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                                  EXHIBIT 10.19

THESE SECURITIES (INCLUDING ANY UNDERLYING SECURITIES) HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN
OPINION OF COUNSEL OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION SHALL NO LONGER BE REQUIRED.

            7% CONVERTIBLE DEBENTURE DUE DECEMBER 28, 2004

$1,000,000                                                    December 29, 1999
                                                             New York, New York

            1. CONSIDERATION. FOR VALUE RECEIVED, IBIZ TECHNOLOGY CORP., a
Florida corporation (the "undersigned" or the "Company"), hereby promises to pay
to the order of GLOBE UNITED HOLDINGS, INC., a British Virgin Islands
corporation at its offices located at Akara Building, Wickhams Cay #1, Road Town
Tortola, British Virgin Islands or at such other place as the holder hereof (the
"holder" or the "Registered Holder") shall designate to the undersigned in
writing, in lawful money of the United States of America or in New York Clearing
House Funds, the principal amount of One Million Dollars, and to pay interest
(computed on the basis of a 360-day year and the actual number of days elapsed)
on the unpaid principal amount hereof at the rate of seven (7 %) percent per
annum. The undersigned promises to pay the said principal sum and interest in
accordance with the terms of this Debenture.

            2. PAYMENT. Until this Debenture is completely retired the
undersigned shall make payments of accrued interest on this Debenture on the
first day of April and November in each year (commencing with April 1, 2000),
computed at the rate of 7% per annum on the unpaid principal balance of this
Debenture for the period from the date of this Debenture until the date of such
interest payment. On December 28, 2004 (the "Maturity Date") the undersigned
shall pay the holder all unpaid principal and interest on this Debenture.

            Principal and interest shall be payable at the most recent address
as the Registered Holder shall have designated to the Company in writing. No
payment of the principal of the Debenture may be made prior to the Maturity Date
by the Company without the consent of the Registered Holder, except as otherwise
provided herein. At the Registered Holder's option, any interest payments on
this Debenture may be made in the form of the issuance to the holder of the
Company's common stock, par value $.001 per share (the "Common Stock"), with the
number of shares of
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such Common Stock to be payable in respect of such interest payments to be
determined in accordance with the provisions of Section 6, as if such interest
payment were a portion of the principal amount of the Debenture to be converted
into Common Stock.

            3. OVERDUE INTEREST PAYMENTS. Interest on the indebtedness evidenced
by this Debenture after default or maturity accelerated or otherwise shall be
due and payable at the rate of eighteen (18%) percent per annum, subject to the
limitations of applicable law.

            4. HOLIDAYS. If this Debenture or any installment hereof becomes due
and payable on a Saturday, Sunday or public holiday under the laws of the State
of New York, the due date hereof shall be extended to the next succeeding
business day and interest shall be payable at the rate of seven (7%) percent per
annum during such extension. All payments received by the holder shall be
applied first to the payment of all accrued interest payable hereunder.

            5. ISSUANCE OF DEBENTURES. This Debenture has been issued by the
Company pursuant to the authorization of the Board of Directors of the Company
(the "Board") and issued pursuant to a Securities Purchase Agreement, dated as
of the date hereof, by and between the Company and the Purchasers identified
therein (the "Securities Purchase Agreement"). Pursuant to the Securities
Purchase Agreement, the Company issued an aggregate of $1,000,000 principal
amount of the Debentures and warrants to purchase 200,000 shares of Common Stock
(the "Warrants"). The Securities Purchase Agreement contains certain additional
terms that are binding upon the Company and each Registered Holder of the
Debentures. A copy of the Securities Purchase Agreement may be obtained by any
registered holder of the Debentures from the Company upon written request.
Capitalized terms used but not defined herein shall have the meanings set forth
in the Securities Purchase Agreement. The Debentures, together with any
debentures from time to time issued in replacement thereof, whether pursuant to
transfer and assignment, partial conversion thereof or otherwise, are
collectively referred to herein as the "Debentures."

            6. CONVERSION. (a) Subject to and in compliance with the provisions
hereof, the holder shall have the right to convert all or a portion of the
outstanding principal amount of this Debenture into such number of shares of
Common Stock (the shares of Common Stock issuable upon conversion of, and
issuable in respect of interest payments on, this Debenture are hereinafter
referred to as the "Conversion Shares") as shall equal the quotient obtained by
dividing (x) the principal amount of this Debenture to be converted by (y) the
Applicable Conversion Price (as hereinafter defined) and by surrender of this
Debenture, such surrender to be made in the manner provided herein.

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            (b) For purposes hereof the term "Applicable Conversion Price" shall
mean the lesser of (i) $0.94 (the "Fixed Price") or (ii) the product obtained by
multiplying (x) the Average Closing Price (as hereinafter defined) by (y) .80.

            For purposes hereof the "Average Closing Price" with respect to any
conversion elected to be made by the holder shall be the average of the daily
closing bid prices (each such price is referred to individually as a "Floating
Reference Price" and, collectively, as the "Floating Reference Prices") for any
three trading days, as selected by the holder, out of the twenty trading days
immediately preceding the date on which the holder gives the Company a written
notice of the holder's election to convert outstanding principal of this
Debenture. The closing bid price on any trading day shall be (a) if the Common
Stock is then listed or quoted on either the NASD Bulletin Board, the NASDAQ
SmallCap Market or the NASDAQ National Market, the reported closing bid price
for the Common Stock as reported by Bloomberg, L.P. ("Bloomberg") or The Wall
Street Journal (the "Journal") on such day (or, if not so reported, as otherwise
reported by The Nasdaq Small Cap Market), (b) if the Common Stock is listed on
either the American Stock Exchange or New York Stock Exchange, the last reported
sales price for the Common Stock on such exchange on such day as reported by
Bloomberg or the Journal or (c) if no such prices are reported for the Common
Stock by Bloomberg or the Journal, then the average of such prices of any market
makers for such security as reported in the "pink sheets" by the National
Quotation Bureau, Inc. If the prices of the Common Stock cannot be calculated on
such date on any of the foregoing bases, such prices on such date shall be the
fair market value as determined by an unaffiliated investment bank selected by
Registered Holder for which the calculation is required in order to determine
the Applicable Conversion Price. "Trading day" shall mean any day on which the
Company's Common Stock is traded for any period on the principal securities
exchange or other securities market on which the Common Stock is then being
traded.

            (c) If, during any period following the issuance of this Debenture,
as a result of the occurrence of any of the events set forth in Section 3(f) or
3(g) of the Registration Rights Agreement, dated as of the date hereof, by and
between the Company and the purchasers set forth therein (the "Registration
Rights Agreement"), the Purchasers set forth therein are not able to sell shares
of Common Stock issuable upon conversion of, or in lieu of interest payments on,
this Debenture pursuant to a registration statement filed pursuant to such
agreement, the Registered Holder shall have the right, for any purpose under
this Debenture during such period and thereafter, to designate as the Applicable
Conversion Price any Conversion Price that would have been applicable during
such period had the Registered Holder delivered a Notice of Conversion with
respect to any portion of this Debenture. "Conversion Date" shall have the
meaning given such term in Section 5(b) of the Securities Purchase Agreement.

            (d) The Registered Holder shall convert this Debenture in accordance
with Section 5 of the Securities Purchase Agreement. If the Company

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fails to deliver to the holder a certificate or certificates for shares of
Common Stock in the period set forth in the Securities Purchase Agreement, the
Company shall pay a penalty to the Registered Holder as set forth in Section
5(e) of the Securities Purchase Agreement.

            (e) If the entire outstanding principal amount of this Debenture is
not converted, the Company shall also issue and deliver to such holder a new
Debenture of like tenor in the principal amount equal to the principal which was
not converted and dated the effective date of conversion. Each conversion shall
be deemed to have been effected immediately prior to the close of business on
the date on which a Notice of Conversion shall have been delivered as aforesaid,
and the person or persons in whose name or names any certificate of certificates
for shares of Common Stock shall be issuable upon such conversion shall be
deemed to have become the holder or holders of record of the shares represented
thereby at such time on such date.

            (f) All shares of Common Stock delivered upon conversion of this
Debenture will, upon delivery, be duly authorized, validly issued and fully paid
and nonassessable.

            (g) No fractional shares of Common Stock shall be issued upon
conversion of this Debenture. Instead of any fractional share of Common Stock
which would otherwise be deliverable upon the conversion of a principal of this
Debenture the Company shall pay to the holder an amount in cash (computed to the
nearest cent) equal to the Average Closing Price multiplied by the fraction of a
share of Common Stock represented by such fractional interest.

            (h) The issuance of certificates for shares of Common Stock upon any
conversion of this Debenture shall be made without charge to the payee hereof
for any tax or other expense in respect to the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company, and such
certificates shall be issued only in the name of the registered holder of this
Debenture.

            7. REDEMPTION BY COMPANY. (a) If while this Debenture is outstanding
there shall occur a Change in Control of the Company (as defined below), then,
at the option of the Registered Holder, the Company shall, on the effective date
of and subject to the consummation of such Change in Control, redeem this
Debenture for cash from the Registered Holder at a redemption price equal to
125% of the aggregate principal and accrued interest outstanding under this
Debenture. Nothing in this subsection shall limit the Registered Holder's right
to convert this Debenture on or prior to such Change in Control. For purposes
hereof, a "Change in Control" shall be deemed to have occurred if (A) any person
or group (as defined for purposes of Regulation 13D of the Securities Exchange
Act of 1934, as amended) (excluding persons who on the date hereof are
beneficial owners of shares of the Company's voting stock and affiliates of such
persons) shall have become the

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beneficial owner or owners of more than 50% of the outstanding voting stock of
the Company; (B) there shall have occurred a merger or consolidation in which
the Company or an affiliate of the Company is not the survivor or in which
holders of the Common Stock of the Company shall have become entitled to receive
cash, securities of the Company other than voting common stock or securities of
any other person; (C) at any time persons constituting the Existing Board of
Directors cease for any reason whatsoever to constitute at least a majority of
the members of the Board of Directors of the Company; or (D) there shall have
occurred a sale of all or substantially all the assets of the Company. For
purposes hereof, the term "Existing Board of Directors" shall mean the persons
constituting the Board of Directors of the Company on the date hereof, together
with each new director whose election, or nomination for election by the
Company's stockholders is approved by a vote of the majority of the members of
the Existing Board of Directors who are in office immediately prior to the
election or nomination of such director.

            (b) At any time that the number of shares of Common Stock issued
upon conversion of the Debentures and in respect of interest payments on the
Debentures, shall equal 4,750,000 (a "Redemption Event"), the Corporation shall,
at its election, either (x) redeem all of the principal amount then outstanding
under this Debenture for cash in an amount equal to (A) the quotient of (i) the
aggregate principal and accrued interest outstanding under this Debenture and
(ii) the Applicable Conversion Price as if this Debenture had been converted on
the Debenture Redemption Date multiplied by (B) the Average Closing Price of
shares of Common Stock for the five (5) trading days immediately preceding the
Debenture Redemption Date, or (y) if required, call a special meeting of its
stockholders for the purpose of approving the transactions contemplated by the
Securities Purchase Agreement, including the issuance of the Debenture on the
terms set forth therein, together with any other approvals that shall be
required so as to cause the transactions contemplated by the Securities Purchase
Agreement to remain in compliance with the Rules and Regulations of The Nasdaq
Stock Market (including Rules 4300 and 4310 of Nasdaq's Non-Qualitative
Designation Criteria in connection with conversions of Debentures; such
approvals are referred to herein as the "Required Approvals"). The Corporation
shall determine within five (5) business days following the receipt of a Notice
of Conversion which of such actions it shall take, and shall promptly furnish
notice to each of the holders of Debenture as to such determination, including,
if applicable, a notice of redemption.

            (c) If the Corporation elects to call a special meeting of its
stockholders pursuant to Subsection 7(b) of this Debenture to obtain the
Required Approvals, the Corporation shall use its best efforts to obtain such
Required Approvals within forty five (45) days (or 75 days if the information
statement is reviewed by the Commission) of the Initial Closing Date (such forty
five (45) day (or seventy five (75) day) period is referred to herein as an
"Approval Period"). If the Corporation does not obtain the Required Approvals
within the Approval Period and the Corporation receives a Notice of Conversion
after the termination of the Approval

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Period, the Corporation must redeem, in accordance with this Section 7 of this
Debenture, any principal amount of Debentures outstanding after the Corporation
has issued in excess of 4,750,000 shares of Common Stock in connection with
conversions of this Debenture.

            (d) If the Corporation elects, pursuant to this Section 7, to redeem
this Debenture on the occurrence of a Debenture Redemption Event, it shall
redeem such Debenture at the price determined in accordance with Subsection 7(b)
of this Debenture. If the Corporation shall have elected, pursuant to this
Subsection 7(b), to obtain the Required Approvals but shall not have done so by
the later of the occurrence of the Debenture Redemption Event or the expiration
of the Approval Period, it shall furnish a redemption notice to the Purchasers
within three (3) business days after the expiration of the Approval Period.

            (e) If the Company elects to redeem the Debentures pursuant to any
of the terms or conditions set forth in this Section 7, the Company shall remit
the redemption price to the Registered Holder thereof immediately upon such
redemption.

            8. COVENANTS.

            (a) The Company will pay all taxes, assessments and governmental
charges lawfully levied or assessed upon it, its property and any part thereof,
and upon its income for profits, and any part thereof, before the same shall
become delinquent; and will duly observe, and conform to, all lawful
requirements of any governmental authority relative to any of its property, and
all covenants, terms and conditions upon or under which any of its property is
held; provided that nothing in this Section shall require the Company to observe
or conform to any requirement of governmental authority or to pay any such tax,
assessment or governmental charges so long as the validity thereof shall be
contested in good faith.

            (b) Subject to the other provisions of this Debenture, the Company
at all times will maintain its corporate existence and right to carry on its
business and will duly procure all necessary renewals and extensions thereof and
use its best efforts to maintain, preserve and renew all of its rights, powers,
privileges and franchises; provided, however, that nothing herein contained
shall be construed to prevent the Company from ceasing or omitting to exercise
any rights, powers, privileges or franchises which, in the judgment of the
Board, can no longer be profitably exercised, nor to prevent the consolidation,
merger or liquidation of any subsidiary or subsidiaries of the Company with or
into the Company.

            (c) The Company will at no time close its stock transfer books
against the transfer of any shares of Common Stock issued or issuable upon the
conversion of, or in lieu of payments on, the Debentures, in any manner which
interferes with the timely conversion of such Debentures.

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            (d) As used in this Debenture, the term "Common Stock" shall mean
the Company's authorized common stock, par value $0.001 per share. The Company
shall not, without the prior written consent of the Registered Holder of this
Debenture, issue any shares of its capital stock, other than as permitted by the
Securities Purchase Agreement or in exchange for Debentures as provided
hereunder. The term "Common Stock" includes all stock of any class or classes
(however designated) of the Company, authorized on or after the date hereof, the
holders of which shall have the right, without limitation as to amount, either
to all or to a share of the balance of current dividends and liquidating
dividends after the payment of dividends and distributions on any shares
entitled to preference, and the holders of which shall ordinarily be entitled to
vote for the election of the directors of the Company.

            (e) As used in this Debenture, the term "Primary Documents" shall
have the meaning set forth in the Securities Purchase Agreement. The Company
will not, by amendment of its Articles of Incorporation or By-laws or through
any reorganization, recapitalization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder or pursuant to any of the Primary Documents by the
Company, and will at all times assist in good faith in the carrying out of all
the provisions of this Debenture and the Primary Documents and in the taking of
all such action as may be necessary or appropriate in order to protect the
conversion rights of the Registered Holders of the Debentures against
impairment.

            (f) In the event of any taking by the Company of a record of the
holders of any class of securities for the purpose of determining the holders
thereof who are entitled to receive any dividend (other than a cash dividend) or
other distribution, any right to subscribe for, purchase or otherwise acquire
any shares of stock of any class or any other securities or property, or to
receive any other right, the Company shall mail to each Registered Holder of the
Debentures, at least ten (10) days prior to the date specified therein, a notice
specifying the date on which any such record is to be taken for the purpose of
such dividend, distribution or right, and the amount and character of such
dividend, distribution or right.

            9. LIMITATION ON CERTAIN CORPORATE ACTS. The Company hereby
covenants and agrees that upon any consolidation or merger or upon the transfer
of all or substantially all of the property or assets of the Company, the due
and punctual payment of the principal and interest on all the Debentures
according to their tenor and the due and punctual performance and observance of
all the terms, covenants and conditions of the Debentures and the Primary
Documents to be kept and performed by the Company shall be expressly assumed by
the corporation formed by such consolidation, or into which the Company shall
have merged or by the purchaser of

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such property or assets; and such assumption shall be an express condition of
such merger or consolidation agreement or agreement for the transfer of property
or assets.

            10. EVENTS OF DEFAULT. In case one or more of the following events
of default shall have occurred:

            (a) default in the due and punctual payment of interest upon or
principal of any of the Debentures as and when the same becomes due and payable
either at maturity or otherwise; or

            (b) failure to deliver the shares of Common Stock required to be
delivered upon conversion of Debentures or exercise of the Warrants in the
manner and at the time required by Section 5 of the Securities Purchase
Agreement; or

            (c) failure of the Company to have authorized the number of shares
of Common Stock issuable upon conversion of the Debentures or exercise of the
Warrants; or

            (d) failure on the part of the Company to duly observe or perform
any of its other covenants or agreements contained in the Debentures or in the
Primary Documents, or to cure any material breach in a material representation
or covenant contained in the Primary Documents for a period of ten (10) days
after the date on which written notice of such failure or breach requiring the
same to be remedied has been given by a Registered Holder to the Company; or

            (e) a decree or order by a court having jurisdiction has been
entered adjudging the Company (or any Material Subsidiary) a bankrupt or
insolvent, or approving a petition seeking reorganization of the Company (or any
Material Subsidiary) under any applicable bankruptcy law and such decree or
order has continued undischarged or unstayed for a period of thirty (30) days;
or a decree or order of a court having jurisdiction for the appointment of a
receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the
Company (or any Material Subsidiary) or of all or substantially all of its
property, or for the winding-up or liquidation of its affairs, has been entered,
and has remained in force undischarged or unstayed for a period of thirty (30)
days; or

            (f) the Company (or any Material Subsidiary) institutes proceedings
to be adjudicated a voluntary bankrupt, or consents to the filing of a
bankruptcy proceeding against it, or files a petition or answer or consent
seeking reorganization under applicable law, or consents to the filing of any
such petition or to the appointment of a receiver or liquidator or trustee or
assignee in bankruptcy or insolvency of it or of all or substantially all of its
property, or makes an assignment for the benefit of creditors, or admits in
writing its inability to pay its debts generally as they become due; or if the
Company (or any Material Subsidiary) shall suffer any writ of attachment or
execution or any similar process to be issued or levied against it

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or any significant part of its property which is not released, stayed, bonded or
vacated within thirty (30) days after its issue or levy; or if the Company (or
any Material Subsidiary) takes corporate action in furtherance of any of the
aforesaid purposes or conditions; or

            (g) if any default shall occur under any indenture, mortgage,
agreement, instrument or commitment evidencing or under which there is at the
time outstanding any indebtedness of the Company (or a Material Subsidiary, as
hereinafter defined), in excess of $25,000, or which results in such
indebtedness, in an aggregate amount (with other defaulted indebtedness) in
excess of $25,000 becoming due and payable prior to its due date and if such
indenture or instrument so requires, the holder or holders thereof (or a trustee
on their behalf) shall have declared such indebtedness due and payable; or

            (h) if any of the Company or its subsidiaries shall default in the
observance or performance of any material term or provision of a material
agreement to which it is a party or by which it is bound, and such default is
not waived or cured within the applicable grace period; or

            (i) if a final judgment which, either alone or together with other
outstanding final judgments against the Company and its subsidiaries, exceeds an
aggregate of $25,000 shall be rendered against the Company (or any Material
Subsidiary) and such judgment shall have continued undischarged or unstayed for
thirty (30) days after entry thereof;

            then, and in each and every such case, so long as such event of
default has not been remedied and unless the principal of all the Debentures has
already become due and payable, the holders of not less than fifty-one percent
(51%) in principal amount of the Debentures then outstanding, by notice in
writing to the Company, may declare the principal of all the Debentures then
outstanding and the interest accrued thereof, if not already due and payable, to
be due and payable immediately, and upon any such declaration the same shall
become and shall be immediately due and payable, anything herein contained to
the contrary notwithstanding.

            For purposes of this Section 10, "Material Subsidiary" means any
subsidiary with respect to which the Company has directly or indirectly
invested, loaned, advanced or guaranteed the obligations of, an aggregate amount
exceeding fifteen percent (15%) of the Company's gross assets, or the Company's
proportionate share of the assets or net income of which (based on the
subsidiary's most recent financial statements) exceed fifteen percent (15%) of
the Company's gross assets or net income, respectively, or the gross revenues of
which exceed fifteen percent (15%) of the gross revenues of the Company based
upon the most recent financial statements of such subsidiary and the Company.

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            11. TRANSFERABILITY. This Debenture is transferable, in whole or in
part, only in accordance with the terms of the Securities Purchase Agreement.
The Registered Holder may submit a written request, in person or by his duly
authorized attorney, for a transfer of the Debenture on the register of the
Company maintained at its principal offices. The Company may deem and treat the
person in whose name this Debenture is registered as the absolute owner hereof,
for the purpose of receiving payment of the principal thereof and interest
hereon, whether or not the same shall be overdue, and for all other purposes
whatsoever, including but without limitation, the giving of any written notices
required hereunder, and the Company shall not be affected by any notice to the
contrary.

            12. STOCK SPLITS; DIVIDENDS; ADJUSTMENTS; REORGANIZATIONS.

            (a) If the Company, at any time while the Debentures are
outstanding, (i) shall pay a stock dividend or otherwise make a distribution or
distributions on any equity securities (including investments or securities
convertible into or exchangeable for such equity securities) in shares of Common
Stock, (ii) issue any securities payable in shares of Common Stock, (iii)
subdivide the outstanding shares of Common Stock into a larger number of shares,
(iv) combine outstanding shares of Common Stock into a smaller number of shares,
the Fixed Price and each Floating Reference Price prior to the date of any such
occurrence (collectively, the "Reference Prices") shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
outstanding before such event and of which the denominator shall be the number
of shares of Common Stock outstanding after such event. Any adjustment made
pursuant to this Section 12(a) shall become effective immediately after the
record date for the determination of shareholders entitled to receive such
dividend or distribution and shall become effective immediately after the
effective date in the case of an issuance, a subdivision or a combination.

            (b) In the event that the Company issues or sells any Common Stock
or securities which are convertible into or exchangeable for its Common Stock or
any convertible or exchangeable securities, or any warrants or other rights to
subscribe for or to purchase or any options for the purchase of its Common Stock
or any such convertible or exchangeable securities (other than shares or options
issued pursuant to the Company's employee or director option plans or shares
issued upon exercise of options, warrants or rights outstanding on the date of
the Securities Purchase Agreement and listed in the Company's most recent
periodic report filed under the Exchange Act) at an effective purchase price per
share which is less than the Fixed Price then in effect, then the Fixed Price in
effect immediately prior to such issue or sale shall be reduced effective
concurrently with such issue or sale to an amount determined by multiplying such
Fixed Price then in effect by a fraction, (x) the numerator of which shall be
the sum of (1) the number of shares of Common Stock outstanding immediately
prior to such issue or sale, plus (2) the number of shares of Common Stock which
the aggregate consideration received by the Company

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for such additional shares would purchase at such Fixed Price then in effect;
and (y) the denominator of which shall be the number of shares of Common Stock
of the Company outstanding immediately after such issue or sale.

            For the purposes of the foregoing adjustment, in the case of the
issuance of any convertible or exchangeable securities, warrants, options or
other rights to subscribe for or to purchase or exchange for, shares of Common
Stock ("Exchangeable Securities"), the maximum number of shares of Common Stock
issuable upon exercise, conversion or exchange of such Exchangeable Securities
shall be deemed to be outstanding, provided that no further adjustment shall be
made upon the actual issuance of Common Stock upon exercise, exchange or
conversion of such Exchangeable Securities.

            (c) If the Company, at any time while the Debentures are
outstanding, shall distribute to all holders of Shares of Common Stock evidences
of its indebtedness or assets or rights or warrants to subscribe for or purchase
any security (excluding those referred to in Section 12(b) above) then in each
such case the Fixed Price thereafter shall be determined by multiplying the
Fixed Price in effect immediately prior to the record date fixed for
determination of shareholders entitled to receive such distribution by a
fraction of which the denominator shall be the Market Price for Shares of Common
Stock (as defined below) determined as of the record date mentioned above, and
of which the numerator shall be such Market Price for Shares of Common Stock on
such record date less the then fair market value at such record date of the
portion of such assets or evidences of indebtedness so distributed applicable to
one outstanding share of Common Stock as determined by the Board in good faith;
provided, however that in the event of a distribution exceeding 25% of the net
assets of the Company, such fair market value shall be determined by a
nationally recognized investment banking firm or firm of independent chartered
accountants of recognized standing (which may be the firm that regularly
examines the financial statements of the Company) (an "Appraiser") selected in
good faith by the Board and holders of a majority in interest of the Debentures.
In either case the adjustments shall be described in a statement provided to all
holders of Debentures of the portion of assets or evidences of indebtedness so
distributed or such subscription rights applicable to one outstanding share of
Common Stock. Such adjustment shall be made whenever any such distribution is
made and shall become effective immediately after the record date mentioned
above.

                  "Market Price for Shares of Common Stock" shall mean the price
      of one share of Common Stock determined as follows:

                        (i)   If the Common Stock is listed on NASDAQ, the
            closing bid price on the date of valuation;

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                        (ii) If the Common Stock is listed on the New York Stock
            Exchange or the American Stock Exchange, the closing bid price on
            such exchange on the date of valuation;

                        (iii) If neither (i) nor (ii) apply but the Common Stock
            is quoted in the over-the-counter market, another recognized
            exchange, on the pink sheets or the OTC Bulletin Board, the lesser
            of (A) the lowest sales price or (B) the mean between the last
            reported "bid" and "asked" prices thereof on the date of valuation;
            and

                        (iv) If neither clause (i), (ii) or (iii) above applies,
            the market value as determined by a nationally recognized investment
            banking firm or other nationally recognized financial advisor
            retained by the Company for such purpose, taking into consideration,
            among other factors, the earnings history, book value and prospects
            for the Company, and the prices at which shares of Common Stock
            recently have been traded. Such determination shall be conclusive
            and binding on all persons.

            (d) (1) In the event that at any time or from time to time after the
Closing Date, the Common Stock issuable upon the conversion of the Debentures is
changed into the same or a different number of shares of any class or classes of
stock, whether by merger, consolidation, recapitalization, reclassification or
otherwise (other than a subdivision or combination of shares or stock dividend
or reorganization provided for elsewhere in this Paragraph 12), then and as a
condition to each such event provision shall be made in a manner reasonably
acceptable to the holders of Debentures so that each holder of Debentures shall
have the right thereafter to convert such Debenture into the kind of stock
receivable upon such recapitalization, reclassification or other change by
holders of shares of Common Stock, all subject to further adjustment as provided
herein. In such event, the formulae set forth herein for conversion and
redemption shall be equitably adjusted to reflect such change in number of
shares or, if shares of a new class of stock are issued, to reflect the market
price of the class or classes of stock (applying the same factors used in
determining the Fixed Price) issued in connection with the above described
transaction.

                  (2) If at any time or from time to time after the Closing Date
there is a capital reorganization of the Common Stock, including by way of a
sale of all or substantially all of the assets of the Company (other than a
recapitalization, subdivision, combination, reclassification or exchange of
shares provided for elsewhere in this Paragraph 12), then, as a part of and a
condition to such reorganization, provision shall be made in a manner reasonably
acceptable to the holders of the Debentures so that the holders of the
Debentures shall thereafter be entitled to receive upon conversion of the
Debentures the number of shares of stock or other securities or property to
which a holder of the number of shares of Common Stock deliverable upon
conversion would have been entitled on such capital

                                       12
<PAGE>   13
reorganization. In any such case, appropriate adjustment shall be made in the
application of the provisions of this Paragraph 12 with respect to the rights of
the holders of the Debentures after the reorganization to the end that the
provisions of this Paragraph 12 shall be applicable after that event and be as
nearly equivalent as may be practicable, including, by way of illustration and
not limitation, by equitably adjusting the formulae set forth herein for
conversion and redemption to reflect the market price of the securities or
property (applying the same factors used in determining the Market Price for
Shares of Common Stock) issued in connection with the above described
transaction.

            (e) If at any time during the period ending twelve (12) months after
the Closing Date, the Company sells or agrees to sell (including pursuant to a
letter of intent, term sheet, or similar means) shares of Common Stock or
securities or options convertible into, exercisable for, or exchangeable for,
shares of Common Stock (other than (i) a sale pursuant to a bona fide registered
public offering of shares of Common Stock by the Company conducted on the basis
of a firm commitment underwriting raising at least $10,000,000 or (ii) shares or
options issued pursuant to the Company's employee, director or consultant stock
option plans) then, if the effective or maximum sales price of the shares of
Common Stock with respect to such transaction (including the effective or
maximum conversion exercise or exchange price) ("Other Price") is less than the
Fixed Price of the Debentures at such time, the Company, at the option of a
holder exercised by written notice to the Company, shall adjust the Fixed Price
applicable to the Debentures of such holder not yet converted in form and
substance reasonably satisfactory to such holder of Debentures so that the
conversion price applicable to those Debentures shall, in no event, be greater,
after giving effect to all other adjustments contained therein, than the Other
Price.

            (f) Whenever any element of the Applicable Conversion Price is
adjusted pursuant to Section 12(a), (b), (c), (d) or (e), the Company shall
promptly mail to each holder of the Debentures, a notice setting forth the
Applicable Conversion Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

            (g) In the event of any taking by the Company of a record date of
the holders of any class of securities for the purpose of determining the
holders thereof who are entitled to receive any dividend or other distribution,
any security or right convertible or exchangeable into or entitling the holder
thereof to receive additional shares of Common Stock, or any right to subscribe
for, purchase or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other right, the Company, shall
deliver to each holder of Debentures at least 20 days prior to the date
specified therein, a notice specifying the date on which any such record is to
be taken for the purpose of such dividend, distribution, security or right and
the amount and character of such dividend, distribution, security or right.

                                       13
<PAGE>   14
            13. REMEDIES CUMULATIVE. The rights, powers and remedies given to
the payee under this Debenture shall be in addition to all rights, powers and
remedies given to it by virtue of the Purchase Agreement, any document or
instrument executed in connection therewith, or any statute or rule of law.

            14. NON-WAIVER. Any forbearance, failure or delay by the payee in
exercising any right, power or remedy under this Debenture, the Primary
Documents, any documents or instruments executed in connection therewith or
otherwise available to the payee shall not be deemed to be a waiver of such
right, power or remedy, nor shall any single or partial exercise of any right,
power or remedy preclude the further exercise thereof.

            15. MODIFICATIONS AND WAIVERS. No modification or waiver of any
provision of this Debenture, the Primary Documents or any documents or
instruments executed in connection therewith shall be effective unless it shall
be in writing and signed by the payee, and any such modification or waiver shall
apply only in the specific instance for which given.

            16. ATTORNEY'S FEES. If this Debenture shall not be paid when due
and shall be placed by the Registered Holder hereof in the hands of an attorney
for collection, through legal proceedings or otherwise, or if this Debenture
shall not be converted into shares of Common Stock on the Conversion Date, and
an action is brought by the Registered Holder with respect thereto, the Company
shall pay attorney's fees to the Registered Holder hereof, together with
reasonable costs and expenses of collection or enforcement incurred in
connection with any such action.

            17. ENFORCEMENT; SPECIFIC PERFORMANCE. (a) In case any one or more
Events of Default shall occur and be continuing, a Registered Holder of a
Debenture then outstanding may proceed to protect and enforce the rights of such
holder by an action at law, suit in equity or other appropriate proceeding,
whether for the specific performance of any agreement contained herein or for an
injunction against a violation of any of the terms hereof or thereof, or in aid
of the exercise of any power granted hereby or thereby or by law.

            (b) The Company expressly agrees that each Registered Holder may not
have adequate remedies at law if the Company does not perform its obligations
under this Debenture. Upon a breach of the terms or covenants of this Debenture
by the Company, the Registered Holder shall, each in addition to all other
remedies, be entitled to obtain injunctive relief, and an order for specific
performance of the Company's obligations hereunder.

            18. This Debenture and the rights and obligations of the parties
hereto, shall be governed, construed and interpreted according to the laws of
the State of New York. The Company agrees that any final judgment after
exhaustion of all appeals or the expiration of time to appeal in any such action
or proceeding shall be

                                       14
<PAGE>   15
conclusive and binding, and may be enforced in any federal or state court in the
United States by suit on the judgment or in any other manner provided by law.
Nothing contained in this Debenture shall affect or limit the right of the
Registered Holder to serve any process or notice or motion or other application
in any other manner permitted by law, or limit or affect the right of the
Registered Holder to bring any action or proceeding against the Company or any
of its property in the courts of any other jurisdiction. The Company hereby
consents to the jurisdiction of the federal courts whose districts encompass any
part of the City of New York or the state courts of the State of New York
sitting in the City of New York in connection with any dispute arising under
this Debenture, and hereby waives, to the maximum extent permitted by law, any
objection, including any objections based on forum non conveniens, to the
bringing of any such proceeding in such jurisdictions.

            19. PAYEE DEFINED. The term "payee" as used herein shall be deemed
to include the payee and its successors, endorsees and assigns.

            20. WAIVER OF PRESENTMENT, ETC. The undersigned hereby waives
presentment, demand for payment, protest, notice of protest and notice of
non-payment hereof.

            21. HEADINGS. The headings contained in this Debenture are for
reference purposes only and shall not affect the meaning of interpretation of
this Debenture.

            IN WITNESS WHEREOF, the Company has caused this Debenture to be
executed as of the date first written above.

                                    By:_____________________________________
                                       Name: Kenneth W. Schilling
                                       Title: Chairman

                              NOTICE OF CONVERSION

            The conversion form appearing below should only be executed by the
Registered Holder desiring to convert all or part of the principal amount of the
Debenture attached hereto.

                                 CONVERSION FORM

            Date: __________________________

            TO:   iBIZ TECHNOLOGY CORP.
                  1919 West Lane Cactus
                  Phoenix, Arizona 85027

                                       15
<PAGE>   16
            The undersigned hereby exercises the conversion privilege upon the
terms and conditions set forth in the attached Debenture, to the extent of the
maximum number of shares of Common Stock issuable pursuant to the terms of
Section 6 of the Debenture, and accordingly, authorizes the Company to apply
$_______________ principal amount of the attached Debenture to payment in full
for such shares of Common Stock. Please register such shares and make delivery
thereof as follows:

            Registered in the Name of (Giving First or Middle Name in Full)

            Name ______________________________________
                  (Please Print)

            Address ___________________________________

                               DELIVERY INSTRUCTIONS

            To be completed ONLY if Certificates are to be mailed to persons
other than the Registered Holder.

            Name _____________________________________
                  (Please Print)

            Address __________________________________

            Signature ________________________________

                                    ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfer unto the within Debenture and all rights thereunder, hereby irrevocably
authorizing the Company to transfer said Debenture on the books of the Company,
with full power of substitution in the premises.

            Dated: _________________________________________

            Signature: _____________________________________

            Print Name: ____________________________________

                                       16<PAGE>   1
                                  EXHIBIT 10.20

    THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
    UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
    STATE, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT, THE RULES AND
    REGULATIONS THEREUNDER OR ANY STATE SECURITIES LAWS OR THE PROVISIONS OF
    THIS WARRANT.

                     No. of Shares of Common Stock: 200,000

                                   WARRANT

                            To Purchase Common Stock of

                              IBiz Technology Corp.

             THIS IS TO CERTIFY THAT GLOBE UNITED HOLDINGS, INC., a British
Virgin Islands corporation, or registered assigns, is entitled, at any time from
the Warrant Issuance Date (as hereinafter defined) to the Expiration Date (as
hereinafter defined), to purchase from IBiz Technology Corp., a Florida
corporation (the "Company"), 200,000 shares of Common Stock (as hereinafter
defined and subject to adjustment as provided herein), in whole or in part,
including fractional parts, at a purchase price per share equal to $ 0.94
(subject to any adjustments made to such amount pursuant to Section 4 hereto) on
the terms and conditions and pursuant to the provisions hereinafter set forth.

      1. DEFINITIONS

             As used in this Warrant, the following terms have the respective
meanings set forth below:

             "Additional Shares of Common Stock" shall mean all shares of Common
Stock issued by the Company after the Closing Date, other than Warrant Stock.

             "Book Value" shall mean, in respect of any share of Common Stock on
any date herein specified, the consolidated book value of the Company as of the
last day of any month immediately preceding such date, divided by the number of
Fully Diluted Outstanding shares of Common Stock as determined in accordance
with GAAP (assuming the payment of the exercise prices for such shares) by a
firm of independent certified public accountants of recognized national standing
selected by the Company and reasonably acceptable to the Holder.
<PAGE>   2
             "Business Day" shall mean any day that is not a Saturday or Sunday
or a day on which banks are required or permitted to be closed in the State of
New York.

             "Closing Date" shall have the meaning set forth in the Securities
Purchase Agreement.

             "Commission" shall mean the Securities and Exchange Commission or
any other federal agency then administering the Securities Act and other federal
securities laws.

             "Common Stock" shall mean (except where the context otherwise
indicates) the Common Stock, $.001 par value, of the Company as constituted on
the Closing Date, and any capital stock into which such Common Stock may
thereafter be changed, and shall also include (i) capital stock of the Company
of any other class (regardless of how denominated) issued to the holders of
shares of Common Stock upon any reclassification thereof which is also not
preferred as to dividends or assets over any other class of stock of the Company
and which is not subject to redemption and (ii) shares of common stock of any
successor or acquiring corporation received by or distributed to the holders of
Common Stock of the Company in the circumstances contemplated by Section 4.4.

            "Convertible Securities" shall mean evidences of indebtedness,
shares of stock or other securities which are convertible into or exchangeable,
with or without payment of additional consideration in cash or property, for
shares of Common Stock, either immediately or upon the occurrence of a specified
date or a specified event.

            "Current Warrant Price" shall mean, $ 0.94 subject to any
adjustments to such amount made in accordance with Section 4 hereof.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

            "Exercise Period" shall mean the period during which this Warrant is
exercisable pursuant to Section 2.1.

            "Expiration Date" shall mean December 28, 2004.

            "Fully Diluted Outstanding" shall mean, when used with reference to
Common Stock, at any date as of which the number of shares thereof is to be
determined, all shares of Common Stock Outstanding at such date and all shares
of Common Stock issuable in respect of this Warrant, outstanding on such date,
and other options or warrants to purchase, or securities convertible into,
shares of Common Stock outstanding on such date which would be deemed
outstanding in

                                       2
<PAGE>   3
accordance with GAAP for purposes of determining book value or net income per
share.

            "GAAP" shall mean generally accepted accounting principles in the
United States of America as from time to time in effect.

            "Holder" shall mean the Person in whose name the Warrant or Warrant
Stock set forth, herein is registered on the books of the Company maintained for
such purpose.

            "Market Price" per Common Share means the average of the closing bid
prices of the Common Shares as reported on the National Association of
Securities Dealers Automated Quotation System for the National Market,
("NASDAQ") or, if such security is not listed or admitted to trading on the
NASDAQ, on the principal national security exchange or quotation system on which
such security is quoted or listed or admitted to trading, or, if not quoted or
listed or admitted to trading on any national securities exchange or quotation
system, the closing bid price of such security on the over-the-counter market on
the day in question as reported by the National Association of Security Dealers,
Inc., or a similar generally accepted reporting service, as the case may be, for
the five (5) trading days immediately preceding the date of determination.

            "Other Property" shall have the meaning set forth in Section 4.4.

            "Outstanding" shall mean, when used with reference to Common Stock,
at any date as of which the number of shares thereof is to be determined, all
issued shares of Common Stock, except shares then owned or held by or for the
account of the Company or any subsidiary thereof, and shall include all shares
issuable in respect of outstanding scrip or any certificates representing
fractional interests in shares of Common Stock.

            "Person" shall mean any individual, sole proprietorship,
partnership, joint venture, trust, incorporated organization, association,
corporation, institution, public benefit corporation, entity or government
(whether federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department
thereof).

            "Registration Rights Agreement" shall mean the Registration Rights
Agreement dated a date even herewith by and between the Company and Globe United
Holdings, Inc., as it may be amended from time to time.

            "Restricted Common Stock" shall mean shares of Common Stock which
are, or which upon their issuance on the exercise of this Warrant would be,
evidenced by a certificate bearing the restrictive legend set forth in Section
9.1(a).

                                       3
<PAGE>   4
            "Securities Act" shall mean the Securities Act of 1933, as amended,
or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

            "Securities Purchase Agreement" shall mean the Securities Purchase
Agreement dated as of a date even herewith by and between the Company and Globe
United Holdings, Inc., as it may be amended from time to time.

            "Transfer" shall mean any disposition of any Warrant or Warrant
Stock or of any interest in either thereof, which would constitute a sale
thereof within the meaning of the Securities Act.

            "Transfer Notice" shall have the meaning set forth in Section 9.2.

            "Warrant Issuance Date" shall mean any date on which Warrants are
issued pursuant to the Securities Purchase Agreement.

            "Warrants" shall mean this Warrant and all warrants issued upon
transfer, division or combination of, or in substitution for, any thereof. All
Warrants shall at all times be identical as to terms and conditions and date,
except as to the number of shares of Common Stock for which they may be
exercised.

            "Warrant Price" shall mean an amount equal to (i) the number of
shares of Common Stock being purchased upon exercise of this Warrant pursuant to
Section 2.1, multiplied by (ii) the Current Warrant Price as of the date of such
exercise.

            "Warrant Stock" shall mean the shares of Common Stock purchased by
the holders of the Warrants upon the exercise thereof.

      2. EXERCISE OF WARRANT

            2.1. Manner of Exercise. From and after the Warrant Issuance Date
and until 5:00 P.M., New York City time, on the Expiration Date, Holder may
exercise this Warrant, on any Business Day, for all or any part of the number of
shares of Common Stock purchasable hereunder.

            In order to exercise this Warrant, in whole or in part, Holder shall
deliver to the Company at the office or agency designated by the Company
pursuant to Section 12, (i) a written notice of Holder's election to exercise
this Warrant, which notice shall specify the number of shares of Common Stock to
be purchased, (ii) payment by cash, check or bank draft payable to the Company
of the Warrant Price in cash or by wire transfer or cashier's check drawn on a
United States bank or by the Holder's surrender of Warrant Stock (or the right
to receive such number of shares) having an aggregate Market Price equal to the
Warrant Price for all shares then being

                                       4
<PAGE>   5
purchased and (iii) this Warrant. Such notice shall be substantially in the form
of the subscription form appearing at the end of this Warrant as Exhibit A, duly
executed by Holder or its agent or attorney. Upon receipt of the items referred
to in clauses (i), (ii) and (iii) above, the Company shall, as promptly as
practicable, and in any event within three (3) Business Days thereafter, execute
or cause to be executed and deliver or cause to be delivered to Holder a
certificate or certificates representing the aggregate number of full shares of
Common Stock issuable upon such exercise, together with cash in lieu of any
fraction of a share, as hereinafter provided. The stock certificate or
certificates so delivered shall be, to the extent possible, in such denomination
or denominations as Holder shall request in the notice and shall be registered
in the name of Holder or, subject to Section 9, such other name as shall be
designated in the notice. This Warrant shall be deemed to have been exercised
and such certificate or certificates shall be deemed to have been issued, and
Holder or any other Person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date
the Warrant has been exercised by payment to the Company of the Warrant Price.
If this Warrant shall have been exercised in part, the Company shall, at the
time of delivery of the certificate or certificates representing Warrant Stock,
deliver to Holder a new Warrant evidencing the rights of Holder to purchase the
unpurchased shares of Common Stock called for by this Warrant, which new Warrant
shall in all other respects be identical with this Warrant.

            The Holder shall be entitled to exercise the Warrant notwithstanding
the commencement of any case under 11 U.S.C. Section 101 et seq. (the
"Bankruptcy Code"). In the event the Company is a debtor under the Bankruptcy
Code, the Company hereby waives to the fullest extent permitted any rights to
relief it may have under 11 U.S.C. Section 362 in respect of the Holder's
exercise right. The Company hereby waives to the fullest extent permitted any
rights to relief it may have under 11 U.S.C. Section 362 in respect of the
exercise of the Warrant. The Company agrees, without cost or expense to the
Holder, to take or consent to any and all action necessary to effectuate relief
under 11 U.S.C. Section 362.

            2.2. Payment of Taxes and Charges. All shares of Common Stock
issuable upon the exercise of this Warrant pursuant to the terms hereof shall be
validly issued, fully paid and nonassessable, and without any preemptive rights.
The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery
thereof.

               Fractional Shares. The Company shall not be required to issue a
fractional share of Common Stock upon exercise of any Warrant. As to any
fraction of a share which Holder would otherwise be entitled to purchase upon
such exercise, the Company shall pay a cash adjustment in respect of such final
fraction in an amount equal to the same fraction of the Market Price per share
of Common Stock on the relevant exercise date.

                                       5
<PAGE>   6
               Continued Validity. A holder of shares of Common Stock issued
upon the exercise of this Warrant, in whole or in part (other than a holder who
acquires such shares after the same have been publicly sold pursuant to a
Registration Statement under the Securities Act or sold pursuant to Rule 144
thereunder), shall continue to be entitled with respect to such shares to all
rights to which it would have been entitled as Holder under Sections 9, 10 and
14 of this Warrant. The Company will, at the time of exercise of this Warrant,
in whole or in part, upon the request of Holder, acknowledge in writing, in form
reasonably satisfactory to Holder, its continuing obligation to afford Holder
all such rights; provided, however, that if Holder shall fall to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to Holder all such rights.

      3. TRANSFER, DIVISION AND COMBINATION

            3.1 Transfer. Subject to compliance with Sections 9, transfer of
this Warrant and all rights hereunder, in whole or in part, shall be registered
on the books of the Company to be maintained for such purpose, upon surrender of
this Warrant at the principal office of the Company referred to in Section 2.1
or the office or agency designated by the Company pursuant to Section 12,
together with a written assignment of this Warrant substantially in the form of
Exhibit B hereto duly executed by Holder or its agent or attorney. Upon such
surrender, the Company shall, subject to Section 9, execute and deliver a new
Warrant or Warrants in the name of the assignee or assignees and in the
denomination specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. A Warrant, if properly assigned in
compliance with Section 9, may be exercised by a new Holder for the purchase of
shares of Common Stock without having a new Warrant issued.

            3.2 Division and Combination. Subject to Section 9, this Warrant may
be divided or combined with other Warrants upon presentation hereof at the
aforesaid office or agency of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by Holder or its agent or attorney. Subject to compliance with Section
3.1 and with Section 9, as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice.

            3.3 Expenses. The Company shall prepare, issue and deliver at its
own expense the new Warrant or Warrants under this Section 3.

            3.4 Maintenance of Books. The Company agrees to maintain, at its
aforesaid office or agency, books for the registration and the registration of
transfer of the Warrants.

                                       6
<PAGE>   7
      4. ADJUSTMENTS

            The number of shares of Common Stock for which this Warrant is
exercisable, or the price at which such shares may be purchased upon exercise of
this Warrant, shall be subject to adjustment from time to time as set forth in
this Section 4. The Company shall give Holder notice at the time of such event.

            4.1. Stock Dividends, Subdivisions and Combinations. If at any time
the Company shall:

                  (a) take a record of the holders of its Common Stock for the
purpose of entitling them to receive a dividend payable in, or other
distribution of, Additional Shares of Common Stock,

                  (b) subdivide its outstanding shares of Common Stock into a
larger number of shares of Common Stock, or

                  (c) combine its outstanding shares of Common Stock into a
smaller number of shares of Common Stock,

then (i) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to
receive after the happening of such event, and (ii) the Current Warrant Price
shall be adjusted to equal (A) the Current Warrant Price multiplied by the
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the adjustment divided by (B) the number of shares for
which this Warrant is exercisable immediately after such adjustment.

            4.2. Certain Other Distributions.

                  (a) If at any time prior to the Expiration Date the Company
shall take a record of the holders of its Common Stock for the purpose of
entitling them to receive any dividend or other distribution of.

                         (i) cash,

                        (ii) any evidences of its indebtedness, any shares of
              its stock or any other securities or property of any nature
              whatsoever (other than cash, Convertible Securities or Additional
              Shares of Common Stock), or

                                       7
<PAGE>   8
                  (iii) any warrants or other rights to subscribe for or
            purchase any evidences of its indebtedness, any shares of its stock
            or any other securities or property of any nature whatsoever (other
            than cash, Convertible Securities or Additional Shares of Common
            Stock),

then Holder shall be entitled to receive such dividend or distribution as if
Holder had exercised the Warrant. A reclassification of the Common Stock (other
than a change in par value, or from par value to no par value or from no par
value to par value) into shares of Common Stock and shares of any other class of
stock shall be deemed a distribution by the Company to the holders of its Common
Stock of such shares of such other class of stock within the meaning of this
Section 4.2 and, if the outstanding shares of Common Stock shall be changed into
a larger or smaller number of shares of Common Stock as a part of such
reclassification, such change shall be deemed a subdivision or combination, as
the case may be, of the outstanding shares of Common Stock within the meaning of
Section 4.1.

            (b) In case the Company shall issue any Common Stock or any rights,
options or warrants to all holders of record of its Common Stock entitling all
holders to subscribe for or purchase shares of Common Stock at a price per share
less than the Market Price per share of the Common Stock on the date fixed for
such issue, the Current Warrant Price in effect immediately prior to the close
of business on the date fixed for such determination shall be reduced to the
amount determined by multiplying such Current Warrant Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to the close of business on the date fixed for such
determination plus the number of shares of Common Stock which the aggregate of
the offering price of the total number of shares of Common Stock so offered for
subscription or purchase would purchase at such Market Price and the denominator
of which shall be the number of shares of Common Stock outstanding immediately
prior to the close of business on the date fixed for such determination plus the
number of shares of Common Stock so offered for subscription or purchase, such
reduced amount to become effective immediately after the close of business on
the date fixed for such determination. For the purposes of this clause (b), (i)
the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company and (ii) in the case of any rights,
options or warrants which expire by their terms not more than 60 days after the
date of issue, sale, grant or assumption thereof, no adjustment of the Current
Warrant Price shall be made until the expiration or exercise of all rights,
options or warrants, whereupon such adjustment shall be made in the manner
provided in this clause (b), but only with respect to the shares of Common Stock
actually issued pursuant thereto. Such adjustment shall be made successively
whenever any event specified above shall occur. In the event that any or all
rights, options or warrants covered by this clause (b) are not so issued or
expire or terminate before being exercised, the Current Warrant Price then in
effect shall be appropriately readjusted.

                                       8
<PAGE>   9
            4.3. Other Provisions Applicable to Adjustments under this Section.
The following provisions shall be applicable to the making of adjustments of the
number of shares of Common Stock for which this Warrant is exercisable and the
Current Warrant Price provided for in this Section 4:

                  (a) When Adjustments to Be Made. The adjustments required by
this Section 4 shall be made whenever and as often as any specified event
requiring an adjustment shall occur. For the purpose of any adjustment, any
specified event shall be deemed to have occurred at the close of business on the
date of its occurrence.

                  (b) Fractional Interests. In computing adjustments under this
Section 4, fractional interests in Common Stock shall be taken into account to
the nearest 1/10th of a share.

                  (c) When Adjustment Not Required. If the Company shall take a
record of the holders of its Common Stock for the purpose of entitling them to
receive a dividend or distribution or subscription or purchase rights and shall,
thereafter and before the distribution to stockholders thereof, legally abandon
its plan to pay or deliver such dividend, distribution, subscription or purchase
rights, then thereafter no adjustment shall be required by reason of the taking
of such record and any such adjustment previously made in respect thereof shall
be rescinded and annulled.

                  (d) Challenge to Good Faith Determination. Whenever the Board
of Directors of the Company shall be required to make a determination in good
faith of the fair value of any item under this Section 4, such determination may
be challenged in good faith by the Holder, and any dispute shall be resolved by
an investment banking firm of recognized national standing selected by the
Holder.

            4.4. Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then Holder shall have the right thereafter to receive, upon
exercise of the Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other

                                       9
<PAGE>   10
Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate, subject to the Holder's consent, in order to provide for
adjustments of shares of Common Stock for which this Warrant is exercisable
which shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 4. For purposes of this Section 4.4, "common stock of the
successor or acquiring corporation" shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any other class
of stock of such corporation and which is not subject to redemption and shall
also include any evidences of indebtedness, shares of stock or other securities
which are convertible into or exchangeable for any such stock, either
immediately or upon the arrival of a specified date or the happening of a
specified event and any warrants or other rights to subscribe for or purchase
any such stock. The foregoing provisions of this Section 4.4 shall similarly
apply to successive reorganizations, reclassifications, mergers, consolidations
or disposition of assets.

            4.5. Other Action Affecting Common Stock. In case at any time or
from time to time the Company shall take any action in respect of its Common
Stock, other than any action taken in the ordinary course of the Company's
business or any action described in this Section 4, which would, in the opinion
of an unaffiliated investment bank selected by Holder, have a materially adverse
effect upon the rights of the Holder, the number of shares of Common Stock
and/or the purchase price thereof shall be adjusted in such manner as may be
equitable in the circumstances, as determined in good faith by an unaffiliated
investment bank selected by Holder.

            4.6. Certain Limitations. Notwithstanding anything herein to the
contrary, the Company agrees not to enter into any transaction which, by reason
of any adjustment hereunder, would cause the Current Warrant Price to be less
than the par value per share of Common Stock.

            4.7. No Voting Rights. This Warrant shall not entitle its Holder to
any voting rights or other rights as a shareholder of the Company.

      5. NOTICES TO HOLDER

            5.1. Notice of Adjustments. Whenever the number of shares of Common
Stock for which this Warrant is exercisable, or whenever the price at which a
share of such Common Stock may be purchased upon exercise of the Warrants, shall
be adjusted pursuant to Section 4, the Company shall forthwith prepare a

                                       10
<PAGE>   11
certificate to be executed by an executive officer of the Company setting forth,
in reasonable detail, the event requiring the adjustment and the method by which
such adjustment was calculated, specifying the number of shares of Common Stock
for which this Warrant is exercisable and (if such adjustment was made pursuant
to Section 4.4 or 4.5) describing the number and kind of any other shares of
stock or Other Property for which this Warrant is exercisable, and any change in
the purchase price or prices thereof, after giving effect to such adjustment or
change. The Company shall promptly cause a signed copy of such certificate to be
delivered to the Holder in accordance with Section 14.2. The Company shall keep
at its office or agency designated pursuant to Section 12 copies of all such
certificates and cause the same to be available for inspection at said office
during normal business hours by the Holder or any prospective purchaser of a
Warrant designated by the Holder.

            5.2. Notice of Corporate Action. If at any time

                  (a) the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

                  (b) there shall be any capital reorganization of the Company,
any reclassification or recapitalization of the capital stock of the Company or
any consolidation or merger of the Company with, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the
Company to, another corporation, or

                  (c) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 30 Business Days' prior written notice of the date on which a record date
shall be selected for such dividend, distribution or right or for determining
rights to vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, and (ii) in the case of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, at least 30 Business Days prior written notice of the date when the same
shall take place. Such notice in accordance with the foregoing clause also shall
specify (i) the date on which any such record is to be taken for the purpose of
such dividend, distribution or right, the date on which the holders of Common
Stock shall be entitled to any such dividend, distribution or right, and the
amount and character thereof, and (ii) the date on which any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up is to take place and the
time, if any such time is to be fixed, as of which the holders of Common Stock
shall be entitled to exchange their shares of

                                       11
<PAGE>   12
Common Stock for securities or other property deliverable upon such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up. Each such written notice
shall be sufficiently given if addressed to Holder at the last address of Holder
appearing on the books of the Company and delivered in accordance with Section
14.2.

      6. NO IMPAIRMENT

            The Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder
against impairment. Without limiting the generality of the foregoing, the
Company will (a) not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (b) take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of Common Stock
upon the exercise of this Warrant, and (c) use its best efforts to obtain all
such authorizations, exemptions or consents from any public regulatory body
having jurisdiction thereof as may be necessary to enable the Company to perform
its obligations under this Warrant.

            Upon the request of Holder, the Company will at any time during the
period this Warrant is outstanding acknowledge in writing, in form reasonably
satisfactory to Holder, the continuing validity of this Warrant and the
obligations of the Company hereunder.

      7. RESERVATION AND AUTHORIZATION OF COMMON STOCK

            From and after the Closing Date, the Company shall at all times
reserve and keep available for issue upon the exercise of Warrants such number
of its authorized but unissued shares of Common Stock as will be sufficient to
permit the exercise in full of all outstanding Warrants. All shares of Common
Stock which shall be so issuable, when issued upon exercise of any Warrant and
payment therefor in accordance with the terms of such Warrant, shall be duly and
validly issued and fully paid and nonassessable, and not subject to preemptive
rights.

            Before taking any action which would cause an adjustment reducing
the Current Warrant Price below the then par value, if any, of the shares of
Common Stock issuable upon exercise of the Warrants, the Company shall take any
corporate action which may be necessary in order that the Company may validly
and legally

                                       12
<PAGE>   13
issue fully paid and non-assessable shares of such Common Stock at such adjusted
Current Warrant Price.

            Before taking any action which would result in an adjustment in the
number of shares of Common Stock for which this Warrant is exercisable or in the
Current Warrant Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof

      8. TAKING OF RECORD: STOCK AND WARRANT TRANSFER BOOKS

            In the case of all dividends or other distributions by the Company
to the holders of its Common Stock with respect to which any provision of
Section 4 refers to the taking of a record of such holders, the Company will in
each such case take such a record and will take such record as of the close of
business on a Business Day. The Company will not at any time close its stock
transfer books or Warrant transfer books so as to result in preventing or
delaying the exercise or transfer of any Warrant.

      9. RESTRICTIONS ON TRANSFERABILITY

            The Warrants and the Warrant Stock shall not be transferred,
hypothecated or assigned before satisfaction of the conditions specified in this
Section 9, which conditions are intended to ensure compliance with the
provisions of the Securities Act with respect to the Transfer of any Warrant or
any Warrant Stock. Holder, by acceptance of this Warrant, agrees to be bound by
the provisions of this Section 9.

                  9.1. Restrictive Legend. The Holder by accepting this Warrant
and any Warrant Stock agrees that this Warrant and the Warrant Stock issuable
upon exercise hereof may not be assigned or otherwise transferred unless and
until (i) the Company has received an opinion of counsel for the Holder that
such securities may be sold pursuant to an exemption from registration under the
Securities Act or (ii) a registration statement relating to such securities has
been filed by the Company and declared effective by the Commission.

            Each certificate for Warrant Stock issuable hereunder shall bear a
legend substantially worded as follows unless such securities have been sold
pursuant to an effective registration statement under the Securities Act:

                        "The securities represented by this certificate have not
                  been registered under the Securities Act of 1933, as amended
                  (the "Act") or any state securities laws. The securities may
                  not be offered for sale, sold, assigned, offered, transferred
                  or otherwise distributed for value except (i) pursuant to an
                  effective registration statement under the Act or any state
                  securities laws

                                       13
<PAGE>   14
                  or (ii) pursuant to an exemption from registration or
                  prospectus delivery requirements under the Act or any state
                  securities laws in respect of which the Company has received
                  an opinion of counsel satisfactory to the Company to such
                  effect. Copies of the agreement covering both the purchase of
                  the securities and restricting their transfer may be obtained
                  at no cost by written request made by the holder of record of
                  this certificate to the Secretary of the Company at the
                  principal executive offices of the Company."

                  a) Except as otherwise provided in this Section 9, the Warrant
      shall be stamped or otherwise imprinted with a legend in substantially the
      following form:

                        "This Warrant and the securities represented hereby have
                  not been registered under the Securities Act of 1933, as
                  amended, or any state securities laws and may not be
                  transferred in violation of such Act, the rules and
                  regulations thereunder or any state securities laws or the
                  provisions of this Warrant."

            9.2. Notice of Proposed Transfers. Prior to any Transfer or
attempted Transfer of any Warrants or any shares of Restricted Common Stock, the
Holder shall give five days' prior written notice (a "Transfer Notice") to the
Company of Holder's intention to effect such Transfer, describing the manner and
circumstances of the proposed Transfer, and obtain from counsel to Holder an
opinion that the proposed Transfer of such Warrants or such Restricted Common
Stock may be effected without registration under the Securities Act or state
securities laws. After the Company's receipt of the Transfer Notice and opinion,
such Holder shall thereupon be entitled to Transfer such Warrants or such
Restricted Common Stock, in accordance with the terms of the Transfer Notice.
Each certificate, if any, evidencing such shares of Restricted Common Stock
issued upon such Transfer and the Warrant issued upon such Transfer shall bear
the restrictive legends set forth in Section 9.1, unless in the opinion of such
counsel such legend is not required in order to ensure compliance with the
Securities Act.

            9.3. Required Registration. Pursuant to the terms and conditions set
forth in the Registration Rights Agreement, the Company shall prepare and file
with the Commission not later than the 45th day after the Closing Date, a
Registration Statement relating to the offer and sale of the Common Stock
issuable upon exercise of the Warrants and shall cause the Commission to declare
such Registration Statement effective under the Securities Act as promptly as
practicable but no later than 90 days after the Closing Date.

            9.4. Termination of Restrictions. Notwithstanding the foregoing
provisions of Section 9, the restrictions imposed by this Section upon the

                                       14
<PAGE>   15
transferability of the Warrants, the Warrant Stock and the Restricted Common
Stock (or Common Stock issuable upon the exercise of the Warrants) and the
legend requirements of Section 9.1 shall terminate as to any particular Warrant
or share of Warrant Stock or Restricted Common Stock (or Common Stock issuable
upon the exercise of the Warrants) (i) when and so long as such security shall
have been effectively registered under the Securities Act and applicable state
securities laws and disposed of pursuant thereto or (ii) when the Company shall
have received an opinion of counsel that such shares may be transferred without
registration thereof under the Securities Act and applicable state securities
laws.

All Warrants issued upon registration of transfer, division or combination of,
or in substitution for, any Warrant or Warrants entitled to bear such legend
shall have a similar legend endorsed thereon. Whenever the restrictions imposed
by this Section shall terminate as to any share of Restricted Common Stock, as
hereinabove provided, the holder thereof shall be entitled to receive from the
Company, at the Company's expense, a new certificate representing such Common
Stock not bearing the restrictive legends set forth in Section 9.1.

            9.5. Listing on Securities Exchange. If the Company shall list any
shares of Common Stock on any securities exchange, it will, at its expense, list
thereon, maintain and, when necessary, increase such listing of, all shares of
Common Stock issued or, to the extent permissible under the applicable
securities exchange rules, issuable upon the exercise of this Warrant so long as
any shares of Common Stock shall be so listed during any such Exercise Period.

      10. SUPPLYING INFORMATION

            The Company shall cooperate with Holder in supplying such
information as may be reasonably necessary for Holder to complete and file any
information reporting forms presently or hereafter required by the Commission as
a condition to the availability of an exemption from the Securities Act for the
sale of any Warrant or Restricted Common Stock.

      11. LOSS OR MUTILATION

            Upon receipt by the Company from Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and indemnity reasonably satisfactory to it (it being
understood that the written agreement of the Holder shall be sufficient
indemnity), and in case of mutilation upon surrender and cancellation hereof,
the Company will execute and deliver in lieu hereof a new Warrant of like tenor
to Holder; provided, in the case of mutilation, no indemnity shall be required
if this Warrant in identifiable form is surrendered to the Company for
cancellation.

                                       15
<PAGE>   16
      12. OFFICE OF THE COMPANY

            As long as any of the Warrants remain outstanding, the Company shall
maintain an office or agency (which may be the principal executive offices of
the Company) where the Warrants may be presented for exercise, registration of
transfer, division or combination as provided in this Warrant, such office to be
initially located at 1919 West Lone Cactus, Phoenix, Arizona 85021, fax:
623-492-9921, provided, however, that the Company shall provide prior written
notice to Holder of a change in address no less than 30 days prior to such
change.

      13. LIMITATION OF LIABILITY

            No provision hereof, in the absence of affirmative action by Holder
to purchase shares of Common Stock, and no enumeration herein of the rights or
privileges of Holder hereof, shall give rise to any liability of Holder for the
purchase price of any Common Stock or as a stockholder of the Company, whether
such liability is asserted by the Company or by creditors of the Company.

      14. MISCELLANEOUS

            14.1. Nonwaiver and Expenses. No course of dealing or any delay or
failure to exercise any right hereunder on the part of Holder shall operate as a
waiver of such right or otherwise prejudice Holder's rights, powers or remedies,
notwithstanding all rights hereunder terminate on the Expiration Date. If the
Company fails to make, when due, any payments provided for hereunder, or fails
to comply with any other provision of this Warrant, the Company shall pay to
Holder such amounts as shall be sufficient to cover any direct and indirect
losses, damages, costs and expenses including, but not limited to, reasonable
attorneys' fees, including those of appellate proceedings, incurred by Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

            14.2. Notice Generally. Except as may be otherwise provided herein,
any notice or other communication or delivery required or permitted hereunder
shall be in writing and shall be delivered personally or sent by certified mail,
postage prepaid, or by a nationally recognized overnight courier service, and
shall be deemed given when so delivered personally or by overnight courier
service, or, if mailed, three (3) days after the date of deposit in the United
States mails, as follows:

                                       16
<PAGE>   17
                  (1)   if to the Company, to:

                              iBiz Technology Corp.
                              1919 West Lone Cactus
                              Phoenix, Arizona 85021
                              Fax: 623-492-9921
                              Attention: Kenneth Schilling, President

                  (2)   if to the Holder, to:

                              Globe United Holdings, Inc.
                              Akara Building
                              Wickhams Cay #1
                              Road Town Tortola
                              British Virgin Islands

             With a copy to:

                  Laufer Halberstam & Karish, LLP
                  39 Broadway
                  14th Floor
                  New York, New York 10006
                  Attention: Michael J.  Halberstam, Esq.
                  Tel: (212) 422-8500
                  Fax:(212) 422-9038

The Company or the Holder may change the foregoing address by notice given
pursuant to this Section 14.2.

            14.3. Indemnification. The Company agrees to indemnify and hold
harmless Holder from and against any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, attorneys' fees, expenses
and disbursements of any kind which may be imposed upon, incurred by or asserted
against Holder in any manner relating to or arising out of any failure by the
Company to perform or observe in any respect any of its covenants, agreements,
undertakings or obligations set forth in this Warrant.

            14.4. Remedies. Holder in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

                                       17
<PAGE>   18
            14.5. Successors and Assigns. Subject to the provisions of Sections
3.1 and 9, this Warrant and the rights evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors
and assigns of Holder. The provisions of this Warrant are intended to be for the
benefit of all Holders from time to time of this Warrant and, with respect to
Section 9 hereof, holders of Warrant Stock, and shall be enforceable by any such
Holder or holder of Warrant Stock.

            14.6. Amendment. This Warrant and all other Warrants may be modified
or amended or the provisions hereof waived only with the prior written consent
of the Company and the Holder.

            14.7. Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Warrant.

            14.8. Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

            14.9. Governing Law. This Warrant shall be governed by the laws of
the State of New York, without regard to the provisions thereof relating to
conflict of laws.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       18
<PAGE>   19
            IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.

   Dated: December 29, 1999

                                            iBIZ TECHNOLOGY CORP.

                                            By:______________________________
                                               Name: Ken Schilling
                                               Title: President/CEO

       Attest:

       By:_____________________________
       Name:
       Title:

                                       19
<PAGE>   20
                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

The undersigned registered owner of this Warrant irrevocably exercises this
Warrant for the purchase of _______ Shares of Common Stock of IBiz Technology
Corp. and herewith makes payment therefor in cash or by check or bank draft made
payable to the Company, all at the price and on the terms and conditions
specified in this Warrant and requests that certificates for the shares of
Common Stock hereby purchased (and any securities or other property issuable
upon such exercise) be issued in the name of and delivered to _______________
whose address is _________________ and, if such shares of Common Stock shall not
include all of the shares of Common Stock issuable as provided in this Warrant,
that a new Warrant of like tenor and date for the balance of the shares of
Common Stock issuable hereunder be delivered to the undersigned.

                           ________________________________________
                           (Name of Registered Owner)

                           ________________________________________
                           (Signature of Registered Owner)

                           ________________________________________
                           (Street Address)

                           ________________________________________
                           (City)  (State)    (Zip Code)

   NOTICE:     The signature on this subscription must correspond with the name
               as written upon the face of the within Warrant in every
               particular, without alteration or enlargement or any change
               whatsoever.

                                        1
<PAGE>   21
                                    EXHIBIT B

                                 ASSIGNMENT FORM

            FOR VALUE RECEIVED the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under this Warrant, with respect to the number of
shares of Common Stock set forth below:

   Name and Address of Assignee           No. of Shares of
                                          Common Stock

   and does hereby irrevocably constitute and appoint ______________
attorney-in-fact to register such transfer on the books of IBiz Technology Corp.
maintained for the purpose, with full power of substitution in the premises.

   Dated: ______________________    Print Name:_____________________

                                    Signature:______________________

                                    Witness:________________________

   NOTICE:     The signature on this assignment must correspond with the name as
               written upon the face of the within Warrant in every particular,
               without alteration or enlargement or any change whatsoever.

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