative of the underwriters for the
Company; provided, however, that such restriction shall apply only if the
executive officers and directors of the Company agree with the representatives
of the underwriters not to transfer shares of Common Stock owned by them for the
same or a greater period. The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of
such period.

11. Nontransferability of Option.

         The Option is not transferable by Optionee other than by Will or the
laws of descent and distribution, and the Option shall be exercisable during
Optionee's lifetime only by Optionee. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of the Option contrary to the
provisions hereof, or upon the levy of any attachment or similar process upon
the Option, the Option shall immediately become null and void.

12. Withholding for Taxes.

         Optionee shall reimburse the Company, in cash or by certified or bank
cashier's check, for any federal, state or local taxes required by law to be
withheld with respect to the exercise of the Option or any disqualifying
disposition of the Common Stock acquired upon exercise of the Option. The
Company shall have the right to deduct from any salary or other payments to be
made to Optionee any federal, state or local taxes required by law to be so
withheld. The Company's obligation to deliver a certificate representing the
Common Stock acquired upon exercise of the Option is subject to the payment by
Optionee of any applicable federal, state and local withholding tax.

13. Legends.

         Certificates representing Common Stock acquired upon exercise of this
Option may contain such legends and transfer restrictions as the Company shall
deem reasonably necessary, including, without limitation, legends restricting
transfer of the Common Stock until there has

                                       4
<PAGE>   26

been compliance with federal and state securities laws and until Optionee or any
other holder of the Common Stock has paid the Company such amounts as may be
necessary in order to satisfy any withholding tax liability of the Company
resulting from a disqualifying disposition described in Section 422(a) of the
Code.

14. Employee Benefits.

         Optionee agrees that the grant and vesting of the Option and the
receipt of shares of Common Stock upon exercise of the Option will constitute
special incentive compensation that will not be taken into account as "salary"
or "compensation" or "bonus" in determining the amount of any payment under any
pension, retirement, profit sharing or other remuneration plan of the Company.

15. Amendment.

         Subject to the terms and conditions of the Plan, the Plan Administrator
may modify, extend or renew the Option, or accept the surrender of the Option to
the extent not theretofore exercised and authorize the granting of new Options
in substitution therefor, except that no such action shall diminish or impair
the rights under the Option without the consent of Optionee.

16. Interpretation.

         The interpretations and constructions of any provision of and
determinations on any question arising under the Plan or this Agreement shall be
made by the Plan Administrator, and all such interpretations, constructions and
determinations shall be final and conclusive as to all parties. Such
interpretations, constructions and determinations shall be consistent with the
terms of the Plan and this Agreement.

17. Receipt of Plan.

         By entering into this Agreement, Optionee acknowledges (i) that he or
she has received and read a copy of the Plan and (ii) that this Agreement is
subject to and shall be construed in accordance with the terms and conditions of
the Plan, as now or hereinafter in effect.

18. Governing Law.

         This Agreement shall be construed and shall take effect in accordance
with the laws of the State of Colorado, without regard to the conflicts of laws
rules of such State.

19. Miscellaneous.

         This Agreement constitutes the entire understanding and agreement of
the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements or understandings, inducements or conditions,
express or implied, written or oral, between the

                                       5
<PAGE>   27

parties with respect hereto. If any provision of this Agreement, or the
application thereof, shall for any reason and to any extent be invalid or
unenforceable, the remainder of this Agreement and the application of such
provision to other circumstances shall be interpreted so as best to reasonably
effect the intent of the parties hereto. All notices or other communications
which are required to be given or may be given to either party pursuant to the
terms of this Agreement shall be in writing and shall be delivered personally or
by registered or certified mail, postage prepaid, to the address of the parties
as set forth following the signature of such party. Notice shall be deemed given
on the date of delivery in the case of personal delivery or on the delivery or
refusal date as specified on the return receipt in the case of registered or
certified mail. Either party may change its address for such communications by
giving notice thereof to the other party in conformity with this Section 19.

         IN WITNESS WHEREOF, the Company by a duly authorized officer of the
Company and Optionee have executed this Agreement on _____________, effective as
of the date of grant.

                                       VELOCOM INC.

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       OPTIONEE

                                       -----------------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       6
<PAGE>   28

                                    SCHEDULES
                                       TO
                        INCENTIVE STOCK OPTION AGREEMENT

Schedule

3A       Number of Shares of Stock:
                                   ------------------------
3B       Purchase Price per Share:
                                  -------------------------
4        Expiration Date:
                         ----------------------------------
6        Vesting Schedule:

The Vesting Commencement Date shall be _______________. The number of shares for
which Options shall be vested on the Date of Grant, if any, shall be as
specified in the table below. The remainder of the Option shall vest in
installments, such that the number of shares specified in the table below shall
vest on the monthly anniversary of the Vesting Commencement Date specified in
the table below*.

<TABLE>
<CAPTION>
                                                          Number of Shares
                                                      Which Become Exercisable
                   Vesting Date            (Per Month When Multiple Months Are Indicated)
         <S>                               <C>
         Date of Grant
                                                         -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
</TABLE>

*For example, if the Vesting Commencement Date is October 1, 1998 and the month
indicated in the table is month "1", the date of vesting shall be November 1,
1998 and the number of shares which vest on that date shall be the number set
forth on the same line of the table. If the month indicated in the table is
months "3 - 14", the dates of vesting shall be the first day of each month of
1999, commencing January 1, 1999, and the number of shares which vest on that
date in each such month shall be the number set forth on the same line of the
table.

                                       7
<PAGE>   29

           NONQUALIFIED STOCK OPTION AGREEMENT FOR EMPLOYEES (FOUNDER)
                     (WITH AUTHORIZATION FOR EARLY EXERCISE)

OPTIONEE:
         --------------------

DATE OF GRANT:
              ---------------

         AGREEMENT between VeloCom Inc. (the "Company"), and the above named
Optionee ("Optionee"), an employee of the Company or a Subsidiary thereof.

         The Company and Optionee agree as follows:

1. Grant of Option.

         Optionee is hereby granted a Nonqualified Stock Option (the "Option")
to purchase Common Stock of the Company pursuant to the VeloCom Inc. 1998 Stock
Option Plan (the "Plan"). The Option is not intended to qualify as an Incentive
Stock Option within the meaning of Section 422 of the Code. The Option and this
Agreement are subject to and shall be construed in accordance with the terms and
conditions of the Plan, as now or hereinafter in effect. Any terms which are
used in this Agreement without being defined and which are defined in the Plan
shall have the meaning specified in the Plan.

2. Date of Grant.

         The date of the grant of the Option is the date first set forth above,
the date of the action by the Plan Administrator in granting the same.

3. Number and Price of Shares.

         The number of shares as to which the Option is granted is the number
set forth in Schedule 3A to this Agreement. The purchase price per share is the
amount set forth in Schedule 3B to this Agreement.

4. Expiration Date.

         Unless sooner terminated as provided in Section 5.4 or Section 10 of
the Plan, the Option shall expire and terminate on the date set forth in
Schedule 4 to this Agreement, and in no event shall the Option be exercisable
after that date. Notwithstanding anything in Section 10.1 of the Plan to the
contrary, and provided that the notice of exercise is provided prior to the
expiration of the Option, Optionee shall be entitled to exercise the Option (i)
during Optionee's employment by the Company or a Subsidiary and (ii) for a
period of twelve months after the date of a termination of employment.

                                       1
<PAGE>   30

5. Manner of Exercise.

         Except as provided in this Agreement, the Option shall be exercisable,
in whole or in part, from time to time, in the manner provided in Section 8 of
the Plan.

6. Vesting.

         The Option granted hereby shall become vested in and exercisable by
Optionee in the installments, on the dates and subject to the conditions set
forth in Schedule 6 to this Agreement; provided, however, that in order to vest
in the Option, Optionee must have been continuously employed by the Company or a
Subsidiary thereof from the date of grant of the Option until the date specified
on Schedule 6 or until the conditions specified on Schedule 6 have been
satisfied. Notwithstanding anything in the Plan or this Agreement to the
contrary, this Option shall become immediately vested and exercisable in full if
Optionee should die while in the employ of the Company or a Subsidiary or if
Optionee should terminate employment with the Company or a Subsidiary by reason
of the Optionee's disability (within the meaning of Section 22(e)(3) of the
Code).

7. Early Exercise.

         Notwithstanding the provisions of Section 6, Optionee may elect at any
time prior to the termination of Optionee's employment with the Company or a
Subsidiary thereof to exercise the Option as to any part or all of the shares
subject to this Option, including without limitation, shares with respect to
which the Option has not yet vested pursuant to Section 6; provided, however,
that (i) a partial exercise of this Option shall be deemed to apply first to
vested shares and then to the earliest vesting installment of unvested shares,
and (ii) upon exercise of the Option with respect to unvested shares, Optionee
shall execute and deliver to the Company an Early Exercise Stock Repurchase
Agreement in substantially the form attached to this Agreement as Exhibit A,
which Agreement shall apply with respect to the unvested shares. Execution and
delivery of the Early Exercise Stock Repurchase Agreement prior to the transfer
or delivery of any shares and prior to the expiration of the option period shall
be a condition precedent to the right to purchase such shares. The election
provided in this Section 7 to purchase shares prior to the vesting of the Option
shall cease upon termination of Optionee's employment with the Company or a
Subsidiary thereof and may not be exercised after the date of such termination.

8. FOR USE AT DISCRETION OF PLAN ADMINISTRATOR. [Acceleration of Vesting. Upon
the occurrence of any of the events set forth in subsection (a), (b) or (c)
below, the Optionee's options granted hereunder shall become fully vested and
immediately exercisable:

         (a) There is a Change in Control as defined in Section 2(c)(1) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d); [PROVIDED, HOWEVER, THAT IN THE EVENT THE CHANGE IN CONTROL IS A
SALE OF 100% OF THE

                                       2
<PAGE>   31

SHARES OF THE COMPANY (WHETHER BY SALE, MERGER OR OTHERWISE) THAT HAVE VOTES
THAT MAY BE CAST FOR THE ELECTION OF DIRECTORS OF THE COMPANY, WHETHER IN A
SINGLE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, NO TERMINATION EVENT
SHALL BE REQUIRED];

         (b) There is a Change in Control as defined in Section 2(c)(2) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d);

         (c) There is a Change in Control as defined in Section 2(c)(3) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d). Notwithstanding the foregoing, if the Optionee performs services
for the successor entity following such Change in Control in the same capacity
as the Optionee had with the Company, the Optionee's options shall not become
fully vested and immediately exercisable unless the Optionee experiences a
Termination Event (with respect to the successor entity) as defined in
subsection (d) within twelve (12) months of the Change in Control defined in
this subsection.

         (d) Termination Event. A Termination Event shall be deemed to have
occurred where there has been:

                  i. A material reduction in Optionee's responsibilities,
authorities or duties;

                  ii. A termination of Optionee or an elimination of Optionee's
job, each, other than by reason of promotion or termination for Cause. "Cause"
shall mean a termination on account of (a) Optionee's material breach of an
Employment Agreement, if any, (b) fraud, misappropriation, embezzlement, or
dishonesty in connection with the Optionee's employment, (c) competition with
the Company, (d) unauthorized use of any trade secret or other confidential
information of the Company, (e) willful misconduct or gross negligence in the
discharge of Optionee's duties or responsibilities, or (f) conviction of, or
plea of nolo contendere to, a felony.

                  iii. A failure by the Company to pay Optionee any amount
otherwise vested and due hereunder or under any plan or policy of the Company,
which failure is not cured within five (5) business days' of receipt by the
Company of written notice from Optionee which describes in reasonable detail the
amount which is due;

                  iv. A material reduction in Optionee's base salary, except in
the event of an across-the-board salary reduction for all executive officers;

                  v. A required relocation of Optionee's office outside of a
50-mile radius of Denver, Colorado (or the Optionee's other place of regular
employment), without Optionee's written consent; or

                                       3
<PAGE>   32

                  vi. A failure of the Company to obtain an agreement to
expressly assume this Agreement from any successor to the Company.]

9. Employee Stock Agreement.

         Upon exercise of the Option, Optionee shall execute and deliver to the
Company an Employee Stock Agreement in substantially the form attached to this
Agreement as Exhibit B. Execution and delivery of the Employee Stock Agreement
prior to the transfer or delivery of any shares and prior to the expiration of
the option period shall be a condition precedent to the right to purchase such
shares.

10. Lock-Up.

         In connection with the first underwritten registered offering of any
securities of the Company under the Securities Act of 1933, as amended (the
"Act"), Optionee will not sell or otherwise transfer or dispose of any shares of
Common Stock acquired upon exercise of this Option, or any shares of Common
Stock acquired with respect thereto, during such period following the effective
date of the registration statement of the Company filed under the Act as may be
requested by the Company or the representative of the underwriters for the
Company; provided, however, that such restriction shall apply only if the
executive officers and directors of the Company agree with the representatives
of the underwriters not to transfer shares of Common Stock owned by them for the
same or a greater period. The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of
such period.

11. Nontransferability of Option.

         The Option is not transferable by Optionee other than by Will or the
laws of descent and distribution, and the Option shall be exercisable during
Optionee's lifetime only by Optionee. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of the Option contrary to the
provisions hereof, or upon the levy of any attachment or similar process upon
the Option, the Option shall immediately become null and void.

12. Withholding for Taxes.

         Optionee shall reimburse the Company, in cash or by certified or bank
cashier's check, for any federal, state or local taxes required by law to be
withheld with respect to the exercise of the Option. The Company shall have the
right to deduct from any salary or other payments to be made to Optionee any
federal, state or local taxes required by law to be so withheld. The Company's
obligation to deliver a certificate representing the Common Stock acquired upon
exercise of the Option is subject to the payment by Optionee of any applicable
federal, state and local withholding tax.

                                       4
<PAGE>   33

13. Legends.

         Certificates representing Common Stock acquired upon exercise of this
Option may contain such legends and transfer restrictions as the Company shall
deem reasonably necessary, including, without limitation, legends restricting
transfer of the Common Stock until there has been compliance with federal and
state securities laws.

14. Employee Benefits.

         Optionee agrees that the grant and vesting of the Option and the
receipt of shares of Common Stock upon exercise of the Option will constitute
special incentive compensation that will not be taken into account as "salary"
or "compensation" or "bonus" in determining the amount of any payment under any
pension, retirement, profit sharing or other remuneration plan of the Company.

15. Amendment.

         Subject to the terms and conditions of the Plan, the Plan Administrator
may modify, extend or renew the Option, or accept the surrender of the Option to
the extent not theretofore exercised and authorize the granting of new Options
in substitution therefor, except that no such action shall diminish or impair
the rights under the Option without the consent of Optionee.

16. Interpretation.

         The interpretations and constructions of any provision of and
determinations on any question arising under the Plan or this Agreement shall be
made by the Plan Administrator, and all such interpretations, constructions and
determinations shall be final and conclusive as to all parties. Such
interpretations, constructions and determinations shall be consistent with the
terms of the Plan and this Agreement.

17. Receipt of Plan.

         By entering into this Agreement, Optionee acknowledges (i) that he or
she has received and read a copy of the Plan and (ii) that this Agreement is
subject to and shall be construed in accordance with the terms and conditions of
the Plan, as now or hereinafter in effect.

18. Governing Law.

         This Agreement shall be construed and shall take effect in accordance
with the laws of the State of Colorado, without regard to the conflicts of laws
rules of such State.

                                       5
<PAGE>   34

19. Miscellaneous.

         This Agreement constitutes the entire understanding and agreement of
the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements or understandings, inducements or conditions,
express or implied, written or oral, between the parties with respect hereto. If
any provision of this Agreement, or the application thereof, shall for any
reason and to any extent be invalid or unenforceable, the remainder of this
Agreement and the application of such provision to other circumstances shall be
interpreted so as best to reasonably effect the intent of the parties hereto.
All notices or other communications which are required to be given or may be
given to either party pursuant to the terms of this Agreement shall be in
writing and shall be delivered personally or by registered or certified mail,
postage prepaid, to the address of the parties as set forth following the
signature of such party. Notice shall be deemed given on the date of delivery in
the case of personal delivery or on the delivery or refusal date as specified on
the return receipt in the case of registered or certified mail. Either party may
change its address for such communications by giving notice thereof to the other
party in conformity with this Section 19.

                                       6
<PAGE>   35

IN WITNESS WHEREOF, the Company by a duly authorized officer of the Company and
Optionee have executed this Agreement on _____________, effective as of the date
of grant.

                                       VELOCOM INC.

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       OPTIONEE

                                       -----------------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       7
<PAGE>   36

                                    SCHEDULES
                                       TO
           NONQUALIFIED STOCK OPTION AGREEMENT FOR EMPLOYEES (FOUNDER)

Schedule

3A       Number of Shares of Stock:
                                   ------------------------
3B       Purchase Price per Share:
                                  -------------------------
4        Expiration Date:
                         ----------------------------------
6        Vesting Schedule:

The Vesting Commencement Date shall be _______________. The number of shares for
which Options shall be vested on the Date of Grant, if any, shall be as
specified in the table below. The remainder of the Option shall vest in
installments, such that the number of shares specified in the table below shall
vest on the monthly anniversary of the Vesting Commencement Date specified in
the table below*.

<TABLE>
<CAPTION>
                                                          Number of Shares
                                                      Which Become Exercisable
                   Vesting Date            (Per Month When Multiple Months Are Indicated)
         <S>                               <C>
         Date of Grant
                                                         -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
</TABLE>

*For example, if the Vesting Commencement Date is October 1, 1998 and the month
indicated in the table is month "1", the date of vesting shall be November 1,
1998 and the number of shares which vest on that date shall be the number set
forth on the same line of the table. If the month indicated in the table is
months "3 - 14", the dates of vesting shall be the first day of each month of
1999, commencing January 1, 1999, and the number of shares which vest on that
date in each such month shall be the number set forth on the same line of the
table.

                                       8
<PAGE>   37

                NONQUALIFIED STOCK OPTION AGREEMENT FOR EMPLOYEES
                     (WITH AUTHORIZATION FOR EARLY EXERCISE)

OPTIONEE:
         --------------------

DATE OF GRANT:
              ---------------

         AGREEMENT between VeloCom Inc. (the "Company"), and the above named
Optionee ("Optionee"), an employee of the Company or a Subsidiary thereof.

         The Company and Optionee agree as follows:

1. Grant of Option.

         Optionee is hereby granted a Nonqualified Stock Option (the "Option")
to purchase Common Stock of the Company pursuant to the VeloCom Inc. 1998 Stock
Option Plan (the "Plan"). The Option is not intended to qualify as an Incentive
Stock Option within the meaning of Section 422 of the Code. The Option and this
Agreement are subject to and shall be construed in accordance with the terms and
conditions of the Plan, as now or hereinafter in effect. Any terms which are
used in this Agreement without being defined and which are defined in the Plan
shall have the meaning specified in the Plan.

2. Date of Grant.

         The date of the grant of the Option is the date first set forth above,
the date of the action by the Plan Administrator in granting the same.

3. Number and Price of Shares.

         The number of shares as to which the Option is granted is the number
set forth in Schedule 3A to this Agreement. The purchase price per share is the
amount set forth in Schedule 3B to this Agreement.

4. Expiration Date.

         Unless sooner terminated as provided in Section 5.4 or Section 10 of
the Plan, the Option shall expire and terminate on the date set forth in
Schedule 4 to this Agreement, and in no event shall the Option be exercisable
after that date.

5. Manner of Exercise.

         Except as provided in this Agreement, the Option shall be exercisable,
in whole or in part, from time to time, in the manner provided in Section 8 of
the Plan.

                                       1
<PAGE>   38

6. Vesting.

         The Option granted hereby shall become vested in and exercisable by
Optionee in the installments, on the dates and subject to the conditions set
forth in Schedule 6 to this Agreement; provided, however, that in order to vest
in the Option, Optionee must have been continuously employed by the Company or a
Subsidiary thereof from the date of grant of the Option until the date specified
on Schedule 6 or until the conditions specified on Schedule 6 have been
satisfied.

7. Early Exercise.

         Notwithstanding the provisions of Section 6, Optionee may elect at any
time prior to the termination of Optionee's employment with the Company or a
Subsidiary thereof to exercise the Option as to any part or all of the shares
subject to this Option, including without limitation, shares with respect to
which the Option has not yet vested pursuant to Section 6; provided, however,
that (i) a partial exercise of this Option shall be deemed to apply first to
vested shares and then to the earliest vesting installment of unvested shares,
and (ii) upon exercise of the Option with respect to unvested shares, Optionee
shall execute and deliver to the Company an Early Exercise Stock Repurchase
Agreement in substantially the form attached to this Agreement as Exhibit A,
which Agreement shall apply with respect to the unvested shares. Execution and
delivery of the Early Exercise Stock Repurchase Agreement prior to the transfer
or delivery of any shares and prior to the expiration of the option period shall
be a condition precedent to the right to purchase such shares. The election
provided in this Section 7 to purchase shares prior to the vesting of the Option
shall cease upon termination of Optionee's employment with the Company or a
Subsidiary thereof and may not be exercised after the date of such termination.

8. FOR USE AT DISCRETION OF PLAN ADMINISTRATOR. [Acceleration of Vesting. Upon
the occurrence of any of the events set forth in subsection (a), (b) or (c)
below, the Optionee's options granted hereunder shall become fully vested and
immediately exercisable:

         (a) There is a Change in Control as defined in Section 2(c)(1) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d); [PROVIDED, HOWEVER, THAT IN THE EVENT THE CHANGE IN CONTROL IS A
SALE OF 100% OF THE SHARES OF THE COMPANY (WHETHER BY SALE, MERGER OR OTHERWISE)
THAT HAVE VOTES THAT MAY BE CAST FOR THE ELECTION OF DIRECTORS OF THE COMPANY,
WHETHER IN A SINGLE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, NO
TERMINATION EVENT SHALL BE REQUIRED];

         (b) There is a Change in Control as defined in Section 2(c)(2) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d);

         (c) There is a Change in Control as defined in Section 2(c)(3) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d).

                                       2
<PAGE>   39

Notwithstanding the foregoing, if the Optionee performs services for the
successor entity following such Change in Control in the same capacity as the
Optionee had with the Company, the Optionee's options shall not become fully
vested and immediately exercisable unless the Optionee experiences a Termination
Event (with respect to the successor entity) as defined in subsection (d) within
twelve (12) months of the Change in Control defined in this subsection.

         (d) Termination Event. A Termination Event shall be deemed to have
occurred where there has been:

                  i. A material reduction in Optionee's responsibilities,
authorities or duties;

                  ii. A termination of Optionee or an elimination of Optionee's
job, each, other than by reason of promotion or termination for Cause. "Cause"
shall mean a termination on account of (a) Optionee's material breach of an
Employment Agreement, if any, (b) fraud, misappropriation, embezzlement, or
dishonesty in connection with the Optionee's employment, (c) competition with
the Company, (d) unauthorized use of any trade secret or other confidential
information of the Company, (e) willful misconduct or gross negligence in the
discharge of Optionee's duties or responsibilities, or (f) conviction of, or
plea of nolo contendere to, a felony.

                  iii. A failure by the Company to pay Optionee any amount
otherwise vested and due hereunder or under any plan or policy of the Company,
which failure is not cured within five (5) business days' of receipt by the
Company of written notice from Optionee which describes in reasonable detail the
amount which is due;

                  iv. A material reduction in Optionee's base salary, except in
the event of an across-the-board salary reduction for all executive officers;

                  v. A required relocation of Optionee's office outside of a
50-mile radius of Denver, Colorado (or the Optionee's other place of regular
employment), without Optionee's written consent; or

                  vi. A failure of the Company to obtain an agreement to
expressly assume this Agreement from any successor to the Company.]

9. Employee Stock Agreement.

         Upon exercise of the Option, Optionee shall execute and deliver to the
Company an Employee Stock Agreement in substantially the form attached to this
Agreement as Exhibit B. Execution and delivery of the Employee Stock Agreement
prior to the transfer or delivery of any shares and prior to the expiration of
the option period shall be a condition precedent to the right to purchase such
shares.

                                       3
<PAGE>   40

10. Lock-Up.

         In connection with the first underwritten registered offering of any
securities of the Company under the Securities Act of 1933, as amended (the
"Act"), Optionee will not sell or otherwise transfer or dispose of any shares of
Common Stock acquired upon exercise of this Option, or any shares of Common
Stock acquired with respect thereto, during such period following the effective
date of the registration statement of the Company filed under the Act as may be
requested by the Company or the representative of the underwriters for the
Company; provided, however, that such restriction shall apply only if the
executive officers and directors of the Company agree with the representatives
of the underwriters not to transfer shares of Common Stock owned by them for the
same or a greater period. The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of
such period.

11. Nontransferability of Option.

         The Option is not transferable by Optionee other than by Will or the
laws of descent and distribution, and the Option shall be exercisable during
Optionee's lifetime only by Optionee. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of the Option contrary to the
provisions hereof, or upon the levy of any attachment or similar process upon
the Option, the Option shall immediately become null and void.

12. Withholding for Taxes.

         Optionee shall reimburse the Company, in cash or by certified or bank
cashier's check, for any federal, state or local taxes required by law to be
withheld with respect to the exercise of the Option. The Company shall have the
right to deduct from any salary or other payments to be made to Optionee any
federal, state or local taxes required by law to be so withheld. The Company's
obligation to deliver a certificate representing the Common Stock acquired upon
exercise of the Option is subject to the payment by Optionee of any applicable
federal, state and local withholding tax.

13. Legends.

         Certificates representing Common Stock acquired upon exercise of this
Option may contain such legends and transfer restrictions as the Company shall
deem reasonably necessary, including, without limitation, legends restricting
transfer of the Common Stock until there has been compliance with federal and
state securities laws.

14. Employee Benefits.

         Optionee agrees that the grant and vesting of the Option and the
receipt of shares of Common Stock upon exercise of the Option will constitute
special incentive compensation that will not be taken into account as "salary"
or "compensation" or "bonus" in determining the

                                       4
<PAGE>   41

amount of any payment under any pension, retirement, profit sharing or other
remuneration plan of the Company.

15. Amendment.

         Subject to the terms and conditions of the Plan, the Plan Administrator
may modify, extend or renew the Option, or accept the surrender of the Option to
the extent not theretofore exercised and authorize the granting of new Options
in substitution therefor, except that no such action shall diminish or impair
the rights under the Option without the consent of Optionee.

16. Interpretation.

         The interpretations and constructions of any provision of and
determinations on any question arising under the Plan or this Agreement shall be
made by the Plan Administrator, and all such interpretations, constructions and
determinations shall be final and conclusive as to all parties. Such
interpretations, constructions and determinations shall be consistent with the
terms of the Plan and this Agreement.

17. Receipt of Plan.

         By entering into this Agreement, Optionee acknowledges (i) that he or
she has received and read a copy of the Plan and (ii) that this Agreement is
subject to and shall be construed in accordance with the terms and conditions of
the Plan, as now or hereinafter in effect.

18. Governing Law.

         This Agreement shall be construed and shall take effect in accordance
with the laws of the State of Colorado, without regard to the conflicts of laws
rules of such State.

19. Miscellaneous.

         This Agreement constitutes the entire understanding and agreement of
the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements or understandings, inducements or conditions,
express or implied, written or oral, between the parties with respect hereto. If
any provision of this Agreement, or the application thereof, shall for any
reason and to any extent be invalid or unenforceable, the remainder of this
Agreement and the application of such provision to other circumstances shall be
interpreted so as best to reasonably effect the intent of the parties hereto.
All notices or other communications which are required to be given or may be
given to either party pursuant to the terms of this Agreement shall be in
writing and shall be delivered personally or by registered or certified mail,
postage prepaid, to the address of the parties as set forth following the
signature of such party. Notice shall be deemed given on the date of delivery in
the case of personal delivery or on the delivery or refusal date as specified on
the return receipt in the case of registered or certified mail. Either party may
change its address for such communications by giving notice thereof to the other
party in conformity with this Section 19.

                                       5
<PAGE>   42

IN WITNESS WHEREOF, the Company by a duly authorized officer of the Company and
Optionee have executed this Agreement on _____________, effective as of the date
of grant.

                                       VELOCOM INC.

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       OPTIONEE

                                       -----------------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       6
<PAGE>   43

                                    SCHEDULES
                                       TO
                NONQUALIFIED STOCK OPTION AGREEMENT FOR EMPLOYEES

Schedule

3A       Number of Shares of Stock:
                                   ------------------------
3B       Purchase Price per Share:
                                  -------------------------
4        Expiration Date:
                         ----------------------------------
6        Vesting Schedule:

The Vesting Commencement Date shall be _______________. The number of shares for
which Options shall be vested on the Date of Grant, if any, shall be as
specified in the table below. The remainder of the Option shall vest in
installments, such that the number of shares specified in the table below shall
vest on the monthly anniversary of the Vesting Commencement Date specified in
the table below*.

<TABLE>
<CAPTION>
                                                          Number of Shares
                                                      Which Become Exercisable
                   Vesting Date            (Per Month When Multiple Months Are Indicated)
         <S>                               <C>
         Date of Grant
                                                         -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
</TABLE>

*For example, if the Vesting Commencement Date is October 1, 1998 and the month
indicated in the table is month "1", the date of vesting shall be November 1,
1998 and the number of shares which vest on that date shall be the number set
forth on the same line of the table. If the month indicated in the table is
months "3 - 14", the dates of vesting shall be the first day of each month of
1999, commencing January 1, 1999, and the number of shares which vest on that
date in each such month shall be the number set forth on the same line of the
table.

                                       7
<PAGE>   44

           NONQUALIFIED STOCK OPTION AGREEMENT FOR DIRECTOR (FOUNDER)
                     (WITH AUTHORIZATION FOR EARLY EXERCISE)

OPTIONEE:
         --------------------

DATE OF GRANT:
              ---------------

         AGREEMENT between VeloCom Inc. (the "Company"), and the above named
Optionee ("Optionee"), a Director of the Company or a Subsidiary thereof.

         The Company and Optionee agree as follows:

1. Grant of Option.

         Optionee is hereby granted a Nonqualified Stock Option (the "Option")
to purchase Common Stock of the Company pursuant to the VeloCom Inc. 1998 Stock
Option Plan (the "Plan"). The Option is not intended to qualify as an Incentive
Stock Option within the meaning of Section 422 of the Code. The Option and this
Agreement are subject to and shall be construed in accordance with the terms and
conditions of the Plan, as now or hereinafter in effect. Any terms which are
used in this Agreement without being defined and which are defined in the Plan
shall have the meaning specified in the Plan.

2. Date of Grant.

         The date of the grant of the Option is the date first set forth above,
the date of the action by the Plan Administrator in granting the same.

3. Number and Price of Shares.

         The number of shares as to which the Option is granted is the number
set forth in Schedule 3A to this Agreement. The purchase price per share is the
amount set forth in Schedule 3B to this Agreement.

4. Expiration Date.

         Unless sooner terminated as provided in Section 5.4 or Section 10 of
the Plan, the Option shall expire and terminate on the date set forth in
Schedule 4 to this Agreement, and in no event shall the Option be exercisable
after that date. Notwithstanding anything in Section 10.1 of the Plan to the
contrary, and provided that the notice of exercise is provided prior to the
expiration of the Option, Optionee shall be entitled to exercise the Option (i)
during the term of Optionee's service as a Director of the Company or a
Subsidiary and (ii) for a period of twelve months after the date of a
termination of Optionee's service as a Director of the Company and all
Subsidiaries.

                                       1
<PAGE>   45

5. Manner of Exercise.

         Except as provided in this Agreement, the Option shall be exercisable,
in whole or in part, from time to time, in the manner provided in Section 8 of
the Plan.

6. Vesting.

         The Option granted hereby shall become vested in and exercisable by
Optionee in the installments, on the dates and subject to the conditions set
forth in Schedule 6 to this Agreement; provided, however, that in order to vest
in the Option, Optionee must have been in continuous service as a Director of
the Company or a Subsidiary thereof from the date of grant of the Option until
the date specified on Schedule 6 or until the conditions specified on Schedule 6
have been satisfied. Notwithstanding anything in the Plan or this Agreement to
the contrary, this Option shall become immediately vested and exercisable in
full if Optionee should die while in the service of the Company or a Subsidiary
as a Director or if Optionee should terminate service with the Company or a
Subsidiary as a Director by reason of the Optionee's disability (within the
meaning of Section 22(e)(3) of the Code).

7. Early Exercise.

         Notwithstanding the provisions of Section 6, Optionee may elect at any
time prior to the termination of Optionee's service with the Company or a
Subsidiary thereof as a Director to exercise the Option as to any part or all of
the shares subject to this Option, including without limitation, shares with
respect to which the Option has not yet vested pursuant to Section 6; provided,
however, that (i) a partial exercise of this Option shall be deemed to apply
first to vested shares and then to the earliest vesting installment of unvested
shares, and (ii) upon exercise of the Option with respect to unvested shares,
Optionee shall execute and deliver to the Company an Early Exercise Stock
Repurchase Agreement in substantially the form attached to this Agreement as
Exhibit A, which Agreement shall apply with respect to the unvested shares.
Execution and delivery of the Early Exercise Stock Repurchase Agreement prior to
the transfer or delivery of any shares and prior to the expiration of the option
period shall be a condition precedent to the right to purchase such shares. The
election provided in this Section 7 to purchase shares prior to the vesting of
the Option shall cease upon termination of Optionee's service with the Company
or a Subsidiary thereof as a Director, and such election may not be exercised
after the date of such termination.

8. FOR USE AT DISCRETION OF PLAN ADMINISTRATOR. [Acceleration of Vesting. Upon
the occurrence of any of the events set forth in subsection (a), (b) or (c)
below, the Optionee's options granted hereunder shall become fully vested and
immediately exercisable:

         (a) There is a Change in Control as defined in Section 2(c)(1) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d);

                                       2
<PAGE>   46

[PROVIDED, HOWEVER, THAT IN THE EVENT THE CHANGE IN CONTROL IS A SALE OF 100% OF
THE SHARES OF THE COMPANY (WHETHER BY SALE, MERGER OR OTHERWISE) THAT HAVE VOTES
THAT MAY BE CAST FOR THE ELECTION OF DIRECTORS OF THE COMPANY, WHETHER IN A
SINGLE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, NO TERMINATION EVENT
SHALL BE REQUIRED];

         (b) There is a Change in Control as defined in Section 2(c)(2) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d);

         (c) There is a Change in Control as defined in Section 2(c)(3) of the
Plan followed by a Termination Event of the Optionee as defined below in
subsection (d). Notwithstanding the foregoing, if the Optionee performs services
for the successor entity following such Change in Control in the same capacity
as the Optionee had with the Company, the Optionee's options shall not become
fully vested and immediately exercisable unless the Optionee experiences a
Termination Event (with respect to the successor entity) as defined in
subsection (d) within twelve (12) months of the Change in Control defined in
this subsection.

         (d) Termination Event. A Termination Event shall be deemed to have
occurred where there has been:

                  i. A material reduction in Optionee's responsibilities,
authorities or duties;

                  ii. A termination of Optionee or an elimination of Optionee's
job, each, other than by reason of promotion or termination for Cause. "Cause"
shall mean a termination on account of (a) Optionee's material breach of an
Employment Agreement, if any, (b) fraud, misappropriation, embezzlement, or
dishonesty in connection with the Optionee's employment, (c) competition with
the Company, (d) unauthorized use of any trade secret or other confidential
information of the Company, (e) willful misconduct or gross negligence in the
discharge of Optionee's duties or responsibilities, or (f) conviction of, or
plea of nolo contendere to, a felony.

                  iii. A failure by the Company to pay Optionee any amount
otherwise vested and due hereunder or under any plan or policy of the Company,
which failure is not cured within five (5) business days' of receipt by the
Company of written notice from Optionee which describes in reasonable detail the
amount which is due;

                  iv. A material reduction in Optionee's base salary, except in
the event of an across-the-board salary reduction for all executive officers;

                  v. A required relocation of Optionee's office outside of a
50-mile radius of Denver, Colorado (or the Optionee's other place of regular
employment), without Optionee's written consent; or

                                       3
<PAGE>   47

                  vi. A failure of the Company to obtain an agreement to
expressly assume this Agreement from any successor to the Company.]

9. Stock Restriction Agreement.

         Upon exercise of the Option, Optionee shall execute and deliver to the
Company a Stock Restriction Agreement in substantially the form attached to this
Agreement as Exhibit B. Execution and delivery of the Stock Restriction
Agreement prior to the transfer or delivery of any shares and prior to the
expiration of the option period shall be a condition precedent to the right to
purchase such shares.

10. Lock-Up.

         In connection with the first underwritten registered offering of any
securities of the Company under the Securities Act of 1933, as amended (the
"Act"), Optionee will not sell or otherwise transfer or dispose of any shares of
Common Stock acquired upon exercise of this Option, or any shares of Common
Stock acquired with respect thereto, during such period following the effective
date of the registration statement of the Company filed under the Act as may be
requested by the Company or the representative of the underwriters for the
Company; provided, however, that such restriction shall apply only if the
executive officers and directors of the Company agree with the representatives
of the underwriters not to transfer shares of Common Stock owned by them for the
same or a greater period. The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of
such period.

11. Nontransferability of Option.

         The Option is not transferable by Optionee other than by Will or the
laws of descent and distribution, and the Option shall be exercisable during
Optionee's lifetime only by Optionee. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of the Option contrary to the
provisions hereof, or upon the levy of any attachment or similar process upon
the Option, the Option shall immediately become null and void.

12. Withholding for Taxes.

         Optionee shall reimburse the Company, in cash or by certified or bank
cashier's check, for any federal, state or local taxes required by law to be
withheld with respect to the exercise of the Option. The Company shall have the
right to deduct from any payments to be made to Optionee any federal, state or
local taxes required by law to be so withheld. The Company's obligation to
deliver a certificate representing the Common Stock acquired upon exercise of
the Option is subject to the payment by Optionee of any applicable federal,
state and local withholding tax.

                                       4
<PAGE>   48

13. Legends.

         Certificates representing Common Stock acquired upon exercise of this
Option may contain such legends and transfer restrictions as the Company shall
deem reasonably necessary, including, without limitation, legends restricting
transfer of the Common Stock until there has been compliance with federal and
state securities laws.

14. Amendment.

         Subject to the terms and conditions of the Plan, the Plan Administrator
may modify, extend or renew the Option, or accept the surrender of the Option to
the extent not theretofore exercised and authorize the granting of new Options
in substitution therefor, except that no such action shall diminish or impair
the rights under the Option without the consent of Optionee.

15. Interpretation.

         The interpretations and constructions of any provision of and
determinations on any question arising under the Plan or this Agreement shall be
made by the Plan Administrator, and all such interpretations, constructions and
determinations shall be final and conclusive as to all parties. Such
interpretations, constructions and determinations shall be consistent with the
terms of the Plan and this Agreement.

16. Receipt of Plan.

         By entering into this Agreement, Optionee acknowledges (i) that he or
she has received and read a copy of the Plan and (ii) that this Agreement is
subject to and shall be construed in accordance with the terms and conditions of
the Plan, as now or hereinafter in effect.

17. Governing Law.

         This Agreement shall be construed and shall take effect in accordance
with the laws of the State of Colorado, without regard to the conflicts of laws
rules of such State.

18. Miscellaneous.

         This Agreement constitutes the entire understanding and agreement of
the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements or understandings, inducements or conditions,
express or implied, written or oral, between the parties with respect hereto. If
any provision of this Agreement, or the application thereof, shall for any
reason and to any extent be invalid or unenforceable, the remainder of this
Agreement and the application of such provision to other circumstances shall be
interpreted so as best to reasonably effect the intent of the parties hereto.
All notices or other communications which are required to be given or may be
given to either party pursuant to the terms of this Agreement shall be in
writing and shall be delivered personally or by registered or certified mail,
postage prepaid,

                                       5
<PAGE>   49

to the address of the parties as set forth following the signature of such
party. Notice shall be deemed given on the date of delivery in the case of
personal delivery or on the delivery or refusal date as specified on the return
receipt in the case of registered or certified mail. Either party may change its
address for such communications by giving notice thereof to the other party in
conformity with this Section 19.

                                       6
<PAGE>   50

IN WITNESS WHEREOF, the Company by a duly authorized officer of the Company and
Optionee have executed this Agreement on _____________, effective as of the date
of grant.

                                       VELOCOM INC.

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       OPTIONEE

                                       -----------------------------------------
                                       Address:
                                               ---------------------------------
                                       -----------------------------------------
                                       -----------------------------------------

                                       7
<PAGE>   51

                                    SCHEDULES
                                       TO
           NONQUALIFIED STOCK OPTION AGREEMENT FOR DIRECTOR (FOUNDER)

Schedule

3A       Number of Shares of Stock:
                                   ------------------------
3B       Purchase Price per Share:
                                  -------------------------
4        Expiration Date:
                         ----------------------------------
6        Vesting Schedule:

The Vesting Commencement Date shall be _______________. The number of shares for
which Options shall be vested on the Date of Grant, if any, shall be as
specified in the table below. The remainder of the Option shall vest in
installments, such that the number of shares specified in the table below shall
vest on the monthly anniversary of the Vesting Commencement Date specified in
the table below*.

<TABLE>
<CAPTION>
                                                          Number of Shares
                                                      Which Become Exercisable
                   Vesting Date            (Per Month When Multiple Months Are Indicated)
         <S>                               <C>
         Date of Grant
                                                         -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
         Month(s)
                   -----------                           -------------
</TABLE>

*For example, if the Vesting Commencement Date is October 1, 1998 and the month
indicated in the table is month "1", the date of vesting shall be November 1,
1998 and the number of shares which vest on that date shall be the number set
forth on the same line of the table. If the month indicated in the table is
months "3 - 14", the dates of vesting shall be the first day of each month of
1999, commencing January 1, 1999, and the number of shares which vest on that
date in each such month shall be the number set forth on the same line of the
table.

                                       8

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