Document:

EXHIBIT 10.28

         CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS
        DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH
                                THE COMMISSION.

                              Internet Linking and
                     Content Storage/Distribution Agreement

      THIS AGREEMENT is made and entered into as of the 17th day of May, 2000,
by and between BellSouth Telecommunications, Inc., acting by and through its
agent BellSouth.net Inc. ("BellSouth"), and iBEAM Broadcasting Corporation (the
"Company").

      1. Reasons for Agreement.

      (a) The Company operates a service which aggregates and distributes
various types of content obtained from third parties ("Content Providers")
through the IP networks and related facilities of Internet service providers
such as BellSouth to Internet users. The activities of the Company described
above, including any relevant Web site(s) relating thereto (as the same may be
customized by the Company as provided in this Agreement), in order to distribute
such content to BellSouth's Internet users, together with such content, are
hereinafter collectively referred to as the "Company's Service".

      (b) BellSouth and Company desire to facilitate the distribution of such
content by Company to users of BellSouth's Internet services, and to have
BellSouth feature the Company's Service on one or more web sites operated in
conjunction with BellSouth's Internet gateway services at such locations (URLs)
as may be designated by BellSouth from time to time (the "BellSouth Site").

      2. Featuring of the Company's Service. BellSouth may provide one or more
featured hypertext links to or other promotional information about the Company's
Service and/or the availability of particular content through the Company's
Service on the BellSouth Site. Unless otherwise mutually agreed, any such links
may include the placement of a 140 pixel by 65 pixel graphic provided by Company
in a manner consistent with the Company's standard style guide and which links
to a Company provided URL. BellSouth may also conduct other marketing or related
activity promoting the Company's Service or the availability of such service and
related content to BellSouth's Internet users.

      3. Local Storage of the Company's Service. BellSouth will provide Company
with local storage and streaming and http serving support for the Company's
Service as provided in this Agreement in conjunction with BellSouth's Internet
gateway service as specified in Attachment "A" to this Agreement to facilitate
access thereto by BellSouth's Internet users.

      4. Changes to or Limitations on the Company's Service. As part of the
linking of the BellSouth Site to the Company's Service and the distribution of
the Company's Service (and related content) to BellSouth's Internet users, the
parties may intend for certain changes to be made to or limitations placed on
the Company's Service. Any such changes initially contemplated by the
<PAGE>

parties shall be set forth on Attachment "B" to this Agreement. The Company
shall be responsible for procuring and maintaining at its expense all equipment,
software, facilities, bandwidth, personnel and services necessary to host and
maintain the Company's Service and make it available on the Internet for access
through BellSouth's Internet network, other than the local storage and related
services to be provided by BellSouth as set forth on Attachment "A".

      5. Pricing and Additional Consideration. Any pricing and other
consideration set forth on Attachment "C" to this Agreement shall govern all
payments, promotion or other economic obligations of the parties to each other
hereunder. Unless otherwise specified on Attachment "C", neither party shall be
obligated to pay any amounts or perform any services for the other in connection
with their respective activities under this Agreement.

      6. Term. The scheduled term of this Agreement will commence on the date
hereof, and will continue for an initial term of two (2) years. This Agreement
may be terminated as set forth in Attachment "E".

      7. General Terms & Conditions. This Agreement and all activities of the
parties hereunder shall be subject to the provisions of the Internet Linking and
Content Caching/Distribution Terms and Conditions, attached hereto as Attachment
"E".

      IN WITNESS WHEREOF, BellSouth and Company have caused this Internet
Linking and Content Storage/Distribution Agreement to be executed and delivered
by their duly authorized representatives, effective as of the date first written
above.

BellSouth Telecommunications, Inc         iBEAM Broadcasting Corporation
By: its agent, BellSouth.net Inc.         [Company]

By:__________________________________     By:___________________________________

Name:________________________________     Name:_________________________________

Title:_______________________________     Title:________________________________

Address for notices:                      Address for notices:

303 Perimeter Center North, Suite 600     645 Almanor Avenue, Suite 100
Atlanta, Georgia 30346                    Sunnyvale, CA 94086
Attn: Cristina Van Hoff                   Attn: Daniel Sroka

                                       2
<PAGE>

BellSouth Telecommunications, Inc         iBEAM Broadcasting Corporation
By: its agent, BellSouth.net Inc.         [Company]

By:__________________________________     By:___________________________________

Name:________________________________     Name:_________________________________

Title:_______________________________     Title:________________________________

Address for notices:                      Address for notices:

303 Perimeter Center North, Suite 600     645 Almanor Avenue, Suite 100
Atlanta, Georgia 30346                    Sunnyvale, CA 94086
Attn: Cristina Van Hoff                   Attn: Daniel Sroka

                                       3
<PAGE>

                                 Attachment "A"
         to Internet Linking and Content Storage/Distribution Agreement
                                     between
                  BellSouth and iBEAM Broadcasting Corporation

                     Local Storage of the Company's Service

I. Location And Installation Of Equipment And Connection

      A. Company Equipment. Company shall provide or be responsible for the
provision of all equipment mutually agreed by the parties to be necessary or
appropriate for location in BellSouth Internet service facilities (each, a
"Facility", and collectively, "Facilities") in connection with the distribution
of the Company's Service to BellSouth's Internet service users (collectively,
the "Company Equipment"). Such Company Equipment shall be used only for the
purpose of distributing the Company's Service to BellSouth Internet services
users pursuant to this Agreement. Title to all Company Equipment (and license
rights to all software operating thereon) shall, as between Company and
BellSouth, remain with Company.

      B. Space for Local Storage. BellSouth shall provide appropriate space for
the location of such Company Equipment at the mutually agreed upon Facilities,
which the parties anticipate will be located in at least ten markets within the
BellSouth region, as set forth in each Site Activation Form agreed to by the
parties pursuant to this Agreement. In connection with each Site Activation Form
to be executed with respect to each Facility, the parties shall mutually agree
upon the nature and quantity of the Company Equipment to be located at such
Facility. All Company Equipment to be located in BellSouth CO facilities shall
be NEBS compliant as defined in the Warrant Agreement between BellSouth
Corporation and iBEAM Broadcasting Corporation dated May 16, 2000, "The Warrant
Agreement," and shall meet any and all other standards typically applicable to
other equipment located in such Facilities. [*] BellSouth shall provide suitable
space, which shall not be less than [*] in each of the Facilities for all
applicable Company Equipment. Suitable space as used in this Agreement shall
mean space with power, fire suppression, HVAC and other similar attributes
substantially equivalent to that utilized by BellSouth for its own equipment or
that of its affiliates used in the provisioning or support of its
Internet-related services in the applicable Facilities.

      C. Installation and Maintenance. Company agrees to deliver or cause to be
delivered to BellSouth all mutually agreed-upon Company Equipment for
installation by BellSouth in the relevant Facility. BellSouth shall permit
representative of the Company to be present at all such installations and shall
cooperate with the Company in good faith with respect to the installation of all
Company Equipment. Any Company Equipment located in any Facility shall be staged
for installation, shipped, operated, maintained and repaired by Company, subject
to BellSouth's standard security procedures and other practices relating to the
admission of vendor personnel to the Facilities, and otherwise in accordance
with the practices and procedures to be mutually agreed upon pursuant to this
Agreement (which are anticipated by the parties to be substantially similar to
those set forth on Attachment "A-1" to this Agreement).

      *     Confidential material redacted and filed separately with the
            Commission.

                                      A-1
<PAGE>

      D. Site Activation Forms. BellSouth and Company shall enter into a Site
Activation Form for each Facility at which any Company Equipment will be located
and connected to BellSouth's Internet services network for distribution of the
Company's Service to BellSouth Internet services users pursuant to this
Agreement, in substantially the form attached hereto as Attachment "A-2". Each
Site Activation Form shall become effective and binding on the parties upon
execution of such Site Activation Form by each party. The rights and obligations
of each party with respect to the distribution of the Company's Service from a
Facility shall commence upon joint execution of the applicable Site Activation
Form and shall become an integral part of this Agreement upon execution by the
parties. The executed Site Activation Form for each Facility, together with the
terms hereof, shall constitute the entire agreement of the parties with respect
to the distribution of the Company's Service from such Facility. This Agreement
shall be deemed amended by and shall include each Site Activation Form executed
by the parties.

      E. Additional Facilities. Company and BellSouth shall be entitled to
include new or additional Facilities that are not the subject of existing Site
Activation Forms upon mutual agreement by jointly preparing and executing a Site
Activation Form for such Facility. BellSouth shall give written notice to
Company of any new sites at which BellSouth is operating which BellSouth desires
to be included as a Facility hereunder.

      F. Schedule. BellSouth and Company will adhere to the implementation
schedule and milestones mutually agreed to and set forth in each Site Activation
Form. BellSouth agrees to cooperate and coordinate with Company in: (i) delivery
of the local exchange carrier circuit which will terminate at the Company
Equipment in each Facility, (ii) receipt of shipment of and installation of such
equipment, and (iii) completion of the connection to BellSouth, so as to adhere
to the implementation schedule. Neither party shall be liable hereunder for any
delay in meeting such implementation schedule, except for delays that effect the
terms of the Warrant Agreement.

      G. Changes. BellSouth will not allow or cause any Company Equipment to be
rearranged, moved, modified, repaired, interconnected (other than as specified
in the applicable Site Activation Form) or relocated without thirty (30) days
prior written notice to Company. Upon a written notice from BellSouth to Company
that BellSouth desires to reconfigure or otherwise modify a Facility, BellSouth
and Company will work together in good faith to arrange for Company to move the
Company Equipment and to minimize any disruption in end user access to the
Company's Service that may be caused by such changes in location or
configuration.

      H. Interconnection. If necessary, Company will, at its expense, connect
the Company Equipment located at each Facility to BellSouth's Internet services
network servers through (i) a minimum of a DS-3 line (or its equivalent) or (ii)
wireless technology of equivalent capacity. BellSouth will, at Company's
expense, provide a connection to such Company Equipment at BellSouth's
aggregation router through [*] or (ii) mutually agreed upon electrical or
optical interface connection set forth in the Site Activation Form for such
Facility. Company shall, at its sole

      *     Confidential material redacted and filed separately with the
            Commission.

                                      A-2
<PAGE>

expense, provide such connections between the Company Equipment located at each
Facility and the Company's Service network as may be required to deliver the
Company's Service to the Facility for distribution to BellSouth's Internet
services users. Such connections shall be for the sole purpose of delivering the
Company's Service to the Facility for distribution to BellSouth's Internet
services users as provided in this Agreement. Company shall not, at or from the
Facility, provide the Company's Service or any other service or content to, nor
interconnect the Company Equipment for distribution or delivery of the Company's
Service or any other service or content to, any party other than BellSouth and
BellSouth's Internet services users.

      I. Local Loop Circuit or Satellite Connection. Company shall, in the
Company's sole discretion, be entitled to negotiate and provision for and obtain
a local loop circuit and/or satellite connection for each Facility, based on any
existing contractual obligations and arrangements of Company. However, unless
and except where such provisioning will be commercially not reasonable, Company
shall obtain such local loop circuits from BellSouth's regulated telephone
network or otherwise as reasonably specified by BellSouth, as long as such
specified circuits or services are priced comparably to similar circuits or
services generally provided by BellSouth to Company or other parties similarly
situated. If the Company elects to utilize satellite connections at any
Facilities, BellSouth will acquire reasonable and appropriate roof rights at any
Facilities as needed. Company acknowledges that BellSouth's only connections to
its IP services network at the Facilities are through physical facilities owned
or operated by BellSouth's regulated telephone network. Notwithstanding any
other provision of this Agreement to the contrary, in no event shall BellSouth
be obligated to incur any expense, acquire any equipment, or undertake any
construction buildout to accommodate any situation in which Company may elect to
obtain local loop circuits/services from any party other than BellSouth.

      J. Removal of Company Equipment. Company shall have the right and
obligation, upon (and only upon) any termination of this Agreement (or
de-activation of any Facility) as provided herein, to remove all of the Company
Equipment at each Facility affected by such termination or de-activation. Such
removal shall be performed promptly following such termination or de-activation,
subject to and in accordance with BellSouth's standard access policies and
procedures for vendors to BellSouth. If BellSouth effects any such removal, it
shall store any removed Company Equipment in a secure location for a reasonable
period of time, at Company's expense, until Company retakes possession thereof

      K. End User IP Address Information. BellSouth shall provide to Company the
IP address blocks used by BellSouth for all Internet services users connected at
the Facilities to whom the Company's Service might be distributed pursuant to
this Agreement.

      L. Insurance And Physical Damage. Company shall insure the Company
Equipment and the operation and maintenance thereof against commercial general
liability for a combined single limit of $2,000,000 per occurrence for bodily
injury and property damage to third parties. Company agrees to insure against
workers' compensation for $2,000,000 and employers' liability for $2,000,000.
Any such insurance shall be primary to the extent of Company's indemnity
obligations hereunder. Upon written request, Company shall provide a certificate
of insurance evidencing the coverages and limits set forth above. BellSouth
shall obtain and maintain insurance or self-insurance that covers any real or
personal property of BellSouth, commercial general liability, workers'
compensation and employers' liability, in each case which is reasonable and
customary in the industry. Any such insurance or self-insurance shall be primary
to the extent of BellSouth's

                                      A-3
<PAGE>

indemnity obligations hereunder. BellSouth shall provide certificates of
insurance evidencing the coverages and limits with respect to the Facilities
upon written request by Company. Company and BellSouth intend that damage and
destruction to their respective property and business interruption shall be
covered by insurance, and accordingly Company and BellSouth shall each look
solely to, and seek recovery only from, their respective property insurance
carriers in the event of a loss that is covered by such insurance (or would have
been covered by such insurance if it had been obtained and maintained as
required hereunder). All policies of insurance required hereunder will, to the
extent reasonably obtainable from the relevant insurance providers, contain
waivers of subrogation in favor of the other Party.

II. Representations, Warranties and Covenants Re: Facilities and Equipment

      A. BellSouth represents and warrants as of the date hereof and covenants
that during any period in which Company Equipment is located at any Facility:

            1. Such Facility meets the requirements for suitable space for the
      Company Equipment as set forth in this Agreement.

            2. BellSouth has sufficient right, title and interest in the
      Facility to install or permit the installation of any applicable Company
      Equipment in such Facility and to allow Company to operate, repair and
      maintain the Company Equipment in the Facility as contemplated by this
      Agreement. BellSouth has no existing, and will not create, suffer or allow
      any, liens on the contents of the Facility that could attach to or
      otherwise be placed on the Company Equipment. In the event that any such
      lien arises, BellSouth shall bond over such lien within (30) days after
      receipt of written notice of such lien. BellSouth will not take any action
      or omit to take any action that would or would have the effect of: (i)
      co-mingling the Company Equipment with the personal property of BellSouth
      or any other party, or (ii) pledging or granting a security interest in
      the Company Equipment. BellSouth shall perform such acts, execute such
      documents and provide any notices reasonably requested by Company as
      necessary or desirable to protect the Company Equipment from claims, liens
      or other rights of creditors of BellSouth and its affiliates.

            3. BellSouth will perform, or cause to be performed, such janitorial
      services, environmental systems maintenance, power plant maintenance, and
      other actions with respect to each Facility as are usually and customarily
      performed by or for BellSouth in such Facility with respect to keeping
      such Facility in an orderly and safe condition suitable for the operation
      of its own equipment or that of its affiliates used in the provisioning or
      support of its Internet-related services in such Facility.

            4. BellSouth will provide access to each Facility for personnel,
      agents and service representatives of Company, including Company
      dispatched service personnel from vendors and suppliers that provide
      equipment to Company in accordance with BellSouth's standard access
      policies and procedures for vendors to BellSouth, including expedited
      access in emergencies in accordance with such standard policies and
      procedures. BellSouth will provide information regarding such policies and
      procedures as they relate to the Company Equipment to Company from time to
      time upon request, and such standards shall be substantially the same as
      those applied by BellSouth with respect to its own equipment or

                                      A-4
<PAGE>

      that of its affiliates used in the provisioning or support of its
      Internet-related services in the applicable Facilities.

      B. Company represents and warrants as of the date hereof and covenants
during any period in which Company Equipment is located at any Facility that
with respect to such Facility:

            1. Company will enter such Facility solely for the purposes of
      operating, maintaining and repairing the Company Equipment as set forth in
      this Agreement.

            2. Company will not interfere with or prohibit the use of such
      Facility by BellSouth or other authorized occupants of the Facilities.

            3. Company shall notify BellSouth prior to the performance by
      Company of any repair, maintenance and removal functions and shall perform
      all such functions in accordance with and subject to BellSouth's standard
      access policies and procedures for vendors.

            4. Company will perform such repair, maintenance and related work in
      a safe manner consistent with industry standards and practices.

            5. Company will perform any such work so as to minimize interference
      with the operation of the Facility and the occupants' activities and
      businesses.

            6. Company will obtain necessary federal, state and municipal
      permits, licenses and approvals for any such work.

                                Attachment "A-I"
         to Internet Linking and Content Storage/Distribution Agreement
                                     between
                  BellSouth and iBEAM Broadcasting Corporation

                    Anticipated Maintenance/Repair Procedures

I. Outage/Trouble Procedures

      A. Prerequisites (Company):

            1. Company will provide BellSouth with technical information that
      will assist BellSouth's Network Operations Center (NOC) to accommodate the
      Company Equipment within their network monitoring tools. Company will help
      identify critical areas of concern to be monitored.

            2. Company will provide BellSouth's NOC with a test account to be
      used by NOC personnel to help confirm an outage.

            3. Company will provide BellSouth's NOC with escalation points and
      specific phone numbers for notification of and acknowledgment of problem
      identification and resolution.

                                      A-5
<PAGE>

      B. Prerequisites (BellSouth):

            1. BellSouth will provide Company with escalation points and
      specific phone numbers for notification of and acknowledgment of problem
      identification and resolution. This will include contacts within BellSouth
      NOC and engineering groups.

      C Procedures for Outages/Interruption of Services

            1. BellSouth can remotely monitor the Company cabinet for specific
      alarms (as indicated from Company). If BellSouth receives an alarm from
      the Company cabinet, BellSouth's NOC may try to ensure that the ADSL
      backbone is functioning and the connectivity to the cabinet is working by
      examining the port connection and pinging the server.

            2. If the outage is related to a BellSouth function then the
      following steps will occur:

            (a) BellSouth NOC staff will open a ticket for the trouble and alert
      Company as to the problem. The Company will be given an estimated
      time-to-repair and a contact point for further inquiries.

            (b) Once the problem has been resolved, BellSouth NOC staff will
      close the ticket and contact Company that the problem has been corrected.

            (c) Any interim inquiries as to the nature and estimated
      time-to-repair will be the responsibility of Company.

            3. If the outage is related to the Company network, service or
      content, then maintenance and repair will follow the steps to be mutually
      determined.

                                      A-6
<PAGE>

                                Attachment "A-2"
         to Internet Linking and Content Storage/Distribution Agreement
                                     between
                  BellSouth and iBEAM Broadcasting Corporation

                              Site Activation Form

      THIS SITE ACTIVATION FORM IS A PART OF THE AGREEMENT BETWEEN iBEAM
BROADCASTING CORPORATION AND BELLSOUTH DATED MAY 15, 2000 AND IS SUBJECT TO ALL
OF THE TERMS AND CONDITIONS IN SUCH AGREEMENT AND IN THE EVENT OF A CONFLICT,
THE AGREEMENT SHALL CONTROL. ONCE EXECUTED, THIS SITE ACTIVATION FORM SHALL BE
DEEMED A PART OF, AND ENFORCEABLE IN ACCORDANCE WITH, SUCH AGREEMENT.

--------------------------------------------------------------------------------
Site Address:                                           Site Hours:

--------------------------------------------------------------------------------
Manned/Unmanned? Access Key available?   Access Procedures:

--------------------------------------------------------------------------------
Contact Person:      Email Address:      Cell Phone:         Pager:

--------------------------------------------------------------------------------
Title:                                   Phone:

--------------------------------------------------------------------------------
Facility             Email Address:      Cell Phone:         Pager
Owner/Contact

--------------------------------------------------------------------------------
Title:                                   Phone:

--------------------------------------------------------------------------------
Rack/Cabinet Location: CLLI code                        Power Type Available:

--------------------------------------------------------------------------------
Type of connection:                                     Install Date

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

Specify below any additional mutually agreed upon information specific or
relevant to the activation of this particular Facility for distribution of the
Company's Service to BellSouth's Internet services users from this Facility:

BellSouth Telecommunications, Inc         iBEAM Broadcasting Corporation
By: its agent, BellSouth.net Inc.         [Company]

By:______________________________         By:___________________________________

Name:____________________________         Name:_________________________________

Title:___________________________         Title:________________________________

                                      A-7
<PAGE>

                                 Attachment "B"
         to Internet Linking and Content Storage(Distribution Agreement
                                     between
                  BellSouth and iBEAM Broadcasting Corporation

               Changes to or Limitations on the Company's Service

I. Limitations on Nature of Company's Service

Company acknowledges that this Agreement and BellSouth's willingness (and
possibly regulatory ability) to facilitate the distribution of the Company's
Service pursuant hereto at the rates and fees set forth herein is based upon the
express assumption and condition that (i) the Company's Service shall be
transmitted to the Company Equipment over the connections to be established by
Company hereunder and shall be stored on the Company Equipment for distribution
to BellSouth's Internet services users, (ii) that traffic from such users shall
not be carried out of the Facilities over such Company connections, and (iii)
the nature of the Company's Service is limited to streaming media and static web
page content. Company shall not materially change the nature or manner of
delivery of the Company's Service to the Facilities or its connections to
Facilities or the Company Equipment so as to render any of the assumptions or
conditions set forth in clauses (i)-(iii) in this Section invalid or untrue
without BellSouth's prior consent, which consent shall not be unreasonably
withheld, delayed or conditioned.

                                      B-1
<PAGE>

                                 Attachment "C"
         to Internet Linking and Content Storage/Distribution Agreement
                                     between
                  BellSouth and iBEAM Broadcasting Corporation

                        Pricing/Additional Consideration

      1. Trial Period for Initial Facility. Promptly upon execution of this
Agreement, the parties will mutually agree upon and execute a Product Evaluation
Agreement for the lab Facility in Atlanta, Georgia, and arrange for the
installation and operation of the Company Equipment at such Facility in
accordance therewith. Such equipment as are used for testing in this lab
environment will not be NEBS compliant. Once NEBS compliance is achieved for all
the Company's equipment, the parties will mutually agree upon and execute a Site
Activation Form for the initial Facility in Atlanta, Georgia, at which the
Company Equipment will be tested for a trial period not to exceed ninety (90)
days after installation of the Company Equipment at such Facility during which
the Company's Service will be distributed to BellSouth Internet services users
from the initial Facility and the parties will verify various technical,
operating and business assumptions in order to determine whether to proceed with
activation of additional Facilities. Each additional Facility to be activated,
if any, shall be subject to the execution of a mutually-acceptable Site
Activation Form for such Facility as provided in this Agreement.

      2. Fees. As compensation for the rights of Company to connect to the
BellSouth Internet services network and to distribute the Company's Service to
BellSouth Internet services users over such network as provided in this
Agreement, Company shall pay BellSouth the following fees:

      (a) Installation Fee. Company will pay to BellSouth a fee of not more than
[*] per installation (an "Installation Fee") for each activated Facility. Such
fee shall be based upon BellSouth's labor and materials used in connection with
the installation at commercially reasonable rates. Where Company's connections
to the Company Equipment will be by satellite circuits as permitted hereunder,
Company will manage and pay for satellite dish installation, which will meet
standard BellSouth Facility specifications. This cost, to be paid to BellSouth,
will be in addition to the above installation fee and is not to exceed $1,000.00
per dish installation.

      (b) Minimum Revenue Share. As measured from installation at each location
Company will pay BellSouth each month a fee equal to the greater of (i) the
product obtained by multiplying the sum of [*] times the number of Facilities at
which Company Equipment is then installed pursuant to this Agreement; and (ii)
[*] of the total BellSouth Derived Revenue (as defined below) for such month. At
the end of the month six (6), as measured from installation at each location,
Company and BellSouth shall evaluate the revenue share, based on total traffic
delivered, where total traffic delivered shall include traffic delivered on all
sites within BellSouth's network, and the number of BellSouth's broadband users,
where broadband users shall be counted as users are counted in the Warrant
Agreement, in the following manner: in the event that: a) Company reaches

      *     Confidential material redacted and filed separately with the
            Commission.

                                      C-1
<PAGE>

[*] in total traffic and BellSouth reaches at total of [*] broadband users then
the Parties will change the minimum stated in Article 2(b)(i) to [*] b) Company
reaches [*] in total traffic and BellSouth reaches at total of [*] broadband
users then the Parties will change the minimum stated in Article 2(b)(i) to [*],
and c) Company reaches [*] in total traffic and BellSouth reaches at total of
[*] broadband users then the Parties will change the minimum stated in Article
2(b)(i) to [*]. In the event that the above does not allow for an equitable
remedy for one or both Parties the Parties agree to negotiate in good faith to
equitably adjust the minimum Article 2(b)(i). In the event that Company fails to
meet such agreed minimums in aggregate in any three (3) month period either
Party may remove such individual sites as failed individually to meet such
minimums. In the event that the Parties deinstall a site, Company shall pay to
BellSouth a deinstallation charge of [*] per site deinstalled.

      3. Revenue Definitions. The term "BellSouth Derived Revenue" as used
herein shall mean all gross revenues recognized by Company and attributable to
the Company's Service distributed to BellSouth Internet services users as
provided hereunder. Such calculation shall be based on a normalized number
(ie... value) calculated by multiplying total traffic volume transferred through
the Company servers located in the BellSouth network by the weighted average
revenue per unit of traffic derived by Company from its content customers. It is
the expectation of the parties that BellSouth will participate in non-transport
based revenues associated with the servers deployed in BellSouth's network on a
basis comparable to transport revenues. The parties will negotiate and agree
upon how the revenue share will be calculated and implemented in a mutually
agreeable manner within thirty days of the effective date of` this agreement. .

      5. Other Arrangements.

      (a) Company will provide BellSouth a channel guide to promote traffic and
drive revenues. iBEAM and BellSouth's portal group will use commercially
reasonable efforts to develop appropriate linking agreements and customizable
features

      (b) Company will provide monthly reports to BellSouth showing exact
bandwidth served through the Company's Service distributed to BellSouth Internet
services users as provided hereunder, as well as all BellSouth Derived Revenue.
BellSouth may also collect usage data and reconcile results.

      (c) Company will include BellSouth in any additional revenue share
opportunities offered generally to ISPs. BellSouth will receive most favored ISP
status (of comparable size and deployment), for all current and future Company
deals, including, but not limited to, terms and revenue share.

      (d) Company will provide BellSouth with the opportunity and will negotiate
in good faith with BellSouth to enter into a mutually acceptable reseller
agreement wherein BellSouth would be granted the right to resell the Company's
Service or other services offered by the Company on terms at least as favorable
to BellSouth as those granted by Company to its other resellers (of comparable
size and deployment).

      *     Confidential material redacted and filed separately with the
            Commission.

                                      C-2
<PAGE>

                                 Attachment "D"
         to Internet Linking and Content Storage/Distribution Agreement
                                     between
                  BellSouth and iBEAM Broadcasting Corporation

                                    The Marks

BellSouth Marks

BellSouth
BellSouth Internet Services
BellSouth Corporation
BellSouth Telecommunications, Inc.

      -----------------
      BELLSouth Graphic
      -----------------

      Company Marks

      per iBEAM's standard usage guide

                                      D-1
<PAGE>

                                 Attachment "E"
                              Terms and Conditions

These terms and conditions apply to the relationship between BellSouth
Telecommunications, Inc. ("BellSouth") and each company ("Company") which enters
into an Internet Linking and Content Caching/Distribution Agreement or similar
agreement however denominated ("Agreement") with BellSouth for the linking of
the Company's Service to the BellSouth Site, (and vice-versa) and distribution
of the Company's Service to BellSouth's Internet users, all as defined in the
Agreement. All references to the Agreement herein shall be deemed to include the
Agreement entered into by the relevant Company, all Attachments thereto, and
these Terms and Conditions.

      1. Nature of Relationship. The parties acknowledge that the relationship
of Company to BellSouth is that of an independent contractor and that nothing
contained in the Agreement shall be construed to place BellSouth and Company in
the relationship of principal and agent, master and servant, partners or joint
venturers. Neither party shall have, expressly or by implication, or shall
represent itself as having, any authority to make contracts or enter into any
agreements in the name of the other patty, or to obligate or bind the other
party in any manner whatsoever.

      2. Use of Marks. Each party hereby grants the other a non-exclusive,
non-transferable, royalty free license to use and display the names, trade
names, trademarks, service names, and service marks of the granting party
identified on Attachment "D" to the Agreement, together with any other trade
names, trademarks, service names and service marks used by the granting party in
connection with the Company's Service or the BellSouth Site respectively
(collectively, the "Marks"), solely in conjunction with the distribution of the
Company's Service to BellSouth's Internet service users, the establishment of
any hyperlinks provided for in the Agreement, and in conjunction with
advertising or promotion of the Company's Service and/or the BellSouth Site as
permitted in the Agreement. Prior to the first use of any of the other party's
Marks in the manner permitted herein, the party using such Marks shall submit a
sample of such proposed use to the other party for its prior written approval,
which shall not be unreasonably withheld or delayed. Without limiting the
generality of the foregoing, each party shall strictly comply with all standards
with respect to the other party's Marks which may be furnished by such party
from time to time, and all uses of the other party's Marks in proximity to the
trade name, trademark, service name or service mark of any other person shall be
consistent with the standards furnished by the other party from time to time.
Further, neither party shall create a combination mark consisting of one or more
Marks of each party. All uses of the other party's Marks shall inure to the
benefit of the party owning such Mark. Each party hereby acknowledges and agrees
that, as between the parties hereto, the other party is the owner of the Marks
identified as its Marks on the applicable Attachment to the Agreement. Either
party may update or change the list of Marks usable by the other party hereunder
at any time by written notice to the other party.

      3. License. Company hereby grants to BellSouth, solely for distribution
through BellSouth services that allow viewers to select the Content from Content
Provider web site and which are then redirected to Company equipment located in
or connected to BellSouth facilities, and BellSouth accepts, a non-exclusive
license to use, reproduce, distribute, display, cache, and transmit Content in
connection with the Services herein contemplated for the purposes of this
Agreement.

      4. Objectionable Material. (a) BellSouth reserves the right, but does not
accept any obligation, to remove, block or otherwise disable the transmission to
its Internet services users of any portion of the Company's Service or any
description, advertisement or listing about the Company's Service on the
BellSouth Site or in any related materials if the screens, images or other
content presented to users who access the Company's Service through the
BellSouth Internet services network are deemed by BellSouth in it's sole
discretion to be objectionable for any reason. BellSouth will, as a general
rule, give Company notice of and consult with Company regarding any decision by
BellSouth to implement any such removal, blocking or disabling. In such event,
the Company shall, if requested by BellSouth, promptly remove all links to the
BellSouth Site and all uses of the BellSouth Marks from the Company's Service.

      (b) Each party reserves the right to refuse the placement of
advertisements or other materials within its respective site or service which it
deems offensive or inappropriate.

      5. Confidentiality. (a) All non-public information received by one party
(the "receiving party") from the other party (the "disclosing party") in
connection with or relating to its performance under the Agreement
("Information") will be held in strict confidence by the receiving party, and
the receiving party shall not disclose such Information, in whole or in part, to
any person other than its employees officers, directors, agents, employees and
representatives, including financial, technical and legal advisers, or those of
its affiliated companies (collectively, "representatives") who need to know such
Information in connection with the receiving party's performance hereunder and
who have been informed by the receiving party of the confidential nature of the
Information and who shall be required by the receiving party to agree to treat
such Information confidentially. Within ten (10) days after written request from
the disclosing party, the receiving party will deliver to the disclosing party
all tangible materials containing or embodying the Information received from the
disclosing party; providing that any portion of the Information which has been
incorporated into analyses, compilations, comparisons, studies or other
documents prepared by the receiving party shall be held by the receiving party
and kept confidential as provided above, or shall be destroyed.

      (b) The term "Information" as used herein does not include any data or
information which is already known to the receiving party at the time it is
disclosed to the receiving party, or which before being divulged by the
receiving party (i) has become generally known to the public through no wrongful
act of the receiving party; (ii) has been rightfully received by the receiving
party from a third party without restriction on disclosure and without, to the
knowledge of the receiving party, a breach of an obligation of confidentiality
running directly or indirectly to the other party hereto; (iii) has been
approved for release by a written authorization by the other party hereto; (iv)
has been disclosed pursuant to a requirement of a governmental agency or of law
without similar restrictions or other protections against public disclosure, or
is required to be disclosed by operation of law; (v) is independently developed
by the receiving party without use, directly or indirectly, of the Information
received from the other party hereto; or (vi) is furnished to a third party by
the disclosing party hereunder without restrictions on the third party's right
to disclose the information.

      (c) The disclosure or receipt of Information shall not constitute or imply
any promise or intention to make any purchase of products or services by either
party or any commitment by either party with respect to the present or future
marketing of any product or service. None of the Information which may be
disclosed or exchanged by the parties shall constitute any representation,
warranty, assurance, guarantee or inducement by either party to the other of any
kind, and in particular, with respect to the accuracy or completeness of any
Information.

                                      E-1
<PAGE>

      (d) No license under any patents, copyrights, trademarks, trade secrets,
mask works, or other intellectual property rights of the disclosing party is
granted by any disclosure of Information hereunder. Each party agrees to
reproduce and not to remove or obscure proprietary rights legends (such as
trademark and service mark symbols and copyright notices) or disclaimers
included in the Information or the BellSouth Site, the Company's Service or with
any documents or materials provided in connection with the Agreement (whether in
electronic form or otherwise).

      (e) For the purpose of complying with the obligations set forth herein,
the party receiving any Information shall use efforts commensurate with those
that such party employs for the protection of corresponding sensitive
information of its own for the term of the Agreement and for three (3) years
thereafter. Such receiving party shall not be liable for any inadvertent
disclosure of Information provided that (i) it has used substantially the same
degree of care to avoid disclosing such Information as it uses for its own
information of like importance, and (ii) upon discovery of any inadvertent
disclosure it shall use reasonable efforts to prevent further disclosure of such
Information.

      6. Representations, Warranties and Indemnities.

      (a) Company represents and warrants to BellSouth as follows:

            (i) that it owns all right, title, and interest in and to, or has
      sufficient authority to use and distribute or make available in the manner
      contemplated by the Agreement, the Company's Service (including all
      related Marks and all text, other graphics, audio files, materials,
      information and other content developed by or for Company for the
      Company's Service or for inclusion in the BellSouth Site or related
      materials in connection with the linking of the Company's Service),
      collectively the "Company Content", including all intellectual property
      rights incorporated in each of the foregoing, including, without
      limitation, all trademarks, service marks, copyrights, names and
      likenesses; and

            (ii) that, to the best of its knowledge, none of the Company Content
      does or will infringe any trademark, service mark, copyright, or other
      intellectual property right of a third party, or constitute a libel or
      defamation or false, deceptive or unfair advertising or disparagement
      under applicable law, or fail to comply with any applicable law,
      including, without limitation, licensing requirements and administrative
      or professional rules, or constitute an invasion of the right of privacy
      or publicity of any person.

      (b) Company shall defend, indemnify and hold harmless BellSouth and its
affiliates and their respective officers, directors, employees and agents from
and against any and all loss, cost, liability or expenses (including reasonable
attorneys' fees and amounts paid in settlement) arising from a breach of the
representations and warranties of Company set forth above or from a claim that
the use or distribution of the Company Content, each in the form delivered by
Company to BellSouth, infringes any patent, trademark, or any copyright or any
other proprietary right of a third party enforceable in the U.S., provided that
BellSouth notifies Company promptly in writing of any such action and gives
Company sole control of the defense and any negotiations for settlement or
compromise of such action; provided, further that the foregoing indemnification
by Company shall not apply to the extent that any action by BellSouth gives rise
to or otherwise enhances any such claim.

      (c) BellSouth represents and warrants to Company as follows:

            (i) that it owns all right, title, and interest in and to, or has
      sufficient authority to use and distribute in the manner contemplated by
      the Agreement any advertising or other materials submitted by BellSouth
      for inclusion on the Company's Service (collectively, the "BellSouth
      Materials"), including all intellectual property rights incorporated in
      each of the foregoing, including, without limitation, all trademarks,
      service marks, copyrights, names and likenesses; and

            (ii) that, to the best of its knowledge, neither the BellSouth
      Materials nor any of the BellSouth Marks does or will infringe any
      trademark, service mark, copyright, or other intellectual property right
      of a third party, or constitute a libel or defamation or false, deceptive
      or unfair advertising or disparagement under applicable law, or fail to
      comply with any applicable law, including, without limitation, licensing
      requirements and administrative or professional rules, or constitute an
      invasion of the right of privacy or publicity of any person.

      (d) BellSouth shall defend, indemnify and hold harmless Company and its
affiliates and their respective officers, directors, employees and agents from
and against any and all loss, cost, liability or expenses (including reasonable
attorneys' fees and amounts paid in settlement) arising from a breach of the
representations and warranties of BellSouth set forth above or from a claim that
the use or distribution of the BellSouth Materials or the BellSouth Marks, each
in the form provided by BellSouth to Company, infringes any patent, trademark,
or any copyright or any other proprietary right of a third party enforceable in
the U.S., provided that Company notifies BellSouth promptly in writing of any
such action and gives BellSouth sole control of the defense and any negotiations
for settlement or compromise of such action; provided, further, that the
foregoing indemnification by BellSouth shall not apply to the extent that any
action by Company gives rise to or otherwise enhances any such claim.

      7. Disclaimers: Limitations of Liability.

      (a) EXCEPT AS EXPRESSLY SET FORTH IN THE AGREEMENT, NEITHER PARTY MAKES
ANY, AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ANY, REPRESENTATIONS OR
WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE COMPANY'S SERVICE, THE BELLSOUTH
SITE, OR ANY OTHER SERVICE, CONTENT, TOOLS OR RELATED DOCUMENTS OR MATERIALS (IN
ELECTRONIC FORM OR OTHERWISE) PROVIDED HEREUNDER, INCLUDING, WITHOUT LIMITATION,
ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
NONINFRINGEMENT AND IMPLIED WARRANTIES ARISING FROM A COURSE OF DEALING OR
COURSE OF PERFORMANCE. EXCEPT AS EXPRESSLY SET FORTH IN THE AGREEMENT, COMPANY
EXPRESSLY DISCLAIMS ANY REPRESENTATION OR WARRANTY REGARDING THE PERFORMANCE,
AVAILABILITY, FUNCTIONALITY OR ANY OTHER ASPECT OF THE COMPANY'S SERVICE. EXCEPT
AS EXPRESSLY SET FORTH IN THE AGREEMENT, BELLSOUTH EXPRESSLY DISCLAIMS ANY
REPRESENTATION OR WARRANTY REGARDING THE PERFORMANCE, AVAILABILITY,
FUNCTIONALITY, NUMBER OF SUBSCRIBERS OR ANY OTHER ASPECT OF THE BELLSOUTH SITE
OR BELLSOUTH'S INTERNET SERVICES.

      (b) EXCEPT FOR BREACHES OF SECTION 2 OF

                                      E-2
<PAGE>

THESE TERMS AND CONDITIONS (USE OF MARKS) OR PURSUANT TO THE INDEMNIFICATION
PROVISIONS CONTAINED IN THESE TERMS AND CONDITIONS, IN NO EVENT SHALL EITHER
PARTY BE LIABLE TO THE OTHER PARTY, WHETHER IN CONTRACT OR IN TORT OR UNDER ANY
OTHER LEGAL THEORY (INCLUDING STRICT LIABILITY), FOR ANY I) DIRECT DAMAGES IN
EXCESS OF $1,000,000.00 OR II) INDIRECT, INCIDENTAL, EXEMPLARY, PUNITIVE,
SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFIT'S, REVENUE, DATA OR
USE, OR FOR INTERRUPTED COMMUNICATIONS, INCURRED BY EITHER PARTY IN CONNECTION
WITH THIS AGREEMENT, EVEN IF THE OTHER PARTY OR ANY OTHER PERSON HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

      8. Indemnification. Each party hereby indemnifies and agrees to hold the
other party and its affiliates harmless from and against all claims, cost,
liabilities, judgments, expenses or damages (including reasonable attorneys'
fees) arising out of or in connection with the party's breach of any warranties
made herein or any claim based on the infringement of intellectual property
rights. The other party shall promptly notify the indemnifying party of any
third party action, suit, proceeding or investigation ("Proceeding") for which
indemnification is sought, provided that any failure to so notify the
indemnifying party will not relieve the indemnifying party from any liability or
obligation which it may have to any indemnified person except to the extent of
any material prejudice to the indemnifying party resulting from such failure. If
any such Proceeding is brought against an indemnified person, the indemnifying
party will be entitled to assume and control the defense thereof. Each
indemnified person will be obligated to cooperate reasonably with the
indemnifying party, at the expense of the indemnifying party, in connection with
such defense and the compromise or settlement of any such Proceeding.

      9. Termination. (a) Unless sooner terminated by either party or extended
for a specific additional term by mutual written agreement, the Agreement will
automatically be extended for successive one-year terms until terminated by
either party as provided herein. Either party may terminate the Agreement at any
time during or after the initial term upon at least sixty (60) days prior
written notice to the other party.

      (b) If either party breaches any provision of the Agreement and fails to
cure such breach within thirty (30) days after receipt of written notice
thereof, the other party may upon written notice to the breaching party
terminate the Agreement immediately, without liability to the breaching party.
Either party may, upon written notice to the other, terminate the Agreement
immediately without liability to the other party, if such other party has
breached any of the provisions of the Agreement relating to confidentiality or
the use of the Marks.

      (c) Anything herein to the contrary notwithstanding, the provisions of the
Agreement relating to indemnification, confidentiality and any other provisions
which by their nature should survive termination shall survive the expiration or
termination of the Agreement for any reason.

      10. Assignment. Neither party may assign the Agreement without the prior
written consent of the other; provided, however, that no consent shall be
necessary for BellSouth to assign the Agreement to any affiliate of BellSouth or
to any entity acquiring all or substantially all of BellSouth's Internet
services operations, or for either party to assign the Agreement to an entity
acquiring all or substantially all of the stock or assets of such party.

      11. Notices: All notices from either party to the other shall be delivered
either personally or by first-class, pre-paid U.S. mail. Notice to either party
shall be sent to the respective address as set forth in the Agreement, unless
written notice of a change of address shall have been previously given by either
party. In addition, a copy of any changes in address for notices and any notices
of termination or any claimed default by BellSouth shall be contemporaneously
given to counsel for BellSouth at the following address:

      BellSouth.net Inc.
      303 Perimeter Center North, Suite 600
      Atlanta, Georgia 30346
      Attn: General Counsel

      Addresses for notices may be changed at any time by giving thirty (30)
days prior written notice as provided above.

      12. Publicity. Neither party will make any public announcement with
respect to the business arrangement contemplated by this Agreement without the
other party's prior written consent, unless in the opinion of such party's legal
counsel, such announcement is required by applicable law.

      13. Waiver. No failure on the part of any party hereto to exercise, and no
delay in exercising any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, power or
remedy by any such party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. No express waiver or assent by any
party hereto to any breach of or default in any term or condition of this
Agreement shall constitute a waiver of or an assent to any succeeding breach of
or default in the same or any other term or condition hereof.

      14. Miscellaneous. This Agreement shall be governed by, and interpreted
and construed in accordance with, the laws of the State of Georgia, without
giving effect to the conflict of law rules of such state. Any litigation arising
hereunder shall be filed in either the Federal District Court for the Northern
District of Georgia or the Superior Court of Dekalb County, Georgia and Company
consents to the jurisdiction of such courts. This Agreement (including the
Attachments to this Agreement and these Terms and Conditions contained in this
Attachment "E", all of which are hereby incorporated herein by reference for all
purposes) contains the entire agreement between the parties relating to the
subject matter contained herein, and supersedes any and all other agreements,
representations or warranties of the parties in connection with such subject
matter. This Agreement cannot be modified, changed or terminated orally, and no
changes, amendments or modifications to this Agreement shall be binding unless
in writing and duly executed by the party to be charged therewith. If any
provision of this Agreement is held invalid, unenforceable or illegal for any
reason, such provision shall be deemed to apply only to the maximum extent
permitted by law, and the remainder of this Agreement shall remain valid and
enforceable in accordance with its terms. Whenever possible, the terms of this
Agreement and any Attachments hereto shall be construed so as to be consistent
with, and not in conflict with, each other and these Terms and Conditions.
However, in the event of any conflict between the terms of this Agreement or any
Attachments hereto and the provisions of these Terms and Conditions, the
Attachments shall control over the Agreement and the Agreement shall control
over the Terms and Conditions. This Agreement may be executed by facsimile and
in one or more counterparts, each of which shall be deemed to be an original,
but all of which shall constitute on and the same instrument.

                                      E-3EXHIBIT 10.29

         CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS
      DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE
                                  COMMISSION.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID
ACT OR LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
REGISTRATION IS NOT REQUIRED.

                         iBEAM BROADCASTING CORPORATION

                        COMMON STOCK SUBSCRIPTION WARRANT

May 18, 2000

      1. General.

      THIS CERTIFIES that, for value received, BELLSOUTH CORPORATION, a Georgia
corporation ("BellSouth"), is entitled to subscribe for and purchase from iBEAM
BROADCASTING CORPORATION, a Delaware corporation (the "Corporation"), at any
time or from time to time during the period commencing on the date which is
twelve (12) months after the date of this Warrant and ending on the date which
is thirty six (36) months after the date of this Warrant (the "Exercise
Period"), on the terms and subject to the provisions hereinafter set forth that
number of shares of fully paid, non-assessable common stock, $.0001 par value,
of the Corporation calculated as follows (the "Warrant Shares"):

      Number of Warrant Shares =[*]

      IPO Price = The price per share to the public of the Corporation's common
      stock pursuant to an underwritten initial public offering (the "IPO"). If
      the IPO does not occur by August 1, 2000, the IPO Price shall mean the
      mid-point of the filing range of the Corporation's last S-1 filing with
      the SEC as of the date of the exercise of this Warrant.

      2. Exercise of Warrant.

      This Warrant is exercisable at a price per Warrant Share equal to the IPO
Price (the "Warrant Price"). Subject to the provisions of Section 3 of this
Warrant, the rights represented by this Warrant may be exercised by the holder
hereof, in whole or in part, at any time or from time to time during the
Exercise Period, by the surrender of this Warrant (properly endorsed) and the
delivery of a duly executed Notice of Subscription (in the form of Schedule 2)
at the office of the Corporation at 645 Almanor Avenue, Suite 100, Sunnyvale, CA
94086, or at such other agency or office of the Corporation in the United States
of America as the Corporation may designate by notice in writing to the holder
hereof at the address of such holder appearing on the books of the Corporation,
and by payment (either in cash, by check, by cancellation of

--------
*     Confidential material redacted and filed separately with the Commission.
<PAGE>

indebtedness and/or in shares of capital stock of the Corporation valued at Fair
Market Value (as hereinafter defined) on the date of such exercise) to the
Corporation of the Warrant Price for each Warrant Share being purchased. In the
event of the exercise of the rights represented by this Warrant, a certificate
or certificates for the Warrant Shares so purchased, registered in the name of
the holder, and if this Warrant shall not have been exercised for all of the
Warrant Shares and the Exercise Period has not then expired, a new Warrant,
registered in the name of the holder hereof, of like tenor to this Warrant,
shall be delivered to the holder hereof within a reasonable time, not exceeding
ten (10) days, after the rights represented by this Warrant shall have been so
exercised. The person in whose name any certificate for Warrant Shares is issued
upon exercise of this Warrant shall for all purposes be deemed to have become
the holder of record of such shares on the date on which the Warrant was
surrendered and payment of the Exercise Price and any applicable taxes was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Corporation are closed, such person shall be deemed to have become the
holder of such shares at the close of business on the next succeeding date on
which the stock transfer books are open.

      3. Vesting.

      Notwithstanding any provision in this Warrant to the contrary, BellSouth
shall have the right to exercise or exchange this Warrant only to the extent to
which the Warrant Shares have vested. As of the date of this Warrant, none of
the Warrant Shares are vested. The Warrant Shares shall vest in accordance with
the following:

            a. Definitions. The following terms shall have the meanings set
forth below for the purposes of this Agreement:

                  (i) "Broadband Subscribers" shall be calculated as follows:
(A) each ADSL subscriber shall count as one Broadband Subscriber; (B) each
dedicated T-1 connection (or T-1 equivalent based on maximum rated circuit
capacity for other dedicated connections) shall count as fifty (50) Broadband
Subscribers; and (C) every five dial subscribers shall count as one Broadband
Subscriber. For purposes of the foregoing, the term "subscriber" means a person
or entity that is connected to (or, for dial subscribers, normally served by)
BST's Internet Services network in such Market such that they are available to
be served with content provided by the Corporation through equipment installed
or to be installed in a Facility located in that Market.

                  (ii) "BST" means BellSouth Telecommunications, Inc., a
wholly-owned subsidiary of BellSouth and a Georgia corporation. References to
BST herein shall also include any other BellSouth affiliate which succeeds to
BST's interests or responsibilities under the Linking Agreement, in whole or in
part, as permitted thereunder.

                  (iii) "Expiration Date" means as to any particular Warrant
Shares, the date on which BellSouth's right to exercise this Warrant as to such
Warrant Shares expires.

                  (iv) "Facility" means the BellSouth Internet Services facility
at which the Corporation's equipment is installed and operated pursuant to the
Linking Agreement.

                  (v) "Linking Agreement" means the Internet Linking and Content
Storage/Distribution Agreement of even date herewith between the Corporation and
BST.

                  (vi) "Market" -means for each city referred to in this
Section, its respective LATA for the named city.

                                       2

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

                  (vii) "NEBS Compliant" means compliant with the requirements
for Level 3 as set forth in the Network Equipment Building System (NEBS) Generic
Equipment Requirements (GR-63-CORE), Issue 1, October 1995 or related or
successor documentation as commonly used in the telco industry with respect to
central office equipment. For the purposes of this Agreement, the Corporation's
equipment to be located in a Facility shall be deemed to be NEBS Compliant as
long as it is housed in a cabinet/enclosure which is NEBS Compliant, even though
the individual components of such equipment within such cabinet may not be NEBS
Compliant; provided that, where reasonably available, the Corporation shall use
equipment which is compliant with at least Level 1 NEBS in such cabinets.

                  (viii) "Rollout Date" for each Market means the date which is
nine (9) months after the date on which the Corporation delivers NEBS Compliant
equipment for installation by BST in the initial Facility in the relevant Market
pursuant to the Linking Agreement. Once the actual Rollout Date has been
established, the parties will confirm the exact date for the Rollout Date in an
amendment to this Warrant to be executed by both parties.

                  (ix) "Subscriber Target Date" means the date one (1) year
after the date on which the Corporation delivers NEBS Compliant equipment for
installation by BST in the initial Facility-in the Atlanta Market pursuant to
the Linking Agreement. Once the actual Subscriber Target Date has been
established, the parties will confirm the exact date for the Subscriber Target
Date in an amendment to this Warrant to be executed by both parties.

            b. Atlanta Market. [*] of the Warrant Shares shall vest upon the
later of (i) the date that BST accomplishes a Complete Installation (as defined
in Schedule 3fb)(i)) in the Atlanta Market, and (ii) the date that BST achieves
the Minimum Subscriber Base (as defined in Schedule 3(b)(ii)) in the Atlanta
Market. Subject to the provisions of Section 3(f), if the Complete Installation
requirement for the Atlanta Market is not satisfied by the Rollout Date for the
Atlanta Market, all Warrant Shares related to the Atlanta Market shall be deemed
to have expired and BellSouth shall have no right to exercise this Warrant with
respect to such Warrant Shares. If the Minimum Subscriber Base requirement for
the Atlanta Market is not achieved by the Subscriber Target Date, all Warrant
Shares related to the Atlanta Market shall expire and BellSouth shall have no
right to exercise this Warrant with respect to such Warrant Shares.

            c. South Florida Market. [*] of the Warrant Shares shall vest upon
the later of (i) the date that BST accomplishes a Complete Installation in the
South Florida Market, and (ii) the date that BST achieves the Minimum Subscriber
Base in the South Florida Market. Subject to the provisions of Section 3(f), if
the Complete Installation requirement for the South Florida Market is not
satisfied by the Rollout Date for the South Florida Market, all Warrant Shares
related to the South Florida Market shall be deemed to have expired and
BellSouth shall have no right to exercise this Warrant with respect to such
Warrant Shares. If the Minimum Subscriber Base requirement for the South Florida
Market is not achieved by the Subscriber Target Date, all Warrant Shares related
to the South Florida Market shall expire and BellSouth shall have no right to
exercise this Warrant with respect to such Warrant Shares.

            d. New Orleans Market. [*] of the Warrant Shares shall vest upon the
later of (i) the date that BST accomplishes a Complete Installation in the New
Orleans Market, and (ii) the date that BST achieves the Minimum Subscriber Base
in the New Orleans Market. Subject to the provisions of Section 3(f), if the
Complete Installation requirement for the New Orleans Market is not satisfied by
the Rollout Date for the New Orleans Market, all Warrant Shares related to the
New Orleans Market shall be deemed to have expired and BellSouth shall have no
right to exercise this Warrant with respect to such Warrant Shares. If the
Minimum Subscriber Base requirement for the New Orleans Market is not achieved
by the Subscriber Target

--------
*     Confidential material redacted and filed separately with the Commission.

                                       3

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

Date, all Warrant Shares related to the New Orleans Market shall expire and
BellSouth shall have no right to exercise this Warrant with respect to such
Warrant Shares.

            e. Other Markets. For each Other Market, up to a maximum of [*]
Other Markets, [*] of the Warrant Shares shall vest upon the later of (i) the
date that BST accomplishes a Complete Installation in such Other Market, and
(ii) the date that BST achieves the Minimum Subscriber Base in such Other
Market. Subject to the provisions of Section 3(f), if the Complete Installation
requirement for an Other Market is not satisfied by the Rollout Date for such
Other Market, all Warrant Shares related to such Other Market shall be deemed to
have expired and BellSouth shall have no right to exercise this Warrant with
respect to such Warrant Shares. If the Minimum Subscriber Base requirement for
an Other Market is not achieved by the Subscriber Target Date, all Warrant
Shares related to such Other Market shall expire and BellSouth shall have no
right to exercise this Warrant with respect to such Warrant Shares. The term
"Other Market" shall mean any of the following cities:

            [*]

            f. Intervening Circumstances.

                  (i) If BST is unable to accomplish a Complete Installation for
a particular Market by the Rollout Date for such Market due solely to
circumstances which are reasonably beyond BST's control but which are reasonably
within the Corporation's control (including without limitation the Corporation's
failure to provide BST with NEBS Compliant equipment), the vesting date (and the
Expiration Date) for such Warrant Shares shall be extended to the date that BST
accomplishes a Complete Installation for such Market; provided that (A) BST in
good faith uses its best efforts to accomplish such Complete Installation within
a reasonable time period, and does accomplish such Complete Installation no
later than the Rollout Date or the date six (6) months after the causes of such
delay which are reasonably within the Corporation's control are removed,
corrected, or overcome by the Corporation (whichever is later), and (B) BST
achieves the Minimum Subscriber Base requirement for such Market by the
Subscriber Target Date.

                  (ii) If BST has not been able to accomplish a Complete
Installation for a particular Market by the date sixteen (16) months after the
effective date of this Agreement due solely to circumstances which are
reasonably beyond BST's control but which are reasonably within the
Corporation's control (including without limitation the Corporation's failure to
provide BST with NEBS Compliant equipment), then the Warrant Shares related to
such Market shall vest on the date sixteen (16) months after the effective date
of this Agreement, provided that BST achieves the Minimum Subscriber Base
requirement for such Market by the Subscriber Target Date.

                  (iii) Notwithstanding any provision in this Warrant to the
contrary, including without limitation the provisions of Section 3(f)(i)-(ii),
if BST is unable to accomplish a Complete Installation for a particular Market
by the Rollout Date for such Market due solely to a Force Majeure Event, the
vesting date and Expiration Date for the Warrant Shares related to such Market
shall not be extended pursuant to Section 3(f)(i)-(ii) or otherwise, and this
Warrant shall be deemed to have expired as of the Rollout Date for such Market
with respect to such Warrant Shares. For purposes of this Section 3(f)(iii), the
term "Force Majeure Event" shall mean flood, fire, labor unrest, war, terrorism,
cyber attack (e.g., hacking, denial of service attack, etc.), or act of God.

--------
*     Confidential material redacted and filed separately with the Commission.

                                       4

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

            g. Aggregate Minimum Subscriber Base. Notwithstanding any provision
in this Warrant to the contrary, the Minimum Subscriber Base in each Market
shall be deemed to have been .met on the date that BST first achieves the
Aggregate Minimum Subscriber Base (as defined in Schedule 3(b)(ii)).

      4. Exchange of Warrant.

            a. In addition to and independent of the rights of the holder of
this Warrant set forth in Sections 2 and 3, the holder hereof may at any time or
from time to time during the Exercise Period elect to receive, without the
payment by the holder of any additional consideration, that number of Warrant
Shares determined as hereinafter provided in this Section 4 by the surrender of
this Warrant or any portion hereof to the Corporation, accompanied by an
executed Notice of Exchange in substantially the form thereof attached hereto as
Schedule 4(a) (the "Net Issue Election"). Thereupon, the Corporation shall issue
to the holder hereof such number of fully paid and nonassessable Warrant Shares
as is computed using the following formula:

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

where X = the number of Warrant Shares to be issued to the holder pursuant to
this Section 4.

      Y =   the number of Warrant Shares covered by this Warrant in respect of
            which the Net Issue Election is made pursuant to this Section 4.

      A =   the Fair Market Value (as hereinafter defined) of one Warrant Share
            determined at the time the Net Issue Election is made pursuant to
            this Section 4 (the "Determination Date").

      B =   the Warrant Price in effect under this Warrant at the time the Net
            Issue Election is made pursuant to this Section 4.

            b. For purposes of the above calculation, "Fair Market Value" of one
Warrant Share as of the Determination Date shall mean:

                  (i) (A) if the Common Stock of the Corporation is not then
traded on a national securities exchange, the average of the closing prices
quoted on the National Association of Securities Dealers, Inc. Automated
Quotation National Market System, if applicable, or the average of the last bid
and asked prices of the Common Stock quoted in the over-the-counter-market, or
(B) if the Common Stock is then traded on a national securities exchange, the
average of the high and low prices of the Common Stock listed on the principal
national securities exchange on which the Common Stock is so traded, in each
case for the twenty (20) trading days immediately preceding the Determination
Date or, if such date is not a business day on which shares are traded, the next
immediately preceding trading day; and

                  (ii) in all other circumstances, the fair market value per
share of Common Stock as determined by a nationally recognized independent
investment banking firm jointly selected by the Corporation and the holder of
this Warrant or, if such selection cannot be made within five business days
after delivery of the Notice of Exchange referred to above, by a nationally
recognized independent investment banking firm selected by the American
Arbitration Association.

            c. The closing of any Warrant Exchange shall take place at the
offices of the Corporation on the date specified in the Notice of Exchange (the
"Exchange Date"), which shall be not less than five and not more than 30 days
after the delivery of such Notice. At such closing, the Corporation shall

                                       5

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

issue and deliver to the holder or its designee a certificate or certificates
for the Warrant Shares to be issued upon such Warrant Exchange, registered in
the name of the holder or such designee, and if such Warrant Exchange shall not
have been for all Warrant Shares and the Exercise Period has not then expired, a
new Warrant, registered in the name of the holder, of like tenor to this Warrant
for the number of shares still subject to this Warrant following such Warrant
Exchange.

      5. Adjustment of Warrant Price.

            a. The Warrant Price shall be subject to adjustment from time to
time as follows:

                  (i) If, at any time during the Exercise Period, the number of
shares of Common Stock outstanding is increased by a stock dividend payable in
shares of Common Stock or by a subdivision or split-up of shares of Common
Stock, then, following the record date fixed for the determination of holders of
Common Stock entitled to receive such stock dividend, subdivision or split-up,
the Warrant Price shall be appropriately decreased and the number of shares of
Common Stock issuable upon exercise of this Warrant shall be appropriately
increased, in each case in proportion to such increase in outstanding shares.

                  (ii) If, at any time during the Exercise Period, the number of
shares of Common Stock outstanding is decreased by a combination of the
outstanding shares of Common Stock, then, following the record date for such
combination, the Warrant Price shall be appropriately increased and the number
of shares of Common Stock issuable upon exercise of this Warrant shall be
appropriately decreased, in each case, in proportion to such decrease in
outstanding shares.

            b. Whenever the Warrant Price shall be adjusted as provided in this
Section 5 the Corporation shall forthwith file, at the office of the Corporation
or any transfer agent designated by the Corporation for the Common Stock, a
statement, signed by its chief financial officer, showing in detail the facts
requiring such adjustment and the adjusted Warrant Price. The Corporation shall
also cause a copy of such statement to be sent by first-class certified mail,
return receipt requested, postage prepaid, to the holder of this Warrant at its
address appearing on the Corporation's records. Where appropriate, such copy may
be given in advance and may be included as part of a notice required to be
mailed under the provisions set forth immediately below.

            c. In the event the Corporation shall take any action of the types
described in this Section 5 or in Section 12, the Corporation shall give notice
to each holder of a Warrant in the manner set forth herein, which notice shall
specify the record date, if any, with respect to any such action and the date on
which such action is to take place. Such notice shall also set forth such facts
with respect thereto as shall be reasonably necessary to indicate the effect of
such action (to the extent such effect may be known at the date of such notice)
on the Warrant Price then in effect and the number, kind or class of shares or
other securities or property which shall be delivered or purchasable upon the
occurrence of such action or deliverable upon exercise of this Warrant. In the
case of any action which would require the fixing of a record date, the
Corporation shall use reasonable efforts to provide such notice at least twenty
(20) days' prior to the date so fixed, and in case of all other action, the
Corporation shall use reasonable efforts to provide such notice at least thirty
(30) days' prior to the taking of such proposed action. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of any
such action.

      6. Adjustment of Warrant Shares.

      Upon each adjustment of the Warrant Price as provided in Section 4, the
holder hereof shall-thereafter be entitled to subscribe for and purchase, at the
Warrant Price resulting from such adjustment, the

                                       6

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

number of Warrant Shares equal to the product of (i) the number of Warrant
Shares existing prior to such adjustment and (ii) the quotient obtained by
dividing (A) the Warrant Price existing prior to such adjustment by (B) the new
Warrant Price resulting from such adjustment. No fractional shares of Common
Stock shall be issued as a result of any such adjustment, and any fractional
shares resulting from the computations pursuant to this paragraph shall be
eliminated without consideration.

      7. Covenants as to Common Stock.

      The Corporation covenants and agrees that all shares of Common Stock that
may be issued upon the exercise of the rights represented by this Warrant, will,
upon issuance, be validly issued, fully paid and non-assessable and free from
all taxes, liens and charges with respect to the issuance thereof. The
Corporation further covenants and agrees that the Corporation will from time to
time take all such action as may be requisite to assure that the stated or par
value per share of Common Stock is at all times equal to or less than the then
effective Warrant Price per share of Common Stock issuable upon exercise of this
Warrant. The Corporation further covenants and agrees that the Corporation will
at all times have authorized and reserved, free from preemptive rights, a
sufficient number of shares of Common Stock to provide for the exercise of the
rights represented by this Warrant. If and so long as the Common Stock issuable
upon the exercise of the rights represented by this Warrant is listed on any
national securities exchange, the Corporation will, if permitted by the rules of
such exchange, list and keep listed on such exchange, upon official notice of
issuance, all shares of such capital stock.

      8. No Shareholder Rights.

      This Warrant shall not entitle the holder hereof to any voting rights or
other rights as a shareholder of the Corporation.

      9. Restrictions on Transfer.

      The holder of this Warrant acknowledges that neither this Warrant nor the
Warrant Shares have been registered under the Securities Act and the holder of
this Warrant agrees that no sale, transfer, assignment, hypothecation or other
disposition of the Warrant Shares shall be made in the absence of (a) current
registration statement under the Securities Act as to the Warrant Shares and the
registration or qualification of the Warrant Shares under any applicable state
securities laws is then in effect, or (b) an opinion of counsel reasonably
satisfactory to the Corporation to the effect that such registration or
qualification is not required. Each certificate or other instrument for Warrant
Shares issued upon exercise of this Warrant shall, if required under the
Securities Act or the rules promulgated thereunder, be imprinted with a legend
substantially to the foregoing effect.

      10. Market Stand-Off Agreement.

      The holder hereof hereby agrees that it will enter into a market stand-off
agreement (not to exceed 180 days) as shall be entered into by all other
similarly situated holders of warrants issued by the Corporation under similar
circumstances and shall be bound thereby.

      11. No Transfer of Warrant.

      This Warrant is non-transferable, in whole or in part, except to a
wholly-owned subsidiary of BellSouth, without the prior written consent of the
Corporation.

                                       7

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

      12. Reorganizations, Etc.

      In the case of any capital reorganization, any reclassification of the
stock of the Corporation (other than a change in par value or from par value to
no par value or from no par value to par value or as a result of a stock
dividend or subdivision, split-up or combination of shares), or of the
consolidation or merger of the Corporation with or into another corporation
(other than a consolidation or merger in which the Corporation is the continuing
corporation and which does not result in any change in the Common Stock) or of
the sale of all or substantially all the properties and assets of the
Corporation as an entirety to any other corporation, this Warrant shall, after
such reorganization, reclassification, consolidation, merger or sale, be
exercisable for the kind and number of shares of stock or other securities or
property of the Corporation or of the corporation resulting from such
consolidation or surviving such merger or to which such properties and assets
shall have been sold to which such holder would have been entitled if he had
held the Common Stock issuable upon the exercise hereof immediately prior to
such reorganization, reclassification, consolidation, merger or sale. In any
such reorganization or other action or transaction described above, appropriate
provision shall be made with respect to the rights and interests of the holder
of this Warrant to the end that the provisions hereof (including, without
limitation, provisions for adjustments of the Warrant Price and of the number of
shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, as nearly as may be, in relation to any shares of
stock, securities or assets thereafter deliverable upon the exercise hereof. The
Corporation will not effect any such consolidation, merger or sale unless, prior
to the consummation thereof, the successor corporation or entity (if other than
the Corporation) resulting from such transaction or the corporation or entity
purchasing such assets shall assume by written instrument, executed and mailed
or delivered to the registered holder hereof at the last address of such holder
appearing on the books of the Corporation, the obligation to deliver to such
holder such shares of stock, securities or assets as, in accordance with the
foregoing provisions, such holder may be entitled to purchase.

      13. Lost, Stolen, Mutilated or Destroyed Warrant.

      If this Warrant is lost, stolen, mutilated or destroyed, the Corporation
may, on such terms as to indemnity or otherwise as it may in its discretion
impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as the Warrant so
lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an
original contractual obligation of the Corporation, whether or not the allegedly
lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by
anyone.

      14. Modification and Waiver.

      This Warrant and any provision hereof may be changed, waived, discharged
or terminated only by an instrument in writing signed by the party against which
enforcement of the same is sought.

      15. Notices.

      All notices, advices and communications to be given or otherwise made to
any party to this Agreement shall be deemed to be sufficient if contained in a
written instrument delivered in person or by telecopier or duly sent by first
class registered or certified mail, return receipt requested, postage prepaid,
or by overnight courier, or by electronic mail, with a copy thereof to be sent
by mail (as aforesaid) within 24 hours of such electronic mail, addressed to
such party at the address set forth below or at such other address as may
hereafter be designated in writing by the addressee to the addresser listing all
parties:

                                       8

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

            If to the Corporation, to:

            iBEAM Broadcasting Corporation
            645 Almanor Avenue, Suite 100
            Sunnyvale, CA 94086 Attention: General Counsel
            Telecopier: (408) 524-0567
            e-mail address: DSroka@iBEAM.com

      and

            If to BellSouth, to:

            BellSouth Corporation
            1155 Peachtree Street, N.E., Suite 1929
            Atlanta, GA 30309-3610
            Attention: Executive Director - Corporate Development
            Telecopier: (404) 249-4740

Or to such other address as the party to whom notice is to be given may have
furnished to the other parties hereto in writing in accordance herewith. Any
such notice or communication shall be deemed to have been delivered and received
(i) in the case of personal delivery or delivery by telecopier, on the date of
such deliver, (ii) in the case of nationally-recognized overnight courier, on
the next business day after the date when sent, and (iii) in the case of
mailing, on the third business day following that on which the piece of mail
containing such communication is deposited in the U.S. Mail. As used in this
Section 15, "business day" shall mean any day other than a day on which banking
institutions in the State of New York are legally closed for business.

      16. Binding Effect on Successors; Survival.

      This Warrant shall be binding upon any corporation succeeding the
Corporation by merger, consolidation or acquisition of all or substantially all
of the Corporation's assets. All of the obligations of the Corporation relating
to the Common Stock issuable upon the exercise of this Warrant shall survive the
exercise and termination of this Warrant. All of the covenants and agreements of
the Corporation shall inure to the benefit of the successors of BellSouth.

      17. Descriptive Headings and Governing Law.

      The description headings of the several sections and paragraphs of this
Warrant are inserted for convenience only and do not constitute a part of this
Warrant. This Warrant shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the laws of the State of
Delaware.

      18. No Fractional Shares.

      No fractional shares shall be issued upon exercise of this Warrant. The
Corporation shall, in lieu of issuing any fractional share, pay the holder
entitled to such fraction a sum in cash equal to such fraction-multiplied by the
then Fair Market Value of one Warrant Share.

      19. Cross Default.

      Notwithstanding any provision in this Warrant to the contrary, this
Warrant shall not be exercisable in whole or in part at any time that BST is in
material default of its obligations under the Linking Agreement.

                                       9

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

Once any such breach is cured, this Warrant shall again be exercisable. No such
suspension of the exerciseability of this Warrant shall extend the Exercise
Period.

      20. Publicity.

      Neither party will make any public announcement with respect to the
business arrangement contemplated by this Agreement without the other party's
prior written consent, unless in the opinion of such party's legal counsel
(after consultation with counsel for the other party), such announcement is
required by applicable law.

                     [Rest of page intentionally left blank]

                                       10

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

      IN WITNESS WHEREOF, the undersigned have caused this Warrant to be
executed by their duly authorized officers on the date first above written.

                                    iBEAM BROADCASTING CORPORATION

                                    By._________________________________________
                                       Name:
                                       Title:

                                    BELLSOUTH CORPORATION

                                    By._________________________________________
                                       Name:
                                       Title:

                                       11

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

                                   Schedule 2

FORM OF SUBSCRIPTION

      The undersigned, the holder of the Warrant, hereby irrevocably elects to
exercise the purchase rights represented by such Warrant for, and to purchase
thereunder, __________ shares of Common Stock, $.0001 par value of iBEAM
Broadcasting Corporation and herewith makes payment of $_________ therefor, and
requests that the certificates for such shares be issued in the name of and
delivered to, __________________ whose address is
____________________________________.

Dated: ___________

                                    ____________________________________________
                                    (Signature)

                                    ____________________________________________
                                    (Address)

                                       12

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

                                Schedule 3(b)(i)

      For purposes of this Warrant, the term "Complete Installation" at a
particular Facility shall mean the completion of the activation of such Facility
under the terms of the Linking Agreement, enabling the Corporation's serving of
Content through servers at such Facility to end users of the Internet over the
BellSouth Internet Services network. If the parties agree on an alternative
network architecture that results in a Market (a "Remote Market") being served
with the Corporation's Content from a BellSouth Facility located in another
Market or LATA with substantially comparable performance characteristics as
mutually agreed, then a Complete Installation in such Remote Market shall be
deemed to have occurred upon the implementation of such alternative network
serving arrangement which enables the Corporation's serving of Content to end
users of the Internet in such Remote Market over the BellSouth-Internet Services
network.

                                       13

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
                                     <PAGE>

                                    Schedule 3(b)(ii)

1. The term "Minimum Subscriber Base" means:

      a. with respect to the Atlanta Market, the South Florida Market, and the
New Orleans Market, [*] Broadband Subscribers per each such Market; and

      b. with respect to all Other Markets, 10,000 Broadband Subscribers per
each such Market.

2. The term "Aggregate Minimum Subscriber Base" means a total [*] Broadband
Subscribers across all Markets in which BST has accomplished a Complete
Installation, subject to Section 3(f).

--------
*     Confidential material redacted and filed separately with the Commission.

                                       14

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.
<PAGE>

                                  Schedule 4(a)

Notice of Exchange

(To be executed by the Holder in order to exchange the Warrant.)

      The undersigned hereby irrevocably elects to exchange this Warrant into
__________ shares (the foregoing number constituting the number of Warrant
Shares to be issued pursuant this Warrant) of common stock, $.0001 par value of
iBEAM Broadcasting Corporation, minus any shares to be deducted from the
foregoing number in accordance with the terms of this Warrant, according to the
conditions thereof. The undersigned desires to consummate such exchange on
________________.

Dated: ___________

                                    BELLSOUTH

                                    By:_________________________________________

                                    Title:______________________________________

                                       15

                               PRIVATE/PROPRIETARY

      CONTAINS PRIVATE AND/OR PROPRIETARY INFORMATION. MAY NOT BE USED OR
      DISCLOSED OUTSIDE THE BELLSOUTH COMPANIES AND iBEAM EXCEPT PURSUANT
                            TO A WRITTEN AGREEMENT.

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