Document:

Exhibit 10.6

THE  SECURITIES  EVIDENCED BY THIS WARRANT  HAVE NOT BEEN  REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,  TRANSFERRED,  ASSIGNED
OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE  REGISTRATION  STATEMENT UNDER SUCH
ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER
THE ACT,  OR THE  COMPANY  RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF SUCH
SECURITIES  REASONABLY  SATISFACTORY  TO THE  COMPANY  STATING  THAT SUCH  SALE,
TRANSFER,  ASSIGNMENT  OR  HYPOTHECATION  IS EXEMPT  FROM THE  REGISTRATION  AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

No.                                                            December 27, 1999
    ---------------

                        WARRANT TO PURCHASE COMMON STOCK

                                       OF

                               BUSINESS WEB, INC.

     1. Number of Shares Subject to Warrant. FOR VALUE RECEIVED, on and after
the date of this Warrant, and subject to the terms and conditions herein set
forth, Holder (as defined below) is entitled to purchase from Business Web,
Inc., a Texas corporation doing business as "Comercis, Inc." (the "Company"), at
any time before 5:00 p.m., California time, on the Termination Date (as defined
below), at a price per share equal to the Warrant Price (as defined below), the
Warrant Stock (as defined below and subject to adjustments as described below)
upon exercise of this Warrant pursuant to Section 6 hereof.

     2. Definitions. As used in this Warrant, the following terms shall have the
definitions ascribed to them below:

        (a) "Holder" shall mean NewGold,  Inc., a Delaware corporation,  and its
assigns.

        (b) "Securities" shall mean the Common Stock of the Company, together
with such other securities or property that may become issuable upon exercise of
this Warrant as described in Section 3 below.

        (c) "Termination Date" shall mean the date that is one (1) year after
the closing of an underwritten initial public offering of shares of Common Stock
of the Company.

        (d) "Warrant Price" shall be equal to $3.00 per share, subject to
adjustment as described in Section 3 below.

        (e) "Warrant Stock" shall mean the 3,132,794 shares of Securities
purchasable upon exercise of this Warrant, subject to adjustment as described in
Section 3 below.

<PAGE>

     3.  Adjustments and Notices.  The Warrant Price and the number of shares of
Warrant  Stock shall be subject to  adjustment  from time to time in  accordance
with the following provisions:

        (a) Subdivision, Stock Dividends or Combinations. In case the Company
shall at any time subdivide the outstanding shares of the Securities or shall
issue a dividend in the form of Securities with respect to the Securities, the
Warrant Price in effect immediately prior to such subdivision or the issuance of
such dividend shall be proportionately decreased, and the number of shares of
Warrant Stock purchasable immediately prior to such subdivision or issuance of
dividend shall be proportionately increased, and in case the Company shall at
any time combine the outstanding shares of the Securities, the Warrant Price in
effect immediately prior to such combination shall be proportionately increased,
and the number of Warrant Stock purchasable immediately prior to such
combination shall be proportionately decreased, effective at the close of
business on the date of such subdivision, dividend or combination, as the case
may be.

        (b) Reclassification, Exchange, Substitute, In-Kind Distribution. Upon
any reclassifications, exchange, substitution or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant or upon the payment of a dividend in securities or
property other than Securities, the Holder shall be entitled to receive, upon
exercise or conversion of this Warrant, the number and kind of securities and
property that Holder would have received if this Warrant had been exercised
immediately before the record date for such reclassification, exchange,
substitution or other event or immediately prior to the record date for such
dividend. The Company or its successor shall promptly issue to Holder a new
Warrant for such new securities or other property. The new Warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 3 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 3(b)
shall similarly apply to successive reclassifications, exchanges, substitutions
or other events and successive dividends.

        (c) Reorganization, Merger, etc. In case of any (i) merger or
consolidation of the Company into or with another corporation, (ii) sale,
transfer or lease (but not including a transfer or lease by pledge or mortgage
to a bona fide lender) of all or substantially all of the assets of the Company,
or (iii) sale by the Company's shareholders of 50% or more of the Company's
outstanding securities in one or more related transactions, the Company, or such
successor or purchasing corporation, as the case may be, shall, as a condition
to the consummation of any such reorganization, merger or sale, duly execute and
deliver to the Holder hereof a new warrant such that the Holder shall have the
right to receive, in lieu of the shares of the Securities theretofore issuable
upon exercise of this Warrant, the kind and amount of shares of stock, other
securities, money and property to which such Holder would have been entitled
upon such consummation if such Holder had exercised this Warrant immediately
prior to the consummation of such reorganization, merger, or sale. Such new
warrant shall provide for adjustments that shall be as nearly equivalent as may
be practicable to the adjustments provided for in this Section 3. The provisions
of this subparagraph (c) shall similarly apply to successive reorganizations,
mergers and sales.

                                        2
<PAGE>
        (d) No Impairment. The Company shall not, by amendment of its Articles
or Certificate of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed under this Warrant by the Company, but
shall at all times in good faith assist in carrying out of all the provisions of
this Section 3 and in taking all such action as may be necessary or appropriate
to protect the Holder's rights under this Section 3 against impairment.

        (e) Notice. Upon any adjustment of the Warrant Price and any increase or
decrease in the number of shares of the Securities purchasable upon the exercise
or conversion of this Warrant, then, and in each such case, the Company, within
thirty (30) days thereafter, shall give written notice thereof to the Holder of
this Warrant at the address of such Holder as shown on the books of the Company
which notice shall state the Warrant Price as adjusted and the increased or
decreased number of shares purchasable upon the exercise or conversion of this
Warrant, setting forth in reasonable detail the method of calculation of each.
The Company further agrees to notify the Holder of this Warrant in writing of a
reorganization, merger or sale in accordance with Section 3(c) hereof at least
forty-five (45) days prior to the effective date thereof. The Company also
agrees to notify the Holder of this Warrant in writing of a proposed public
offering at least thirty (30) days prior to the effective date thereof.

        (f) Fractional Shares. No fractional shares shall be issuable upon
exercise or conversion of the Warrant and the number of shares to be issued
shall be rounded down to the nearest whole share. If a fractional share interest
arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying the Holder an amount computed
by multiplying the fractional interest by the fair market value of a full share.

     4. No Shareholder  Rights.  This Warrant,  by itself, as distinguished from
any  shares  purchased  hereunder,  shall not  entitle  its Holder to any of the
rights of a shareholder of the Company.

     5. Representations of the Company and Reservation of Stock. This Warrant
has been duly and validly authorized, executed and delivered by the Company and
constitutes a valid and binding agreement of the Company enforceable against the
Company in accordance with its terms. All Securities which may be issued upon
the exercise or conversion of this Warrant shall, upon issuance in accordance
with the terms hereof, be duly authorized, validly issued, fully paid and
nonassessable, and free of any liens and encumbrances, except for restrictions
on transfer provided for herein or under applicable federal and state securities
laws. On and after the date of this Warrant, the Company will reserve from its
authorized and unissued Securities a sufficient number of shares to provide for
the issuance of Warrant Stock upon the exercise or conversion of this Warrant.
Issuance of this Warrant shall constitute full authority to the Company's
officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for shares of Warrant Stock
issuable upon the exercise or conversion of this Warrant.

     6. Exercise of Warrant. This Warrant may be exercised in whole or part by
the Holder subsequent to the date hereof and on or before the Termination Date
by the surrender of this Warrant, together with the Notice of Exercise and
Investment Representation Statement in the forms attached hereto as Attachments
1 and 2, respectively, duly completed and executed at

                                       3
<PAGE>
the principal office of the Company, specifying the portion of the Warrant to be
exercised and accompanied by payment in full of the Warrant Price in cash, check
or wire transfer with respect to the shares of Warrant Stock being purchased.
This Warrant shall be deemed to have been exercised immediately prior to the
close of business on the date of its surrender for exercise as provided above,
and the person entitled to receive the shares of Warrant Stock issuable upon
such exercise shall be treated for all purposes as Holder of such shares of
record as of the close of business on such date. As promptly as practicable
after such date, but in any event within ten (10) business days thereafter, the
Company shall issue and deliver to the person or persons entitled to receive the
same a certificate or certificates for the number of full shares of Warrant
Stock issuable upon such exercise. If the Warrant shall be exercised for less
than the total number of shares of Warrant Stock then issuable upon exercise,
promptly after surrender of the Warrant upon such exercise, the Company will
execute and deliver a new Warrant, dated the date hereof, evidencing the right
of the Holder to the balance of the Warrant Stock purchasable hereunder upon the
same terms and conditions set forth herein.

     7. Conversion. In lieu of exercising this Warrant or any portion hereof,
the Holder hereof shall have the right to convert this Warrant or any portion
hereof into Securities by executing and delivering to the Company at its
principal office the written Notice of Conversion and Investment Representation
Statement in the forms attached hereto as Attachments 2 and 3, specifying the
portion of the Warrant to be converted, and accompanied by this Warrant. The
number of shares of Securities to be issued to Holder upon such conversion shall
be computed using the following formula:

                                X = (P)(Y)(A-B)/A

        where             X =      the number of shares of Securities to be
                                   issued to the Holder for the portion of the
                                   Warrant being converted.

                          P =      the portion of the Warrant being
                                   converted expressed as a decimal fraction.

                          Y =      the total number of shares of Securities
                                   issuable upon exercise of the Warrant in
                                   full.

                          A =      the fair market value of one share of
                                   Securities, which shall mean (i) the fair
                                   market value of one share of Securities as
                                   of the last business day immediately prior
                                   to the date the notice of conversion is
                                   received by the Company, as determined in
                                   good faith by the Company's Board of
                                   Directors, provided that in the event the
                                   Holder disagrees with the Board's good
                                   faith determination, the valuation shall be
                                   determined by a mutually agreeable
                                   valuation firm, or (ii) if this Warrant is
                                   being converted in conjunction with a
                                   public offering of Securities, the price to
                                   the public per share in such offering, or
                                   (iii) if the Securities are publicly traded
                                   on a stock exchange or national market
                                   system, the average closing price for the
                                   ten (10)

                                     4
<PAGE>
                                   trading day period immediately prior to the
                                   date of conversion.

                          B =      the Warrant Price on the date of conversion.

Any portion of this Warrant that is converted shall be immediately canceled.
This Warrant or any portion hereof shall be deemed to have been converted
immediately prior to the close of business on the date of its surrender for
conversion as provided above, and the person entitled to receive the shares of
Warrant Stock issuable upon such conversion shall be treated for all purposes as
Holder of such shares of record as of the close of business on such date. As
promptly as practicable after such date, but in any event within ten (10)
business days thereafter, the Company shall issue and deliver to the person or
persons entitled to receive the same a certificate or certificates for the
number of full shares of Warrant Stock issuable upon such conversion. If the
Warrant shall be converted for less than the total number of shares of Warrant
Stock then issuable upon conversion, promptly after surrender of the Warrant
upon such conversion, the Company will execute and deliver a new Warrant, dated
the date hereof, evidencing the right of the Holder to the balance of the
Warrant Stock purchasable hereunder upon the same terms and conditions set forth
herein.

     8. Transfer of Warrant. This Warrant may be transferred or assigned by the
Holder hereof, in whole or in part, provided that such transfer is effected in
compliance with all applicable state and federal securities laws.

     9. Piggyback Registration Rights.

        (a) Corporate Obligation. If the Company shall determine to register any
of the Securities either for its own account or the account of a shareholder(s)
exercising demand registration rights, other than a registration relating solely
to employee benefit plans, or a registration relating solely to a transaction
pursuant to Rule 145 promulgated under the Securities Act of 1933, as amended
(the "Act"), or a registration on any registration form which does not permit
secondary sales or does not include substantially the same information as would
be required to be included in a registration statement covering the sale of the
Warrant Stock, the Company will promptly give to the Holder written notice
thereof and include in such registration (and any related qualification under
blue sky laws), and in any underwriting involved therein, the number of shares
of Warrant Stock specified in a written request made by the Holder within
fifteen (15) days after receipt of such written notice from the Company, except
as set forth in Section 9(b) below.

        (b) Underwritten Public Offering. If the registration for which the
Company gives notice is for a registered public offering involving an
underwriting, the right of the Holder to registration shall be conditioned upon
the Holder's participation in such underwriting and the inclusion of the
Holder's Warrant Stock in the underwriting pursuant to an underwriting agreement
in customary form with the underwriter or underwriters selected by the Company.
Notwithstanding any other provision of this Section, if the underwriter
reasonably determines that marketing factors require a limitation on the number
of shares to be underwritten the underwriter may exclude some or all of the
Warrant Stock with the number of shares that may be included in the registration
and underwriting being allocated among the Holder and all other shareholders
entitled to have securities included in such registration in proportion, as
nearly as

                                       5
<PAGE>
practicable, to the respective amounts of securities which they had requested to
be included in such registration (provided, however, that if the registration is
for the account of shareholders exercising demand registration rights, the
number of shares that may be included by the Holder shall be cut back entirely
before any limitation on the number of shares that may be included by such
shareholders).

        (c) Expenses. All expenses of the registration shall be borne by the
Company, except underwriting discounts and selling commissions applicable to the
sale of any shares of Warrant Stock and any other securities of the Company
being sold in the same registration by other shareholders, which shall be borne
by the Holder and such other shareholders pro rata on the basis of the number of
shares registered.

        10. "Market Stand-Off" Agreement. The Holder hereby agrees that it shall
not, to the extent reasonably requested by the Company and an underwriter of
Common Stock of the Company, sell or otherwise transfer or dispose (other than
to donees who agree to be similarly bound) of any Common Stock of the Company
during the one hundred eighty (180)-day period following the effective date of
an underwritten initial public offering of the Company, provided that all
officers and directors of the Company enter into similar agreements. Such
agreement shall be in writing in a form satisfactory to the Company and such
underwriter.

        11. Miscellaneous. This Warrant shall be governed by the laws of the
State of California, as such laws are applied to contracts to be entered into
and performed entirely in California by California residents. The headings in
this Warrant are for purposes of convenience and reference only, and shall not
be deemed to constitute a part hereof. Neither this Warrant nor any term hereof
may be changed or waived orally, but only by an instrument in writing signed by
the Company and the Holder of this Warrant. All notices and other communications
from the Company to the Holder of this Warrant shall be delivered personally or
mailed by first class mail, postage prepaid, to the address furnished to the
Company in writing by the last Holder of this Warrant who shall have furnished
an address to the Company in writing, and if mailed shall be deemed given three
days after deposit in the United States mail.

ISSUED:  December 27, 1999

                                      BUSINESS WEB, INC.

                                      By:
                                         ----------------------------------
                                      Name:  Chris Meaux
                                      Title:  Chief Executive Officer

                                       6
<PAGE>
                                  Attachment 1

NOTICE OF EXERCISE

TO:      BUSINESS WEB, INC.

        1. The undersigned hereby elects to purchase ______________shares of the
Warrant Stock of Business Web, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price in full.

        2. Please issue a certificate or certificates representing said shares
of Warrant Stock in the name of the undersigned or in such other name as is
specified below:

                      -----------------------------------
                                     (Name)

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

-----------------------------------     ---------------------------------------
          (Date)                           (Name of Warrant Holder)

                                    By:
                                       ----------------------------------------

                                    Title:
                                          -------------------------------------
                                      (Title and signature of authorized person)

<PAGE>

                                  Attachment 2

                       INVESTMENT REPRESENTATION STATEMENT

                            Shares of the Securities
                     (as defined in the attached Warrant) of
                               BUSINESS WEB, INC.

     In connection with the purchase of the above-listed securities, the
undersigned hereby represents to Business Web, Inc. (the "Company") as follows:

     (a) The securities to be received upon the exercise of the Warrant (the
"Securities") will be acquired for investment for its own account, not as a
nominee or agent, and not with a view to the sale or distribution of any part
thereof, and the undersigned has no present intention of selling, granting
participation in or otherwise distributing the same, but subject, nevertheless,
to any requirement of law that the disposition of its property shall at all
times be within its control.

     (b) The undersigned understands that the Securities issuable upon exercise
of the Warrant at the time of issuance may not be registered under the
Securities Act of 1933, as amended (the "Act"), and applicable state securities
laws, on the ground that the issuance of such securities is exempt pursuant to
Section 4(2) of the Act and state law exemptions relating to offers and sales
not by means of a public offering, and that the Company's reliance on such
exemptions is predicated on the undersigned's representations set forth herein.

     (c) The undersigned agrees that in no event will it make a disposition of
any Securities acquired upon the exercise of the Warrant unless and until (i) it
shall have notified the Company of the proposed disposition and shall have
furnished the Company with a statement of the circumstances surrounding the
proposed disposition, and (ii) it shall have furnished the Company with an
opinion of counsel reasonably satisfactory to the Company and Company's counsel
to the effect that (A) appropriate action necessary for compliance with the Act
and any applicable state securities laws has been taken or an exemption from the
registration requirements of the Act and such laws is available, and (B) the
proposed transfer will not violate any of said laws.

     (d) The undersigned acknowledges that an investment in the Company is
highly speculative and represents that it is able to fend for itself in the
transactions contemplated by this Statement, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of its investments, and has the ability to bear the economic risks
(including the risk of a total loss) of its investment. The undersigned
represents that it has had the opportunity to ask questions of the Company
concerning the Company's business and assets and to obtain any additional
information which it considered necessary, and has had all questions which have
been asked by it satisfactorily answered by the Company.

     (e) The undersigned acknowledges that the Securities issuable upon exercise
of the Warrant must be held indefinitely unless subsequently registered under
the Act or an exemption

<PAGE>
from such registration is available. The undersigned is aware of the provisions
of Rule 144 promulgated under the Act which permit limited resale of shares
purchased in a private placement subject to the satisfaction of certain
conditions, including, among other things, the existence of a public market for
the shares, the availability of certain current public information about the
Company, the resale occurring not less than one (1) year after a party has
purchased and paid for the security to be sold, the sale being through a
"broker's transaction" or in transactions directly with a "market makers" (as
provided by Rule 144(f)) and the number of shares being sold during any
three-month period not exceeding specified limitations.

Dated:
      -------------------------

                                    -------------------------------------------
                                            (Typed or Printed Name)

                                    By:
                                       ----------------------------------------
                                                  (Signature)

                                    Title:
                                          -------------------------------------

<PAGE>
                                  Attachment 3

NOTICE OF CONVERSION

TO:      BUSINESS WEB, INC.

     1. The undersigned hereby elects to acquire__________ shares of the
Securities of Business Web, Inc. pursuant to the terms of the attached Warrant,
by conversion of percent (__ %) of the Warrant.

     2. Please issue a certificate or certificates representing said shares of
Securities in the name of the undersigned or in such other name as is specified
below:

                      -----------------------------------
                                     (Name)

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

-----------------------------------     ---------------------------------------
          (Date)                           (Name of Warrant Holder)

                                    By:
                                       ----------------------------------------

                                    Title:
                                          -------------------------------------
                                      (Title and signature of authorized person)<PAGE>   1
                                                                     EXHIBIT 4.8

         THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT
         HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
         EXCEPT AS OTHERWISE SET FORTH HEREIN, NEITHER THIS WARRANT NOR ANY OF
         SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN
         EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR,
         AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE CUSTOMARY FOR
         OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS
         NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER
         SUCH ACT.

                                                                   Right to
                                                                   Purchase
                                                                   50,000 Shares
                                                                   of Common
                                                                   Stock, par
                                                                   value $0.01
                                                                   per share

                             STOCK PURCHASE WARRANT

                  THIS CERTIFIES THAT, for value received, Zanett Securities
Corp., or its registered assigns, is entitled to purchase from T-NETIX, Inc., a
Colorado corporation (the "Company"), at any time or from time to time during
the period specified in Paragraph 2 hereof, fifty thousand (50,000) fully paid
and nonassessable shares of the Company's common stock, par value $0.01 per
share (the "Common Stock"), at an exercise price of $6.60 per share (the
"Exercise Price"). The term "Warrant Shares," as used herein, refers to the
shares of Common Stock purchasable hereunder. The Warrant Shares and the
Exercise Price are subject to adjustment as provided in Paragraph 4 hereof.

                  This Warrant is subject to the following terms, provisions,
and conditions:

                  1. MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR
SHARES. Subject to the provisions hereof, this Warrant may be exercised by the
holder hereof, in whole or in part, by the surrender of this Warrant, together
with a completed exercise agreement in the form attached hereto (the "Exercise
Agreement"), to the Company during normal business hours on any trading day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), and upon (i)
payment to the Company in cash, by certified or official bank check or by wire
transfer for the account of the Company of the Exercise Price for the Warrant
Shares specified in the Exercise Agreement or (ii) if the resale of the Warrant
Shares by the holder is not then registered pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the
"Securities Act"), delivery to the Company of a written notice of an election to
effect a "Cashless Exercise" (as

<PAGE>   2

defined in Section 11(c) below) for the Warrant Shares specified in the Exercise
Agreement. The Warrant Shares so purchased shall be deemed to be issued to the
holder hereof or such holder's designee, as the record owner of such shares, as
of the close of business on the date on which this Warrant shall have been
surrendered, the completed Exercise Agreement shall have been delivered, and
payment shall have been made for such shares (or an election to effect a
Cashless Exercise has been made) as set forth above. Certificates for the
Warrant Shares so purchased, representing the aggregate number of shares
specified in the Exercise Agreement, shall be delivered to the holder hereof
within a reasonable time, not exceeding two (2) trading days, after this Warrant
shall have been so exercised. The certificates so delivered shall be in such
denominations as may be requested by the holder hereof and shall be registered
in the name of such holder or such other name as shall be designated by such
holder. If this Warrant shall have been exercised only in part, then, unless
this Warrant has expired, the Company shall, at its expense, at the time of
delivery of such certificates, deliver to the holder a new Warrant representing
the number of shares with respect to which this Warrant shall not then have been
exercised.

                  2. PERIOD OF EXERCISE. This Warrant is exercisable at any time
or from time to time on or after the date on which this Warrant is issued and
delivered pursuant to the terms of the Securities Purchase Agreement (the "Issue
Date") and before 5:00 p.m., New York City time, on the fifth (5th) anniversary
of the Issue Date (the "Exercise Period").

                  3. CERTAIN AGREEMENTS OF THE COMPANY. The Company hereby
covenants and agrees as follows:

                           (a) SHARES TO BE FULLY PAID. All Warrant Shares will,
upon issuance in accordance with the terms of this Warrant, be validly issued,
fully paid, and nonassessable and free from all taxes, liens, and charges with
respect to the issue thereof.

                           (b) RESERVATION OF SHARES. During the Exercise
Period, the Company shall at all times have authorized, and reserved for the
purpose of issuance upon exercise of this Warrant, a sufficient number of shares
of Common Stock to provide for the exercise of this Warrant.

                           (c) LISTING. The Company shall promptly secure the
listing of the shares of Common Stock issuable upon exercise of the Warrant upon
each national securities exchange or automated quotation system, if any, upon
which shares of Common Stock are then listed (subject to official notice of
issuance upon exercise of this Warrant) and shall maintain, so long as any other
shares of Common Stock shall be so listed, such listing of all shares of Common
Stock from time to time issuable upon the exercise of this Warrant; and the
Company shall so list on each national securities exchange or automated
quotation system, as the case may be, and shall maintain such listing of, any
other shares of capital stock of the Company issuable upon the exercise of this
Warrant if and so long as any shares of the same class shall be listed on such
national securities exchange or automated quotation system.

                                      -2-
<PAGE>   3

                           (d) CERTAIN ACTIONS PROHIBITED. The Company will not,
by amendment of its charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed by it hereunder, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and
in the taking of all such action as may reasonably be requested by the holder of
this Warrant in order to protect the exercise privilege of the holder of this
Warrant against dilution or other impairment, consistent with the tenor and
purpose of this Warrant. Without limiting the generality of the foregoing, the
Company (i) will not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the Exercise Price then in
effect, and (ii) will take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock upon the exercise of this Warrant.

                           (e) SUCCESSORS AND ASSIGNS. This Warrant will be
binding upon any entity succeeding to the Company by merger, consolidation, or
acquisition of all or substantially all the Company's assets.

                  4. ANTIDILUTION PROVISIONS. During the Exercise Period, the
Exercise Price and the number of Warrant Shares shall be subject to adjustment
from time to time as provided in this Paragraph 4.

                  In the event that any adjustment of the Exercise Price as
required herein results in a fraction of a cent, such Exercise Price shall be
rounded up to the nearest cent.

                           (a) ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES
UPON ISSUANCE OF COMMON STOCK. Except as otherwise provided in Paragraphs 4(c)
and 4(e) hereof, if and whenever on or after the Issue Date of this Warrant, the
Company issues or sells, or in accordance with Paragraph 4(b) hereof is deemed
to have issued or sold, any shares of Common Stock for no consideration or for a
consideration per share (before deduction of reasonable expenses or commissions
or underwriting discounts or allowances in connection therewith) less than the
Market Price (as hereinafter defined) on the date of issuance (or deemed
issuance) of such Common Stock (a "Dilutive Issuance"), then immediately upon
the Dilutive Issuance, the Exercise Price will be reduced to a price determined
by multiplying the Exercise Price in effect immediately prior to the Dilutive
Issuance by a fraction, (i) the numerator of which is an amount equal to the sum
of (x) the number of shares of Common Stock actually outstanding immediately
prior to the Dilutive Issuance, plus (y) the quotient of the aggregate
consideration, calculated as set forth in Paragraph 4(b) hereof, received by the
Company upon such Dilutive Issuance divided by the Market Price in effect
immediately prior to the Dilutive Issuance, and (ii) the denominator of which is
the total number of shares of Common Stock Deemed Outstanding (as defined below)
immediately after the Dilutive Issuance.

                                      -3-
<PAGE>   4

                           (b) EFFECT ON EXERCISE PRICE OF CERTAIN EVENTS. For
purposes of determining the adjusted Exercise Price under Paragraph 4(a) hereof,
the following will be applicable:

                                    (i) ISSUANCE OF RIGHTS OR OPTIONS. If the
Company in any manner (except in replacement of or exchange for warrants, rights
or options of a target company in a merger or acquisition) issues or grants any
warrants, rights or options, whether or not immediately exercisable, to
subscribe for or to purchase Common Stock or other securities convertible into
or exchangeable for Common Stock ("Convertible Securities") (such warrants,
rights and options to purchase Common Stock or Convertible Securities are
hereinafter referred to as "Options") and the price per share for which Common
Stock is issuable upon the exercise of such Options is less than the Market
Price on the date of issuance or grant of such Options, then the maximum total
number of shares of Common Stock issuable upon the exercise of all such Options
will, as of the date of the issuance or grant of such Options, be deemed to be
outstanding and to have been issued and sold by the Company for such price per
share. For purposes of the preceding sentence, the "price per share for which
Common Stock is issuable upon the exercise of such Options" is determined by
dividing (i) the total amount, if any, received or receivable by the Company as
consideration for the issuance or granting of all such Options, plus the minimum
aggregate amount of additional consideration, if any, payable to the Company
upon the exercise of all such Options, plus, in the case of Convertible
Securities issuable upon the exercise of such Options, the minimum aggregate
amount of additional consideration payable upon the conversion or exchange
thereof at the time such Convertible Securities first become convertible or
exchangeable, by (ii) the maximum total number of shares of Common Stock
issuable upon the exercise of all such Options (assuming full conversion of
Convertible Securities, if applicable). No further adjustment to the Exercise
Price will be made upon the actual issuance of such Common Stock upon the
exercise of such Options or upon the conversion or exchange of Convertible
Securities issuable upon exercise of such Options.

                                    (II) ISSUANCE OF CONVERTIBLE SECURITIES. If
the Company in any manner issues or sells any Convertible Securities, whether or
not immediately convertible (other than where the same are issuable upon the
exercise of Options) and the price per share for which Common Stock is issuable
upon such conversion or exchange is less than the Market Price on the date of
issuance of such Convertible Securities, then the maximum total number of shares
of Common Stock issuable upon the conversion or exchange of all such Convertible
Securities will, as of the date of the issuance of such Convertible Securities,
be deemed to be outstanding and to have been issued and sold by the Company for
such price per share. For the purposes of the preceding sentence, the "price per
share for which Common Stock is issuable upon such conversion or exchange" is
determined by dividing (i) the total amount, if any, received or receivable by
the Company as consideration for the issuance or sale of all such Convertible
Securities, plus the minimum aggregate amount of additional consideration, if
any, payable to the Company upon the conversion or exchange thereof at the time
such Convertible Securities first become convertible or exchangeable, by (ii)
the maximum total number of shares of Common Stock issuable upon the conversion
or exchange of all such Convertible Securities. No further

                                      -4-
<PAGE>   5

adjustment to the Exercise Price will be made upon the actual issuance of such
Common Stock upon conversion or exchange of such Convertible Securities.

                                    (III) CHANGE IN OPTION PRICE OR CONVERSION
RATE. If there is a change at any time in (i) the amount of additional
consideration payable to the Company upon the exercise of any Options; (ii) the
amount of additional consideration, if any, payable to the Company upon the
conversion or exchange of any Convertible Securities; or (iii) the rate at which
any Convertible Securities are convertible into or exchangeable for Common Stock
(other than under or by reason of provisions designed to protect against
dilution), the Exercise Price in effect at the time of such change will be
readjusted to the Exercise Price which would have been in effect at such time
had such Options or Convertible Securities still outstanding provided for such
changed additional consideration or changed conversion rate, as the case may be,
at the time initially granted, issued or sold.

                                    (IV) TREATMENT OF EXPIRED OPTIONS AND
UNEXERCISED CONVERTIBLE SECURITIES. If, in any case, the total number of shares
of Common Stock issuable upon exercise of any Option or upon conversion or
exchange of any Convertible Securities is not, in fact, issued and the rights to
exercise such Option or to convert or exchange such Convertible Securities shall
have expired or terminated, the Exercise Price then in effect will be readjusted
to the Exercise Price which would have been in effect at the time of such
expiration or termination had such Option or Convertible Securities, to the
extent outstanding immediately prior to such expiration or termination (other
than in respect of the actual number of shares of Common Stock issued upon
exercise or conversion thereof), never been issued.

                                    (v) CALCULATION OF CONSIDERATION RECEIVED.
If any Common Stock, Options or Convertible Securities are issued, granted or
sold for cash, the consideration received therefor for purposes of this Warrant
will be the amount received by the Company therefor, before deduction of
reasonable commissions, underwriting discounts or allowances or other reasonable
expenses paid or incurred by the Company in connection with such issuance, grant
or sale. In case any Common Stock, Options or Convertible Securities are issued
or sold for a consideration part or all of which shall be other than cash, the
amount of the consideration other than cash received by the Company will be the
fair value of such consideration, except where such consideration consists of
securities, in which case the amount of consideration received by the Company
will be the Market Price thereof as of the date of receipt. The fair value of
any consideration other than cash or securities will be determined in good faith
by the Board of Directors of the Company.

                                    (VI) EXCEPTIONS TO ADJUSTMENT OF EXERCISE
PRICE. No adjustment to the Exercise Price will be made (i) upon the exercise of
any warrants, options or convertible securities granted, issued and outstanding
on the date of issuance of this Warrant; (ii) upon the grant or exercise of any
stock or options which may hereafter be granted or exercised under any employee
benefit plan of the Company now existing or to be implemented in the future, so
long as the issuance of such stock or options is approved by a majority of the
independent

                                      -5-
<PAGE>   6

members of the Board of Directors of the Company or a majority of the members of
a committee of independent directors established for such purpose; or (iii) upon
the exercise of the Warrants.

                           (c) SUBDIVISION OR COMBINATION OF COMMON STOCK. If
the Company at any time subdivides (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the shares of
Common Stock acquirable hereunder into a greater number of shares, then, after
the date of record for effecting such subdivision, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced. If the
Company at any time combines (by reverse stock split, recapitalization,
reorganization, reclassification or otherwise) the shares of Common Stock
acquirable hereunder into a smaller number of shares, then, after the date of
record for effecting such combination, the Exercise Price in effect immediately
prior to such combination will be proportionately increased.

                           (d) ADJUSTMENT IN NUMBER OF SHARES. Upon each
adjustment of the Exercise Price pursuant to the provisions of this Paragraph 4,
the number of shares of Common Stock issuable upon exercise of this Warrant
shall be adjusted by multiplying a number equal to the Exercise Price in effect
immediately prior to such adjustment by the number of shares of Common Stock
issuable upon exercise of this Warrant immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price.

                           (e) CONSOLIDATION, MERGER OR SALE. In case of any
consolidation of the Company with, or merger of the Company into any other
corporation, or in case of any sale or conveyance of all or substantially all of
the assets of the Company other than in connection with a plan of complete
liquidation of the Company, then:

                                    (1) If the fair value per share of Common
Stock of the shares of stock, securities or assets that are to be issued or paid
to the Company or its common shareholders in such consolidation, merger, sale or
conveyance, is greater than the then applicable Exercise Price, the Company
shall have the right to declare this Warrant to be exercised in full (using the
Cashless Exercise described herein), effective as of a date immediately prior to
the closing of such consolidation, merger, sale or conveyance. The Company shall
provide notice of its intent to make such a declaration (which intent may be
subject to fluctuations in the fair value of the consideration to be received in
such consolidation, merger, sale or conveyance) a reasonable time prior to the
anticipated closing of the consolidation, merger, sale or conveyance, and in no
case less than 10 business days prior to such closing. The declaration shall be
made in writing and provided to the holder of this Warrant on or as soon as
reasonably practicable after the effective date of such declaration. Upon such
declaration this Warrant shall be deemed to represent only the right to receive
such shares of stock, securities or assets as may be issued or paid with respect
to or in exchange for the number of shares of Common Stock acquirable and
receivable upon the Cashless Exercise of this Warrant on the effective date of
such declaration. The exercise of this Warrant pursuant to the Company's
declaration as just described shall be void and of no effect if the
consolidation, merger, sale or conveyance giving rise to the declaration does
not close within 10 business days after the effective date of such declaration.

                                      -6-
<PAGE>   7

Or, if the Company does not or cannot declare this Warrant to be exercised in
full,

                                    (2) As a condition of such consolidation,
merger or sale or conveyance, adequate provision will be made whereby the holder
of this Warrant will have the right to acquire and receive upon exercise of this
Warrant in lieu of the shares of Common Stock immediately theretofore acquirable
upon the exercise of this Warrant, such shares of stock, securities or assets as
may be issued or payable with respect to or in exchange for the number of shares
of Common Stock immediately theretofore acquirable and receivable upon exercise
of this Warrant had such consolidation, merger or sale or conveyance not taken
place. In any such case, the Company will make appropriate provision to insure
that the provisions of this Paragraph 4 hereof will thereafter be applicable as
nearly as may be in relation to any shares of stock or securities thereafter
deliverable upon the exercise of this Warrant.

                  The Company will not effect any consolidation, merger or sale
or conveyance unless the Company declares the exercise in full of this Warrant
or, prior to the consummation of such consolidation, merger, sale or conveyance,
the successor or acquiring entity (if other than the Company) and, if an entity
different from the successor or acquiring entity, the entity whose capital stock
or assets the holders of the Common Stock of the Company are entitled to receive
as a result of such consolidation, merger or sale or conveyance assumes by
written instrument the obligations under this Warrant (including under this
Paragraph 4) and the obligations to deliver to the holder of this Warrant such
shares of stock, securities or assets as, in accordance with the foregoing
provisions, the holder may be entitled to acquire.

                           (f) DISTRIBUTION OF ASSETS. In case the Company shall
declare or make any distribution of its assets (including cash) to holders of
Common Stock as a partial liquidating dividend, by way of return of capital or
otherwise, then, after the date of record for determining stockholders entitled
to such distribution, but prior to the date of distribution, the holder of this
Warrant shall be entitled upon exercise of this Warrant for the purchase of any
or all of the shares of Common Stock subject hereto, to receive the amount of
such assets which would have been payable to the holder had such holder been the
holder of such shares of Common Stock on the record date for the determination
of stockholders entitled to such distribution.

                           (g) NOTICE OF ADJUSTMENT. Upon the occurrence of any
event which requires any adjustment of the Exercise Price, then, and in each
such case, the Company shall give notice thereof to the holder of this Warrant,
which notice shall state the Exercise Price resulting from such adjustment and
the increase or decrease in the number of Warrant Shares purchasable at such
price upon exercise, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. Such calculation
shall be certified by the chief financial officer of the Company.

                           (h) MINIMUM ADJUSTMENT OF EXERCISE PRICE. No
adjustment of the Exercise Price shall be made in an amount of less than 1% of
the Exercise Price in effect at the time such adjustment is otherwise required
to be made, but any such lesser adjustment shall be carried forward and shall be
made at the time and together with the next subsequent adjustment

                                      -7-
<PAGE>   8

which, together with any adjustments so carried forward, shall amount to not
less than 1% of such Exercise Price.

                           (i) NO FRACTIONAL SHARES. No fractional shares of
Common Stock are to be issued upon the exercise of this Warrant, but the Company
shall pay a cash adjustment in respect of any fractional share which would
otherwise be issuable in an amount equal to the same fraction of the Market
Price of a share of Common Stock on the date of such exercise.

                           (j) OTHER NOTICES. In case at any time:

                                    (i) the Company shall declare any dividend
upon the Common Stock payable in shares of stock of any class or make any other
distribution (including dividends or distributions payable in cash out of
retained earnings) to the holders of the Common Stock;

                                    (II) the Company shall offer for
subscription pro rata to the holders of the Common Stock any additional shares
of stock of any class or other rights;

                                    (III) there shall be any capital
reorganization of the Company, or reclassification of the Common Stock, or
consolidation or merger of the Company with or into, or sale of all or
substantially all its assets to, another corporation or entity; or

                                    (IV) there shall be a voluntary or
involuntary dissolution, liquidation or winding-up of the Company;

then, in each such case, the Company shall give to the holder of this Warrant
(a) notice of the date on which the books of the Company shall close or a record
shall be taken for determining the holders of Common Stock entitled to receive
any such dividend, distribution, or subscription rights or for determining the
holders of Common Stock entitled to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up and (b) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up, notice of
the date (or, if not then known, a reasonable approximation thereof by the
Company) when the same shall take place. Such notice shall also specify the date
on which the holders of Common Stock shall be entitled to receive such dividend,
distribution, or subscription rights or to exchange their Common Stock for stock
or other securities or property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation, or
winding-up, as the case may be. Such notice shall be given at least 30 days
prior to the record date or the date on which the Company's books are closed in
respect thereto. Failure to give any such notice or any defect therein shall not
affect the validity of the proceedings referred to in clauses (i), (ii), (iii)
and (iv) above.

                           (k) CERTAIN EVENTS. If any event occurs of the type
contemplated by the adjustment provisions of this Paragraph 4 but not expressly
provided for by such provisions, the Company will give notice of such event as
provided in Paragraph 4(g) hereof, and the Company's Board of Directors will
make an appropriate adjustment in the Exercise Price and the

                                      -8-
<PAGE>   9

number of shares of Common Stock acquirable upon exercise of this Warrant so
that the rights of the Holder shall be neither enhanced nor diminished by such
event.

                           (l) CERTAIN DEFINITIONS.

                                    (i) "COMMON STOCK DEEMED OUTSTANDING" shall
mean the number of shares of Common Stock actually outstanding (not including
shares of Common Stock held in the treasury of the Company), plus (x) pursuant
to Paragraph 4(b)(i) hereof, the maximum total number of shares of Common Stock
issuable upon the exercise of Options, as of the date of such issuance or grant
of such Options, if any, and (y) pursuant to Paragraph 4(b)(ii) hereof, the
maximum total number of shares of Common Stock issuable upon conversion or
exchange of Convertible Securities, as of the date of issuance of such
Convertible Securities, if any.

                                    (II) "MARKET PRICE," as of any date, (i)
means the average of the last reported sale prices for the shares of Common
Stock on the Nasdaq National Market (the "NNM") for the five (5) trading days
immediately preceding such date as reported by Bloomberg Financial Markets or an
equivalent reliable reporting service mutually acceptable to and hereafter
designated by the holder of this Warrant and the Company ("Bloomberg"), or (ii)
if the NNM is not the principal trading market for the shares of Common Stock,
the average of the last reported sale prices on the principal trading market for
the Common Stock during the same period as reported by Bloomberg, or (iii) if
market value cannot be calculated as of such date on any of the foregoing bases,
the Market Price shall be the fair market value as reasonably determined in good
faith by (a) the Board of Directors of the Corporation or (b) at the option of a
majority-in-interest of the holders of the outstanding Warrants, by an
independent investment bank of nationally recognized standing in the valuation
of businesses similar to the business of the corporation. The manner of
determining the Market Price of the Common Stock set forth in the foregoing
definition shall apply with respect to any other security in respect of which a
determination as to market value must be made hereunder.

                                    (III) "COMMON STOCK," for purposes of this
Paragraph 4, includes the Common Stock, par value $0.01 per share, and any
additional class of stock of the Company having no preference as to dividends or
distributions on liquidation, provided that the shares purchasable pursuant to
this Warrant shall include only shares of Common Stock, par value $0.01 per
share, in respect of which this Warrant is exercisable, or shares resulting from
any subdivision or combination of such Common Stock, or in the case of any
reorganization, reclassification, consolidation, merger, or sale of the
character referred to in Paragraph 4(e) hereof, the stock or other securities or
property provided for in such Paragraph.

                  5. ISSUE TAX. The issuance of certificates for Warrant Shares
upon the exercise of this Warrant shall be made without charge to the holder of
this Warrant or such shares for any issuance tax or other costs in respect
thereof, provided that the Company shall not be required to pay any tax which
may be payable in respect of any transfer involved in the issuance and delivery
of any certificate in a name other than the holder of this Warrant.

                                      -9-
<PAGE>   10

                  6. NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant
shall not entitle the holder hereof to any voting rights or other rights as a
shareholder of the Company. No provision of this Warrant, in the absence of
affirmative action by the holder hereof to purchase Warrant Shares, and no mere
enumeration herein of the rights or privileges of the holder hereof, shall give
rise to any liability of such holder for the Exercise Price or as a shareholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

                  7. TRANSFER, EXCHANGE, AND REPLACEMENT OF WARRANT.

                           (a) RESTRICTION ON TRANSFER. This Warrant and the
rights granted to the holder hereof are transferable, in whole or in part, upon
surrender of this Warrant, together with a properly executed assignment in the
form attached hereto, at the office or agency of the Company referred to in
Paragraph 7(e) below, provided, however, that any transfer or assignment shall
be subject to the conditions set forth in Paragraph 7(f) hereof and to all
applicable securities laws. Until due presentment for registration of transfer
on the books of the Company, the Company may treat the registered holder hereof
as the owner and holder hereof for all purposes, and the Company shall not be
affected by any notice to the contrary.

                           (b) WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS.
This Warrant is exchangeable, upon the surrender hereof by the holder hereof at
the office or agency of the Company referred to in Paragraph 7(e) below, for new
Warrants of like tenor representing in the aggregate the right to purchase the
number of shares of Common Stock which may be purchased hereunder, each of such
new Warrants to represent the right to purchase such number of shares as shall
be designated by the holder hereof at the time of such surrender.

                           (c) REPLACEMENT OF WARRANT. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction, or
mutilation of this Warrant and, in the case of any such loss, theft, or
destruction, upon delivery of an indemnity agreement reasonably satisfactory in
form and amount to the Company, or, in the case of any such mutilation, upon
surrender and cancellation of this Warrant, the Company, at its expense, will
execute and deliver, in lieu thereof, a new Warrant of like tenor.

                           (d) CANCELLATION; PAYMENT OF EXPENSES. Upon the
surrender of this Warrant in connection with any transfer, exchange, or
replacement as provided in this Paragraph 7, this Warrant shall be promptly
canceled by the Company. The Company shall pay all taxes (other than securities
transfer taxes) and all other expenses (other than legal expenses, if any,
incurred by the Holder or transferees) and charges payable in connection with
the preparation, execution, and delivery of Warrants pursuant to this Paragraph
7.

                           (e) REGISTER. The Company shall maintain, at its
principal executive offices (or such other office or agency of the Company as it
may designate by notice to the holder hereof), a register for this Warrant, in
which the Company shall record the name and address of the person in whose name
this Warrant has been issued, as well as the name and address of each transferee
and each prior owner of this Warrant.

                                      -10-
<PAGE>   11

                           (f) EXERCISE OR TRANSFER WITHOUT REGISTRATION. If, at
the time of the surrender of this Warrant in connection with any exercise,
transfer, or exchange of this Warrant, this Warrant (or, in the case of any
exercise, the Warrant Shares issuable hereunder), shall not be registered under
the Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such exercise, transfer, or
exchange, (i) that the holder or transferee of this Warrant, as the case may be,
furnish to the Company a written opinion of counsel, which opinion and counsel
are acceptable to the Company, to the effect that such exercise, transfer, or
exchange may be made without registration under said Act and under applicable
state securities or blue sky laws, (ii) that the holder or transferee execute
and deliver to the Company an investment letter in form and substance acceptable
to the Company and (iii) that the transferee be an "accredited investor" as
defined in Rule 501(a) promulgated under the Securities Act; provided that no
such opinion, letter or status as an "accredited investor" shall be required in
connection with a transfer pursuant to Rule 144 under the Securities Act. The
first holder of this Warrant, by taking and holding the same, represents to the
Company that such holder is an "accredited investor," and is acquiring this
Warrant for investment only and not with a view to the distribution thereof.

                  8. REGISTRATION RIGHTS. The initial holder of this Warrant is
entitled to the benefit of such registration rights in respect of the Warrant
Shares as are set forth in Section 2 of that certain Registration Rights
Agreement by and between the Company and RGC International Investors, LDC, dated
of even date herewith.

                  9. NOTICES. All notices, requests, and other communications
required or permitted to be given or delivered hereunder to the holder of this
Warrant shall be in writing, and shall be personally delivered, or shall be sent
by certified or registered mail or by recognized overnight mail courier, postage
prepaid and addressed, to such holder at the address shown for such holder on
the books of the Company, or at such other address as shall have been furnished
to the Company by notice from such holder. All notices, requests, and other
communications required or permitted to be given or delivered hereunder to the
Company shall be in writing, and shall be personally delivered, or shall be sent
by certified or registered mail or by recognized overnight mail courier, postage
prepaid and addressed, to the office of the Company at 67 Inverness Drive East,
Suite 100, Englewood, Colorado 80112, Attention: Chief Executive Officer, or at
such other address as shall have been furnished to the holder of this Warrant by
notice from the Company. Any such notice, request, or other communication may be
sent by facsimile, but shall in such case be subsequently confirmed by a writing
personally delivered or sent by certified or registered mail or by recognized
overnight mail courier as provided above. All notices, requests, and other
communications shall be deemed to have been given either at the time of the
receipt thereof by the person entitled to receive such notice at the address of
such person for purposes of this Paragraph 9, or, if mailed by registered or
certified mail or with a recognized overnight mail courier upon deposit with the
United States Post Office or such overnight mail courier, if postage is prepaid
and the mailing is properly addressed, as the case may be.

                  10. GOVERNING LAW. THIS WARRANT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO

                                      -11-
<PAGE>   12

APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF COLORADO
(WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS). BOTH PARTIES IRREVOCABLY
CONSENT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS AND
THE STATE COURTS LOCATED IN COLORADO WITH RESPECT TO ANY SUIT OR PROCEEDING
BASED ON OR ARISING UNDER THIS AGREEMENT, THE AGREEMENTS ENTERED INTO IN
CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND
IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH SUIT OR PROCEEDING MAY BE
DETERMINED IN SUCH COURTS. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES
FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL
SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN
ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY'S RIGHT TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A
FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY
OTHER LAWFUL MANNER.

                  11. MISCELLANEOUS.

                           (a) AMENDMENTS. This Warrant and any provision hereof
may only be amended by an instrument in writing signed by the Company and the
holder hereof.

                           (b) DESCRIPTIVE HEADINGS. The descriptive headings of
the several paragraphs of this Warrant are inserted for purposes of reference
only, and shall not affect the meaning or construction of any of the provisions
hereof.

                           (c) CASHLESS EXERCISE. Notwithstanding anything to
the contrary contained in this Warrant, if the resale of the Warrant Shares by
the holder is not then registered pursuant to an effective registration
statement under the Securities Act, this Warrant may be exercised by
presentation and surrender of this Warrant to the Company at its principal
executive offices with a written notice of the holder's intention to effect a
cashless exercise, including a calculation of the number of shares of Common
Stock to be issued upon such exercise in accordance with the terms hereof (a
"Cashless Exercise"). In the event of a Cashless Exercise, in lieu of paying the
Exercise Price in cash, the holder shall surrender this Warrant for that number
of shares of Common Stock determined by multiplying the number of Warrant Shares
to which it would otherwise be entitled by a fraction, the numerator of which
shall be the difference between the then current Market Price per share of the
Common Stock and the Exercise Price, and the denominator of which shall be the
then current Market Price per share of Common Stock.

                           (d) REMEDIES. The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the holder, by
vitiating the intent and purpose

                                      -12-
<PAGE>   13

of the transaction contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Warrant will
be inadequate and agrees, in the event of a breach or threatened breach by the
Company of the provisions of this Warrant, that the holder shall be entitled, in
addition to all other available remedies at law or in equity, to an injunction
or injunctions restraining, preventing or curing any breach of this Warrant and
to enforce specifically the terms and provisions thereof, without the necessity
of showing economic loss and without any bond or other security being required.

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
signed by its duly authorized officer.

                                          T-NETIX, INC.

                                          By:
                                             -----------------------------------
                                             Alvyn A. Schopp
                                             Chief Executive Officer

Dated as of April 17, 2000

                                      -13-
<PAGE>   14

                           FORM OF EXERCISE AGREEMENT

                            Dated: ________ __, 200_

To:      T-NETIX, Inc.

                  The undersigned, pursuant to the provisions set forth in the
within Warrant, hereby agrees to purchase ________ shares of Common Stock
covered by such Warrant, and makes payment herewith in full therefor at the
price per share provided by such Warrant in cash or by certified or official
bank check in the amount of, or, if the resale of such Common Stock by the
undersigned is not currently registered pursuant to an effective registration
statement under the Securities Act of 1933, as amended, by surrender of
securities issued by the Company (including a portion of the Warrant) having a
market value (in the case of a portion of this Warrant, determined in accordance
with Section 11(c) of the Warrant) equal to $_________. Please issue a
certificate or certificates for such shares of Common Stock in the name of and
pay any cash for any fractional share to:

Name:
           ----------------------------------------

Signature:
           ----------------------------------------
Address:
           ----------------------------------------

           ----------------------------------------

                                 Note: The above signature should correspond
                                 exactly with the name on the face of the within
                                 Warrant.

and, if said number of shares of Common Stock shall not be all the shares
purchasable under the within Warrant, a new Warrant is to be issued in the name
of said undersigned covering the balance of the shares purchasable thereunder
less any fraction of a share paid in cash.

<PAGE>   15

                               FORM OF ASSIGNMENT

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers all the rights of the undersigned under the within Warrant, with
respect to the number of shares of Common Stock covered thereby set forth
hereinbelow, to:

<TABLE>
<CAPTION>
Name of Assignee                            Address                             No of Shares
----------------                            -------                             ------------
<S>                                         <C>                                 <C>

</TABLE>

, and hereby irrevocably constitutes and appoints ______________ _______________
_________ as agent and attorney-in-fact to transfer said Warrant on the books of
the within-named corporation, with full power of substitution in the premises.

Dated:               , 200
      ---------------     --

In the presence of:

------------------------------------------

Name:
     -------------------------------------

Signature:
          --------------------------------

Title of Signing Officer or Agent (if any):

------------------------------------------

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

------------------------------------------

                                 Note: The above signature should correspond
                                 exactly with the name on the face of the within
                                 Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]