Document:

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                                                                    Exhibit 10.1

                        AGREEMENT FOR PURCHASE AND SALE
                    OF REAL PROPERTY AND ESCROW INSTRUCTIONS
                    ----------------------------------------

THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS
("Agreement") is made and entered into as of this ___ day of June, 2000, by and
between ROBERT C. PARKER and CAROLYN De La FUENTE PARKER, Husband and Wife
("Seller") and TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company
("Buyer"), with reference to the following facts:

     A.   Seller owns certain real property located in Angelina County, Texas,
          commonly known as 210 Christie Street, Luftin, Texas, and such other
          assets, as the same are herein described.

     B.   Seller desires to sell to Buyer and Buyer desires to purchase from
          Seller such real property and the associated assets.

NOW, THEREFORE, in consideration of the mutual covenants, premises, and
agreements herein contained, the parties hereto do hereby agree as follows:

1.   Purchase and Sale.
     -----------------

     1.1  The purchase and sale includes, and at Close of Escrow Seller shall
          sell, transfer, grant and assign to Buyer, Seller's entire right and
          interest in and to all of the following (hereinafter sometimes
          collectively, the "Property"):

          1.1.1.  That certain real property, located at 210 Christie Street,
               Lufkin, Texas, and more specifically described in Exhibit "A"
               attached hereto, together with all structures, buildings,
               improvements, machinery, fixtures, and equipment affixed or
               attached to the real property and all easements, development
               rights, rights of way, and other rights appurtenant to the real
               property (all of the foregoing being collectively referred to
               herein as the "Real Property);

          1.1.2.  All leases, including associated amendments, with all persons
               ("Tenants") leasing the Real Property or any part thereof (the
               "Leases') or hereafter entered into in accordance with the terms
               hereof prior to Close of Escrow, together with all security
               deposits, other deposits held in connection with the Leases,
               Lease guarantees and other similar credit enhancements providing
               additional security for such Leases;

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          1.1.3.  All tangible and intangible personal property owned by Seller
                  located on or used in connection with the Real Property,
                  including, specifically, without limitation, equipment,
                  furniture, tools and supplies, and all related intangibles
                  (the "Personal Property").

          1.1.4.  All service contracts, agreements, warranties and guaranties
                  relating to the operation, use or maintenance of the Property
                  (the "Contracts"); and

          1.1.5.  To the extent transferable, all building permits, certificates
                  of occupancy and other certificates, permits, licenses and
                  approvals relating to the Property (the "Permits").

2.   Purchase Price.
     --------------

     The total Purchase Price of the Property shall be One Million Two Hundred
     Fifty Thousand and No/100 Dollars ($1,250,000) ("Purchase Price") payable
     as follows:

     2.1  Deposit/Further Payments.
          ------------------------

          2.1.1. Within two (2) business days following the date a fully
                  executed original of this Agreement is delivered to the Escrow
                  Holder (such delivery date hereafter the "Effective Date"),
                  Buyer shall deposit into Escrow the amount of Fifty Thousand
                  and No/100 Dollars ($50,000) (the "Deposit"), in the form of a
                  check or immediately available funds made payable to CHICAGO
                  TITLE COMPANY 560 East Hospitality Lane, Bernardino, CA 92408,
                  Attn: Kandy Knotts ("Escrow Holder"). Escrow Holder shall
                  place the Deposit into an interest bearing money market
                  account at a bank or other financial institution reasonably
                  satisfactory to Buyer, and interest thereon shall be credited
                  to Buyer's account and shall be deemed to be part of the
                  Deposit. In the event that this Agreement is terminated by
                  Buyer in accordance with its terms the Deposit shall be
                  immediately and automatically paid over to Buyer without the
                  need for any further action by either party hereto.

          2.1.2. Within one (1) business day following the conclusion of the Due
                 Diligence Period, and absent Buyer's election to terminate
                 this Agreement pursuant to Paragraph 5.2, Buyer shall deliver
                 to Escrow Holder the additional sum of Fifty Thousand Dollars
                 ($50,000), which amount shall be added to, and hereafter
                 included in the definition of, the Deposit.

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          2.1.3. On or before Close of Escrow, Buyer shall deposit with the
                  Escrow Holder to be held in Escrow the balance of the Purchase
                  Price, in immediately available funds or a certified or
                  cashier's check made payable to Escrow Holder.

3.   Title to Property.
     -----------------

     3.1.  Title Insurance.
           ---------------

          Seller will, at Seller's sole expense, cause Escrow Holder to obtain
          or issue an Extended Coverage ALTA Owner's Policy of Title Insurance
          (the "Title Policy") from Chicago Title Company (the "Title Company")
          for and on behalf of Buyer in the total amount of the Purchase Price
          and obtainable at standard rates insuring good, marketable and
          insurable title in and to the Real Property. The Title Policy shall be
          free and clear of exceptions except as follows:

          3.1.1.  Real property taxes and assessments, which are a lien not yet
                  due;

          3.1.2.  The Permitted Exceptions included in such policy and approved
                  by Buyer as herein described.

     3.2.  Procedure for Approval of Title.
           -------------------------------

          Seller shall, no later than ten (10) days following the Effective
          Date, provide to Buyer a current title insurance commitment and/or
          preliminary title report for the Real Property, including good and
          legible copies of all related items certified as exceptions thereto
          (the "Title Documents"). Buyer shall have thirty (30) days following
          receipt of the Title Documents to review and approve, in writing, the
          condition of the title to the Real Property ("Title Review Period").
          If the Title Documents (or the Survey described in Paragraph 4. 1. 1)
          reflect or disclose any defect, exception or other matter affecting
          the Real Property ("Title Defects") that is unacceptable to Buyer,
          then Buyer shall provide Seller with written notice of Buyer's
          objections no later than the conclusion of the Title Review Period;
          provided, however, if Buyer shall fail to notify Seller in writing
          within the Title Review Period either that the condition of title is
          acceptable or of any specific objections to the state of title to the
          Real Property, then Buyer shall be deemed to have objected to all
          exceptions to title or other conditions or matters which are shown on
          the Survey or described in the Title Documents. Seller may, at its
          sole option, elect, by written notice given to Buyer within three (3)
          days following the conclusion of the Title Review Period ("Seller's
          Notice Period"), to cure or

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          remove the objections made or deemed to have been made by Buyer;
          provided, however, Seller shall in all events have the obligation to
          (i) act in good faith in making such election and curing any Title
          Defects that Seller elects to cure, (ii) specifically remove any
          monetary encumbrances affecting the Real Property, and (iii) remove
          any Title Defect that attaches to the Real Property subsequent to the
          conclusion of the Title Review Period. The failure of Seller to
          deliver written notice electing to cure any or all such objected to
          exceptions during the Seller's Notice Period shall be deemed an
          election by Seller not to cure such exceptions. Should Seller elect to
          attempt to cure or remove any objection, Seller shall have fifteen
          (15) days from the conclusion of the Title Review Period ("Cure
          Period") in which to accomplish the cure. In the event Seller elects
          (or is deemed to have elected) not to cure or remove any objection,
          then Buyer shall be entitled, as Buyer's sole and exclusive remedies,
          either to (i) terminate this Agreement and obtain a refund of the
          Deposit or (ii) waive any objections that Seller has not elected to
          cure and dose this transaction as otherwise contemplated herein. The
          failure of Buyer to provide written notice to Seller within ten (10)
          days following the expiration of the Seller's Notice Period waiving
          any objections Seller has not elected to cure shall be deemed an
          election by Buyer to terminate this Agreement. Any exceptions to title
          accepted by Buyer pursuant to the terms of this paragraph shall be
          deemed "Permitted Exceptions."

4.   Due Diligence Items.
     -------------------

     4.1.  Seller shall, within three (3) days after the Effective Date (the
          "Delivery Date"), deliver to Buyer each of the following
          (collectively, the "Due Diligence Items"):

          4.1.1.  An ALTA survey of the Real Property dated no earlier than
                  thirty (30) days prior to the Effective Date (the "Survey");

          4.1.2.  Copies of all Leases presently in effect with respect to the
                  Real Property, together with any amendments or modifications
                  thereof;

          4.1.3.  A "rent roll" with respect to the Real Property for the
                  calendar month immediately preceding the Effective Date,
                  showing with respect to each Tenant of the Real Property: (1)
                  the name of the Tenant, (2) the number of rentable square feet
                  in Tenant's premises as set forth in Tenant's Lease, (3) the
                  current monthly base rental payable by such Tenant, (4) the
                  term of the Lease, (5) any available options for the Tenant
                  under the Lease; and (6) the amount of any security deposit;

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          4.1.4.  A "rent roll" current as of December, 1998, 1999, and 2000
                  year to date;

          4.1.5.  An aging report showing, with respect to each Tenant of the
                  Real Property, the date through which such Tenant has paid
                  rent and a Tenant by Tenant monthly aging report for the
                  preceding 24 months;

          4.1.6.  A list of all contracts, including service contracts,
                  warranties, management, maintenance, leasing commission or
                  other agreements affecting the Real Property, if any, together
                  with copies of the same;

          4.1.7.  All site plans, leasing plans, as-built plans, drawings,
                  environmental, mechanical, electrical, structural, soils and
                  similar reports and/or audits and plans and specifications
                  relative to the Real Property in the possession of Seller or
                  under the control of Seller, if any;

          4.1.8.  True and correct copies of the real estate and personal
                  property tax statements covering the Property or any part
                  thereof for each of the two (2) years prior to the current
                  year and, if available, for-the current year;

          4.1.9.  A schedule of all current or pending litigation with respect
                  to the Real Property or any part thereof, if any, or otherwise
                  with respect to Seller that might have a material adverse
                  effect on Seller's ability to perform hereunder, together with
                  a brief description of each such proceeding;

          4.1.10.  Operating statements for the Real Property for calendar years
                   1998, 1999 and 2000 year to date, or if shorter, for any
                   periods during which Seller was owner of the Real Property;

          4.1.11.  Copies of Tenant files and records relating to the ownership
                   and operation of the Real Property (provided, however, with
                   Buyer's consent such files and records may be made available
                   for inspection by Buyer during ordinary business hours at
                   Seller's management office);

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          4.1.12.  An inventory of all personal property located on the Real
                   Property which is used in the maintenance of the Real
                   Property or stored for future use with the Real Property;

          4.1.13.  Copies of utility bills for the Real Property for the
                   calendar years 1998, 1999 and 2000 year to date;

          4.1.14.  A report from a licensed pest control contractor regarding
                   the presence on the Real Property of dry rot or termite
                   infestation;

          4.1.15.  A report from a licensed HVAC contractor concerning the
                   condition of HVAC equipment and its capacity to service the
                   Real Property;

          4.1.16.  A report from a licensed roofer concerning the waterproofness
                   and condition of the roof for the Real Property.

     4.2. Estoppel Certificates.
          ----------------------

          Seller shall obtain and deliver to Buyer, no later than ten (10) days
          prior to Close of Escrow, estoppel certificates from Department of
          Human Services and Department of Protective Services, in all cases in
          a form provided by, or otherwise approved by, Buyer. The matters
          certified in the estoppel certificates shall be subject to Buyer's
          reasonable approval. Buyer shall notify Seller within three (3)
          business days following receipt of a copy of any executed estoppel
          certificate of Buyer's approval or disapproval and the basis of such
          disapproval, if disapproved. If (a) Buyer reasonably disapproves of
          any estoppel certificate, and Seller is unable to deliver a reasonably
          acceptable estoppel certificate prior to the Close of Escrow, and,
          without such estoppel certificate Seller will have failed to deliver
          the Required Estoppels , this Agreement shall automatically terminate,
          Buyer shall be entitled to a refund of the Deposit without any further
          action required by any party, and neither party shall have any further
          obligation to the other. In addition to the foregoing, Seller shall
          use diligent efforts to obtain any and all subordination, attornment
          and non-disturbance agreements required by Buyer's lender.

5.   Inspections.
     -----------

     5.1  Procedure, Indemnity.
          --------------------

          Buyer, at its sole expense, shall have the right to conduct a
          feasibility, environmental, engineering and physical study of the Real
          Property at any

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          time from and after Effective Date and for a period of thirty (30)
          days thereafter (the "Due Diligence Period"); provided, however, if
          the Due Diligence Items are not delivered on the Delivery Date, Buyer
          may, by written notice delivered prior to the conclusion of the
          original Due Diligence Period, extend the Due Diligence Period for a
          period equal to the associated delay in delivery of such materials
          beyond the Delivery Date. Buyer and its duly authorized agents or
          representatives shall be permitted to enter upon the Real Property at
          all reasonable times during the Due Diligence Period in order to
          conduct engineering studies, soil tests and any other inspections
          and/or tests that Buyer may deem necessary or advisable (collectively,
          the "Inspections"). Buyer agrees to promptly discharge any hens that
          may be imposed against the Real Property as a result of Buyer's
          Inspections and to defend, indemnify and hold Seller harmless from all
          claims, suits, losses, costs, expenses (including without limitation
          court costs and attorneys' fees), liabilities, judgments and damages
          incurred by Seller as a result of any Inspections performed by Buyer.

     5.2. Approval.
          --------

          5.2.1.  Buyer shall have until the conclusion of the Due Diligence
                  Period (as the same may be extended in accordance with the
                  terms of Paragraph 5.1 above) to approve or disapprove of the
                  Inspections and the Due Diligence -Items enumerated in 4. If
                  Buyer shall fail to deliver a written notice to Seller and
                  Escrow Holder within the Due Diligence Period approving the
                  condition of the Real Property this Agreement shall thereupon
                  be automatically terminated, Buyer shall not be entitled to
                  purchase the Real Property, Seller shall not be obligated to
                  sell the Real Property to Buyer and the parties shall be
                  relieved of any further obligation to each other with respect
                  to the Real Property. Upon termination, Escrow Holder shall,
                  without any further action required from any party, return all
                  documents and funds, including the Deposit, to the parties who
                  deposited same and no further duties shall be required of
                  Escrow Holder.

          5.2.2.  Notwithstanding anything to the contrary contained herein,
                  Buyer hereby agrees that in the event this Agreement is
                  terminated for any reason, then Buyer shall promptly and at
                  its sole expense return to Seller all Due Diligence Items
                  which have been delivered by Seller to Buyer in connection
                  with Buyer's inspection of the Real Property.

6.   Escrow.
     ------

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     6.1. Opening.
          -------

          Purchase and sale of the Property shall be consummated through an
          escrow ("Escrow") to be opened with Escrow Holder within two (2)
          business days after the execution of this Agreement by Seller and
          Buyer. This Agreement shall be considered as the Escrow instructions
          between the parties, with such further consistent instructions as
          Escrow Holder shall require in order to clarify its duties and
          responsibilities. If Escrow Holder shall require further Escrow
          instructions, Escrow Holder may prepare such instructions on its usual
          form. Such further instructions shall, so long as not inconsistent
          with the terms of this Agreement, be promptly signed by Buyer and
          Seller and returned to Escrow Holder within three (3) business days of
          receipt thereof. In the event of any conflict between the terms and
          conditions of this Agreement and any further Escrow instructions, the
          terms and conditions of this Agreement shall control.

     6.2. Close of Escrow.
          ---------------

          Escrow shall close at a mutually agreeable date ("Close of Escrow")
          within forty-five (45) days after the expiration of the Due Diligence
          Period (as such period may be extended pursuant to Paragraph 5.1
          hereof). The foregoing notwithstanding, Buyer may, at Buyers election,
          and upon payment of FIFTY THOUSAND and No/100 Dollars ($50,000) on
          each occasion, extend the Close of Escrow on not more than two (2)
          occasions for additional periods of thirty (30) days each. Any
          payments received by Seller pursuant hereto shall be applied to the
          Purchase Price at Close of Escrow.

     6.3  Buyer Required to Deliver.
          --------------------------

          Buyer shall deliver to Escrow the following:

          6.3. 1.  In accordance with Paragraph 2, the Deposit;

          6.3.2    On or before Close of Escrow, the balance of the Purchase
                   Price; provided, however that Buyer shall not be required to
                   deposit the balance of the Purchase Price into Escrow until
                   Buyer has been notified by Escrow Holder that (i) Seller has
                   delivered to Escrow each of the documents and instruments to
                   be delivered by Seller in connection with Buyer's purchase of
                   the Property, (ii) Title Company has committed to issue and
                   deliver the Title Policy to Buyer, and (iii) the only
                   impediment to Close of Escrow is delivery of such amount by
                   or on behalf of Buyer;

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          6.3.3.   On or before Close of Escrow, such other documents as Title
                   Company may require from Buyer in order to issue the Title
                   Policy;

          6.3.4.   An original Assignment and Assumption Agreement, duly
                   executed by Buyer assuming all of Seller's right, title and
                   interest in and to the Leases, the Permits and the Contracts
                   from and after the Close of Escrow.

     6.4. Seller Required to Deliver.
          --------------------------

          On or before Close of Escrow, Seller shall deliver to Escrow or Buyer,
          as applicable, the following:

          6.4.1.  A duly executed and acknowledged Grant Deed or Warranty Deed,
                  conveying fee title to the Real Property in favor of Buyer;

          6.4.2.  A completed Certificate of Non-Foreign Status, duly executed
                  by Seller under penalty of perjury;

          6.4.3.  An FTB Form 590 or other evidence that withholding of any
                  portion of the Purchase Price is not required by the Revenue
                  and Taxation Code of California or any other applicable
                  jurisdiction, duly executed by Seller under penalty of
                  perjury;

          6.4.4.  A Bill of Sale, for the Personal Property, if any, in favor of
                  Buyer and duly executed by Seller;

          6.4.5.  Such other documents as Title Company may require from Seller
                  in order to issue the Title Policy;

          6.4.6.  Tenant's estoppel certificates as required by and provided for
                  in Paragraph 4.2;

          6.4.7.  An original Assignment and Assumption Agreement duly executed
                  and acknowledged by Seller, assigning all of Seller's interest
                  in and to the Leases, Contracts and Permits to Buyer from and
                  after the Close of Escrow;

          6.4.8.  To Buyer, all keys to all buildings and other improvements
                  located on the Real Property, combinations to any safes
                  thereon, and security devices therein in Seller's possession;

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          6.4.9.  A letter from Seller addressed to each Tenant informing such
                  Tenant of the change in ownership as set forth;

          6.4.10. To Buyer, the original Leases; and

          6.4. 11.To Buyer, all records and files relating to the management or
                  operation of the Real Property, including, without limitation,
                  all insurance policies, all security contracts, all tenant
                  files (including correspondence), property tax bills, and all
                  calculations used to prepare statements of rental increases
                  under the Leases and statements of common area charges,
                  insurance, property taxes and other charges which are paid by
                  Tenants of the Real Property.

     6.5. Buyer's Costs.
          -------------

          Buyer shall pay the following:

          6.5.1.  One-half (1/2) of Escrow Holder's fee, costs and expenses;

          6.5.2.  The cost of recording any deed of trust or other documentation
                  required by Buyer's lender in conjunction with any financing
                  obtained by Buyer;

          6.5.3. All other costs customarily borne by purchasers of real
                 property in Angelina County, Texas.

     6.6. Seller's Costs.
          ---------------

          Seller shall pay the following:

          6.6.1. One-half (1/2) of Escrow Holder's fees, costs and expenses;

          6.6.2. The cost of recording the Deed and any transfer tax;

          6.6.3. Title Company's premium for the Title Policy;

          6.6.4. All other costs customarily borne by sellers of real property
                 in Angelina County, Texas.

     6.7  Prorations.
          ----------

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          6.7.1.  Real property taxes, personal property taxes, assessments,
                  rents, and CAM expenses shall be prorated through Escrow
                  between Buyer and Seller as of Close of Escrow. All security
                  deposits shall be paid over to Buyer. Rents and CAM expenses
                  shall be approved by Buyer prior to Close of Escrow. Any
                  delinquent rents attributable to periods prior to the Close of
                  Escrow and which are collected by Buyer or Seller shall be
                  retained by or paid to Seller; provided, however, that any
                  amounts collected by Buyer or Seller shall be first applied to
                  any rents then due to Buyer and, if collected by Seller,
                  remitted to Buyer for such purpose. Seller shall have the
                  right to pursue any Tenant for delinquent rent, but shall not
                  (a) cause Tenant to be delinquent for their current rent or
                  become financially unstable or (b) have the right to seek
                  eviction of the Tenant by unlawful detainer or other means.
                  Tax and assessment prorations shall be based on the latest
                  available tax bill. If after Close of Escrow either party
                  receives any further or supplemental tax bill relating to any
                  period prior to Close of Escrow, the recipient shall promptly
                  deliver a copy of such tax bill to the other party, and not
                  later than ten (10) days prior to the delinquency date shown
                  on such tax bill Buyer and Seller shall deliver to the taxing
                  authority their respective shares of such tax bill, prorated
                  as of Close of Escrow. All prorations shall be based on a 360-
                  day year.

          6.7.2.  All leasing commissions owing and tenant improvements with
                  respect to the Real Property entered into prior to execution
                  of the Agreement including, but not limited to, commissions
                  for lease renewals and expansion options, shall be paid by
                  Seller, and Seller shall indemnify and hold Buyer harmless for
                  lease commission claims brought against the Real Property
                  arising therefrom. All leasing commissions and tenant
                  improvement costs for new Leases executed after the date of
                  this Agreement shall be prorated between Buyer and Seller as
                  their respective periods of ownership bears to the primary
                  term of the new Lease subject, in all events, to the prior
                  approval of said Leases as herein provided by Buyer pursuant
                  to Paragraph 7.3.

          6.7.3.  Seller agrees to indemnify and hold Buyer harmless from any
                  and all liabilities, claims, demands, suits, and judgments, of
                  any kind or nature, including court costs and reasonable
                  attorney fees (except those items which under the terms of
                  this Agreement specifically become the obligation of Buyer),
                  brought by third parties and based on events occurring on or
                  before the Close of Escrow and which are in any way related to
                  the Property.

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          6.7.4. Buyer agrees to indemnify and hold Seller harmless of and from
                 any and all liabilities, claims, demands, suits and judgments,
                 of any kind or nature, including court costs and reasonable
                 attorneys fees, brought by third parties and based on events
                 occurring subsequent to the Close of Escrow and which are in
                 any way related to the Property.

6.8. Determination of Dates of Performance.
     --------------------------------------

     Promptly after delivery to Buyer of the Title Documents, Escrow Holder
     shall prepare and deliver to Buyer and Seller a schedule which shall state
     each of the following dates:

     6.8.1.  The Effective Date pursuant to Paragraph 2.1.1;

     6.8.2.  The date of receipt of the Title Documents by Buyer;

     6.8.3.  The date by which title must be approved by Buyer pursuant to
             Paragraph 3.2;

     6.8.4   The Delivery Date pursuant to Paragraph 4.1;

     6.8.5   The date by which the Inspections and Due Diligence Items must be
             approved by Buyer pursuant to Paragraph 5.2;

     6.8.6   The date by which the amounts described in Paragraph 2 must be
             deposited by Buyer, for which determination Escrow Holder shall
             assume satisfaction of the condition expressed in Paragraph 2 on
             the last date stated for its satisfaction; and

     6.8.7.  The date of Close of Escrow pursuant to Paragraph 6.2.

     If any events which determine any of the aforesaid dates occur on a date
     other than the date specified or assumed for its occurrence in this
     Agreement, Escrow Holder shall promptly re-determine as appropriate each of
     the dates of performance in the aforesaid schedule and notify Buyer and
     Seller of the dates of performance, as re-determined.

7.   Seller Representations, Warranties, and Covenants
     -------------------------------------------------

     7.1    Representations and Warranties.
            ------------------------------

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           Seller hereby represents and warrants as of the date hereof and as of
           the Close of Escrow by appropriate certificate to Buyer as follows:

           7.1.1.  Sellers are individuals. Sellers have full power and
                   authority to enter into this Agreement, to perform this
                   Agreement and to consummate the transactions contemplated
                   hereby. The execution, delivery and performance of this
                   Agreement and all documents contemplated hereby by Seller
                   have been duly and validly authorized by all necessary action
                   on the part of Seller and all required consents and approvals
                   have been duly obtained and will not result in a breach of
                   any of the terms or provisions of, or constitute a default
                   under, any indenture, agreement or instrument to which Seller
                   is a party or otherwise bound. This Agreement is a legal,
                   valid and binding obligation of Seller, enforceable against
                   Seller in accordance with its terms, subject to the effect of
                   applicable bankruptcy, insolvency, reorganization,
                   arrangement, moratorium or other similar laws affecting the
                   rights of creditors generally.

           7.1.2.  Seller has good and marketable title to the Real Property,
                   subject to the Permitted Exceptions. There are no outstanding
                   rights of first refusal, rights of reverter or options
                   relating to the Real Property or any interest therein. To
                   Seller's knowledge, there are no unrecorded or undisclosed
                   documents or other matters which affect title to the Real
                   Property. Subject to the Leases, Seller has enjoyed the
                   continuous and uninterrupted quiet possession, use and
                   operation of the Real Property, without material complaint or
                   objection by any person.

           7.1.3.  Seller is not a "foreign person!' within the meaning of
                   Section 1445(f) of the Internal Revenue Code.

           7.1.4.  There are no on-site employees of Seller at the Real
                   Property, and following the Close of Escrow, Buyer shall have
                   no obligation to employ or continue to employ any individual
                   employed by Seller or its affiliates in connection with the
                   Real Property.

           7.1.5   Except as set forth on any schedule of litigation delivered
                   pursuant to Paragraph 4.1.9, there are no actions, suits or
                   proceedings pending, or to the best of Seller's knowledge,
                   threatened against Seller and affecting any portion of the
                   Real Property, at law or in equity, or before or by any
                   federal, state, municipal, or other

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                   governmental court, department, commission, board, bureau,
                   agency, or instrumentality, domestic or foreign.

           7.1.6.  Seller has not received any notice of any violations of any
                   ordinance, regulation, law, or statute of any governmental
                   agency pertaining to the Real Property or any portion thereof

           7.1.7.  There are no unpaid bills, claims, or liens in connection
                   with any construction or repair of the Real Property except
                   for those that will be paid in the ordinary course of
                   business prior to Close of Escrow or which have been bonded
                   over or the payment of which has otherwise been adequately
                   provided for to the satisfaction of Buyer.

           7.1.8.  Seller has not experienced any material physical or
                   mechanical defects in the buildings or any material
                   settlement or earth movement affecting the Real Property.

           7.1.9.  To Seller's knowledge, the zoning of the Real Property
                   permits the current building and use of the Real Property,
                   and to Seller's knowledge there is no pending, or
                   contemplated, rezoning. To Seller's knowledge, the Real
                   Property complies with all applicable subdivision laws and
                   all local ordinances enacted thereunder and no subdivision or
                   parcel map not already obtained is required to transfer the
                   Real Property to Buyer.

           7.1.10. The information in the Rent Roll is true, correct, and
                   complete. Seller has or will pursuant to Paragraph 4 and
                   Paragraph 7.3 deliver to Buyer true, accurate and complete
                   copies of all of the Leases and there are no leases,
                   subleases, licenses, occupancies or tenancies in effect
                   pertaining to any portion of the Real Property, and no
                   persons, tenants or entities occupy space in the Real
                   Property, except as stated in the Rent Roll. There are no
                   options or rights to renew, extend or terminate the Leases or
                   expand any Lease premises, except as shown in the Rent Roll
                   and the Leases. No brokerage commission or similar fee is due
                   or unpaid by Seller with respect to any Lease, and there are
                   no written or oral agreements that will obligate Buyer, as
                   Seller's assignee, to pay any such commission or fee under
                   any Lease or extension, expansion or renewal thereof The
                   Leases and any guaranties thereof are in full force and
                   effect, and are subject to no defenses, setoffs or
                   counterclaims for the benefit of the Tenants thereunder.
                   Neither Seller nor, to Seller's knowledge, any Tenant is in
                   default under its Lease. Seller is in full compliance with
                   all of the landlords

                                       34
<PAGE>

                   obligations under the Leases, and Seller has no obligation to
                   any Tenant under the Leases to further improve such Tenant's
                   premises or to grant or allow any rent or other concessions.
                   No rent or other payments have been collected in advance for
                   more than one (1) month and no rents or other deposits are
                   held by Seller, except the security deposits described on the
                   Rent Roll and rent for the current month. Each rental
                   concession, rental abatement or other benefit granted to
                   Tenants under the Leases will have been fully utilized prior
                   to the Close of Escrow.

           7.1.11. To Seller's knowledge, there are no presently pending or
                   contemplated proceedings to condemn the Real Property or any
                   part of it.

           7.1.12. To Seller's knowledge, all water, sewer, gas, electric,
                   telephone and drainage facilities, and all other utilities
                   required by law or by the normal operation -of the Real
                   Property are connected to the Real Property and are adequate
                   to service the Real Property in its present use and normal
                   usage by the Tenants and occupants of the Real Property and
                   are in good working order and repair.

           7.1.13. To Seller's knowledge, Seller has all licenses, permits
                   (including, without limitation, all building permits and
                   occupancy permits), easements and rights-of-way which are
                   required in order to continue the present use of the Real
                   Property and ensure adequate vehicular and pedestrian ingress
                   and egress to the Real Property.

           7.1.14. Except for the Contracts, there are no agreements or other
                   obligations which may affect the current use of the Real
                   Property. Seller has fully performed all of the obligations
                   required to be performed by Seller under the Contracts, and
                   to Seller's knowledge, the other parties to the same are not
                   in default thereunder.

           7.1.15. The operating statements furnished to Buyer in connection
                   with or pursuant to this Agreement (a) accurately reflect the
                   financial condition of the Real Property as of the date
                   thereof and (b) do not fail to state any material liability,
                   contingent or otherwise, or any other facts the omission of
                   which would be misleading.

           7.1.16. Seller has no knowledge of nor received any written notice of
                   violation issued pursuant to any environmental law with
                   respect to the Real Property or any use or condition thereof.
                   There are no

                                       35
<PAGE>

                   above-ground or underground storage tanks located on the Real
                   Property.

           7.1.17. Seller has not released and, to the best of Seller's
                   knowledge, there has been no release of, any pollutant or
                   hazardous substance of any kind onto or under the Real
                   Property that affects the Real Property or that would result
                   in the prosecution of any claim, demand, suit, action or
                   administrative proceeding against Buyer as owner of the Real
                   Property based on any environmental requirements of state,
                   local or federal law including, but not limited to, the
                   Comprehensive Environmental Response Compensation and
                   Liability Act of 1980, U.S.C. 9601 et seq.

    7.2    Indemnity; Survival.
           -------------------

           The foregoing representations and warranties of Seller are made by
           Seller as of the date hereof and again as of Close of Escrow and
           shall survive the Close of Escrow for a period of one year and shall
           not be merged as of the date of the Close of Escrow hereunder. Seller
           shall indemnify and defend Buyer against and hold Buyer harmless
           from, and shall be responsible for all claims, demands, liabilities,
           losses, damages, costs and expenses, including reasonable attorney's
           fees, that may be suffered or incurred by Buyer, including any third
           party due diligence expenses incurred by Buyer, if any representation
           or warranty made by Seller is untrue or incorrect in any material
           respect when made. The terms of Seller's indemnity set forth above
           with respect to the representations and warranties made herein shall
           survive for a period of one year following the Close of Escrow.

    7.3.   Covenants of Seller.
           -------------------

           Seller hereby covenants from and after the Effective Date as follows:

           7.3.1.  To cause to be in force fire and extended coverage insurance
                   upon the Real Property, and public liability insurance with
                   respect to damage or injury to persons or property occurring
                   on the Real Property in at least such amounts as are
                   maintained by Seller on the date hereof.

           7.3.2   That any building constituting an improvement on the Real
                   Property will be in the same physical condition at the Close
                   of Escrow that it was at the date of Buyer's inspection, and
                   that all normal maintenance has been conducted from and after
                   the Effective Date in the same fashion as prior to the
                   Effective Date.

                                       36
<PAGE>

           7.3.3.  To not enter into any new lease with respect to the Real
                   Property, without Buyer's prior written consent, which shall
                   not be unreasonably withheld. Exercise of a mandatory renewal
                   option shall not be considered a new lease. To the extent
                   specifically disclosed to Buyer in connection with any
                   request for approval, any brokerage commission and the cost
                   of Tenant improvements or other allowances payable with
                   respect to a new Lease shall be prorated between Buyer and
                   Seller in accordance with their respective periods of
                   ownership as it bears to the primary term of the new Lease.
                   Further, Seller will not modify or cancel any existing Lease
                   covering space in the Real Property without first obtaining
                   the written consent of Buyer which shall not be unreasonably
                   withheld. Buyer shall have five (5) business days following
                   receipt of a request for any consent pursuant to this
                   paragraph in which to approve or disapprove of any new Lease
                   or any modification or cancellation of any existing Lease.
                   Failure to respond in writing within said time period shall
                   be deemed to be consent. Seller's execution of a new lease or
                   modification or cancellation of an existing Lease following
                   Buyer's reasonable refusal to consent thereto shall
                   constitute a default hereunder.

           7.3.4.  To not sell, assign, or convey any right, title, or interest
                   whatsoever in or to the Real Property, or create or permit to
                   attach any lien, security interest, easement, encumbrance,
                   charge, or condition affecting the Real Property (other than
                   the Permitted Exceptions).

           7.3.5.  To not, without Buyer's written approval, (a) amend or waive
                   any right under any Contract, or (b) enter into any service,
                   operating or maintenance agreement affecting the Real
                   Property that would survive the Close of Escrow.

           7.3.6.  To fully and timely comply with all obligations to be
                   performed by it under the Leases and Contracts, and all
                   Permits, licenses, approvals and laws, regulations and orders
                   applicable to the Real Property.

8.  Buyer hereby represents and warrants to Seller as of the date hereof and as
    of the Close of Escrow by appropriate certificate that:

    Buyer is a limited liability company duly organized and validly existing
    under the laws of the State of Virginia. Buyer has full power and authority
    to enter into this Agreement, to perform this Agreement and to consummate
    the transactions

                                       37
<PAGE>

    contemplated hereby. The execution, delivery and performance of this
    Agreement and all documents contemplated hereby by Buyer have been duly and
    validly authorized by all necessary action on the part of Buyer and all
    required consents and approvals have been duly obtained and will not result
    in a breach of any of the terms or provisions of, or constitute a default
    under, any indenture, agreement or instrument to which Buyer is a party or
    otherwise bound. This Agreement is a legal, valid and binding obligation of
    Buyer, enforceable against Buyer in accordance with its terms, subject to
    the effect of applicable bankruptcy, insolvency, reorganization,
    arrangement, moratorium or other similar laws affecting the rights of
    creditors generally.

9.  Conditions Precedent to Close of Escrow.
    ---------------------------------------

    9.1    Conditions Precedent.
           --------------------

           The obligations of Buyer to purchase the Property pursuant to this
           Agreement shall, at the option of Buyer, be subject to the following
           conditions precedent:

           9.1.1.  All of the representations, warranties and agreements of
                   Seller set forth in this Agreement shall be true and correct
                   in all material respects as of the date hereof and as of the
                   Close of Escrow, and Seller shall not have on or prior to the
                   Close of Escrow, failed to meet, comply with or perform in
                   any material respect any covenants or agreements on Seller's
                   part as required by the terms of this Agreement.

           9.1.2.  There shall be no change in the matters reflected in the
                   Title Documents, and there shall not exist any encumbrance or
                   title defect affecting the Real Property not described in the
                   Title Documents except for the Permitted Exceptions or
                   matters to be satisfied at the Close of Escrow.

           9.1.3.  Unless Seller receives notice from Buyer at least thirty (30)
                   days prior to the Close of Escrow, effective as of the Close
                   of Escrow, any management agreement affecting the Real
                   Property shall be terminated by Seller and any and all
                   termination fees incurred as a result thereof shall be the
                   sole obligation of Seller.

           9.1.4.  Seller shall have operated the Real Property from and after
                   the date hereof in substantially the same manner as prior
                   thereto.

    9.2.   Effect of Failure.
           -----------------

                                       38
<PAGE>

           If Buyer notifies Seller of a failure to satisfy the conditions
           precedent set forth in this Paragraph 9, Seller may, within five (5)
           days after receipt of Buyer's notice, agree to satisfy the condition
           by written notice to Buyer, and Buyer shall thereupon be obligated to
           close the transaction provided (a) Seller so satisfies such condition
           and (b) no such right to cure shall extend the Close of Escrow. If
           Seller fails to agree to cure or fails to cure such condition by the
           Close of Escrow, this Agreement shall be automatically terminated,
           the Deposit shall be returned to Buyer without any further action
           required from either party and neither party shall have any
           continuing obligations hereunder; provided, however, if such failure
           constitutes a breach or default of its covenants, representations or
           warranties Seller shall remain liable for such breach or default as
           otherwise set forth in this Agreement.

10. Damage or Destruction Prior to Close of Escrow.
    ----------------------------------------------

    In the event that the Real Property should be damaged by any casualty prior
    to Close of Escrow, then Seller shall promptly provide Buyer with written
    notice of such casualty. If the cost of repairing such damage, as estimated
    by an architect or contractor retained pursuant to the mutual agreement of
    the parties, is (a) less than One Hundred Thousand Dollars ($100,000), the
    Close of Escrow shall proceed as scheduled and any insurance proceeds, plus
    the cash amount of any associated deductible, shall be paid over to Buyer;
    or (b) greater than One Hundred Thousand Dollars ($100,000), then Buyer may
    in its discretion either (i) elect to terminate this Agreement, in which
    case the Deposit shall be returned to Buyer without any further action
    required from either party and neither party shall have any further
    obligation to the other or (ii) proceed to Close of Escrow in which event
    any insurance proceeds, plus the cash amount of any associated deductible,
    shall be paid over to Buyer. The foregoing notwithstanding, in the event any
    casualty results in the cancellation of, or rental abatement under, any
    Lease, Buyer shall have the option to terminate this Agreement without
    regard to the cost of repairs. Any notice required to terminate this
    Agreement pursuant to this Paragraph shall be delivered no later than thirty
    (30) days following Buyer's receipt of Seller's notice of such casualty.

11. Eminent Domain.
    --------------

    If, before the Close of Escrow, proceedings are commenced for the taking by
    exercise of the power of eminent domain of all or a material part of the
    Real Property which, as reasonably determined by Buyer, would render the
    Real Property unacceptable to Buyer or unsuitable for Buyer's intended use,
    Buyer shall have the right, by giving written notice to Seller within thirty
    (30) days after Seller

                                       39
<PAGE>

    gives notice of the commencement of such proceedings to Buyer, to terminate
    this Agreement, in which event this Agreement shall automatically terminate,
    the Deposit shall be returned to Buyer without any further action required
    from either party and neither party shall have any continuing obligations
    hereunder. If, before the Close of Escrow, proceedings are commenced for the
    taking by exercise of the power of eminent domain of less than a material
    part of the Real Property, or if Buyer has the right to terminate this
    Agreement pursuant to the preceding sentence but Buyer does not exercise
    such right, then this Agreement shall remain in full force and effect and,
    on the Close of Escrow, the condemnation award (or, if not theretofore
    received, the right to receive such portion of the award) payable on account
    of the taking shall be assigned, or paid to, Buyer. Seller shall give
    written notice to Buyer within three (3) business days after Seller's
    receiving notice of the commencement of any proceedings for the taking by
    exercise of the power of eminent domain of all or any part of the Real
    Property.

12. Notices.
    -------

    All notices, demands, or other communications of any type given by any party
    hereunder, whether required by this Agreement or in any way related to the
    transaction contracted for herein, shall be void and of no effect unless
    given in accordance with the provisions of this Paragraph. All notices shall
    be in writing and delivered to the person to whom the notice is directed,
    either (a) in person, (b) by United States Mail, as a registered or
    certified item, return receipt requested, (c) by telecopy or (d) by a
    nationally recognized overnight delivery courier. Notices delivered by
    telecopy or overnight courier shall be deemed received on the business day
    following transmission. Notices delivered by certified or registered mail
    shall be deemed delivered three (3) days following posting. Notices shall be
    given to the following addresses:

    Seller:                     Robert C. Parker
    ------                      Carolyn De La Fuente Parker
                                2400 Goldenmoon Street
                                Las Vegas, NV  89108-4477
                                (702) 655-2512
                                (702) 655-2513 (fax)

    Buyer:                 Anthony W. Thompson
    -----                       TRIPLE NET PROPERTIES, LLC
                                1551 N. Tustin Avenue, Suite 650
                                Santa Ana, CA  92705
                                (714) 667-8252
                                (714) 667-6860 (fax)

                                       40
<PAGE>

           With Required Copy to:   Louis J. Rogers, Esq.
           ---------------------    Hirschler, Fleischer, Weinberg, Cox & Allen
                                    701 East Byrd Street, 15th Floor (23219)
                                    Post Office Box 500 (23218-0500)
                                    Richmond, VA
                                    (804) 771-9500
                                    (804) 644-0957 (fax)

    13.    Remedies.
           --------

           13.1.   Defaults by Seller. If there is any default by Seller under
                   ------------------
                   this Agreement, following notice to Seller and seven (7) days
                   thereafter during which period Seller may cure the default,
                   Buyer may at its option, either (a) declare this Agreement
                   terminated in which case the Deposit shall be returned to
                   Buyer without any further action required from either party,
                   and bring an action for any damages incurred by Buyer or (b)
                   treat the Agreement as being in full force and effect and
                   bring an action against Seller for specific performance. The
                   foregoing notwithstanding, no right to cure shall extend the
                   Close of Escrow.

           13.2.   Defaults by Buyer. If there is any default by Buyer under
                   -----------------
                   this Agreement, following notice to Buyer and seven (7) days,
                   during which period Buyer may cure the default, Seller may,
                   as its sole remedy, declare this Agreement terminated, in
                   which case the Deposit shall be paid to Seller as liquidated
                   damages and each party shall thereupon be relieved of all
                   further obligations and liabilities, except any which survive
                   termination. The foregoing notwithstanding, no right to cure
                   shall extend the Close of Escrow.

           In the event this Agreement is terminated due to the default of Buyer
           hereunder, Buyer shall, in addition, deliver to Seller, at no cost to
           Seller, the Due Diligence Items.

    14.    Assignment.
           ----------

           Buyer may assign any or all of its rights and obligations under this
           Agreement to any one or more persons or entities upon notice to
           Seller; provided however, that absent the express agreement of
           Seller, no such assignment shall release Buyer from its liabilities
           hereunder.

    15.    Interpretation and Applicable Law.
           ---------------------------------

                                       41
<PAGE>

           This Agreement shall be construed and interpreted in accordance with
           the laws of the State where the Real Property is located. Where
           required for proper interpretation, words in the singular shall
           include the plural; the masculine gender shall include the neuter and
           the feminine, and vice versa. The terms "successors and assigns"
           shall include the heirs, administrators, executors, successors, and
           assigns, as applicable, of any party hereto.

    16.    Amendment.
           ---------

           This Agreement may not be modified or amended, except by an agreement
           in writing signed by the parties. The parties may waive any of the
           conditions contained herein or any of the obligations of the other
           party hereunder, but any such waiver shall be effective only if in
           writing and signed by the party waiving such conditions and
           obligations.

    17.    Attorneys' Fees.
           ---------------

           In the event it becomes necessary for either party to file a suit to
           enforce this Agreement or any provisions contained herein, the
           prevailing party shall be entitled to recover, in addition to all
           other remedies or damages, reasonable attorneys' fees and costs of
           court incurred in such suit.

    18.    Entire Agreement, Survival.
           --------------------------

           This Agreement (and the items to be furnished in accordance herewith)
           constitutes the entire agreement between the parties pertaining to
           the subject matter hereof and supersedes all prior and
           contemporaneous agreements and understandings of the parties in
           connection therewith. No representation, warranty, covenant,
           agreement, or condition not expressed in this Agreement shall be
           binding upon the parties hereto nor shall affect or be effective to
           interpret, change, or restrict the provisions of this Agreement. The
           obligations of the parties hereunder and all other provisions of this
           Agreement shall survive the Close of Escrow or earlier termination of
           this Agreement, except as expressly limited herein.

    19.    Counterparts.
           ------------

           This Agreement may be executed in any number of counterparts, all of
           which when taken together shall constitute the entire agreement of
           the parties.

    20.    Acceptance.
           ----------

           Time is of the essence of this Agreement. If the final date of any
           period falls upon a Saturday, Sunday, or legal holiday under the laws
           of the State of California, then

                                       42
<PAGE>

           in such event the expiration date of such period shall be extended to
           the next day which is not a Saturday, Sunday, or legal holiday under
           the laws of the State of California.

    21.    Real Estate Commission.
           ----------------------

           Seller and Buyer each represent and warrant to the other that neither
           Seller nor Buyer has contacted or entered into any agreement with any
           real estate broker, agent, finder or any other party in connection
           with this transaction, and that neither party has taken any action
           which would result in any real estate broker's, finder's or other
           fees or commissions being due and payable to any party with respect
           to the transaction contemplated hereby, except that Seller agrees to
           pay a commission of 5% of the Purchase Price to Triple Net Properties
           Realty LLC. Each party hereby indemnifies and agrees to hold the
           other party harmless from any loss, liability, damage, cost, or
           expense (including reasonable attorneys' fees) resulting to the other
           party by reason of a breach of the representation and warranty made
           by such party in this Paragraph.

    22.    Financing Contingencies.
           -----------------------

           Buyer's obligations under this Agreement are contingent upon Buyer
           obtaining, no later than forty-five (45) days after the mutual
           execution of this Agreement, a binding commitment for financing to be
           secured by a first mortgage or deed of trust against the Real
           Property in an amount and terms reasonably acceptance to Buyer. The
           failure of Buyer to notify Seller by the end of the forty-five (45)
           day period that it has obtained the binding commitment shall be
           deemed a failure of this contingency and this Agreement will, in such
           event, be automatically terminated and the Deposit returned to Buyer
           without further action required by either party. Buyer shall use good
           faith efforts to obtain financing conforming to the terms of this
           Paragraph.

                                       43
<PAGE>

                              SIGNATURE PAGE FOR
                  CHRISTIE STREET BUILDING PURCHASE AGREEMENT

EXECUTED on this 5th day of June, 2000

SELLER:
------

/s/ Robert C. Parker
------------------------------------
Robert C. Parker

/s/ Carolyn De La Fuente Parker
------------------------------------
Carolyn De La Fuente Parker

EXECUTED on this 2nd day of June, 2000

BUYER:
-----

TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company

By:   /s/  Anthony W. Thompson
      ------------------------------------------
        Anthony W. Thompson
        President

                                       44<PAGE>

                                                                     EXHIBIT 4.1

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE
OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO STAMPS.COM
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.
-------------------------------------------------------------------------------

Date of Issuance:  _______________________

Expiration Date:  _________________________

Number of Shares of Common Stock:  _______________

                                STAMPS.COM INC.

                         Common Stock Purchase Warrant
                         -----------------------------

     Stamps.com Inc., a Delaware corporation ("Stamps.com"), hereby certifies
                                               ----------
that CYDCOR LIMITED ("Cydcor"), or its registered assigns (collectively with
                      ------
Cydcor, the "Registered Holder"), is entitled, upon the terms and subject to the
             -----------------
conditions set forth below, to purchase from Stamps.com, as set forth in Section
1, at a purchase price of $__________ per share, subject to adjustment in
accordance with the terms hereof, up to ______________ shares of Common Stock of
Stamps.com ("Common Stock") subject to adjustment in accordance with the terms
             ------------
hereof.  The shares of Common Stock purchasable upon exercise of this Warrant
and the purchase price per share, as adjusted from time to time pursuant to the
provisions of this Warrant, are hereinafter referred to as the "Warrant Stock"
                                                                -------------
and the "Purchase Price," respectively.
         --------------

     This Warrant is issued pursuant to that certain Warrant Issuance Agreement
dated as of August 1, 2000 between Stamps.com and Cydcor.

     1.  Exercise.
         --------

         (a) Manner of Exercise.  This Warrant may be exercised by the
             ------------------
Registered Holder, in whole or in part, at any time or times during the period
commencing on the Date of Issuance and ending on the Expiration Date by
surrendering this Warrant, with the purchase form appended hereto as Exhibit A
                                                                     ---------
duly executed by such Registered Holder or by such Registered Holder's duly
authorized attorney, at the principal office of Stamps.com, or at such other
office or agency as Stamps.com may designate, accompanied by payment in full of
the Purchase Price payable in respect of the number of shares of Warrant Stock
purchased upon such exercise.  The Purchase Price may be paid by cash, check,
wire transfer or by the surrender of promissory notes or other instruments
representing indebtedness of Stamps.com to the Registered Holder.
<PAGE>

          (b) Effective Time of Exercise.  Each exercise of this Warrant shall
              --------------------------
be deemed to have been effected immediately prior to the close of business on
the day on which this Warrant shall have been surrendered to Stamps.com as
provided in Section 1(a) above.  At such time, the person or persons in whose
name or names any certificates for Warrant Stock shall be issuable upon such
exercise as provided in Section 1(d) below shall be deemed to have become the
holder or holders of record of the Warrant Stock represented by such
certificates.

          (c) Net Issue Exercise.
              ------------------
          (i) In lieu of exercising this Warrant in the manner provided above in
Section 1(a), the Registered Holder may elect to receive shares equal to the
value of this Warrant (or the portion thereof being canceled) by surrender of
this Warrant at the principal office of Stamps.com together with notice of such
election in which event Stamps.com shall issue to such Holder a number of shares
of Warrant Stock computed using the following formula:

                          X =    Y (A - B)
                                 ---------
                                     A
Where     X = The number of shares of Warrant Stock to be issued to the
              Registered Holder.

          Y = The number of shares of Warrant Stock purchasable under this
              Warrant (at the date of such calculation).

          A = The fair market value of one share of Warrant Stock (at the date
              of such calculation).

          B = The Purchase Price (as adjusted to the date of such calculation).

          (ii) For purposes of this Section 1(c), the fair market value of
Warrant Stock on the date of calculation shall mean with respect to each share
of Warrant Stock:

                (A) if Stamps.com's Common Stock is traded on a securities
exchange or The Nasdaq Stock Market or actively traded over-the-counter:

                    (1) if Stamps.com's Common Stock is traded on a securities
exchange or The Nasdaq Stock Market, the fair market value shall be deemed to be
the product of (x) the average of the closing prices over a ten (10) trading day
period, which period shall begin twelve (12) trading days prior to the effective
time of exercise of this Warrant and end three (3) trading days prior to the
effective day of exercise of this Warrant and (y) the number of shares of Common
Stock into which each share of Warrant Stock is convertible on such date; or

                    (2) if Stamps.com's Common Stock is actively traded over-
the-counter, the fair market value shall be deemed to be the product of (x) the
average of the closing bid or sales price (whichever is applicable) over a ten
(10) trading day period, which period shall begin twelve (12) trading days prior
to the effective time of exercise of this Warrant and end three (3) trading days
prior to the effective day of exercise of this Warrant and (y) the

                                      -2-
<PAGE>

number of shares of Common Stock into which each share of Warrant Stock is
convertible on such date; or

                (B) if (A)(1) nor (A)(2) is applicable, the fair market value
of Warrant Stock shall be at the highest price per share which Stamps.com could
obtain on the date of calculation from a willing buyer (not a current employee
or director) for shares of Warrant Stock sold by Stamps.com, from authorized but
unissued shares, as agreed by Stamps.com and the holders of a majority of the
Warrant Stock issuable upon exercise of this Warrant, unless Stamps.com is at
such time subject to an acquisition, in which case the fair market value of
Warrant Stock shall be deemed to be the value received by the holders of such
stock pursuant to such acquisition and shall be valued on a basis consistent
with such acquisition consideration.

          (d) Delivery to Holder.  As soon as practicable after the exercise of
              ------------------
this Warrant in whole or in part, and in any event within ten (10) days
thereafter, Stamps.com at its expense will cause to be issued in the name of,
and delivered to, the Registered Holder, or as such Holder (upon payment by such
Holder of any applicable transfer taxes) may direct:

              (i)  a certificate or certificates for the number of shares of
Warrant Stock to which such Registered Holder shall be entitled, and

              (ii) in case such exercise is in part only, a new warrant or
warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of shares of Warrant Stock equal (without
giving effect to any adjustment therein) to the number of such shares called for
in the introductory paragraph to this Warrant minus the number of such shares
purchased by the Registered Holder upon such exercise as provided in Section
1(a) or 1(c) above.

     2.  Adjustments.
         -----------

         (a) Stock Splits and Dividends.  If outstanding shares of Stamps.com's
             --------------------------
Common Stock shall be subdivided into a greater number of shares or a dividend
in Common Stock shall be paid in respect of Common Stock, the Purchase Price in
effect immediately prior to such subdivision or at the record date of such
dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced.
If outstanding shares of Common Stock shall be combined into a smaller number of
shares, the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be
proportionately increased.  When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Stock purchasable upon the
exercise of this Warrant shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, multiplied by the Purchase Price
in effect immediately prior to such adjustment, by (ii) the Purchase Price in
effect immediately after such adjustment.

         (b) Reclassification, Consolidation, Merger Etc.  In case at any time
             -------------------------------------------
or from time to time, Stamps.com shall (i) effect a reorganization (other than a
combination,

                                      -3-
<PAGE>

reclassification, exchange or subdivision of shares, as otherwise provided for
herein), (ii) consolidate with or merge into any other entity or person, or
(iii) transfer all or substantially all of its properties or assets to any other
entity or person including under any plan or arrangement contemplating the
dissolution of Stamps.com, then, in each such case, as a part of such
reorganization, merger, consolidation, sale or transfer, lawful provision shall
be made so that the Registered Holder, on the exercise hereof as provided in
Section 1 at any time after the consummation of such reorganization,
consolidation, merger, sale or transfer or the effective date of such
reorganization, consolidation, merger, sale or transfer, as the case may be,
shall be entitled to receive, in lieu of the Common Stock (or other securities)
issuable on such exercise prior to such consummation or such effective date, the
stock and other securities and property (including cash) to which the Holder
would have been entitled upon such consummation or in connection with such
dissolution, as the case may be, if the Holder had so exercised this Warrant,
immediately prior thereto, all subject to further adjustment thereafter as
provided in this Section 2. Upon any reorganization, consolidation, merger, or
other such transaction referred to in this Section 2(b) (collectively, a
"Corporate Transaction"), this Warrant shall, immediately after such Corporate
 ---------------------
Transaction, be appropriately adjusted to apply and pertain to the number and
class of securities which would have been issued to the Holder in the
consummation of such Corporate Transaction had the option been exercised
immediately prior to such Corporate Transaction. Appropriate adjustments shall
also be made to the Purchase Price, provided the aggregate Purchase Price
payable hereunder shall remain the same.

         (c) Adjustment Certificate.  When any adjustment is required to be
             ----------------------
made in the Warrant Stock or the Purchase Price pursuant to this Section 2,
Stamps.com shall promptly mail to the Registered Holder a certificate setting
forth (i) a brief statement of the facts requiring such adjustment, (ii) the
Purchase Price after such adjustment and (iii) the kind and amount of stock or
other securities or property into which this Warrant shall be exercisable after
such adjustment.

    3.   Transfers.
         ---------

         (a) Unregistered Security.  Each holder of this Warrant acknowledges
             ---------------------
that this Warrant has not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), and agrees not to sell, pledge, distribute,
              --------------
offer for sale, transfer or otherwise dispose of this Warrant, any Warrant Stock
issued upon its exercise or any Common Stock issued upon conversion of the
Warrant Stock in the absence of (i) an effective registration statement under
the Act as to this Warrant, such Warrant Stock or such Common Stock and
registration or qualification of this Warrant, such Warrant Stock or such Common
Stock under any applicable U.S. federal or state securities law then in effect,
or (ii) an opinion of counsel, reasonably satisfactory to Stamps.com, that such
registration and qualification are not required.  Each certificate or other
instrument for Warrant Stock issued upon the exercise of this Warrant shall bear
a legend substantially to the foregoing effect.

         (b) Transferability. This Warrant may not be transferred or assigned,
             ---------------
in whole or in part, by the Registered Holder except (i) to an affiliate of the
Registered Holder

                                      -4-
<PAGE>

(provided that such affiliate agrees in writing with Stamps.com and/or iShip.com
to comply with Section 17 of the Agreement, as amended) or (ii) where the
Registered Holder has provided the Company with written notice of its intent to
assign or transfer the Warrant and the Company has consented to such assignment
or transfer in writing. Any transfer in accordance with the immediately
preceding sentence shall be effected upon surrender of the Warrant with a
properly executed assignment (in the form of Exhibit B hereto) at the principal
                                             ---------
office of Stamps.com.

         (c) Warrant Register.  Stamps.com will maintain a register containing
             ----------------
the names and addresses of the Registered Holders of this Warrant.  Until any
transfer of this Warrant is made in the warrant register, Stamps.com may treat
the Registered Holder of this Warrant as the absolute owner hereof for all
purposes; provided, however, that if this Warrant is properly assigned in blank,
          --------  -------
Stamps.com may (but shall not be required to) treat the bearer hereof as the
absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.  Any Registered Holder may change such Registered Holder's address as
shown on the warrant register by written notice to Stamps.com requesting such
change.

    4. No Impairment.  Stamps.com will not, by amendment of its charter or
       -------------
through reorganization, consolidation, merger, dissolution, sale of assets or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as
may be necessary or appropriate in order to protect the rights of the holder of
this Warrant against impairment.

    5. Termination.
       -----------

       This Warrant (and the right to purchase securities upon exercise hereof)
shall terminate on the Expiration Date stated on the first page of this Warrant.

    6. Notices of Certain Transactions.  In case:
       -------------------------------

       (a)  Stamps.com shall take a record of the holders of its Common Stock
(or other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any right to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other
right, to subscribe for or purchase any shares of stock of any class or any
other securities, or to receive any other right, or

       (b)  of any capital reorganization of Stamps.com, any reclassification
of the capital stock of Stamps.com, any consolidation or merger of Stamps.com,
any consolidation or merger of Stamps.com with or into another corporation
(other than a consolidation or merger in which Stamps.com is the surviving
entity), or any transfer of all or substantially all of the assets of
Stamps.com, or any other Corporate Transaction, or

       (c)  of the voluntary or involuntary dissolution, liquidation or
winding-up of Stamps.com,

                                      -5-
<PAGE>

then, and in each such case, Stamps.com will mail or cause to be mailed to the
Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation,
winding-up, redemption or conversion is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or such other
stock or securities at the time deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation,
winding-up, redemption or conversion) are to be determined. Such notice shall be
mailed at least twenty (20) days prior to the record date or effective date for
the event specified in such notice.

    7. Reservation of Stock.  Stamps.com will at all times reserve and keep
       --------------------
available, solely for the issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant.

    8. Exchange of Warrants.  Upon the surrender by the Registered Holder of
       --------------------
any Warrant or Warrants, properly endorsed, to Stamps.com at the principal
office of Stamps.com, Stamps.com will, subject to the provisions of Section 3
hereof, issue and deliver to or upon the order of such Holder, at Stamps.com's
expense, a new Warrant or Warrants of like tenor, in the name of such Registered
Holder or as such Registered Holder (upon payment by such Registered Holder of
any applicable transfer taxes) may direct, calling in the aggregate on the face
or faces thereof for the number of shares of Common Stock called for on the face
or faces of the Warrant or Warrants so surrendered.

    9. Replacement of Warrants.  Upon receipt of evidence reasonably
       -----------------------
satisfactory to Stamps.com of the loss, theft, destruction or mutilation of this
Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to Stamps.com, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, Stamps.com will issue, in lieu thereof, a new
Warrant of like tenor.

    10. Mailing of Notices. Any notice required or permitted pursuant to this
        ------------------
Warrant shall be in writing and shall be deemed sufficient upon receipt, when
delivered personally or sent by courier, overnight delivery service or confirmed
facsimile, or forty-eight (48) hours after being deposited in the regular mail,
as certified or registered mail (airmail if sent internationally), with postage
prepaid, addressed (a) if to the Registered Holder, to the address of the
Registered Holder most recently furnished in writing to Stamps.com and (b) if to
Stamps.com, to the address set forth below or subsequently modified by written
notice to the Registered Holder.

    11. No Rights as Shareholder.  Until the exercise of this Warrant, the
        ------------------------
Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a shareholder of Stamps.com.

    12. No Fractional Shares.  No fractional shares of Common Stock will be
        --------------------
issued in connection with any exercise hereunder.  In lieu of any fractional
shares which would otherwise

                                      -6-
<PAGE>

be issuable, Stamps.com shall pay cash equal to the product of such fraction
multiplied by the fair market value of one share of Common Stock on the date of
exercise, as determined in good faith by Stamps.com's Board of Directors.

   13. Amendment or Waiver.  Any term of this Warrant may be amended or waived
       -------------------
only by an instrument in writing signed by the party against which enforcement
of the amendment or waiver is sought.

   14. Headings.  The headings in this Warrant are for purposes of reference
       --------
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

   15. Governing Law. This Warrant shall be governed, construed and
       -------------
interpreted in accordance with the laws of the State of California, without
giving effect to principles of conflicts of law.

                              STAMPS.COM INC.

                              By:__________________________________________
                                  Name:

                              Address:  3420 Ocean Park Blvd.
                                        Suite 1040
                                        Santa Monica, CA 90405
                                        Attn: Corporate Secretary

                              Fax Number:  (310) 314-8523

Agreed to and Accepted:

CYDCOR LIMITED

By:_________________________________

Name:_______________________________

Title:______________________________

                                      -7-
<PAGE>

                                   EXHIBIT A
                                   ---------

                                 PURCHASE FORM
                                 -------------

To:  Stamps.com Inc.                                     Dated: ________________

     The undersigned, pursuant to the provisions set forth in the attached
Warrant, hereby irrevocably elects to purchase ___________ shares of Common
Stock of Stamps.com Inc., a Delaware corporation, covered by such Warrant and
herewith makes payment of $_________________, representing the full purchase
price for such shares at the price per share provided for in such Warrant.

                                _________________________________________
                                Name of Registered Holder

                                _________________________________________
                                By:

                                _________________________________________
                                Name:

                                _________________________________________
                                Title:

<PAGE>

                                   EXHIBIT B
                                   ---------

                                ASSIGNMENT FORM
                                ---------------

     FOR VALUE RECEIVED, _________________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of Common Stock of Stamps.com Inc.,
a Delaware corporation, covered thereby set forth below, unto:

     Name of Assignee        Address/Fax Number          No. of Shares
     ----------------        ------------------          -------------

Dated: _________________        _____________________________________________
                                Name of Registered Holder

                              By:____________________________________________

                              Name:__________________________________________

                              Title:_________________________________________

                              Witness:_______________________________________

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