Document:

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                             SUBSCRIPTION AGREEMENT

                            VIANET TECHNOLOGIES, INC.

         Subscription Agreement for the Purchase of Units consisting of
                 Common Stock and Common Stock Purchase Warrants

                  The undersigned (the "Investor") hereby subscribes for the
number of units ("Units") set forth on page 13 hereof of Vianet Technologies,
Inc. (the "Company"), each Unit consisting of (i) 20,000 shares of the Company's
common stock ("Common Stock") and (ii) 30,000 Common Stock purchase warrants
(the "Warrants"), each Warrant entitling the holder thereof to purchase one
share of Common Stock at an exercise price that is equal to $4.50. The Units are
being offered in connection with the Company's private placement (the
"Offering") of a maximum of $6,000,000 (the "Offering") of Units at a price of
$60,000 per Unit. The Offering shall be on a "best efforts" basis.

         The number of shares of Common Stock included with a Unit was
determined by dividing the per Unit purchase price of $60,000 by $3.00. For each
share of Common Stock included within a Unit, one and one-half Warrants were
also included.

         By accepting this subscription, the Company hereby agrees that if, at
any time the Company proposes to register any of its securities under the
Securities Act, (other than the registration statement it is currently preparing
to file in connection with the recently completed financing, or a merger or
pursuant to Form S-8 or other comparable form), the Company shall automatically
include the Common Stock offered herein (referred to as the "Registerable
Securities") in such registration statement, provided however that in connection
with such registration, if the Company shall determine for any reason not to
register or to delay the registration of such Registerable Securities, the
Company may give written notice of such determination to each Holder and
thereupon shall be relieved of its obligation to register any Registerable
Securities issued or issuable in connection with such registration (but not from
its obligation to pay registration expenses in connection therewith or to
register the Registerable Securities in a subsequent registration); and in the
case of a determination to delay a registration, shall thereupon be permitted to
delay registering any Registerable Securities for the same period as the delay
in respect of securities being registered for the Company's own account.

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         Notwithstanding anything contained herein, the Company shall not be
required to include any of the Holders' Registerable Securities in an
underwritten offering of the Company's securities unless such Holders accept the
terms of the underwriting as agreed upon between the Company and the
underwriters selected by it (provided such terms are usual and customary for
selling stockholders) and the Holders agree to execute and/or deliver such
documents in connection with such registration as the Company or the managing
underwriter may reasonably request.

        In the event the Holders have not sold all of their Registerable
Securities in connection with a registration statement or otherwise pursuant to
this provision, the Company shall effect the registration of all or any
remaining Registerable Securities as soon as practicable, but not later than 180
days after the effective date of such registration statement; provided, however,
that such period may be extended or delayed by the Company for one period of up
to 45 days if, upon the advice of counsel at the time such registration is
required to be filed, or at the time the Company is required to exercise its
best efforts to cause such registration statement to become effective, such
delay is advisable and in the best interests of the Company because of the
existence of non-public material information, or to allow the Company to
complete any pending audit of its financial statements.

         In the case of each such registration effected by the Company, the
Company will keep the undersigned or its Permitted Assignee advised in writing
as to the initiation of each registration and as to the completion thereof. As
used in this Subscription Agreement, "Permitted Assignee" shall mean an
"affiliate" of the undersigned as defined in Rule 144 of the Securities Act or
any other transferee pursuant to a transfer made in compliance with applicable
state and federal securities laws. At its expense, the Company will:

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         (a)      Keep such registration current for a period of 9 months or
                  until the undersigned or its Permitted Assignee has completed
                  the distribution described in the registration statement
                  relating thereto, or is permitted to sell all such
                  Registerable Securities pursuant to Rule 144 of the Act,
                  whichever last occurs.

         (b)      Furnish such number of prospectuses and other documents
                  incident thereto as the undersigned or its Permitted Assignee
                  from time to time may reasonably request.

         In addition, the undersigned shall furnish to the Company such
information regarding the undersigned and any information relating to the
registration of any of the Company's securities as the Company may reasonably
request in writing and as shall be reasonably be required in connection with any
registration.

                  In connection with the Offering, the Company may engage the
services of an NASD member firm to act as a placement agent, in which case such
NASD member firm shall be entitled to receive a commission of up to 10% of the
gross proceeds derived from the sale of Units and warrants to purchase up to 10%
of the aggregate amount of Units sold in the Offering (the "Agent's Warrants"),
except that any such placement agent shall not be entitled to any commission on
Units placed by the Company.

                  The undersigned agrees to pay an aggregate of $60,000 as a
subscription for each Unit being purchased hereunder. The entire purchase price
is due and payable upon the execution of this Subscription Agreement, and shall
be payable by wire transfer or check subject to collection, to the order of
"Continental Stock Transfer & Trust Company, as Agent for Vianet Technologies,
Inc. " The wire transfer instructions may be obtained from the Company.

                  The Company shall have the right to reject this subscription
in whole or in part.

                  The undersigned acknowledges that the Unit(s) being purchased
hereunder have not been registered under the Securities Act, or the securities
laws of any state, that, absent an exemption from registration contained in
those laws, the Unit(s) and the securities underlying the Unit(s) would require
registration, and that the Company's reliance upon such exemption is based upon
the undersigned's representations, warranties, and agreements contained in this
Subscription Agreement and the accompanying Confidential Prospective Purchaser
Questionnaire (collectively, the "Subscription Documents").

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                  1. The undersigned represents, warrants, and agrees as
follows:

                      a. The undersigned agrees that this Subscription Agreement
is and shall be irrevocable.

                      b. The undersigned has carefully read the Confidential
Private Offering Memorandum, dated February 7, 2000, and exhibits thereto (the
"Memorandum"), and the Subscription Documents (collectively, the "Offering
Materials"), all of which the undersigned acknowledges has been provided to the
undersigned. The undersigned has been given the opportunity to ask questions of,
and receive answers from, the Company concerning the terms and conditions of
this Offering and the Offering Materials and to obtain such additional
information, to the extent the Company possesses such information or can acquire
it without unreasonable effort or expense, necessary to verify the accuracy of
same as the undersigned reasonably desires in order to evaluate the investment.
The undersigned understands the Offering Materials, and the undersigned has had
the opportunity to discuss any questions regarding any of the Offering Materials
with his counsel or other advisor. Notwithstanding the foregoing, the only
information upon which the undersigned has relied is that set forth in the
Offering Materials. The undersigned has received no representations or
warranties from the Company, its employees, agents or attorneys in making this
investment decision other than as set forth in the Offering Materials. The
undersigned does not desire to receive any further information.

                      c. The undersigned is aware that the purchase of the
Unit(s) is a speculative investment involving a high degree of risk, that there
is no guarantee that the undersigned will realize any gain from this investment,
and that the undersigned could lose the total amount of this investment. The
undersigned has specifically reviewed the section in the Memorandum entitled
"Risk Factors".

                      d. The undersigned understands that no federal or state
agency has made any finding or determination regarding the fairness of this
Offering, or any recommendation or endorsement of this Offering.

                      e. The undersigned is purchasing the Unit(s) for the
undersigned's own account, with the intention of holding the Unit(s) and with no
present intention of dividing or allowing others to participate in this
investment or of reselling or otherwise participating, directly or indirectly,
in a distribution of the Unit(s), and shall not make any sale, transfer, or
pledge thereof without registration under the Securities Act and any applicable
securities laws of any state or unless an exemption from registration is
available under those laws.

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                      f. The undersigned represents that he is an "accredited
investor", as such term is defined in Rule 501 of Regulation D promulgated under
the Securities Act. The Investor is referred to the section of the Memorandum
entitled "Plan of Distribution - Investor Suitability Standards" for a full
explanation of such term.

                      g. The undersigned represents that, if an individual, he
has adequate means of providing for his or her current needs and personal and
family contingencies and has no need for liquidity in this investment in the
Unit(s). The undersigned has no reason to anticipate any material change in his
or her personal financial condition for the foreseeable future.

                      h. The undersigned is financially able to bear the
economic risk of this investment, including the ability to hold the Unit(s)
indefinitely, or to afford a complete loss of his investment in the Unit(s).

                      i. The undersigned represents that the undersigned's
overall commitment to investments which are not readily marketable is not
disproportionate to the undersigned's net worth, and the undersigned's
investment in the Unit(s) will not cause such overall commitment to become
excessive. The undersigned understands that the statutory basis on which the
Unit(s) are being sold to the undersigned and others would not be available if
the undersigned's present intention were to hold the Unit(s) for a fixed period
or until the occurrence of a certain event. The undersigned realizes that, in
the view of the SEC, a purchase now with a present intent to resell by reason of
a foreseeable specific contingency or any anticipated change in the market
value, or in the condition of the Company, or that of the industry in which the
business of the Company is engaged or in connection with a contemplated
liquidation, or settlement of any loan obtained by the undersigned for the
acquisition of the Unit(s), and for which such Unit(s) may be pledged as
security or as donations to religious or charitable institutions for the purpose
of securing a deduction on an income tax return, would, in fact, represent a
purchase with an intent inconsistent with the undersigned's representations to
the Company, and the SEC would then regard such sale as a sale for which the
exemption from registration is not available. The undersigned will not pledge,
transfer or assign this Subscription Agreement.

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                      j. The undersigned represents that the funds provided for
this investment are either separate property of the undersigned, community
property over which the undersigned has the right of control, or are otherwise
funds as to which the undersigned has the sole right of management. The
undersigned is purchasing the Unit(s) with the undersigned's funds and not with
the funds of any other person, firm, or entity and is acquiring the Unit(s) for
the undersigned's account. No person other than the undersigned has any
beneficial interest in the Unit(s) being purchased hereunder.

                      k. FOR PARTNERSHIPS, CORPORATIONS, TRUSTS, OR OTHER
ENTITIES ONLY: If the undersigned is a partnership, corporation, trust or other
entity, (i) the undersigned has enclosed with this Subscription Agreement
appropriate evidence of the authority of the individual executing this
Subscription Agreement to act on its behalf (e.g., if a trust, a certified copy
of the trust agreement; if a corporation, a certified corporate resolution
authorizing the signature and a certified copy of the articles of incorporation;
or if a partnership, a certified copy of the partnership agreement), (ii) the
undersigned represents and warrants that it was not organized or reorganized for
the specific purpose of acquiring the Unit(s), (iii) the undersigned has the
full power of such entity to make the representations and warranties made herein
on its behalf, and (iv) this investment in the Company has been affirmatively
authorized, if required, by the governing board of such entity and is not
prohibited by the governing documents of the entity.

                      l. The address shown under the undersigned's signature at
the end of this Subscription Agreement is the undersigned's principal residence
if he or she is an individual, or its principal business address if it is a
corporation or other entity.

                      m. The undersigned has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of an investment in the Units.

                      n. The undersigned acknowledges that the certificates for
the Common Stock underlying the Units, which the undersigned will receive, will
contain a legend substantially as follows:

         THE SECURITIES WHICH ARE REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").
         THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT
         WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD,
         TRANSFERRED, MADE SUBJECT TO A SECURITY INTEREST, PLEDGED, HYPOTHECATED
         OR OTHERWISE DISPOSED OF UNLESS AND UNTIL REGISTERED UNDER THE ACT, OR
         AN OPINION OF COUNSEL FOR THE COMPANY IS RECEIVED THAT REGISTRATION IS
         NOT REQUIRED UNDER SUCH ACT. THE SECURITIES WHICH ARE REPRESENTED BY
         THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF A SUBSCRIPTION
         AGREEMENT, DATED ________________ , 2000, BETWEEN THE HOLDER AND THE
         COMPANY, A COPY OF WHICH IS AVAILABLE AT THE OFFICES OF THE COMPANY.

The undersigned further acknowledges that a stop transfer order will be placed
upon the certificates for the securities in accordance with the Securities Act.
The undersigned further acknowledges that the Company is under no obligation to
aid the undersigned in obtaining any exemption from registration requirements.

                  2. The undersigned expressly acknowledges and agrees that the
Company is relying upon the undersigned's representations contained in the
Subscription Documents.

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                  3. The undersigned irrevocably appoints and authorizes the
Company to take such action as agent and attorney-in-fact on his behalf and to
exercise such power and authority as said agent and attorney-in-fact would have
if personally acting, with respect to all matters arising in connection with
securing the Company's Registration obligations as set forth in this
subscription agreement, with full power and authority to execute, deliver and
enforce for and on behalf of the undersigned all such agreements, consents and
documents. Neither the Company nor any of its directors, officers, agents or
employees shall be liable for any action taken or not taken in connection with
the authority granted pursuant to the preceding sentence, or incur any liability
by acting in reliance upon any notice, consent, certificate, statement or other
writing believed by it or them to be genuine. The undersigned shall indemnify
the Company against any cost, expense (including counsel fees and
disbursements), claim, demand, action, loss or liability (except any thereof
arising out of the gross negligence or willful misconduct of the Company) that
the Company may suffer or incur in connection with any action or inaction
pursuant to the foregoing appointment as agent and attorney-in-fact.

                  4. The undersigned also agrees that he will be subject to any
lock-up imposed by NASDAQ or any other regulatory agency.

                  5. The Company has been duly and validly incorporated and is
validly existing and in good standing as a corporation under the laws of the
State of Nevada. The Company has all requisite power and authority, and all
necessary authorizations, approvals and orders required as of the date hereof to
own its properties and conduct its business as described in the Memorandum and
to enter into this Subscription Agreement and to be bound by the provisions and
conditions hereof.

                  6. Except as otherwise specifically provided for hereunder, no
party shall be deemed to have waived any of his rights hereunder or under any
other agreement, instrument or papers signed by any of them with respect to the
subject matter hereof unless such waiver is in writing and signed by the party
waiving said right. Except as otherwise specifically provided for hereunder, no
delay or omission by any party in exercising any right with respect to the
subject matter hereof shall operate as a waiver of such right or of any such
other right. A waiver on any one occasion with respect to the subject matter
hereof shall not be construed as a bar to, or waiver of, any right or remedy on
any future occasion. All rights and remedies with respect to the subject matter
hereof, whether evidenced hereby or by any other agreement, instrument, or
paper, will be cumulative, and may be exercised separately or concurrently.

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                  7. The parties have not made any representations or warranties
with respect to the subject matter hereof not set forth herein, and this
Subscription Agreement, together with any instruments executed simultaneously
herewith, constitutes the entire agreement between them with respect to the
subject matter hereof. All understandings and agreements heretofore had between
the parties with respect to the subject matter hereof are merged in this
Subscription Agreement and any such instruments executed simultaneously
herewith, which alone fully and completely expresses their agreement.

                  8. This Subscription Agreement may not be changed, modified,
extended, terminated or discharged orally, but only by an agreement in writing,
which is signed by all of the parties to this Subscription Agreement.

                  9. The parties agree to execute any and all such other further
instruments and documents, and to take any and all such further actions
reasonably required to effectuate this Subscription Agreement and the intent and
purposes hereof.

                  10. This Subscription Agreement shall be governed by and
construed in accordance with the laws of the State of New York, excluding choice
of law principles thereof, and the undersigned hereby consents to the
jurisdiction of the courts of the State of New York and the United States
District Courts situated therein, without giving effect to the actual domiciles
of the parties.

                  11. Any reference in this Subscription Agreement to the male
gender shall be deemed to refer to the feminine or neuter where applicable.

                  12. This Subscription Agreement may be executed in
counterparts each of which shall be deemed an original and all of which taken
together shall constitute one and the same instrument.

                  13. Upon the execution and delivery of this Subscription
Agreement by the Investor, this Subscription Agreement shall become a binging
obligation of the Investor with respect to the purchase of the Units as herein
provided.

                  14. Any notice or other communication given hereunder shall be
deemed sufficient if in writing and hand delivered or sent by registered or
certified mail, return receipt requested, or overnight mail or delivery,
addressed to Vianet Technologies, Inc. at 83 Mercer Street 3rd Floor , New York,
New York 10012 Attention: President, and to the Investor at his address
indicated on the signature page of this Subscription Agreement. Notices shall be
deemed to have been given on the date of mailing, except notices of change of
address, which shall be deemed to have been given when received.

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                     ALL SUBSCRIBERS MUST COMPLETE THIS PAGE

                  NAME: ______________________________________

                  IN WITNESS WHEREOF, the undersigned has executed this
Subscription Agreement on this         day of             , 2000.

                       x ($60,000 Per Unit)        = $
---------------------                                 -------------------------
  Units Subscribed

1. _  Individual                                     8. _ As a Custodian for

2. _  Joint Tenants with Right of Survivorship

3. _  Community Property                                  ______________________
                                                          Under the Uniform Gift
4. _  Tenants in Common                                   to Minors Act of the
                                                          State.

5. _  Corporation/Partnership                        9. _ Married with Separate
                                                          Property

6. _  IRA of______________________________          10. _ Keogh

7. _  Trust
        Date Opened__________________

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                 EXECUTION BY SUBSCRIBER WHO IS A NATURAL PERSON

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                     Exact Name in Which Title is to be Held

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                                    Signature

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                               Name (Please Print)

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                          Residence: Number and Street

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City                                State                              Zip Code

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                             Social Security Number

Accepted this __ day of __________, 2000, on behalf of:

                                                VIANET TECHNOLOGIES, INC.

                                                By:____________________________

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                  EXECUTION BY SUBSCRIBER WHO IS A CORPORATION,
                            PARTNERSHIP, TRUST, ETC.

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                     Exact Name in Which Title is to be Held

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                                    Signature

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                               Name (Please Print)

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                               Title of Signatory

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                       Business Address: Number and Street

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City                                 State                            Zip Code

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                          Employer or NASD affiliation

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                            Tax Identification Number

Accepted this __ day of ________, 2000, on behalf of:

                                                 VIANET TECHNOLOGIES, INC.

                                                 By:___________________________<PAGE>

                                WARRANT AGREEMENT

                            VIANET TECHNOLOGIES, INC.

                  WARRANT AGREEMENT, dated _________, 2000 (the "Agreement"), by
and between Vianet Technologies, Inc., a Nevada corporation (the "Company"), and
_________, the holder of _________ units of the Company sold in connection with
the Company's Private Placement (as defined below) (individually a "Holder" and
collectively with the holders of other Units, the "Holders").

                  WHEREAS, the Company has proposed to offer, pursuant to the
Company's private placement offering (the "Private Placement"), a maximum of
$6,000,000 of units of the Company (the "Units"), each Unit consisting of (i)
20,000 shares of the Company's common stock ("Common Stock") and (ii) 30,000
Class D Common Stock purchase warrants (the "Warrants"), each Warrant entitling
the holder thereof to purchase one share of Common Stock at an exercise price
that is equal to $4.50, and

                  WHEREAS, purchasers of the Units have been issued Warrant
Certificates evidencing the Warrants; and

                  WHEREAS, the Warrant Certificates incorporate by reference the
terms of this Warrant Agreement.

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants contained herein, the Company and the Holder hereby agree as
follows:

         1. Exercise of Warrant. Each Warrant shall entitle the Holder thereof
to purchase one share of Common Stock at an exercise price of $4.50 (the
"Exercise Price"). The Warrants may be exercised in whole or in part at any time
or from time to time during the period commencing on _________, 2000 and
expiring at 5:00 p.m., New York City time, on _________, 2005 (the "Exercise
Term"), or if such day is a day on which banking institutions in the State of
New York are authorized by law to close, then on the next succeeding day which
shall not be such a day, by presentation and surrender of the Warrant
Certificate evidencing the Warrant to be exercised to the Company at its
principal office or at the office of its stock transfer agent, if any, with the
Exercise Form annexed hereto duly executed and accompanied by payment of the
Exercise Price for the number of shares specified in such form. If any Warrant
should be exercised in part only, the Company shall, upon surrender of the
Warrant Certificates for cancellation and presentment of the Exercise Form,
execute and deliver new a Warrant Certificate or Certificates, as the case may
be, evidencing the rights of the Holder thereof to purchase the balance of the
shares purchasable thereunder. Upon receipt by the Company of a Warrant
Certificate at its office, or by the stock transfer agent of the Company at its
office, in proper form for exercise and accompanied by the appropriate payment
for the shares of Common Stock underlying the Warrants (the "Warrant Shares"),
the Holder shall be deemed to be the holder of record of such Warrant Shares,
notwithstanding that the stock transfer books of the Company shall then be
closed or that certificates representing such Warrant Shares shall not then be
actually delivered to the Holder. Certificates for the Warrant Shares shall be
delivered to the Holder within a reasonable time, not to exceed five (5)
business days, following the exercise of the Warrants in accordance with the
foregoing.

<PAGE>

         2. Alternative Exercise Provisions. Anything contained herein to the
contrary notwithstanding, the Holder, at his option, may exercise the Warrants,
in whole or in part, during the Exercise Term by delivering to the Company a
confirmation slip issued by a brokerage firm that is a member of the National
Association of Securities Dealers, Inc. with respect to the sale of those number
of Warrant Shares for which the Warrants are being exercised, and, in such case,
the Company shall deliver certificates representing such Warrant Shares on
settlement date at the office of the Company's stock transfer agent against
payment for such Warrant Shares by such brokerage firm or its clearing broker,
made payable to the Company or made payable to the order of the Holder and
endorsed by the Holder to the Company.

         3. Reservation and Listing of Shares. The Company hereby agrees that at
all times there shall be reserved for issuance and delivery upon exercise of the
Warrants, such number of shares of its Common Stock as shall be required for
issuance and delivery upon exercise of the Warrants. As long as the Warrants
shall be outstanding, the Company shall use its best efforts to cause all shares
of Common Stock issuable upon the exercise of the Warrants to be listed on
Nasdaq or a national securities exchange, if such shares of Common Stock, as a
class, are theretofore so listed.

         4. Fractional Shares. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of the Warrants. Subject to
Section 8(f) hereof, any fraction of a share called for upon any exercise hereof
shall be canceled.

         5. Exchange, Transfer, Assignment or Loss of Warrant. The Warrants are
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender of the Warrant Certificates evidencing such Warrants to the
Company at its office or at the office of its stock transfer agent, if any, for
other Warrants of different denominations entitling the Holder thereof to
purchase in the aggregate the same number of shares of Common Stock as are
purchasable thereunder at the same respective Exercise Price. Subject to Section
10 hereof, upon surrender of the Warrant Certificates to the Company at its
principal office or at the office of its stock transfer agent, if any, with a
duly executed Assignment Form which is annexed hereto and funds sufficient to
pay the applicable transfer tax, if any, the Company shall, without charge,
execute and deliver new Warrant Certificates in the name of the assignee named
in such instrument of assignment and the original Warrant Certificate shall
promptly be canceled. The Warrants may be divided or combined with other
Warrants which carry the same rights upon presentation of the Warrant
Certificate evidencing such Warrants at the office of the Company or at the
office of its stock transfer agent, if any, together with a written notice
signed by the Holder hereof specifying the names and denominations in which new
Warrant Certificates are to be issued. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of the
Warrants, and, in the case of loss, theft or destruction, of reasonably
satisfactory indemnification, and upon surrender and cancellation of the
Warrants, if mutilated, the Company will execute and deliver new Warrant
Certificates of like tenor and date. Any such new Warrant Certificates, when
executed and delivered, shall constitute an additional contractual obligation on
the part of the Company, whether or not the Warrant Certificates so lost,
stolen, destroyed, or mutilated shall be at any time enforceable by anyone.
<PAGE>

         6. Rights of the Holder. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder of the Company until exercise of any
Warrants.

         7. Adjustments of Purchase Price and Number of Shares.

             (1) Subdivision and Combination. In case the Company shall at any
time subdivide or combine the outstanding shares of Common Stock by way of stock
split, reverse stock split or the like, the Exercise Prices shall forthwith be
proportionately increased or decreased.

             (2) Adjustment in Number of Shares. Upon each adjustment of the
Exercise Price pursuant to the provisions of this Section 7, the number of
Shares issuable upon the exercise of each Warrant shall be adjusted to the
nearest full Share by multiplying a number equal to the Exercise Price in effect
immediately prior to such adjustment by the number of Shares issuable upon
exercise of the Warrants immediately prior to such adjustment and dividing the
product so obtained by the adjusted Exercise Price.

             (3) Reclassification, Consolidation, Merger, etc. In case of any
reclassification or change of the outstanding shares of Common Stock (other than
a change in par value to no par value, or from no par value to par value, or as
a result of a subdivision or combination), or in the case of any consolidation
of the Company with, or merger of the Company into, another corporation (other
than a consolidation or merger in which the Company is the surviving corporation
and which does not result in any reclassification or change of the outstanding
shares of Common Stock, except a change as a result of a subdivision or
combination of such shares or a change in par value, as aforesaid), or in the
case of a sale or conveyance to another corporation of all or a substantial part
of the property of the Company, the Holder shall thereafter have the right to
purchase the kind and number of shares of stock and other securities and
property receivable upon such reclassification, change, consolidation, merger,
sale or conveyance as if the Holder were the owner of the shares of Common Stock
underlying the Warrants immediately prior to any such events at a price equal to
the product of (x) the number of shares issuable upon exercise of the Warrants
and (y) the Exercise Price in effect immediately prior to the record date for
such reclassification, change, consolidation, merger, sale or conveyance as if
such Holder had exercised the Warrants.
<PAGE>

             (4) Dividends and Other Distributions with Respect to Outstanding
Securities. In the event that the Company shall at any time prior to the
exercise of all Warrants declare a dividend (other than a dividend consisting
solely of shares of Common Stock or a cash dividend or distribution payable out
of current or retained earnings) or otherwise distribute to its shareholders any
monies, assets, property, rights, evidences of indebtedness, securities (other
than shares of Common Stock), whether issued by the Company or by another person
or entity, or any other thing of value, the Holder of the unexercised Warrants
shall thereafter be entitled, in addition to the shares of Common Stock or other
securities receivable upon the exercise thereof, to receive, upon the exercise
of such Warrants, the same monies, property, assets, rights, evidences of
indebtedness, securities or any other thing of value that they would have been
entitled to receive at the time of such dividend or distribution. At the time of
any such dividend or distribution, the Company shall make appropriate reserves
to ensure the timely performance of the provisions of this Subsection 8(d).

             (5) Fractional Shares. As to any fraction of a share which the
Holder of the Warrants would be entitled to purchase upon exercise of the
Warrants, the Company shall pay, in lieu of such fractional interest, an amount
in cash equal to the current market value of such fractional interest, to the
nearest one-hundredth of a share computed on the basis of the Market Price, as
set forth below. The Holder, by his acceptance hereof, expressly waives any
right to receive any fractional share of stock or fractional Warrant upon
exercise of the Warrants.

             As used in this paragraph (6), the phrase "Market Price" at any
date shall be deemed to be the average of the last reported sale prices for the
last three (3) trading days prior to such date, in either case, as officially
reported by the principal securities exchange on which the Common Stock is
listed or admitted to trading or as reported in Nasdaq, or, if the Common Stock
is not listed or admitted to trading on any national securities exchange or
quoted on Nasdaq, the average of the closing bid prices for the last three (3)
trading days prior to such date as furnished by the Bulletin Board or the
National Association of Securities Dealers, Inc., through Nasdaq or similar
organization if Nasdaq is no longer reporting such information, or if the Common
Stock is not quoted on Nasdaq, as determined in good faith by resolution of the
Board of Directors of the Company, based on the best information available to
it.

             (6) Warrant Certificate After Adjustment. Irrespective of any
change pursuant to this Section 7 in the Exercise Price or in the number, kind
or class of shares or other securities or other property obtainable upon
exercise of the Warrants, the Warrants may continue to express as the Exercise
Price and as the number of shares obtainable upon exercise, the same price and
number of shares as are stated herein.

             (7) Statement of Calculation. Whenever the Exercise Price shall be
adjusted pursuant to the provisions of this Section 7, the Company shall
forthwith file at its principal office, a statement signed by an executive
officer of the Company specifying the adjusted Exercise Price determined as
above provided in such section. Such statement shall show in reasonable detail
the method of calculation of such adjustment and the facts requiring the
adjustment and upon which the calculation is based. The Company shall forthwith
cause a notice setting forth the adjusted Exercise Price to be sent by certified
mail, return receipt requested, postage prepaid, to the Holder.
<PAGE>

         8. Definition of "Common Stock." For the purpose of the Warrants, the
term "Common Stock" shall mean, in addition to the class of stock designated as
the Common Stock, $.01 par value, of the Company on the date hereof, any class
of stock resulting from successive changes or reclassifications of the Common
Stock consisting solely of changes in par value, or from par value to no par
value, or from no par value to par value. If at any time, as a result of an
adjustment made pursuant to one or more of the provisions of Section 7 hereof,
the shares of stock or other securities or property obtainable upon exercise of
the Warrants shall include securities of the Company other than shares of Common
Stock or securities of another corporation, then thereafter the amount of such
other securities so obtainable shall be subject to adjustment from time to time
in a manner and upon terms as nearly equivalent as practicable to the provisions
with respect to Common Stock contained in Section 7 hereof and all other
provisions of the Warrants with respect to Common Stock shall apply on like
terms to any such other shares or other securities.

         9. Registration Under the Securities Act of 1933. The Warrant Shares
issuable upon exercise of the Warrants are subject to the Company's registration
obligations as set forth in the Subscription Agreement, the terms of which are
incorporated by reference into this Warrant Agreement as if such terms are set
forth at length herein.

         10. Transfer to Comply with the Act. Neither Warrants nor the Warrant
Shares nor any other security issued or issuable upon exercise of the Warrants
may be sold or otherwise disposed of except as follows:

             (1) to a person who, in the opinion of counsel for the Company, is
a person to whom the Warrants or Warrant Shares may legally be transferred
without registration and without the delivery of a current prospectus under the
Act with respect thereto and then only against receipt of a letter from such
person in which such person represents that he is acquiring the Warrants or
Warrant Shares for his own account for investment purposes and not with a view
to distribution and provides any other information and representations required
by the Company, and in which such person agrees to comply with the provisions of
this Section 11 with respect to any resale or other disposition of such
securities; or

             (2) to any person upon delivery of a prospectus then meeting the
requirements of the Act relating to such securities and the offering thereof for
such sale or disposition.
<PAGE>

         11. Notices to Warrant Holders. Nothing contained in this Agreement
shall be construed as conferring upon the Holder or Holders the right to vote or
to consent or to receive notice as a shareholder in respect of any meetings of
shareholders for the election of directors or any other matter, or as having any
rights whatsoever as a shareholder of the Company. If, however, at any time
prior to the expiration of the Warrants and their exercise, any of the following
events shall occur:

             (1) The Company shall take a record of the holders of its shares of
Common Stock for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution
payable otherwise than out of current or retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the
Company; or

             (2) The Company shall offer to all the holders of its Common Stock
any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any warrant,
right or option to subscribe therefor; or

             (3) A dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation or merger) or a sale of all or
substantially all of its property, assets and business shall be proposed; or

             (4) There shall be any capital reorganization or reclassification
of the capital stock of the Company, or consolidation or merger of the Company
with another entity, then, in any one or more of said events, the Company shall
give written notice of such event at least fifteen (15) days prior to the date
fixed as a record date or the date of closing the transfer books for the
determination of the shareholders entitled to such dividend, distribution,
convertible or exchangeable securities or subscription rights, warrants or
options, or entitled to vote on such proposed dissolution, liquidation, winding
up or sale. Such notice shall specify such record date or the date of closing
the transfer books, as the case may be. Failure to give such notice or any
defect therein shall not affect the validity of any action taken in connection
with the declaration or payment of any such dividend or distribution, or the
issuance of any convertible or exchangeable securities or subscription rights,
warrants or options, or any proposed dissolution, liquidation, winding up or
sale.
<PAGE>

         12. Notices. (a) All communications under this Agreement shall be in
writing and shall be mailed by certified mail, postage prepaid, return receipt
requested, or telecopied with confirmation of receipt or delivered by hand or by
overnight delivery service:

                      If to the Company, at:

                      Vianet Technologies, Inc.
                      83 Mercer Street, 3rd Floor
                      New York, New York 10012

                      If to the Holder, to the address of such Holder as it
                      appears in the stock or warrant ledger of the Company.

                  (b) Any notice so addressed, when mailed by registered or
certified mail shall be deemed to be given three days after so mailed, when
telecopied shall be deemed to be given when transmitted, or when delivered by
hand or overnight shall be deemed to be given when hand delivered or on the day
following deposit with the overnight delivery service.

         13. Successors. All the covenants and provisions of this Warrant
Agreement by or for the benefit of the Holder shall inure to the benefit of his
successors and assigns hereunder.

         14. Termination. This Warrant Agreement will terminate on the earlier
(a) the expiration date of the Warrants or (b) the date all of the Warrants
shall have been exercised.

         15. Governing Law. This Warrant Agreement shall be deemed to be made
under the laws of the State of New York and for all purposes shall be construed
in accordance with the laws of said State, excluding choice of law principles
thereof.

         16. Entire Agreement; Amendment; Waiver. This Warrant Agreement and all
attachments hereto and all incorporation by references set forth herein, set
forth the entire agreement and understanding between the parties as to the
subject matter hereof and merges and supersedes all prior discussions,
agreements and understandings of any and every nature among them. This Warrant
Agreement may be amended, the Company may take any action herein prohibited or
omit to take any action herein required to be performed by it, and any breach of
any covenant, agreement, warranty or representation may be waived, only if the
Company has obtained the written consent or waiver of the Holder. No course of
dealing between or among any persons having any interest in this Warrant
Agreement will be deemed effective to modify, amend or discharge any part of
this Warrant Agreement or any rights or obligations of any person under or by
reason of this Warrant Agreement.

                                               VIANET TECHNOLOGIES, INC.

                                               By:___________________________
                                               Name: Bruce Arnstein
                                               Title: Chief Operating Officer
Dated: _________, 2000

Attest:

______________________

<PAGE>

                        WARRANT AGREEMENT SIGNATURE PAGE

                                    FOR INDIVIDUALS:

                                    _________________________________________
                                    (Print Name)

                                    _________________________________________
                                    (Print Name, if more than one subscriber)

Dated:_______________ , 2000        _________________________________________
                                    (Signature)

                                    _________________________________________
                                    (Signature, if more than one subscriber)

                                    FOR CORPORATIONS:

                                    _________________________________________
                                    Name of Company

                                    _________________________________________
                                    Name and Title of Executive
                                    Officer executing Questionnaire

Dated:_______________ , 2000        _________________________________________
                                    Signature of Officer

                                    FOR PARTNERSHIPS:

                                    _________________________________________
                                    Name of Partnership

                                    _________________________________________
                                    Name of General Partner executing
                                    Questionnaire

Dated:_______________ , 2000        _________________________________________
                                    Signature of General Partner
                                    executing Questionnaire

<PAGE>

                        WARRANT AGREEMENT SIGNATURE PAGE

                                    FOR TRUSTS:

                                    _________________________________________
                                    Name of Trust

                                    _________________________________________
                                    Name of Authorized Trustee
                                    Executing Questionnaire

Dated:_______________ , 2000        _________________________________________
                                    Signature of Authorized
                                    Trustee

                                    FOR QUALIFIED PENSION PLANS:

                                    _________________________________________
                                    Name of Qualified Pension Plan

                                                      and

                                    _________________________________________
                                    Name of Plan Fiduciary
                                    executing Questionnaire

Dated:_______________ , 2000        _________________________________________
                                    Signature of Plan Fiduciary
                                    executing Questionnaire

                                                      or

                                    _________________________________________
                                    Name of Plan Beneficiary
                                    executing Questionnaire

                                                      and

Dated:_______________ , 2000        _________________________________________
                                    Signature of Plan Beneficiary
                                    executing Questionnaire

<PAGE>

                            VIANET TECHNOLOGIES, INC.

                         CLASS D WARRANT ASSIGNMENT FORM

                 (To be signed only upon assignment of Warrant)

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________
          (Name and address of assignee must be printed or typewritten)

the rights of the undersigned with respect to the Class D Warrant Certificate
surrendered herewith to the extent of _____________________ (_______) shares of
Common Stock, $.01 par value per share, of Vianet Technologies, Inc. (the
"Company"), hereby irrevocably constituting and appointing _______________,
attorney to make such transfer on the books of the Company, with full power of
substitution in the premises.

Dated: ______________, ____          ______________________________________
                                     Signature of Registered Holder

Signature(s) Guaranteed:             ______________________________________
                                     Signature of Registered Holder, if
                                     more than one
___________________________
                                     ______________________________________
                                     Name of Registered Holder

                                     ______________________________________
                                     Name of Registered Holder, if more
                                     than one

         Note:  The above signature(s) must correspond with the name(s) as it
                (they) appear(s) upon the Warrant Certificate in every
                particular, without alteration or enlargement or any change
                whatever.

<PAGE>

                            VIANET TECHNOLOGIES, INC.

                          CLASS D WARRANT EXERCISE FORM

         The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the Class D Warrant Certificate for, and to purchase
thereunder, __________ shares of Common Stock, $.01 par value per share, of
Vianet Technologies, Inc. (the "Shares"), and requests that certificates for the
Shares be issued in the name of: __________________________

_______________________________________________________________________________

_______________________________________________________________________________
             (Please print name, address and social security number)

and, if said number of Shares shall not be all the Shares purchasable
thereunder, that a new Class D Warrant Certificate for the balance of the Shares
purchasable under the Class D Warrant be registered in the name of the
undersigned Warrantholder or his or her Assignee as below indicated and
delivered to the address stated below.

Dated:________________, ____

Name of Warrantholder or Assignee: ____________________________________
                                             (Please print)

Address: ________________________________________________________
         ________________________________________________________
         ________________________________________________________

                                     ______________________________________
                                     Signature of Registered Holder

                                     ______________________________________
                                     Signature of Registered Holder, if
                                     more than one

Signature(s) Guaranteed:             ______________________________________
                                     Name of Registered Holder

_________________________            ______________________________________
                                     Name of Registered Holder, if more
                                     than one

         Note:  The above signature(s) must correspond with the name(s) as it
                (they) appears upon the Warrant Certificate in every particular,
                without alteration or enlargement or any change whatever.

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