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                                                                    EXHIBIT 10.9

NEITHER THE SECURITY EVIDENCED BY THIS WARRANT NOR THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY APPLICABLE STATE SECURITIES ACT (COLLECTIVELY, THE
"SECURITIES LAWS"). THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE SOLD, OFFERED FOR SALE OR OTHERWISE TRANSFERRED UNLESS THE SECURITIES (I) ARE
REGISTERED UNDER THE SECURITIES LAWS OR (II) ARE EXEMPT FROM REGISTRATION UNDER
THE SECURITIES LAWS AND COMPANY IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY
TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

No. _____                                              WARRANT TO PURCHASE UP TO
ISSUED: NOVEMBER 4, 1998                          135,416 SHARES OF COMMON STOCK

                       THE F.A.S.T. MANAGEMENT GROUP, INC.

                          COMMON STOCK PURCHASE WARRANT

         THIS IS TO CERTIFY that, for value received by THE F.A.S.T. MANAGEMENT
GROUP, INC., a Washington corporation (the "Company") as described in a
Debenture of even date herewith (the "Debenture") made by Company in favor of
DEERWOOD ENTERPRISES, LTD. ("Holder") and subject to the terms and conditions of
this Warrant, Holder is entitled, until the date of the termination of this
Warrant as provided in Section 4 hereof (the "Exercise Period") to subscribe for
and purchase, upon exercise of this Warrant, up to one hundred thirty five
thousand four hundred and sixteen (135,416) fully paid and nonassessable shares
of Common Stock of Company (the "Warrant Stock") at the following prices (the
"Warrant Price"):

         (i) sixty two thousand five hundred (62,500) shares at a price of 32.00
per share ("Warrant 1"); and

         (ii) seventy two thousand nine hundred sixteen (72,916) shares at a
price of $1.7143 per share ("Warrant 2") (Warrant 1 and Warrant 2 shall
collectively be referred to herein as the "Warrant" or the "Warrants").

As used herein, the terms "Large Scale Financing" and "Event of Default" shall
have the meanings given them in the Debenture.

         This Warrant is subject to the following additional terms and
conditions:

         1. Method of Exercise. This Warrant may be exercised in whole at any
time or from time to time in part, but not as to a fractional share of Common
Stock, by delivering to Company, during the Exercise Period: (a) the attached
form of Election to Purchase, duly

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completed and executed by Holder, (b) this Warrant, and (c) payment of the
Warrant Price in cash or by check, for each share purchased.

         2. Delivery of Stock Certificates. Within ten (10) business days after
the exercise of this Warrant (in full or in part). Company, at its expense,
shall issue in the name of and deliver to Holder (a) a certificate or
certificates for the number of fully paid and nonassessable shares of Warrant
Stock to which Holder shall be entitled upon such exercise and (b) unless this
Warrant has expired, a new Warrant representing the number of shares (except a
remaining fractional share) of Warrant Stock, if any, with respect to which this
Warrant shall not have been exercised. Holder shall for all purposes be deemed
to have become the holder of record of such shares of Warrant Stock on the date
on which this Warrant is surrendered and payment on the Warrant Price is made,
irrespective of the date of delivery of the certificate or certificates
representing the Warrant Stock; provided that, if the date of such surrender and
payment is a date when the stock transfer books of Company are closed, such
person shall be deemed to have become the holder of record of such shares of
Warrant Stock at the close of business on the next succeeding date on which the
stock transfer books are open.

         3. Covenants as to Warrant Stock. Company covenants and agrees that ail
shares of Warrant Stock issued pursuant to the terms of this Warrant will, upon
their issuance, be validly issued and outstanding, fully paid and nonassessable.
Company further covenants and agrees that Company will at all times have
authorized and reserved a sufficient number of shares of its Common Stock to
provide for the exercise of the rights represented by this Warrant.

         4. Expiration. Warrant 1 shall be cancelled and all rights granted
hereunder shall terminate four (4) years after the date first written above.
Warrant 2 shall be cancelled and all rights granted hereunder shall terminate
seven (7) years (the date at which either Warrant 1 or Warrant 2 shall terminate
shall hereinafter be referred to as the "Termination Date"). Unless exercised on
or before the Termination Date, this Warrant shall be void and all rights
represented hereby shall cease. All restrictions set forth herein on the shares
of Common Stock issued upon exercise of any rights hereunder shall survive such
exercise and expiration of the rights granted hereunder.

         5. Adjustments Affecting Common Stock.

                  5.1 Antidilution Adjustments. If at any time while this
Warrant remains outstanding and unexpired, the outstanding Common Stock shall be
subdivided (by stock split, or otherwise), into a greater number of shares of
Common Stock, the Warrant Price then in effect shall, concurrently with the
effectiveness of such subdivision, be proportionately decreased. If the
outstanding Common Stock shall be combined or consolidated, by reclassification
or otherwise, into a lesser number of shares of Common Stock the Warrant Price
then in effect shall, concurrently with the effectiveness of such combination or
consolidation, be proportionately increased.

                   5.2 Reorganization; Reclassification. If at any time while
this Warrant remains outstanding and unexpired, the outstanding Common Stock
shall be changed into the

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same or a different number of shares of any other class or classes of stock,
whether by capital reorganization, reclassification or otherwise (other than a
subdivision or combination of shares provided for above), Company shall execute
a new Warrant, providing that Holder of this Warrant shall have the right to
exercise such new Warrant in substantially the form hereof, and upon such
exercise to receive, in lieu of each share of Common Stock theretofore issuable
upon exercise of this Warrant, the number and kind of shares of stock, other
securities, money or property receivable upon such reclassification or change by
a holder of shares of the Common Stock. Such new Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 5.

                  5.3 No Fractional Common Stock. No fractional Shares shall be
issued upon the exercise of this Warrant. In lieu of fractional shares, the
Company shall pay Holder a sum in cash equal to the fair market value of the
fractional shares (as determined by Company's Board of Directors) on the date of
exercise.

                  5.4 Adjustment for Sale of Shares.

                           5.4.1 If, at any time after the effective date of
this Agreement and before Holder exercises any Warrants hereunder and to the
extent that Holder has unexercised Warrants hereunder, the Company issues or
sells any shares of its Common Stock or securities convertible into Common
Stock, other than up to 700,000 shares of Common Stock reserved under the
Company's employee stock option plan, for a consideration per share less than
the price per share of the weighted average of the prices per share of the
number of shares exercisable pursuant to the Warrants hereunder (the "Lower
Priced Shares", then and in each such case, the price per share for the exercise
of the Warrants hereunder into the Common Stock will be reduced to a price
(calculated to the nearest cent) determined by multiplying the price per share
of the weighted average of the prices per share of the number of shares
exercisable pursuant to the Warrants hereunder by a fraction (1) the numerator
of which will be the number of shares of Common Stock outstanding, including
Common Stock issuable upon the exercise of the Warrants hereunder, plus the
700,000 shares of Common Stock reserved under the Company's employee stock
option plan, plus the number of shares of Common Stock that could be purchased
with the aggregate amount of. consideration received by the Company for the
issuance of the number of Lower Priced Shares at a price per share of the
weighted average of the prices per share of the number of shares exercisable
pursuant to the Warrants hereunder, and (2) the denominator of which will be the
number of shares of Common Stock outstanding, including Common Stock issuable
upon the exercise of the Warrants hereunder, plus the 700,000 shares of Common
Stock reserved under the Company's employee stock option plan, plus the number
of Lower Priced Shares proposed to be issued or sold is issued or sold; provided
that such fraction will in no event be greater than one.

                           5.4.2 For the purpose of making any adjustment in the
price per share for the exercise of the Warrants hereunder into the Common Stock
as provided above, the consideration received by the Company for any issue or
sale of Common Stock will be computed:

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                                    (a) to the extent it consists of cash, as
the amount of cash received by the Company before deduction of any offering
expenses payable by the Company and any underwriting or similar commissions,
compensation, or concessions paid or allowed by the Company in connection with
such issue or sale;

                                    (b) to the extent it consists of property
other than cash, at the fair market value of that property as determined in good
faith by the Company's Board of Directors; and

                                    (c) if Common Stock is issued or sold
together with other stock or securities or other assets of the Company for a
consideration which covers both, as the portion of the consideration so received
that may be reasonably determined in good faith by the Board of Directors to be
allocable to such Common Stock.

         6. Holder as Owner. Company may deem and treat Holder as the absolute
owner of this Warrant for all purposes regardless of any notice to the contrary.

         7. No Rights as Shareholder. This Warrant shall not entitle Holder to
any voting rights or any other rights as a shareholder of Company or to any
other rights whatsoever except the rights stated herein. No cash or stock
dividends or interest shall be payable or shall accrue in respect of this
Warrant or the Warrant Stock purchasable hereunder unless, until and only to the
extent that, this Warrant shall be exercised.

         8. Replacement. On receipt of evidence reasonably satisfactory to
Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of loss, theft or destruction, on delivery of an indemnity agreement or
bond reasonably satisfactory in form and amount to Company, or in the case of
mutilation, on surrender and cancellation of this Warrant, Company shall execute
and deliver, in lieu of this Warrant, a new Warrant of like denomination, tenor
and date as this Warrant.

         9. Restrictions on Transfer. Neither this Warrant nor any securities
purchased upon exercise of this Warrant may be transferred unless (a) such
transfer is registered under the Securities Act of 1933 as amended (the
"Securities Act") and any applicable state securities or blue sky laws, (b)
Company has received a legal opinion reasonably satisfactory to Company to the
effect that the transfer is exempt from the prospectus delivery and registration
requirements of the Securities Act and any applicable state securities or blue
sky laws, or (c) Company otherwise satisfies itself that such transfer is exempt
from registration.

         10. Legend. A legend setting forth or referring to the above
restrictions shall be placed on this Warrant, any replacement hereof and any
certificate representing a security issued pursuant to the exercise hereof and a
stop transfer restriction or order may be placed on the books of Company and
with any transfer agent until such securities may be legally sold or otherwise
transferred.

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         11. "Piggy-Back" Registration.

                  11.1 Election to Register Common Stock. If Company shall
determine to register its Common Stock in compliance with the Securities Act,
either for its own account or the account of any shareholder or shareholders
exercising their registration rights, other than a registration relating solely
to employee benefit plans, 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 Common Stock, Company will:

                           (a) promptly give Holder written notice thereof
(which shall include the number of shares that Company or other shareholder
proposes to register and, if known, the name of the proposed underwriter); and

                           (b) use its best efforts to include in such
registration all the shares of Common Stock specified in a written request or
requests, made by Holder within twenty (20) days after receipt of the written
notice from Company described in clause (a) above. If the total amount of Common
Stock that Company and all shareholders request to be included in such offering
exceeds the amount of securities that the underwriters reasonably believe can be
sold in the offering without adversely affecting the price per share of the
offering or otherwise adversely affecting the prospects of the offering, then
Company will include in such registration only the number of shams which, in the
opinion of such underwriters, can be sold in the following order-

                                    (1) first, the Common Stock sought to be
sold for the account of Company;

                                    (2) second, Common Stock requested to be
included in such registration (and if not all of the Common Stock may be
included in such registration, the number of shares of Common Stock that may be
included in the underwriting shall be allocated among all shareholders who
request that their Common Stock be included in such registration, in proportion
(as nearly as practicable) to the amount of Common Stock owned by each such
shareholder).

                  11.2 Selection of Underwriter; Expenses. Holder shall have no
right to participate in the selection of an underwriter for an offering made
pursuant to this Section 11. Company shall bear and pay all expenses incurred in
connection with any registration, filing or qualification of its Common Stock
with respect to the registrations made pursuant to this Section 11.

         12. The Company's Capitalization Representation. The authorized capital
stock of the Company consists of ten million (10,000,000) shares of Common
Stock, of which seven million (7,000,000) are issued and outstanding as of the
date hereof. The outstanding shares have been duly authorized and validly
issued, and are fully paid and nonassessable. All outstanding securities of the
Company were issued in compliance with applicable federal and state securities
laws. The Company has reserved seven hundred thousand (700,000) shares of Common
Stock

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for its employee stock option plan; one hundred forty-five thousand eight
hundred thirty-three (145,833) shares of Common Stock for the issuance upon
conversion of the Debenture; and one hundred thirty five thousand four hundred
and sixteen (135,416) shares of Common Stock for issuance upon exercise of the
Warrant. Other than the employee stock option plan, the Warrant, and the
Debenture, the Company does not have any outstanding capital stock or securities
convertible into or exchangeable for any shares of its capital stock, or any
outstanding rights (either preemptive or other) to subscribe for or to purchase,
or any outstanding rights or options for the purchase of, or any agreements
providing for the issuance (contingent or otherwise) of, or outstanding calls,
commitments or claims of any character relating to, any capital stock or any
stock or securities convertible into or exchangeable for any capital stock of
the Company. Except as provided in the employee stock option plan, the Warrant,
and the Debenture, the Company is not subject to any obligation (contingent or
otherwise) to repurchase or otherwise acquire or retire any shares o its capital
stock or any convertible securities, rights or options of the type described in
the preceding sentence.

         13. Successors and Assigns. Subject to the restrictions on transfer
described in Section 9 hereof, the rights and obligations of Company and Holder
of this Warrant shall be binding upon and inure to the benefit of the parties'
successors, assigns, heirs, administrators and permitted transferees.

         14. Amendment; Waiver. This Warrant and any of its terms may be
modified, amended, waived or terminated (except as provided in Section 4 hereof)
only by a written instrument signed by the party against whom enforcement or
that modification, amendment, waiver or termination is sought.

         15. Notices. All notices or other communications required or permitted
hereunder shall be in writing and shall be delivered in person or mailed by
United States mail, first-class postage prepaid, or by registered or certified
mail with return receipt requested, addressed as follows:

                  If to Holder:

                           Deerwood Enterprises, Ltd.
                           5177 Richmond
                           Suite 1166
                           Houston.  TX 77056

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                  If to Company:

                           The F.A.S.T. Management Group, Inc.
                           15440 NE 95th Street, Suite 240
                           Redmond, Washington 98052

Each of the parties shall be entitled to specify a different address by giving
five (5) business days' advance written notice to the other party.

         16. Investment Intent. By accepting this Warrant- Holder represents
that it is acquiring it for investment and not with a view to, or for sale in
connection with, any distribution thereof.

         17. Governing Law. The validity and interpretation of the terms and
provisions of this Warrant shall be governed by the laws of the State of
Washington.

         18. Severability. If any provision of this Warrant or the application
thereof to any person, place or circumstance shall be held by a court of
competent jurisdiction to be invalid, unenforceable or void, the remainder of
this Warrant and such provisions as applied to other persons, places and
circumstances shall remain in full force and effect.

         19. Interpretation. The descriptive headings of the several Sections of
this Warrant are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions thereof.

         20. Counterparts; Facsimile Signatures. This Agreement may be executed
simultaneously in any number of counterparts or executed and delivered by
facsimile transmission, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

         IN WITNESS WHEREOF, Company has executed this Warrant as of the date
first above written.

                                          THE F.A.S.T. MANAGEMENT GROUP, INC,
                                          a Washington corporation

                                          By         /s/ Charles M. Cosby
                                            ------------------------------------

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                              ELECTION TO PURCHASE

(To be executed only upon exercise of Warrant)

         The undersigned registered owner of the attached Warrant irrevocably
exercises Warrant for shares of Common Stock of THE F.A.S.T. MANAGEMENT GROUP,
INC., on the terms and conditions specified in the Warrant, and requests that a
certificate for the shares of Common Stock hereby purchased (and any securities
or other property issuable upon such exercise) be issued in the name of and
delivered to ____________________, whose address is ____________________, and,
if such shares of Common Stock shall not include all of the shares of Common
Stock into which the Warrant is exercisable, that a new Warrant of like tenor
and date for the balance of the shares of Common Stock issuable thereunder be
delivered to the undersigned.

Dated: __________

                                           ------------------------------------<PAGE>   1

                                                                   EXHIBIT 10.10

                             STOCK PURCHASE WARRANT

         This Warrant is issued as of this 21st day of May, 1999, by BUILDNET,
INC., a North Carolina corporation (the "Company"), to PETRA CAPITAL, LLC, a
Georgia limited liability company (Petra Capital, LLC and any subsequent
assignee or transferee hereof are hereinafter referred to collectively as
"Holder" or "Holders").

                                   AGREEMENT:

         Section 1. Issuance of Warrant; Term.

         (a) Petra Capital, LLC ("Petra") and Piedmont Venture Partners Limited
Partnership ("Piedmont") made a loan to the Company in the amount of $3,000,000
(the "Loan"). The portion of the Loan funded by Petra is evidenced by a Secured
Promissory Note dated October 8, 1998, in the original principal amount of
$2,000,000, payable to the order of Petra (together with any and all extensions,
replacements and renewals thereof, the "Note"), and the Loan was made pursuant
to a Loan and Security Agreement dated October 8, 1998 (as amended, supplemented
or otherwise modified from time to time, the "Loan Agreement"). In consideration
of the funding of $2,000,000 of the Loan, the receipt and sufficiency of which
are hereby acknowledged, the Company hereby grants to Holder the right to
purchase 12,000 shares of the Company's common stock (the "Common Stock.

         (b) The shares of Common Stock issuable upon exercise of this Warrant
are hereinafter referred to as the "Shares." This Warrant shall be exercisable
at any time and from time to time from the date hereof until October 7, 2007.

         Section 2. Exercise Price. The exercise price (the "Exercise Price")
per share for which all or any of the Shares may be purchased pursuant to the
terms of this Warrant shall be one cent ($.01).

         Section 3. Exercise.

         (a) This Warrant may be exercised by the Holder hereof (but only on the
conditions hereafter set forth) as to all or any increment or increments of one
hundred (100) Shares (or the balance of the Shares if less than such number),
upon delivery of written notice of intent to exercise to the Company at the
following address: 4815 Emperor Blvd., Suite 214, Durham, NC 27703, Attention:
Steve Thompson, or such other address as the Company shall designate in a
written notice to the Holder hereof, together with this Warrant and payment to
the Company of the aggregate Exercise Price of the Shares so purchased. The
Exercise Price shall be payable, at the option of the Holder, (i) by certified
or bank check, (ii) by the surrender of the Note or portion thereof having, an
outstanding principal balance equal to the aggregate Exercise Price. Upon
exercise of this Warrant as aforesaid, the Company shall as promptly as
practicable, and in any event within fifteen (15) days thereafter, execute and
deliver to the Holder of this Warrant a certificate or certificates for the
total number of whole Shares for which this Warrant is being exercised in such
names and denominations as are requested by such Holder. If this Warrant shall
be exercised with respect to less than all of the Shares, the Holder shall be
entitled to receive a new Warrant covering the number of Shares in

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respect of which this Warrant shall not have been exercised, which new Warrant
shall in all other respects be identical to this Warrant. The Company covenants
and agrees that it will pay when due any and all state and federal issue taxes
which may be payable in respect of the issuance of this Warrant or the issuance
of any Shares upon exercise of this Warrant.

         (b) In lieu of exercising this Warrant pursuant to Section 3(a) above,
the Holder shall have the right to require the Company to convert this Warrant
(as it may be adjusted pursuant to Section 5 hereof), in whole or in part and at
any time or times into Shares (the "Conversion Right"), upon delivery of written
notice of intent to convert to the Company at its address in Section 3(a) or
such other address as the Company shall designate in a written notice to the
Holder hereof, together with this Warrant. Upon exercise of the Conversion
Right, the Company shall deliver to the Holder (without payment by the Holder of
any Exercise Price) that number of Shares which is equal to the quotient
obtained by dividing (x) the net value of the number of Shares with respect to
which Holder is then exercising the Conversion Right (determined by subtracting
the aggregate Exercise Price for the Shares with respect to which Holder is then
exercising the Conversion Right from a number equal to the product of (i) the
Fair Market Value per Share (as such term is defined in Section 5(b)) as at such
time, multiplied by (ii) that number of Shares with respect to which Holder is
then exercising the Conversion Right), by (y) the Fair Market Value per Share.
Any references in any Warrants to the "exercise" of this Warrant, and the use of
the term exercise herein, shall be deemed to include (without limitation) any
exercise of the Conversion Right.

         Section 4. Covenants and Conditions. The above provisions are subject
to the following:

         (a) Neither this Warrant nor the Shares have been registered under the
Securities Act of 1933, as amended ("Securities Act") or any state securities
laws ("Blue Sky Laws"). This Warrant has been acquired for investment purposes
and not with a view to distribution or resale. Except for the Holder's intended
transfer to Petra Special Purpose, LLC (the "SPV") and the subsequent collateral
assignment by the SPV, this Warrant may not be pledged, hypothecated, sold, made
subject to a security interest, or otherwise transferred without (i) an
effective registration statement for such Warrant under the Securities Act and
such applicable Blue Sky Laws, or (ii) an opinion of counsel, which opinion and
counsel shall be reasonably satisfactory to the Company and its counsel, that
registration is not required under the Securities Act or under any applicable
Blue Sky Laws (the Company hereby acknowledges that Sherrard & Roe, PLC is
acceptable counsel). Transfer of Shares issued upon the exercise of this Warrant
shall be restricted in the same manner-and to the same extent as the Warrant,
and the certificates representing such Shares shall, subject to Section 6
hereof, bear substantially the following legend:

         THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
APPLICABLE STATE SECURITIES LAW AND MAY NOT BE TRANSFERRED UNTIL (1) A
REGISTRATION STATEMENT UNDER THE ACT OR SUCH APPLICABLE STATE SECURITIES LAWS
SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR (11) IN THE OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY, REGISTRATION UNDER SUCH SECURITIES ACTS OR
SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION WITH SUCH
PROPOSED TRANSFER.

                                       2
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The Holder hereof and the Company agree to execute such other documents and
instruments as counsel for the Company reasonably deems necessary to effect the
compliance of the issuance of this Warrant and any shares of Common Stock issued
upon exercise hereof with applicable federal and state securities laws.

         (b) The Company covenants and agrees that all Shares which may be
issued upon exercise of this Warrant will, upon issuance and payment therefor,
be legally and validly issued and outstanding, fully paid and nonassessable,
free from all taxes, liens, charges and preemptive rights (other than any
created by the Holder), if any, with respect thereto or to the issuance thereof.
The Company shall at all times reserve and keep available for issuance upon the
exercise of this Warrant such number of authorized but unissued shares of Common
Stock as will be sufficient to permit the exercise in full of this Warrant.

         Section 5. Adjustment of Exercise Price and Number of Shares Issuable.
The Exercise Price and the number of Shares (or other securities or property)
issuable upon exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of any of the events enumerated in this Section 5.

         (a) Common Stock Reorganization. If the Company shall (i) subdivide or
consolidate its outstanding shares of Common Stock (or any class thereof) into a
greater or smaller number of shares, (ii) pay a dividend or make a distribution
on its Common Stock (or any class thereof) in shares of its capital stock, or
(iii) issue by reclassification of its Common Stock (or any class thereof) any
shares of its capital stock (any such event described in clauses (i), (ii) or
(iii) being called a "Common Stock Reorganization"), then the Exercise Price and
the type of securities for which this Warrant is exercisable shall be adjusted
immediately such that the Holder thereafter shall be entitled to received upon
exercise of this Warrant the aggregate number and type of securities that it
would have received if this Warrant had been exercised immediately prior to such
Common Stock Reorganization.

         (b) Common Stock Distribution. If the Company shall issue, sell,
distribute or otherwise grant any shares of Common Stock, other than pursuant to
a Common Stock Reorganization (any such issuance, sale, distribution or grant
being herein called a "Common Stock Distribution"), for a consideration per
share less than the Fair Market Value per Share immediately prior to such Common
Stock Distribution, then the Exercise Price shall be reduced to the price
determined by multiplying such Exercise Price by a fraction, the numerator of
which shall be the sum of (A) the number of shares of Common Stock outstanding
immediately prior to such Common Stock Distribution plus the number of shares
issuable upon exercise of this Warrant and any Additional Warrants issued
pursuant to the Loan Agreement plus (B) the quotient obtained by dividing the
aggregate consideration, if any, received by the Company upon such Common Stock
Distribution by such Fair Market Value per Share, and the denominator of which
shall be the total number of shares of Common Stock outstanding immediately
after such Common Stock Distribution plus the number of shares issuable upon
exercise of this Warrant and any Additional Warrants issued pursuant to the Loan
Agreement. "Fair Market Value per Share" as of any time means the fair market
value of the Company as of such time divided by the number of outstanding shares
of Common Stock, as of such

                                       3
<PAGE>   4

time after giving effect to the exercise of this Warrant and any Additional
Warrants issued pursuant to the Loan Agreement.

         (c) Convertible Securities and Option Securities. If the Company shall
issue, sell, distribute or otherwise grant (including by assumption):

                  (i) any stock or other securities convertible into or
         exchangeable for Common Stock, whether or not the rights to exchange or
         convert thereunder are immediately exercisable such convertible or
         exchangeable stock or securities being herein called "Convertible
         Securities"), or

                  (ii) any rights to subscribe for or to purchase, or any
         warrants or options for the purchase of, Common Stock or Convertible
         Securities, whether or not immediately exercisable, other than (A) any
         Additional Warrants issued pursuant to the Loan Agreement, or (B)
         Permitted Plan Options (as defined below) (such rights, warrants or
         options being herein called "Option Securities"),

and the lowest aggregate consideration per share for which Common Stock is
issuable upon the exercise of such Convertible Securities or Option Securities
(and, if applicable, upon conversion or exchange of Convertible Securities
issuable upon exercise of Option Securities) shall be less than the Fair Market
Value per Share at such time, then the Exercise Price shall be reduced to the
price determined by multiplying such Exercise Price by a fraction, the numerator
of which shall be the sum of (A) the number of shares of Common Stock then
outstanding plus the number of shares issuable upon exercise of this Warrant and
any Additional Warrants issued pursuant to the Loan Agreement plus (B) the
quotient obtained by dividing the aggregate consideration, if any, received or
receivable by the Company upon such issuance, sale, distribution or grant by
such Fair Market Value per Share, and the denominator of which shall be the
total number of shares of Common Stock then outstanding plus the number of
shares issuable upon exercise of this Warrant and any Additional Warrants issued
pursuant to the Loan Agreement plus the total maximum number of shares issuable
upon exercise or conversion of such Convertible Securities or Option Securities
and, in the case of Option Securities to acquire Convertible Securities, upon
conversion or exchange of the total maximum amount of such Convertible
Securities issuable upon the exercise of such Option Securities. If any of such
Convertible Securities or Option Securities shall have terminated, lapsed or
expired prior to exercise, exchange or conversion, the Exercise Price then in
effect shall forthwith be readjusted (effective only with respect to any
exercise of Warrants after such readjustment) to the Exercise Price which would
then be in effect had the adjustment not been made upon the issuance, sale,
distribution or grant of such Convertible Securities or Option Securities. For
purposes hereof, "Permitted Plan Options" shall mean Option Securities issued
pursuant to the Company's 1997 Stock Plan; provided that the number of shares of
Common Stock issuable upon exercise thereof shall not exceed in the aggregate,
the sum of (i) 155,000 shares, less (ii) any shares of Common Stock issuable
upon the exercise of options granted under the Sun Forest Plan (net of any
options thereunder which have been canceled), in each case, adjusted to account
for any stock splits, subdivisions or the like.

         (d) Adjustment in Number of Shares. Upon each adjustment to the
Exercise Price pursuant to subsections (a), (b) or (c) this Section 5, this
Warrant shall thereafter evidence the right

                                       4
<PAGE>   5

to receive upon payment of the adjusted Exercise Price that number of Shares
obtained by multiplying the number of Shares previously issuable upon exercise
of this Warrant by a fraction the numerator of which is the Exercise Price prior
to adjustment and the denominator of which is the adjusted Exercise Price.

         (e) Non-Cash Consideration. If any shares of Common Stock, Option
Securities or Convertible Securities shall be issued, sold, distributed or
granted for a consideration other than cash, the amount of the consideration
other than cash received by the Company shall be deemed to be the fair market
value of such consideration, as determined in good faith by the Corporation's
Board of Directors. If any shares of Common Stock, Option Securities or
Convertible Securities shall be issued in connection with any merger in which
the Company is the surviving corporation, the amount of consideration therefor
shall be deemed to be the fair market value, as determined in good faith by the
Corporation's Board of Directors, of such portion of the assets and business of
the non-surviving corporation as shall be attributable to such Common Stock,
Option Securities or Convertible Securities, as the case may be.

         (f) Capital Reorganizations. If there shall be any consolidation,
merger or amalgamation of the Company with another person or entity or any
acquisition of capital stock of the Company by means of a share exchange, other
than a consolidation, merger or share exchange in which the Company is the
continuing corporation or any sale or conveyance of the property of the Company
as an entirety or substantially as an entirety, or any reorganization or
recapitalization of the Company (any such event being called a "Capital
Reorganization", then the Holder of this Warrant shall no longer have the right
to purchase Common Stock, but shall have instead the right to purchase, upon
exercise of this Warrant, the kind and amount of shares of stock and other
securities and property (including cash) which the Holder would have owned or
have been entitled to receive pursuant to such Capital Reorganization if this
Warrant had been exercised immediately prior to the effective date of such
Capital Reorganization. As a condition to effecting any Capital Reorganization,
the Company or the successor or surviving corporation, as the case may be, shall
assume by a supplemental agreement, reasonably satisfactory in form, scope and
substance to the Holder (which shall be mailed or delivered to the Holder of
this Warrant at the last address of such Holder appearing on the books of the
Company) the obligation to deliver to such Holder such shares of stock,
securities, cash or property as, in accordance with the foregoing provisions,
such Holder may be entitled to purchase, and all other obligations of the
Company set forth in this Warrant.

         (g) Determination of Fair Market Value. Subject to the provisions set
forth below, the fair market value of the Company or of any non-cash
consideration received by the Company upon any Common Stock Distribution shall
be determined in good faith by the Board of Directors of the Company. Upon each
such determination, the Company shall promptly give notice thereof to the
Holder, setting forth in reasonable detail the calculation of such fair market
value and the method and basis of determination thereof (the "Company
Determination"). If the Holder shall disagree with the Company Determination and
shall, by notice to the Company given within thirty (30) days after the
Company's notice of the Company Determination, elect to dispute the Company
Determination, the Company shall, within thirty (30) days after such notice,
engage an investment bank or other qualified appraisal firm acceptable to the
Holder to make an independent determination of the fair market value of the
Company or of any non-cash consideration received by the Company upon any Common
Stock Distribution (the "Appraiser Determination"). The Appraiser Determination
shall be

                                       5
<PAGE>   6

final and binding on the Company and the Holder. The cost of the Appraiser
Determination shall be borne by the Company.

         (h) Adjustment Rules. Any adjustments pursuant to this Section 5 shall
be made successively whenever an event referred to herein shall occur. No
adjustment shall be made pursuant to this Section 5: (i) in respect of the
issuance from time to time of shares of Common Stock upon the exercise of this
Warrant, (ii) in respect of the issuance from time to time of shares of Common
Stock upon the exercise of the Warrant to be issued to Piedmont, (iii) the
exercise or conversion of any other Option Securities or Convertible Securities,
or (iii) in respect of the issuance or exercise of any Additional Warrants (as
defined in the Loan Agreement).

         (i) Proceedings Prior to Any Action Requiring Adjustment. As a
condition precedent to the taking of any action which would require an
adjustment pursuant to this Section 5, the Company shall take any action which
may be necessary, including obtaining regulatory approvals or exemptions, in
order that (a) the Company may thereafter validly and legally issue as fully
paid and nonassessable all shares of Common Stock which the Holder of this
Warrant is entitled to receive upon exercise thereof.

         (j) Notice of Adjustment. Not less than 10 days prior to the record
date or effective date, as the case may be, of any action which requires or
might require an adjustment or readjustment pursuant to this Section 5, the
Company shall give notice to the Holder of such event, describing such event in
reasonable detail and specifying the record date or effective date, as the case
may be, and, if determinable, the required adjustment and the computation
thereof. If the required adjustment is not determinable at the time of such
notice, the Company shall give notice to the Holder of such adjustment and
computation promptly after such adjustment becomes determinable.

         Section 6. Transfer of Warrant. Subject to the provisions of Section 4
hereof, this Warrant may be transferred, in whole or in part, to any person or
business entity, by presentation of the Warrant to the Company with written
instructions for such transfer. Upon such presentation for transfer, the Company
shall promptly execute and deliver a new Warrant or Warrants in the form hereof
in the name of the assignee or assignees and in the denominations specified in
such instructions. The Company shall pay all expenses incurred by it in
connection with the preparation, issuance and delivery of Warrants under this
Section.

         Section 7. Warrant Holder Not Shareholder; Rights Offering; Preemptive
Rights. Except as otherwise provided herein, this Warrant does not confer upon
the Holder, as such, any right whatsoever as a shareholder of the Company. The
Company shall not grant any preemptive rights with respect to any of its capital
stock if such preemptive rights are exercisable upon exercise of this Warrant.

         Section 8. Observation Rights, Interim Dividends.

         (a) Observation Rights. The Holder of this Warrant shall receive notice
of and be entitled to attend or may send a representative to attend all meetings
of the Company's Board of Directors in a non-voting observation capacity and
shall receive a copy of all correspondence and

                                       6
<PAGE>   7

information delivered to the Company's Board of Directors, from the date hereof
until such time as the indebtedness evidenced by the Note has been paid in full.

         (b) Interim Dividends. If the Company pays a dividend or makes a
distribution to the holders of its capital stock of any securities (other than
capital stock) or property (including cash and securities of other companies) of
the Company, or any rights, options or warrants to purchase securities (other
than capital stock) or property (including securities of other companies) of the
Company, then, simultaneously with the payment of such dividend or the making of
such distribution, and as a condition precedent to its right to do so, it will
pay or distribute to the Holder of this Warrant an amount of property (including
without limitation cash) and/or securities (including without limitation
securities of other companies) of the Company as would have been received by
such Holder had it exercised this Warrant and received all of the Shares of
Common Stock issuable upon the exercise of this Warrant immediately prior to the
record date (or other applicable date) used for determining stockholders of the
Company entitled to receive such dividend or distribution. Anything in Section
to the contrary notwithstanding, no adjustment to the Exercise Price shall be
made for any distribution of Convertible Securities of the Company to the Holder
pursuant to the provisions of this Section 8.

         Section 9. Financial Statements and Reports. Unless the Company is
otherwise furnishing such information to the Holder hereof, from the date hereof
until the earlier to occur of (i) the exercise in full of this Warrant or (ii)
its termination, the Company shall deliver to the Holder the following financial
information:

         (a) within one hundred twenty (120) days after the end of each fiscal
year of Borrower, (A) audited consolidated financial statements of Borrower,
including a balance sheet as of the close of such fiscal year, an income
statement and statements of changes in stockholders' equity, and of cash flows
for such fiscal year, all in reasonable detail, prepared in accordance with GAAP
consistently applied, and with the report thereon of independent public
accountants, reasonably acceptable to Lender, and (B) unaudited consolidating
financial statements, including a balance sheet as of the close of such fiscal
year, an income statement and statements of changes in stockholders' equity, and
of cash flows for such fiscal year;

         (b) within thirty (30) days after the end of each calendar month, a
consolidated balance sheet of Borrower as of the close of such month and
consolidated statements of earnings and retained earnings of Borrower for such
month and for the prior months of the current fiscal year (on a year to date
basis), each compared to the same period in the previous fiscal year, all in
reasonable detail, and unaudited but prepared on the basis of GAAP consistently
applied (except for the absence of footnotes and subject to year-end
adjustments), together with a narrative status report of Borrower's management;
and

         (c) with reasonable promptness, such other financial data as Lender may
reasonably request.

         Section 10. Certain Notices. In case at any time the Company shall
propose to:

         (a) declare any cash dividend upon its Common Stock;

                                       7
<PAGE>   8

         (b) declare any dividend upon its Common Stock payable in stock or make
any special dividend or other distribution to the holders of its Common Stock;

         (c) offer for subscription to the holders of any of its Common Stock
any additional shares of stock in any class or other rights;

         (d) reorganize, or reclassify the capital stock of the Company, or
consolidate, merge or otherwise combine with, or sell all or substantially all
of its assets to, another corporation; or

         (e) voluntarily or involuntarily dissolve, liquidate or wind up of the
affairs of the Company;

then, in any one or more of said cases, the Company shall give to the Holder, by
certified or registered mail, (i) at least twenty (20) days' prior written
notice of the date on which the books of the Company shall close or a record
shall be taken for such dividend, distribution or subscription rights or for
determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, and (ii) in the case of such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up, at least
twenty (20) days prior written notice of the date when the same shall take
place. Any notice required by clause (i) shall also specify, in the case of any
such dividend, distribution or subscription rights, the date on which the
holders of Common Stock shall be entitled thereto, and any notice required by
clause (ii) shall specify the date on which the holders of Common Stock shall be
entitled to exchange their Common Stock for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding up, as the case may be.

         Section 11. Put Right.

         (a) The Company hereby irrevocably grants and issues to Holder the
right and option to sell to the Company (the "Put") this Warrant or the Shares
with respect to which this Warrant is exercisable, in whole or part, at any time
after May 31, 2006 at a purchase price (the "Purchase Price") equal to the Put
Value (as hereinafter defined) of the shares of Common Stock issuable to Holder
upon exercise of this Warrant.

         (b) The Company shall pay to the Holder, in cash or certified or
cashier's check, the Purchase Price within thirty (30) days of the receipt of
written notice from the Holder stating its intention to exercise the Put and the
number of shares with respect to which it is then exercising the Put (the "Put
Securities").

         (c) The Put Value shall by equal to the fair market value of the
Company (determined pursuant to Section 5(g) of this Warrant) multiplied by a
fraction, the numerator of which shall be the number of Put Securities and the
denominator of which shall be the number of shares of Common Stock then
outstanding (including the Put Securities and after giving effect to the
conversion of any Convertible Securities then outstanding).

                                       8
<PAGE>   9

                  [Remainder of Page Intentionally Left Blank]

                                       9
<PAGE>   10

                   [SIGNATURE PAGE TO STOCK PURCHASE WARRANT]

         IN WITNESS WHEREOF, the parties hereto have set their hands as of the
date first above written.

                                         BUILDNET, INC.

                                         By: /s/ Keith T. Brown
                                         Name:  Keith T. Brown
                                         Title:  President and CEO

                                         Attest:  /s/ J. William Waddell
                                         Name:  J. William Waddell
                                         Title:  Secretary

                                         PETRA  CAPITAL, LLC, a Georgia limited
                                         liability company

                                         By:   Petra Capital Management, LLC,
                                               Manager

                                         By: /s/ Petra Capital Management, LLC
                                         Name:  Petra Capital Management, LLC
                                         Title: Authorized Representative

                                       10

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