Document:

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                                                                     Exhibit 4.8
                                                     SAMPLE FIRSTCOM CORPORATION
                                                 EMPLOYEE STOCK OPTION AGREEMENT

                             STOCK OPTION AGREEMENT

         This is a Stock Option Agreement, dated as of the __ day of [ ] (the
"Grant Date"), by and between FirstCom Corporation, a Texas corporation (the
"Grantor"), and [ ] (the "Optionee").

                                   WITNESSETH:

         WHEREAS, in consideration of services to be rendered by the Optionee to
the Grantor, Grantor desires to grant the Optionee an option to purchase [ ]
shares of Common Stock, par value $.001 per share ("Common Stock") of the
Grantor, upon the terms and subject to the conditions hereinafter set forth.

         NOW, THEREFORE, the Grantor hereby agrees, for the benefit of the
Optionee, as follows:

         SECTION 1. GRANT OF OPTION. Subject to the provisions of this
Agreement, the Grantor hereby grants to the Optionee an option (the "Option") to
purchase from the Grantor [ ] shares of Common Stock (after the exercise of the
Option and the acquisition of the shares, the "Option Shares").

         SECTION 2. VESTING. Subject to Section 4 hereof, the Option shall be
exercisable and vest with respect to [ ] of the Option Shares on each of [ ],
subject to earlier termination as set forth in Section 9. Notwithstanding the
foregoing, (i) the Option shall become immediately exercisable with respect to
all of the Option Shares if, prior to [ ], the Optionee terminates his
employment under his Employment Agreement with the Grantor [ ] (the "Employment
Agreement") for Good Reason, as set forth in Section [ ] of the Employment
Agreement, or of the Grantor terminates the Optionee's employment under the
Employment Agreement other than for Cause or disability or death, as set forth
in [ ] of the Employment Agreement, respectively, and (ii) the Option shall
become immediately exercisable with respect to all of the Option Shares:

         (A)      If there occurs any transaction (which shall include a series
                  of transactions occurring within 60 days or occurring pursuant
                  to a plan), that has the result that shareholders of the
                  Company immediately before such transaction cease to own at
                  least 51 per cent of the voting stock of the Company or of any
                  entity that results from the participation of the Company in a
                  reorganization, consolidation, merger, liquidation or any
                  other form of corporate transaction;

         (B)      If the shareholders of the Company shall approve a plan of
                  merger, consolidation, reorganization, liquidation or
                  dissolution in which the company does not survive (unless the
                  approved merger, consolidation, reorganization, liquidation or
                  dissolution is subsequently abandoned); or

         (C)      If the shareholders of the Company shall approve a plan for
                  the sale, lease, exchange or other disposition of all or
                  substantially all the property and assets of the Company
                  (unless such plan is subsequently abandoned).

Each such date is hereinafter referred to as "Vesting Date."

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         SECTION 3. EXERCISE PRICE. The exercise price with respect to the
[ ] shares of Common Stock which vest and become exercisable under the
Option shall be equal to [ ], representing the average closing price of the
Common Stock on the Nasdaq Stock Market for the thirty consecutive business days
immediately prior to the date hereof.

         SECTION 4. EXERCISE OF OPTION.

                  (1) Subject to the following sentence, each portion of the
Option which has vested pursuant to Section 2 may be exercised in whole or in
part at any time commencing on the applicable Vesting Date hereof and ending [ ]
(the "Termination Date") by the Optionee's delivering to the Grantor a written
notice specifying the number of the Option Shares that the Optionee wishes to
purchase pursuant to the Option and tendering the Option Price multiplied by the
number of such Option Shares. In the event that the Optionee's employment by the
Company is terminated for "Cause" or as a result of Optionee's death or
disability (within the meaning set forth in the Employment Agreement), the
Option shall no longer be exercisable after one year following the effective
date of such termination. The Option Price of any Option Shares purchased shall
be paid in cash, by certified or official bank check or by money order. The
Option shall not be exercisable, and shall be void and of no further force or
effect, upon and following the Termination.

         SECTION 5. SHARE CERTIFICATES. Upon each exercise of the right to
purchase Option Shares pursuant to this Option, prior to the time that a
registration statement shall have been filed and become effective under the
Securities Act of 1933, as amended, with respect to the Option Shares, the
Grantor shall cause one or more stock certificates evidencing the Optionee's
ownership of the Option Shares to be issued to the Optionee. A legend in
substantially the form set forth below shall be placed upon each stock
certificate representing the Option Shares:

                  "The shares of stock represented by this certificate have been
                  acquired directly from an affiliate of the issuer without
                  being registered under the Securities Act of 1033, as amended
                  ("Securities Act"), or the securities laws of any state or
                  other jurisdiction, including Florida Securities Act, and are
                  restricted securities as that term id defined under rule 144
                  promulgated under the Securities Act. These shares may not be
                  sold, transferred, pledged, hypothecated or otherwise disposed
                  of in any manner (a "Transfer") unless they are registered
                  under the Securities Act and the securities laws of all
                  applicable states and other jurisdictions or unless the
                  request for Transfer is accompanied by a favorable opinion of
                  counsel satisfactory to the issuer, stating that such Transfer
                  will not result in a violation of such laws."

         SECTION 6. ANTI-DILUTION PROVISIONS.

         (1) ADJUSTMENT FOR RECAPITALIZATION. If the Grantor shall at any time
subdivide its outstanding shares of Common Stock by recapitalization,
reclassification or split-up thereof, or if the Grantor shall declare a stock
dividend or distribute shares of Common Stock to its shareholders, the number of
Option Shares then subject to this option immediately prior to such subdivision
shall be proportionately increased and the exercise price shall be
proportionately decreased, and if the Grantor shall at any time combine the
outstanding shares of Common Stock by recapitalization, reclassification, or
combination thereof, the number of option shares then subject to this Option
immediately prior to such combination shall be proportionately decreased and the
exercise price shall be proportionately increased. Any such adjustments pursuant
to this Section 6(1) shall be effective at the close of business on the

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effective date of such subdivision or combination or if any adjustment is the
result of a stock dividend or distribution then the effective date for such
adjustment based thereon shall be the record date therefore.

         (2) ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION, MERGER, ETC. In case
of any reorganization of the Grantor or in case the Grantor shall consolidate
with or merge into another corporation or convey all or substantially all of its
assets to another corporation, then, and in each such case, the Optionee upon
the exercise of this option at any time after the consummation of such
reorganization, consolidation, merger or conveyance, shall be entitled to
receive, in lieu of the Option Shares issuable upon the exercise of this Option
prior to such consummation, the securities or property to which the Optionee
would have been entitled upon such consummation if the Optionee had exercised
this Option immediately prior thereto; in each such case, the terms of this
Option shall be applicable to the securities or property receivable upon the
exercise of this Option after such consummation.

         (3) NOTICE OF CERTAIN EVENTS. If at any time:

                  (A) the Grantor shall declare a dividend or other distribution
of Common Stock payable otherwise than in cash at the same rate as the
immediately preceding regular dividend or in Common Stock.

                  (B) the Grantor shall authorize the granting to the holders of
the Common Stock of rights to subscribe for or purchase any shares of capital
stock of any class or of any other rights; or

                  (C) there shall be any plan or agreement or reorganization, or
reclassification of the capital stock, of the Grantor, or consolidation or
merger of the Grantor with, or sale of all or substantially all of its assets
to, another corporation; or

                  (D) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Grantor

then the Grantor shall give to the Optionee at the address of the Optionee, at
least 20 days prior to the applicable record date, written notice summarizing
such action or event and stating the record date for any such dividend or rights
(or if a record is not to be taken, the date as of which the holders of Common
Stock of record to be entitled to such dividend or rights are to be determined),
the date on which any such reorganization, reclassification, consolidation,
merger, sale of assets, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected the holders of Common
Stock of record shall be entitled to effect any exchange of their shares of
Common Stock for securities or other property deliverable upon any such
reorganization, reclassification, consolidation, merger, sale of assets.
Dissolution, liquidation or winding up.

         (4) Except as otherwise expressly provided herein, the issuance by the
Grantor of shares of its capital stock of any class, or securities convertible
into shares of capital stick of any class, either in connection with direct sale
or upon the exercise of rights or warrants to subscribe therefore, or upon
conversion of shares or obligations of the Grantor convertible into such shares
or other securities, shall not affect, and no adjustment by reason thereof shall
be made with respect to the number of or exercise price of Option Shares then
subject to this Option.

         (5) Without limiting the generality of the foregoing, the existence of
this Option shall not affect in any manner the right or power of the Grantor to
approve or the Grantor to make, authorize or consummate (i) any or all
adjustments, recapitalizations, reorganizations or other changes in the
Grantor's capital structure or its business; (ii) any merger or consolidation of
the Grantor; (iii) any

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issuance by the Grantor of debt securities, or preferred or preference stock
that would rank above the Option Shares subject to outstanding Options; (iv) the
dissolution or liquidation of the Grantor; (v) any sale, transfer or assignment
of all or any part of the assets or business of the Grantor; or (vi) any other
corporate act or proceeding, whether of a similar character or otherwise.

         SECTION 7. NO RIGHTS AS SHAREHOLDER. The Optionee shall have no rights
as a shareholder in respect to the Option Shares as to which the Option shall
not have been exercised and payment made herein provided.

         SECTION 8. ISSUANCE OF SHARES. As a condition of any sale or issuance
of Option Shares upon exercise of this Option, the Grantor may require such
agreements or undertakings, if any as the Grantor may reasonably deem necessary
or advisable to assure compliance with any such applicable securities or other
law or regulation including, but not limited to, the following:

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         IN WITNESS WHEREOF, the Grantor has executed this agreement for the
benefit of the Optionee as of the __ day of [ ].

                                      FIRSTCOM CORPORATION

                                      By: ______________________
                                          Name:
                                          Title:

                                      ______________________________

                                       5<PAGE>   1
                                                                     Exhibit 4.9

                                                     SAMPLE FIRSTCOM CORPORATION
                                                          STOCK OPTION AGREEMENT

                             STOCK OPTION AGREEMENT

         THIS STOCK OPTION AGREEMENT (the "Agreement") is dated as of the [ ]
day of [            ] (the "Grant Date"), buy and between FIRSTCOM CORPORATION
(the "Grantor") and [             ] (the "Optionee").

                              W I T N E S S E T H:

         WHEREAS, in consideration of services to be rendered by the Optionee to
the Grantor as a member of the Grantor's Board of Directors and certain promises
made by the Optionee to the Grantor, the Grantor desires to grant to the
Optionee an option to purchase [ ____________________________ ] shares of Common
Stock, par value $.001 per share ("Common Stock"), of the Grantor, upon terms
and subject to the conditions hereinafter set forth.

         NOW. THEREFORE, the Grantor hereby agrees, for the benefit of the
Optionee, as follows:

         SECTION 1. GRANT OF OPTION. Subject to the provisions of this
Agreement, the Grantor hereby grants to the Optionee a stock option (the
"Option") (subject to Section 7 hereof) to purchase from the Grantor [
_____________________ ] shares of Common Stock (after the exercise of the Option
and the acquisition of the shares, the 'Option Shares'), at the price of
[$_____ ] per whole share (the "Option Price").

         SECTION 2. EXERCISE OF OPTION
                    ------------------

         (a) VESTING; METHOD OF EXERCISE. The Option may be exercised in whole
or in part, commencing on the date hereof and ending on the tenth anniversary
hereof (the 'Expiration Date'), unless sooner terminated as set forth herein, by
the Optionee's delivering to the Grantor a written notice specifying the number
of the Option Shares that the Optionee wishes to purchase pursuant to the Option
and tendering the Option Price multiplied by the number of such Option Shares.
The Option Price of any Option Shares purchased shall be paid in cash, by
certified or official bank check or by money order. In lieu of exercising this
Option by delivery of cash or check, the Optionee may make a valid Option
exercise by electing to receive Option Shares equal to the value of this Option
(or the portion thereof being canceled) by surrendering this Option at the
principal office of the Company together with the Exercise Notice (a "NET
EXERCISE"), in which event the Company shall transfer to the Optionee a number
of Option Shares computed using the following formula:

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

Where   X         =        the number of option Shares to be issued to such
                           Optionee.

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         Y        =        the number of Option Shares purchasable by such
                           Optionee under this Option Agreement the rights to
                           which are surrendered pursuant to the Net Exercise.

         A        =        the fair market value of one Option Share, (as
                           determined by the closing price per share of Common
                           Stock as quoted on Nasdaq or other national exchange
                           upon which the Company's Common Stock is quoted).

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

         The Optionee shall be deemed to be a holder of the Option Shares
immediately upon, ano to the extent of, the exercise of this Option as set forth
above.

         (b)      NUMBER OF SHARES EXERCISABLE. Each exercise of an Option
                  hereunder shall reduce the total number of Option Shares that
                  may thereafter be purchased under this Option.

         SECTION 3. SHARE CERTIFICATES. Upon each exercise of the right to
purchase Option Shares pursuant to this Option, the Grantor shall cause one or
more stock certificates evidencing the Optionee's ownership of the Option Shares
to be issued to the Optionee. A legend in substantially the form set forth below
shall be placed upon each stock certificate representing the Option Shares:

         "The shares of stock represented by this certificate have not been
         registered under the Securities Act of 1933, as amended (Act"), or the
         securities laws of any state or other jurisdiction, including the
         Florida Securities Act, and are restricted securities as that term is
         defined under Rule 144 promulgated under the Act. These shares may not
         be sold, transferred, pledged, hypothecated or otherwise disposed of in
         any manner (a "Transfer") unless they are registered under the Act and
         the securities laws of all applicable states and other jurisdictions or
         unless the request for Transfer is accompanied by a favorable opinion
         of counsel satisfactory to the issuer, stating that such Transfer will
         not result in a violation of such laws."

         SECTION 4. ANTI-DILUTION PROVISIONS.

         (a) ADJUSTMENT FOR RECAPITALIZATION. If the Grantor shall at any time
subdivide its outstanding shares of Common Stock by recapitalization,
reclassification or split-up thereof, or if the Grantor shall declare a stock
dividend or distribute shares of Common Stock to its stockholders, the number of
Option Shares then subject to this Option immediately prior to such subdivision
shall be proportionately increased and the exercise price shall be
proportionately decreased, and if the Grantor shall at any time combine the
outstanding shares of Common Stock by recapitalization, reclassification or
combination thereof, the number of option shares then subject to this Option
immediately prior to such combination shall be proportionately decreased and the
exercise price shall be proportionately increased. ANY such adjustments pursuant
to this Section 4(a) shall be effective at the close of business on the
effective date of such subdivision or combination or if any adjustment is the
result of a stock dividend or distribution then the effective date for such
adjustment based thereon shall be the record date therefor.

         (b) ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION, MERGER, ETC. In case
of any reorganization of the Grantor or in case the Grantor shall consolidate
with or merge into another corporation or convey all or substantially all of its
assets to another corporation, then, and in each

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such case, the Optionee upon the exercise of this Option at any time after the
consummation of such reorganization, consolidation, merger or conveyance, shall
be entitled to receive, in lieu of the Option Shares issuable upon the exercise
of this Option prior to such consummation, the securities or property to which
the Optionee would have been entitled upon such consummation if the Optionee had
exercised this Option immediately prior thereto; in each such case, the terms of
this Option shall be applicable to the securities or property receivable upon
the exercise of this Option after such consummation.

         (c) NO ADJUSTMENT FOR STOCK ISSUANCES. Except as otherwise expressly
provided herein, the issuance by the Grantor of shares of its capital stock of
any class, or securities convertible into shares of capital stock of any class,
either in connection with the direct sale or upon the exercise of rights or
warrants to subscribe therefor, or upon conversion of shares or obligations of
the Grantor convertible into such shares or other securities, shall not affect
this Option, and no adjustment by reason thereof shall be made with respect to
the number of or exercise price of Option Shares then subject to this Option.

         (d) NO EFFECT ON CORPORATE ACTIONS. Without limiting the generality of
the foregoing the existence of this Option shall not affect in any manner the
right or power of the Grantor to approve or the Grantor to make, authorize or
consummate (i) any or all adjustments, recapitalizations, reorganizations or
other changes in the Grantor's capital structure or its business; (ii) any
merger or consolidation of the Grantor; (iii) any issuance by the Grantor of
debt securities, or preferred or preference stock that would rank above the
Option Shares subject to outstanding Options; (iv) the dissolution or
liquidation of the Grantor; (v) any sale, transfer or assignment of all or any
part of the assets or business of the Grantor or (vi) any other corporate act or
proceeding, whether of a similar character or otherwise.

         (e) IMMEDIATE EXERCISE OF OPTION. Unless otherwise provided herein,
each outstanding Option shall become immediately fully exercisable upon the
following:

                  (i) If there occurs any transaction (which shall include a
         series of transactions occurring within 60 days or occurring pursuant
         to a plan), that has the result that stockholders of the Company
         immediately before such transaction cease to own at least 51 percent of
         the voting stock of the Company or of any entity that results from the
         participation of the Company in a reorganization, consolidation,
         merger, liquidation or any other form of corporate transaction;

                  (ii) If the stockholders of the Company shall approve a plan
         of merger, consolidation, reorganization, liquidation or dissolution in
         which the Company does not survive (unless the approved merger,
         consolidation, reorganization, liquidation or dissolution is
         subsequently abandoned); or

                  (iii) If the stockholders of the Company shall approve a plan
         for the sale, lease, exchange or other disposition of all or
         substantially all the property and assets of the Company (unless such
         plan is subsequently abandoned).

         SECTION 5. NON-TRANSFERABILITY OF OPTION. Without the prior written
consent of the Grantor, this Option may not be transferred in any manner other
than by will or by the laws of descent or distribution and may be exercised
during the lifetime of the Optionee only by the Optionee. The terms of this
Option Agreement shall be binding upon the executors, administrators, heirs,
successors and assigns of the Optionee.

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         SECTION 6. TERMINATION OF Option. The Option shall terminate under the
following circumstances:

                  (a) The Option shall terminate on the Expiration Date, and

                  (b) If the Optionee dies before the Option terminates pursuant
to Section 6(a) or 6(b), above, the Option shall terminate on the earlier of (i)
the date on which the Option would have lapsed had the Optionee lived and had
his status as a director of the Grantor (i.e., whether the Optionee was a
director on the date of his death or had previously ceased to serve as a
director) remained unchanged; or (ii) 15 months after the date of the Optionee's
death. Upon the Optionee's death, any exercisable Options may be exercised by
the Optionee's legal representative or representatives, by the person or persons
entitled to do so under the Optionee's last will and testament, or, if the
Optionee shall fail to make testamentary disposition of the Option or shall die
intestate, by the person or persons entitled to receive said Option under the
applicable laws of descent and distribution.

         SECTION 7. APPROVAL OF STOCK OPTION Plan. The Company intends, at its
next Annual Meeting of Stockholders (the "Annual Meeting'), to submit for
stockholder consideration and approval a Stock Option Plan (the 'Plan"). In the
event that the Plan is approved by the Company's stockholders, then this Option
shall be deemed to be an Incentive Stock Option (within the meaning of the
Internal Revenue Code of 1986, as amended, (the 'Code') have been granted under
and pursuant to the Plan. If, however, the Plan is not so approved at the Annual
Meeting, then this Option shall be deemed to be a non-qualified stock option
(which means any option which is not an Incentive Stock Option under the Code).

         SECTION 8. NO RIGHTS AS SHAREHOLDER. The Optionee shall have no rights
as a shareholder in respect to the Option Shares as to which the Option shall
not have been exercised and payment made as herein provided.

         SECTION 9. ISSUANCE OF SHARES. As a condition of any sale or issuance
of Option Shares upon exercise of this Option, the Grantor may require such
agreements or undertakings, if any, as the Grantor may deem necessary or
advisable to assure compliance with any such applicable securities or other law
or regulation including, but not limited to, the following:

                  (a) a representation and warranty by the Optionee to the
Grantor, at the time this Option is exercised, that he is acquiring the Option
Shares to be issued to him for investment and not with a view to, or for sale in
connection with, the distribution of any such Option Shares; and

                  (b) a representation, warranty and/or agreement to be bound by
any legends that are, in the opinion of the Grantor, necessary or appropriate to
comply with the provisions of any securities law deemed by the Grantor to be
applicable to the issuance of the Option Shares and are endorsed upon the Option
Share certificates.

         SECTION 10. MISCELLANEOUS PROVISIONS.

         (a) NOTICES. Unless otherwise specifically provided herein, all notices
to be given hereunder shall be in writing and sent to the parties by certified
mail, return receipt requested, to each party's respective address as set forth
in the books and records of the Grantor, or to such other address as such party
shall give to the other party hereto by a notice given in accordance with this
Section. Except as otherwise provided in this Agreement, notice shall be
effective when deposited in the United States mails properly addressed and
postage prepaid. If such notice is sent other than by the United States mails,
such notice shall be effective when actually received by the party being
notified.

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         (b) ASSIGNMENT. This Agreement may not be assigned in whole or in part
by the Optionee.

         (c) FURTHER ASSURANCES. The Optionee shall execute and deliver such
other instruments and do such other acts as may be necessary to effectuate the
intent and purposes of this Agreement.

         (d) CAPTIONS. The captions contained in this Agreement are inserted
only as a matter of convenience and in no way define, limit, extend or prescribe
the scope of this Agreement or the intent of any of the provisions hereof.

         (e) COMPLETENESS AND MODIFICATION. This Agreement constitutes the
entire understanding between the parties hereto and supersedes all prior and
contemporaneous agreements or understandings among the parties hereto concerning
the grant by the Grantor to the Optionee of stock options and shall not be
terminated or amended except in writing executed by each of the parties hereto.

         (f) WAIVER. The waiver of a breach of any term or condition of this
Agreement shall not be deemed to constitute the waiver of any other breach or
the same or any other term or condition.

         (g) SEVERABILITY. The invalidity or unenforceability, in whole or in
part, OF any covenant, promise or undertaking, or any section, subsection,
paragraph, sentence, clause, phrase or word or of any provisions of this
Agreement shall not affect the validity or enforceability of the remaining
portions thereof.

         (h) CONSTRUCTION. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Florida without regard to any
conflict of law rule or principle that would result in the application of the
laws of another jurisdiction.

         (i) BINDING EFFECT. This Agreement shall be binding upon and inure to
the benefit of the heirs, successors, estate and personal representatives of the
Optionee and the Grantor.

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         IN WITNESS WHEREOF, the Grantor has executed this Agreement for the
benefit of the Optionee as of the date first above written.

                                       GRANTOR:

                                       FIRSTCOM CORPORATION

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

                                       Name:

                                       Title:

                                       OPTIONEE:

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

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                                    EXHIBIT A

                              FIRSTCOM CORPORATION

                                 EXERCISE NOTICE

FirstCom Corporation

         SECTION 1. EXERCISE OF Option. Effective as of today, _____________.
199__, the undersigned ("Purchaser") hereby elects to purchase _________ shares
(the 'Shares') of the Common Stock of FirstCom Corporation (the "Company") under
and pursuant to the Stock Option Agreement dated _______________ (the "Option
Agreement"). The purchase price for the Shares shall be as set forth in the
Option Agreement, as adjusted.

         SECTION 2. DELIVERY OF PAYMENT. Purchaser herewith delivers to the
Company the full purchase price for the Shares (either in cash, certified or
official bank check, by money order or by the delivery of Shares).

         SECTION 3. REPRESENTATIVE OF PURCHASER. Purchaser acknowledges the
Purchaser has received, read and understood the Option Agreement and agrees to
abide by and be bound by its terms and conditions.

         SECTION 4. RIGHTS AS STOCKHOLDERS. Until the issuance (as evidenced by
the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the stock certificate evidencing such Shares,
no right to vote or receive dividends or any other right as a shareholder shall
exist with respect to the Optioned Stock, notwithstanding the exercise of the
Option. A share certificate for the number of shares so acquired shall be issued
to the Optionee as soon as practicable after exercise of the Option.

         SECTION 5. TAX CONSULTATION.Purchaser understands that Purchaser may
suffer Adverse tax consequences as a result of Purchaser's purchase or
disposition of the Shares. Purchaser represents that Purchaser has consulted
with any tax consultants Purchaser deems advisable in connection with the
purchase or disposition of the Shares and that Purchaser is not relying on the
Company for any tax advice.

         SECTION 6 ENTIRE AGREEMENT.The Option Agreement is incorporated herein
by reference. This Exercise Notice and the Option Agreement constitute the
entire agreement of the parties and superseded in their entirety all prior
undertakings and agreements of the Company and Optionee with respect to the
subject matter hereof.

Submitted by:                          Accepted by:
OPTIONEE                               FIRSTCOM CORPORATION

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

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

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