Document:

<PAGE>   1
                                                                   Exhibit 10.23

                  SERIES B PREFERRED STOCK PURCHASE AGREEMENT

                                January 18, 2000
<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
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                                                                                PAGE
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<S>       <C>                                                                   <C>
SECTION 1 Authorization and Sale of the Series B Preferred........................4
          ------------------------------------------------

            1.1         Authorization of the Series B Preferred...................4
                        ---------------------------------------
            1.2         Sale of the Series B Preferred............................4
                        ------------------------------

SECTION 2 Closing Date; Delivery..................................................5
          ----------------------

            2.1         Closing Date..............................................5
                        ------------
            2.2         Delivery..................................................5
                        --------
            2.3         Subsequent Sale of Series B Preferred.....................5
                        -------------------------------------

SECTION 3 Representations and Warranties of the Company...........................5
          ---------------------------------------------

            3.1         Organization and Standing.................................6
                        -------------------------
            3.2         Capitalization............................................6
                        --------------
            3.3         Subsidiaries, Etc.........................................6
                        -----------------
            3.4         Stockholder List and Agreements...........................7
                        -------------------------------
            3.5         Issuance of Shares........................................7
                        ------------------
            3.6         Authorization.............................................7
                        -------------
            3.7         Governmental Consents.....................................8
                        ---------------------
            3.8         Litigation................................................8
                        ----------
            3.9         Financial Statements......................................8
                        --------------------
            3.10        Title to Property and Assets and Liabilities..............8
                        --------------------------------------------
            3.11        Intellectual Property.....................................8
                        ---------------------
            3.12        Material Contracts and Obligations........................9
                        ----------------------------------
            3.13        Permits; Compliance.......................................9
                        -------------------
            3.14        Employees................................................10
                        ---------
            3.15        Proprietary Information and Inventions Agreements........10
                        -------------------------------------------------
            3.16        Environmental Matters....................................10
                        ---------------------
            3.17        ERISA....................................................11
                        -----
            3.18        Transactions with Related Parties........................11
                        ---------------------------------
            3.19        Books and Records........................................11
                        -----------------
            3.20        Year 2000................................................12
                        ---------
            3.21        Real Property Holding Company............................12
                        -----------------------------
            3.22        Disclosures..............................................12
                        -----------
            3.23        Additional Share Issuances...............................12
                        --------------------------
            3.24        Private Placement........................................12
                        -----------------
            3.25        Tax Returns, Payments and Elections......................12
                        -----------------------------------
            3.26        Investment Company Act...................................12
                        ----------------------

SECTION 4 Representations and Warranties of the Purchasers.......................13
          ------------------------------------------------

            4.1         Investment Representations of the Purchasers.............13
                        --------------------------------------------
            4.2         Authorization............................................14
                        -------------
            4.3         Legends..................................................14
                        -------
</TABLE>

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<TABLE>
<S>         <C>                                                                  <C>
            4.4         Investor Counsel.........................................14
                        ----------------
            4.5         No Intent to Dispose.....................................14
                        --------------------

SECTION 5 Conditions to Closing of the Purchasers................................15
          ---------------------------------------

            5.1         Representations and Warranties Correct...................15
                        --------------------------------------
            5.2         Performance..............................................15
                        -----------
            5.3         Opinion of Company's Counsel.............................15
                        ----------------------------
            5.4         Rights Agreement.........................................15
                        ----------------
            5.5         ROFR Agreement...........................................15
                        --------------
            5.6         Voting Agreement.........................................15
                        ----------------
            5.7         Board of Directors.......................................15
                        ------------------
            5.8         Restated Certificate.....................................15
                        --------------------
            5.9         Compliance Certificate...................................16
                        ----------------------
            5.10        Other Matters............................................16
                        -------------

SECTION 6 Conditions to Closing of the Company...................................16
          ------------------------------------

            6.1         Representations..........................................16
                        ---------------
            6.2         Payment of Purchase Price................................16
                        -------------------------
            6.3         Other Matters............................................16
                        -------------

SECTION 7 Covenants of the Company...............................................16
          ------------------------

            7.1         Insurance................................................16
                        ---------

SECTION 8 Miscellaneous..........................................................17
          -------------

            8.1         Governing Law............................................17
                        -------------
            8.2         Survival.................................................17
                        --------
            8.3         Rights of Purchasers.....................................17
                        --------------------
            8.4         Successors and Assigns...................................17
                        ----------------------
            8.5         Entire Agreement; Amendment..............................17
                        ---------------------------
            8.6         Notices, etc.............................................17
                        ------------
            8.7         Delays or Omissions......................................18
                        -------------------
            8.8         Headings.................................................18
                        --------
            8.9         Severability.............................................18
                        ------------
            8.10        Finders Fee..............................................18
                        -----------
            8.11        Further Assurances.......................................18
                        ------------------
            8.12        Titles and Subtitles.....................................18
                        --------------------
            8.13        Counterparts.............................................18
                        ------------
            8.14        Additional Parties.......................................18
                        ------------------
            8.15        Expenses.................................................19
                        --------
</TABLE>

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<TABLE>
<CAPTION>

SCHEDULES AND EXHIBITS

<S>        <C>
Schedule A  Schedule of Purchasers
Schedule B  Schedule of Exceptions
Exhibit A   Second Amended and Restated Certificate of Incorporation
Exhibit B   Amended and Restated Investors' Rights Agreement
Exhibit C   Amended and Restated Right of First Refusal and Co-Sale Agreement
Exhibit D   Amended and Restated Voting Agreement
Exhibit E   Opinion of Wilson Sonsini Goodrich & Rosati
</TABLE>

                                      -iii-
<PAGE>   5

                               OMNISKY CORPORATION

                   SERIES B PREFERRED STOCK PURCHASE AGREEMENT

            This Agreement is made as of January 18, 2000, by and among OmniSky
Corporation (formerly known as "AirWeb Corporation"), a Delaware corporation
(the "COMPANY"), and each of the purchasers listed on the Schedule of Purchasers
attached hereto as Schedule A (the "SCHEDULE OF PURCHASERS"). The persons or
entities listed thereon are hereinafter referred to collectively as the
"PURCHASERS" and individually as a "PURCHASER."

                              W I T N E S S E T H:

            WHEREAS, the Company desires to issue and sell, and the Purchasers
desire to purchase, in exchange for cash and/or the contribution of assets, up
to 4,319,654 shares of the Company's Series B Preferred Stock, par value $.001
per share (the "SERIES B PREFERRED"), upon the terms and conditions hereinafter
set forth.

            NOW THEREFORE, in consideration of the foregoing and the mutual
covenants, agreements and warranties herein contained, the parties hereto agree
as follows:

                                   SECTION 1

                Authorization and Sale of the Series B Preferred

            1.1    Authorization of the Series B Preferred. The Company has, or
before the Closing (as hereinafter defined) will have, authorized the sale and
issuance of up to 5,000,000 shares of its Series B Preferred, having the rights,
restrictions, privileges and preferences as set forth in the Company's Amended
and Restated Certificate of Incorporation attached hereto as Exhibit A (the
"RESTATED CERTIFICATE").

            1.2    Sale of the Series B Preferred. Subject to the terms and
conditions hereof and in reliance upon the representations, warranties and
agreements contained herein, the Company will issue and sell to each Purchaser,
severally and not jointly, and each Purchaser, severally and not jointly, will
purchase from the Company, at the Closing, the number of shares of Series B
Preferred set forth opposite the Purchaser's name on the Schedule of Purchasers,
at a purchase price of $4.63 per share. The Company's agreement with each
Purchaser is a separate agreement, and the sale of the Series B Preferred to
each Purchaser is a separate sale.

<PAGE>   6

                                    SECTION 2

                             Closing Date; Delivery

            2.1    Closing Date. The closing of the purchase and sale of the
Series B Preferred hereunder (the "CLOSING") shall be held at the offices of
Wilson Sonsini Goodrich & Rosati, Professional Corporation, 650 Page Mill Road,
Palo Alto, California 94304 at 10:00 a.m. on January 18, 2000 (the "CLOSING
DATE") or at such other time and place as shall be mutually agreed upon by the
Company and the Purchasers who have subscribed for at least a majority of the
Series B Preferred to be sold at the Closing.

            2.2    Delivery. At the Closing, the Company shall deliver to each
Purchaser a certificate, in such denomination and registered in the Purchaser's
name as set forth on the Schedule of Purchasers, representing the number of
shares of Series B Preferred which such Purchaser is purchasing from the Company
against delivery to the Company of a check or wire transfer payable to the order
of the Company in the aggregate amount of the purchase price of the Series B
Preferred to be purchased by such Purchaser.

            2.3    Subsequent Sale of Series B Preferred. If less than all of
the authorized number of shares of Series B Preferred are sold on the Closing
Date, then, subject to the terms and conditions of this Agreement and the
Related Agreements (as defined below), the Company may sell, on or before March
18, 2000, up to the balance of the authorized but unissued shares of the Series
B Preferred to such persons as the Board of Directors of the Company (the
"BOARD") may determine at the same price per share as the Series B Preferred
purchased and sold at the Closing (the date of any such sale also being referred
to herein as a "CLOSING DATE"). Any such sale shall be made upon the same terms
and conditions as those contained herein, and such persons or entities shall
become parties to this Agreement, the Amended and Restated Investors' Rights
Agreement attached hereto as Exhibit B (the "RIGHTS AGREEMENT"), the Amended and
Restated Right of First Refusal and Co-Sale Agreement attached hereto as Exhibit
C (the "ROFR AGREEMENT"), the Amended and Restated Voting Agreement attached
hereto as Exhibit D (the "VOTING AGREEMENT"), and any other agreement to which
the other Purchasers are party and the execution and delivery of which is
contemplated hereby (collectively, the "RELATED AGREEMENTS"), and shall have the
rights and obligations of a Purchaser hereunder and thereunder. Such persons or
entities shall also execute and deliver such documents and certificates as are
reasonably required to comply with applicable state, federal and foreign
securities laws.

                                    SECTION 3

                  Representations and Warranties of the Company

            The Company represents and warrants to each of the Purchasers that
the statements made in this Section 3 are true and correct, except as set forth
in the Schedule of Exceptions attached hereto as Schedule B (the "SCHEDULE OF
EXCEPTIONS"), which shall be arranged to correspond to the numbered paragraphs
contained in this Section 3. Without limiting the generality of the foregoing,

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the mere listing (or inclusion of a copy) of a document or other item shall not
be deemed adequate to disclose an exception to a representation or warranty made
herein (unless the representation or warranty relates to the existence of the
document or other item itself).

            3.1    Organization and Standing. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has full corporate power and authority to conduct its business as
presently conducted and as proposed to be conducted by it and to enter into and
perform this Agreement and the Related Agreements to which the Company is a
party and to carry out the transactions contemplated by this Agreement and such
Related Agreements. The Company is duly qualified and in good standing to do
business in each jurisdiction (whether domestic or foreign) where the failure to
be so qualified would have a material adverse effect on the Company. The Company
has furnished to counsel for the Purchasers true and complete copies of its
Certificate of Incorporation and Bylaws, each as amended to date and currently
in effect.

            3.2    Capitalization. The authorized capital stock of the Company
consists of 40,000,000 shares of Common Stock, $0.001 par value, of which
4,200,000 shares are issued and outstanding and of which 5,800,000 shares have
been reserved for issuance pursuant to the OmniSky Corporation 1999 Stock Plan
(the "1999 STOCK PLAN"), and 30,000,000 shares of Preferred Stock, $0.001 par
value, of which 25,000,000 shares are designated as Series A Preferred Stock
("SERIES A PREFERRED") and of which 5,000,000 shares are designated as Series B
Preferred, of which 20,219,335 shares of Series A Preferred and no shares of
Series B Preferred shall be issued and outstanding prior to the date hereof. The
Company has reserved 20,219,335 shares of Common Stock for issuance upon
conversion of the Series A Preferred and 4,319,427 shares of Common Stock for
issuance upon conversion of the Series B Preferred. All of the issued and
outstanding shares of Common Stock have been duly authorized and validly issued
and are fully paid and nonassessable. The rights, privileges and preferences of
the Series A Preferred and Series B Preferred are as stated in the Restated
Certificate. Except as provided in this Agreement, the Restated Certificate, any
Related Agreement and pursuant to the 1999 Stock Plan: (a) no subscription,
warrant, option, convertible security or other right (contingent or otherwise)
to purchase or acquire any shares of capital stock of the Company is authorized
or outstanding; (b) the Company has no obligation (contingent or otherwise) to
issue any subscription, warranty option, convertible security or other such
right or to issue or distribute to holders of any shares of its capital stock
any evidences of indebtedness or assets of the Company; and (c) the Company has
no obligation (contingent or otherwise) to purchase, redeem or otherwise acquire
any shares of its capital stock or any interest therein or to pay any dividend
or make any other distribution in respect thereof. All of the issued and
outstanding shares of capital stock of the Company have been offered, issued and
sold by the Company in compliance with applicable federal and state securities
laws or pursuant to valid exemptions therefrom, and, if issued to a non-US
person, in full observance and compliance with the securities laws of such
holder's jurisdiction.

            3.3    Subsidiaries, Etc. The Company has no subsidiaries and does
not own or control, directly or indirectly, any shares of capital stock of any
other corporation or any interest in any partnership, joint venture, limited
liability company, professional association or other business enterprise.

                                      -6-
<PAGE>   8

            3.4    Stockholder List and Agreements. The Schedule of Exceptions
contains a true and complete list of the stockholders of the Company, showing
the number of shares of Common Stock or other securities of the Company held by
each stockholder as of the date of this Agreement and the date of the Closing
and the consideration paid to the Company, if any, therefor. Except as provided
in this Agreement, the Restated Certificate, any Related Agreement and pursuant
to the 1999 Stock Plan, there are no agreements, written or oral, between the
Company and any holder of its capital stock or, to the best of the Company's
knowledge, among any holders of its capital stock relating to the acquisition
(including without limitation rights of first refusal or preemptive rights),
transfer, sale or other disposition, registration under the Securities Act of
1933, as amended (the "SECURITIES ACT") or voting of the capital stock of the
Company.

            3.5    Issuance of Shares. Prior to the initial Closing, the
issuance, sale and delivery of the shares of Series B Preferred in accordance
with this Agreement, and the issuance and delivery of the shares of Common Stock
issuable upon conversion of the shares of Series B Preferred, will be duly
authorized by all necessary corporate action on the part of the Company and its
officers, directors and stockholders, and all such shares have been duly
reserved for issuance. The shares of Series B Preferred, when so issued, sold
and delivered against payment therefor in accordance with the provisions of this
Agreement, and the shares of Common Stock issuable upon conversion of the shares
of Series B Preferred, when issued upon such conversion in accordance with the
Restated Certificate, will be duly and validly issued, fully paid and
non-assessable. The offer and sale of the shares of Series B Preferred (and
Common Stock issued upon conversion thereof) to each of the Purchasers will be
in full compliance with applicable federal and state securities laws.

            3.6    Authorization. The execution, delivery and performance by
the Company of this Agreement and all Related Agreements to which it is a party
and the consummation by the Company of the transactions contemplated hereby and
thereby, have been duly authorized by all necessary corporate action. All
corporate action on the part of the Company and its officers, directors and
stockholders necessary for the authorization, execution and delivery of this
Agreement and all Related Agreements, and the performance of all obligations of
the Company hereunder and thereunder has been taken or will be taken prior to
the initial Closing. This Agreement and each of the Related Agreements have been
duly executed and delivered by the Company and constitute valid and legally
binding obligations of the Company enforceable in accordance with their
respective terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws of general application affecting
enforcement of creditors' rights generally, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable
remedies and (iii) to the extent indemnification provisions contained herein or
in any Related Agreement may be limited by applicable federal or state
securities laws. The execution, delivery and performance of the transactions
contemplated by this Agreement and the Related Agreements and compliance with
their provisions by the Company will not violate any provision of law and will
not conflict with or result in any breach of any of the terms, conditions or
provisions of, or constitute a default under, or require a consent or waiver
under, the Restated Certificate or Bylaws (each as amended to date) or any
indenture, lease, agreement or other instrument to which the Company is a party
or by which it or any of its properties is bound, or any decree, judgment,
order, statute, rule or regulation applicable to the Company, including without
limitation, Section 2115 of the California Corporations Code, as applicable.

                                      -7-
<PAGE>   9

            3.7    Governmental Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any governmental authority is required on the part of the Company
in connection with the execution and delivery of this Agreement or the Related
Agreements, the offer, issuance, sale and delivery of the shares of Series B
Preferred or the other transactions to be consummated at the Closing, as
contemplated by this Agreement, except such filings as shall have been made
prior to and shall be effective on and as of such Closing.

            3.8    Litigation. There is no action, suit or proceeding or
governmental inquiry or investigation pending against the Company that questions
the validity of this Agreement or any Related Agreement or the right of the
Company to enter into or perform this Agreement or any Related Agreement, or
that could be expected to have, either individually or in the aggregate, any
material adverse effect on the business, prospects, assets or condition,
financial or otherwise, of the Company, nor is there any litigation pending
against the Company by reason of the proposed activities of the Company or
negotiations by the Company with possible investors in the Company.

            3.9    Financial Statements. The Company has delivered to the
Purchasers its unaudited financial statements (balance sheet and statement of
operations) as of December 31, 1999 and for the eight month period ended
December 31, 1999 (the "FINANCIAL STATEMENTS"). The Financial Statements have
been prepared in accordance with generally accepted accounting principles
applied on a consistent basis throughout the periods indicated and with each
other, except that such Financial Statements may not contain all footnotes
required by generally accepted accounting principles. The Financial Statements
fairly present the financial condition and operating results of the Company as
of the dates, and for the periods, indicated therein, subject to normal year-end
audit adjustments. Except as set forth in the Financial Statements, the Company
has no material liabilities, contingent or otherwise, other than (i) liabilities
occurred in the ordinary course of business subsequent to December 31, 1999 and
(ii) obligations under contracts and commitments incurred in the ordinary course
of business and not required under generally accepted accounting principles to
be reflected in the Financial Statements, which, in both cases, individually or
in the aggregate are not material to the financial condition or operating
results of the Company. Except as disclosed in the Financial Statements, the
Company is not a guarantor or indemnitor of any indebtedness of any other
person, firm or corporation.

            3.10   Title to Property and Assets and Liabilities. The Company
has good and marketable title to its material properties and assets, and has
good title to all its leasehold interests, in each case subject to no mortgage,
pledge, lien, lease, security interest, conditional sale agreement, encumbrances
or charge. The Company has not granted any manufacturing rights to any third
party. The Company is not in material violation of any zoning, building or
safety ordinance, regulation or requirement or other law or regulation
applicable to the operation of owned or leased properties likely to impede the
normal operation of the business of the Company, and the Company has not
received any written notice of violation with which it has not complied.

            3.11   Intellectual Property. The Company possesses legal rights to
all patents, trademarks, service marks, patent and trademark applications, trade
names, copyrights, mask-works, trade secrets, licenses, information and
proprietary rights, processes, data and know-how necessary for the conduct of
the Company's business as conducted and as proposed to be conducted (the
"INTELLECTUAL

                                      -8-
<PAGE>   10

PROPERTY RIGHTS"), free and clear of all Liens (as defined below), licenses or
other restrictions. The Schedule of Exceptions contains a complete list of the
Intellectual Property Rights. To the Company's knowledge, the business conducted
or proposed to be conducted by the Company does not cause the Company to
infringe or violate any of the patents, trademarks, service marks, trade names,
copyrights, mask-works, trade secrets, processes, data or know-how or other
intellectual property rights of any other individual, partnership, corporation,
association, joint stock company, trust, joint venture, limited liability
company, unincorporated organization or governmental entity or any department,
agency or political subdivision thereof (each being a "PERSON") and, to the
Company's knowledge, does not require the Company to obtain any license or other
agreement to use any patents, trademarks, service marks, trade names,
copyrights, trade secrets, processes, data or know-how of others. The Company
has not received any communications alleging that the Company has violated or,
by conducting its business as proposed to be conducted, would violate any of the
patents, trademarks, service marks, trade names, copyrights, mask-works, trade
secrets, processes, data and know-how of any other Person. There are no
outstanding options, licenses or agreements of any kind relating to the
Intellectual Property Rights, nor is the Company a party to any options,
licenses or agreements of any kind with respect to the patents, trademarks,
service marks, trade names, copyrights, mask-works, trade secrets, processes,
data or know-how of any other Person. None of the holders of Common Stock,
whether vested or unvested, owns any rights in patents, trademarks, service
marks, trade names, copyrights, mask-works, trade secrets, processes, data or
know-how directly or indirectly competitive with those owned or to be used by
the Company or derived from or in connection with the conduct of the Company's
business. The Company does not believe that it is or will be necessary to use
any inventions or works of authorship of its employees (or Persons it currently
intends to hire) made outside of their employment by the Company. For purposes
of this Agreement, "Liens" shall mean any lien, security interest, pledge,
mortgage, deed of trust, charge or encumbrance in real, personal or mixed
property (tangible or intangible, and wherever located), whether contractual or
statutory (each being a "LIEN"), of any nature other than those the material
terms of which are described in the Schedule of Exceptions or those which do not
materially impair the operations of the Company.

            3.12   Material Contracts and Obligations. The Schedule of
Exceptions sets forth a list of all material agreements or commitments of any
nature to which the Company is a party or by which it is or will be bound as of
the Closing Date, including without limitation: (i) each agreement that requires
future expenditures by the Company in excess of $25,000 or that might result in
payments to the Company in excess of $25,000; (ii) all management, consulting
and similar agreements; (iii) all employment and consulting agreements, employee
benefit, bonus, pension, profit-sharing, stock option, stock purchase and
similar plans and arrangements and distributor and sales representative
agreements; (iv) each agreement with any stockholder, officer or director of the
Company, or any affiliate of such Persons, including without limitation any
agreement or other arrangement providing for the furnishing of services by,
rental of real or personal property from, or otherwise requiring payments to,
any such Person or entity; and (v) any agreement relating to the Intellectual
Property Rights. The Company has delivered to the Purchasers copies of such of
the foregoing agreements as the Purchasers have requested. All of such
agreements and contracts are valid, binding and in full force and effect.

            3.13   Permits; Compliance. The Company holds all permits, orders
and approvals from governmental authorities required for the conduct of its
business as conducted or as proposed to be

                                      -9-
<PAGE>   11

conducted, or can obtain within a commercially reasonable period of time such
permits, orders and approvals without having a material adverse effect on such
business. There is no term or provision of any mortgage, indenture, material
contract, material agreement or material instrument to which the Company is a
party or by which it is bound or of any provision of any existing judgment,
decree, order, statute, rule or regulation applicable to or binding upon the
Company, that materially adversely affects or, so far as the Company may now
reasonably foresee, in the future is reasonably likely to materially adversely
affect, the business, prospects, assets or condition, financial or otherwise, of
the Company.

            3.14   Employees. None of the employees of the Company is
represented by any labor union, and, to the Company's knowledge, there is no
labor strike or other labor trouble pending with respect to the Company
(including, without limitation, any organizational drive) or threatened. No
employee of the Company is in violation of any judgment, decree, order, or any
term of any employment contract, patent disclosure agreement, or other contract
or agreement relating to the relationship of any such employee with the Company
or any other party because of the nature of the business conducted or presently
proposed to be conducted by the Company or to the use by the employee of his or
her best efforts with respect to such business. The employment of each officer
and employee is terminable at the will of the Company.

            3.15   Proprietary Information and Inventions Agreements. Each
employee and officer of the Company has executed the Company's standard
Proprietary Information and Inventions Agreement, a copy of which has been made
available to counsel for the Purchasers.

            3.16   Environmental Matters. With respect to environmental matters:

                   The Company is and has been in compliance with all
Environmental Laws (as defined below), and no action, suit, proceeding, hearing,
investigation, charge, complaint, claim, demand or notice has been made, given,
filed or commenced by any Person, nor to the Company's knowledge has any such
making, giving, filing or commencement been threatened, against any of them
alleging any failure to comply with the Environmental Laws, or seeking
contribution towards, or participation in, any remediation of any contamination
of any property or thing with Hazardous Materials (as defined below). Without
limiting the generality of the preceding sentence, the Company has obtained and
been, and currently is, in compliance with all of the terms and conditions of
all permits, licenses and other authorizations that are required under, and has
complied with all other limitations, restrictions, conditions, standards,
prohibitions, requirements, obligations, schedules and timetables that are
contained in, all Environmental Laws;

                   The Company has no obligation to remediate or any other
liabilities of any kind arising in connection with or under any of the
Environmental Laws, nor is there any basis for such obligation or liabilities;

                   Except as set forth in the Schedule of Exceptions. all
properties and equipment used in the business of the Company are and have been
free of Hazardous Materials;

                   "Environmental Laws" means all federal, state and local laws,
regulations, ordinances, codes, rules, permits, decisions, orders or decrees
relating or pertaining to the public

                                      -10-
<PAGE>   12

health and safety or the environment, or otherwise governing the generation,
use, handling, collection, treatment, storage, transportation, recovery,
recycling, removal, discharge or disposal of Hazardous Materials, including,
without limitation, the Solid Waste Disposal Act, 42 U.S.C. 6901 et seq., as
amended (also known as "RCRA" for a subsequent amending act), (b) the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
Section 9601 et seq., as amended ("CERCLA"), (c) the Clean Water Act, 33 U.S.C.
Section 1251 et seq., as amended ("CWA"), (d) the Clean Air Act, 42 U.S.C.
Section 7401 et seq., as amended ("CAA"), (e) the Toxic Substances Control Act,
15 U.S.C. Section 2601 et seq., as amended ("TSCA"), (f) the Emergency Planning
and Community Right To Know Act, 15 U.S.C. Section 2601 et seq., as amended
("EPCRKA"), and (g) the Occupational Safety and Health Act, 29 U.S.C. Section
651 et seq., as amended; and

                   Hazardous Materials means, without limitation, (i) any
"hazardous wastes" as defined under RCRA, (ii) any "hazardous substances" as
defined under CERCLA, (iii) any toxic pollutants as defined under the CWA, (iv)
any hazardous air pollutants as defined under the CAA, (v) any hazardous
chemicals as defined under TSCA, (vi) any hazardous substances as defined under
EPCRKA, (vii) asbestos, (viii) polychlorinated biphenyls, (ix) petroleum or
petroleum products, (x) underground storage tanks, whether empty, filled or
partially filled with any substance, (xi) any substance the presence of which on
the property in question is prohibited under any Environmental Law, and (xii)
any other substance which under any Environmental Law requires special handling
or notification of or reporting to any federal, state or local governmental
entity in its generation, use, handling, collection, treatment, storage,
recycling, treatment, transportation, recovery, removal, discharge or disposal.

            3.17   ERISA. The Company does not have or otherwise contribute to
or participate in any employee benefit plan subject to the Employee Retirement
Income Security Act of 1974 (other than the Company's 401(k) savings plan, 1999
Stock Plan and any medical benefit plan with respect to which the Company has
made all required contributions and has complied with all applicable laws).

            3.18   Transactions with Related Parties. Except as disclosed on
Schedule 3.18, no employee, officer, director or stockholder of the Company or
member of his or her immediate family is indebted to the Company, nor is the
Company indebted (or committed to make loans or extend or guarantee credit) to
any of them, other than (i) for payment of salary for services rendered, (ii)
reimbursement for reasonable expenses incurred on behalf of the Company and
(iii) for other employee benefits made generally available to all employees.
None of such persons has any direct or indirect ownership interest in any Person
with which the Company is affiliated or with which the Company has a business
relationship, or any Person that competes with the Company, except that
employees, stockholders, officers or directors of the Company and members of
their immediate families may own stock in publicly traded companies that may
compete with the Company. No officer, director or stockholder or any member of
their immediate families is, directly or indirectly, interested in any material
contract with the Company (other than such contracts as relate to any such
person's ownership of capital stock or other securities of the Company).

            3.19   Books and Records. The minute books of the Company contain
complete and accurate records of all meetings and other corporate actions of its
stockholders and its Board and committees thereof. The stock ledger of the
Company is complete and reflects all issuances, transfers, repurchases and
cancellations of shares of capital stock of the Company.

                                      -11-
<PAGE>   13

            3.20   Year 2000. As of the date hereof, to the knowledge of the
Company, Year 2000 computer malfunctions have not had and will not have a
material adverse effect on the condition (financial or otherwise), business,
operations, properties or prospects of the Company.

            3.21   Real Property Holding Company. The Company is not a real
property holding company within the meaning of Section 897 of the Code.

            3.22   Disclosures. Neither this Agreement, any Related Agreement
nor any exhibit hereto or thereto, nor any written report, certificate or
instrument furnished to any of the Purchasers in connection with the
transactions contemplated in this Agreement or the Related Agreements contains
any untrue statement of a material fact or, when taken together, omits to state
a material fact necessary in order to make the statements contained herein or
therein, in light of the circumstances under which they were made, not
misleading. However, as to any projections furnished to the Purchasers, the
Company only represents that such projections were prepared in good faith by the
Company and there is a reasonable basis for such projections. The Company knows
of no information or fact that has or would have a material adverse effect on
the business, prospects, assets or condition, financial or otherwise, of the
Company that has not been disclosed to the Purchasers in this Agreement, the
Related Agreements, the exhibits hereto or thereto or other written materials
furnished to the Purchasers.

            3.23   Additional Share Issuances. The Company is not under any
obligation or binding commitment to issue additional shares of its stock to any
person or entity.

            3.24   Private Placement. Subject in part to the truth and accuracy
of each Purchaser's representations set forth in this Agreement, the offer, sale
and issuance of the Series B Preferred as contemplated by this Agreement are
exempt from the registration requirements of the Securities Act, and neither the
Company nor any authorized agent acting on its behalf will take any action
hereafter that would cause the loss of such exemption.

            3.25   Tax Returns, Payments and Elections. The Company has filed
all tax returns and reports (federal, state and local) as required by law. These
returns and reports are true and correct in all material respects. The Company
has paid all taxes and other assessments due. The Company has not elected
pursuant to the Internal Revenue Code of 1986, as amended ("Code"), to be
treated as an S corporation pursuant to Section 1362(a). None of the Company's
federal income tax returns and none of its state income or franchise tax or
sales or use tax returns has ever been audited by governmental authorities. The
Company has made adequate provisions on its books of account for all taxes,
assessments, and governmental charges with respect to its business, properties,
and operations for the period from the date of incorporation to January 18,
2000. The Company has withheld or collected from each payment made to each of
its employees, the amount of all taxes, including, but not limited to, federal
income taxes, Federal Insurance Contribution Act taxes and Federal Unemployment
Tax Act taxes required to be withheld or collected therefrom, and has paid the
same to the proper tax receiving officers or authorized depositories.

            3.26   Investment Company Act. The Company is not an "investment
company" as defined in the Investment Company Act of 1940.

                                      -12-
<PAGE>   14

                                   SECTION 4

                Representations and Warranties of the Purchasers

            Each Purchaser, severally and not jointly, hereby represents and
warrants to the Company with respect to the purchase of the Series B Preferred
as follows:

            4.1    Investment Representations of the Purchasers. Purchaser
understands that the Series B Preferred (and the Common Stock issuable upon
conversion of the Series B Preferred) have not been registered under the
Securities Act and are being offered and sold pursuant to an exemption from
registration contained in the Act based upon the representations of each
Purchaser contained herein.

            Purchaser knows of no public solicitation or advertisement of an
offer in connection with the proposed issuance and sale of the Series B
Preferred.

            Purchaser is acquiring the Series B Preferred to be issued and sold
hereunder (and the Common Stock issuable upon conversion of the Series A
Preferred) for Purchaser's own account for investment and not as a nominee and
not with a view to the distribution thereof. Purchaser understands that
Purchaser must bear the economic risk of this investment indefinitely unless the
Series B Preferred or such Common Stock are registered pursuant to the Act, or
an exemption from such registration is available, and that the Company has no
present intention of registering the Series B Preferred or such Common Stock.
Purchaser further understands that there is no assurance that any exemption from
the Act will be available or, if available, that such exemption will allow
Purchaser to dispose of or otherwise transfer any or all of the Series B
Preferred or such Common Stock under the circumstances, in the amounts or at the
times Purchaser might propose.

            By reason of Purchaser's business or financial experience, or that
of Purchaser's professional advisor, Purchaser has the capacity to protect his
own interests in connection with the purchase of the Series B Preferred
hereunder and has the ability to bear the economic risk (including the risk of
total loss) of Purchaser's investment; provided, however, such capacity and/or
ability in no way serves to mitigate or release the Company from its obligations
or representations or warranties in this Agreement, the Related Agreements or
the Restated Certificate.

            Purchaser acknowledges that Purchaser is aware of Rule 144
promulgated under the Act, which permits limited public resales of securities
acquired in a non-public offering, subject to the satisfaction of certain
conditions. Purchaser understands that under Rule 144, except as otherwise
provided by section (k) of that Rule, the conditions include, among other
things: the availability of certain current public information about the issuer,
the resale occurring not less than one year after the party has purchased and
paid for the securities to be sold and limitations on the amount of securities
to be sold and the manner of sale. Purchaser understands that the current
information referred to above is not now available and the Company has no
present plans to make such information available. Purchaser acknowledges and
understands that notwithstanding the Company's obligations under the Rights
Agreement the Company may not be satisfying the current public information
requirement of Rule 144 at the time Purchaser wishes to sell the Series A

                                      -13-
<PAGE>   15

Preferred or any Common Stock received on conversion thereof, and that, in such
event, Purchaser may be precluded from selling such stock under such Rule, even
if the one year minimum holding period of such Rule has been satisfied.

            Purchaser acknowledges that in the event all of the requirements of
Rule 144 are not met, registration under the Act, compliance with the Securities
and Exchange Commission's (the "COMMISSION") Regulation A or an exemption from
registration will be required for any disposition of the Series B Preferred and
the Common Stock issued on conversion thereof. Purchaser understands that
although Rule 144 is not exclusive, the Commission has expressed its opinion
that persons proposing to sell restricted securities received in a private
offering other than in a registered offering or pursuant to Rule 144 will have a
substantial burden of proof in establishing that an exemption from registration
is available for such offers or sales and that such persons and the brokers who
participate in the transactions do so at their own risk.

            The residency of Purchaser (or, in the case of a partnership or
corporation, such entity's principal place of business as office) is correctly
set forth on the Schedule of Purchasers.

            4.2    Authorization. Purchaser has the full power and authority to
execute, deliver and perform this Agreement. This Agreement when executed and
delivered by Purchaser will constitute a valid and legally binding obligation of
Purchaser, enforceable in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors' rights generally, (ii)
as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) to the extent
indemnification provisions contained herein or in any Related Agreement may be
limited by applicable federal or state securities laws.

            4.3    Legends. Purchaser understands and acknowledges that the
certificate evidencing such Purchaser's Series B Preferred and any Common Stock
acquired upon the conversion thereof will be imprinted with a legend in the form
set forth in Sections 3 and 20(d) of the Rights Agreement and in Section 4 of
the ROFR Agreement.

            4.4    Investor Counsel. Purchaser acknowledges that such Purchaser
has had the opportunity to review this Agreement, the exhibits and the schedules
attached hereto and the transactions contemplated by this Agreement with such
Purchaser's own legal counsel and has not relied upon the Company or any of its
agents for legal advice, other than the legal opinion provided pursuant to
Section 5.3 hereto, with respect to this investment or the transactions
contemplated by this Agreement.

            4.5    No Intent to Dispose. Purchaser has no current plan or
intention, and is not under any binding commitment or contract, to sell,
exchange or otherwise dispose of any stock in the Company, including without
limitation any Series B Preferred received or to be received pursuant to this
Agreement.

                                      -14-
<PAGE>   16

                                   SECTION 5

                     Conditions to Closing of the Purchasers

            The obligation of each of the Purchasers to purchase the Series B
Preferred at the Closing is subject to the fulfillment to the Purchaser's
satisfaction on or prior to the Closing Date of each of the following
conditions:

            5.1    Representations and Warranties Correct. Each representation
and warranty made by the Company in Section 3 hereof shall be true and correct
when made and on the Closing Date.

            5.2    Performance. All covenants, agreements and conditions
            contained in this Agreement to be performed or complied with by the
Company on or prior to the Closing Date shall have been performed or complied
with by the Company in all respects.

            5.3    Opinion of Company's Counsel. The Purchasers shall have
received from Wilson Sonsini Goodrich & Rosati, counsel to the Company, an
opinion addressed to the Purchasers, dated the Closing Date and in substantially
the form attached hereto as Exhibit E.

            5.4    Rights Agreement. The Company, each of the Purchasers and a
majority of the Registrable Securities (as defined in the Rights Amendment), and
each Founder (as defined in the Rights Agreement) shall have entered into and
delivered the Rights Agreement at or prior to the Closing, and the Rights
Agreement shall be in full force and effect, without amendment or modification.

            5.5    ROFR Agreement. The Company, each of the Purchasers and the
holders of Series A Preferred Stock, the holders of Series B Preferred Stock and
the Founders (as defined in the ROFR Agreement) shall have entered into and
delivered the ROFR Agreement, at or prior to the Closing, and the ROFR Agreement
shall be in full force and effect, without amendment or modification.

            5.6    Voting Agreement. Each of the Purchasers and the holders of
Series A Preferred Stock, the holders of Series B Preferred Stock and the
Founders (as defined in the Voting Agreement) shall have entered into and
delivered the Voting Agreement, at or prior to the Closing, and the Voting
Agreement shall be in full force and effect, without amendment or modification.

            5.7    Board of Directors. The Company's Bylaws shall provide for a
Board of Directors, with the number of directors fixed at seven (7). As of the
Closing, the following individuals shall be members of the Board of Directors of
the Company: (i) Janice Roberts, (ii) David Oros, (iii) Patrick McVeigh and (iv)
Stephen Diamond.

            5.8    Restated Certificate. The Restated Certificate shall have
been filed with the Secretary of State of the State of Delaware, shall have
become effective in accordance with Section 103 of the Delaware General
Corporation Law, as amended, and shall not have been further modified or
amended.

                                      -15-
<PAGE>   17

            5.9    Compliance Certificate. The Company shall have delivered to
the Purchasers or their special counsel a certificate signed by the President of
the Company, dated the Closing Date, certifying to the fulfillment of the
conditions specified in Sections 5.1, 5.2, 5.7 and 5.8 above.

            5.10   Other Matters. All material matters of a legal nature which
pertain to the transactions contemplated in this Agreement, the Related
Agreements and all documents and instruments incident to such transactions shall
be reasonably satisfactory in substance and form to the Purchaser and its
counsel, and the Purchaser and its counsel shall have received all such
counterpart originals or certified or other copies of such documents as they may
reasonably request.

                                    SECTION 6

                      Conditions to Closing of the Company

            The Company's obligation to sell the Series B Preferred at the
Closing is subject to the fulfillment to its satisfaction on or prior to the
Closing Date of each of the following conditions:

            6.1    Representations. The representations made by the Purchasers
pursuant to Section 4 hereof shall be true in all material respects at and as of
the Closing.

            6.2    Payment of Purchase Price. Each Purchaser shall have
delivered to the Company the purchase price for such Purchaser's Series B
Preferred, as set forth opposite such Purchaser's name on the Schedule of
Purchasers.

            6.3    Other Matters. All material matters of a legal nature which
pertain to the transactions contemplated in this Agreement, the Related
Agreements and all documents and instruments incident to such transactions shall
be reasonably satisfactory in substance and form to the Company and its counsel,
and the Company and its counsel shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably
request.

                                   SECTION 7

                            Covenants of the Company

            The Company hereby covenants and agrees with the Purchasers as
follows:

            7.1    Insurance. The Company shall obtain by March 18, 2000 and
maintain valid policies of insurance with respect to its properties and business
of the kinds and in the amounts, not less than is customarily obtained by
corporations engaged in the same business and similarly situated, including,
without limitation, workers compensation insurance and insurance against
casualty loss, public liability, libel, slander, defamation, advertising injury
and other risks.

                                      -16-
<PAGE>   18

                                    SECTION 8

                                  Miscellaneous

            8.1    Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware,
without regard to conflicts of laws.

            8.2    Survival. The representations, warranties, covenants and
agreements made herein shall survive (i) the execution and delivery of this
Agreement and (ii) the Closing.

            8.3    Rights of Purchasers. Each Purchaser shall have the absolute
right to exercise or refrain from exercising any right or rights that such
Purchaser may have by reason of this Agreement, the Related Agreements, the
Restated Certificate, the Bylaws or at law or in equity including, without
limitation, the right to consent to the waiver of any obligation of the Company
and to enter into any agreement with the Company for the purpose of modifying
this Agreement or the Related Agreements and such Purchaser shall not incur any
liability to any other Purchaser or holder of Series B Preferred (or Common
Stock issued upon conversion thereof) with respect to exercising or refraining
from exercising any such right or rights. Each Purchaser acknowledges that such
Purchaser is not relying upon any other Purchaser in making its investment
decision to invest in the Company.

            8.4    Successors and Assigns. Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of
the parties hereto. Notwithstanding any other provision of this Agreement to the
contrary, the rights and obligations of this Agreement may be expressly
transferred to any affiliate of the Purchasers.

            8.5    Entire Agreement; Amendment. This Agreement (including all
exhibits hereto) and the other documents delivered pursuant hereto constitute
the full and entire understanding and agreement among the parties with regard to
the subjects hereof and thereof. This Agreement and any term hereof may be
amended, waived, discharged or terminated only by means of a written instrument
signed by the Company and Purchasers (or their respective successor or assigns)
holding at least a majority of the shares of Series B Preferred (or Common Stock
issued upon conversion thereof) then outstanding. Any amendment, waiver,
discharge or termination not in compliance with this Section 7.5 shall be void.

            8.6    Notices, etc. All notices and other communications required
or permitted hereunder shall be in writing and shall be mailed by first-class
mail, postage prepaid, or delivered either by hand, by messenger, by overnight
courier service or by confirmed facsimile, addressed (a) if to Purchaser, as
indicated on the Schedule of Purchasers, or at such other address as Purchaser
shall have furnished to the Company in writing, or (b) if to any other holder of
any Series B Preferred or any Common Stock issued upon conversion of Series B
Preferred, at such address as such holder shall have furnished the Company in
writing or, until any such holder so furnishes an address to the Company, then
to and at the address of the last holder thereof who has so furnished an address
to the Company, or (c) if to the Company, at its address set forth at the end of
this Agreement or at such

                                      -17-
<PAGE>   19

other address as the Company shall have furnished to the Purchasers and each
such other holder in writing.

            8.7    Delays or Omissions. No delay or omission to exercise any
right, power or remedy accruing to any holder of any Series B Preferred (or
Common Stock issued upon conversion thereof) upon any breach or default of the
Company under this Agreement shall impair any such right, power or remedy of
such holder, nor shall it be construed to be a waiver of any such breach or
default or an acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on
the part of any holder of any breach or default under this Agreement, or any
waiver on the part of any holder of any provisions or conditions of this
Agreement, must be made in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this
Agreement or by law or otherwise afforded to any holder, shall be cumulative and
not alternative.

            8.8    Headings. The headings of this Agreement are for convenience
only and should not be used to construe or interpret the terms of this
Agreement.

            8.9    Severability. In case any provision of the Agreement shall be
held to be invalid, illegal or unenforceable, such provision shall be excluded
from this Agreement the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

            8.10   Finders Fee. Each party represents that it neither is nor
will be obligated for any finders' fee or commission in connection with this
transaction. Each Purchaser agrees, severally and not jointly, to indemnify and
to hold harmless the Company from any liability for any commission or
compensation in the nature of a finders' fee (and the costs and expenses of
defending against such liability or asserted liability) for which such Purchaser
or any of its officers, partners, employees, or representatives is responsible.
The Company agrees to indemnify and hold harmless each Purchaser from any
liability for any commission or compensation in the nature of a finders' fee
(and the costs and expenses of defending against such liability or asserted
liability) for which the Company or any of its officers, employees,
representatives or predecessors-in-interests is responsible.

            8.11   Further Assurances. Each party to this Agreement hereby
covenants and agrees, without the necessity of any further consideration, to
execute and deliver any and all such further documents and take any and all such
other actions as may be necessary or appropriate to carry out the intent and
purposes of this Agreement and to consummate the transactions contemplated
herein.

            8.12   Titles and Subtitles. The titles of the paragraphs and
subparagraphs of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

            8.13   Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

            8.14   Additional Parties. The parties hereto agree that additional
purchasers of Series B Preferred may, with the consent only of the Company and
as otherwise set forth in Section 2.3 of the

                                      -18-
<PAGE>   20

Agreement, be added as parties to this Agreement, and shall thereupon be deemed
for all purposes "Purchasers" hereunder. Any such additional party shall execute
a counterpart of this Agreement, and upon execution by such additional party and
by the Company, shall be considered a Purchaser for purposes of this Agreement.

            8.15   Expenses. Each of the Company and the Purchasers shall bear
their own expenses incurred with respect to this Agreement and the transactions
contemplated hereby; however, in the event the Closing is consummated, the
Company will pay the reasonable fees and expenses of counsel to the Lead
Purchaser, not to exceed $20,000, in connection with all transactions leading up
to and related to the Closings.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -19-
<PAGE>   21

            IN WITNESS WHEREOF, the undersigned have executed this Agreement as
of the date set forth above.

                                   COMPANY:

                                   OMNISKY CORPORATION

                                   By:
                                      -------------------------------
                                   Name:
                                        -----------------------------
                                   Title:
                                         ----------------------------
                                   Address:
                                           --------------------------

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

          SIGNATURE PAGE TO SERIES B PREFERRED STOCK PURCHASE AGREEMENT

<PAGE>   22

                                      PURCHASERS:

                                      DLJ CAPITAL CORP.

                                      By:  Stephen M. Diamond
                                           Vice President

                                      By:
                                         ----------------------------
                                                 (Signature)

                                      Name:
                                           --------------------------
                                                 (Print Name)

                                      Title:
                                             ------------------------

                                      DLJ ESC II, L.P.

                                      By:  DLJ LBO Plans Management Corporation
                                           General Partner

                                      By:
                                        -----------------------------
                                                  (Signature)

                                      Name:
                                           --------------------------
                                                  (Print Name)

                                      Title:
                                             ------------------------

         SIGNATURE PAGE TO SERIES B PREFERRED STOCK PURCHASE AGREEMENT
<PAGE>   23

                              SPROUT CAPITAL VIII, L.P.

                              By:  DLJ Capital Corp.
                                   Managing General Partner

                              By:
                                 ---------------------------
                                         (Signature)

                              Name:
                                   -------------------------
                                         (Print Name)

                              Title:
                                    ------------------------

                              SPROUT VENTURE CAPITAL, L.P.

                              By:  DLJ Capital Corp.
                                   General Partner

                              By:
                                 ---------------------------
                                        (Signature)

                              Name:
                                   -------------------------
                                        (Print Name)

                              Title:
                                    ------------------------

         SIGNATURE PAGE TO SERIES B PREFERRED STOCK PURCHASE AGREEMENT
<PAGE>   24

                              AETHER OPENSKY INVESTMENTS LLC

                              By:  Aether Technologies International, L.L.C.
                                   Its Sole Member

                              By:
                                 ---------------------------
                                         (Signature)

                              Name:
                                   -------------------------
                                         (Print Name)

                              Title:
                                    -------------------------

         SIGNATURE PAGE TO SERIES B PREFERRED STOCK PURCHASE AGREEMENT

<PAGE>   25

                                          WS INVESTMENT COMPANY

                                          By:
                                             --------------------------
                                                    (Signature)

                                          Name:
                                                -----------------------
                                                    (Print Name)

                                          Title:
                                                -----------------------

         SIGNATURE PAGE TO SERIES B PREFERRED STOCK PURCHASE AGREEMENT
<PAGE>   26

                                          Name:

                                          By:
                                             ---------------------------
                                          Name:
                                               -------------------------
                                                      (Print Name)

               SIGNATURE PAGE TO SERIES B PREFERRED STOCK AGREEMENT<PAGE>   1
                                                                   EXHIBIT 10.24

                                MASTER AGREEMENT

     This Master Agreement (together with all exhibits and attachments hereto
and as modified from time to time, this "Agreement") effective as of December
23, 1999 (the "EFFECTIVE DATE"), is entered into by and between Charles Schwab &
Co., Inc., a California corporation, with its principal place of business at 101
Montgomery Street, San Francisco, CA 94104 and its affiliates, successors and
assigns ("SCHWAB"), and Aether Systems, Inc., a Delaware corporation, with its
principal place of business at 11460 Conridge Avenue, Suite 106, Owings Mills,
MD 21117 ("AETHER").

                                    RECITALS

     A. Schwab is registered as a broker-dealer with the U.S. Securities and
Exchange Commission (the "SEC") and is a member of the New York Stock Exchange
(the "NYSE") and the National Association of Securities Dealers, Inc. (the
"NASD"). Schwab offers various financial services, including without limitation,
brokerage services. Schwab makes such financial services available to customers,
prospects and other users (collectively "SCHWAB USERS") through web sites,
desktops, email, wireless and other communications channels developed, owned,
licensed, operated, hosted or otherwise controlled by Schwab or any Schwab
affiliate ("SCHWAB SERVICES");

     B. Aether has developed a suite of technologies, competencies and services
for the enabling of wireless data communication access, including the
development or provision of any related software supporting multiple wireless
data networks, information appliance devices and server technologies ("WIRELESS
SYSTEMS");

     C. From time to time, Schwab may wish to make available to certain Schwab
Users certain Schwab Services through a wireless data access and transaction
system; and

     D. Aether is available to develop, integrate, test, deploy, license and/or
support such Wireless Systems for use by Schwab and certain Schwab Users.

     NOW, THEREFORE, in consideration of the mutual promises, conditions and
covenants set forth herein, and in return for good and valuable consideration,
the receipt and sufficiency of which is hereby specifically acknowledged, Schwab
and Aether hereby agree as follows:

                                       I.

                         DEVELOPMENT OF WIRELESS SYSTEMS

     1.1 WIRELESS PROJECTS. Schwab retains Aether, and Aether agrees, to perform
one or more projects involving the development, maintenance and/or support of
Wireless Systems (each, a "WIRELESS PROJECT"). Each Wireless Project will be
described in a written statement of work (a "WIRELESS PROJECT SCHEDULE" or "WP
SCHEDULE"), each of which will be

                                  Confidential
                                  Page l of 22
<PAGE>   2

effective when signed by Schwab and Aether. Each such WP Schedule will be
numbered and titled, and will set forth the respective responsibilities of
Schwab and Aether. Such WP Schedules will include, but will not be limited to,
each of the following items whenever such item is applicable to the Wireless
System covered by such WP Schedule:

     a. The effective date and term of the Wireless Project Schedule;

     b. The incorporation of this Agreement by reference;

     c. A description of the Wireless System, including specifications regarding
functionality, configuration, compatibility and integration;

     d. The teaming approach with resource estimates;

     e. Delivery and implementation schedules;

     f. Testing and acceptance criteria;

     g. Operational and maintenance specifications;

     h. Required service levels, including technical and user support;

     i. Licenses and ownership;

     j. Any marketing and promotional efforts; and

     k. Any additional or special terms and conditions.

     Subject to the terms and conditions of this Agreement, Aether will carry
out and complete the duties and responsibilities set forth in the applicable WP
Schedule. Aether agrees that the terms of this Agreement will apply to all
services performed by Aether even if a WP Schedule has not been completed for a
 particular Wireless Project.

     1.2 NOTICE OF DELAYS. Whenever there is an actual or potential delay to
Aether's performance under an applicable WP Schedule, Aether will immediately so
notify Schwab. Aether acknowledges that its delay may adversely affect Schwab's
business needs and hereby agrees to negotiate in good faith to arrive at an
equitable adjustment to the terms of this Agreement and/or the applicable WP
Schedule to compensate Schwab for any such delays.

     1.3 SCHWAB'S COOPERATION. Schwab acknowledges that Aether's ability to
perform will require Schwab to perform certain tasks, which will be
mutually agreed and set forth in the applicable WP Schedules. Schwab acknowledge
that its failure to perform such obligations may adversely affect Aether's
ability to meet its performance under this Agreement and hereby agrees to
negotiate in good faith to arrive at an equitable adjustment to the terms of
this Agreement and/or the applicable WP Schedule to compensate Aether for such
additional effort and costs.

                                  Confidential
                                  Page 2 of 21
<PAGE>   3

     1.4 SCHWAB REQUESTED MODIFICATIONS TO EXISTING WIRELESS SYSTEMS.
Schwab may request Aether to make modifications or enhancements to a Wireless
System already subject to this Agreement (an "EXISTING WIRELESS SYSTEM"). Each
such request will be described in a written statement of work describing such
modifications, enhancements or new development in appropriate detail (a "CHANGE
ORDER"). If the Change Order materially alters the original scope of the
applicable WP Schedule, the parties will negotiate in good faith to establish a
new WP Schedule.

          a. NON-MATERIAL MODIFICATIONS. If a Change Order does not require
Aether to incur any additional material costs or expenses, then Aether will
make such modifications within a commercially reasonable period in relation
to Schwab's stated business or legal requirements.

          b. MATERIAL MODIFICATIONS. If a Change Order does require Aether to
incur additional material costs or expenses, then, within ten (10) business
days of receiving the Change Order, Aether will provide Schwab with a
written, good-faith, non-binding assessment of such costs and expenses and
the time required to perform the modifications required by the Change
Order. Schwab will notify Aether in writing within ten (10) days after
receipt of any itemized statement from Aether as to whether Schwab wishes
Aether to implement such Change Order based on such statement. Schwab will
compensate Aether for implementation of such a Change Order in accordance
with the terms and conditions of the relevant Change Order and Aether's
statement, as provided prior to Aether's implementation of the Change
Order, if any.

     1.5 AETHER'S CHANGES AND UPGRADES. During the term of this Agreement and so
long as payments are current, Schwab will be entitled, without charge, to
all enhancements and changes to a Wireless System subject to this Agreement
developed and offered by Aether independently for such Wireless System when and
if made commercially available by Aether. In connection with such enhancements
or changes, the functionality or performance of a Wireless System may be
modified, including a conversion of its then existing software to a new version
with new and/or enhanced software features. In the event of such a conversion,
the parties agree that: (a) the new features will include at least the same
level of functionality that Schwab previously received from Aether; (b) Schwab's
payment obligations will remain unchanged during the then remaining term of this
Agreement notwithstanding such a change or modification; and (c) Schwab shall be
provided at least thirty (30) days in advance of any such changes, notice and a
demonstration of such changes. If Schwab reasonably perceives such advanced
demonstration to reveal a material adverse change to the performance of an
applicable Wireless System or type of services to be provided by Aether or a
material adverse effect on the compatibility with Schwab or the applicable end
users' hardware, software or browser configurations, then Schwab may, in its
sole and absolute discretion, reject such proposed changes or modifications, and
Aether will continue to maintain and support the then-existing version of the
applicable Wireless System for the remainder of this Agreement. In the event
that Schwab does not reject the proposed change or modification, Aether
represents, warrants and covenants that, with respect to matters under Aether's
sole control, any such conversion of the Wireless System or its features will
not cause: (a) any material delay or interruption of performance; (b) material
loss or corruption of data; or (c) material incompatibilities with any software
or hardware with which the applicable Wireless System is to be provided or used,
including, but not limited to, (1) encryption or other security-related

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systems provided by third parties; and (2) any portion of Schwab's or the
applicable end users' hardware, software, or browser configurations. Without
limiting the foregoing, with respect to each major upgrade or new version of a
Wireless System, Aether shall provide to Schwab, upon Schwab's reasonable
request, such onsite professional services during normal business hours as
requested to effect the installation and integration of the upgrade or new
version.

     1.6 AETHER RIGHT OF FIRST REFUSAL ON NEW DEVELOPMENTS. If at any time
during the term of this Agreement, the mobile trading team within Schwab's
Electronic Brokerage Enterprise decides to have a party other than Schwab or any
Schwab Affiliate (as defined in Section 2.4 below) produce, develop, manufacture
or otherwise create for any Schwab Service a wireless product or service
involving the use of Handheld PCs ("HPCS") or Handheld Digital Personal
Assistants ("PDAS"), or substantially similar devices, Schwab shall so notify
Aether in writing. For a period of six weeks thereafter, Schwab shall negotiate
exclusively and in good faith with Aether regarding the terms and conditions
upon which Aether shall provide such products, services or technologies. If
Aether and Schwab have not, at the end of such six week period, executed a new
WP Schedule or Change Order relating to Aether's provision of such products,
services or technologies, Schwab may negotiate with one or more third parties
regarding the provision of such products, services or technologies; provided,
however, that the mobile trading team within Schwab's Electronic Brokerage
Enterprise may not enter into an agreement with a Comparable Third Party (as
defined below) to provide such products, services or technologies on terms
substantially more favorable to such third party than those terms offered to
Aether in the aforementioned negotiations with Aether. If Schwab desires to
retain such a Comparable Third Party to provide such products, services or
technologies on terms substantially more favorable than offered to Aether, such
new terms will be subject to Aether's right of first refusal as set forth
hereunder. As used in this Section 1.6, the term "COMPARABLE THIRD PARTY" refers
to any entity or individual that possesses, in Schwab's reasonable opinion, a
substantially equivalent degree of expertise, resources and/or name recognition
in connection with the new development under consideration.

     1.7 SCHWAB INTERNAL DEVELOPMENT. When the mobile trading team within
Schwab's Electronic Brokerage Enterprise deems it appropriate, in its
reasonable discretion, it will consult with Aether regarding its efforts to
develop wireless services or products not included within an existing WP
Schedule. Nothing in this Agreement will limit Schwab's right to internally
develop and offer products and services that have the same or similar
functionality as a Wireless System subject to this Agreement, to reproduce and
distribute any products or services (including without limitation Wireless
Systems) to Schwab Users either with or without Aether so long as such
activities do not violate any of Aether's ownership rights under this Agreement
or any applicable WP Schedule. Except as specifically provided with respect to a
particular WP Schedule, Schwab is free to use any ideas, concepts, know-how, or
techniques derived directly or indirectly from any Wireless System, other
services provided by Aether, or Aether's retention under this Agreement for any
purpose whatsoever, including, but not limited to, developing and offering
products or services using such information.

     1.8 SCHWAB RIGHT OF FIRST REFUSAL. Upon receipt of a bona fide written
offer (an "OFFER") to purchase (1) a Wireless System subject to this
Agreement, or (2) any newly developed products, services or technologies
relating to a wireless data access system that may have an application in
providing financial services (collectively, the "OFFERED ASSETS"), which

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<PAGE>   5

offer Aether would otherwise accept but for this right of first refusal, Aether
will within ten (10) business days thereafter deliver to Schwab written notice
accompanied by a copy of the Offer, which will include the terms, conditions,
pricing or valuation of consideration for the sale of the Offered Assets (the
"NOTICE OF OFFER"). If part of or all of the consideration for the Offered
Assets included in the Offer consists of non-cash consideration, the Notice of
Offer will state the cash value of such non-cash consideration. For a period of
twenty (20) days after receipt of the Notice of Offer, Schwab will have the
right to purchase the Offered Assets on the same terms and conditions, including
price, as the Offer by giving written notice of purchase to Aether. If Schwab
does not exercise its right to purchase the Offered Assets pursuant to this
Section 1.8 within twenty (20) business days after receipt of the Notice of
Offer, Aether may sell the Offered Assets pursuant to the terms of the Offer, on
terms (including purchase price) not materially more favorable to the bona fide
purchaser than the terms set forth in the Offer. If Aether desires to sell the
Offered Assets on terms materially more favorable than set forth in the Offer,
such new terms will be subject to Schwab's right of first refusal as set forth
hereunder.

                                       II.

                               PROPRIETARY RIGHTS

     2.1 SCHWAB INTELLECTUAL PROPERTY. Unless expressly reserved to Aether
within the applicable WP Schedule, all intellectual property conceived,
created, made, invented, or discovered in connection with a Wireless System
subject to this Agreement (collectively, the "WORKS"), whether conceived,
created, discovered, made, or invented individually or jointly with others, will
be and remain the absolute property of Schwab, as will all the worldwide patent,
copyright, trade secret, or other intellectual property rights in all such
Works. Aether irrevocably and unconditionally waives all rights that vest in
Aether or any of its affiliates (whether before, on, or after the date of this
Agreement) in connection with Aether's or of any of its affiliate's authorship
of any such copyrightable Works.

     2.2 AETHER RESERVED INTELLECTUAL PROPERTY. All Works (as defined in Section
2.1 above) that are expressly reserved by Aether within the applicable WP
Schedule, are and will be the property of Aether ("AETHER RESERVED INTELLECTUAL
PROPERTY").

     2.3 LICENSE OF AETHER RESERVED INTELLECTUAL PROPERTY. In each occasion
where a WP Schedule contains Aether Reserved Intellectual Property, Aether
will grant to Schwab such licenses within the applicable WP as necessary for
Schwab's use of the applicable Wireless System as contemplated by the
corresponding WP Schedule.

     2.4 ASSIGNMENT AND TRANSFERS OF WIRELESS SYSTEMS. Unless otherwise
provided in an applicable WP Schedule, Schwab may not assign, transfer or
sub-license the license of a Wireless System governed by this Agreement, except
to legal entities conducting financial services which Schwab controls, is
controlled by, or is under common control with, where "control" means the
direct or indirect ownership of at least 20% of the outstanding equity of such
entity (a "SCHWAB AFFILIATE"). Schwab may assign, transfer or sub-license its
rights under this Agreement, including the license to use a Wireless System, to
Schwab Affiliates who

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are not competitors of Aether, within Aether's reasonable judgment, upon 30
days' prior notice to Aether.

     2.5 ACCESS TO THIRD PARTIES. Both parties acknowledge and agree that no
third party, including without limitation, Schwab Users, is granted
permission to retain, modify, copy, or distribute any of the other's
intellectual property that is accessed via a Wireless System, other than as
expressly provided in the applicable WP Schedule. Each party will use
commercially reasonable efforts to prevent third parties from (a) modifying a
Wireless System or any portion thereof, (b) copying or duplicating a Wireless
System, (c) renting, selling, leasing or otherwise transferring a Wireless
System or any part thereof or use it for the benefit of any third party, (d)
removing, obscuring, altering or failing to reproduce any notices, designations
or other marks, (e) reverse assembling, reverse compiling or reverse engineering
a Wireless System, or otherwise attempting to discover or use any source code or
any other intellectual property, (f) marketing or selling all or a portion of a
Wireless System or (g) allowing the use of or access to a Wireless System to
anyone other than an individual or entity approved for such use or access by
Schwab in accordance with the applicable WP Schedule. Each party will promptly
notify the other in writing of any such retention, modification, copying, or
distribution of which it obtains actual knowledge or has reason to believe, and
each party agrees that it will immediately use commercially reasonable efforts
to terminate the access to the applicable Wireless System of anyone who causes
such retention, modification, copying, or distribution.

     2.6 OWNERSHIP OF USER INFORMATION. As between Schwab and Aether, User
Information (as'defined herein) is and will remain the sole and exclusive
property of Schwab. "USER INFORMATION" means all data information pertaining to
or identifiable to a Schwab User including without limitation, (i) name,
address, email address, passwords, personal financial information, personal
preferences; demographic data; marketing data; data about securities
transactions; credit data, or any other identification data; (ii) any
information that reflects a Schwab User's interactions with a Schwab web site,
including but not limited to, information concerning computer search paths, any
profiles created or general usage data; or (iii) any data otherwise submitted by
a Schwab User in the process of registering for the a Schwab web site (such as
name, address, phone number an email address) and data submitted during the
course of using a Schwab web site. Nothing in this Agreement will be construed
as granting any ownership rights in Aether to User Information. However, Aether
may receive or use User Information for the purposes contemplated by this
Agreement, and if Aether learns or obtains any User Information, Aether will
treat such User Information as proprietary and confidential to Schwab in
accordance with this Agreement, whether or not Schwab intentionally disclosed
such User Information to Aether.

     2.7 OWNERSHIP OF DOMAIN NAMES. Each party will retain all right, title and
interest in and to, and ownership of, their own respective Domain Names,
and the other party will not acquire any right, title, or interest therein. Each
party acknowledges that the Domain Names will be associated with the respective
parties and/or their affiliates and that each party will build up substantial
goodwill in the Domain Names and, accordingly, that the Domain Names will be a
valid trademark and/or service mark of the respective parties and/or their
affiliates.

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     2.8 STATUTORY RIGHTS. Except as expressly provided in this Agreement or
within an applicable WP Schedule, nothing in this Agreement will diminish
either party's rights in any property or technology owned by such party (or its
licensors) under any applicable law governing intellectual property rights.

                                      III.

                     GENERAL REQUIREMENTS FOR THE OPERATION
                       AND MAINTENANCE OF WIRELESS SYSTEMS

     3.1 INTENT OF THE PARTIES. The parties hereto acknowledge that Aether's
obligations under this Agreement with respect to Wireless Systems are and
will relate primarily to providing the connectivity and associative support
services to enable Schwab Users to access certain data and execute certain
transactions through wireless devices. The parties do not intend for Aether to
be deemed a broker or dealer or be involved in the effecting of any securities
transactions. With respect to all Wireless Systems governed by this Agreement,
Schwab accepts the following responsibilities in connection with the use and
operation of such Wireless Systems:

          a. SCREENING CUSTOMER ACCESS AND TRANSACTIONS. Schwab will be solely
responsible for determining whether to grant access to a Wireless System to a
particular Schwab User, subject only to any licensing restrictions contained in
a corresponding WP Schedule.

          b. EFFECTING CUSTOMERS' SECURITIES TRANSACTIONS. Schwab will be
responsible for accepting and supervising each securities order and continuing
securities transaction and securities accounts to assure compliance with its
regulatory responsibilities under applicable securities laws. Schwab will be
solely responsible for notifying Aether of any modifications necessary
to fulfill Schwab's legal and regulatory responsibilities.

     3.2 STANDARD OF PERFORMANCE. Aether warrants to Schwab that it will
maintain an adequate number of personnel who are qualified and responsive for
the term of this Agreement and perform each Wireless Project in accordance at
the highest level of service that Aether delivers to its other customers and in
accordance with generally accepted professional standards for similar services
in effect at the time of such performance. Without limiting the foregoing,
Aether will provide prompt and professional responses to all Schwab requests and
will fulfill the service levels set forth in the applicable WP Schedule.

     3.3 QUALITY CONTROL. Aether shall institute quality controls, including
suitable testing procedures, if any, to ensure the availability of all Wireless
Systems developed and/or maintained by this Agreement and to ensure that such
Wireless Systems perform in accordance with the applicable specifications and in
a manner consistent with the highest applicable industry standards. Upon
Schwab's reasonable request, Schwab will have the right to review Aether's
quality controls in order to verify and/or improve the quality of the Wireless
Systems and the Wireless Systems' performance.

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     3.4 OPERATIONAL AND MAINTENANCE REQUIREMENTS. Each party will carry out and
complete the duties and responsibilities with respect to operating, maintaining
and/or supporting a Wireless System as set forth in the applicable WP Schedule.

     3.5 TRAINING SERVICES. With respect to all Wireless Systems, Aether will
provide sufficient training and technical support to Schwab to enable its
personnel to properly use the Wireless System. Such training shall be described
in the applicable WP Schedule. Schwab may reproduce any training material
provided by Aether for the purpose of training Schwab's personnel. Any such
reproduction shall include any applicable copyright or similar proprietary
notices contained in the items being reproduced.

     3.6 PROVIDING ACCESS TO DATA. With respect to each Wireless System, Aether
will take all commercially reasonable steps necessary for Schwab to have
immediate and continuous access to such data as is necessary and desirable for
Schwab to fulfill its responsibilities as a broker-dealer under federal and
state laws and the rules and regulations of applicable self-regulatory
organizations.

     3.7 MAINTENANCE OF BOOKS AND RECORDS. Aether will design and maintain each
Wireless System in a manner that Schwab may continue to maintain books and
records of all transactions in an account executed, cleared or settled through
or by Schwab in accordance with the generally accepted practices in the
securities industry and as required by all applicable laws and regulations.

     3.8 INCLUSION OF THIRD PARTY MATERIAL. Aether agrees that it will, at
Schwab's request, make the financial information identified as "THIRD PARTY
MATERIAL" within the applicable WP Schedule accessible through the corresponding
Wireless System. Schwab understands that Aether will obtain such financial
information from various independent third parties, such as stock exchanges and
others. Aether does not guarantee or warrant such information. There may be
delays, omissions or inaccuracies in the information. Aether will not have any
liability, contingent or otherwise, for such information, or for any decision
made or taken by Schwab or any of its customers, including without limitation
Schwab Users, in reliance upon such information or for the interruption of any
data, information or other aspect of such information. Except as expressly
provided in the applicable WP Schedule, no person accessing a Wireless System,
including without limitation Schwab and Schwab Users, will have any rights to
use, transmit or re-transmit any such information, and no person, including
without limitation Schwab and Schwab Users, will acquire any rights to such
information, except in accordance with this Agreement.

     3.9 REGULATORY APPROVALS. Aether will be solely responsible for obtaining
approvals for the initial and continued use of each Wireless System that may be
required by state and/or federal authorities.

     3.10 COMPLIANCE AND INSPECTION RIGHTS. Each party will have the right, but
not the duty, of unrestricted access to inspect and review the Wireless Systems
governed by this Agreement in a manner consistent with their respective
responsibilities under this Agreement, any supervisory responsibilities under
state and federal law and the rules and regulations of applicable
self-regulatory organizations.

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     3.11 ADVERTISING AND LINKS. Aether will not permit any advertisements
within or links to a Wireless System without the prior written consent of
Schwab.

     3.12 USAGE INFORMATION. Aether will, upon request, provide Schwab with all
information reasonably available regarding usage of the Wireless Systems
governed by this Agreement.

     3.13 OUTSOURCING. Aether may use independent contractors who are natural
persons in fulfilling its duties under this Agreement provided that Aether will
be responsible and liable for such independent contractors and will obtain
confidentiality agreements from such independent contractors. Such
confidentiality agreements must contain: (i) provisions which require that the
independent contractor comply with the terms and conditions of Article VII of
this Agreement; and (ii) language providing that Schwab may enforce its rights
against the independent contractor as an intended third party beneficiary of
such agreement, even though Schwab is not a party to such agreement, provided
that Schwab's right to exercise such rights will be conditioned on its having
given Aether reasonable prior written notice of Schwab's intention to do so, and
specific reasons for doing so, such that Aether has a reasonable opportunity to
resolve the issue that Schwab has with such independent contractor. Otherwise,
Aether may not assign or delegate this Agreement nor any of its rights, duties
or obligations under this Agreement without the express written consent of
Schwab which may be conditioned upon certain terms. Any purported assignment or
delegation in violation of this provision shall be void at the option of Schwab.
Schwab's consent shall not be deemed an endorsement of such assignment or
delegation and shall not relieve Aether of any of its obligations or liabilities
under this Agreement. Any such assignment, delegation or subcontracting, even if
approved by Schwab, will be at Aether's own risk and expense.

                                       IV.

                                 INDEMNIFICATION

     4.1 INDEMNIFICATION. Each party (the "INDEMNIFYING PARTY") will indemnify
and hold harmless the other, its affiliates, successors and assigns and the
directors, officers and employees and agents of any of them (each an
"INDEMNIFIED PARTY"), from any claim, loss, damage, expense or liability arising
out of incurred by any such person due to or arising out of (1) the breach of
the obligations, representations, or warranties contained in this Agreement, (2)
as a result of any claim or assertion that the Indemnifying Party has infringed
or violated the intellectual property rights of any third party or (3) the gross
negligence or willful misconduct of the Indemnifying Party or its directors,
officers or employees, except to the extent arising out of or based on any
grossly negligent act or omission of an Indemnified Party with respect to the
subject matter of this Agreement; provided that the Indemnified Party provides
the Indemnifying Party with (i) prompt written notice of such claim or action,
(ii) sole control and authority over the defense and over the defense or
settlement of such claim or action, and (iii) proper and full information and
reasonable assistance to defend and/or settle any such claim or action.

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                                       V.

                                FEES AND PRICING

     5.1 FEES AND EXPENSES. During the term of this Agreement, Schwab will pay
to Aether the fees specified in the applicable WP Schedule for the corresponding
Wireless System and any other products and services specified therein. Aether
will create detailed invoices, listing each WP Schedule, and each fee and
calculation for that fee. Aether will forward detailed invoices to Schwab for
payment whenever agreed upon fees are incurred, but not more frequently than
every thirty (30) days. Upon receipt of an invoice, Schwab will process it in
the normal course of business and pay within thirty (30) days.

     5.2 NO OTHER PAYMENTS. Except as specified in an applicable WP Schedule,
Schwab will not be obligated to make any payments to Aether for any products or
services under this Agreement, unless otherwise agreed to by Schwab in writing
after the date of this Agreement. In particular, unless otherwise specified in
an applicable WP Schedule, Aether will be responsible for the costs associated
with developing, installing, maintaining, operating, accessing and/or using a
Wireless System in accordance with Schwab's recommendations and/or compatibility
requirements.

     5.3 MOST FAVORED STATUS. If during the course of this Agreement, Aether
provides a Wireless System (or services or products that are substantially
similar in scope, functionality, resources, and user base) to any comparable
customer on more favorable terms and conditions than those then in place with
Schwab, then notwithstanding any arrangement then in place with Schwab, Schwab
shall be entitled to the more favorable terms as of the effective date of such
comparable customer agreement. Aether shall notify Schwab in writing of the
applicable terms of such comparable customer agreement within thirty (30)
calendar days following the execution of any such comparable customer agreement
and shall be obligated disclose, unless contractually prevented from doing so,
the identity of any such comparable customer. In the event that payment has been
made by Schwab prior to notice from Aether, Schwab shall be entitled to a credit
adjustment in the next statement of costs and fees from Aether retroactive to
the date of the effective date of Aether's agreement with said comparable
customer.

     5.4 RENEWAL PRICING. In the event that a WP Schedule is renewed beyond the
initial term (as defined within the applicable WP Schedule), the parties agree
that they will negotiate in good faith to set renewal pricing for maintenance
and support and for the cost of any new version of the applicable Wireless
System.

     5.5 TAXES. Aether will pay all taxes due on the payments Aether receives
under this Agreement, including sales and use tax, if any.

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                                       VI.

                         REPRESENTATIONS AND WARRANTIES

     6.1 RECIPROCAL WARRANTIES. Aether and Schwab each represent and warrant
with respect to itself as follows: (a) such party is duly organized, validly
existing, and in good standing under the laws of the state in which it is
organized, and has the power and authority to carry on its business as now being
conducted, (b) such party has the financial resources, personnel and
organizational resources to perform its obligations under this Agreement and
will notify the other of any change in such party's circumstances that would
materially adversely impact its ability to perform its obligations under this
Agreement, (c) that there is no action, suit or proceeding before or by any
court or governmental agency or body or otherwise, now pending, or to the
knowledge of each party, threatened against or affecting such party or its
property that may result in a material adverse change in the condition,
financial or otherwise or business prospects of such party, and (d) this
Agreement has been duly executed and delivered on behalf of such party and is a
legal and binding obligation of such party enforceable against it in accordance
with the terms of this Agreement except (i) as the same may be limited by
bankruptcy, insolvency, reorganization, or other laws or equitable principles
relating to or affecting the enforcement of creditors' rights and (ii) that the
availability of equitable remedies including specific performance is subject to
general equitable principles applied at the discretion of a court.

     6.2 REPRESENTATIONS OF SCHWAB. In connection with its activities hereunder,
Schwab represents and warrants to Aether that:

          a. Schwab is and will remain properly registered as a broker-dealer
with the SEC and each state, territory and jurisdiction in which it is subject
to registration, licensing, qualification and/or certification requirements for
the duration of this Agreement;

          b. Schwab will comply fully with the terms and conditions set forth in
this Agreement and with all applicable statutes, rules and regulations in any
jurisdiction in which it will offer and provide retail, wireless data access
and transaction services under this Agreement;

          c. Schwab has obtained all required governmental and regulatory
licenses, registrations and approvals as may be necessary for it to offer and
provide wireless data access and transaction services under the terms of this
Agreement; and

          d. Schwab represents and warrants that it will offer and provide
wireless data access and transaction services in a manner consistent with all
federal and state laws and the rules and requirements of the SEC, the NYSE and
all other applicable self-regulatory agencies.

     6.3 REPRESENTATIONS OF AETHER. In connection with its activities hereunder,
Aether represents and warrants to Schwab that:

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<PAGE>   12

         a. Aether is highly skilled and experienced in developing a suite of
technologies, competencies and services for the enabling of wireless data
communication access supporting multiple wireless data networks, information
appliance devices and server technologies, and Aether also possesses the
additional expertise needed to develop such Wireless Systems for Schwab as
contemplated by this Agreement;

         b. Aether will comply fully with the terms and conditions set forth in
this Agreement and with all applicable statutes, rules and regulations in any
jurisdiction in which it will offer and provide wireless communication services
under this Agreement;

         c. Aether has obtained all required governmental and regulatory
licenses, registrations and approvals as may be necessary for it to offer and
provide wireless communication services under the terms of this Agreement;

         d. Without limiting any other warranty or obligation specified in this
Agreement, or in any other agreement, Aether expressly warrants to Schwab
that the Wireless Systems governed by this Agreement, including all related
software, and all services furnished under this Agreement will at all times be
Year 2000 Compliant. "YEAR 2000 COMPLIANT" means that the Wireless Systems and
services will operate and: (i) will correctly store, represent, and process
(including sort) all dates (including single and multi-currency formulas and
leap year calculations), such that errors will not occur when the date being
used is in the Year 2000, or in a year preceding or following the Year 2000; and
(ii) will not cause or result in an abnormal termination or ending. Aether
further warrants that in providing the Wireless Systems and services to Schwab,
all of Aether's information processing services are and at all times will be
Year 2000 Compliant;

         e. To Aether's knowledge, the System does not and will not infringe or
violate the intellectual property rights of any third party;

         f. On the date that it executes this Agreement, Aether is not located
in a foreign country, acting on behalf of or in concert with any foreign person
or foreign government or attempting in any way to evade U.S. export controls on
encryption; and

         g. The Wireless Systems, including without limitation their
corresponding software:

          (i) will not contain viruses, Trojan horses, worms, time bombs,
cancelbots or other similar harmful or deleterious programming routines; and

          (ii) will transmit all data and information to Schwab and applicable
end users without damage, corruption or other changes save and except for the
encryption of such information as applicable.

     6.4 DISCLAIMERS. Except as expressly provided in this Agreement or any
applicable WP Assignment, neither party makes any warranty of any nature
whatsoever regarding a Wireless System, including without limitation, any
warranty of Merchantability, Fitness for a Particular Purpose or compliance with
law or specifications.

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                                      VII.

                      CONFIDENTIALITY AND NON-SOLICITATION

     7.1 DEFINITION OF CONFIDENTIAL INFORMATION. Each party agrees that all
information supplied by one party to the other including, without limitation,
(i) source code, prices, databases, hardware, software, programs, engine
protocols, models, displays and manuals, including, without limitation, the
selection, coordination, and arrangement of the contents thereof and (ii) any
unpublished information concerning research activities and plans, marketing or
sales plans, pricing or pricing strategies, operational techniques, strategic
plans, the identity of customers and customer contacts, customer data, and
unpublished financial information, including information concerning revenues,
profits and profit margins will be deemed confidential and proprietary to the
supplying party ("CONFIDENTIAL INFORMATION").

      7.2 TREATMENT OF CONFIDENTIAL INFORMATION. Each party recognizes the
importance of the other's Confidential Information. In particular, each party
recognizes and agrees that the Confidential Information of the other is critical
to their respective businesses and that neither party would enter into this
Agreement without assurance that such information and the value thereof will be
protected as provided in this Section 7.2 and elsewhere in this Agreement.
Accordingly, each party agrees as follows:

          a. Each party will hold any and all Confidential Information it
obtains in strictest confidence and shall use and permit use of Confidential
Information solely for the purposes of this Agreement (a "PERMITTED PURPOSE");

          b. Each party may disclose or provide access to its responsible
employees, and may make copies, of Confidential Information only to the extent
reasonably necessary to carry out Permitted Purposes;

          c. Each party currently has, and in the future shall maintain in
effect and enforce, rules and policies to protect against access to or use or
disclosure of Confidential Information other than in accordance with this
Agreement, including without limitation written instruction to and agreements
with employees to ensure that such employees protect the confidentiality of
Confidential Information. Each party expressly shall instruct its employees not
to disclose Confidential Information to third parties, including without
limitation customers, subcontractors or consultants, without the other's prior
written consent;

          d. Each party, at its own expense, shall take all steps, including
without limitation the initiation and prosecution of actions at law or in
equity, necessary or appropriate to prevent use or disclosure, and upon any
unauthorized disclosure further unauthorized disclosure or use, of any
Confidential Information received or obtained by it except as expressly
permitted by the terms of this Agreement;

          e. Neither party will copy (other than regular backup copies), modify,
disassemble, reverse engineer or decompile any of the other's Proprietary
Information;

                                  Confidential
                                  Page 13 of 21

<PAGE>   14
          f. Neither party will make any use whatsoever at any time the other's
Confidential Information except as expressly authorized in this Agreement; and

          g. Each party will notify the other immediately of any unauthorized
disclosure or use, and will cooperate with that party to protect all proprietary
rights in and ownership of its Confidential Information.

     7.3 EXCLUSIONS. Confidential Information will not include any information
or material, or any element thereof, whether or not such information or material
is Confidential Information for the purposes of this Agreement, to the extent
any such information or material, or any element thereof:

          a. has been previously published or is published hereafter, unless
such publication is a breach of this Agreement or a similar non- disclosure
agreement;

          b. was already known to the disclosing party prior to being disclosed
by or obtained from the other party as evidenced by written records kept in the
ordinary course of business of or by proof of actual use by the disclosing
party;

          c. has been or is hereafter rightfully received by the disclosing
party from a third person (other than the other party) without restriction or
disclosure and without breach of this Agreement; or

          d. has been independently developed by the disclosing party.

It shall be presumed that any Confidential Information in a disclosing party's
possession is not within exceptions (b), (c) or (d) above, and the burden shall
be upon the disclosing party to prove otherwise by records and documentation.

     7.4 COMPELLED DISCLOSURES. To the extent required by applicable law or by
lawful order or requirement of a court, governmental authority or
self-regulatory agency having competent jurisdiction over the disclosing party,
the disclosing party may disclose Confidential Information in accordance with
such law or order or requirement, subject to the following conditions: As soon
as possible after becoming aware of such law, order or requirement and prior to
disclosing Confidential Information pursuant thereto, the disclosing party shall
so notify the other party in writing and, if possible, the disclosing party
shall provide the other party notice not less than five (5) business days prior
to the required disclosure. The disclosing party shall use reasonable efforts
not to release Confidential Information pending the outcome of any measures
taken by the other party to contest, otherwise oppose or seek to limit such
disclosure by the disclosing party and any subsequent disclosure or use of
Confidential Information that may result from such disclosure. The disclosing
party shall cooperate with the other party regarding such measures.
Notwithstanding any such disclosure, the disclosing party shall not affect its
obligations hereunder with respect to Confidential Information so disclosed.

     7.5 TREATMENT OF USER INFORMATION. Without limiting any other warranty or
obligation specified in this Agreement, an in particular Section 7.2 of this
Agreement, during the

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<PAGE>   15

term of this Agreement and thereafter in perpetuity, Aether will not gather,
store, or use any User Information (as defined in Section 2.6 of this Agreement)
in any manner and will not disclose, distribute, sell, share, rent or otherwise
transfer any User Information to any third party, except as Aether may be
expressly and reasonably directed in advance in writing by Schwab. Aether
represents, covenants, and warrants that Aether will use User Information only
in compliance with Schwab's written instructions, including without limitation
its privacy policies then in effect and all applicable laws (including but not
limited to policies and laws related to spamming, privacy (including but not
limited to any European privacy laws), and consumer protection. Aether hereby
agrees to indemnify and hold hannless Schwab against any damages, losses,
liabilities, settlements and expenses (including without limitation costs and
attorneys' fees) in connection with any claim or action that arises from an
alleged violation of the foregoing.

     7.6 RETENTION OF USER INFORMATION. Aether will not retain any User
Information for any period longer than necessary for Aether to fulfill its
obligations under this Agreement. As soon as Aether no longer needs to retain
such User Information in order to perform its duties under this Agreement,
including an applicable WP Schedule, Aether will return such User Information in
accordance with Section 7.8 of this Agreement.

     7.7 NON-EXCLUSIVE EQUITABLE REMEDY. Each party acknowledges and agrees that
due to the unique nature of Confidential Information, there can be no adequate
remedy at law for any breach of its obligations hereunder, that any such breach
may allow a party or third parties to unfairly compete with the other party
resulting in irreparable harm to such party, and therefore, that upon any such
breach or any threat thereof, each party will be entitled to appropriate
equitable relief from a court of competent jurisdiction in addition to whatever
remedies either of them might have at law or equity before a panel of
arbitrators appointed in accordance with the arbitration provision of this
Agreement and to be indemnified by the other party from any loss or harm,
including, without limitation, lost profits and attorneys' fees, in connection
with any breach or enforcement of such party's obligations hereunder or the
unauthorized use or release of any such Confidential Information. Each party
will notify the other in writing immediately upon the occurrence of any such
unauthorized release or other breach. Any breach of this Article VII will
constitute a material breach of this Agreement and be grounds for immediate
termination of this Agreement in the exclusive discretion of the non-breaching
party.

     7.8 RETURN OF CONFIDENTIAL INFORMATION. On written request or on the
termination of this Agreement, each party will (i) return to the other or
destroy the tangible embodiment of the other's Confidential Information in its
possession or control; and (ii) provide written confirmation of such party's
compliance with this provision.

     7.9 NON-SOLICITATION. During the term of, and for one year after
the termination of this Agreement, Aether will not, directly or indirectly,
knowingly solicit the employment or services of any employee or consultant of
Schwab with whom Aether has had contact or who became known to it in connection
with this Agreement, or encourage such employees or consultants to leave Schwab.
This Section will not preclude Aether from undertaking general, public
solicitations for employees.

                                  Confidential
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<PAGE>   16

                                      VIII.

                            PROMOTIONS AND MARKETING

     8.1 MARKETING PLAN. Each WP Schedule will address the respective
obligations of each party, if any, with respect to promoting and marketing the
corresponding Wireless System.

     8.2 REVIEW OF PROMOTIONAL MATERIAL. Aether will not disclose, publish, or
otherwise distribute any promotional, sales, marketing, advertising, and similar
materials referring to Schwab or this Agreement, or to any trade name,
trademark, service or product of Schwab in any form or medium, including but not
limited to, news releases, advertising scripts, direct mail correspondence,
customer list, and display advertising, without Schwab's prior written approval,
which Schwab may withhold in its sole and absolute discretion.

     8.3 USE OF MARKS. Each party grants to the other a non-exclusive,
non-transferable license to use its respective trade names, trademarks, service
marks and/or logos (a "MARK") during the term of this Agreement in connection
with marketing, promotion and advertising; provided, that when used in printed
materials, the Mark will be footnoted upon its appearance with a legend that
such Mark is a registered Mark of the other.

     8.4 OWNERSHIP OF MARKS. Each party acknowledges that the other is the sole
owner of its respective Marks and agrees that it will take no action to
challenge or undermine that party's rights or title to the Mark anywhere in the
world. Each party will cooperate with the other's efforts to protect and
register its respective Marks. In addition:

          a. A party may only use the other's Mark in its standard form and
style as used or authorized in writing by that party. Except as set forth in
this Agreement, no other letter(s), word(s), design(s), symbol(s), or other
matter of any kind may be superimposed upon, associated with or shown in such
proximity to a Mark so as to tend to alter or dilute it, and each party
specifically agrees not to combine or associate the Mark with any other mark or
trade name.

          b. In all advertisements, promotional literature or other printed
matter in which a Mark appears, each party must identify itself by full name and
address and state its relationship other. The Mark must be identified as a Mark
owned by the respective party, in a form and manner approved by the other party;

          c. Neither party warrants or represents that the other's use of such a
Mark will not infringe the trademark rights other persons. In the event that
either party is subject to a claim or action, or learns any facts that make such
a claim or action reasonably possible, it will notify the other and the parties
will negotiate in good faith a solution, including the adoption by a party of
new names or marks to identify itself or its business in the territories where
problems exist. All such new marks or names will be deemed Marks for purposes of
this Agreement; and

                                  Confidential
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<PAGE>   17

          d. Each party will maintain the quality of the other's Mark in
connection with its usage and placement during the term of this Agreement and in
a manner consistent with the industry practices with respect to brokerage
activities. Each party reserves the right to monitor the services provided under
this Agreement to assure compliance with the standards for services associated
with their respective Trademarks.

     8.5 SOLICITATION OF SCHWAB USERS. During the term of this Agreement and
thereafter in perpetuity, Aether agrees not to knowingly target or solicit
Schwab Users as such, on behalf of itself or any third party, including but not
limited to, on behalf of entities that provide brokerage or financial services
in direct competition with Schwab. Aether agrees that it will not use or sell to
others lists containing information obtained in connection with this Agreement
about any Schwab Users. This Section will not preclude Aether from undertaking
general, public solicitations for customers.

     8.6 PROMOTION OF COMPETING SERVICES. During the term of this Agreement,
Aether agrees not to promote directly or indirectly through a Wireless System
governed by this Agreement, the services of itself or of any third party. Unless
requested by Schwab in writing, the content and a Wireless System governed by
this Agreement will contain no advertising or other promotional material except
that specifically authorized by Schwab pursuant to this Agreement.

     8.7 IDENTIFICATION OF AETHER. Schwab agrees to identify Aether as Schwab's
"Wireless Data Service Provider" for all Schwab wireless products and service
offerings through PDAs and HPCs (as defined above) by Schwab's Electronic
Brokerage Enterprise to Schwab retail brokerage customers, except for both
one-way and two-way pagers, during the two (2) year period following the
Effective Date of this Agreement.

                                       IX.

                                   TERMINATION

     9.1 TERM. This Agreement will be effective as of the Effective Date and
will continue in full force for as long as there are WP Schedules in effect
under this Agreement.

     9.2 TERMINATION ON BREACH OF LAW. If either party is in material default
under any rule, order, determination, ordinance, or law of any federal, state,
county, municipal or self-regulatory authority and that party is not in good
faith contesting the default, the non-defaulting party may terminate this
Agreement at any time thereafter.

     9.3 TERMINATION ON BREACH OF AGREEMENT. If an Event of Default (as defined
herein) occurs under this Agreement, and if, within 30 days after the
non-defaulting party has given the defaulting party notice of the Event of
Default, the defaulting party has not cured the default or, if the default
cannot be reasonably cured within such time period, the non-defaulting party
may, at its option, terminate this Agreement at any time thereafter. Each of the
following will constitute an "EVENT OF DEFAULT" under this Agreement:

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<PAGE>   18

          a. Any party fails to perform or observe to the reasonable
satisfaction of the other party any term, a material covenant or undertaking in
this Agreement;

          b. Any party informs the other party of its intention not to perform
or observe a term of this Agreement;

          c. Any material warranty, representation or other statement made by or
on behalf of one party and contained in this Agreement or in any other document
furnished in compliance with or in reference to this Agreement is on the date
made or later proves to be false, misleading or untrue in any material respect;
or

          d. Any party seeks protection under the United States Bankruptcy Code
or similar protection from creditors; or bankruptcy, receivership, insolvency,
reorganization, dissolution, liquidation or other similar proceedings will be
instituted by or against the non-termination party and not dismissed.

     9.4 TERMINATION OF WIRELESS PROJECTS. Unless otherwise stated in an WP
Schedule, Schwab may terminate a Wireless Project, for any reason whatsoever,
with respect to all WP Schedules under this Agreement by not less than thirty
(30) days written notice to Aether, specifying the date upon which termination
become effective. In the event of any termination of an Wireless Project, Aether
will be entitled to payment for services actually rendered by Aether prior to
the effective date of termination, in accordance with this Agreement and/or the
applicable WP Schedule. Such payment will constitute full settlement of any and
all claims of Nimble for payment under the WP Schedule, including without
limitation, claims for lost profits.

     9.5 SCHWAB'S TERMINATION. Schwab may terminate this Agreement at its option
without breach or penalty if Aether or any of its affiliates: (a) registers as
or acquires or merges with a broker-dealer; or (b) merges with or sells
substantially all of its assets to another party that Schwab reasonably believes
to be a competitor.

     9.6 EFFECTS OF TERMINATION. Upon any termination or expiration of this
Agreement:

          a. Schwab will, within a commercially reasonable period, cease use of
all Wireless Systems and use all reasonable commercial means to terminate access
by applicable Schwab Users;

          b. Aether will use commercially reasonable efforts to prevent Schwab
Users from using or accessing the terminated Wireless Systems and will cooperate
with Schwab, at Schwab's expense, in implementing and maintaining a
discontinuation notice for sixty (60) days following expiration or termination
of the applicable Wireless Systems.

          c. No consideration or indemnity will be payable to either party for
loss of profit, goodwill, creation of clientele or other like or unlike items,
nor for advertising

                                  Confidential
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<PAGE>   19

costs, costs of samples or supplies, termination of employees, employees'
salaries and other like or unlike items;

          d. Each party will return or destroy all the Confidential Information
in its possession and control and so certify to the other party in writing; and

          e. Neither party will incur any liability whatsoever for any damage,
loss or expense of any kind suffered by the other arising from or incidental to
any termination of this Agreement which complies with the terms of this
Agreement whether or not such party is aware of any such damages, losses or
expense.

     9.7 SURVIVAL. All accrued payment obligations hereunder, any remedies
for breach of this Agreement, this Section and the following Sections will
survive any expiration or termination of this Agreement: Article II (Proprietary
Rights); Article IV (Indemnification); Article VII (Confidentiality and
Non-Solicitation); Article VIII (Promotions and Marketing); Article IX, Section
9.6 (Effect of Termination); Article X (General Provisions), and termination
shall not affect a party's right to claim a breach of representation and
warranties of this Agreement.

                                       X.

                               GENERAL PROVISIONS

     10.1 NOTICES. Any notice, notification, demand or request provided or
permitted to be given under this Agreement must be in writing and will
have been deemed to have been properly given, unless explicitly stated
otherwise, if sent by (i) Federal Express or other comparable overnight courier,
(ii) registered or certified mail, postage prepaid, return receipt requested,
(iii) telecopy with confirmation during normal business hours to the place of
business of the recipient, or (iv) personal delivery with a signed receipt. For
purposes of all notices, the addresses and telecopy numbers of the parties are
set forth on the signature page of this Agreement and in the applicable WP
Schedules. All notices, notifications, demands or requests so given will be
deemed given and received (A) if mailed, seven (7) days after being deposited in
the mail, (B) if sent via overnight courier, the next business day after being
deposited, (C) if telecopied, the next business day after being telecopied, and
(D) if personally delivered, when delivered.

     10.2 CHOICE OF LAW AND VENUE. THIS AGREEMENT AND THE APPLICATION OR
INTERPRETATION HEREOF, WILL BE GOVERNED EXCLUSIVELY BY THE LAWS OF THE STATE OF
CALIFORNIA WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. VENUE FOR
ANY ACTION RELATING TO THIS AGREEMENT WILL BE MAINTAINED IN SAN FRANCISCO
COUNTY, CALIFORNIA.

     10.3 HEADINGS AND SECTIONS. The headings in this Agreement are inserted
for convenience only and do not describe, interpret, define or limit the scope,
extent or intent of this

                                  Confidential
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<PAGE>   20

Agreement or any provision hereof. Unless the context requires otherwise, all
references in this Agreement to Sections will be deemed to mean and refer to
Sections of this Agreement.

     10.4 INDEPENDENT PARTIES. Nothing contained herein will be deemed to
create or construed as creating a joint venture or partnership between Schwab
and Aether. Schwab is not, by virtue of this Agreement or otherwise, authorized
as an agent or legal representative of Aether. Schwab is not granted any right
or authority to assume or to create any obligation or responsibility, express or
implied, on behalf of or in the name of Aether or to bind either in any manner.
Further, it is not the intention of this Agreement or of the parties hereto to
confer a third party beneficiary right of action upon any third party or entity
whatsoever, and nothing hereinbefore or hereinafter set forth will be construed
so as to confer upon any third party or entity other than the parties hereto a
right of action under this Agreement or in any manner whatsoever.

     10.5 AMENDMENTS AND ORDER OF PRECEDENCE. Notwithstanding anything else
contained in this Agreement, this Agreement may be amended, supplemented or
restated only with the written consent of both parties. In the event of any
conflict or inconsistency between this Agreement and any WP Schedule, the WP
Schedule will control, but only with respect to the products and services
covered by such WP Schedule.

     10.6 NUMBER AND GENDER. Where the context so indicates, the masculine
includes the feminine and the neuter, the neuter includes the masculine and
feminine, and the singular includes the plural.

     10.7 COUNTERPARTS. This Agreement may be executed in multiple counterparts,
each of which is considered an original and will be binding upon the party who
executed the same, but all of such counterparts will constitute the same
agreement.

     10.8 ARBITRATION. Any controversy with respect to this Agreement or Aether,
whether arising before or after this Agreement, between or among any party will
be resolved by arbitration. Any arbitration under this Agreement will be
conducted in accordance with the rules, then applying, of the American
Arbitration Association. The award of the arbitrators will be final and binding
on the parties, and judgment upon the award rendered may be entered in any
court, state or federal, having jurisdiction. This agreement to arbitrate does
not entitle any party to arbitrate claims that would be barred by the applicable
statute of limitations if such claims were brought in a court of competent
jurisdiction. If at the time a demand for arbitration is made, the claims sought
to be arbitrated would have been barred by the relevant statute of limitations
or other time bar, any party may assert the limitations as a bar to the
arbitration by applying to any court of competent jurisdiction. The failure to
assert such bar by application to a court, however, will not preclude its
assertion before the arbitrators.

     10.9 COOPERATION. Each party agrees, to the extent called upon by the
other, to cooperate with such party with regard to matters relating to
regulatory and compliance matters and threatened or pending litigation or
arbitration against that party with regard to activities conducted under this
Agreement.

                                  Confidential
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<PAGE>   21

     10.10 SEVERABILITY. If any provision of this Agreement is held to be
illegal, invalid or unenforceable under present or future laws effective during
the term hereof, the legality, validity and enforceability of the remaining
provisions of this Agreement will not be affected thereby, and in lieu of such
illegal, invalid or unenforceable provision, there will be added automatically
as a part of this Agreement a provision as similar in terms to such illegal,
invalid or unenforceable provision as may be legal, valid and enforceable.

     10.11 ENTIRE AGREEMENT. This Agreement and its exhibits (i) constitute the
entire agreement between the parties relating to the subject matter hereof, and
(ii) supersede all previous contracts and agreements between the parties hereto,
both oral and written.

     10.12 AUTHORSHIP. This Agreement will not be construed in favor or against
either party by reason of the authorship of any provisions hereof.

     10.13 FORCE MAJEURE. If either party cannot perform any of its obligations
because of any act of God, accident, strike, court order, fire, riot, war, or
any other cause not within the party's control ("FORCE MAJEURE"), then the
non-performing party shall: (i) immediately notify the other party; (ii) take
reasonable steps to resume performance as soon as possible; and (iii) not be
considered in breach during the duration of the Force Majeure event. In the
event, a Force Majeure event continues for a period of ten (10) business days,
Schwab may terminate this Agreement by providing written notice to Aether to
that effect. Such a termination shall be considered "for cause." In no event
shall Force Majeure include breach of any Year 2000 obligation or warranty in
this Agreement, or of failures of hardware or software of Aether.

     10.14 ASSIGNMENT. Neither party may assign its rights or delegate its
obligations hereunder without the express written consent of the other party,
which consent may not be unreasonably withheld, provided, however, that Schwab
may assign this Agreement and all of its rights and obligations hereunder to any
Schwab Affiliate upon 30 days' prior notice to Aether so long as the assignee
agrees to abide by the terms and conditions of this Agreement. In no event may
Aether assign its rights or delegate its obligations hereunder, without Schwab's
prior written consent, which may be withheld in Schwab's reasonable discretion.
This Agreement will be binding upon and inure to the benefit of the parties
hereto and their respective representatives, successors and assigns.

             IN WITNESS WHEREOF, duly authorized representatives of the parties
have executed this Agreement as of the Effective Date:

<TABLE>
<CAPTION>

          CHARLES SCHWAB & CO., INC.                     AETHER SYSTEMS,INC.

 <S>                                       <C>

 /s/ Robert Taylor                          /s/ W. B. Hannon
 ------------------------------------       -----------------------------------
 Signature  BOB TAYLOR                      Signature    W B HANNON
 ------------------------------------       -----------------------------------
 Printed Name VICE PRESIDENT                Printed Name VICE PRESIDENT
 ------------------------------------       -----------------------------------
 Title    12/23/99                          Title     12-23-99
 ------------------------------------       -----------------------------------
 Date                                       Date
</TABLE>

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