Document:

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                                                                  EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

                  This employment agreement (the "EMPLOYMENT AGREEMENT") is made
this 28th day of January, 2000 (the "EFFECTIVE DATE"), by and between Richard L.
Dunn (the "EMPLOYEE") and Dycom Industries, Inc., a Florida corporation (the
"COMPANY"), pursuant to the terms hereof.

         1.       EMPLOYMENT.

                  Subject to the terms and conditions hereof, as of the
Effective Date, the Company hereby agrees to employ the Employee as the
Company's Vice President and Chief Financial Officer. The Employee agrees to
perform such specific duties and accept such responsibilities as the board of
directors of the Company (the "Board") and the Chief Executive Officer may from
time to time establish that are reasonably related and consistent with the
Employee's position as a senior officer of the Company. The Employee shall
report directly to the Chief Executive Officer. The Employee hereby accepts
employment by the Company as Vice President and Chief Financial Officer, subject
to the terms and conditions hereof, and agrees to devote his full business time
and attention to his duties hereunder, to the best of his abilities.

         2.       TERM OF EMPLOYMENT.

                  The term of the Employee's employment pursuant to the
Employment Agreement shall commence on the Effective Date and shall terminate
upon the earlier of (i) termination pursuant to paragraph 5 hereof or (ii) the
third anniversary of the Effective Date (the "EMPLOYMENT TERM").

         3.       COMPENSATION, BENEFITS AND EXPENSES.

                  (a) During the Employment Term, the Company shall pay the
Employee a base annual salary of $215,000 (the "BASE SALARY"). Payment will be
made on the regularly scheduled pay dates of the Company, subject to all
appropriate withholdings or other deductions required by applicable law or by
the Company's established policies applicable to employees of the Company. The
Board may increase the Base Salary in its sole discretion, but shall not reduce
the Base Salary below the rate established by the Employment Agreement without
the Employee's written consent.

                  (b) During the Employment Term, the Employee shall be entitled
to participate in the Company's annual incentive plan, under which the Employee
shall be eligible to receive an annual target bonus equal to an amount between
twenty percent (20%) and fifty percent (50%) of Base Salary if certain
performance criteria and measures are satisfied, as determined by and within the
sole discretion of the Board.

                  (c) The Company shall promptly reimburse the Employee upon
receipt of appropriate documentation for all reasonable and customary relocation
expenses that he may incur in relocating to Palm Beach Gardens, Florida in an
amount not to exceed $5,000.

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                  (d) During the Employment Term, in addition to the
compensation payable to the Employee as described above, the Employee shall be
entitled to participate in all the employee benefit plans or programs of the
Company that are available to senior executives of the Company generally and
such other benefit plans or programs in accordance with the terms thereof, as
may be specified by the Board ("EMPLOYEE BENEFITS").

                  (e) As of the Effective Date, the Board shall grant the
Employee options (the "OPTIONS") to acquire 25,000 shares of common stock of the
Company, pursuant to the Company's 1998 Incentive Stock Option Plan (the "OPTION
PLAN"). Such grant shall be subject to the terms and conditions of the award
agreement for the Option Plan, attached hereto as Exhibit A. In addition, during
the Employment Term, the Employee shall be eligible for subsequent annual option
grants under the Option Plan, or any such successor stock option plan, at the
time such grants are made under the Option Plan to management employees of the
Company generally, with a targeted grant of between 6,000 to 8,000 shares per
year, as determined by and within the sole discretion of the Board.
Notwithstanding any provision in the Option Plan or any successor stock option
plan to the contrary, in the event the Employee's employment is terminated by
the Company, the employee shall be afforded the opportunity to exercise all
vested Options for a period of ninety (90) days following the date of such
termination.

                  (f) During the Employment Term, the Company shall reimburse
the Employee for such reasonable out-of-pocket expenses as he may incur from
time to time for and on behalf of the furtherance of the Company's business,
PROVIDED that the Employee submits to the Company satisfactory documentation or
other support for such expenses in accordance with the Company's expense
reimbursement policy.

         4.       COVENANTS OF THE EMPLOYEE.

                  (a) The Employee agrees with the Company that, during the
Employment Term, the Employee shall not directly or indirectly, whether as a
proprietor, partner, joint venturer, employer, agent, employee, consultant,
officer or beneficial or record owner of more than one percent (1%) of the stock
of any corporation or association of any nature, engage in any business which is
competitive to the business conducted by the Company, its subsidiaries or its
affiliates (collectively, the "COMPANIES"), in any geographic area in which the
Companies have engaged or will engage during the Employment Term (including,
without limitation, any area in which any customer of the Companies may be
located).

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                  (b) The Employee agrees with the Company that at no time
during the Employment Term, or following his termination of employment with the
Company, will the Employee directly or indirectly divulge to any person, entity
or other organization or appropriate for the Employee's own use or for the use
of others any trade secrets or confidential information or confidential
knowledge pertaining to the business of the Companies (collectively, the
"PROPRIETARY INFORMATION"). The Employee shall retain all copies and extracts of
any written confidential information acquired or developed by him during his
employment for the sole benefit of the Companies. The Employee further agrees
that he will not remove or take from the Companies' premises (or, if previously
removed or taken, he will, at the Company's request, promptly return) any
written confidential information or any copies or extracts thereof. The Employee
shall promptly make all disclosures, execute all instruments and papers, and
perform all acts reasonably necessary to vest and confirm to the Company, fully
and completely, all rights created or contemplated by this paragraph 4(b).

                  (c) In the event the Employee resigns his employment with the
Company for any reason, or if the Company terminates his employment without
Cause (as defined below), the Employee separately agrees, being fully aware that
the performance of the Employment Agreement is important to preserve the present
value of the property and business of the Company that for a period of twelve
(12) calendar months following such termination or the balance of the Employment
Term, whichever is less (the "RESTRICTED PERIOD"), the Employee shall not
directly or indirectly engage in any business, whether as proprietor, partner,
joint venturer, employer, agent, employee, consultant, officer or beneficial or
record owner of more than one percent (1%) of the stock of any corporation or
association of any nature which is competitive to the business conducted by the
Companies, in the geographical service area in which the Companies have engaged
or will engage during such period (including, without limitation, any area in
which any such customer of the Companies may be located).

                  (d) As a separate and independent covenant, the Employee
agrees with the Company that, for so long as the Employee is employed by the
Company and for the Restricted Period, he will not in any way, directly or
indirectly, for the purpose of conducting or engaging in any competitive
business with the Companies, call upon, solicit, advise or otherwise do, or
attempt to do, business with any person who is, or was, during the then most
recent 12-month period, a customer of the Companies, or solicit, induce, hire,
attempt to hire, interfere with or attempt to interfere with, any person who is,
or was during the then most recent 12-month period, an employee, officer,
representative or agent of the Companies.

                  (e) The Employee agrees that the breach by the Employee of any
of the foregoing covenants is likely to result in immediate and irreparable
harm, directly or indirectly, to the Companies. The Employee, therefore,
consents and agrees that if the Employee violates any of such covenants, the
Companies shall be entitled, among and in addition to any other rights or
remedies available under the Employment Agreement or at law or in equity, to
temporary and permanent injunctive relief, without bond or other security, to
prevent the Employee from committing or continuing a breach of such covenants.
Such injunctive relief in any court shall be available to the Companies, in lieu
of, or prior to or pending determination in, any arbitration proceeding.

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                  (f) It is the desire, intent and agreement of the Employee and
the Company that the restrictions placed on the Employee by this paragraph 4 be
enforced to the fullest extent permissible under the law and public policy
applied by any jurisdiction in which enforcement is sought. Accordingly, if and
to the extent that any portion of this paragraph 4 shall be adjudicated to be
unenforceable, such portion shall be deemed amended to delete therefrom or to
reform the portion thus adjudicated to be invalid or unenforceable, such
deletion or reformation to apply only with respect to the operation of such
portion in the particular jurisdiction in which such adjudication is made.

                  (g) Except with respect to the equitable relief contemplated
under paragraph 4(e), any controversy or claim arising out of or relating to the
Employment Agreement shall be resolved by arbitration in Palm Beach County,
Florida, in accordance with the rules then in effect of the American Arbitration
Association, and judgment upon the award rendered may be entered in any court
having jurisdiction thereon. The prevailing party in any such arbitration
proceeding will be reimbursed by the other party hereto for its reasonable
attorney fees and fees and costs incurred attributable to such arbitration.

         5.       TERMINATION.

                  (a) TERMINATION FOR CAUSE. The Company shall have the right to
terminate the Employee's employment at any time and for any reason. If the
Employee is terminated for Cause (as defined below), the Company shall not have
any obligation to pay the Employee any Base Salary or other compensation or to
provide any employee benefits subsequent to the date of such Employee's
termination of employment (unless required by applicable law), including,
without limitation, Severance Benefits (as defined in paragraph 5(b) hereof).
Termination for "CAUSE" shall mean termination of employment for any of the
following reasons:

                  (i) The Employee entering a plea of no-contest with respect
                  to, or being convicted by a court of competent and final
                  jurisdiction of, any crime, whether or not involving the
                  Companies, that constitutes a felony in the jurisdiction
                  involved; or

                  (ii) any willful misconduct by the Employee that is injurious
                  to the financial condition or business reputation of the
                  Company.

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                  (b) TERMINATION WITHOUT CAUSE. Subject to the provisions of
paragraph 5(c), if, prior to the expiration of the Employment Term, the Company
terminates the Employee's employment without Cause, the Company shall, subject
to the Employee's execution of a general release of claims against the Company
in a form satisfactory to the Company, provide the Employee with Severance
Benefits. "SEVERANCE BENEFITS" mean (i) the Base Salary (at the rate then in
effect thirty (30) days prior to such termination) for twelve (12) months,
PROVIDED, HOWEVER, that if the Employee is entitled to more than twelve (12)
months of severance payments pursuant to the Company's severance plan, if any,
he will be entitled to receive the severance payments payable under such
severance plan (such period being referred to hereunder as the "SEVERANCE
PERIOD"), at such intervals as the same would have been paid had the Employee
remained in the active service of the Company, and (ii) the Company shall also
provide the Employee and his eligible dependents with group medical and life
insurance after termination of the Employee's employment without Cause (to the
extent such eligible dependents were participating in the Company's group
medical and life insurance programs prior to the Employee's termination of
employment), until the Employee becomes eligible for similar coverage as the
result of the Employee accepting another position with a new employer or until
the termination of the Severance Period, whichever shall occur first.

                  (c) CONDITIONS APPLICABLE TO SEVERANCE PERIOD. If, during the
Severance Period, the Employee breaches any of his obligations under the
Employment Agreement (including, but not limited to, paragraph 4), the Company
may, upon written notice to the Employee terminate the Severance Period and
cease to make any payments or provide the benefits in paragraph 5(b).

                  (d) RESIGNATION BY THE EMPLOYEE. In the event the Employee
resigns his employment with the Company, the Employee: (i) shall provide the
Company with sixty (60) days' prior written notice; (ii) shall not make any
public announcements concerning his resignation prior to the resignation date
without the written consent of the Company and (iii) shall continue to perform
faithfully the duties assigned to him under the Employment Agreement (or such
other duties as the Company or Board may assign to the Employee) from the date
of such notice until the termination date. In addition, in the event the
Employee resigns his employment with the Company for any reason, the Company
shall not have any obligation to pay the Employee any Base Salary or other
compensation or to provide any employee benefits subsequent to the date of such
Employee's termination of Employment (unless required by applicable law),
including, without limitation, Severance Benefits (as defined in paragraph 5(b)
hereof).

                  (e) TERMINATION UPON DEATH OR DISABILITY. Unless otherwise
terminated earlier pursuant to the terms of the Employment Agreement, the
Employee's employment under the Employment Agreement shall terminate upon his
death and may be terminated by the Company upon giving not less than thirty (30)
days' written notice to the Employee in the event that the Employee, because of
physical or mental disability or incapacity, is unable to perform (or, in the
opinion of a physician, is reasonably expected to be unable to perform) his
duties hereunder for an aggregate of one hundred eighty (180) days during any
twelve-month period ("DISABLED"). All questions arising with respect to whether
the Employee is Disabled shall be determined by a reputable physician mutually
selected by the Company and the Employee at the time such question arises. If
the Company and the Employee cannot agree upon the selection of a physician
within a period of seven (7) days after such question arises, then the Chief of
Staff of Good Samaritan Hospital in Palm Beach County, Florida shall be asked to
select a physician to make such determination. The determination of the
physician selected pursuant to the above provisions of this paragraph 5(e) as to
such matters shall be conclusively binding upon the parties hereto.

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                  (f) TERMINATION UPON A CHANGE OF CONTROL. In the event of a
"Change of Control," notwithstanding any provisions in the Option Plan or any
successor stock option plan to the contrary, all outstanding Options under the
Option Plan or any successor stock option plan, to the extent not already
vested, shall become fully and immediately vested as of the date of the
occurrence of a Change of Control. For purposes of the Employment Agreement, a
"CHANGE OF CONTROL" shall be deemed to have occurred with respect to the Company
if any one or more of the following events occur:

                  (i) A tender offer is made and consummated for the ownership
                  of fifty percent (50%) or more of the outstanding voting
                  securities of the Company;

                  (ii) a "person," within the meaning of Section 3(a)9 or
                  Section 13(d) (as in effect on the date hereof) of the
                  Securities Exchange Act of 1934, shall acquire fifty percent
                  (50%) or more of the outstanding voting securities of the
                  Company;

                  (iii) substantially all of the assets of the Company are sold
                  or transferred to another person, corporation or entity that
                  is not a wholly owned subsidiary of the Company; or

                  (iv) a change in the Board such that a majority of the seats
                  on the Board are occupied by individuals who were neither
                  nominated by a majority of the directors of the Company as of
                  the close of business on the Effective Date nor appointed by
                  directors so nominated.

         6.       ASSIGNMENT AND SUCCESSION.

                  (a) The services to be rendered and obligations to be
performed by the Employee under the Employment Agreement are special and unique,
and all such services and obligations and all of the Employee's rights under the
Employment Agreement are personal to the Employee and shall not be assignable or
transferable. In the event of the Employee's death, however, the Employee's
personal representative shall be entitled to receive any and all payments then
due under the Employment Agreement.

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                  (b) The Employment Agreement shall inure to the benefit of and
be binding upon and enforceable by the Company and the Employee and their
respective successors, permitted assigns, heirs, legal representatives,
executors, and administrators. If the Company shall be merged into or
consolidated with another entity, the provisions of the Employment Agreement
shall be binding upon and inure to the benefit of the entity surviving such
merger or resulting from such consolidation. The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to expressly assume and agree to perform the Employment Agreement in
the same manner that the Company would be required to perform it if no such
succession had taken place. The provisions of this paragraph 6(b) shall continue
to apply to each subsequent Company of the Employee hereunder in the event of
any subsequent merger, consolidation, or transfer of assets of such subsequent
Company.

         7.       NOTICES.

                  All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by cable,
telegram or telex or by registered or certified mail (postage prepaid, return
receipt requested) to the respective parties at the following addresses (or at
such other address for a party as shall be specified in a notice given in
accordance with this paragraph 7):

         if to the Company:

         Dycom Industries, Inc.
         First Union Center, Suite 500
         4440 PGA Boulevard
         Palm Beach Gardens, Florida  33410
         Attention:  Marc R. Tiller

         if to the Employee:

         Mr. Richard L. Dunn
         2921 S.W. 120th Road
         Miami, Florida  33175

         8.       WAIVER OF BREACH.

                  (a) The waiver by the Company or the Employee of a breach of
any provision of the Employment Agreement shall not operate or be construed as a
waiver by such party of any subsequent breach.

                  (b) The parties hereto recognize that the laws and public
policies of various jurisdictions may differ as to the validity and
enforceability of covenants similar to those set forth herein. It is the
intention of the parties that the provisions hereof be enforced to the fullest
extent permissible under the laws and policies of each jurisdiction in which
enforcement may be sought, and that the unenforceability (or the modification to
conform to such laws or policies) of any provisions hereof shall not render
unenforceable, or impair, the remainder of the provisions hereof. Accordingly,
if, at the time of enforcement of any provision hereof, a court of competent
jurisdiction holds that the restrictions stated herein are unreasonable under
circumstances then existing, the parties hereto agree that the maximum period,
scope or geographic area reasonable under such circumstances will be substituted
for the stated period, scope or geographical area and that such court shall be
allowed to revise the restrictions contained herein to cover the maximum period,
scope and geographical area permitted by law.

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         9.       AMENDMENT.

                  The Employment Agreement may be amended only by a written
instrument signed by all parties hereto.

         10.      FULL SETTLEMENT.

                  The Company's obligation to pay the Employee the amounts
required by the Employment Agreement shall be absolute and unconditional and
shall not be affected by any circumstances, including, without limitation, any
setoff, counterclaim, recoupment, defense or other right which the Company may
have against the Employee or anyone else. All payments and benefits to which the
Employee is entitled under the Employment Agreement shall be made and provided
without offset, deduction, or mitigation on account of income that the Employee
may receive from employment from the Company or otherwise.

         11.      OTHER SEVERANCE BENEFITS.

                  In consideration for the payments to be made to the Employee
under the Employment Agreement, in the event the Employee receives twelve (12)
months of severance payments pursuant to Section 5(b) of the Employment
Agreement, the Employee agrees to waive any and all rights to any payments or
benefits under any other severance plan, program or arrangement of the
Companies.

         12.      GOVERNING LAW; JURISDICTION AND SERVICE OF PROCESS.

                  The Employment Agreement shall be governed by the laws of the
State of Florida applicable to contracts executed in and to be performed in that
State.

         13.      AUTHORITY TO ENTER INTO EMPLOYMENT AGREEMENT.

                  The Employee represents and warrants that he is not subject to
any employment agreements, non-competition agreements or any other agreement or
understanding, whether or not in writing, that would prevent him from entering
into the Employment Agreement and performing the duties hereunder.

         14.      PARTIAL INVALIDITY.

                  The invalidity or unenforceability of any provision hereof
shall in no way affect the validity or enforceability of any other provision.

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         15.      WITHHOLDING.

                  The payment of any amount pursuant to the Employment Agreement
shall be subject to applicable withholding and payroll taxes, and such other
deductions as may be required under the Company's employee benefit plans, if
any.

         16.      COUNTERPARTS.

                  The Employment Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instruments.

         17.      ENTIRE AGREEMENT.

                  All prior negotiations and agreements between the parties
hereto with respect to the matters contained herein are superseded by the
Employment Agreement, and there are no representations, warranties,
understandings or agreements other than those expressly set forth herein.

                  IN WITNESS WHEREOF, the parties have entered into this
Employment Agreement as of the date set forth above.

                        DYCOM INDUSTRIES, INC.

                        By:  /s/ Steven E. Nielsen
                           ---------------------------------------------------
                             Name:  Steven E. Nielsen
                             Title:    President and Chief Executive Officer

                        /s/ Richard L. Dunn
                        ------------------------------------------------------
                        Richard L. Dunn, individually

                                       9<PAGE>   1

                                  Exhibit 10.21

                             SUBSCRIPTION AGREEMENT

Information Architects Corporation
4064 Colony Road
Charlotte, North Carolina  28211

Ladies and Gentlemen:

         The Subscriber ("Subscriber") hereby tenders this Subscription
Agreement (this "Agreement") in accordance with and subject to the terms and
conditions set forth herein:

         9. Subscription.

         Section 9.1 Subscriber hereby irrevocably subscribes for and agrees to
purchase the number of shares (the "Securities") of Series A Preferred Stock,
par value $.001 per share (the "Preferred Stock"), and the number of Common
Stock Purchase Warrants (the "Warrants", and together with the Preferred Stock,
the "Securities"), of Information Architects Corporation, a North Carolina
corporation (the "Company"), indicated on the signature page attached hereto at
the purchase price set forth on such signature page (the "Purchase Price").
Subscriber has made payment by wire transfer of funds in accordance with
instructions from the Company in the full amount of the Purchase Price of the
Securities for which Subscriber is subscribing (the "Payment").

         Section 9.2 Subscriber understands that it will not earn interest on
any funds held by the Company prior to the date of closing of this offering (the
"Offering"). Stonegate Securities, Inc. (the "Placement Agent") and the Company
may hold an initial closing of the Offering (the "Initial Closing") at any time.
The date of the Initial Closing is hereinafter referred to as the "Initial
Closing Date". The Company may hold additional interim closings after the
Initial Closing. Any such interim closings are each hereinafter referred to as
an "Additional Closing" and shall occur on one or more dates each hereinafter
referred to as an "Additional Closing Date". The Initial Closing Date and the
Additional Closing Dates are each hereinafter sometimes referred to as a
"Closing Date". Upon receipt by the Company of the requisite payment for all
Securities to be purchased by the subscribers whose subscriptions are accepted
at the Initial Closing or any Additional Closing, as applicable, and subject to
the satisfaction of certain conditions, the Securities so purchased will be
issued in the name of each such subscriber, and the name of such subscriber will
be registered on the stock transfer books of the Company as the record owner of
such Securities. The Company will promptly thereafter issue to each subscriber
participating in such closing a stock certificate for the Securities so
purchased.

         Section 9.3 Subscriber hereby agrees to be bound hereby upon (i)
execution and delivery to the Company, in care of the Placement Agent, of the
signature page to this Agreement and (ii) acceptance on the Initial Closing Date
or an Additional Closing Date, as the case may be, by the Company of
Subscriber's subscription (the "Subscription").

         Section 9.4 Subscriber agrees that the Company may, in its sole and
absolute discretion, reduce Subscription to any number of shares of Preferred
Stock that in the aggregate do not exceed the number of shares of Preferred
Stock hereby applied for without any prior notice to or further consent by
Subscriber. Subscriber hereby irrevocably constitutes and appoints the Placement
Agent and each officer of the Placement Agent, each of the foregoing acting
singularly, in each case with full power of substitution, the true and lawful
agent and attorney-in-fact of Subscriber, with full power and authority in
Subscriber's name, place and stead to amend this Agreement, including, in each
case, Subscriber's signature page thereto, to effect any of the foregoing
provisions of this Section 1.4.

         Section 9.5 Subscriber agrees and understands that the principals of
the Placement Agent may purchase Securities in this offering for their own
account, and that the Placement Agent has traded securities of the Company prior
to the date of this Agreement.

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         10. Offering Material.

         Section 10.1 Subscriber represents and warrants that it is in receipt
of and that it has carefully read and understands the following items:

                  (a) the Quarterly Reports to the Securities and Exchange
Commission (the "SEC") on Form 10-Q of the Company for the quarters ended March
31, June 30 and September 30, 1999 and March 31, 2000 (the "Form 10-Qs");

                  (b) the Annual Report to the SEC on Form 10-K of the Company
for the fiscal year ended December 31, 1999, (the "Form 10-K");

                  (c) any other subsequently filed documents of the Company
filed pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934 since September 30, 1999 before the date of the closing of the
Offering, each as filed with the SEC; and

                  (d) any other information provided by the Placement Agent.

         The documents listed in this Section 2.1 shall be referred to herein as
the "Public Reports."

         11. Conditions to Subscriber's Obligations.

         Section 11.1 The obligation of Subscriber to close the transactions
contemplated by this Agreement (the "Transaction") is subject to the
satisfaction on or prior to the date of the Closing (as hereinafter defined) of
the following conditions set forth in Sections 3.2 through 3.3 hereof.

         Section 11.2 The representations and warranties made by the Company
herein shall be true in all material respects on and as of the Closing Date with
the same effect as if they had been made on and as of the Closing Date.

         Section 11.3 The Company shall have executed this Agreement and
delivered the same to the Placement Agent.

         Section 11.4 The Board of Directors of the Company shall have adopted
resolutions consistent with Section 4.1(d) below in a form reasonably acceptable
to the Placement Agent.

         Section 11.5 The Placement Agent and its counsel shall have received
copies of all documents and information which it may have reasonably requested
in connection with the Offering.

         12. Representations and Warranties; Covenants; Survival.

         Section 12.1 The Company represents and warrants that, at the date of
this Agreement:

                  (a) The Company is a corporation duly organized and validly
existing and in good standing under the laws of the State of North Carolina,
entitled to own its property of a material nature and to carry on its business
of a material nature as and in places where such property is now owned or
operated and such business is conducted except where the failure to so qualify
will not have a material adverse effect on the Company and its subsidiaries
taken as a whole.

                  (b) Each of the subsidiaries of the Company is a corporation
duly organized and validly existing and in good standing under the laws of the
jurisdiction of their respective incorporation, entitled to own their respective
properties of a material nature and to carry on their respective businesses of a
material nature in places where such properties are now owned or operated and
such businesses are conducted, and, except as disclosed in the Public Reports,
there is no action or proceeding pending or, to the Company's best knowledge
threatened, brought by or before any federal or state agency having jurisdiction
over the operations of a material nature of the Company which

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threatens in any material respect the continued operation of any material phase
of the Company's business now conducted by it or its subsidiaries, except that a
former director of the Company has claimed that he is owed warrants to purchase
500,000 shares of Common Stock (as defined below) at an exercise price of $1.34
per share (which claim the Company denies and intends to vigorously defend).

                  (c) The Company's audited consolidated financial statements as
of December 31, 1999, contained in the Form 10-K, and its unaudited financial
statements as of March 31, 2000, contained in the Form 10-Q, including the notes
contained therein, fairly present the consolidated financial position of the
Company at the respective dates thereof and the results of its consolidated
operations for the periods purported to be covered thereby. Such financial
statements have been prepared in conformity with generally accepted accounting
principles consistently applied with prior periods subject to any comments and
notes contained therein. Since March 31, 2000, there has been no material
adverse change in the financial condition of the Company from the financial
condition stated in such financial statements subject to changes occurring in
the ordinary course of its business.

                  (d) The Company, by appropriate and required corporate action,
has, or will have prior to the Initial Closing: (i) duly authorized the
execution of this Agreement, and the issuance and delivery of the Securities,
and the shares of common stock, par value $0.001 per share (the "Common Stock"),
of the Company underlying the Securities (the "Underlying Common Stock"); and
(ii) reserved for issuance sufficient shares of Common Stock as may be necessary
from time to time to be issued upon conversion of the Securities. Neither the
Securities nor the Underlying Common Stock are subject to preemptive or other
rights of any stockholders of the Company and when issued in accordance with the
terms of this Agreement and the Articles of Incorporation of the Company, the
Securities and the shares of Underlying Common Stock will be validly issued,
fully paid and nonassessable.

                  (e) Performance of this Agreement and compliance with the
provisions hereof will not violate any provision of any applicable law or of the
Articles of Incorporation or Bylaws of the Company, or of any of its
subsidiaries, and, will not conflict with or result in any breach of any of the
terms, conditions or provisions of, or constitute a default under, or result in
the creation or imposition of any lien, charge or encumbrance upon, any of the
properties or assets of a material nature of the Company, or of any of its
subsidiaries, pursuant to the terms of any indenture, mortgage, deed of trust or
other agreement or instrument binding upon the Company, or any of its
subsidiaries, other than such breaches, defaults or liens which would not have a
material adverse effect on the Company and its subsidiaries taken as a whole.

         13. Transfer and Registration Rights

         Section 13.1 Subscriber acknowledges that it is acquiring the
Securities for its own account and for the purpose of investment and not with a
view to any distribution or resale thereof within the meaning of the Securities
Act of 1933, as amended (the "Act"), and any applicable state or other
securities laws ("State Acts"). Subscriber further agrees that it will not sell,
assign, transfer or otherwise dispose of any of the Securities in violation of
the Act or State Acts and acknowledges that, in taking unregistered securities,
it must continue to bear the economic risk of its investment for an indefinite
period of time because of the fact that such Securities have not been registered
under the Act or State Acts and further realizes that such Securities cannot be
sold unless subsequently registered under the Act and State Acts or an exemption
from such registration is available. Subscriber further recognizes that the
Company is not assuming any obligation to register such Securities except as
expressly set forth herein. Subscriber also acknowledges that appropriate
legends reflecting the status of the Securities under the Act and State Acts may
be placed on the face of the certificates for such Securities at the time of
their transfer and delivery to the holder thereof. This Agreement is made with
Subscriber in reliance upon Subscriber's above representations.

         Section 13.2 The Securities issued pursuant to this Agreement may not
be transferred except in a transaction which is in compliance with the Act and
State Acts. Except as provided hereafter with respect to registration of the
Securities, it shall be a condition to any such transfer that the Company shall
be furnished with an opinion of counsel, which counsel and opinion shall be
reasonably satisfactory to the Company, to the holder of such Securities,
reasonably

                                       3
<PAGE>   4

satisfactory to the Company, to the effect that the proposed transfer would be
in compliance with the Act and State Acts.

         Section 13.3 The Company hereby grants to Subscriber the registration
rights set forth in Appendix I attached hereto. Appendix I is incorporated into,
and made a part of, this Agreement.

         14. Closing.

         Section 14.1 The closing of the sale of the Securities to Subscriber
shall take place at the offices of the Placement Agent at such time as the
Company and Placement Agent shall mutually agree; provided, however, that in no
event shall such closing occur after July 15, 2000.

         15. Subscriber Representations. Subscriber hereby represents, warrants
and acknowledges and agrees with the Company and the Placement Agent as follows:

         Section 15.1 Subscriber has been furnished with and has carefully read
the materials set forth in Section 2.1 hereto and is familiar with and
understands the terms of the Offering. With respect to individual or partnership
tax and other economic considerations involved in this investment, Subscriber is
not relying on the Company or the Placement Agent (or any agent or
representative of any of them). Subscriber has carefully considered and has, to
the extent Subscriber believes such discussion necessary, discussed with
Subscriber's professional legal, tax, accounting and financial advisers the
suitability of an investment in the Securities for Subscriber's particular tax
and financial situation and has determined that the Securities being subscribed
for by Subscriber are a suitable investment for Subscriber.

         Section 15.2 Subscriber has received all information Subscriber
considers necessary or advisable to make a decision concerning its Subscription
for the Securities, and has had an opportunity to inspect relevant documents
relating to the organization and operations of the Company. Subscriber
acknowledges that all documents, records and books pertaining to this investment
which Subscriber has requested have been made available for inspection by
Subscriber and Subscriber's attorney, accountant or other adviser(s).

         Section 15.3 Subscriber and/or Subscriber's advisor(s) has/have had a
reasonable opportunity to ask questions of and receive answers and to request
additional relevant information from a person or persons acting on behalf of the
Company concerning the Offering and all such questions have been answered to the
full satisfaction of Subscriber and such information requested has been provided
by the Company.

         Section 15.4 Subscriber is not subscribing for the Securities as a
result of or subsequent to any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or meeting.

         Section 15.5 Subscriber is an "accredited investor," within the meaning
of Rule 501(a) of Regulation D under the Act. Subscriber, by reason of
Subscriber's business or financial experience or the business or financial
experience of Subscriber's professional advisers who are unaffiliated with and
who are not compensated by the Company or the Placement Agent or any affiliate
of either of them, directly or indirectly, can be reasonably assumed to have the
capacity to protect its interests in connection with an investment in the
Securities.

         Section 15.6 If Subscriber is a natural person, Subscriber has adequate
means of providing for Subscriber's current financial needs and contingencies,
is able to bear the substantial economic risks of an investment in the
Securities for an indefinite period of time, has no need for liquidity in such
investment and, at the present time, could afford a complete loss of such
investment.

         Section 15.7 Subscriber or Subscriber's purchaser representative, as
the case may be, has such knowledge and experience in financial, tax and
business matters so as to enable Subscriber to utilize the information made
available to Subscriber in connection with the Offering to evaluate the merits
and risks of an investment in the Securities and to make an informed investment
decision with respect thereto.

                                       4
<PAGE>   5

         Section 15.8 Subscriber acknowledges that the Securities herein
subscribed for have not been registered under the Act and under any State Act.
Subscriber understands further that in absence of an effective Registration
Statement, the Securities can only be sold pursuant to some exemption from
registration, such as Rule 144 of the Act, which requires, among other
conditions that the Securities must be held for a minimum of one (1) year.
Subscriber will not sell, assign, transfer or otherwise dispose of the
Securities unless they are registered under the Act and any applicable State Act
or pursuant to available exemptions from such registration, provided that
Subscriber delivers to the Company an opinion of counsel, which counsel and
opinion shall be reasonably satisfactory to the Company, confirming the
availability of such exemption. Subscriber represents that Subscriber is
purchasing the Securities for Subscriber's own account, for investment and not
with a view to resale or distribution except in compliance with the Act and the
restrictions contained in the immediately preceding sentence.

         Section 15.9 Subscriber recognizes that investment in the Securities
involves substantial risks, including loss of the entire amount of such
investment, has taken full cognizance of and understands all of the risks
related to a purchase of the Securities, and acknowledges that Subscriber has
read and understands the risks described in the sections of the Public Reports
entitled "Risk Factors." Subscriber further recognizes that no Federal or state
agencies have passed upon this offering of the Securities or made any finding or
determination as to the fairness of this investment.

         Section 15.10 Subscriber acknowledges that each certificate
representing the Securities and the Underlying Common Stock shall contain a
legend substantially in the following form:

            THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
            ACT OF 1933 (THE "SECURITIES ACT") OR UNDER APPLICABLE STATE
            SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
            DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY
            APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE
            EXEMPTIONS FROM SUCH REGISTRATION, PROVIDED THAT THE SELLER
            DELIVERS TO THE COMPANY AN OPINION OF COUNSEL SATISFACTORY TO
            THE COMPANY CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION.
            INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR
            THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
            PERIOD OF TIME.

         Section 15.11 Subscriber acknowledges and agrees that it shall not be
entitled to seek any remedies with respect to the Offering from any party other
than the Company or the Placement Agent.

         Section 15.12 If this Agreement is executed and delivered on behalf of
a partnership, corporation, trust or estate: (i) such partnership, corporation,
trust or estate has the full legal right and power and all authority and
approval required (a) to execute and deliver, or authorize execution and
delivery of, this Agreement and all other instruments executed and delivered by
or on behalf of such partnership, corporation, trust or estate in connection
with the purchase of the Securities, (b) to delegate authority pursuant to a
power of attorney and (c) to purchase and hold such Securities; (ii) the
signature of the party signing on behalf of such partnership, corporation, trust
or estate is binding upon such partnership, corporation, trust or estate; and
(iii) such partnership, corporation or trust has not been formed for the
specific purpose of acquiring the Securities, unless each beneficial owner of
such entity is qualified as an "accredited investor" within the meaning of Rule
501(a) of Regulation D under the Act ("Regulation "D") and has submitted
information substantiating such individual qualification.

         Section 15.13 If Subscriber is a retirement plan or is investing on
behalf of a retirement plan, Subscriber acknowledges that investment in the
Securities poses risks in addition to those associated with other investments,
including the inability to use losses generated by an investment in the
Securities to offset taxable income.

         Section 15.14 Subscriber shall indemnify and hold harmless the Company
and the Placement Agent and each officer, director or control person of any such
entity, who is or may be a party or is or may be threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative, by reason of or arising from
any actual or alleged misrepresentations or misstatement of facts or omission

                                       5
<PAGE>   6

to represent or state facts made or alleged to have been made by Subscriber to
the Company or the Placement Agent (or any agent or representative of either of
them) or omitted or alleged to have been omitted by Subscriber, concerning
Subscriber or Subscriber's authority to invest or financial position in
connection with the Offering, including, without limitation, any such
misrepresentation, misstatement or omission contained in the Subscriber
Questionnaire or any other document submitted by Subscriber, against losses,
liabilities and expenses actually and reasonably incurred by the Company, the
Placement Agent or any officer, director or control person of any such entity in
connection with such action, suit or proceeding for which the Company, the
Placement Agent, or such officer, director or control person has not otherwise
been reimbursed (including attorneys' fees, judgments, fines and amounts paid in
settlement).

         16. Understandings.

         Subscriber understands, acknowledges and agrees with the Company and
the Placement Agent as follows:

         Section 16.1 This Subscription may be rejected, in whole or in part, by
the Company, in its sole and absolute discretion, at any time before the Initial
Closing Date or any Additional Closing Dates, as the case may be,
notwithstanding prior receipt by Subscriber of notice of acceptance of
Subscriber's Subscription.

         Section 16.2 Except as set forth in paragraph 8.1 above, Subscriber
hereby acknowledges and agrees that the Subscription hereunder is irrevocable by
Subscriber, that, except as required by law, Subscriber is not entitled to
cancel, terminate or revoke this Agreement or any agreements of Subscriber
hereunder and that this Subscription Agreement and such other agreements shall
survive the death or disability of Subscriber and shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors, legal representatives and permitted
assigns. If Subscriber is more than one person, the obligations of Subscriber
hereunder shall be joint and several and the agreements, representations,
warranties and acknowledgments herein contained shall be deemed to be made by
and be binding upon each such person and his/her heirs, executors,
administrators, successors, legal representatives and permitted assigns.

         Section 16.3 No federal or state agency has made any findings or
determination as to the fairness of the terms of this Offering for investment
nor any recommendations or endorsement of the Securities or the Underlying
Common Stock.

         Section 16.4 The Offering is intended to be exempt from registration
under the Act by virtue of Section 4(2) of the Act and the provisions of Rule
506 of Regulation D thereunder, which is in part dependent upon the truth,
completeness and accuracy of the statements made by Subscriber herein and in
Subscriber Questionnaire.

         Section 16.5 There can be no assurance that Subscriber will be able to
sell or dispose of the Securities or the Underlying Common Stock. It is
understood that in order not to jeopardize the Offering's exempt status under
Section 4(2) of the Act and Regulation D, any transferee may, at a minimum, be
required to fulfill the investor suitability requirements thereunder.

         Section 16.6 The Placement Agent will receive compensation in
connection with the Offering but is not guaranteeing or assuming responsibility
for the operation or possible liability of the Company, including, without
limitation, compliance by the Company with the agreements entered into in
connection with the Offering, and the Placement Agent will not supervise or
participate in the operation or management of the Company.

         Section 16.7 No person or entity acting on behalf, or under the
authority, of Subscriber is or will be entitled to any broker's, finder's or
similar fee or commission in connection with this Subscription.

         Section 16.8 Subscriber acknowledges that the information furnished by
the Company or the Placement Agent to Subscriber or its advisers in connection
with the Offering, are confidential and nonpublic and agrees that all such
information shall be kept in confidence by Subscriber and neither used by
Subscriber for Subscriber's personal benefit (other than in connection with this
Subscription), nor disclosed to any third party for any reason; provided,
however, that this obligation shall not apply to any such information that (i)
is part of the public knowledge or literature and

                                       6
<PAGE>   7

readily accessible at the date hereof, (ii) becomes a part of the public
knowledge or literature and readily accessible by publication (except as a
result of a breach of this provision) or (iii) is received from third parties
(except third parties who disclose such information in violation of any
confidentiality agreements or obligations, including, without limitation, any
subscription agreement entered into with the Company).

         Section 16.9 The representations, warranties and agreements of
Subscriber contained herein and in any other writing delivered in connection
with the Offering shall be true and correct in all material respects on and as
of the date of the sale of the Securities as if made on and as of such date and
shall survive the execution and delivery of this Agreement and the purchase of
the Securities.

         SECTION 16.10 IN MAKING AN INVESTMENT DECISION, SUBSCRIBER MUST RELY ON
ITS OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE
MERITS AND RISKS INVOLVED. THE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY
FEDERAL OR STATE SECURITIES COMMISSION ON REGULATORY AUTHORITY. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

         Section 16.11 The offering and sale of the Securities is intended to be
exempt from registration under the securities laws of certain U.S. states. If
Subscriber resides in one of the following states it shall note the language set
forth below, which is required to be included in this Agreement by the
securities laws of such state. Subscriber must note that there are restrictions
on transfer of the Securities.

ALL STATES: THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR
THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
LAWS. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY
AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE
MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT,
AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

TEXAS: THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER APPLICABLE SECURITIES
LAWS OF TEXAS AND THEREFORE CANNOT BE RESOLD OR TRANSFERRED UNLESS THEY ARE
SUBSEQUENTLY REGISTERED OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

         17. Miscellaneous.

         Section 17.1 Except as set forth elsewhere herein, any notice or demand
to be given or served in connection herewith shall be deemed to be sufficiently
given or served for all purposes by being sent as registered or certified mail,
return receipt requested, postage prepaid, in the case of the Company, addressed
to it at the address set forth above:

                       Information Architects Corporation
                       4064 Colony Road
                       Charlotte, North Carolina 28211
                       Attention: Robert F. Gruder

         and in the case of Subscriber to the address for correspondence set
forth on the Questionnaire.

         Section 17.2 This Agreement shall be enforced, governed and construed
in all respects in accordance with the laws of the State of Texas, and shall be
binding upon Subscriber, Subscriber's heirs, estate, legal representatives,
successors and assigns and shall inure to the benefit of the Company, the
Placement Agent, and their respective successors and assigns. If any provision
of this Agreement is invalid or unenforceable under any applicable statute or
rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be

                                       7
<PAGE>   8

deemed to be modified to conform with such statute or rule of law. Any provision
hereof that may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

         Section 17.3 This Agreement shall be binding upon and inure to the
benefit of the Company and Subscriber, and their respective successors and
assigns.

         Section 17.4 In any action, proceeding or counterclaim brought to
enforce any of the provisions of this Agreement or to recover damages, costs and
expenses in connection with any breach of the Agreement, the prevailing party
shall be entitled to be reimbursed by the opposing party for all of the
prevailing party's attorneys' fees, costs and other out-of-pocket expenses
incurred in connection with such action, proceeding or counterclaim.

         Section 17.5 This Agreement (including Appendix I attached hereto) and
Subscriber Questionnaire constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth herein. This
Agreement supercedes all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof.

         Section 17.6 Signature. The signature of this Agreement is contained as
part of the applicable Subscription Package, entitled "Signature Page."

                                       8

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