Document:

<PAGE>

                                                                   Exhibit 10.21
                                                                   -------------

                           AMERICAN TOWER CORPORATION

                                 $1,000,000,000
                              9 3/8% Notes Due 2009

                               PURCHASE AGREEMENT
                               ------------------
                                                                January 24, 2001

DONALDSON, LUFKIN, JENRETTE SECURITIES CORPORATION
(an affiliate Credit Suisse First Boston Corporation),
SALOMON SMITH BARNEY INC.,
BNY CAPITAL MARKETS, INC.,
DEUTSCHE BANC ALEX. BROWN,
GOLDMAN, SACHS & CO.,
LEHMAN BROTHERS INC.,
CHASE SECURITIES INC.,
RBC DOMINION SECURITIES CORPORATION,
SCOTIA CAPITAL (USA) INC.,
TD SECURITIES (USA) INC.

c/o Donaldson, Lufkin, Jenrette Securities Corporation,
  Eleven Madison Avenue,
  New York, New York 10010

  Salomon Smith Barney Inc.
  338 Greenwich Street
  New York, New York 10013

Dear Sirs:

     1. Introductory. American Tower Corporation, a Delaware corporation (the
"Company"), proposes, subject to the terms and conditions stated herein, to
issue and sell to the several initial purchasers named in Schedule A hereto (the
"Purchasers") $1,000,000,000 aggregate principal amount (the "Offered
Securities") of its 9 3/8% Notes Due 2009 (the "Notes"). The Notes are to be
issued under an indenture (the
<PAGE>

"Indenture") between the Company and The Bank of New York, as Trustee on a
private placement basis pursuant to exemptions under Section 4(2) and Regulation
S of the United States Securities Act of 1933 (the "Securities Act").

     Subsidiaries of the Company have entered into a Credit Agreement, dated as
of January 6, 2000, among Verestar, Inc., American Towers, Inc. and American
Tower L.P., respectively, and Toronto Dominion (Texas) Inc. as Administrative
Agent, and the other lenders under such agreement (as heretofore amended, the
"Credit Agreement"). The Company is seeking to enter into the Credit Agreement
Amendment (as hereinafter defined) to permit the issuance of the Offered
Securities.

     The Company hereby agrees with the several Purchasers as follows:

     2. Representations and Warranties of the Company. The Company represents
and warrants to, and agrees with, the several Purchasers that:

          (1) A preliminary offering circular and an offering circular relating
     to the Offered Securities to be offered by the Purchasers have been
     prepared by the Company. Such preliminary offering circular and offering
     circular, as supplemented as of the date of this Agreement, including the
     documents incorporated by reference therein and any other document approved
     by the Company for use in connection with the contemplated resale of the
     Offered Securities, are hereinafter collectively referred to as the
     "Offering Document". On the date of this Agreement, the Offering Document
     does not include any untrue statement of a material fact or omit to state
     any material fact necessary in order to make the statements therein, in the
     light of the circumstances under which they were made, not misleading. The
     preceding sentence does not apply to statements in or omissions from the
     Offering Document based upon written information furnished to the Company
     by any Purchaser through Donaldson, Lufkin, Jenrette Securities Corporation
     ("DLJ") and Salomon Smith Barney Inc. ("SSB") specifically for use therein,
     it being understood and agreed that the only such information is that
     described as such in Section 7(b). On the date filed with the Commission,
     the Company's Annual Report on Form 10-K most recently filed with the
     Commission and all subsequent reports (collectively, the "Exchange Act
     Reports") that have been filed by the Company with the Commission or sent
     to stockholders pursuant to the
<PAGE>

     Securities Exchange Act of 1934 (the "Exchange Act") do not include any
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in the light of the circumstances under which they were made, not
     misleading. Such documents, when they were filed with the Commission,
     conformed in all material respects to the requirements of the Exchange Act
     and the rules and regulations of the Commission thereunder.

          (2) The Company has been duly incorporated and is an existing
     corporation in good standing under the laws of the State of Delaware, with
     power and authority (corporate and other) to own its properties and conduct
     its business as described in the Offering Document; and the Company is duly
     qualified to do business as a foreign corporation in good standing in all
     other jurisdictions in which its ownership or lease of property or the
     conduct of its business requires such qualification.

          (3) Each subsidiary of the Company has been duly incorporated (or
     formed, as the case may be) and is an existing corporation (or limited
     partnership or limited liability company, as the case may be) in good
     standing under the laws of the jurisdiction of its incorporation (or
     formation), with power and authority (corporate and other) to own its
     properties and conduct its business as described in the Offering Document;
     and each subsidiary of the Company is duly qualified to do business as a
     foreign corporation in good standing in all other jurisdictions in which
     its ownership or lease of property or the conduct of its business requires
     such qualification, except where failure so to qualify and be in good
     standing would not, individually or in the aggregate, have a material
     adverse effect on the Company and its subsidiaries taken as a whole; all of
     the issued and outstanding capital stock (or partnership or other equity
     interests) of each subsidiary of the Company has been duly authorized and
     validly issued and is fully paid and (except for any general partnership
     interest) nonassessable; and, except for the pledge pursuant to the Credit
     Agreement, the capital stock (or partnership or other equity interests) of
     each subsidiary owned by the Company, directly or through subsidiaries, is
     owned free from liens, encumbrances and defects.

          (4) No consent, approval, authorization, or order of, or filing with,
     any governmental agency or body or any court is required for the
     consummation of

                                       3
<PAGE>

     the transactions contemplated by this Agreement and the Registration Rights
     Agreement dated the date hereof, between the Company and the Purchasers
     (the "Registration Rights Agreement") in connection with the issuance and
     sale of the Offered Securities by the Company, except for the order of the
     Commission declaring the Exchange Offer Registration or the Shelf
     Registration Statement (each as defined in the Registration Rights
     Agreement) effective, except as may be required by the Blue Sky laws of the
     several states of the United States or, in the case of the Registration
     Rights Agreement, the Securities Act.

          (5) All outstanding shares of capital stock of the Company have been
     duly authorized are validly issued, fully paid and nonassessable; and there
     are no restrictions on transfers of the Offered Securities except as
     required by (A) Rule 144A under the Securities Act, Regulation S under the
     Securities Act or otherwise described under "Transfer Restrictions" in the
     Offering Document and (B) the Indenture, all as described in the Offering
     Document under "The Offering", "Description of the Notes -- Form,
     Denomination, Transfer, Exchange and Book-Entry Procedures", "Plan of
     Distribution" and "Transfer Restrictions".

          (6) The Registration Rights Agreement has been duly authorized and,
     when executed and delivered by the Company and the other parties thereto,
     will constitute a valid and legally binding obligation of the Company
     enforceable in accordance with its terms, subject to bankruptcy,
     insolvency, fraudulent transfer, reorganization, moratorium and similar
     laws of general applicability relating to or affecting creditors' rights
     and to general equity principles; the Registration Rights Agreement will
     conform in all material respects with the description thereof contained in
     the Offering Document.

          (7) The Indenture has been duly authorized by the Company; the Offered
     Securities have been duly authorized; when the Offered Securities are
     delivered and paid for in accordance with this Agreement on the Closing
     Date (as hereinafter defined), the Indenture will have been duly executed
     and delivered by the Company, the Offered Securities will have been duly
     executed, authenticated, issued and delivered and will conform to the
     descriptions thereof contained in the Offering Document and the Indenture,
     and the Offered Securities will constitute valid and legally binding

                                       4
<PAGE>

     obligations of the Company, enforceable in accordance with their respective
     terms, subject to bankruptcy, insolvency, fraudulent transfer,
     reorganization, moratorium and similar laws of general applicability
     relating to or affecting creditors' rights and to general equity
     principles.

          (8) Except as disclosed in the Offering Document, there are no
     contracts, agreements or understandings between the Company and any person
     that would give rise to a valid claim against the Company or any Purchaser
     for a brokerage commission, finder's fee or other like payment in
     connection with the offering of the Offered Securities.

          (9) Except as disclosed in the Offering Document, the execution,
     delivery and performance by the Company of the Indenture, this Agreement
     and the Registration Rights Agreement, the issuance and sale of the Offered
     Securities and compliance with the respective terms and provisions thereof
     will not result in a breach or violation of any of the terms and provisions
     of, or constitute a default under, any statute, any rule, regulation or
     order of any governmental agency or body or any court, domestic or foreign,
     having jurisdiction over the Company or any subsidiary of the Company or
     any of their properties, the Credit Agreement, any other agreement or
     instrument to which the Company or any such subsidiary is a party or by
     which the Company or any such subsidiary is bound or to which any of the
     properties of the Company or any such subsidiary is subject, or the charter
     or by-laws of the Company or any such subsidiary, and the Company has full
     power and authority to authorize, issue and sell the Offered Securities as
     contemplated by this Agreement.

          (10) This Agreement has been duly authorized, executed and delivered
     by the Company.

          (11) Except as disclosed in the Offering Document or as would not,
     individually or in the aggregate, have a material adverse effect on the
     Company and its subsidiaries taken as a whole, the Company and its
     subsidiaries have good and marketable title to all real properties and all
     other properties and assets owned by them, in each case free from liens,
     encumbrances and defects that would materially affect the value thereof or
     materially interfere with the use made or to be made thereof by them; and
     except as disclosed in the Offering Document, the Company and its

                                       5
<PAGE>

     subsidiaries hold any leased real or personal property under valid and
     enforceable leases with no exceptions that would materially interfere with
     the use made or to be made thereof by them.

          (12) No labor dispute with the employees of the Company or any
     subsidiary exists or, to the knowledge of the Company, is imminent that
     might have a material adverse effect on the Company and its subsidiaries
     taken as a whole.

          (13) The Company and its subsidiaries own, possess or can acquire on
     reasonable terms, adequate trademarks, trade names and other rights to
     inventions, know-how, patents, copyrights, confidential information and
     other intellectual property (collectively, "intellectual property rights")
     necessary to conduct the business now operated by them, or presently
     employed by them, and have not received any notice of infringement of or
     conflict with asserted rights of others with respect to any intellectual
     property rights that, if determined adversely to the Company or any of its
     subsidiaries, would individually or in the aggregate have a material
     adverse effect on the Company and its subsidiaries taken as a whole.

          (14) Except as disclosed in the Offering Document, neither the Company
     nor any of its subsidiaries is in violation of any statute, any rule,
     regulation, decision or order of any governmental agency or body or any
     court, domestic or foreign, relating to the use, disposal or release of
     hazardous or toxic substances or relating to the protection or restoration
     of the environment or human exposure to hazardous or toxic substances
     (collectively, "environmental laws"), owns or operates any real property
     contaminated with any substance that is subject to any environmental laws,
     is liable for any off-site disposal or contamination pursuant to any
     environmental laws, or is subject to any claim relating to any
     environmental laws, which violation, contamination, liability or claim
     would individually or in the aggregate have a material adverse effect on
     the Company and its subsidiaries taken as a whole; and the Company is not
     aware of any pending investigation which might lead to such a claim.

          (15) Except as disclosed in the Offering Document, there are no
     pending actions, suits or proceedings against or affecting the Company, any
     of its subsidiaries or any of their respective properties

                                       6
<PAGE>

     that would reasonably be expected to individually or in the aggregate have
     a material adverse effect on the condition (financial or other), business,
     properties or results of operations of the Company and its subsidiaries
     taken as a whole, or would reasonably be expected to materially and
     adversely affect the ability of the Company to perform its obligations
     under the Indenture, the Registration Rights Agreement or this Agreement,
     or which are otherwise material in the context of the sale of the Offered
     Securities; and no such actions, suits or proceedings are threatened or, to
     the Company's knowledge, contemplated.

          (16) The financial statements included in the Offering Document
     present fairly the consolidated financial position of the Company and its
     subsidiaries as of the dates shown and their results of operations and cash
     flows for the periods shown, and such financial statements have been
     prepared in conformity with the generally accepted accounting principles in
     the United States applied on a consistent basis; and the assumptions used
     in preparing the pro forma financial information included in the Offering
     Document provide a reasonable basis for presenting the significant effects
     directly attributable to the transactions or events described therein, the
     related pro forma adjustments give appropriate effect to those assumptions,
     and the pro forma columns therein reflect the proper application of those
     adjustments to the corresponding historical financial statement amounts.

          (17) Except as disclosed in the Offering Document, and except as
     disclosed in the Current Report on Form 8-K, dated January 17, 2001, since
     the date of the latest audited financial statements included in the
     Offering Document (i) there has been no material adverse change, nor any
     development or event involving a prospective material adverse change, in
     the condition (financial or other), business, properties or results of
     operations of the Company and its subsidiaries taken as a whole, and (ii)
     there has been no dividend or distribution of any kind declared, paid or
     made by the Company on any class of its capital stock.

          (18) The Company is not an open-end investment company, unit
     investment trust or face-amount certificate company that is or is required
     to be registered under Section 8 of the United States Investment Company
     Act of 1940 (the "Investment Company Act"), nor is it a closed-end
     investment company required to be registered, but not registered,

                                       7
<PAGE>

     thereunder; and the Company is not and, after giving effect to the offering
     and sale of the Offered Securities and the application of the proceeds
     thereof as described in the Offering Document, will not be an "investment
     company" as defined in the Investment Company Act.

          (19) No securities of the same class (within the meaning of Rule
     144A(d)(3) under the Securities Act) as the Offered Securities are listed
     on any national securities exchange registered under Section 6 of the
     Exchange Act or quoted in a U.S. automated inter-dealer quotation system.

          (20) The offer and sale of the Offered Securities in the manner
     contemplated by this Agreement will be exempt from the registration
     requirements of the Securities Act by reason of Section 4(2) thereof; and
     it is not necessary to qualify an indenture in respect of the Offered
     Securities under the United States Trust Indenture Act of 1939 (the "Trust
     Indenture Act") until the filing of the Exchange Offer Registration
     Statement or the Shelf Registration Statement, as such terms are defined in
     the Registration Rights Agreement.

          (21) Neither the Company, nor any of its affiliates, nor any person
     acting on its or their behalf (i) has, within the six-month period prior to
     the date hereof, offered or sold in the United States or to any US person
     (as such terms are defined in Regulation S under the Securities Act) the
     Offered Securities or any security of the same class or series as any of
     the foregoing, any instruments representing interests therein or any
     depositary shares representing the right to receive any such securities or
     (ii) has offered or will offer or sell the Offered Securities (A) in the
     United States by means of any form of general solicitation or general
     advertising within the meaning of Rule 502(c) under the Securities Act or
     (B) with respect to any securities sold in reliance on Rule 903 of
     Regulation S by means of any directed selling efforts within the meaning of
     Rule 902(c) of Regulation S. The Company has not entered and will not enter
     into any contractual arrangement with respect to the distribution of the
     Offered Securities except for this Agreement.

          (22) The Company is subject to Section 13 or 15(d) of the Exchange
     Act.

                                       8
<PAGE>

     3. Purchase, Sale and Delivery of Offered Securities. On the basis of the
representations, warranties and agreements herein contained, but subject to the
terms and conditions herein set forth, the Company agrees to sell to the
Purchasers, and the Purchasers agree, severally and not jointly, to purchase
from the Company, at a purchase price of 97% of the principal amount plus
accrued interest, if any, from January 31, 2001 the respective principal amounts
of Offered Securities set forth opposite the names of the several Purchasers in
Schedule A hereto; provided, however that, not withstanding anything to the
contrary herein, the obligations of the several Purchasers to purchase and pay
for the Offered Securities, and the obligations of the Company to sell to the
Purchasers the Offered Securities pursuant to this Agreement shall be subject to
American Tower L.P., American Towers Inc. and Verestar, Inc. (collectively, the
"Borrowers") having entered into an amendment to the Credit Agreement (the
"Credit Agreement Amendment") which Credit Agreement Amendment shall permit the
issuance of the Offered Securities without violating the terms of the Credit
Agreement.

     The Company will deliver against payment of the purchase price the Offered
Securities in the form of one or more permanent global Securities in definitive
form (the "Offered Global Securities") deposited with The Bank of New York as
custodian for The Depository Trust Company ("DTC") and registered in the name of
Cede & Co., as nominee for DTC. Interests in any permanent global Securities
will be held only in book-entry form through DTC, except in the limited
circumstances described in the Offering Document. Payment for the Offered
Securities shall be made by the Purchasers in Federal (same day) funds by
official check or checks or wire transfer to an account previously designated to
each of DLJ and SSB by the Company at a bank acceptable to each of DLJ and SSB
drawn to the order of the Company at the office of Hale and Dorr LLP, 60 State
Street, Boston, Massachusetts at 9:30 A.M. (Eastern Standard Time) on January
31, 2001, or at such other time not later than seven full business days
thereafter as DLJ, SSB and the Company determine, such time being herein
referred to as the "Closing Date", against delivery to The Bank of New York as
custodian for DTC of the Offered Global Securities representing all of the
Offered Securities. The Offered Global Securities will be made available for
checking at the New York office of The Bank of New York at least 24 hours prior
to the Closing Date.

     4. Representations by Purchasers; Resale by Purchasers.

          (1) Each Purchaser severally represents and warrants to the Company
     that it is an "accredited investor" within the meaning of Regulation D
     under the Securities Act.

          (2) Each Purchaser severally acknowledges that the Offered Securities
     have not been registered under the Securities Act and may not be offered or
     sold except pursuant to an exemption from the registration requirements of
     the Securities Act or as contemplated in the Registration Rights Agreement.
     Each Purchaser severally represents to and agrees with the Company and the
     other Purchasers that it has offered and sold the

                                       9
<PAGE>

     Offered Securities, and will offer and sell the Offered Securities only in
     accordance with Rule 144A or Rule 903 under the Securities Act or as
     contemplated in the Registration Rights Agreement. Accordingly, neither
     such Purchaser nor its affiliates, nor any persons acting on its or their
     behalf, have engaged or will engage in any directed selling efforts with
     respect to the Offered Securities, and such Purchaser, its affiliates and
     all persons acting on its or their behalf have complied and will comply
     with the offering restrictions requirement of Regulation S. Each Purchaser
     severally agrees that, at or prior to confirmation of sale of the Offered
     Securities, other than a sale pursuant to Rule 144A, such Purchaser will
     have sent to each distributor, dealer or person receiving a selling
     concession, fee or other remuneration that purchases the Offered Securities
     from it during the restricted period a confirmation or notice to
     substantially the following
     effect:

          "The Securities covered hereby have not been registered under the U.S.
          Securities Act of 1933 (the "Securities Act") and may not be offered
          or sold within the United States or to, or for the account or benefit
          of U.S. persons (i) as part of their distribution at any time or (ii)
          otherwise until 40 days after the later of the date of the
          commencement of the offering and the closing date, except in either
          case in accordance with Regulation S (or Rule 144A if available) under
          the Securities Act. Terms used above have the meanings given to them
          by Regulation S."

     Terms used in this subsection (b) have the meanings given to them by
     Regulation S.

          (3) Each Purchaser severally agrees that it and each of its affiliates
     has not entered and will not enter into any contractual arrangement with
     respect to the distribution of the Offered Securities except for any such
     arrangements with the other Purchasers or affiliates of the other
     Purchasers, or with the prior written consent of the Company.

          (4) Each Purchaser severally agrees with the Company and the other
     Purchasers that it and each of its affiliates will not offer or sell the
     Offered Securities by means of any form of general solicitation or general
     advertising, within the meaning of Rule

                                      10
<PAGE>

     502(c) under the Securities Act, including, but not limited to (i) any
     advertisement, article, notice or other communication published in any
     newspaper, magazine or similar media or broadcast over television or radio,
     or (ii) any seminar or meeting whose attendees have been invited by any
     general solicitation or general advertising. Each Purchaser severally
     agrees, with respect to resales by it of Offered Securities purchased from
     the Company made in reliance on Rule 144A, other than through the National
     Association of Securities Dealers, Private Offerings, Resale and Trading
     through Automated Linkages ("PORTAL") market, to deliver either with the
     confirmation of such resale or otherwise prior to settlement of such resale
     a notice to the effect that the resale of such Offered Securities has been
     made in reliance upon the exemption from the registration requirements of
     the Securities Act provided by Rule 144A.

     5. Certain Agreements of the Company. The Company agrees with the several
Purchasers that:

          (1) The Company will advise DLJ and SSB promptly of any proposal to
     amend or supplement the Offering Document and will not effect such
     amendment or supplementation without each of DLJ's and SSB's consent. If,
     at any time prior to the completion of the resale of the Offered Securities
     by the Purchasers, any event occurs as a result of which the Offering
     Document as then amended or supplemented would include an untrue statement
     of a material fact or omit to state any material fact necessary in order to
     make the statements therein, in the light of the circumstances under which
     they were made, not misleading, the Company promptly will notify DLJ and
     SSB of such event and promptly will prepare, at its own expense, an
     amendment or supplement which will correct such statement or omission.
     Neither DLJ's nor SSB's consent to, nor the Purchasers' delivery to
     offerees or investors of, any such amendment or supplement shall constitute
     a waiver of any of the conditions set forth in Section 6.

          (2) The Company will furnish to each of DLJ and SSB copies of any
     preliminary offering circular, the Offering Document and all amendments and
     supplements to such documents, in each case as soon as available and in
     such quantities as DLJ or SSB requests, and the Company will furnish to
     each of DLJ and SSB on the date hereof two copies of the Offering Document
     signed by a duly authorized officer of the

                                      11
<PAGE>

     Company, one of which will include the independent accountants' reports
     therein manually signed by such independent accountants. At any time when
     the Company is not subject to Section 13 or 15(d) of the Exchange Act, the
     Company will promptly furnish or cause to be furnished to DLJ (and, upon
     request, to each of the other Purchasers) and, upon request of holders and
     prospective purchasers of the Offered Securities, to such holders and
     purchasers, copies of the information required to be delivered to holders
     and prospective purchasers of such securities pursuant to Rule 144A(d)(4)
     under the Securities Act (or any successor provision thereto) in order to
     permit compliance with Rule 144A in connection with resales by such holders
     of such securities. The Company will pay the expenses of printing and
     distributing to the Purchasers (and such holders and prospective
     purchasers) all such documents.

          (3) The Company will arrange for the qualification of the Offered
     Securities for sale and the determination of their eligibility for
     investment under the laws of such jurisdictions in the United States and
     Canada as DLJ or SSB designates and will continue such qualifications in
     effect so long as required for the resale of the Offered Securities by the
     Purchasers, provided that the Company will not be required to qualify as a
     foreign corporation or to file a general consent to service of process in
     any such state or subject itself to taxation generally in any jurisdiction.

          (4) During the period of five years hereafter, the Company will
     furnish to each of DLJ and SSB and, upon request, to each of the other
     Purchasers, as soon as practicable after the end of each fiscal year, a
     copy of its annual report to stockholders for such year; and the Company
     will furnish to each of DLJ and SSB and, upon request, to each of the other
     Purchasers (i) as soon as available, a copy of each report and any
     definitive proxy statement of the Company filed with the Commission under
     the Exchange Act or mailed to stockholders; and (ii) from time to time,
     such other information concerning the Company as DLJ or SSB may reasonably
     request.

          (5) During the period of two years after the Closing Date, the Company
     will, upon request, furnish to DLJ, SSB, each of the other Purchasers and
     any holder of Offered Securities a copy of the restrictions on transfer
     applicable to the Offered Securities.

                                      12
<PAGE>

          (6) During the period of two years after the Closing Date, the Company
     will not, and will not permit any of its affiliates (as defined in Rule 144
     under the Securities Act) to, resell any of the Offered Securities that
     have been reacquired by any of them.

          (7) During the period of two years after the Closing Date, the Company
     will not be or become, an open-end investment company, unit investment
     trust or face-amount certificate company that is or is required to be
     registered under Section 8 of the Investment Company Act, and is not, and
     will not be or become, a closed-end investment company required to be
     registered, but not registered, under the Investment Company Act.

          (8) The Company will pay all expenses incidental to the performance of
     its obligations under this Agreement, the Indenture and the Registration
     Rights Agreement, including (i) the fees and expenses of the Trustee and
     its professional advisers; (ii) all expenses in connection with the
     execution, issue, authentication, packaging and initial delivery of the
     Offered Securities, the preparation and printing of this Agreement, the
     Offered Securities, the Indenture, the Registration Rights Agreement, the
     Offering Document and amendments and supplements thereto, and any other
     document relating to the issuance, offer, sale and delivery of the Offered
     Securities; (iii) the cost of qualifying the Offered Securities for trading
     in the PORTAL market and any expenses incidental thereto; and (iv) the cost
     of any advertising approved by the Company in connection with the issue of
     the Offered Securities. The Company will also pay or reimburse the
     Purchasers (to the extent incurred by them) for any expenses (including
     fees and disbursements of counsel) incurred in connection with
     qualification of the Offered Securities for sale under the laws of such
     jurisdictions in the United States and Canada as DLJ or SSB designates and
     the printing of memoranda relating thereto, for any fees charged by
     investment rating agencies for the rating of the Offered Securities, for
     any travel expenses of the Company's officers and employees and any other
     expenses of the Company in connection with attending or hosting meetings
     with prospective purchasers of the Offered Securities and for expenses
     incurred in distributing preliminary offering circulars and the Offering
     Document (including any amendments and supplements thereto) to the
     Purchasers.

                                      13
<PAGE>

          (9) In connection with the offering, until both DLJ and SSB shall have
     notified the Company and the other Purchasers of the completion of the
     resale of the Offered Securities, neither the Company nor any of its
     affiliates has or will, either alone or with one or more other persons, bid
     for or purchase for any account in which it or any of its affiliates has a
     beneficial interest any Offered Securities or any securities which would be
     considered "reference securities" (as defined in Rule 100 of Regulation M
     under the Exchange Act) or attempt to induce any person to purchase any
     Offered Securities or "reference securities".

          (10) For a period of 45 days after the date of the initial offering of
     the Offered Securities by the Purchasers, the Company will not offer, sell,
     contract to sell, pledge or otherwise dispose of, directly or indirectly,
     or (except as contemplated in the Registration Rights Agreement) file with
     the Commission a registration statement under the Securities Act relating
     to any indebtedness or any other debt securities issued or guaranteed by
     the Company which, in either case, are substantially similar to any of the
     Offered Securities or have a maturity of more than one year from the date
     of issue, or (b) any other securities convertible into or exchangeable or
     exercisable for substantially similar securities of the Company, or
     publicly disclose the intention to make any such offer, sale, pledge or
     disposal, without the prior written consent of each of DLJ and SSB, except
     pursuant to the Registration Rights Agreement and except for any such
     offer, sale, contract to sell, pledge or other disposition of any of the
     Offered Securities, and except for the filing of any shelf registration
     statement relating to the potential primary offering, among other
     securities, of debt securities or warrants to purchase such securities on a
     delayed basis pursuant to Rule 415 that does not disclose the terms of any
     specific proposed sale thereof or the terms of any specific series of
     securities so registered. The Company will not at any time offer, sell,
     contract to sell, pledge or otherwise dispose of, directly or indirectly,
     any securities under circumstances where such offer, sale, pledge, contract
     or disposition would cause the exemption afforded by Section 4(2) of the
     Securities Act to cease to be applicable to the offer and sale of the
     Offered Securities to the Purchasers.

                                      14
<PAGE>

     6. Conditions of the Obligations of the Purchasers. The obligations of the
several Purchasers to purchase and pay for the Offered Securities on the Closing
Date will be subject to the accuracy of the representations and warranties on
the part of the Company herein, to the accuracy of the statements of officers of
the Company made pursuant to the provisions hereof, to the performance by the
Company of its obligations hereunder and to the following additional conditions
precedent:

          (1) The Purchasers shall have received a letter, dated the date of
     this Agreement, of Deloitte & Touche LLP confirming that they are
     independent public accountants with respect to the Company within the
     meaning of the Securities Act and the applicable rules and regulations
     thereunder adopted by the Securities and Exchange Commission, and to the
     effect set forth in Schedule B hereto.

          (2) The Purchasers shall have received letters, dated the date of this
     Agreement, of KPMG LLP in Denver, Colorado and KPMG LLP in St. Petersburg
     and Tampa, Florida confirming that they are independent public accountants
     under rule 101 of the American Institute of Certified Public Accountants
     Code of Professional Conduct, and its interpretation and rulings, and to
     the effect set forth in Schedule C hereto.

          (3) Subsequent to the execution and delivery of this Agreement, there
     shall not have occurred (i) any change, or any development or event
     involving a prospective change, in the condition (financial or other),
     business, properties or results of operations of the Company or its
     subsidiaries which, in the judgment of DLJ and SSB, is material and adverse
     and makes it impractical or inadvisable to proceed with completion of the
     offering or the sale of and payment for the Offered Securities; (ii) any
     downgrading in the rating of any debt securities of the Company by any
     "nationally recognized statistical rating organization" (as defined for
     purposes of Rule 436(g) under the Securities Act), or any public
     announcement that any such organization has under surveillance or review
     its rating of any debt securities of the Company (other than an
     announcement with positive implications of a possible upgrading, and no
     implication of a possible downgrading, of such rating); (iii) any
     suspension or limitation of trading in securities generally on the New York
     Stock Exchange, or any setting of minimum prices for trading on such
     exchange or on the Nasdaq

                                      15
<PAGE>

     National Market, or any suspension of trading of any securities of the
     Company on any exchange or in the over-the-counter market; (iv) any banking
     moratorium declared by U.S. Federal or New York authorities; or (v) any
     outbreak or escalation of hostilities in which the United States is
     involved, any declaration of war by Congress or any other substantial
     national or international calamity or emergency if, in the judgment of DLJ
     and SSB, the effect of any such outbreak, escalation, declaration, calamity
     or emergency makes it impractical or inadvisable to proceed with completion
     of the offering or sale of and payment for the Offered Securities.

          (4) The Purchasers shall have received opinions, dated the Closing
     Date, of Sullivan & Worcester LLP and Hale and Dorr LLP, counsel for the
     Company, to the effect set forth in Schedules D-1 and D-2 hereto,
     respectively.

          (5) The Purchasers shall have received from Sullivan & Cromwell,
     counsel for the Purchasers, such opinion or opinions, dated the Closing
     Date, with respect to the incorporation of the Company, the validity of the
     Offered Securities, the Offering Document, the exemption from registration
     for the offer and sale of the Offered Securities by the Company to the
     several Purchasers and the resales by the several Purchasers as
     contemplated hereby and other related matters as DLJ or SSB may require,
     and the Company shall have furnished to such counsel such documents as they
     may request for the purpose of enabling them to pass upon such matters.

          (6) The Purchasers shall have received a certificate, dated the
     Closing Date, of the Chief Executive Officer of the Company and the Chief
     Financial Officer of the Company in which such officers, to the best of
     their knowledge after reasonable investigation, shall state on behalf of
     the Company that the representations and warranties of the Company in this
     Agreement are true and correct, that the Company has complied with all
     agreements and satisfied all conditions on its part to be performed or
     satisfied hereunder at or prior to the Closing Date, and that, subsequent
     to the date of the most recent financial statements in the Offering
     Document there has been no material adverse change, nor any development or
     event involving a prospective material adverse change, in the condition
     (financial or other), business, properties or results of operations of the
     Company and

                                      16
<PAGE>

     its subsidiaries taken as a whole except as set forth in or contemplated by
     the Offering Document or as described in such certificate.

          (7) The Purchasers shall have received letters, dated the Closing
     Date, of Deloitte & Touche LLP, KPMG LLP in Denver, Colorado and KPMG LLP
     in St. Petersburg and Tampa, Florida which meets the requirements of
     subsections (a) and (b) of this Section, respectively, except that the
     specified date referred to in such subsections will be a date not more than
     five days prior to the Closing Date for the purposes of this subsection.

          (8) On the Closing Date, the Registration Rights Agreement, in form
     and substance reasonably satisfactory to the Purchasers, shall have been
     duly executed and delivered by the Company and in full force and effect.

          (9) The Purchasers shall have received an opinion, dated the Closing
     Date, of Michael Milsom, Esq., Vice President of the Company and Vice
     President and General Counsel of Verestar Inc. to the effect set forth in
     Schedule E hereto.

The Company will furnish the Purchasers with such conformed copies of such
opinions, certificates, letters and documents as the Purchasers reasonably
request. DLJ and SSB jointly may in their sole discretion waive on behalf of the
Purchasers compliance with any conditions to the obligations of the Purchasers
hereunder.

     7. Indemnification and Contribution. (a) The Company will indemnify and
hold harmless each Purchaser against any losses, claims, damages or liabilities,
joint or several, to which such Purchaser may become subject, under the
Securities Act or the Exchange Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained in the Offering Document, or any amendment or supplement thereto, or
any related preliminary offering circular or the Exchange Act Reports, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, and will reimburse
each Purchaser for any legal or other expenses reasonably incurred by such
Purchaser in connection with investigating or defending any such loss, claim,
damage, liability or action as such

                                      17
<PAGE>

expenses are incurred; provided, however, that the Company will not be liable in
any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
in or omission or alleged omission from any of such documents in reliance upon
and in conformity with written information furnished to the Company by any
Purchaser through DLJ and SSB specifically for use therein, it being understood
and agreed that the only such information consists of the information described
as such in subsection (b) below.

     (1) Each Purchaser will severally and not jointly indemnify and hold
harmless the Company against any losses, claims, damages or liabilities to which
the Company may become subject, under the Securities Act or the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in the Offering Document, or any
amendment or supplement thereto, or any related preliminary offering circular,
or arise out of or are based upon the omission or the alleged omission to state
therein a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, in
each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information furnished to the Company by such
Purchaser through DLJ and SSB specifically for use therein, and will reimburse
any legal or other expenses reasonably incurred by the Company in connection
with investigating or defending any such loss, claim, damage, liability or
action as such expenses are incurred, it being understood and agreed that the
only such information furnished by any Purchaser consists of the following
information in the Offering Document furnished on behalf of each Purchaser: the
third to last paragraph at the bottom of the cover page concerning the terms of
the offering by the Purchasers, the disclosure concerning market-making
appearing in the tenth paragraph under the caption "Plan of Distribution," the
disclosure concerning over-allotment, stabilizing, covering transactions and
penalty bids appearing in the eleventh paragraph under the caption "Plan of
Distribution," and the material relationship disclosure appearing in the twelfth
paragraph under the caption "Plan of Distribution".

     (2) Promptly after receipt by an indemnified party under this Section of
notice of the commencement of any action, such indemnified party will, if a
claim in

                                      18
<PAGE>

respect thereof is to be made against the indemnifying party under subsection
(a) or (b) above, notify the indemnifying party of the commencement thereof; but
the omission so to notify the indemnifying party will not relieve it from any
liability which it may have to any indemnified party otherwise than under
subsection (a) or (b) above. In case any such action is brought against any
indemnified party and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein and, to
the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified
party, be counsel to the indemnifying party), and after notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified
party under this Section for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened action in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement includes (i) an unconditional release
of such indemnified party from all liability on any claims that are the subject
matter of such action and (ii) does not include a statement as to or an
admission of fault or failure to act by or on behalf of any indemnified party.
No indemnifying party shall be liable under subsections (a), (b) or (c) of this
Section for any settlement of any claim or action effected without its consent,
which consent will not be unreasonably withheld; provided, however, that such
                                                 --------  -------
indemnifying party has notified in writing the indemnified party of its refusal
to accept such settlement within 30 days of its receipt of a notice from the
indemnified party outlining the terms of such settlement.

     (3) If the indemnification provided for in this Section is unavailable or
insufficient to hold harmless an indemnified party under subsection (a) or (b)
above, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of the losses, claims, damages or
liabilities referred to in subsection (a) or (b) above (i) in such proportion as
is appropriate to reflect the relative benefits received by the Company on the
one hand and the Purchasers on the other from the offering of the Offered
Securities or (ii) if the

                                      19
<PAGE>

allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company on
the one hand and the Purchasers on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities as
well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Purchasers on the other shall be
deemed to be in the same proportion as the total net proceeds from the offering
(before deducting expenses) received by the Company bear to the total discounts
and commissions received by the Purchasers from the Company under this
Agreement. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company or the Purchasers and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. The amount paid by an indemnified party as a
result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (d) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this
subsection (d). Notwithstanding the provisions of this subsection (d), no
Purchaser shall be required to contribute any amount in excess of the amount by
which the total price at which the Offered Securities purchased by it were
resold exceeds the amount of any damages which such Purchaser has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. The Purchasers' obligations in this subsection (d) to
contribute are several in proportion to their respective purchase obligations
and not joint.

     (4) The obligations of the Company under this Section shall be in addition
to any liability which the Company may otherwise have and shall extend, upon the
same terms and conditions, to each person, if any, who controls any Purchaser
within the meaning of the Securities Act or the Exchange Act; and the
obligations of the Purchasers under this Section shall be in addition to any
liability which the respective Purchasers may otherwise have and shall extend,
upon the same terms and conditions, to each person, if any, who controls the
Company within the meaning of the Securities Act or the Exchange Act.

     8. Default of Purchasers. If any Purchaser or Purchasers default in their
obligations to purchase Offered Securities hereunder on the Closing Date and the
aggregate

                                       20
<PAGE>

principal amount of Offered Securities that such defaulting Purchaser or
Purchasers agreed but failed to purchase does not exceed 10% of the total
principal amount of Offered Securities that the Purchasers are obligated to
purchase on the Closing Date, DLJ or SSB may make arrangements satisfactory to
the Company for the purchase of such Offered Securities by other persons,
including any of the Purchasers, but if no such arrangements are made by the
Closing Date, the non-defaulting Purchasers shall be obligated severally, in
proportion to their respective commitments hereunder, to purchase the Offered
Securities that such defaulting Purchasers agreed but failed to purchase on the
Closing Date. If any Purchaser or Purchasers so default and the aggregate
principal amount of Offered Securities with respect to which such default or
defaults occur exceeds 10% of the total principal amount of Offered Securities
that the Purchasers are obligated to purchase on the Closing Date and
arrangements satisfactory to DLJ, SSB and the Company for the purchase of such
Offered Securities by other persons are not made within 36 hours after such
default, this Agreement will terminate without liability on the part of any non-
defaulting Purchaser or the Company, except as provided in Section 9. As used in
this Agreement, the term "Purchaser" includes any person substituted for a
Purchaser under this Section. Nothing herein will relieve a defaulting Purchaser
from liability for its default.

     9. Survival of Certain Representations and Obligations. The respective
indemnities, agreements, representations, warranties and other statements of the
Company or its officers and of the several Purchasers set forth in or made
pursuant to this Agreement will remain in full force and effect, regardless of
any investigation, or statement as to the results thereof, made by or on behalf
of any Purchaser, the Company or any of their respective representatives,
officers or directors or any controlling person, and will survive delivery of
and payment for the Offered Securities. If this Agreement is terminated pursuant
to Section 8 or if for any reason the purchase of the Offered Securities by the
Purchasers is not consummated, the Company shall remain responsible for the
expenses to be paid or reimbursed by it pursuant to Section 5 and the respective
obligations of the Company and the Purchasers pursuant to Section 7 shall remain
in effect and if any Offered Securities have been purchased hereunder the
representations and warranties in Section 2 and all obligations under Section 5
shall also remain in effect. If the purchase of the Offered Securities by the
Purchasers is not consummated for any reason other than solely because of the
termination of this Agreement pursuant to Section 8, the Company will reimburse
the Purchasers for all out-of-pocket expenses (including fees and disbursements
of counsel) reasonably

                                       21
<PAGE>

incurred by them in connection with the offering of the Offered Securities.

     10. Notices. All communications hereunder will be in writing and, if sent
to the Purchasers, will be mailed, delivered or telegraphed and confirmed to the
Purchasers, c/o Credit Suisse First Boston Corporation, Eleven Madison Avenue,
New York, N.Y. 10010-3629, Attention: Transactions Advisory Group and c/o
Salomon Smith Barney Inc., 338 Greenwich Street, New York, N.Y. 10013,
Attention: General Counsel, or, if sent to the Company, will be mailed,
delivered or telegraphed and confirmed to it at 116 Huntington Avenue, Boston,
MA 02116, Attention: Steven B. Dodge; provided, however, that any notice to a
Purchaser pursuant to Section 7 will be mailed, delivered or telegraphed and
confirmed to such Purchaser.

     11. Successors. This Agreement will inure to the benefit of and be binding
upon the parties hereto and their respective successors and the controlling
persons referred to in Section 7, and no other person will have any right or
obligation hereunder, except that holders and prospective purchasers of Offered
Securities shall be entitled to enforce the agreements for their benefit
contained in the second and third sentences of Section 5(b) hereof against the
Company as if such holders were parties hereto. In this Agreement, "DLJ" means
Donaldson, Lufkin, Jenrette Securities Corporation until such time as Credit
Suisse First Boston Corporation succeeds to DLJ's business, whether by merger,
sale of assets or otherwise, at which time "DLJ" will mean Credit Suisse First
Boston Corporation, which shall be considered a successor of DLJ hereunder and
shall be treated as having assumed DLJ's obligations hereunder, including those
under Section 3.

     12. Representation of Purchasers. DLJ and SSB will act for the several
Purchasers in connection with this purchase, and any action under this Agreement
taken by DLJ and SSB jointly, or severally when herein so authorized, will be
binding upon all the Purchasers.

     13. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement.

     14. Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York without regard to principles
of conflicts of laws.

     The Company hereby submits to the non-exclusive jurisdiction of the Federal
and state courts in the Borough

                                       22
<PAGE>

of Manhattan in The City of New York in any suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby.

     15. Reallocations. The Company may elect, by written notice to DLJ and SSB
received by them by 5:00pm, New York time, on January 25, 2001, to reallocate
underwriting commitments for up to $50 million aggregate principal amount of
Offered Securities from DLJ and SSB to up to six Purchasers or other persons
reasonably satisfactory to DLJ and SSB (the "Reallocation Purchasers"). The
Company's notice must specify the names of the Reallocation Purchasers and the
respective principal amounts (the "Reallocation Amounts") of Offered Securities
to be reallocated to and underwritten by them. If (i) the Company makes such a
reallocation election and (ii) any Reallocation Purchasers that are not
Purchasers (x) are reasonably satisfactory to DLJ and SSB and (y) authorize DLJ
and SSB to act for them to commit to this Section and otherwise under this
Agreement, then the underwriting commitments of DLJ and SSB hereunder to
purchase Offered Securities shall be reduced by the aggregate Reallocation
Amounts (such reduction to be applied approximately evenly between DLJ and SSB,
or as they may agree) and the Reallocation Purchasers shall be obligated
severally to purchase their respective Reallocation Amounts of such Offered
Securities. As used in this Agreement, the term "Purchaser" includes any
Reallocation Purchaser under this Section.
                                       23
<PAGE>

     If the foregoing is in accordance with the Purchasers' understanding of our
agreement, kindly sign and return to us one of the counterparts hereof,
whereupon it will become a binding agreement between the Company and the several
Purchasers in accordance with its terms.

                                              Very truly yours,

                                              AMERICAN TOWER CORPORATION

                                              By
                                                 -------------------------
                                                     Joseph L. Winn
                                                  Chief Financial Officer

The foregoing Purchase Agreement is hereby confirmed and accepted as of the
date first above written.

DONALDSON, LUFKIN, JENRETTE
  SECURITIES CORPORATION,
SALOMON SMITH BARNEY INC.,
BNY CAPITAL MARKETS, INC.,
DEUTSCHE BANC ALEX. BROWN,
GOLDMAN, SACHS & CO.,
LEHMAN BROTHERS INC.,
CHASE SECURITIES INC.,
RBC DOMINION SECURITIES CORPORATION,
SCOTIA CAPITAL (USA) INC.,
TD SECURITIES (USA) INC.

By DONALDSON, LUFKIN, JENRETTE
   SECURITIES CORPORATION

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

By SALOMON SMITH BARNEY INC.

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

For themselves and the other several Purchasers named in Schedule A to the
foregoing Agreement.

                                       24
<PAGE>

                                   SCHEDULE A

                                                             Principal Amount
Purchasers                                                 Offered Securities
----------                                                 ------------------

Donaldson, Lufkin, Jenrette Securities Corporation....          $ 290,002,000
Salomon Smith Barney Inc. ............................            290,002,000
BNY Capital Markets, Inc..............................             83,333,000
Deutsche Banc. Alex Brown, Inc. ......................             83,333,000
Goldman, Sachs & Co...................................             83,333,000
Lehman Brothers Inc...................................             83,333,000
Chase Securities Inc..................................             21,666,000
RBC Dominion Securities Corporation ..................             21,666,000
Scotia Capital (USA) Inc..............................             21,666,000
                                                             ----------------
TD Securities (USA) Inc...............................             21,666,000
                                                             ----------------
         Total........................................       $ 1 ,000,000,000
                                                             ----------------

                                       25
<PAGE>

                                   SCHEDULE B

                    Letter of Independent Public Accountants
                           Referred to in Section 6(a)

          (i) they have performed the procedures specified by the American
     Institute of Certified Public Accountants for a review of interim financial
     information as described in Statement of Auditing Standards No. 71, Interim
     Financial Information, on the unaudited financial statements incorporated
     by reference or included in the Offering Document and in the Exchange Act
     Reports;

          (ii) on the basis of the review referred to in clause (i) above, a
     reading of the latest available interim financial statements of the
     Company, inquiries of officials of the Company who have responsibility for
     financial and accounting matters and other specified procedures, nothing
     came to their attention that caused them to believe that:

               (A) the unaudited financial statements incorporated by reference
          in the Offering Document or in the Exchange Act Reports do not comply
          as to form in all material respects with the applicable accounting
          requirements of the Exchange Act and the related published rules and
          regulations thereunder or any material modifications should be made to
          such unaudited financial statements for them to be in conformity with
          generally accepted accounting principles; or

               (B) at the date of the latest available balance sheet read by
          such accountants, or at a subsequent specified date not more than five
          days prior to the date of this Agreement, there was any change in the
          capital stock or any increase in short-term debt or long-term debt of
          the Company and its consolidated subsidiaries or, at the date of the
          latest available balance sheet read by such accountants, as compared
          with amounts shown on the latest balance sheet incorporated by
          reference in the Offering Document; and

                                       26
<PAGE>

          (iii) they have compared specified dollar amounts (or percentages
     derived from such dollar amounts) and other financial information contained
     or incorporated by reference in the Offering Document and the Exchange Act
     Reports (in each case to the extent that such dollar amounts, percentages
     and other financial information are derived from the general accounting
     records of the Company and its subsidiaries subject to the internal
     controls of the Company's accounting system or are derived directly from
     such records by analysis or computation) with the results obtained from
     inquiries, a reading of such general accounting records and other
     procedures specified in such letter and have found such dollar amounts,
     percentages and other financial information to be in agreement with such
     results, except as otherwise specified in such letter.

                                       27
<PAGE>

                                   SCHEDULE C

                    Letter of Independent Public Accountants
                           Referred to in Section 6(b)

          (i)  in their opinion the financial statements and schedules examined
     by them and incorporated by reference in the Offering Document comply in
     form in all material respects with the applicable accounting requirements
     of the Act and the related published rules and regulations thereunder;

          (ii) on the basis of the review referred to in clause (i) above and to
     the extent applicable, a reading of the latest available interim financial
     statements of the company for which they performed the procedures specified
     in this Schedule C (each an "Audited Company"), inquiries of officials of
     the Audited Company who have responsibility for financial and accounting
     matters and other specified procedures, nothing came to their attention
     that caused them to believe that:

               (A) the unaudited financial statements incorporated by reference
          in the Offering Document or in the Exchange Act Reports do not comply
          as to form in all material respects with the applicable accounting
          requirements of the Exchange Act and the related published rules and
          regulations thereunder or any material modifications should be made to
          such unaudited financial statements for them to be in conformity with
          generally accepted accounting principles;

               (B) at the date of the latest available balance sheet read by
          such accountants, or at a subsequent specified date not more than five
          days prior to the date of this Agreement, there was any change in the
          capital stock or any increase in short-term debt or long-term debt of
          the Audited Company and its consolidated subsidiaries or, at the date
          of the latest available balance sheet read by such accountants, there
          was any decrease in consolidated net current assets or net assets, as
          compared with amounts shown on the latest balance sheet incorporated
          by reference in the Offering Document; or

                                       28
<PAGE>

               (C) for the period from the closing date of the latest income
          statement included in the Offering Document to the closing date of the
          latest available income statement read by such accountants there were
          any decreases, as compared with the corresponding period of the
          previous year and with the period of corresponding length ended the
          date of the latest income statement incorporated by reference in the
          Offering Document, in consolidated net revenues, operating income
          (defined as net revenues less operating expenses, excluding
          depreciation, amortization and corporate expenses) or in other income
          and expense, net, or in the total amounts of consolidated income
          (loss) before extraordinary items or net income (loss);

      except in all cases set forth in clauses (B) and (C) above for changes,
      increases or decreases which the Offering Document discloses have occurred
      or may occur or which are described in such letter; and

          (iii) they have compared specified dollar amounts (or percentages
     derived from such dollar amounts) and other financial information contained
     or incorporated by reference in the Offering Document (in each case to the
     extent that such dollar amounts, percentages and other financial
     information are derived from the general accounting records of the entity
     whose financial statements they have audited subject to the internal
     controls of such entity's accounting system or are derived directly from
     such records by analysis or computation) with the results obtained from
     inquiries, a reading of such general accounting records and other
     procedures specified in such letter and have found such dollar amounts,
     percentages and other financial information to be in agreement with such
     results, except as otherwise specified in such letter.

                                       29
<PAGE>

                                  SCHEDULE D-1

            Opinion of Sullivan & Worcester, Counsel for the Company
                           Referred to in Section 6(d)

          (i) Each of the Company and its subsidiaries listed on Annex I hereto
     has been duly incorporated (or formed, as the case may be) and each of the
     Company and its subsidiaries is an existing corporation (or limited
     partnership or limited liability company, as the case may be) in good
     standing under the laws of the jurisdiction of its incorporation, with
     corporate, partnership or limited liability company power and authority to
     own its properties and conduct its business as described in the Offering
     Document; and is duly qualified to do business as a foreign corporation (or
     other entity) in good standing in all other jurisdictions in which its
     ownership or lease of property or the conduct of its business requires such
     qualification, except where the failure to be so qualified would not
     individually have a material adverse effect on the Company and its
     subsidiaries taken as a whole;

          (ii) All outstanding shares of capital stock of the Company have been
     duly authorized and validly issued, are fully paid and nonassessable;

          (iii) No consent, approval, authorization or order of, or filing with,
     any governmental agency or body or any court is required for the
     consummation of the transactions contemplated by this Agreement, the
     Indenture or the Registration Rights Agreement in connection with the
     issuance or sale of the Offered Securities by the Company, except that such
     counsel need not express any opinion as to (x) such as may be required by
     the Communications Act, or the rules, regulations and orders of the FCC
     promulgated thereunder, (y) such as may be required by the Blue Sky laws of
     the several states of the United States and (z) in the case of the
     Registration Rights Agreement, such as may be required under the Securities
     Act;

          (iv) The execution, delivery and performance by the Company of the
     Indenture, the Registration Rights Agreement and this Agreement, the
     issuance and sale of the Offered Securities and compliance with the
     respective terms and provisions thereof will not result in a breach or
     violation of any of the terms and provisions of, or constitute a

                                       30
<PAGE>

     default under, any statute, any rule, regulation or order of any
     governmental agency or body or any court having jurisdiction over the
     Company or any subsidiary of the Company or any of their properties, or, to
     such counsel's knowledge, any agreement or instrument to which the Company
     or any such subsidiary is a party or by which the Company or any such
     subsidiary is bound including, but not limited to, the Credit Agreement, or
     to which any of the properties of the Company or any such subsidiary is
     subject, or the charter or by-laws of the Company or any such subsidiary,
     except that such counsel need not express any opinion with respect to the
     Communications Act, or the rules, regulations and orders of the FCC
     promulgated thereunder, and the Company has full power and authority to
     authorize, issue and sell the Offered Securities as contemplated by this
     Agreement;

          (v) Such counsel have no reason to believe that the Offering Document,
     or any amendment or supplement thereto, or any Exchange Act Report as of
     the date hereof and as of the Closing Date, contained any untrue statement
     of a material fact or omitted to state any material fact required to be
     stated therein or necessary to make the statements therein not misleading;
     the descriptions in the Offering Document and the Exchange Act Reports of
     statutes, legal and governmental proceedings and contracts and other
     documents are accurate in all material respects and fairly present the
     information required to be shown; it being understood that such counsel
     need express no opinion as to the financial statements or schedules or
     other financial data contained or incorporated by reference in the Offering
     Document and the Exchange Act Reports;

                                       31
<PAGE>

                                  SCHEDULE D-2

                 Opinion of Hale & Dorr, Counsel for the Company
                           Referred to in Section 6(d)

          (i) The Registration Rights Agreement has been duly authorized,
     executed and delivered by the Company and constitutes a valid and legally
     binding obligation of the Company enforceable in accordance with its terms,
     subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
     moratorium and similar laws of general applicability relating to or
     affecting creditors' rights and to general equity principles and conforms
     in all material respects to the description thereof in the Offering
     Document; except that such counsel need not express any opinion concerning
     the validity or enforceability of Section 6 thereof;

          (ii) The Indenture and the Offered Securities have been duly
     authorized by the Company; the Indenture and the Offered Securities
     constitute valid and legally binding obligations of the Company enforceable
     in accordance with their respective terms, subject to bankruptcy,
     insolvency, fraudulent transfer, reorganization, moratorium and similar
     laws of general applicability relating to or affecting creditors' rights
     and to general equity principles; and the Indenture and the Offered
     Securities conform to the descriptions thereof contained in the Offering
     Document;

          (iii) This Agreement has been duly authorized, executed and delivered
     by the Company; and

          (iv) It is not necessary in connection with (i) the offer, sale and
     delivery of the Offered Securities by the Company to the several Purchasers
     pursuant to this Agreement or (ii) the resales of the Offered Securities by
     the several Purchasers in the manner contemplated by this Agreement to
     register the Offered Securities under the Securities Act or to qualify an
     indenture in respect of the Offered Securities under the Trust Indenture
     Act.

                                       32
<PAGE>

                                   SCHEDULE E

                        Opinion of Counsel of the Company
                           Referred to in Section 6(i)

          (i) No consent, approval, authorization, order or waiver of, or filing
     with, the Federal Communications Commission (the "FCC") under the
     Communications Act of 1934, as amended (the "Communications Act"), and the
     published policies, rules and regulations of the FCC is required to be
     obtained or made for the consummation of the transactions contemplated by
     this Agreement in connection with the sale of the Offered Securities where
     the failure to obtain such consent, approval, authorization, order or
     waiver or to make such filing would have a material adverse effect on the
     Company and its subsidiaries taken as a whole;

          (ii) The execution, delivery and performance of this Agreement and the
     consummation of the transactions herein contemplated will not result in a
     breach or violation of any of the terms or provisions of, or constitute a
     default under the Communications Act or any FCC regulation, rule, published
     policy or order that would have a material adverse effect on the Company
     and its subsidiaries taken as a whole; and

          (iii) To the knowledge of such counsel, except as disclosed in the
     Offering Circular, there are no administrative or judicial proceedings
     pending before, or threatened by, the FCC with respect to the Company or
     any subsidiary of the Company, or any towers owned or operated by the
     Company or any subsidiary of the Company that, if determined adversely,
     could reasonably be expected to have a material adverse effect upon the
     Company and its subsidiaries taken as a whole.

                                       33
<PAGE>

                                     ANNEX I

American Towers, Inc.
ATC Holding, Inc.
ATC Operating, Inc.
ATC GP Inc.
ATC LP, Inc.
American Tower, L.P.
Towersites Monitoring, Inc.
Verestar Inc.
ATC Realty, Inc.
ATI Merger Corporation
ATC Financing LLC
ATC Broadcast GP, Inc.
American Tower Delaware Corporation

                                       34
<PAGE>

                                   ANNEX II

[Form of Amendment to Loan Agreement]

                                       35<PAGE>

                                                                    Exhibit 10.8
                              EMPLOYMENT AGREEMENT
                              --------------------

     This Employment Agreement (the "Agreement") is made this 12th day of
February, 1999, by and between Activeworlds.com, Inc., a corporation organized
under the laws of the State of Delaware, having its principal offices at 4
Middle Street, Newburyport, Massachusetts 01950 (the "Employer"), and Roland
Vilett of Berkeley, California (the "Employee").  This Agreement supersedes any
and all prior employment agreements between the Employer and Employee, whether
written or oral, and the terms of such prior agreements shall hereafter be
deemed to be null and void and of no continuing effect.

     WHEREAS, the Employer and Employee are desirous of entering into an
Employment Agreement, to replace all prior employment agreements, whether
written or oral, which have been entered into between the Employee and the
Employer;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Employer and the
Employee agree as follows:

     1. Employment.  The Employer hereby agrees to employ the Employee, and the
        ----------
Employee hereby accepts employment, all upon the terms, conditions and covenants
set forth in this Agreement.

     2. Duties.  The Employer hereby employs the Employee to serve as its Lead
        ------
Computer Programmer and in such other capacities as Employer may request him to
hold from time to time, with all powers and duties customarily associated with
such positions.  The Employee shall be required to devote an average of 40 hours
per week to his duties hereunder.

     3. Term. Subject to Section 11, the term of this Agreement shall begin on
        ----
the date hereof and, unless terminated sooner pursuant to Section 11, shall
continue until January 20, 2005 (the "Term"). The Term shall automatically be
renewed for an additional three (3) year period unless, not later than 90 days
prior to the expiration of the Term, the party desiring to terminate this
Agreement shall have notified the other in writing of its intention to
terminate, which in the case of the Employer shall be authorized by the
Employer's Board of Directors.

     4. Compensation and Benefits.
        -------------------------
        (a) In each year of this Agreement the Employer shall pay to the
Employee an annual base salary, which in the first year of the Term shall be in
the amount of One Hundred Thousand Dollars ($100,000.00). In each subsequent
year the base salary shall automatically be increased by ten percent (10%), from
the amount of salary payable in the immediately preceding year or by such
greater amount as is determined by the Board of Directors. In no event shall the
annual base salary be reduced. The payment of the annual salary shall be made in
accordance with the Employer's general payroll policies and shall be prorated
for any partial years of employment hereunder. The Board of Directors shall have
the right to increase, but not decrease, the annual salary from year to year,
and, in its discretion, to pay bonuses to the Employee as it deems appropriate.

                                       1
<PAGE>

         (b) In addition to such other stock option rights as have heretofore
been granted to the Employee, the Employee shall be granted options to purchase
from the Employer up to One Hundred Seventy Five Thousand (175,000) shares of
the Employer's authorized but unissued common stock, $0.001 par value (the
"Common Stock"), at an exercise price of $6.125 per share, which options are
subject to the terms and conditions to be set forth more specifically in a Stock
Option Agreement between the Employer and Employee.

         (c) The Employee shall be entitled to participate (to the extent that
he is eligible) in all other employee benefits, if any, provided by the Employer
for its employees, which may include participation in any qualified pension or
profit sharing plan, eligibility for participation in any group life, health
(including family dependent coverage), dental and eye care benefits. If a
"change in control" occurs (as defined in Section 13), the Employee may choose,
within one year following the event giving rise to the change in control, to
receive instead of any regularly-provided employee benefit or other benefit
provided for hereunder, the similar benefit provided by the Employer prior to
such event, if any, for the balance of the Term hereunder. If there is no
benefit then provided which is similar to a previously-provided employee
benefit, or if the benefit elected by the Employee cannot be provided by the
Employer, then the Employer (or its successor) shall pay the Employee, no less
than monthly, as additional compensation, a cash amount equal to the value of
the benefit to the Employee. This provision shall survive any termination of
this Agreement.

     5.  Vacation and Conventions. The Employee shall be entitled each year to
four weeks of paid vacation, prorated for any partial year. In addition, the
Employee will be entitled to leaves of absence, at full pay, for attendance at
conventions, seminars or as otherwise reasonably determined by the Employee and
reasonably approved in advance of such leaves of absence by the Employer.
Employer acknowledges as of the date hereof, Employee has accrued four (4) weeks
of paid vacation.

     6.  Reimbursement for Expenses. The Employer shall reimburse the Employee
for reasonable items of travel, entertainment or meals incurred while working
outside of the Employee's principal office, and reasonable miscellaneous
expenses incurred or paid by the Employee in the performance of his duties under
this Agreement (including conventions and seminars provided the same have been
approved by Employer in advance), upon presentation by the Employee of such
expense statements, vouchers or other supporting information as the Employer may
reasonably require.

     7.  Office.  The Employer shall provide the Employee with administrative
assistance, office equipment and supplies and such other facilities and services
as are necessary to the Employee's position and required for the performance of
his duties.

     8.  Non-Competition.

         (a) Employee agrees that, to the fullest extent permitted by law,
 during the Term of this Agreement and for the period of one (1) year after the
 date of termination of employment with Employer (for whatever reasons),
 Employee will not conduct business with Employer's customers, or act in any
 manner to solicit business from such customers or seek to hire any employee of
 the Employer or induce any person to leave the employ of the Employer.

         (b) In the event of a breach or threatened breach of the provisions in
 this clause, Employer shall be entitled to an injunction restraining such
 breach, it being recognized than any injury arising from a breach would be
 irreparable and would have no adequate remedy at law; but nothing herein shall
 be construed as prohibiting Employer from pursuing any other remedy available
 for such breach or threatened breach. In the event that Employee breaches or
 threatens a breach of this Agreement, Employer shall be entitled to have its
 reasonable legal fees and costs paid by the Employee for any legal services
 relating to the breach or threatened breach.

         (c) The parties hereto believe that these restrictive covenants are
 reasonable and are in no way intended to restrict Employee, upon termination of
 his employment with Employer, from continuing to earn a living, as an employee,
 in his prior trade, business specialty or other area of prior experience.
 However, if at any time it shall be determined by any court of competent
 jurisdiction that this covenant or any portion of it, as written, is
 unenforceable because the restrictions are unreasonable, the parties hereto
 agree that such portions as shall have been determined to be unreasonably
 restrictive shall thereupon be deemed so amended as to make such restrictions
 reasonable in the determination of such court, and the said covenants, as so
 modified, shall be enforceable and enforced between the Parties to the same
 extent as if such amendments had been made prior to the date of any alleged
 breach of said covenants. For purposes of this paragraph 8, the term Employer
 shall include all present affiliates, subsidiaries or parent companies of
 Employer.

     9.  Withholding. The Employer shall withhold or deduct from the Employee's
         -----------
compensation any amounts required by law to be so withheld or deducted.

    10.  Termination.  This Agreement shall be terminated (except for those
         -----------
obligations of the Employer which by their terms survive termination) by the
occurrence of any of the following:

         (a)  The Employee's death.

                                       2
<PAGE>

         (b) The action by the Board of Directors following the Employee's
"disability". For this purpose, "disability" means a physical or mental illness
or other incapacity which prevents the Employee from performing substantially
all of his duties for a period of twelve (12) months. For purposes of this
Agreement, disability shall be deemed a continuation of any prior disability if
the disability is related to the prior disability and commences within four (4)
months of the termination of the prior disability. Disability, and any relation
to any prior disability, shall be determined by a physician mutually acceptable
to the parties to this Agreement or appointed by a court having personal
jurisdiction over the Employee.

         (c) Action of the Board of Directors of the Employer for Cause. "Cause"
is defined as the occurrence of any of the following events: (i) Employee's
willful and material breach of this Agreement, repeated after written notice of
such breach has been given to Employee; (ii) Employee's refusal or intentional
failure to carry out the reasonable directives of the Board of Directors; (iii)
Employee's habitual gross neglect of a substantial portion of his duties
hereunder, which has not been cured by the Employee within 30 days after prior
written notice thereof is given by the Employer to the Employee; and (iv) the
Employee's conviction of a felony. In no event shall "cause" be deemed to mean
the Board of Director's mere

                                       3
<PAGE>

disagreement, after the fact, with any lawful action undertaken by the Employee
in the good faith exercise of his business judgment.

         (d) Upon the written notice of the Employee to Employer with "good
reason", effective upon Employer's receipt of said notice. "Good reason" is
defined as a material breach of this Agreement by the Employer and includes, but
is not limited to, any decrease in the salary or benefits provided to the
Employee or relegating the Employee to duties which are unrelated to or at a
lower level of responsibility than those currently performed by Employee.
Provided, however, that for the purposes of this Section 11(e) the term Employer
shall include (A) the surviving entity in the event of any merger between the
Employer and another entity; or (B) any company holding at least a majority of
the outstanding common stock of the Employer, in the event that a controlling
interest in the shares of the Employer were acquired by any other entity.

         (e) Upon Employee's written notice of termination given to Employer
(given for any reason, or no reason), termination to be effective upon the date
set forth in said notice, such date to be not less than 90 days following the
date of said notice.

     11. Confidential and Proprietary Information.
         ----------------------------------------

         (a) Employee covenants and agrees that he shall not publish, disclose
to any third party or in any way use for his own benefit or the benefit of third
parties any confidential information, including without limitation, the
Employer's business plan, any balance sheet or income statement information
(including but not limited to the value, amount or condition of capital assets
and/or inventory, sales figures, profitability, etc.), or any other financial
data, banking information, credit information, trade strategies, trade secrets,
marketing techniques, methodologies , computer software or computer code,
financial statements or related data, customer lists or information pertaining
to customers or distribution methods, existing and intended markets, property
acquisition opportunities and listings, litigation strategies or status (except
to the extent a matter of public record), employee information, the Employer's
ownership, and any other confidential information concerning the Employer's
business, structure or affairs, without the prior written approval of the
President or Chief Financial Officer of the Employer. All such confidential
information shall be the sole and exclusive property of the Employer.

         (b) The nondisclosure obligations of this Agreement shall not be
imposed with known in the industry at large or to the general public by means of
publication or otherwise, but shall be imposed regarding information which may
have been communicated to the Employee, directly or indirectly, by officers,
Directors or other employees of the Employer, whether rightfully or wrongfully;
provided, however, that the combination of any such information which is exempt
from the nondisclosure obligations of this agreement with other information
which is subject to the nondisclosure obligations of this agreement shall make
such combination in its entirety subject to such nondisclosure obligations
unless such specific combination itself falls within one of the above-stated
exceptions. The nondisclosure obligations of this agreement also shall not apply
to the legal counsel, accountants and other agents of the Employee, to the
extent necessary to assist the Employee in evaluating his rights and duties
under this Agreement; provided that any such party shall be informed of and
deemed bound by the terms hereof, and the Employee shall indemnify the

                                       4
<PAGE>

Employer and hold it harmless for any violation hereof by any such attorney,
accountant or other agent.

         (c) Upon termination of his employment with the Employer for any
reason, the Employee shall forthwith deliver to the Employer and return, and
shall not retain, any originals and copies of any books, papers, customer or
client contracts, customer lists, files, computer software, computer code and
data bases, books of account, notes and other documents and data or other
writings, tapes or records of the Employer, regardless of form, format or media,
maintained by or in the possession of the Employee, all of which are hereby
agreed to be the property of the Employer.

         (d) Any and all inventions, processes, procedures, systems,
discoveries, designs, configurations, technology, works of authorship (including
but not limited to computer programs or computer code), trade secrets and
improvements (whether or not patentable and whether or not they are made,
conceived or reduced to practice during working hours or using the Employer's
data or facilities) (collectively the "Inventions") which the Employee makes,
conceives, reduces to practice, or otherwise acquires during the Term of this
Agreement (either solely or jointly with others), and which are related to the
Employer's present or planned business, services or products, shall be the sole
property of the Employer and shall at all times and for all purposes be regarded
as acquired and held by the Employee in a fiduciary capacity for the sole
benefit of the Employer. All Inventions that consist of works of authorship
capable of protection under copyright laws shall be prepared by the Employee as
works made for hire, with the understanding that the Employer shall own all of
the exclusive rights to such works or authorship under the United States
copyright law and all international copyright conventions and foreign laws. The
Employee hereby assigns to the Employer, without further compensation, all such
Inventions and any and all patents, copyrights, trademarks, trade names or
applications therefor, in the United States and elsewhere, relating thereto.

     12. Change in Control Defined.  A "change in control" occurs upon the
         -------------------------
occurrence of one of the following events, but only if the Employee elects,
within one year thereafter, to have such event treated as a change in control:

         (a) An event that would be required to be reported in response to Item
5(f) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange
Act of 1934 (the "exchange Act"), or any successor thereof, assuming the
Employer was a reporting company or was otherwise required to file reports under
the Exchange Act.

         (b) Any "person" (as such terms is defined in Sections 13(d) and
14(d)(2) of the Exchange Act) who is not currently an owner of securities of the
Employer, is or becomes the beneficial owner, directly or indirectly, of
securities of the Employer representing 20% or more of the combined voting power
of the Employer's then outstanding securities pursuant to a tender offer or
otherwise.

         (c) During any period of two consecutive years, individuals who at the
beginning of such period constitute the Board of Directors of the Employer cease
for any reason to constitute at least a majority thereof unless the election of
each director, who was not a

                                       5
<PAGE>

director at the beginning of the period, was approved by a vote of at least two-
thirds of the directors then still in office who were directors at the beginning
of the period.

     13. Notice. Any notices required to be given pursuant to the provisions of
         ------
this Agreement shall be in writing and delivered by hand delivery, express
delivery service or by certified mail return receipt requested to the parties at
the following addresses:

      Employer:  Activeworlds.com, Inc.
                 4 Middle Street
                 Newburyport, MA  01950

      Employee:  Roland Vilett
                 1373 Francisco Street
                 Berkeley, CA   94702

     14. Successors; Binding Effect.
         --------------------------
         (a) The Employer shall require any successor (whether direct or
indirect by purchase of assets, purchase or exchange of stock, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Employer, by agreement in form and substance satisfactory to the
Employee, to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Employer would be required to perform it
if no such succession had taken place. Failure of the Employer to obtain such
agreement prior to the effectiveness of any such succession shall be a breach of
this Agreement. As used in this Agreement, "Employer" shall mean
Activeworlds.com, Inc. and any successor to the business and/or assets of
Activeworlds.com, Inc. which executes and delivers the agreement provided for in
this Section 14(a) or which otherwise becomes bound by all of the terms and
provisions of this Agreement by operation of law.

         (b) This Agreement and all rights of the Employee hereunder shall inure
to the benefit of and be enforceable by the administrators, successors, heirs,
distributees, devisees and legatees of the Employee. If the Employee should die
prior to the payment to him of any amounts due him hereunder, all such payments
shall be made in accordance with this Section 14(b).

     15. Arbitration. At the election of the Employee, any dispute respecting
         -----------
this Agreement, whether commenced by the Employer or Employee may be resolved by
arbitration before a three person panel of independent arbitrators pursuant to
the Commercial Rules of the American Arbitration Association ("AAA"). Any
arbitration compelled pursuant to this section shall be held at the AAA office
in Oakland, California. Employee shall be entitled to a stay of any legal
proceeding instituted by the Employer, with the exception of the injunctive
relief referred to in Section 16, in the event that an election to arbitrate
pursuant to this Section is made.

     16. Injunctive Relief.  Employee acknowledges that in certain situations
         -----------------
Employer would not have any adequate remedy at law in the event Employee
breaches this Agreement and that Employer will suffer irreparable damage and
injury in such event.  Employee agrees that Employer, in addition to any other
available rights and remedies available hereunder (including

                                       6
<PAGE>

without limitation, incidental and consequential damages), and notwithstanding
the provisions of Section 17 hereof, shall be entitled to equitable relief,
including an injunction restricting Employee from committing or continuing any
violation of this Agreement. Any action to seek an injunction pursuant to this
Section 18 may be brought in a court of competent jurisdiction in Boston,
Massachusetts and the parties hereto consent to the venue and jurisdiction of
such court.

     17. Authority. Each party represents that its undersigned representative or
         ---------
corporate officer has all requisite power and authority to enter into this
agreement and to execute any and all instruments and documents on its behalf
necessary to and in performance of their respective obligations hereunder.

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

     19. Severability.  If any provisions of this Agreement shall be held to be
         ------------
invalid or unenforceable to any extent or in any application, then the remainder
of this Agreement and such term and condition, except to such extent or in such
application, shall not be affected thereby, and each and every term and
condition of this Agreement shall be valid and enforced to the fullest extent
and in the broadest application permitted by law.

     20. Headings.  The Section and paragraph headings contained herein are for
         --------
convenience and reference only, and shall be given no effect in the
interpretation of any term or condition of this Agreement.

     21. Miscellaneous. This Agreement is entered into and shall be construed
         -------------
under the laws of the State of California applicable to contracts made and to be
entirely performed within that State. In the event that, notwithstanding Section
15 hereof, any litigation relating to this Agreement is held to be permissible,
the venue thereof shall be in the appropriate court with jurisdiction over the
matter in dispute for the county in which the Employee resides at the time of
the filing of the lawsuit in question. This Agreement shall be amended, modified
or terminated only by an instrument in writing, signed by the party or parties
to be charged. This Agreement shall inure to the benefits of the parties and
their successors in interest. This Agreement is the entire agreement of the
parties relating to the employment of the Employee by the Employer and
supersedes all previous written or oral agreements.

                                       7
<PAGE>

     IN WITNESS WHEREOF the parties have executed this Agreement under seal the
day and year first above written.

EMPLOYEE:                ACTIVEWORLDS.COM, INC.

______________           ____________________________________
Roland Vilett            Richard F. Noll, President

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]