Document:

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                                                                    Exhibit 10.4

     Exhibit 10.4 is a form of Employment Agreement entered into between each of
the below named executive officers and significant employees. Each employment
agreement is identical in form with the exception of the base salary, restricted
stock grants, options and exercise price and severance payments; all of which
are set forth in the following tables.

                        SUMMARY SHEET OF PRINCIPAL TERMS
                        TO FORM OF EMPLOYMENT AGREEMENTS

         The Company entered in employment agreements with its Executive
Officers and the following key employees:

<TABLE>
<CAPTION>
                                                          Date        Expiration
    Employee                    Position                 Entered         Date

<S>                      <C>                            <C>           <C>
Robert J. Donahue        Chief Executive Officer        15-May-00     15-May-03
                         and Chairman
Daniel M. Wickersham     President                      15-May-00     15-May-03
Pere Valles              Chief Financial Officer        28-Dec-00     15-May-03
Colum P. Donahue         Chief Operating Officer        15-May-00     15-May-03
                         and Secretary
Fred Bigney              VP of Network Planning         15-May-00     15-May-03
Mike Dombrowski          Director of Engineering        15-May-00     15-May-03
Ted Broa                 Director of Operations         15-May-00     15-May-03
Chuck Roelle             Controller                     15-May-00     15-May-03
Donna Janick             Director of Administration     15-May-00     15-May-03
</TABLE>

         The table summarizes the principal terms of the employment agreements:

<TABLE>
<CAPTION>
                                                Option Grants
                                              ------------------
                                 Restricted
                         Base       Stock     No. of    Exercise   Severance
    Employee            Salary     Grants     options     price     Payment
    --------            ------     ------     -------     -----     -------
<S>                    <C>       <C>          <C>       <C>        <C>
Robert J. Donahue      230,000      75,000    250,000      8.00    18 Months
Daniel M. Wickersham   200,000     425,000    225,000      8.00    12 Months
Pere Valles            175,000     425,000    150,000      0.75    12 Months
Colum P. Donahue       150,000      75,000    200,000      8.00    12 Months
Fred Bigney            180,000     125,000     75,000      8.00    6 Months
Mike Dombrowski        125,000      35,000    100,000      8.00    6 Months
Ted Broa               110,000      75,000     75,000      8.00    6 Months
Chuck Roelle            75,000     115,000    100,000      8.00    6 Months
Donna Janick            70,000     125,000    100,000      8.00    12 Months
</TABLE>

       The stock granted to the employees vests in the following manner: 44% on
September 15, 2001, 22% on May 15, 2002 and 34% on May 15, 2003. The options
have the following vesting schedule: 33% on May 15, 2001, 33% on May 15, 2002
and 33% on May 15, 2003.

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         The Company may terminate the employment agreements only for cause. In
case of termination without cause, the employee is entitled to the severance
payment shown on the table above and to the acceleration in the vesting of the
stock and options granted.

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<PAGE>   3

                          FORM OF EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT is entered into by and between GlobalNet
International, Inc., a Delaware corporation (the "Company"), and Robert Jerome
Donahue, the undersigned individual ("Executive").

                                    RECITALS

         WHEREAS, the Company has or will participate in a reorganization
transaction resulting in the merger of DTAS Corporation, DTAC Corporation, and
Donahue Holdings, Inc. (the "Reorganization Transaction");

         WHEREAS, the Company is presently contemplating a merger transaction
that would result in the merger of the Company with Rich Earth, Inc., a Delaware
corporation (the "Merger Transaction");

         WHEREAS, the Company wishes to provide Executive with certain equity
incentives that are conditioned upon, among other things, the Company
consummating both the Reorganization Transaction and the Merger Transaction;

         WHEREAS, the Company contemplates that the terms and conditions of this
Employment Agreement shall survive the Reorganization Transaction and the Merger
Transaction and be binding upon any successor to the Company subject to the
consent and approval of such successor company;

         WHEREAS, the Company and Executive desire to enter into an Employment
Agreement setting forth the terms and conditions of Executive's employment with
the Company.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the Company and Executive agree as follows:

         1. Employment.

                  A. The Company hereby employs Executive to serve as its
         Chairman and Chief Executive Officer, and in such other positions as
         the Company may determine in its sole discretion from time to time. The
         term of employment shall commence on March 1, 2000 and expire on May
         15, 2003 (the "Employment Period" or "Term"), provided that this
         contract shall automatically renew for successive one year periods
         provided that during any renewal term either party shall have the right
         to terminate the agreement upon thirty (30) days advance

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         written notice. The term shall be for the Employment Period, plus any
         renewal term, unless earlier terminated as set forth herein.

                  B. Duties and Responsibilities. Executive shall have the
         duties and responsibilities as assigned to him from time to time by the
         Chief Executive Officer and the Board of Directors of the Company.

                  C. Location. The initial location at which Executive shall
         perform services for the Company shall be the Chicago area.

         2. Compensation.

                  (a) Base Salary. Executive shall be paid a base salary equal
         to $230,000 per year ("Base Salary"), payable in no less than monthly
         installments consistent with Company's payroll practices. Executive's
         Base Salary shall be reviewed on an annual basis, by the Board of
         Directors of the Company to determine if such Base Salary should be
         increased for the following year in recognition of services to the
         Company.

                  (b) Executive may also be eligible to receive an annual
         performance bonus (the "Performance Bonus") each year based on the
         Company meeting annual revenue and earning targets (the "Performance
         Targets") established by the Board of Directors after consultation with
         the Executive. In the event that a Performance Bonus is earned by the
         Executive, it shall be payable within ninety (90) days after the end of
         each calendar year subject to the Executive being employed at the end
         of such calendar year or at such other time as the Board of Directors
         may determine.

                  (c) Payment. Payment of all compensation and bonuses to
         Executive hereunder shall be made in accordance with the relevant
         Company policies in effect from time to time, including normal payroll
         practices, and shall be subject to all applicable employment and
         withholding taxes.

         3. Other Employment Benefits.

                  (d) Business Expenses. Upon submission of itemized expense
         statements in the manner specified by the Company, Executive shall be
         entitled to reimbursement for reasonable ordinary and necessary
         business and travel expenses duly incurred by Executive in the
         performance of his duties under this Agreement.

                  (e) Benefit Plans. Executive and his immediate family shall be
         entitled to participate in the Company's medical and dental plans, life
         and disability insurance plans and retirement plans subject to the
         terms and conditions of such plans and the policies of the Company.
         Executive shall be entitled to participate in any other benefit plan
         offered by the Company to its employees during the term of this
         Agreement (other than stock option or stock incentive plans, which are
         governed by Sections 3(d) and (e) below). Nothing in this Agreement
         shall

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         preclude the Company or any affiliate of the Company from terminating
         or amending any employee benefit plan or program from time to time.

                  (f) Vacation. Executive shall be entitled to fifteen (15)
         working days of vacation for each full calendar year of service to the
         Company, exclusive of legal holidays, as long as the scheduling of
         Executive's vacation does not interfere with the Company's normal
         business operations. Vacation days shall accrue on a monthly basis and
         any unused vacation days which have accrued through the date of
         termination shall be paid to Executive and any vacation days used, but
         not accrued shall be paid by Executive to Company, or deducted from any
         amounts due Executive. Vacation days shall be prorated for any partial
         year of service to the Company. Vacation days not used during a
         calendar year shall be carried forward until March 31 of the following
         year after which such vacation time shall be forfeited.

                  (g) Stock Options. As of May 15, 2000, the Company grants to
         Executive, options to purchase 25 shares of the Common Stock of the
         Company; provided, however, that such options shall not become
         exercisable unless and until the Company completes the Reorganization
         Transaction and the Merger Transaction. Upon the consummation of the
         Reorganization Transaction and the Merger Transaction, these options
         will convert into the right to buy 250,000 shares of Common Stock (the
         "Options") of Rich Earth, Inc. ("Rich Earth"), the name of which will
         be changed to GlobalNet, Inc. and will be governed by the GlobalNet,
         Inc. 2000 Stock Plan (the "Equity Incentive Plan") and any stock option
         agreement representing the Options. The Equity Incentive Plan shall be
         subject to the approval of the shareholders and directors of Rich Earth
         prior to or within a reasonable period of time after the consummation
         of the Merger Transaction. The Options shall be further subject to the
         following vesting schedule and other terms and conditions:

                  (i) The Options will vest only as follows:

<TABLE>
<CAPTION>
                          II.      Event                           Vesting Amount
<S>                              <C>                          <C>
                             1)  If Executive is still an     One-third of the Options
                                  employee of the Company
                                  on May 15, 2001.

                             2)  If Executive is still an     One-third of the Options
                                  employee of the Company
                                  on May 15, 2002.

                             3)  If Executive is still an     One-third of the Options
                                  employee of the Company
                                  on May 15, 2003.
</TABLE>

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                  (ii) The exercise price under the Options shall be $8.00 per
         share of Common Stock of Rich Earth, the fair market value of the
         Common Stock on the date of grant of the Options, provided that there
         shall be no adjustment to the exercise price as a result of the
         Reorganization Transaction or the Merger Transaction.

                  (iii) The vested Options shall be exercisable until the
         earlier of five (5) years after vesting or ninety (90) days after
         termination of Executive's employment with the Company. Subject to
         Section 13, no additional vesting of the Options shall occur after
         Executive's death, disability, or cessation of employment with the
         Company for any reason.

                  (iv) Issuance of the Options shall be in accordance with all
         applicable securities laws and the other terms and conditions of the
         Company's Equity Incentive Plan. Executive acknowledges that the Equity
         Incentive Plan contains additional covenants, conditions, and
         restrictions that shall be applicable to this grant and may provide for
         the execution of additional documents in connection with the grant,
         exercise or disposition of these Options and the underlying Common
         Stock.

                  (v) Executive acknowledges that the Company does not make, nor
         has it authorized anyone to make on its behalf, any representations or
         warranties as to the value of the Options or the Common Stock
         underlying the Options today or in the future. Executive understands
         and acknowledges that both the Options and the underlying Common Stock
         may have no value. Executive understands and acknowledges that in the
         event the Company or Rich Earth makes available its capital stock,
         including without limitation its Common Stock, in a public offering or
         a private placement, it is likely that the outstanding securities,
         including without limitation its Common Stock underlying the Options,
         could be subject to a reverse split.

                  (vi) Executive and Company agree that that portion of the
         Options that qualify for treatment as Incentive Stock Options in
         accordance with Section 422 of the Internal Revenue Code shall be
         treated by the parties as such. Executive acknowledges that the
         following additional rules may apply to the treatment of Incentive
         Stock Options:

                           (a) The exercise price and vesting period of any
                  Stock Option intended to be treated as an Incentive Stock
                  Option must comply with the provisions of Section 422 of the
                  IRC and the regulations thereunder. As of the Effective Date,
                  such provisions require, among other matters, that: (A) the
                  exercise price must not be less than the Fair Market Value of
                  the underlying stock as of the date the Incentive Stock Option
                  is granted, and not less than 110% of the Fair Market Value as
                  of such date in the case of a grant to a Significant
                  Stockholder; and (B) that the Incentive Stock Option not be
                  exercisable after the expiration of ten (10) years from the
                  date of grant

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                  or the expiration of five (5) years from the date of grant in
                  the case of an Incentive Stock Option granted to a Significant
                  Stockholder.

                           (b) The aggregate Fair Market Value (determined as of
                  the respective date or dates of grant) of the Common Stock for
                  which one or more Options granted to any Recipient under this
                  Plan (or any other option plan of the Company or any of its
                  subsidiaries or affiliates) may for the first time become
                  exercisable as Incentive Stock Options under the federal tax
                  laws during any one calendar year may not exceed $ 100,000.

                           (c) Any Stock Options granted as Incentive Stock
                  Options pursuant to this Plan that for any reason fail or
                  cease to qualify as such will be treated as Nonqualified Stock
                  Options. If the limit described in subsection (2) above is
                  exceeded, the earliest granted Stock Options will be treated
                  as Incentive Stock Options, up to such limit.

                  (h) Car. At all times during the Employment Period, the
         Company shall, at its expense, reimburse the Executive for lease
         payments not to exceed $1,500 per month with respect to a late model
         car of style and make of the Executive's choosing.

                  (i) No Other Benefits. Except as may be approved by the
         Company in writing, Executive understands and acknowledges that the
         compensation and benefits specified in Sections 2 and 3 of this
         Agreement shall be in lieu of any and all other compensation, benefits
         and plans.

         4. Executive's Business Activities. Executive shall devote his entire
business time, attention and energy exclusively to the business and affairs of
the Company and its affiliates, as its business and affairs now exist and as
they hereafter may be changed. Executive may serve as a member of the Board of
Directors of other organizations that do not compete with the Company, and may
participate in other professional, civic, governmental organizations and
activities that do not materially affect his ability to carry out his duties
hereunder. Provided however, this section shall not be construed as preventing
the Executive from (a) investing his personal assets in businesses which do not
compete with the Company in such form or manner as will not require any services
on the part of the Executive in the operation or the affairs of the companies in
which such investments are made and in which his participation is solely that of
an investor, (b) purchasing securities in any corporation whose securities are
regularly traded provided that such purchase shall not result in his
collectively owning beneficially at any time one percent or more of the equity
securities of any corporation engaged in a business competitive to that of the
Company, and (c) participating in conferences, preparing or publishing papers or
books or teaching so long as the Board of Directors approves of such activities
prior to the Executive's engaging in them. Prior to commencing any activity
described in clause (c) above, the Executive shall inform the Board of Directors
of the Company in writing of any such activity.

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         5. Termination of Employment.

                  (j) For Cause. Notwithstanding anything herein to the
         contrary, the Company may terminate Executive's employment hereunder
         for cause for any one of the following reasons: (i) conviction of a
         felony, any act involving moral turpitude, or a misdemeanor where
         imprisonment is imposed, (ii) commission of any act of theft, fraud,
         dishonesty, or falsification of any employment or Company records,
         (iii) improper disclosure of the Company's confidential or proprietary
         information, (iv) any action by the Executive which has a material
         detrimental effect on the Company's reputation or business, (v)
         Executive's failure or inability to perform any reasonable assigned
         duties after written notice from the Company of, and a reasonable
         opportunity to cure, such failure or inability, (vi) any breach of this
         Agreement, which breach is not cured within ten (10) days following
         written notice of such breach, (vii) a course of conduct amounting to
         gross incompetence, (viii) chronic and unexcused absenteeism, (ix)
         unlawful appropriation of a corporate opportunity, (x) a violation of
         employment policies, rules, and regulations (including rules
         prohibiting sexual harassment or discrimination), or (xi) misconduct in
         connection with the performance of any of Executive's duties,
         including, without limitations misappropriation of funds or property of
         the Company, securing or attempting to secure personally any profit in
         connection with any transaction entered into on behalf of the Company,
         misrepresentation to the Company, or any willful violation of law or
         regulations on Company premises or to which the Company is subject.
         Upon termination of Executive's employment with the Company for cause,
         the Company shall be under no further obligation to Executive, except
         to pay all accrued but unpaid base salary and accrued vacation to the
         date of termination thereof. In the event of a termination for cause,
         all non-vested Awards shall terminate and no longer be exercisable.

                  (k) Without Cause. The Company may terminate Executive's
         employment hereunder at any time upon thirty (30) days advance written
         notice without cause, provided, however, that Executive shall be
         entitled to severance pay in the amount of two (2) years of Base Salary
         in addition to accrued but unpaid Base Salary and accrued vacation,
         less deductions required by law, but if, and only if, Executive
         executes a valid and comprehensive release of any and all claims that
         the Executive may have against the Company in a form provided by the
         Company within ten (10) days of tender. In the event that the Company
         terminates Executive without cause, all non-vested Awards shall
         immediately vest and be exercisable. Executive may terminate his
         employment with the Company upon thirty (30) days advance written
         notice, provided that Executive shall not be entitled to any severance
         pay and all non-vested Awards shall immediately terminate and no longer
         be exercisable.

                  (l) Voluntary Termination Upon Change of Control. Executive
         may voluntarily terminate his employment under this Agreement within
         six (6) months following a Change of Control, as described in paragraph
         13, upon 30 days written notice and the Employee shall thereupon be
         entitled to receive the severance payment described herein, upon the
         occurrence of any of the following events, which have not been
         consented to in advance by the Employee in writing: (i) the requirement
         that the Employee move his personal residence, or perform his principal
         Employee functions, more than 50 miles

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         from his primary office as of the date of the Change of Control, (ii),
         the material reduction in the Employee's Base Compensation or Variable
         Compensation as in effect on the date of the Change of Control of as
         the same may be increased from time to time, or (iii) the failure by
         GlobalNet to continue to provide the Employee with compensation and
         benefits provided for under the agreement, as the same may increased
         from time to time, or the taking of any action by GlobalNet which would
         reduce any such benefits in a material way or deprive the Employee of
         any material fringe benefit enjoyed by him at the time of the Change of
         Control, provided that such reduction is not part of a GlobalNet-wide
         reduction which affects all employees or all similarly situated
         employees.

                  (m) Resignation. Upon termination of employment, Executive
         shall be deemed to have resigned as an officer and/or a director of the
         Company, if he or she holds any such office or directorship.

                  (n) Cooperation/Disrepute. After notice of termination,
         Executive shall cooperate with the Company, as reasonably requested by
         the Company, to effect a transition of Executive's responsibilities and
         to ensure that the Company is aware of all matters being handled by
         Executive. During the Employment Period or any time thereafter,
         Executive agrees not to make any oral or written public statements
         disparaging the Company or any Company Affiliates.

         6. Disability of Executive. The Company may terminate this Agreement
without liability if Executive shall be permanently prevented from properly
performing his essential duties hereunder with reasonable accommodation by
reason of illness or other physical or mental incapacity for a period of more
than 180 consecutive days. Upon such termination, Executive shall be entitled to
all accrued but unpaid Base Salary and vacation.

         7. Death of Executive. In the event of the death of Executive during
the Employment Period, the Company's obligations hereunder shall automatically
cease and terminate provided, however, that within 15 days the Company shall pay
to the Executive's heirs or personal representatives Executive's Base Salary and
accrued vacation accrued to the date of death. Executive shall be entitled to
all Awards that have vested through the date of death and all non-vested Awards
shall continue to vest pursuant to the schedule in Section 3(d) as if Executive
were still an employee of the Company.

         8. Confidential Information and Invention Assignments. Executive is
simultaneously executing an Employee Non-Disclosure Agreement (the
"Non-Disclosure Agreement"). The obligations under the Non-Disclosure Agreement
shall survive termination of this Agreement.

         9. Covenant Not to Compete.

         (o) Covenant. Executive covenants and agrees with the Company that
except as expressly approved by the Board of Directors of the Company, from and
after the date of

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this Agreement until two (2) years after the date the employment of Executive by
the Company terminates for any reason (the "Ending Date"), Executive, and
Executives' Affiliates, shall not directly or indirectly:

                  (i) except as an officer or employee of the Company (or any
         successor corporation into which it may be merged or consolidated),
         engage in, control, advise, manage, serve as a director, officer, or
         employee of, act as a consultant to, receive any economic benefit from,
         have any financial interest in or exert any influence upon, any
         business which conducts activities in the Territory (as hereinafter
         defined) similar to those conducted by the Company (or any successor
         corporation into which the Company may be merged or consolidated),
         provided that this restriction shall not apply to any activity in
         connection with a business that does not actually or potentially
         compete with the activities of the Company (or any successor
         corporation into which the Company may be merged or consolidated);

                  (ii) except in connection with any duties as an officer or
         employee of the Company (or any successor corporation into which they
         may be merged or consolidated), solicit, divert or attempt to solicit
         or divert any party who is, was, or was solicited to become, a customer
         or supplier of the Company at any time prior to the date of this
         Agreement, provided that this restriction shall not apply to any
         activity on behalf of a business that does not actually or potentially
         compete with the activities of the Company (or any successor
         corporation into which the Company may be merged or consolidated);

                  (iii) employ, solicit for employment or encourage to leave
         their employment, in each case, either as an employee, agent or
         representative, any person who was during the one year period prior to
         such employment, solicitation or encouragement or is an officer,
         employee, agent or representative of the Company (or any successor
         corporation into which the Company may be merged or consolidated);

                  (iv) avail himself of or invest in any business opportunity
         which is related to the activities conducted by the Company (or any
         successor corporation into which the Company may be merged or
         consolidated), and which came to his attention prior to the Ending
         Date,

                  (v) disturb, or attempt to disturb, any business relationship
         between any third party and the Company (or any successor corporation
         into which the Company may be merged or consolidated); or

                  (vi) make any statement to any third party, including the
         press or media, likely to result in adverse publicity for the Company
         (or any successor corporation into which the Company may be merged or
         consolidated).

         (p) Certain Remedies.

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                  (i) In the event Executive or any Affiliate of Executive
         engages in any activity prohibited by subsections (a) above, Executive
         shall forfeit to the Company any non-vested Awards and all fights and
         amounts then remaining due to Executive or any Affiliate of Executive
         under this Agreement, including any remaining payments or installments
         due Executive, it being expressly understood and agreed, however, that
         such forfeiture shall not be the Company's sole remedy for such breach
         or otherwise limit the Company's other remedies available to it upon
         the occurrence of such breach.

                  (ii) Executive has reviewed the provisions of subsection (a)
         above with his legal counsel and he acknowledges that the Company would
         be irreparably injured by a violation of such subsections. Executive
         agrees that the Company, in addition to any other remedies available to
         it for such breach or threatened breach, shall be entitled to a seek
         preliminary injunction, temporary restraining order, or other
         equivalent relief, restraining Executive from any actual or threatened
         breach of any provision of subsection (a) above. If a bond is required
         to be posted in order for the Company to secure an injunction or other
         equitable remedy, the parties agree that said bond need not exceed a
         nominal sum.

         B. Severance. If at any time any of the provisions of subsections (a)
or (b) above shall be determined to be invalid or unenforceable by reason of
being vague or unreasonable as to duration, area, scope of activity or
otherwise, then such subsections shall be considered divisible (with the other
provisions to remain in full force and effect), and the invalid or unenforceable
provisions shall become and be deemed to be immediately amended to include only
such time, area, scope of activity and other restrictions, as shall be
determined to be reasonable and enforceable by the court or other body having
jurisdiction over the matter, and Executive expressly agrees that this
Agreement, as so amended, shall be valid and binding as though any invalid or
unenforceable provision had not been included herein.

         C. Certain Terms. As used above, the term "directly or indirectly"
shall include acts or omissions as proprietor, partner, joint venturer,
employer, salesman, agent, representative, employee, officer, director, lender
to or consultant for, or owner of any equity or other interest in, any person or
entity; the term "Territory" shall mean all States and foreign countries in
which the Company (or any successor corporation into which the Company may be
merged or consolidated) has transacted business or has proposed to transact
business, whether verbally or in writing, prior to the Ending Date; and the term
"Affiliate" includes (i) any member of Executive's immediate family and/or (ii)
any person or entity which Executive or any affiliate of Executive controls
and/or owns, directly or indirectly, an equity or similar interest of 1% or
more.

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<PAGE>   12
         10. Assignment and Transfer. Executive's rights and obligations under
this Agreement shall not be transferable by assignment or otherwise, and any
purported assignment, transfer or delegation thereof shall be void. This
Agreement shall inure to the benefit of, and be binding upon and enforceable by,
any purchaser of substantially all of Company's assets, any corporate successor
to Company, by merger or otherwise, or any assignee thereof.

         11. No Inconsistent Obligations. Executive is aware of no obligations,
legal or otherwise, inconsistent with the terms of this Agreement or with his
undertaking employment with the Company. Executive will not disclose to the
Company, or use, or induce the Company to use, any proprietary information or
trade secrets of others. Executive represents and warrants that he or she has
returned all property and confidential information belonging to all prior
employers.

         12. Miscellaneous.

         (q) Suit Against Company. Other than an action to enforce the payment
of Compensation provided for in Section 2 of this Agreement or an action to
enforce the delivery of vested stock options provided for in Section 3(d)
respectively, in the event that Executive brings any other action whatsoever
against the Company for any reason, all non-vested Awards shall immediately
terminate upon commencement of such action and shall no longer be exercisable.

         (r) Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Illinois without regard to conflict of
law principles.

         (s) Entire Agreement. This Agreement, together with the attached Equity
Incentive Plan, Non Disclosure Agreement, and any other documents or exhibits
referenced herein, contain the entire agreement and understanding between the
parties hereto and supersedes any prior or contemporaneous written or oral
agreements, representations and warranties between them respecting the subject
matter hereof.

         (t) Amendment. This Agreement may be amended only by a writing signed
by Executive and by a duly authorized representative of the Company.

         (u) Severability. If any term, provision, covenant or condition of this
Agreement, or the application thereof to any person, place or circumstance,
shall be held to be invalid, unenforceable or void, the remainder of this
Agreement and such term, provision, covenant or condition as applied to other
persons, places and circumstances shall remain in full force and effect.

         (v) Construction. The headings and captions of this Agreement are
provided for convenience only and are intended to have no effect in construing
or interpreting this Agreement. The language in all parts of this Agreement
shall be in all cases construed according to its fair meaning and not strictly
for or against the Company or Executive. The recitals contained in this
Agreement are incorporated into the terms and conditions of this Agreement and
shall form a part hereof.

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<PAGE>   13
         (w) Rights Cumulative. The rights and remedies provided by this
Agreement are cumulative, and the exercise of any right or remedy by either
party hereto (or by its successor), whether pursuant to this Agreement, to any
other agreement, or to law, shall not preclude or waive its right to exercise
any or all other rights and remedies.

         (x) Nonwaiver. No failure or neglect of either party hereto in any
instance to exercise any right, power or privilege hereunder or under law shall
constitute a waiver of any other right, power or privilege or of the same right,
power or privilege in any other instance. All waivers by either party hereto
must be contained in a written instrument signed by the party to be charged and,
in the case of the Company, by an officer of the Company (other than Executive)
or other person duly authorized by the Company.

         (y) Remedy for Breach. The parties hereto agree that, in the event of
breach or threatened breach of any covenants of Executive, the damage or
imminent damage to the value and the goodwill of the Company's business shall be
difficult to ascertain, and that therefor any remedy at law or in damages shall
be inadequate. Accordingly, the parties hereto agree that the Company shall be
entitled to seek injunctive relief against Executive in the event of any breach
or threatened breach of any of such provisions by Executive, in addition to any
other relief (including damages) available to the Company under this Agreement
or under law.

         (z) Notices. Any notice, request, consent or approval required or
permitted to be given under this Agreement or pursuant to law shall be
sufficient if in writing, and if and when either (i) hand delivered, (ii) sent
by facsimile provided there is proof of transmission, or (iii) sent by certified
or registered mail, with postage prepaid, to Executive's residence (as noted in
the Company's records), or to the Company's principal office, as the case may
be.

         (aa) Assistance in Litigation. Executive shall, during and after
termination of employment, upon reasonable notice, furnish such information and
proper assistance to the Company as may reasonably be required by the Company in
connection with any litigation in which it or any of its subsidiaries or
affiliates is, or may become a party; provided, however, that such assistance
following termination shall be furnished at mutually agreeable times and for
mutually agreeable compensation.

         (bb) Disputes. Any controversy, claim or dispute arising out of or
relating to this Agreement or the employment relationship, either during the
existence of the employment relationship or afterwards, between the parties
hereto, their assignees, their affiliates, their attorneys, or agents, shall be
litigated solely in state or federal court in Chicago, Illinois. Each party (1)
submits to the jurisdiction of such court, (2) waives the defense of an
inconvenient forum, (3) agrees that valid consent to service may be made by
mailing or delivery of such service to the Illinois Secretary of State (the
"Agent") or to the party at the party's last known address, if personal service
delivery can not be easily effected, and (4) authorizes and directs the Agent to
accept such service in the event that personal service delivery can not easily
be effected.

         13. Change in Control.

                                       13
<PAGE>   14
         (cc) Definitions. For purposes of this Agreement, a "Change in Control"
of the Company is deemed to have occurred as of the first day that any one or
more of the following conditions shall have been satisfied:

                           (i) the "Beneficial Ownership" of securities
                  representing more than fifty percent (50%) of the combined
                  voting power of the Company is acquired by any "person" as
                  defined in Section 13(d) and 14(d) of the Exchange Act (other
                  than any beneficial owner of more than 20% of the Rich Earth
                  stock as of the consummation of the Merger Transaction and
                  other than the Company, any trustee or other fiduciary holding
                  securities under an employee benefit plan of the Company, or
                  any corporation owned, directly or indirectly, by the
                  stockholders of the Company in substantially the same
                  proportions as their ownership of stock of the Company); or

                           (ii) the stockholders of the Company approve a
                  definitive agreement (1) to merge or consolidate the Company
                  with or into another corporation if, following the merger or
                  consolidation, the stockholders of the Company will possess
                  less than fifty percent (50%) of the total voting power of the
                  surviving entity, or (2) to sell or otherwise dispose of all
                  or substantially all of the Company's assets.

                  D. Excluded Transaction. For purposes of this Section 13, a
         "Change in Control" shall not include the Reorganization Transaction,
         Merger Transaction, or any other transaction entered into by and
         between the Company or its shareholders or affiliates and Rich Earth,
         Inc. or its shareholders or affiliates (collectively "Rich Earth").
         Upon the occurrence of any transaction with Rich Earth, any surviving
         corporation or acquiring corporation shall assume any Awards
         outstanding under this Agreement or shall substitute similar awards for
         those outstanding under the Agreement. Upon any such transaction with
         Rich Earth, the Beneficial Ownership of the Company for purposes of
         determining any future Change of Control shall include all shareholders
         of the Company and any surviving or acquiring corporation resulting
         from any Rich Earth transaction.

                  E. Acceleration of Vesting. In the event there is a "Change in
         Control" which is not an excluded transaction described in Section
         13(b) above, all non-vested Awards shall immediately vest and be
         exercisable.

         EACH PARTY, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN
ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER MATTER INVOLVING THE PARTIES HERETO.

NOTICE: EXECUTIVE REPRESENTS THAT HE HAS BEEN REPRESENTED BY INDEPENDENT COUNSEL
IN CONNECTION WITH THE NEGOTIATION AND EXECUTION OF THIS EMPLOYMENT AGREEMENT
AND THE

                                       14
<PAGE>   15
CONSIDERATION OF THE TAX IMPACTS OF ALL COMPENSATION, AND STOCK OPTIONS.

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of May 15, 2000.

COMPANY:                                  EXECUTIVE:

GLOBALNET INTERNATIONAL, INC.

By:__________________________             ___________________________________
Name:________________________             Name:     Robert Jerome Donahue
Title:_______________________             Address:  119 West Adams
                                                    Villa Park, IL  60181

                                       15<PAGE>   1
                                                                    Exhibit 10.5
                                 LEASE AGREEMENT

THIS LEASE AGREEMENT (THE "LEASE") is entered into between PrinVest Financial
Corp. (the "Lessor") and GlobalNet, LLC (the "Lessee") with respect to that
certain equipment as more particularly described in the Schedule 1 attached
hereto and incorporated by reference (the "Equipment Schedules") together with
all components, parts, additions and attachments now or hereafter incorporated
therein (the "Equipment"). The Lessor and the Lessee are hereinafter
collectively referred to as the "Parties."

1.       TERMS AND CONDITIONS.

         (a)      The Lessor hereby leases the Equipment to the Lessee pursuant
                  to the terms and conditions set forth herein.

         (b)      The Lessee has selected the Equipment and has chosen the
                  manufacturer (the "Manufacturer") and the Supplier thereof
                  (the "Supplier").

         (c)      This Lease constitutes the full and entire agreement between
                  the Lessor and the Lessee in connection with the Equipment and
                  merges any other or prior understanding.

         (d)      In no case shall the preprinted terms and conditions on the
                  Lessee's, Manufacturer's or the Supplier's standard
                  transactional documentation (e.g., order forms and invoices)
                  apply to the Lessor.

         (e)      The Lease can be neither canceled nor modified except by a
                  written agreement signed by an authorized representative of
                  each of the Lessee and the Lessor.

         (f)      This Lease is a "finance lease" as that term is defined in the
                  New York Uniform Commercial Code (the "UCC"). The Lease is not
                  a "consumer lease" as that term is defined in the UCC.

         (g)      The term of the Lease is 42 months.

         (h)      On or about September 20,1999, Lessee entered into a Lease
                  Agreement with Lessor (the "Original Lease"). This Lease
                  amends, replaces and supercedes the Original Lease in its
                  entirety.

2.       LESSEE'S WARRANTIES TO LESSOR.

         The Lessee expressly represents and warrants to the Lessor, and the
         Lessor relies on the fact that:

         (a)      the Lessee has read and understood this Lease before it was
                  signed;

         (b)      the Lessee has selected the Equipment, the Manufacturer and
                  the Supplier;

         (c)      the Lessee is fully satisfied with the Equipment, the
                  Manufacturer and the Supplier;
<PAGE>   2
                                      -2-

         (d)      the Lessee has freely chosen to enter into this finance lease,
                  only after having considered other means of obtaining the use
                  of the Equipment;

         (e)      neither the Manufacturer, the Supplier, nor any of their
                  respective salespersons are, or have acted as, the Lessor's
                  agents or employees;

         (f)      financial information and other statements provided to the
                  Lessor are accurate and correct and will be updated upon the
                  Lessor's request during the term of the Lease;

         (g)      the Lessee is currently meeting all of its debts as such sums
                  come due;

         (h)      the Lessee has unrestricted power to enter into this Lease,
                  has duly authorized the person executing it, and certifies
                  that all signatures are authentic; and

         (i)      the Lessee will pay all costs connected with the Equipment,
                  including, but not limited to, taxes, insurance, repairs,
                  shipping, collection costs and expenses normally paid in a net
                  lease.

         (j)      prior to execution of this Lease, the Lessee has received an
                  accurate and complete statement designating the promises,
                  warranties, disclaimers of warranties, limitations or
                  modifications of remedies, or liquidated damages, including
                  those, if any, of the Manufacturer and/or the Supplier, which
                  were provided to Lessor by the Manufacturer and/or the
                  Supplier.

3.       LESSEE'S WAIVER OF DAMAGES AND WARRANTIES FROM LESSOR.

         (a)      The Lessee leases the Equipment from the Lessor on an "AS IS,
                  WHERE IS, WITHOUT REPRESENTATION OR WARRANTY BASIS".

         (b)      THE LESSOR MAKES ABSOLUTELY NO WARRANTIES, EXPRESS OR IMPLIED,
                  INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
                  PARTICULAR PURPOSE.

         (c)      IF THE EQUIPMENT IS NOT PROPERLY INSTALLED, DOES NOT OPERATE
                  AS REPRESENTED OR WARRANTED BY THE MANUFACTURER AND/OR THE
                  SUPPLIER, OR IS UNSATISFACTORY FOR ANY REASON WHATSOEVER, THE
                  LESSEE SHALL MAKE ANY CLAIM ON ACCOUNT THEREOF SOLELY AGAINST
                  THE MANUFACTURER AND/OR THE SUPPLIER AND THE LESSEE HEREBY
                  WAIVES ANY SUCH CLAIM AGAINST THE LESSOR. Provided that the
                  Lessee is not in default under the Lease, all warranties from
                  the Manufacturer and/or the Supplier to the Lessor are
                  assigned to the Lessee solely for the term of the Lease for
                  the Lessee's exercise at the Lessee's sole expense.

         (d)      THE LESSEE SHALL INDEMNIFY AND HOLD THE LESSOR HARMLESS AND
                  SHALL BE RESPONSIBLE FOR ANY LOSS, DAMAGE OR INJURY TO PERSONS
                  OR PROPERTY CAUSED BY THE EQUIPMENT.

         (e)      NO REPRESENTATION OR WARRANTY BY THE MANUFACTURER, THE
                  SUPPLIER AND/OR ANY SALESPERSON OF EITHER IS BINDING ON THE
                  LESSOR NOR SHALL BREACH OF SUCH WARRANTY RELIEVE THE LESSEE OF
                  THE LESSEE'S OBLIGATIONS TO THE LESSOR.
<PAGE>   3
                                      -3-

         (f)      IN NO CASE SHALL THE LESSOR BE LIABLE TO THE LESSEE FOR
                  SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES.

4.       PAYMENTS.

         (a)      Lessee agrees to make lease payments in advance.

         (b)      The Lessee shall cause to be made to the Lessor when due, all
                  Payments set forth in the Amortization Schedule attached
                  hereto.

         (c)      The first Payment on the Amortization Schedule shall be due on
                  November 1, 1999.

         (d)      Each Payment thereafter shall be due on the first day of the
                  month.

         (e)      If the first day of the month is a Saturday, Sunday or a
                  federal holiday, the Payment shall be due on the next business
                  day.

         (f)      The Lessor may, in its sole and absolute discretion, apply any
                  sums of the Lessee in the Lessor's possession to any of the
                  Lessee's Obligations (as hereinafter defined) under this
                  Lease.

         (g)      The Lessee shall be liable to the Lessor for any cost or
                  expense the Lessor incurs to preserve any of the Equipment or
                  for any taxes, assessments, fees, penalties, liens, or
                  encumbrances related to any of the Equipment or this Lease.
                  The Lessee shall reimburse the Lessor for any of the
                  foregoing, upon demand by the Lessor.

         (h)      Each Payment received will be applied to the Obligations in a
                  manner at the Lessor's sole and absolute discretion.

         (i)      THE LESSEE AGREES THAT TIME IS OF THE ESSENCE AND TO MAKE
                  PAYMENTS REGARDLESS OF ANY PROBLEMS THE LESSEE MIGHT HAVE WITH
                  THE EQUIPMENT INCLUDING ITS OPERATION, CAPABILITY,
                  INSTALLATION OR REPAIR AND REGARDLESS OF ANY CLAIM, SETOFF OR
                  DEFENSE THAT THE LESSEE MIGHT HAVE AGAINST THE MANUFACTURER,
                  THE SUPPLIER, ANY SALESPERSON OF EITHER OR ANY OTHER THIRD
                  PARTY.

         (j)      Without the Lessor's prior written consent, any Payment to the
                  Lessor of a smaller sum than due at any time under this Lease
                  shall not constitute a release or an accord and satisfaction
                  for any greater sum due, or to become due or which is in
                  dispute, regardless of any endorsement restriction, unless
                  otherwise agreed by both Parties in a signed writing.

5.       TAXES, ASSESSMENTS AND FEES.

         (a)      The Lessee agrees:

                  (i)      to pay all licensing, filing and registration fees;

                  (ii)     to keep the Equipment free of all liens and
                           encumbrances;

                  (iii)    to pay all personal property taxes assessed against
                           the Equipment; and

<PAGE>   4
                                      -4-

                  (iv)     to pay all other taxes, assessments, royalties,
                           license fees, duties, levies, charges, fees and
                           penalties which may be levied or assessed with
                           respect to the Equipment, its use or any interest
                           therein, or any lease Payments, including but not
                           limited to all taxes, however designated, levied or
                           assessed, whether upon the Lessee or the Lessor or
                           the Equipment or upon the sale, ownership, use or
                           operation thereof, excepting any taxes on income
                           levied on the Lessor.

         (b)      The Lessor may, at its option, pay on the Lessee's behalf such
                  taxes and other amounts, file applicable returns, and collect
                  from the Lessee full reimbursement plus an administrative fee
                  equal to two percent (2%) of the taxes and other amounts paid.

         (c)      The Lessee agrees to reimburse the Lessor for reasonable costs
                  incurred in collecting taxes, assessments, or fees for which
                  the Lessee is liable, and any collection charges attributable
                  thereto, including any attorney's fees and costs incurred by
                  Lessor.

         (d)      Except as expressly set forth to the contrary, all of the
                  above sums shall be due and payable by the Lessee to the
                  Lessor, on demand.

6.       NOTICES.

         Until the Lessor and the Lessee notify each other of any new address in
writing, any invoice or notice required by the Lease or by law is validly given
when mailed postage prepaid by first class mail or national overnight or courier
delivery service to the last known address or by fax pursuant to paragraph 17
(j) hereof.

7.       ASSIGNMENTS.

         (a)      The Lessee agrees not to transfer, sell, assign, sublease,
                  pledge or encumber any of the Equipment or any rights under
                  this Lease without the prior written consent of the Lessor,
                  and even with the Lessor's consent, the Lessee shall remain
                  jointly and severally liable to the full extent with the
                  Lessee's assignee.

         (b)      The Lessor may assign its rights and obligations under this
                  Lease or the Lease in its entirety, all without the Lessee's
                  consent. The Lessor shall have the right to assign or sell all
                  or any portion of the Obligations (as defined in paragraph
                  11(g) hereof), all without the Lessee's consent. The Lessee
                  acknowledges and agrees that the Lessor may assign or sell
                  participation interests in all or any portion of the
                  Obligations. The Lessee agrees that in no event shall it have
                  or acquire any rights or claims against any assignees or
                  purchasers of participation interests.

         (c)      The Lessor may, at its option, assign its rights and interests
                  under this Lease or the Lease in its entirety without notice.
                  The Lessee agrees that the Lessor's assignee will have the
                  same rights and remedies that the Lessor now has. The Lessee
                  agrees that the rights of the Lessor's assignee will not be
                  subject to claims, defenses, or setoffs that the Lessee may
                  have against the Lessor. The Lessee stipulates that any such
                  assignment by the Lessor shall not materially change the
                  Lessee's duties, obligations or risks under this Lease.

8.       THE EQUIPMENT.

         (a)      The Lessor has the right throughout the term of the Lease to
                  inspect the Equipment and has the right to affix and display a
                  notice of the Lessor's interest thereon.

<PAGE>   5
                                      -5-

         (b)      The Equipment shall remain "personal property" whether or not
                  affixed to realty and shall not be part of any real property
                  on which it is located.

         (c)      The Lessee shall obtain landlord and/or mortgage waivers for
                  all of the Equipment in form and substance satisfactory to the
                  Lessor. The Lessee shall provide the Lessor with said waivers
                  concurrent with the execution of each Equipment Schedule.

         (d)      All additions, attachments, and accessories placed on the
                  Equipment shall become part of the Equipment.

         (e)      The Lessee agrees to maintain the Equipment so that it may be
                  removed from the property or building where located without
                  damage.

9.       OPERATION AND TERMINATION.

         (a)      The Lessee shall be solely responsible for the installation,
                  operation, and maintenance of the Equipment, shall cause it to
                  be kept in good condition and running order, and shall cause
                  the Equipment to be used and operated only in compliance with
                  applicable laws. The Lessee shall pay all installation and
                  programming costs and all commissions in connection with
                  and/or with respect to the Equipment.

         (b)      The Lessee, at its expense, shall maintain in full force and
                  effect throughout the Lease term, the respective
                  Manufacturer's standard maintenance contract for the
                  Equipment.

         (c)      Upon return to the Lessor, all of the Equipment must be
                  eligible for immediate continuation of coverage under the
                  respective Manufacture's standard maintenance contracts. The
                  Lessee shall be liable for all costs and expenses to make all
                  of the Equipment eligible for such coverage.

         (d)      The Lessee shall cause the Equipment to be kept only at the
                  address specified in the Equipment Schedule 1 for that
                  Equipment, to never abandon or move any Equipment from the
                  specified address, except with the Lessor's written consent or
                  for turnover to the Lessor's agent.

         (e)      At least thirty (30) days prior to the end of the Lease term
                  for any portion of the Equipment, the Lessee must contact the
                  Lessor, who will designate the return location within the
                  United States, and the Lessee shall, at the Lessee's expense,
                  immediately crate, insure and return that portion of the
                  Equipment to the designated location in as good condition as
                  when the Lessee received it, excepting only reasonable wear
                  and tear. Until the Lessor actually receives the Equipment at
                  the return location, the Lease renews automatically from month
                  to month and the Lessee agrees to continue to make Payments
                  for that portion of the Equipment at the applicable rate
                  stated in Section 4(b) above.

10.      PURCHASE OPTION.

         (a)      So long as no default exists hereunder and the Lease has not
                  been earlier terminated, the Lessee may at the end of the
                  Lease term of each Equipment Schedule, upon at least ninety
                  (90) days prior written notice to the Lessor, purchase all
                  (but not less than all) of the Equipment on that Equipment
                  Schedule on an "AS IS, WHERE IS, WITHOUT REPRESENTATION OR
                  WARRANTY BASIS" for the sum of $1.00.

<PAGE>   6
                                      -6-

11.      SECURITY INTEREST.

         (a)      To secure the Obligations, the Lessee hereby grants to the
                  Lessor, a first priority security interest in all present and
                  future Equipment, accounts, accounts receivable, instruments,
                  documents, contract rights, chattel paper, inventory in all
                  stages of manufacture, equipment, fixtures, goods, money,
                  deposit accounts, insurance policies, reserves, reserve
                  accounts, intellectual property, general intangibles, and
                  proceeds thereof presently existing or hereafter arising,
                  either now owned or hereafter acquired by the Lessee, and the
                  interest of the Lessee in any goods, products, and proceeds
                  thereof, and all books and records pertaining thereto
                  (hereinafter collectively, the "Collateral").

         (b)      The Lessee authorizes the Lessor to file financing statements
                  and/or fixture filings without Lessee's signature and, if the
                  signature is required by law, Lessee appoints Lessor as
                  Lessee's attorney-in-fact to execute such statements and
                  filings.

         (c)      The Lessee authorizes the Lessor to file any documents to
                  perfect or protect Lessor's interest in any intellectual
                  property, all without the Lessee's signature and, if a
                  signature is required by law, the Lessee appoints the Lessor
                  as the Lessee's attorney-in-fact to execute such documents.

         (d)      Lessee shall cooperate with Lessor and (i) shall execute any
                  and all documents in connection with filing financing
                  statements, documents and/or agreements to perfect, protect,
                  and evidence the Lessor's interest in the Collateral, (ii)
                  shall pay to Lessor any and all fees and costs in connection
                  with the financing statements, fixture filings and/or
                  documents to perfect or protect Lessor's interest in and to
                  the Collateral and (iii) shall take any and all actions
                  reasonably requested by Lessor to protect Lessor's interests
                  in and to the Collateral.

         (e)      The Lessee warrants and represents that it is the owner of all
                  of the Collateral and has full legal right to encumber the
                  same as set forth herein.

         (f)      None of the Collateral is subject to any lien, encumbrance or
                  security interest other than in favor of the Lessor.

         (g)      The security interest granted in Section 11(a) herein shall
                  secure the Lessee's performance and payment of all of its
                  obligations to the Lessor whether such obligations are now
                  existing or hereinafter incurred, however such obligations may
                  be evidenced, including without limitation, Payments,
                  interest, fees, charges, Surcharge, attorney's fees and costs
                  and any other obligation of the Lessee to the Lessor, whether
                  or not such obligations arise under the Lease (hereinafter
                  collectively, the "Obligations").

         (h)      The Lessee shall advise the Lessor within one (1) business day
                  if the Lessee adds to or changes any locations where any of
                  the Collateral is maintained.

         (i)      Upon payment in full of all Obligations, and, at the Lessee's
                  written request, and subject to the Lessee's execution of the
                  Lessor's release waiver (in form and substance satisfactory to
                  the Lessor), the Lessor agrees to release its security
                  interest under this Lease. The Lessee shall be responsible for
                  preparing and filing any termination statements reasonably
                  required in connection therewith, provided that the Lessor
                  shall cooperate with the Lessee and shall not unreasonably
                  withhold its consent and acknowledgment of the same.
<PAGE>   7
                                      -7-

         (j)      The Lessee warrants that it maintains inventory in___________.

         (k)      The Lessee warrants that it maintains equipment in___________.

         (l)      The Lessee warrants that it maintains deposit accounts in ___.

         (m)      The Lessee warrants that it is in compliance with all
                  applicable statutes, regulations, ordinances, court decrees,
                  or other directives of the United States of America, and all
                  states, counties, municipalities and agencies with respect to
                  the rendition of its services and/or its conduct of business
                  and, without limiting the foregoing, the Lessee has filed all
                  federal, state and local tax returns and other reports it is
                  required to file and has paid or made adequate provisions for
                  payment of all such taxes, assessments and other government
                  charges; except as otherwise may have been disclosed in
                  writing to and acknowledged by the Lessor on or before the
                  date of execution of this Lease.

12.      RISK OF LOSS AND INSURANCE.

         (a)      Until the Lessee has returned the Equipment to the designated
                  return location, the Lessee bears the entire risk of loss or
                  damage to the Equipment, regardless how arising.

         (b)      The Lessee shall immediately notify the Lessor of the
                  occurrence of any loss or other occurrence affecting the
                  Lessor's interests in and to any of the Equipment and the
                  Lessee shall make repairs or corrections at the Lessee's
                  expense. In such event and notwithstanding any damage or loss
                  to any and/or all of the Equipment, the Lessee agrees to
                  continue to meet all Payments and other Obligations as and
                  when the same come due.

         (c)      In the event of a loss or damage to any of the Equipment where
                  the cost of repairs or corrections is not cost effective,
                  Lessor shall have the right to require the Lessee to pay
                  immediately all remaining Payments and other charges becoming
                  due under the Lease after the date of such loss or damage,
                  plus any past due amounts under the Lease. For the purposes of
                  this section (c) only, the remaining Payments shall be
                  discounted by a rate equal to .05% per annum. The
                  determination as to whether the cost of repairs or corrections
                  is cost effective shall be in Lessor's sole and absolute
                  discretion.

         (d)      The Lessee agrees to keep the Equipment insured at the
                  Lessee's expense against risks of loss or damage from any
                  cause whatsoever. The Lessee agrees that such insurance shall
                  not be less than the unpaid balance of the Lease term with
                  respect to said Equipment plus the then-current fair market
                  value of the Equipment. The Lessee also agrees that the
                  insurance shall be in such additional amount as is reasonable
                  to cover the Lessor for public liability and property damage
                  arising from the Equipment or the Lessee's use of it. The
                  Lessee agrees to name the Lessor as the loss payee and an
                  additional insured. The Lessee shall ensure that the Lessor is
                  the Certificate Holder with respect to all insurance. On the
                  date of execution of each Equipment Schedule to this Lease,
                  the Lessee shall provide the Lessor with an insurance binder
                  with coverage in accordance with the terms of this Lease.
                  Within 5 days of execution of each Equipment Schedule, the
                  Lessee shall provide the Lessor with a Certificate Of Property
                  Insurance in favor of the Lessor. Each policy shall provide
                  that the insurance cannot be canceled without thirty days
                  prior written notice to the Lessor. Upon request by the
                  Lessor, the Lessee agrees to furnish proof of each insurance
                  policy including a certificate of insurance and a copy of the
                  policy. The proceeds of such insurance shall be applied at the
                  Lessor's sole election toward the replacement or repair of the
                  damaged portion of the Equipment or payment

<PAGE>   8
                                      -8-

                  towards the Obligations. The Lessee appoints the Lessor as
                  attorney-in-fact to make any claim for, receive payment of, or
                  execute or endorse all documents, checks or drafts for loss or
                  damage or return of premium under such insurance.

         (e)      If the Lessee fails to obtain or maintain the insurance
                  described herein, the Lessor may, and shall not be obliged to,
                  obtain and maintain such insurance. The Lessee agrees to pay
                  to the Lessor the out-of-pocket cost of such insurance as
                  incurred by the Lessor plus an administration fee equal to 5%
                  of such cost. The Lessee shall have no right or claim to any
                  insurance benefits from Lessor.

13.      INDEMNITY.

         The Lessee agrees to indemnify and hold the Lessor and its affiliates,
officers, directors, employees, principals, shareholders and attorneys, agents,
representatives and consultants harmless from and against any and all losses,
damages, injuries, claims, demands, and expenses, including any and all
attorney's fees and costs arising from or caused directly or indirectly by any
actual or alleged use, possession, maintenance, condition (whether or not latent
or discoverable), operation, location, delivery, transportation or removal of
the Equipment, or arising from acts or omissions of the Lessee, acts or
omissions of any agent, assignee, or delegee of the Lessee or otherwise in
connection with the leasing of any or all of the Equipment herein. The Lessee's
obligation to provide such indemnification shall survive the term of this Lease.
Should the Lessee be entitled under applicable law to revoke its acceptance of
any of the Equipment, the Lessee agrees to pay and indemnify the Lessor for any
payment made by the Lessor to the Lessee, the Manufacturer and/or to the
Supplier.

14.      ATTORNEY'S FEES.

         (a)      The Lessee shall pay to the Lessor any and all attorney's fees
                  and costs, any accountant's fees, costs, and any out of pocket
                  expenses incurred by the Lessor:

                  (i)      in the negotiation, preparation and/or administration
                           of this Lease, any amendments thereto, any Equipment
                           Schedules, any Guarantees, and any related documents
                           related to any of the foregoing;

                  (ii)     in connection with any disagreement or litigation
                           arising out of, or in connection with any of the
                           foregoing; or

                  (iii)    in any restructuring of the Obligations.

         (b)      In addition, if it becomes necessary for the Lessor to utilize
                  collection efforts or engage an attorney to enforce its rights
                  against the Lessee, the Lessee agrees to pay all costs of
                  collection, including actual attorney's fees and costs whether
                  or not suit is filed and in all proceedings arising under the
                  Lease, including any arbitration, bankruptcy proceeding, civil
                  action, mediation, counterclaim or post-judgment action or
                  appeal with respect to any of the foregoing. All attorney's
                  fees and costs shall be payable by the Lessee to the Lessor on
                  demand.

         (c)      The Lessee promises to pay and agrees that the Lessor may
                  deduct from monies otherwise due to the Lessee, all of the
                  above described attorney's fees, costs and out-of-pocket
                  expenses.

         (d)      In the event any Obligations become due and remain unpaid in
                  part or in their entirety, the Lessor, at its sole option, may
                  do one or more of the following:

<PAGE>   9
                                      -9-

                  (i)      require the Lessee to pledge additional assets to
                           secure the Obligations; or

                  (ii)     declare an Event of Default under paragraph 15 and
                           exercise its rights and remedies hereunder or
                           otherwise available to it.

15.      DEFAULT.

         The Lessee shall be in default of this Lease upon any of the following
events (an "Event of Default"):

         (a)      The Lessee fails to pay any amount when due under the Lease;

         (b)      The Lessee assigns, moves, pledges, subleases or sells any of
                  the Equipment or attempts to do so, without the Lessor's
                  written authorization;

         (c)      The Lessee breaches any of its warranties under this Lease or
                  under any other agreement with the Lessor;

         (d)      The Lessee fails to pay and/or perform any of its Obligations
                  when the same come due;

         (e)      Any execution or writ of process is issued in any action or
                  proceeding to seize or detain any of the Equipment;

         (f)      The Lessee gives the Lessor reasonable cause to be insecure
                  about the Lessee's willingness or ability to perform any of
                  the Lessee's Obligations;

         (g)      The Lessee becomes insolvent or unable to pay debts when due,
                  stops doing business as a going concern, merges, consolidates,
                  transfers all or substantially all of its assets, makes an
                  assignment for the benefit or creditors, appoints a trustee or
                  receiver or undergoes a substantial deterioration of financial
                  health;

         (h)      The Lessee files a petition or a petition is filed against the
                  Lessee under the United States Bankruptcy Code or the Lessee
                  commences, authorizes or acquiesces in the commencement of a
                  proceeding under any law for the protection from creditors;

         (i)      Any default under any other agreement or document between
                  and/or concerning the Lessee and the Lessor;

         (j)      The Lessee fails to perform any of its covenants and/or
                  reporting obligations to the Lessor under this Lease when and
                  as required herein;

         (k)      The Lessee fails to comply in a timely manner with any
                  federal, state, or local tax or other reporting requirements
                  (including without limitation, requirements relating to the
                  filing of payroll tax returns), or fails to make timely
                  payment of any tax or municipal obligations, or if any
                  federal, state, or local government asserts or files any tax
                  or other statutory lien or levy on, or claim of set-off
                  against, any of the Equipment or any other Collateral, or
                  otherwise claims or asserts in writing that the Lessee has
                  failed to comply with its tax or other payment obligations or
                  otherwise states in writing its intention to file any lien
                  against any of the Equipment or any of the other Collateral
                  for failure to pay any or all required tax or other
                  obligations;

<PAGE>   10
                                      -10-

(l)               If any representation or warranty contained herein or any
                  information, report, financial statement, exhibit, certificate
                  or schedule furnished by or on behalf of the Lessee, whether
                  provided prior to, simultaneous with or after the execution of
                  this Lease, contains any material misstatement of fact or
                  omitted or omits to state any material fact necessary to make
                  the statements herein or therein not misleading.

         Upon the occurrence of an Event of Default hereunder, a surcharge of 4%
per annum (a "Surcharge") on the Obligations shall immediately be charged to
Lessee without notice and thereafter shall be payable by Lessee to Lessor until
and inclusive of the date the Event of Default has been cured, or in the event
that the Obligations have been accelerated, until all Obligations have been paid
in full, including the period following entry of any judgment on or relating to
any of the Obligations. The Surcharge shall accrue on any such judgment until
actual receipt by the Lessor of payment in full of all Obligations (including
the Surcharge) and said judgment. The Surcharge shall be secured by the
Collateral.

         After the occurrence of an Event of Default, Lessor shall be entitled
to apply any payments or proceeds received by it and/or any monies of Lessee
held by Lessor against the Obligations, whether interest, Payments, Surcharge,
attorney's fees and costs, costs of collection or otherwise, in such manner and
order as Lessor may, at its sole discretion, determine.

16.      REMEDIES.

         Should the Lessee default under this Lease, the Lessor has the right to
collect and to exercise any or all of the following:

         (i)      the Lessor may seek any and all remedies available for the
                  enforcement of this Lease at law or in equity, and without
                  limitation, the Lessor may also, in its sole discretion, but
                  shall not be obligated to, declare all Obligations to be
                  forthwith due and payable and/or exercise any or all of its
                  rights to collect on the Collateral. If it becomes necessary
                  for the Lessor to utilize collection efforts to enforce its
                  rights against the Lessee, the Lessee agrees to pay all
                  expenses in connection therewith.

         (ii)     The Lessor may, without notice, accelerate all sums under the
                  Lease and under any other agreement with the Lessor and
                  require the Lessee to immediately pay the Lessor all
                  Obligations including but not limited to, all sums that are
                  already due and those that will become due, including the
                  lease-end Purchase Options of all of the Equipment;

         (iii)    At the time of an Event of Default or at any time thereafter,
                  the Lessor has the immediate unfettered right to take
                  possession of all of the Equipment and all of the other
                  Collateral without any court order or other process of law and
                  for such purposes may enter upon any premises where any
                  Equipment or other Collateral may be, remove the same,
                  foreclose upon the same, sell or re-lease any or all of the
                  Equipment and/or other Collateral, and apply any proceeds to
                  the Obligations in a manner in the Lessor's sole and absolute
                  discretion. The Lessee shall be liable to the Lessor for all
                  reasonable costs and expenses incurred in the repossession,
                  recovery, storage, repair, sale, re-lease or other disposition
                  of the Equipment and the other Collateral;

         (iv)     The Lessor has the right to exercise any remedy at law or
                  equity, notice thereof being expressly waived by the Lessee;
<PAGE>   11
                                      -11-

         (v)      The Lessor's action or failure to act on one remedy
                  constitutes neither an election to be limited thereto nor a
                  waiver of any other remedy or a release of the Lessee from any
                  liability.

17.      MISCELLANEOUS.

         (a)      The Lessee will provide the Lessor with copies of its: annual
                  audited financial statements, if available, and any in-house
                  prepared annual financial statements within seventy-five (75)
                  days of the end of the Lessee's fiscal year, monthly financial
                  statements within thirty (30) days after the end of each
                  calendar month and IRS 940 and 941 within thirty-one (31) days
                  after the end of each calendar quarter. Further, upon any
                  request by the Lessor, within five (5) business days, the
                  Lessee shall provide the Lessor with a detailed list of all
                  Collateral.

         (b)      All installation and servicing with respect to the Equipment
                  shall be the sole responsibility of the Lessee.

         (c)      The Lessee shall within one (1) business day, advise the
                  Lessor, in writing if:

                  (i)      the Lessee's place of business and record keeping is
                           changed or a new place is added or the Lessee changes
                           its jurisdiction of incorporation;

                  (ii)     the Lessee adds to or changes any locations in which
                           any of the Equipment or any of the Collateral is
                           maintained;

                  (iii)    there are any changes in the senior management of the
                           Lessee or should any person previously authorized to
                           execute documents on behalf of the Lessee be
                           terminated or relieved of their authority to execute
                           such documents;

                  (iv)     there is any change of greater than five percent (5%)
                           in the ownership of the Lessee within any thirty (30)
                           day period.

                  (v)      there is, or is threatened, any attachment or other
                           legal process levied against the Lessee including
                           without limitation, any assessment made concerning
                           any tax liability, if any taxing authority provides
                           any notice of an intent to place a levy or lien, or
                           if any tax lien or levy is actually recorded;

                  (vi)     there are any previously undisclosed adverse changes
                           with respect to the Lessee's financial condition or
                           any of the Collateral;

                  (vii)    the Lessee dissolves, merges or consolidates with or
                           into any corporation or otherwise changes its
                           identity, including without limitation the use of a
                           new trade name, or corporate or business structure;
                           and/or

                  (viii)   the Lessee changes its name or uses any trade name
                           not previously disclosed in writing to the Lessor.

         (d)      The Lessee hereby grants a limited power of attorney to the
                  Lessor to execute and file financing statements pursuant to
                  the Uniform Commercial Code, or any similar legislation in the
                  Lessee's name, to execute and file any documents or
                  instruments to protect or perfect the Lessor's interest in any
                  Collateral located in international

<PAGE>   12
                                      -12-

                  jurisdictions (collectively, the "International Documents")
                  and/or any Collateral consisting of intellectual property, to
                  sign and file with the Internal Revenue Service IRS Form 8821,
                  on behalf of the Lessee; and to endorse the Lessee's name, and
                  to negotiate or to deposit, any and all checks, notes, drafts,
                  or other orders for payment of money payable or endorsed to
                  the Lessee which come into the Lessor's possession hereunder.

         (e)      The Lessee affirms that its hardware and software are
                  designed, or will be modified prior to December 31, 1999, to
                  be used prior to, during and after the calendar year 2000 A.D.
                  and such hardware and software will operate during such time
                  period without error, including errors relating to date data,
                  century recognition, leap year calculations, calculations
                  which accommodate same century and multi-century formulas and
                  date values, and date data interface values that reflect the
                  century. The Lessee also agrees to hold the Lessor harmless
                  for any transfers or funds occasioned by the inability of any
                  banks, other financial institutions and/or the federal reserve
                  system to properly accommodate dates after December 31, 1999.

         (f)      The Lessee acknowledges that any reports, audits, credit
                  checks or similar investigations which have been or will be
                  performed by or for the Lessor's own purposes are not for the
                  benefit of the Lessee, and the Lessee agrees that it has no
                  right to rely thereon.

         (g)      The Lessor and the Lessee acknowledge that this Lease shall
                  not create any agency, partnership or joint venture
                  relationship between the Lessor and the Lessee.

         (h)      Amendments to this Lease shall be made in writing and must be
                  signed by both parties.

         (i)      The Lessee agrees to indemnify and hold the Lessor, its
                  affiliates, officers, directors, employees, principals,
                  shareholders, agents, attorneys, and representatives harmless
                  from and against any loss, liability, expense, damage or
                  injury suffered or sustained resulting from third-party claims
                  and arising from acts or omissions of the Lessee, or acts or
                  omissions of any agent, assignee, broker or delegee of the
                  Lessee. The Lessee's obligations to provide such
                  indemnification shall survive the term of this Lease.

         (j)      Whenever, by the terms of this Lease, notice shall be given,
                  such notice shall be in writing and sent by facsimile
                  transmission to the fax numbers provided below (provided
                  evidence of transmission is maintained), or national overnight
                  or courier delivery service:

                          Lessee: Fax No. 210-561-5930
                          Lessor: Fax No. 609-844-0441

         (k)      No waiver of or failure to enforce any provisions of this
                  Lease shall be deemed, or shall constitute, a waiver of any
                  other provision of this Lease, nor shall such waiver or
                  failure to enforce constitute a continuing waiver of any
                  provision of this Lease.

         (l)      The Parties hereby represent that each has caused, and will
                  cause, the proper corporate or individual actions to be taken
                  by each respectively, to effectuate the rights and obligations
                  granted under this Lease.

         (m)      All the terms and provisions of this Lease shall be binding
                  upon, inure to the benefit of and shall be enforceable by the
                  successors in interest of the respective Parties hereto.
                  Nothing contained herein, expressed or implied is intended nor
                  shall it be construed to

<PAGE>   13
                                      -13-

                  confer to or give to any person, firm, or corporation other
                  than the parties hereto any rights or remedies under or by
                  reason of this Lease.

         (n)      Reference to the masculine shall include the feminine and
                  neuter, and vice versa. Reference to the singular shall
                  include the plural, and vice versa.

         (o)      This Lease sets forth the entire agreement and understanding
                  between the Parties as to the subject matter hereof, and
                  supersedes all prior discussions between them concerning the
                  subject matter hereof. No party shall be bound by any
                  condition, definition, warranty, or representation, regarding
                  the terms of this Lease other than as expressly set forth or
                  provided for in this Lease, or as may be, on or subsequent to
                  the date hereof, set forth in writing and signed by the
                  Parties hereto.

         (p)      This Lease may be executed in any number of counterparts, each
                  of which shall be an original but all of which shall
                  constitute the entire instrument. Signature pages may be
                  exchanged by facsimile to expedite the closing, with original
                  signatures to be exchanged as soon as possible thereafter. In
                  any event, the Lessee must provide copy of this Lease with
                  original signatures to the Lessor within three (3) business
                  days.

         (q)      By executing this Lease, the Parties acknowledge that they
                  have been fully advised by independent counsel as to the
                  ramifications of the terms and provisions of this Lease, and
                  the signatories have authority to act on behalf of the
                  respective entities in executing this Lease, for the purposes
                  herein contained.

         (r)      The execution and delivery of this Lease, and the performance
                  by the Lessee of its obligations hereunder, do not conflict
                  with any provision of law applicable to the Lessee or of any
                  agreement binding on it.

         (s)      This Lease is expressly limited so that in no event
                  whatsoever, shall the amounts paid or agreed to be paid to the
                  Lessor, exceed the maximum interest rate permissible under
                  applicable law. If, from any circumstances whatsoever, the
                  maximum interest rate limit validly prescribed by applicable
                  law is transcended, then, ipso facto the obligation to be
                  fulfilled shall be reduced to the maximum interest rate
                  prescribed by applicable law. If from any circumstance, the
                  Lessor shall ever receive interest, or anything that might be
                  deemed interest under applicable law that would exceed the
                  highest lawful rate, such amount that would be excessive
                  interest shall be applied to the reduction of the non-interest
                  portions of the Obligations under this Lease or under any
                  other agreement between the Lessor and the Lessee. If the
                  non-interest portions of the aforementioned Obligations are
                  paid in full, such excess amount shall be refunded to the
                  Lessee.

         (t)      Bank wire and lock box fees, search and filing fees, messenger
                  costs, postal and/or overnight mail and other costs incurred
                  by the Lessor (including, but not limited to, attorney's fees,
                  costs and insurance bonding premiums) will be charged to the
                  Lessee as they are incurred.

         (u)      In the event any payments received on behalf of the Lessee are
                  subsequently returned by the Lessee's bank for insufficient
                  funds or any other reason which was not caused by a mistake on
                  the part of the Lessor, the Lessee shall be assessed by the
                  Lessor, a charge of the greater of $50, or the maximum allowed
                  under law.

<PAGE>   14
                                      -14-

         (v)      The provisions of this Lease are severable. Should any
                  provisions herein be found to be invalid or unenforceable by a
                  court of competent jurisdiction, the other provisions shall
                  remain in full force and effect as though the invalid or
                  unenforceable provision were never a part hereof. Any
                  provision held in conflict with any statute or rule of law
                  shall be deemed inoperative only to the extent of such
                  conflict and shall be modified to conform with such statute or
                  rule.

         (w)      To the extent permitted by applicable law, the Lessee hereby
                  waives any rights to:

                  (i)      cancel or repudiate this Lease;

                  (ii)     revoke acceptance of or reject any of the Equipment;

                  (iii)    claim a security interest in any of the Equipment;

                  (iv)     accept partial delivery of any of the Equipment;

                  (v)      sell or dispose of any of the Equipment upon
                           rejection or revocation;

                  (vi)     seek "cover" in substitution for the Lease from the
                           Lessor.

18.      CONSENT TO NEW YORK LAW, JURISDICTION, VENUE, AND NON-JURY TRIAL.

         The Lessee stipulates that:

         (a)      this Lease shall be deemed fully executed, performed, governed
                  by and construed in accordance with the laws of the State of
                  New York; and

         (b)      in an action, proceeding, or appeal on any matter related to
                  or arising out of this Lease, the Lessee:

                  (i)      shall be subject to and submit to the jurisdictions
                           of the States of New York, California and Illinois,
                           including any state or federal courts sitting
                           therein, and all court rules therefrom and waives any
                           and all rights under the laws of any jurisdictions to
                           object to such jurisdictions;

                  (ii)     shall accept venue in any federal or state court in
                           New York, California or Illinois;

                  (iii)    any claims by Lessee against the Lessor shall be
                           brought in the Supreme Court of the State of New York
                           or the Superior Court of the State of California
                           only; and

                  (iv)     THE LESSEE AND LESSOR HEREBY WAIVE ANY AND ALL RIGHTS
                           TO A TRIAL BY JURY in any action, suit, counterclaim
                           or cross-claim arising in connection with, out of or
                           otherwise relating to this Lease, any other documents
                           between the Parties, the Obligations, the Collateral,
                           or in any transaction arising therefrom and/or
                           related thereto.
<PAGE>   15
                                      -15-

LENDER:  PRINVEST FINANCIAL CORP

         By:
            ---------------------         ----------------------
            Officer's Signature           Date

ACCEPTED AND AGREED TO:

         BORROWER:  GLOBALNET, LLC

         By:
            ---------------------         ----------------------
            Manager's Signature           Date

            ---------------------
            Print Name & Title

                  BORROWER'S ABOVE SIGNATURE MUST BE NOTARIZED.

STATE OF ILLINOIS, COUNTY OF DUPAGE

Lessee's Acceptance And Agreement Sworn To And Subscribed Before Me This 8th Day
of November 1999.

                                             -----------------------------------
                                             Notary Public/Justice of the Peace

<PAGE>   16
                                      -16-

         BORROWER:  GLOBALNET, LLC

         By:
            ---------------------         ----------------------
            Manager's Signature           Date

            ---------------------
            Print Name & Title

                  BORROWER'S ABOVE SIGNATURE MUST BE NOTARIZED.

STATE OF ILLINOIS, COUNTY OF DUPAGE

Lessee's Acceptance And Agreement Sworn To And Subscribed Before Me This 8th Day
of November 1999.

                                             -----------------------------------
                                             Notary Public/Justice of the Peace
<PAGE>   17
                                                                          Page 1

<TABLE>
<CAPTION>
GlobalNet, LLC - Lease Amortization Schedule
--------------------------------------------------------------------------------
<S>                                           <C>
Compound Period ........................      : Monthly

Nominal Annual Rate.....................      :  22.000%
Periodic Rate...........................      :  1.8333%
Daily Rate..............................      : 0.06027%
</TABLE>

CASH FLOW DATA

<TABLE>
<CAPTION>

    Event      Start Date       Amount           Number    Period     End Date
--------------------------------------------------------------------------------
<S>            <C>              <C>              <C>      <C>         <C>
1   Loan       10/15/1999       5,091,835.14      1
2   Payment    11/01/1999         173,507.32     42       Monthly     04/01/2003
</TABLE>

AMORTIZATION SCHEDULE - Normal Amortization

<TABLE>
<CAPTION>
            Date             Payment          Interest           Principal        Balance
-------------------------------------------------------------------------------------------
<S>       <C>              <C>              <C>                  <C>            <C>
Loan      10/15/1999                                                            5,091,835.14
1         11/01/1999       173,507.32       52,173.87             121,333.45    4,970,501.69
2         12/01/1999       173,507.32       91,125.86              82,381.46    4,888,120.23
3         01/01/2000       173,507.32       89,615.54              83,891.78    4,804,228.45
4         02/01/2000       173,507.32       88,077.52              85,429.80    4,718,798.65
5         03/01/2000       173,507.32       86,511.31              86,996.01    4,631,802.64
6         04/01/2000       173,507.32       84,916.38              88,590.94    4,543,211.70
7         05/01/2000       173,507.32       83,292.21              90,215.11    4,452,996.59
8         06/01/2000       173,507.32       81,638.27              91,869.05    4,361,127.54
9         07/01/2000       173,507.32       79,954.00              93,553.32    4,267,574.22
10        08/01/2000       173,507.32       78,238.86              95,268.46    4,172,305.76
11        09/01/2000       173,507.32       76,492.27              97,015.05    4,075,290.71
12        10/01/2000       173,507.32       74,713.66              98,793.66    3,976,497.05
13        11/01/2000       173,507.32       72,902.45             100,604.87    3,875,892.18
14        12/01/2000       173,507.32       71,058.02             102,449.30    3,773,442.88
15        01/01/2001       173,507.32       69,179.79             104,327.53    3,669,115.35
16        02/01/2001       173,507.32       67,267.11             106,240.21    3,562,875.14
17        03/01/2001       173,507.32       65,319.38             108,187.94    3,454,687.20
18        04/01/2001       173,507.32       63,335.93             110,171.39    3,344,515.81
19        05/01/2001       173,507.32       61,316.12             112,191.20    3,232,324.61
20        06/01/2001       173,507.32       59,259.28             114,248.04    3,118,076.57
21        07/01/2001       173,507.32       57,164.74             116,342.58    3,001,733.99
22        08/01/2001       173,507.32       55,031.79             118,475.53    2,883,258.46
23        09/01/2001       173,507.32       52,859.74             120,647.58    2,762,610.88
24        10/01/2001       173,507.32       50,647.87             122,859.45    2,639,751.43
25        11/01/2001       173,507.32       48,395.44             125,111.88    2,514,639.55
26        12/01/2001       173,507.32       46,101.73             127,405.59    2,387,233.96
27        01/01/2002       173,507.32       43,765.96             129,741.36    2,257,492.60
28        02/01/2002       173,507.32       41,387.36             132,119.96    2,125,372.64
29        03/01/2002       173,507.32       38,965.17             134,542.15    1,990,830.49
30        04/01/2002       173,507.32       36,498.56             137,008.76    1,853,821.73
31        05/01/2002       173,507.32       33,986.73             139,520.59    1,714,301.14
</TABLE>

Please Acknowledge ---------------------------------- (Sign and date)

<PAGE>   18
                                                                          Page 2

GlobalNet, LLC - Lease Amortization Schedule
<TABLE>
<CAPTION>

         Date             Payment          Interest           Principal          Balance
-------------------------------------------------------------------------------------------
<S>                      <C>               <C>               <C>               <C>
32      06/01/2002       173,507.32        31,428.85         142,078.47        1,572,222.67
33      07/01/2002       173,507.32        28,824.08         144,683.24        1,427,539.43
34      08/01/2002       173,507.32        26,171.56         147,335.76        1,280,203.67
35      09/01/2002       173,507.32        23,470.40         150,036.92        1,130,166.75
36      10/01/2002       173,507.32        20,719.72         152,787.60          977,379.15
37      11/01/2002       173,507.32        17,918.62         155,588.70          821,790.45
38      12/01/2002       173,507.32        15,066.16         158,441.16          663,349.29
39      01/01/2003       173,507.32        12,161.40         161,345.92          502,003.37
40      02/01/2003       173,507.32         9,203.40         164,303.92          337,699.45
41      03/01/2003       173,507.32         6,191.16         167,316.16          170,383.29
42      04/01/2003       173,507.32         3,124.03         170,383.29                0.00
</TABLE>

Please Acknowledge ----------------------------------  (Sign and date)
<PAGE>   19

As the Lender will provide the Borrower with ongoing receipt and application
information as detailed in this Term Sheet, the Lender reserves the right to
charge the Borrower for time and materials should the Borrower request the
Lender to provide additional detailed reconciliations and/or copies of materials
previously provided.

The interest rates, fees and other charges, authorized advance rates: credit
limits and other terms and conditions contained herein are subject to change
with a 30-day advance written notice by the Lender. This Term Sheet, and any
amendments thereto, commits Lender to the financing against collateral in which
the Lender has (i) a first priority, perfected security interest, (ii) been
assigned the proceeds therefrom and (iii) in its sole discretion, accepted for
financing in a specific written acknowledgement delivered to the Borrower or, if
no written acknowledgement is so delivered, for which the Lender has actually
advanced loan proceeds. Borrower acknowledges that the Lender is under no
obligation to make any Advances or provide any Draws hereunder and Lender, at
its sole discretion, reserves the right to fund or decline to fund any such
request for any reason or for no reason.

ACCEPTED AND EXECUTED

     LENDER:  PRINVEST FINANCIAL CORP

         By:
            ---------------------         ----------------------
            Officer's Signature           Date

ACCEPTED AND AGREED TO:

     BORROWER:  GLOBALNET, LLC

         By:
            ---------------------         ----------------------
            Manager's Signature           Date

            ---------------------
            Print Name & Title

                  BORROWER'S ABOVE SIGNATURE MUST BE NOTARIZED.

STATE OF ILLINOIS, COUNTY OF DUPAGE

Lessee's Acceptance And Agreement Sworn To And Subscribed Before Me This 8th Day
of November 1999.

                                             -----------------------------------
                                             Notary Public/Justice of the Peace

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