Document:

<PAGE>   1
                                                                  EXECUTION COPY

                                 AMENDMENT NO. 3

                                       TO

                           SECOND AMENDED AND RESTATED

                         MULTICURRENCY CREDIT AGREEMENT

                            DATED AS OF JULY 27, 1999

          THIS AMENDMENT NO. 3 TO SECOND AMENDED AND RESTATED MULTICURRENCY
CREDIT AGREEMENT ("Amendment") is made as of October 27, 2000 by and among
BRIGHTPOINT, INC., BRIGHTPOINT INTERNATIONAL LTD. (collectively, the
"Borrowers"), the guarantors from time to time party thereto (the "Guarantors"),
the financial institutions listed on the signature pages hereof as lenders (the
"Lenders"), BANK ONE, INDIANA, NATIONAL ASSOCIATION, in its individual capacity
as a Lender and as administrative agent (the "Administrative Agent") on behalf
of the Lenders under that certain Second Amended and Restated Multicurrency
Credit Agreement dated as of July 27, 1999 by and among the Borrowers, the
Guarantors, the Lenders and the Administrative Agent as amended by Amendment No.
1 thereto dated as of March 30, 2000 and Amendment No. 2 thereto dated as of
June 28, 2000 (as so amended and as further amended, modified, supplemented or
restated, the "Credit Agreement"). Defined terms used herein and not otherwise
defined herein shall have the meaning given to them in the Credit Agreement.

                                   WITNESSETH

          WHEREAS, the Borrowers, the Guarantors, the Lenders and the
Administrative Agent are parties to the Credit Agreement;

          WHEREAS, the Borrowers have requested that the Lenders amend the
Credit Agreement in certain respects; and

          WHEREAS, the Lenders and the Administrative Agent are willing to amend
the Credit Agreement on the terms and conditions set forth herein;

          NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrowers, the Guarantors, the Lenders and the Administrative Agent have agreed
to the following amendment to the Credit Agreement.

     1. Amendment to Credit Agreement. Effective as of the date hereof and
subject to the satisfaction of the conditions precedent set forth in Section 2
below, the Credit Agreement is hereby amended as follows:

     1.1. Section 1.1 of the Credit Agreement is amended to delete the
definition of "Borrowing Base" therein in its entirety and to substitute the
following therefor:

<PAGE>   2

          "BORROWING BASE" means, as of any date of calculation and subject to
the Initial Borrowing Base Adjustment, an amount, as set forth on the most
current Borrowing Base Certificate delivered to the Administrative Agent, equal
to the sum of: (i) up to eighty-five percent (85%) of the Gross Amount of
Eligible Receivables; plus (ii) the lesser of (a) up to fifty percent (50%) of
the Gross Amount of Eligible Inventory and (b) $70,000,000; plus (iii) the
Dollar Amount of all cash or Cash Equivalents pledged as security for the
Secured Facility Letters of Credit.

     1.2. Section 6.3 of the Credit Agreement is hereby amended to delete the
terms of Clause (F) thereof in their entirety and to substitute the following
therefor:

          (F) Restricted Junior Payments. Neither Brightpoint nor any of its
     Subsidiaries shall declare or make any Restricted Junior Payment, except:

          (i) payments made in connection with the repurchase of Capital Stock
     or other Equity Interests in Brightpoint or any of its Subsidiaries from
     any Person in connection with the termination (voluntarily or
     involuntarily) of such Person's employment with Brightpoint or any of its
     Subsidiaries which, in the aggregate, exceed the aggregate amount received
     by Brightpoint or any of its Subsidiaries from the contemporaneous resale
     or reissuance of such interests by not more than $1,000,000;

          (ii) payments of customary and reasonable fees and expense
     reimbursements to members of the board of directors of Brightpoint and any
     Subsidiary;

          (iii) Restricted Junior Payments made by any Subsidiary of Brightpoint
     to Brightpoint or any other Subsidiary of Brightpoint;

          (iv) Restricted Junior Payments as set forth on Schedule 6.3(F); and

          (v) Restricted Junior Payments consisting of simultaneous or a series
     of prepayments or redemptions of the LYONS in an aggregate amount for such
     prepayments or redemptions not to exceed $40,000,000 in aggregate purchase
     price (without regard to the face amount of the LYONS being purchased and
     without including in such calculation commissions or fees payable in
     connection with such prepayments or redemptions provided such commissions
     and fees do not exceed $1,500,000 in the aggregate);

          provided, however, that the Restricted Junior Payments described in
     clauses (i) and (v) shall not be permitted if either a Default or an
     Unmatured Default shall have occurred and be continuing at the date of
     declaration or payment thereof or would result therefrom.

     1.3. Section 6.4 of the Credit Agreement is hereby amended to delete the
terms of Clause (D)(1) thereof in their entirety and to substitute the following
therefor:

               (1) Brightpoint shall not permit the ratio ("Adjusted Leverage
     Ratio") of (i) the sum of (a) Indebtedness of Brightpoint and its
     consolidated Subsidiaries for borrowed money, plus (b) Capitalized Lease
     Obligations minus (c) the lesser of (i) the

                                       2
<PAGE>   3

     Dollar Amount of all cash or Cash Equivalents pledged as security for the
     Secured Facility Letters of Credit and (ii) the aggregate amount available
     for drawing under the Secured Facility Letters of Credit to (ii) EBITDA as
     at the end of any of the fiscal quarter to be greater than (A) 4.50 to 1.00
     for each fiscal quarter which ends prior to the date of consummation of any
     Restricted Junior Payment permitted pursuant to Section 6.3(F)(v) and (B)
     4.25 to 1.00 for each fiscal quarter which ends on or after the date of
     consummation of any Restricted Junior Payment permitted pursuant to Section
     6.3(F)(V). The Adjusted Leverage Ratio shall be calculated as set forth in
     clause (3) below.

     1.4. Exhibit J to the Credit Agreement is amended to delete the terms
thereof in their entirety and to substitute the like-lettered Exhibit to this
Amendment therefor.

     2. Conditions of Effectiveness. This Amendment shall become effective and
be deemed effective as of October 27, 2000, if, and only if, the Administrative
Agent shall have received each of the following:

          (a) duly executed originals of this Amendment from the Borrowers, the
     Guarantors and the Required Lenders;

          (b) a fee in the amount of 12.5 basis points multiplied by the
     Commitment of each Lender which has approved the terms of this Amendment on
     or prior to 5:00 p.m. (Indianapolis time) on Monday, October 23, 2000,
     payable to the Administrative Agent for the account of such Lenders;

          (c) the separate fee agreed to between Brightpoint, the Administrative
     Agent and the Arranger payable to the Administrative Agent in accordance
     with the letter agreement entered into with respect thereto;

          (d) such other documents, instruments and agreements as the
     Administrative Agent may reasonably request.

     3. Representations and Warranties of the Borrowers. The Borrowers hereby
represent and warrant as follows:

          (a) This Amendment and the Credit Agreement as previously executed and
     as amended hereby, constitute legal, valid and binding obligations of the
     Borrowers and are enforceable against the Borrowers in accordance with
     their terms.

          (b) Upon the effectiveness of this Amendment, (i) no Default or
     Unmatured Default has occurred and is continuing and (ii) the Borrowers
     hereby reaffirm all covenants, representations and warranties made in the
     Credit Agreement and other Loan Documents, to the extent the same are not
     amended hereby, and agree that all such covenants, representations and
     warranties shall be deemed to have been remade as of the effective date of
     this Amendment.

                                       3
<PAGE>   4

     4. Reference to the Effect on the Credit Agreement.

          (a) Upon the effectiveness of Section 1 hereof, on and after the date
     hereof, each reference in the Credit Agreement to "this Agreement,"
     "hereunder," "hereof," "herein" or words of like import shall mean and be a
     reference to the Credit Agreement, as amended previously and as amended
     hereby.

          (b) Except as specifically amended and waived above, the Credit
     Agreement and all other documents, instruments and agreements executed
     and/or delivered in connection therewith shall remain in full force and
     effect, and are hereby ratified and confirmed.

          (c) The execution, delivery and effectiveness of this Amendment shall
     not, except as expressly provided herein, operate as a waiver of any right,
     power or remedy of the Administrative Agent or any of the Lenders, nor
     constitute a waiver of any provision of the Credit Agreement or any other
     documents, instruments and agreements executed and/or delivered in
     connection therewith.

     5. Costs and Expenses. The Borrowers agree to pay all reasonable costs,
fees and out-of-pocket expenses (including attorneys' fees and expenses charged
to the Administrative Agent) incurred by the Administrative Agent in connection
with the preparation, arrangement, execution and enforcement of this Amendment.

     6. Governing Law. This Amendment shall be governed by and construed in
accordance with the internal laws (as opposed to the conflict of law provisions)
of the State of Illinois.

     7. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

     8. Counterparts. This Amendment may be executed by one or more of the
parties to the Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. A facsimile signature page hereto sent to the Administrative Agent
or the Administrative Agent's counsel shall be effective as a counterpart
signature provided each party executing such a facsimile counterpart agrees to
deliver originals to the Administrative Agent thereof.

     9. No Strict Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Amendment, the Credit Agreement and the
other Loan Documents. In the event an ambiguity or question of intent or
interpretation arises, this Amendment, the Credit Agreement and the other Loan
Documents shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Amendment, the Credit
Agreement or any of the other Loan Documents.

                                       4
<PAGE>   5

     10. Reaffirmation of Guaranties and other Loan Documents. Each of the
Guarantors, without in any way establishing a course of dealing, as evidenced by
its signature below, hereby consents to the execution and delivery of this
Amendment by the parties hereto, (ii) agrees that this Amendment shall not limit
or diminish the obligations of such Guarantor under the Credit Agreement or any
other Loan Documents, (iii) reaffirms its obligations under the Credit Agreement
and other Loan Documents, and (iv) agrees that such obligations remain in full
force and effect and is hereby ratified and confirmed.

                  [Remainder of this Page Intentionally Blank]

                                       5
<PAGE>   6
     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and
year first above written.

                              BRIGHTPOINT, INC.,
                              as a Borrower and Guarantor

                              By: /s/ Steven E. Fivel
                                  ------------------------------
                                      Name:  Steven E. Fivel
                                      Title: Executive Vice President,
                                             General Counsel and Secretary

                              BRIGHTPOINT INTERNATIONAL LTD.,
                              as a Borrower and Guarantor

                              By: /s/ Steven E. Fivel
                                  ------------------------------
                                      Name:  Steven E. Fivel
                                      Title: Executive Vice President, Secretary

                              BRIGHTPOINT LATIN AMERICA, INC.,
                              as a Guarantor

                              By: /s/ Steven E. Fivel
                                  ------------------------------
                                      Name:  Steven E. Fivel
                                      Title: Executive Vice President,
                                             General Counsel and Secretary

                              WIRELESS FULFILLMENT SERVICES LLC,
                              as a Guarantor

                              By: BRIGHTPOINT, INC., its Manager

                              By: /s/ Steven E. Fivel
                                  ------------------------------
                                      Name:  Steven E. Fivel
                                      Title: Executive Vice President,
                                             General Counsel and Secretary

                              BRIGHTPOINT AUSTRALIA PTY LIMITED,
                              as a Subsidiary Borrower and a Guarantor

                              By: /s/ Steven E. Fivel
                                  ------------------------------
                                      Name:  Steven E. Fivel
                                      Title: Director

<PAGE>   7
                              BRIGHTPOINT CHINA LIMITED,
                              as a Subsidiary Borrower and a Guarantor

                              By:  /s/ Steven E. Fivel
                                  ------------------------------
                                       Name:  Steven E. Fivel
                                       Title: Director

                              BANK ONE, INDIANA, NATIONAL
                              ASSOCIATION, as the
                              Administrative Agent, the Swing
                              Line Lender, an Issuing Lender
                              and as a Lender

                              By:  /s/ Rahul Sawhney
                                  ------------------------------
                                       Name:  Rahul Sawhney
                                       Title: Vice President

<PAGE>   8

                                    ABN AMRO BANK N.V.,
                                    as the Alternate Currency Lender

                                    By:  /s/ Laurie D. Flom
                                         -----------------------------
                                             Name:  Laurie D. Flom
                                             Title: Senior Vice President

                                    By:  /s/ Mary L. Honda
                                         -----------------------------
                                             Name:  Mary L. Honda
                                             Title: Group Vice President

<PAGE>   9

                                    FLEET NATIONAL BANK
                                    as a Lender

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

<PAGE>   10

                                    FIRST UNION NATIONAL BANK,
                                    as a Lender

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

<PAGE>   11
                                    SUNTRUST BANK (Successor to SUNTRUST BANK OF
                                    CENTRAL FLORIDA, NATIONAL ASSOCIATION), as
                                    a Lender

                                    By:  /s/ Molly J. Drennan
                                         -----------------------------
                                             Name:  Molly J. Drennan
                                             Title:  Director

<PAGE>   12

                                 THE BANK OF NOVA SCOTIA,
                                 as a Lender

                                 By:  /s/ F.C.H. Ashby
                                      -----------------------------
                                          Name:  F.C.H. Ashby
                                          Title: Senior Manager Loan Operations

<PAGE>   13

                                    THE PROVIDENT BANK,
                                    as a Lender

                                    By:  /s/ Robert C. Olds
                                         -----------------------------
                                             Name:  Robert C. Olds
                                             Title: Vice President

<PAGE>   14
                                    THE BANK OF TOKYO-MITSUBISHI, LTD.
                                    CHICAGO BRANCH,
                                    as a Lender

                                    By:  /s/ Hisashi Miyashiro
                                         -----------------------------
                                             Name:  Hisashi Miyashiro
                                             Title: Deputy General Manager

<PAGE>   15

                                THE FUJI BANK, LIMITED,
                                as a Lender

                                By:  /s/ Peter L. Chinnici
                                     -----------------------------
                                         Name:  Peter L. Chinnici
                                         Title:  Senior Vice President &
                                                  Group Head

<PAGE>   16

                                    NATIONAL CITY BANK OF INDIANA,
                                    as a Lender

                                    By:  /s/ Thomas R. Groh
                                         -----------------------------
                                             Name:  Thomas R. Groh
                                             Title: Assistant Vice President

<PAGE>   17

                                    NATIONAL BANK OF CANADA,
                                    as a Lender

                                    By:  /s/ Thomas E. Roberts
                                         -----------------------------
                                             Name:  Thomas E. Roberts
                                             Title: Vice President

<PAGE>   18

                                    EXHIBIT J

                       Form of Borrowing Base Certificate

                                    Attached

<PAGE>   19
                           BORROWING BASE CERTIFICATE

     TO:  Bank One, Indiana, National Association, as Administrative Agent
          Corporate Banking
          One Indiana Square
          Suite IN1-7028
          Indianapolis, IN 46266
          Attention:  William Herrick

I.   RECEIVABLE CALCULATIONS

<TABLE>
<S>                                                                                  <C>
     A.   ELIGIBLE RECEIVABLES

     1.   Face Amount of All Receivables                                              $_____________

     2.   Less:  Receivables aged over 90 days from
                 due date or 120 from invoice date                                   ($____________)

     3.   Less:  Receivables owing from one
                 Account Debtor if cross-aged
                      (50% cross-age test)                                           ($____________)

     4.   Less:  Affiliate Receivables                                               ($____________)

     5.   Less:  Non-Complying Federal
                 Governmental Receivables                                            ($____________)

     6.   Less:  State and Municipal Receivables                                     ($____________)

     7.   Less:  Foreign Receivables                                                 ($____________)

     8.   Less:  Receivables subject to
                 offset or counterclaim                                              ($____________)

     9.   Less:  Other Ineligible Receivables                                        ($____________)

     10.  Total of Ineligible Receivables (Sum of Lines (A)(2)
          through (A)(9))                                                            ($____________)

     11.  ELIGIBLE RECEIVABLES (LINE (A)(1) MINUS (A)(10)                             $_____________

     B.   GROSS AMOUNT OF ELIGIBLE RECEIVABLES

     1.   Eligible Receivables (Item (A)(11) above)                                   $_____________

     2.   Less:  all finance charges, late fees and other fees that are unearned     ($____________)
</TABLE>

<PAGE>   20

<TABLE>
<S>                                                                                  <C>
     3.   Less:  value of any accrual which has been recorded by
          Brightpoint with respect to downward price adjustments                     ($____________)

     4.   Less:  Warranty reserve                                                    ($____________)

     5.   Less:  Administrative Agent reserves, if any                               ($____________)

6.   GROSS AMOUNT OF ELIGIBLE RECEIVABLES (SUM OF (B)(1) THROUGH
          (B)(5))                                                                     $_____________

     C.   AVAILABILITY FROM ELIGIBLE RECEIVABLES
          (85% OF LINE (B)(6))                                      =                 $_____________

II.  INVENTORY CALCULATIONS

A.   ELIGIBLE INVENTORY

     1.   Total Inventory (Lower of FIFO or Market)                                   $_____________

     2.   Less:  Obsolete inventory                                                  ($____________)

     3.   Less:  Disqualified inventory (determined by Administrative
                 Agent to be ineligible due to age, type, category
                 and/or quantity)                                                    ($____________)

     4.   Less:  Packaging materials and supplied                                    ($____________)

     5.   Less:  Consigned inventory                                                 ($____________)

     6.   Less:  Equipment not compatible with U.S. phone
                    systems                                                          ($____________)

     7.   Less:  Goods in transit                                                    ($____________)

     8.   Less:  Inventory at non-permissible locations                              ($____________)

     9.   Less:  Other Ineligible Inventory                                          ($____________)

     10.  Total of Ineligible Inventory (Sum of Lines (A)(2)
          through (A)(9))                                                            ($____________)

     11.  ELIGIBLE INVENTORY (LINE (A)(1) MINUS (A)(10)                               $_____________

B.   GROSS AMOUNT OF ELIGIBLE INVENTORY

     1.   Eligible Inventory (Item (A)(11) above)                                     $_____________

     2.   Less: Reserves for obsolete, slow-moving or
                excess Inventory                                                     ($____________)
</TABLE>

                                       2
<PAGE>   21
<TABLE>
<S>                                                                                   <C>
     3.   Less:  Administrative Agent reserves, if any                               ($____________)

     4.   GROSS AMOUNT OF ELIGIBLE INVENTORY
          ((B)(1) MINUS SUM OF (B)(2) AND (B)(3))                                     $_____________

     C.   AVAILABILITY FROM ELIGIBLE INVENTORY
          (LESSER OF $70,000,000 AND 50% OF LINE (B)(4))   =                          $_____________

III.      COLLATERAL SECURING FACILITY L/CS

     A.   Dollar Amount of all cash or Cash Equivalents
          pledged as security for the Secured Facility Letters of Credit              $_____________

III. BORROWING BASE (SUM OF (I)(C) + (II)(C) + III(A))=                               $_____________
</TABLE>

          Pursuant to, and in accordance with, the terms and provisions of that
certain Second Amended and Restated Multicurrency Credit Agreement (as the same
may from time to time be amended, modified, supplemented or restated, the
"Credit Agreement") dated as of July 27, 1999, among Brightpoint, Inc.,
Brightpoint International Ltd., the Guarantors from time to time party thereto,
the financial institutions from time to time party thereto as Lenders and Bank
One, Indiana, National Association, as Administrative Agent, the undersigned, is
executing and delivering to the Administrative Agent this Borrowing Base
Certificate accompanied by supporting data (collectively referred to as
"Certificate"). The undersigned warrants and represents to the Administrative
Agent and the Lenders that this Certificate is true, correct, and based on
information contained in the undersigned's own records. The undersigned, by the
execution of this Certificate, hereby ratifies, confirms and affirms all of the
terms, conditions and provisions of the Credit Agreement, and further certifies
on the date of this certificate, that the undersigned is in compliance with said
Credit Agreement.

Date:
      -------------, -----
BRIGHTPOINT, INC.

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

                                       3<PAGE>   1

                                                                     EXHIBIT 4.8

THIS WARRANT AND THE SECURITIES PURCHASED ON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL EITHER (i) A REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME
EFFECTIVE WITH REGARD THERETO, OR (ii) THE CORPORATION SHALL HAVE RECEIVED AN
OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION AND ITS COUNSEL THAT AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR APPLICABLE STATE
SECURITIES LAWS IS AVAILABLE IN CONNECTION THEREWITH.

Warrant to Purchase                                        Warrant No. 2000-4
470,035 Shares

                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                           AER ENERGY RESOURCES, INC.

         THIS CERTIFIES that ELMWOOD PARTNERS II, a Delaware limited partnership
("Holder") or any subsequent holder hereof, has the right to purchase from AER
Energy Resources, Inc., a Georgia corporation (the "Company"), up to 470,035
fully paid and nonassessable shares of the Company"s Common Stock, no par value
("Common Stock"), at the Exercise Price (as defined herein), subject to
adjustment as provided below, at any time on or before 5:00 p.m., Atlanta,
Georgia time, on September 30, 2005.

         This Warrant is issued and all rights hereunder shall be held subject
to all of the conditions, limitations and provisions set forth herein.

         1.       Exercise.

                  This Warrant may be exercised as to all or any lesser number
of full shares of Common Stock covered hereby upon surrender of this Warrant,
with the Subscription Form attached hereto duly executed, together with the full
Exercise Price in cash, or by certified or official bank check payable in New
York Clearing House Funds or wire transfer payable in immediately available
federal funds for each share of Common Stock as to which this Warrant is
exercised, at the office of the Company, AER Energy Resources, Inc., 4600
Highlands Parkway, Suite G, Smyrna, GA 30082, or at such other office or agency
as the Company may designate in writing (such surrender and payment hereinafter
called the "Exercise of this Warrant"). The "Date of Exercise" of the Warrant
shall be defined as the date that the original Warrant and Subscription Form are
received by the Company. This Warrant shall be canceled upon its Exercise, and,
as soon as practicable thereafter, the Holder hereof shall be entitled to
receive a certificate or certificates for the number of shares of

<PAGE>   2

Common Stock purchased upon such Exercise and a new Warrant or Warrants
(containing terms identical to this Warrant) representing any unexercised
portion of this Warrant. Each person in whose name any certificate for shares of
Common Stock is issued shall, for all purposes, be deemed to have become the
Holder of record of such shares on the Date of Exercise of this Warrant,
irrespective of the date of delivery of such certificate. Nothing in this
Warrant shall be construed as conferring upon the Holder hereof any rights as a
shareholder of the Company.

         2.       Payment of Warrant Exercise Price.

                  Payment of the Exercise Price may be made by any of the
following, or a combination thereof, at the election of Holder:

         (i)      cash, certified check or cashier's check or wire transfer
payable in immediately available federal funds; or

         (ii)     surrender of this Warrant at the principal office of the
Company together with notice of election, in which event the Company shall issue
Holder a number of shares of Common Stock computed using the following formula:

                                    X = Y (A-B)/A

where: X = the number of shares of Common Stock to be issued to Holder (not to
exceed the number of shares set forth on the cover page of this Warrant, as
adjusted pursuant to the provisions of Section 5 of this Warrant).

                  Y = the number of shares of Common Stock for which this
                  Warrant is being exercised.

                  A = the Market Price of one share of Common Stock (for
                  purposes of this Section 2(ii), the "Market Price" shall be
                  defined as the average closing bid price of the Common Stock
                  for the five trading days prior to the Date of Exercise of
                  this Warrant (the "Five-Day Average Closing Bid Price"), as
                  reported on the Nasdaq National Market, or if the Common Stock
                  is not traded on the Nasdaq National Market, the Five-Day
                  Average Closing Bid Price in the over-the-counter market;
                  provided, however, that if the Common Stock is listed on a
                  stock exchange, the Market Price shall be the Five-Day Average
                  Closing Bid Price on such exchange).

                  B = the Exercise Price.

It is intended that the Common stock issuable upon exercise of this Warrant in a
cashless exercise transaction shall be deemed to have been acquired at the time
this Warrant was issued, for purposes of Rule 144(d)(3)(ii).

                                      -2-
<PAGE>   3

         3.       Exercise Price.

                  The Exercise Price shall initially be $0.886 per share.
However, if 120% of the average closing bid price of a share of Common Stock (as
reported on any tier of The Nasdaq Stock Market, Inc., including the
Over-the-Counter Bulletin Board automated quotation system or on a national
securities exchange) for 20 consecutive trading days ending on September 26,
2001 (the "20-Day Average Closing Bid Price"), is less than the Exercise Price,
then the Exercise Price shall be adjusted to equal the greater of (i) 120% of
the 20-Day Average Closing Bid Price or (ii) $0.554. Notwithstanding the
foregoing, in the event that the Exercise Price is adjusted pursuant to this
Section 3, no such adjustment shall be made to the number of Shares of Common
Stock that may be received upon the Exercise of this Warrant.

         4.       Transfer and Registration.

                  Subject to the provisions of Section 8 of this Warrant, this
Warrant may be transferred on the books of the Company, wholly or in part, in
person or by attorney, upon surrender of this Warrant properly endorsed, with
signature guaranteed. This Warrant shall be canceled upon such surrender and, as
soon as practicable thereafter, the person to whom such transfer is made shall
be entitled to receive a new Warrant or Warrants as to the portion of this
Warrant transferred, and the Holder of this Warrant shall be entitled to receive
a new Warrant or Warrants as to the portion hereof retained.

         5.       Anti-Dilution Adjustments.

         (a)      If the Company shall at any time declare a dividend payable in
shares of Common Stock, then the Holder hereof, upon Exercise of this Warrant
after the record date for the determination of Holders of Common Stock entitled
to receive such dividend, shall be entitled to receive upon Exercise of this
Warrant, in addition to the number of shares of Common Stock as to which this
Warrant is Exercised, such additional shares of Common stock as such Holder
would have received had this Warrant been Exercised immediately prior to such
record date.

         (b)      If the Company shall at any time effect a recapitalization or
reclassification of such character that the shares of Common stock shall be
changed into or become exchangeable for a larger or smaller number of shares,
then upon the effective date thereof, the number of shares of Common Stock which
the Holder hereof shall be entitled to purchase upon Exercise of this Warrant
shall be increased or decreased, as the case may be, in direct proportion to the
increase or decrease in the number of shares of Common Stock by reason of such
recapitalization or reclassification, and the Exercise Price shall be, in the
case of an increase in the number of shares, proportionately decreased and, in
the case of a decrease in the number of shares, proportionally increased.

         (c)      If the Company shall at any time distribute to Holders of
Common Stock cash, evidences of indebtedness or other securities or assets
(other than cash dividends or distributions payable out of earned surplus or net
profits for the current or preceding year) then, in any such case, the Holder of
this Warrant shall be entitled to receive, upon Exercise of this Warrant, with
respect to each share of Common Stock issuable upon such Exercise, the amount of
cash or evidences of

                                      -3-
<PAGE>   4

indebtedness or other securities or assets which such Holder would have been
entitled to receive with respect to each such share of Common stock as a result
of the happening of such event had this Warrant been Exercised immediately prior
to the record date or other date fixing shareholders to be affected by such
event (the "Determination Date") or, in lieu thereof, if the Board of Directors
of the Company should so determine at the time of such distribution, a reduced
Exercise Price determined by multiplying the Exercise Price on the Determination
Date by a fraction, the numerator of which is the result of such Exercise Price
reduced by the value of such distribution applicable to one share of Common
stock (such value to be determined by the Board in its discretion) and the
denominator of which is such Exercise Price.

         (d)      If the Company shall at any time consolidate or merge with any
other corporation or transfer all or substantially all of its assets or
dissolve, then the Company shall deliver written notice to the Holder of such
merger, consolidation or sale of assets or dissolution at least thirty (30) days
prior to the closing of such merger, consolidation or sale of assets or
dissolution, and this Warrant shall terminate and expire immediately prior to
the closing of such merger, consolidation or sale of assets or dissolution.

         (e)      As used in this Warrant, the term "Exercise Price" shall mean
the purchase price per share specified in Section 3 of this Warrant until the
occurrence of an event stated in Section 5(b) or 5(c) and thereafter shall mean
said price as adjusted from time to time in accordance with the provisions of
said sections. No such adjustment pursuant to Section 5(b) or 5(c) shall be made
unless such adjustment would change the Exercise Price at the time by $.01 or
more; provided, however, that all adjustments not so made shall be deferred and
made when the aggregate thereof would change the Exercise Price at the time by
$.01 or more. No adjustment made pursuant to any provision of this Section 5
shall have the effect of increasing the total consideration payable upon
Exercise of this Warrant in respect of all the Common Stock as to which this
Warrant may be exercised.

         (f)      In the event that at any time, as a result of an adjustment
made pursuant to this Section 5, the Holder of this Warrant shall, upon Exercise
of this Warrant, become entitled to receive shares and/or other securities or
assets (other than Common Stock) then, wherever appropriate, all references
herein to shares of Common Stock shall be deemed to refer to and include such
shares and/or other securities or assets; and thereafter the number of such
shares and/or other securities or assets shall be subject to adjustment from
time to time in a manner and upon terms as nearly equivalent as practicable to
the provisions of this Section 5.

         6.       Fractional Interests.

                  No fractional shares or scrip representing fractional shares
shall be issuable upon the Exercise of this Warrant, but on Exercise of this
Warrant, the Holder hereof may purchase only a whole number of shares of Common
Stock. The Company shall make a payment in cash in respect of any fractional
shares which might otherwise be issuable upon Exercise of this Warrant,
calculated by multiplying the fractional share amount by the market price of the
Company"s Common Stock on the Date of Exercise as reported on the Nasdaq
National Market or such other exchange or system on which the Company"s Common
Stock is traded.

                                      -4-
<PAGE>   5

         7.       Reservation of Shares.

                  The Company shall at all times reserve for issuance such
number of authorized and unissued shares of Common Stock (or other securities
substituted therefor as herein above provided) as shall be sufficient for
Exercise of this Warrant. The Company covenants and agrees that upon Exercise of
this Warrant, all shares of Common Stock issuable upon such Exercise shall be
duly and validly issued, fully paid, nonassessable and not subject to preemptive
rights of any shareholders.

         8.       Restrictions on Transfer.

                  This Warrant and the Common Stock issuable on Exercise hereof
have been or will be acquired by the Holder hereof for investment for its own
account and not with a view to the distribution thereof, have not been
registered under the Securities Act of 1933, as amended (the "Act"), or under
any state securities laws (the "State Acts") and may not be sold, transferred,
pledged, hypothecated or otherwise disposed of in the absence of registration or
the availability of an exemption from registration under the Act and any
applicable State Acts and, in the event a Holder believes an exemption from the
registration requirements of the Act and any applicable State Acts is available,
the Holder must deliver a legal opinion satisfactory in form and substance to
the Company and its counsel, stating that such exemption is available. All
shares of Common Stock issued upon Exercise of this Warrant shall bear an
appropriate legend to such effect. Holder has represented to the Company that it
and any transferee of all or any portion of this Warrant is and will remain at
all times while this Warrant is outstanding an "accredited investor" as defined
in Regulation D promulgated under the Act.

         9.       Benefits of this Warrant.

                  Nothing in this Warrant shall be construed to confer upon any
person other than the Company and the Holder of this Warrant any legal or
equitable right, remedy or claim under this Warrant and this Warrant shall be
for the sole and exclusive benefit of the Company and the Holder of this
Warrant.

         10.      Applicable Law.

                  This Warrant is issued under and shall for all purposes be
governed by and construed in accordance with the laws of the State of Georgia.
Jurisdiction for any dispute regarding this Warrant lies in Georgia.

         11.      Loss of Warrant.

                  Upon receipt by the Company of evidence of the loss, theft,
destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of indemnity or security reasonably satisfactory to the Company,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
shall execute and deliver a new Warrant of like tenor and date.

                                      -5-
<PAGE>   6

         12.      Purchase Agreement.

                  This Warrant is issued and sold pursuant to that certain
Securities Purchase Agreement dated as of September 27, 2000 (the "Purchase
Agreement"). The Holder shall be entitled to all of the rights and benefits and
subject to all of the obligations of a Purchaser under the Purchase Agreement,
including without limitation, rights with respect to registration under the Act.
The terms of the Purchase Agreement are hereby incorporated herein for all
purposes and shall be considered a part of this Warrant as if they had been
fully set forth herein.

         13.      Notice to Company and Holder.

                  Notices or demands pursuant to this Warrant to be given or
made by the Holder of this Warrant to or on the Company shall be sufficiently
given or made if sent by certified or registered mail, return receipt requested,
postage prepaid, and addressed, until another address is designated in writing
by the Company, AER Energy Resources, Inc., 4600 Highlands Parkway, Suite G,
Smyrna, GA 30082, Attention: Chief Executive Officer. Notices or demands
pursuant to this Warrant to be given or made by the Company to or on the Holder
of this Warrant shall be sufficiently given or made if sent by certified or
registered mail, return receipt requested, postage prepaid, and addressed to the
Holder as follows: Elmwood Partners II, 12651 Elmwood Avenue, Cleveland, Ohio
44111, Attn: John Lindseth.

                        (signature follows on next page)

                                      -6-
<PAGE>   7

         IN WITNESS WHEREOF, this Warrant is hereby executed effective as of the
date set forth below.

Dated as of September 27, 2000.

                                  AER ENERGY RESOURCES, INC.

                                  By:      /s/       J.T. Moore
                                    -------------------------------------------
                                     J.T. Moore
                                     Vice President and Chief Financial Officer

                                      -7-
<PAGE>   8

                                SUBSCRIPTION FORM

                         TO: AER ENERGY RESOURCES, INC.

         The undersigned hereby irrevocably exercises the right to purchase
_______________ shares of Common Stock of AER Energy Resources, Inc., a Georgia
corporation, evidenced by the attached Warrant, and herewith makes payment of
the Exercise Price with respect to such shares in full, all in accordance with
the conditions and provisions of said Warrant.

         The undersigned represents that it is an "accredited investor" as
defined in Regulation D under the Securities Act of 1933, as amended, agrees not
to offer, sell, transfer or otherwise dispose of any of such Common Stock,
except in accordance with the provisions of Section 8 of the Warrant, and
consents that the following legend may be affixed to the certificates for the
Common Stock hereby subscribed for, if such legend is applicable:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933, as amended (the
         "Securities Act"), or any state securities law, and may not be sold,
         transferred, pledged, hypothecated or otherwise disposed of until
         either (i) a registration statement under the Securities Act and
         applicable state securities laws shall have become effective with
         regard thereto, or (ii) the corporation shall have received an opinion
         of counsel acceptable to the corporation and its counsel that an
         exemption from registration under the Securities Act or applicable
         state securities laws is available in connection therewith."

         The undersigned requests that certificates for such shares be issued,
and a warrant representing any unexercised portion thereof be issued, pursuant
to the Warrant in the name of the Registered Holder and delivered to the
undersigned at the address set forth below:

[  ]              The undersigned hereby elects to make payment of the Exercise
                  Price through a cashless exercise pursuant to Section 2(ii) of
                  the Warrant.

(Check Box if
applicable)

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

--------------------------------------------------------------------------------
                         Signature of Registered Holder

--------------------------------------------------------------------------------
                        Name of Registered Holder (Print)

--------------------------------------------------------------------------------
                                     Address

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

The attached Warrant and the securities issuable on exercise thereof have not
been registered under the Securities Act of 1933, as amended, or any state
securities law and may not be sold, transferred, pledged, hypothecated or
otherwise disposed of in the absence of registration or the availability of an
exemption from registration under said Act or any state securities law.

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

<PAGE>   9

                                   ASSIGNMENT

                    (To be executed by the registered Holder
                        desiring to transfer the Warrant)

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant hereby sells,
assigns and transfers unto the person or persons below named the right to
purchase ____________ shares of the Common Stock of AER ENERGY RESOURCES, INC.
evidenced by the attached Warrant and does hereby irrevocably constitute and
appoint _____________________________ attorney to transfer the said Warrant on
the books of the Company, with full power of substitution in the premises.

Dated:
      ---------------------------------      ----------------------------------
                                                    Signature

Fill in for new Registration of Warrant:     Signature Guarantee:

----------------------------------------     ----------------------------------
                  Name                               Name of Guarantor

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

Please print name and address of assignee
(including zip code)

--------------------------------------------------------------------------------
NOTICE

The signature to the foregoing Subscription Form or Assignment must correspond
to the name as written upon the face of the attached Warrant in every
particular, without alteration or enlargement or any change whatsoever.

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]